<PAGE> 1
IDEX MUTUAL FUNDS
WWW.IDEXFUNDS.COM
ANNUAL
REPORT
OCTOBER 31, 2000
<PAGE> 2
TABLE OF CONTENTS
<TABLE>
<CAPTION>
FUND MANAGERS' COMMENTARY, COMMENTARY/ SCHEDULE
FUND PERFORMANCE, STATISTICS AND PERFORMANCE/ OF
SCHEDULE OF INVESTMENTS STATISTICS INVESTMENTS
----------------------- ---------- -----------
<S> <C> <C>
- Preface to the Schedules of Investments ..................................................54
- IDEX JCC Growth .........................................2................................56
- IDEX JCC Global .........................................4................................58
- IDEX JCC Balanced .......................................6................................60
- IDEX JCC Capital Appreciation............................8................................63
- IDEX JCC Flexible Income ...............................10................................64
- IDEX Alger Aggressive Growth ...........................12................................66
- IDEX T. Rowe Price Dividend Growth......................14................................68
- IDEX T. Rowe Price Small Cap ...........................16................................70
- IDEX Pilgrim Baxter Mid Cap Growth .....................18................................74
- IDEX Pilgrim Baxter Technology..........................20................................75
- IDEX Gabelli Global Growth..............................22................................76
- IDEX Goldman Sachs Growth ..............................24................................78
- IDEX Transamerica Equity ...............................26................................80
- IDEX Transamerica Small Company ........................28................................81
- IDEX Salomon All Cap ...................................30................................82
- IDEX Great Companies - America (SM).....................32................................84
- IDEX Great Companies - Technology (SM)..................34................................85
- IDEX Great Companies - Global (2) ......................36................................86
- IDEX AEGON Income Plus .................................38................................87
- IDEX Federated Tax Exempt...............................40................................88
- IDEX GE International Equity............................42................................90
- IDEX GE U.S. Equity.....................................44................................92
- IDEX Dean Asset Allocation..............................46................................96
- IDEX LKCM Strategic Total Return........................48................................98
- IDEX NWQ Value Equity ..................................50 ..............................100
- IDEX C.A.S.E. Growth ...................................52 ..............................102
FINANCIAL STATEMENTS
- Preface to the Financial Statements .....................................................104
- Statements of Assets and Liabilities.....................................................106
- Statements of Operations ................................................................112
- Statements of Changes in Net Assets .....................................................118
- Financial Highlights.....................................................................126
NOTES TO FINANCIAL STATEMENTS .............................................................142
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS ........................................157
RESULTS OF SHAREHOLDER PROXY VOTING .......................................................158
SUPPLEMENTAL FEDERAL INCOME TAX INFORMATION ...............................................161
TO CONTACT US .............................................................................165
</TABLE>
<PAGE> 3
[PHOTO]
JOHN R. KENNEY
Chairman of the Board and
Chief Executive Officer
[PHOTO]
PATRICK S. BAIRD
President
FELLOW SHAREHOLDERS,
Tough love.
With the benefit of hindsight, this year's market shakeout was inevitable. Folks
in and around the investment world were simply living too close to the financial
edge--borrowing money to buy stocks they didn't know, bidding up money-losing
companies they didn't understand, day trading Internet stocks they didn't
recognize, online, of course. From where we sit, correcting such undisciplined
behavior, hurtful as it is in the short run, is necessary for the long-term well
being of the market.
Still, we doubt many expected the punishment that's been inflicted on stocks
lately, especially those of the technology stripe. That's because we tend to
lose short-term perspective as we move towards the far end of the risk
curve--things like greed, optimism, and the fear of being left out--blind us to
chance. The resulting "bad" behavior, then, and the urgency for its ultimate
redress, become apparent only after the fact.
This transformation in market conduct--from unrestrained confidence to nervous
uncertainty--has been challenging to all investors, even those of the
professional sort. We urge you to take the time to examine the comments of the
IDEX Mutual Fund managers contained in this Report. Understanding how these
experts dealt with this difficult market can only make it easier for you to
stick to your own investment strategy. And take the time--make the time--to sit
down with your financial advisor and review your financial plan, remembering, of
course, the best way to increase returns in the long term is to forget about it
in the short term.
If it's true that the events of this period are part of a "righting" process,
then it wouldn't surprise us at all if some of the old-style investment
saws--familiar axioms like spreading exposure to reduce risk or buying cheap
rather than chasing growth--may become fashionable again. And we wouldn't be
surprised at all if stocks of great companies resumed their upward track--not
the nearly vertical track of 1999 and early 2000, but upward nonetheless.
Throughout it all, we promise to deliver to you solid investment products and
superior investment service. Though your task of financial planning right now
is formidable, so too is your potential for reward. We appreciate the
opportunity to help you with both.
Sincerely yours,
/s/ JOHN R. KENNEY
December 15, 2000
<PAGE> 4
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.
[GRAPH]
MARKET ENVIRONMENT
Volatility pressured stocks throughout the period. Initially, fears that the
U.S. economy was growing too quickly generated a substantial amount of
uncertainty surrounding the direction of interest rates. By the end of the year,
however, higher oil prices, currency turmoil, and a series of four separate rate
increases by the Federal Reserve had clouded the corporate earnings outlook
considerably and investors reacted by sending a wide range of stocks lower. The
result was an extremely unsettled market in which most major market indices were
able to post only moderate gains.
PERFORMANCE
For the year ended October 31, 2000, IDEX JCC Growth produced relative returns,
outpacing that of its benchmark, the S&P 500. Please refer to the Performance
Table for additional information.
<TABLE>
<CAPTION>
FIVE LARGEST HOLDINGS (% OF NET ASSETS)
---------------------------------------
<S> <C>
Nokia Corp. OY ADR 7.0%
General Electric Company 5.9%
Cisco Systems, Inc. 5.7%
America Online, Inc. 4.9%
Time Warner, Inc. 3.9%
</TABLE>
STRATEGY REVIEW
While volatility was particularly severe in high-growth sectors like technology,
media, and telecommunications, several of our holdings overcame the downdraft to
post gains. Leading semiconductor maker Xilinx, Inc. was a case in point. Xilinx
makes complex programmable logic chips, which are integrated circuits that
customers can program to perform specific functions in electronic devices like
computer workstations and cellular radio base stations. The company recently
introduced two new product families--the Virtex and Virtex E--used for
communications, networking, video and image processing, and other applications
requiring a large amount of bandwidth. Acceptance of these highly specialized
chips has been nothing short of phenomenal, enabling Xilinx to expand into new
and larger markets.
Despite a tailspin in technology stocks, e-commerce transactions company BEA
Systems was a winner. BEA's products allow businesses with older mainframe
computer systems to build reliable e-commerce infrastructures utilizing their
existing equipment. What's more, some of the world's most innovative companies
rely on BEA's flagship TUXEDO software to help them process millions of
transactions daily. Also boosting our confidence in BEA during the period was
the company's progress in developing proprietary leading-edge software and
expanding its product line through acquisitions.
<TABLE>
<CAPTION>
TOP FIVE INDUSTRIES (% OF NET ASSETS)
-------------------------------------
<S> <C>
Software 16.4%
Communications 16.0%
Diversified Technology 11.6%
Broadcasting 9.4%
Computers 7.9%
</TABLE>
Check Point Software Technologies also helped fuel our performance. This
Internet security firm builds firewalls to keep hackers out of internal networks
while allowing off-site workers in. Check Point is one of the leaders in the
Internet security industry and is growing its top-line revenues at an impressive
rate.
Working against us was top software maker Microsoft, whose shares suffered a
free fall as it became apparent that the federal court adjudicating the U.S.
Department of Justice's antitrust case against the software giant was leaning
toward breaking up the company. Additionally, leading e-tailer Amazon.com's
stock price tumbled after a Wall Street analyst's negative assessment of the
company's credit quality and cash reserves. Nevertheless, we elected to maintain
the positions as we monitor both situations closely.
OUTLOOK
Going forward, 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 in a number of forward-thinking
industries, thereby enabling us to weather the ups and downs of the market
successfully.
/S/ EDWARD KEELY
--------------------------
EDWARD KEELY
Fund Manager
Janus Capital Corporation
IDEX MUTUAL FUNDS
2 ANNUAL REPORT 2000
<PAGE> 5
COMPARATIVE INDEX
A comparative index is a general broad-based index, representative
of the objective of the fund, to which to compare a fund's performance.
[GRAPH]
This graph compares the 10/31/00 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 10/31/00
<TABLE>
<CAPTION>
------------------------------------------------------------------------------
From Inception
1 year 5 year 10 year Inception Date
------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Class A (NAV) 10.82% 27.40% 23.19% 19.94% 5/8/86
Class A (POP) 4.73% 25.96% 22.50% 19.47% 5/8/86
S&P 500(1) 6.09% 21.67% 19.44% 16.27% 5/8/86
------------------------------------------------------------------------------
Class B (NAV) 10.11% 26.94% -- 26.71% 10/1/95
Class B (POP) 5.11% 26.94% -- 26.64% 10/1/95
------------------------------------------------------------------------------
Class C (NAV)(2) 10.11% -- -- 10.11% 11/1/99
------------------------------------------------------------------------------
Class M (NAV) 10.22% 27.01% -- 22.60% 10/1/93
Class M (POP) 8.12% 26.76% -- 22.42% 10/1/93
------------------------------------------------------------------------------
Class T (NAV) 11.20% 27.75% 23.59% 20.34% 6/4/85
Class T (POP) 1.75% 25.50% 22.50% 19.65% 6/4/85
------------------------------------------------------------------------------
</TABLE>
NOTES
(1) The Standard & Poor's 500 Composite Stock (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
<TABLE>
<CAPTION>
OCTOBER 31, 2000 OCTOBER 31, 1999
---------------- ----------------
<S> <C> <C>
Consumer Cyclical 16.3 19.6
Consumer Non-Cyclical -- 3.5
Energy 1.6 2.1
Financial 2.7 2.8
Industrial 6.7 5.5
Technology 63.2 54.7
Short-term 9.7 12.0
</TABLE>
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 MUTUAL FUNDS
ANNUAL REPORT 2000 3
<PAGE> 6
IDEX JCC GLOBAL
OBJECTIVE/FOCUS
Long-term growth and preservation of capital through investments
primarily in common stocks of foreign and domestic issuers.
[GRAPH]
MARKET ENVIRONMENT
Developments in the U.S. largely set the tone for worldwide markets during the
year, with major markets in Europe and Asia generally following U.S. stocks
higher during the first four months of the period. Worldwide markets retreated
in mid-March when sentiment turned against fast-growing stocks of the NASDAQ
Composite. Rising energy prices, higher interest rates, and fears that a
slowdown in the U.S. economy would pressure corporate earnings then took over,
keeping a lid on equities and forcing most major benchmarks into negative
territory for the year. While most European markets ended the period mixed,
dollar-based returns were lower due to the decline of the euro during the year.
Japanese stocks mirrored the still-sluggish economy, with the Nikkei Index
finishing near 18-month lows. In the emerging markets, Asian stocks were notably
poor performers with others, Korea for example, trading near lows touched during
the 1998 Asian crisis.
PERFORMANCE
For the fiscal year ended October 31, 2000, IDEX JCC Global's strong performance
significantly outpaced that of its benchmark, the MSCI World Index. Please refer
to the Performance Table for additional information.
<TABLE>
<CAPTION>
FIVE LARGEST HOLDINGS (% OF NET ASSETS)
---------------------------------------
<S> <C>
Cisco Systems, Inc. 4.0%
NTT Docomo, Inc. 3.6%
China Mobile, Ltd. ADR 2.9%
Nokia Corp. OY 2.6%
Telefonos de Mexico SA de C.V. ADR 2.6%
</TABLE>
STRATEGY REVIEW
While many of the fast-growing sectors in which we participate were hit hard, a
number of our companies held up well. Examples included JDS Uniphase, which
manufactures capacity-enhancing optical equipment for telecommunications
companies worldwide. Other successes in the optical space included fiber-optic
cable maker Corning, Inc. of the U.S., and optical component manufacturer
Furukawa Electric of Japan. Although volatility in these stocks has increased
recently, all three companies managed to hold onto advances won earlier in the
year and finished higher.
<TABLE>
<CAPTION>
TOP FIVE COUNTRIES (% OF NET ASSETS)
------------------------------------
<S> <C>
United States 43.5%
Japan 9.5%
United Kingdom 7.2%
Finland 5.0%
France 4.9%
</TABLE>
Israel's Check Point Software, which is rapidly emerging as a leader in Internet
security software, also finished higher. A steep decline in technology-related
shares that began in March made investors much more selective in deciding which
Internet companies deserve funding and which do not. Some of the market's more
speculative and overpriced companies fell substantially as a result, and many
have yet to regain their footing. Companies such as Check Point, however, with
its proven market leadership, solid profitability and improving fundamentals,
emerged from the correction intact.
At the same time, our wireless positions traded to a mixed finish. Many of our
wireless-related companies gained substantially during the first few months of
the period only to be hit hard by concerns that the industry's outstanding
growth rate was slowing. Vodafone Group was one of our most notable
disappointments for the year. The stock declined after the high prices paid for
licenses to operate next-generation networks gave rise to concerns that mobile
operators in Europe and elsewhere will have trouble recouping the cost of their
investment. Handset manufacturer Nokia Corp. injected further uncertainty by
announcing that a temporary glitch related to product transition cycles would
pressure third-quarter earnings, and wireless stocks declined nearly across the
board as a result.
OUTLOOK
We believe our success during what proved to be an extremely volatile year
stands as evidence of the validity of our research-intense, company-by-company
approach. Also, we remain confident that many of the secular trends in the
global economy--rapidly increasing demand for bandwidth and data storage needs
and the increasing ubiquity of wireless communications, for example--remain
intact. During periods of extreme market volatility our strategy will be to
remain highly selective in choosing stocks while paying increasingly close
attention to valuation and the underlying business fundamentals of our
investments.
/S/ HELEN YOUNG HAYES
--------------------------
HELEN YOUNG HAYES
/S/ LAURENCE CHANG
--------------------------
LAURENCE CHANG
Co-Fund Managers
Janus Capital Corporation
NOTE: Effective September 1, 2000, IDEX JCC Global is not available to new
investors.
IDEX MUTUAL FUNDS
4 ANNUAL REPORT 2000
<PAGE> 7
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.
[GRAPH]
This graph compares the 10/31/00 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 10/31/00
<TABLE>
<CAPTION>
------------------------------------------------------------------------
From Inception
1 year 5 year Inception Date
------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Class A (NAV) 22.26% 24.80% 23.17% 10/1/92
Class A (POP) 15.56% 23.39% 22.32% 10/1/92
MSCIW(1) 1.54% 15.06% 14.47% 10/1/92
------------------------------------------------------------------------
Class B (NAV) 21.62% 24.38% 23.10% 10/1/95
Class B (POP) 16.62% 24.38% 23.00% 10/1/95
------------------------------------------------------------------------
Class C (NAV)(2) 21.62% -- 21.62% 11/1/99
------------------------------------------------------------------------
Class M (NAV) 21.72% 24.53% 21.32% 10/1/93
Class M (POP) 19.51% 24.28% 21.15% 10/1/93
------------------------------------------------------------------------
</TABLE>
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.
Investments in global securities involve risks relating to political, social and
economic developments abroad, foreign currency contracts for hedging, as well as
risks resulting from the differences between the regulations to which U.S. and
foreign issuer markets are subject.
INVESTMENTS BY REGION AS A PERCENTAGE OF NET ASSETS
<TABLE>
<CAPTION>
OCTOBER 31, 2000 OCTOBER 31, 1999
---------------- ----------------
<S> <C> <C>
Asia/Pacific Rim 15.3 17.3
Europe 28.9 36.1
Latin America 5.7 2.6
Middle East 2.5 --
North America 40.5 34.5
Short-term 6.8 9.4
</TABLE>
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 MUTUAL FUNDS
ANNUAL REPORT 2000 5
<PAGE> 8
IDEX JCC BALANCED
<TABLE>
<CAPTION>
CREDIT QUALITY OF BONDS
(% OF NET ASSETS)
---------------------------
<S> <C>
AAA 22.7%
AA 3.2%
A 2.8%
BBB 3.5%
BB 0.9%
B 2.3%
All C's 0.3%
NA 6.4%
Not Rated --
</TABLE>
OBJECTIVE/FOCUS
Long-term growth and preservation of capital balanced with current
income through investments in stocks and income producing securities.
[GRAPH]
MARKET ENVIRONMENT
My inauguration as Fund Manager of IDEX JCC Balanced can best be described as
"baptism by fire" as a market characterized by unprecedented volatility
challenged us for most of the year. Rather than being intimidated by this
uncertainty, we instead stuck to our knitting, if you will. We've adhered to our
research-driven stock-picking approach, looking for companies led by outstanding
management teams committed to consistent earnings growth and improving returns
on capital. To enhance the fund's yield, we slightly lengthened the duration of
our government agency and Treasury securities. We also reallocated our
fixed-income assets to reflect a more even blend of government agency, Treasury,
and corporate bonds and decreased our exposure to high-yield investments.
<TABLE>
<CAPTION>
FIVE LARGEST HOLDINGS (% OF NET ASSETS)
---------------------------------------
<S> <C>
U.S. Treasury Notes 8-15-2009 12.8%
U.S. Treasury Notes 11-15-2004 4.1%
Federal National Mortgage
Association 6-15-2010 3.7%
General Electric Company 3.3%
EMC Corp. 2.4%
</TABLE>
PERFORMANCE
For the fiscal year ended October 31, 2000, IDEX JCC Balanced outpaced the
performance of its benchmark, the S&P 500. Please refer to the Performance Table
for additional information.
STRATEGY REVIEW
One of the fund's more important holdings, General Electric, supported
performance. Under the inspired leadership of CEO Jack Welch, GE has transformed
itself from an established industrial business into a forward-thinking,
fast-growing corporation. As GE has enthusiastically embraced Web technology,
productivity gains related to e-commerce have played a larger role in helping
the company consistently boost its earnings 15% to 20% a year. GE's
power-systems division has recently emerged as its primary growth driver as the
corporation sells more gas-powered turbines to meet surging energy demands
across the country.
<TABLE>
<CAPTION>
TOP FIVE INDUSTRIES (% OF NET ASSETS)
-------------------------------------
<S> <C>
U.S. Government Securities 19.4%
Diversified Financial 8.8%
Communications 6.7%
U.S. Government Agencies 5.9%
Broadcasting 5.5%
</TABLE>
EMC Corp. and Cisco Systems also posted stellar results. The top maker of
data-storage equipment, EMC's phenomenal success has paralleled that of the
Internet. Indeed, our rigorous analysis has convinced us that growth in the
storage industry can be sustained at close to 50% annually for the next
five years. EMC further solidified its dominant position by announcing plans to
introduce products to support both network-attached storage and small- and
mid-sized corporate networks. Cisco, the leading Internet equipment
manufacturer, is also benefiting from the explosion in Web traffic. Powering
Cisco's revenue gains were robust sales of switches, routers, and fiber-optic
network gear to telecommunications companies and increased spending by large
corporations to upgrade their computer networks.
Hindering results was Wal-Mart, the world's largest discount retailer. While its
overseas stores have been a drag on return on capital, Wal-Mart's push into the
grocery business has started to capture market share from the competition. We're
willing, therefore, to ride out some pain, because we view Wal-Mart as one of
the best-run retailers in the industry. Elsewhere, heavy expenditures to upgrade
its cable systems to digital technology, concerns that the economic slowdown
would lead to cutbacks in advertising spending, and increased competition all
converged to push Comcast Corp. lower. Nevertheless, the cable operator is
executing on all fronts, so we elected to trim our position as we keep a close
eye on the situation.
OUTLOOK
With earnings misses and higher energy prices keeping the markets jittery, we
believe it's more important than ever to stay focused on the fundamentals,
employing our in-depth, hands-on investment strategy to seek out resilient
businesses able to perform in any economic environment. In fact, we are taking
it to the next level by making more company visits, attending more conferences,
and talking to more people. In short, we're doing whatever it takes to find
opportunities worthy of your investment.
/S/ KAREN L. REIDY
--------------------------
KAREN L. REIDY
Fund Manager
Janus Capital Corporation
IDEX MUTUAL FUNDS
6 ANNUAL REPORT 2000
<PAGE> 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.
[GRAPH]
This graph compares the 10/31/00 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 10/31/00
<TABLE>
<CAPTION>
-------------------------------------------------------------------------
From Inception
1 year 5 year Inception Date
-------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Class A (NAV) 7.23% 19.18% 19.00% 12/2/94
Class A (POP) 1.33% 17.84% 17.87% 12/2/94
S&P 500(1) 6.09% 21.67% 23.58% 12/2/94
LBGC(1) 7.11% 6.12% 7.88% 12/2/94
-------------------------------------------------------------------------
Class B (NAV) 6.58% 18.45% 18.33% 10/1/95
Class B (POP) 1.58% 18.45% 18.24% 10/1/95
-------------------------------------------------------------------------
Class C (NAV)(2) 6.58% -- 6.58% 11/1/99
-------------------------------------------------------------------------
Class M (NAV) 6.68% 18.56% 18.38% 12/2/94
Class M (POP) 4.62% 18.32% 18.18% 12/2/94
-------------------------------------------------------------------------
</TABLE>
NOTES
(1) The Standard & Poor's 500 Composite Stock (S&P 500) Index and Lehman
Brothers U.S. Government/Credit (LBGC) Index (formerly Lehman Brothers
Government/Corporate Bond 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.
INVESTMENTS BY SECTOR AS A PERCENTAGE OF NET ASSETS
<TABLE>
<CAPTION>
OCTOBER 31, 2000 OCTOBER 31, 1999
---------------- ----------------
<S> <C> <C>
Basic Materials 2.1 --
Consumer Cyclical 13.4 30.1
Consumer Non-Cyclical 4.5 2.8
Energy 3.3 1.8
Financial 12.0 13.7
Industrial 5.4 3.8
Technology 20.2 25.1
Utilities 2.2 6.8
Long-term U.S. Gov't 25.3 11.8
Short-term 10.3 1.9
</TABLE>
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 MUTUAL FUNDS
ANNUAL REPORT 2000 7
<PAGE> 10
IDEX JCC CAPITAL APPRECIATION
OBJECTIVE/FOCUS
Long-term growth of capital by normally investing at least 50% of assets in
medium-sized companies.
[GRAPH]
MARKET ENVIRONMENT
Volatility maintained a tight grip on markets for virtually the entire period.
Interest rate uncertainty weighed heavily on the minds of investors during the
opening months of the year. By March, however, the focus shifted when it became
clear the valuations of several of the technology sector's most visible
companies were overextended. This sent the stocks of the tech-heavy NASDAQ
Composite into a tailspin from which many have yet to recover. The wave of
selling was so powerful that the median NASDAQ stock was more than 50% off of
its 52-week high before the correction finally stalled in late April.
PERFORMANCE
IDEX JCC Capital Appreciation underperformed its benchmark, the S&P MidCap 400
Index, for the year ending October 31, 2000. Please refer to the Performance
Table for additional information.
<TABLE>
<CAPTION>
FIVE LARGEST HOLDINGS (% OF NET ASSETS)
---------------------------------------
<S> <C>
Paychex, Inc. 6.3%
Millennium Pharmaceuticals, Inc. 4.7%
Exodus Communications 4.0%
SDL, Inc. 4.0%
VeriSign, Inc. 3.8%
</TABLE>
STRATEGY REVIEW
We seek to build a portfolio that is substantially different from our benchmark
by focusing on fast-growing companies in some of the market's most dynamic
areas, most notably technology, media, and telecommunications. For this reason,
our returns are often quite different than those of our benchmark. Across the
latter half of the year, many of the stocks that worked well have been in
industries such as utilities, financial services, and energy. While we generally
try to avoid these sectors, they are very well-represented in our benchmark--a
fact that is primarily responsible for the difference between the fund's
12-month performance and that of its benchmark.
<TABLE>
<CAPTION>
TOP FIVE INDUSTRIES (% OF NET ASSETS)
-------------------------------------
<S> <C>
Communications 19.3%
Semiconductors 17.7%
Biotechnology 14.3%
Computers 10.1%
Broadcasting 5.8%
</TABLE>
One area that worked well for us was the Internet. Our holdings in companies
such as Web hosting leader Exodus Communications, and Internet security standout
VeriSign defied an extremely difficult environment for technology stocks to
finish the year dramatically higher. We have always chosen our Web-related
investments carefully, adding only those companies with solid and sustainable
franchises, tangible business models, and clearly defined prospects for growth.
There is little doubt that both Exodus and VeriSign possess each of these
traits, a fact that almost certainly allowed them to sidestep much of the
volatility that sent other technology stocks reeling. Several of our
telecommunications positions were also able to overcome a difficult environment
to post advances. While a number of holdings gave ground during the last half of
the period, companies like McLeodUSA and Powertel resisted the downdraft to
trade higher.
Disappointments included our media holdings, which declined when it became
apparent that advertising spending had peaked. Radio operators like Clear
Channel Communications and Hispanic Broadcasting Corp. were hit particularly
hard as the pool of funds available to Internet companies, which had been big
buyers of radio time when things were good, dried up. In addition, marketers
scrambling to take advantage of the Summer Olympics temporarily redirected
advertising dollars away from radio and toward television, a fact that placed
further pressure on our radio positions.
OUTLOOK
Overall, I am somewhat disappointed with our results, particularly during the
latter half of the period. Long-term performance remains strong, however, and
there is some comfort in the realization that volatility is the price of
admission to the world of high-growth, high-return investing in which we
participate. With that in mind, we remain committed to our aggressive,
high-growth style despite the short-term volatility that pressured performance
during the last half of the year.
/S/ JAMES P. GOFF
-------------------------
JAMES P. GOFF
Fund Manager
Janus Capital Corporation
IDEX MUTUAL FUNDS
8 ANNUAL REPORT 2000
<PAGE> 11
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.
[GRAPH]
This graph compares the 10/31/00 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 10/31/00
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------
From Inception
1 year 5 year Inception Date
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Class A (NAV) 9.14% 25.77% 27.32% 12/2/94
Class A (POP) 3.14% 24.35% 26.11% 12/2/94
S&P 400(1) 31.65% 21.44% 22.67% 12/2/94
-----------------------------------------------------------------------------
Class B (NAV) 8.45% 25.17% 24.19% 10/1/95
Class B (POP) 3.45% 25.17% 24.10% 10/1/95
-----------------------------------------------------------------------------
Class C (NAV)(2) 8.45% -- 8.45% 11/1/99
-----------------------------------------------------------------------------
Class M (NAV) 8.55% 25.26% 26.80% 12/2/94
Class M (POP) 6.47% 25.01% 26.59% 12/2/94
-----------------------------------------------------------------------------
</TABLE>
NOTES
(1) The Standard & Poor's MidCap 400 (S&P 400) 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 in a "non-diversified" fund may be subject to specific risks such as
susceptibility to single economic, political, or regulatory events, and may be
subject to greater loss than investments in a diversified fund.
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
<TABLE>
<CAPTION>
OCTOBER 31, 2000 OCTOBER 31, 1999
---------------- ----------------
<S> <C> <C>
Consumer Cyclical 10.6 20.5
Consumer Non-Cyclical 6.4 10.8
Energy 2.7 --
Financial -- 1.0
Industrial 1.1 --
Technology 70.1 58.7
Utilities 4.9 5.1
Short-term 4.7 5.1
</TABLE>
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 MUTUAL FUNDS
ANNUAL REPORT 2000 9
<PAGE> 12
IDEX JCC FLEXIBLE INCOME
Credit Quality of Bonds
(% of Net Assets)
<TABLE>
<S> <C>
AAA 21.4%
AA 4.1%
A 9.4%
BBB 23.7%
BB 7.8%
B 5.9%
All C's 0.4%
NA 12.4%
Not Rated 1.8%
</TABLE>
OBJECTIVE/FOCUS
Maximum total return, consistent with preservation of capital, by investing in
income producing securities of any grade.
[GRAPH]
MARKET ENVIRONMENT
The period was a time of transition for both the bond market and the fund. An
ambitious campaign by the Federal Government to reduce the national debt allowed
Treasury securities to emerge as perhaps the year's single best performing asset
class. Meanwhile, fears of inflation, stock market volatility, and rising
default rates pressured the corporate bond market, where the premium paid by
lower-rated borrowers grew to its widest level in years. The result was a
wholesale reassessment of risk on behalf of investors that created an
extraordinarily difficult market for all but the highest quality bonds.
PERFORMANCE
IDEX JCC Flexible Income returned less than its benchmark, the Lehman Brothers
U.S. Government/Credit Index, for the fiscal year ended October 31, 2000. Please
refer to the Performance Table for additional information.
FIVE LARGEST HOLDINGS (% OF NET ASSETS)
<TABLE>
<S> <C>
U.S. Treasury Notes 8-15-2010 13.3%
Federal National Mortgage
Association 6-15-2010 6.9%
U.S. Treasury Notes 2-15-2010 4.7%
Federal National Mortgage
Association 4-15-2002 4.5%
Tenet Healthcare Corp. 1-15-2003 3.5%
</TABLE>
STRATEGY REVIEW
We mirrored the market's shift from higher-risk securities to low-risk bonds by
steadily reducing the fund's exposure to the high-yield market. We achieved this
by taking profits from some of our most successful high-yield investments and
selling others that had, quite frankly, disappointed us. For the most part, the
proceeds of these sales were put back to work in higher-quality segments of the
market, like government bonds and agency credits. Over the year, our exposure to
this sector of the market has grown from roughly 10% of assets at the beginning
of the year to nearly 32% today. Our exposure to this segment of the market,
however, had an overall negative impact on performance.
Successes included our Treasury positions, which benefited from strong demand
related to the Federal Government's debt reduction program. Our relative
overweighting in short-term corporate debt also worked to our advantage as
bonds with maturities ranging from one to three years were somewhat less
affected by the change in investors' appetite for risk that pressured other
segments of the market.
TOP FIVE INDUSTRIES (% NET ASSETS)
<TABLE>
<S> <C>
United States Government Securities 20.3%
United States Government Agencies 11.3%
Diversified Financial 8.5%
Communications 7.3%
Broadcasting 7.3%
</TABLE>
Individual standouts in the investment-grade arena included media and spirits
company Seagram. The bonds have been consistent performers for us since our
purchase in late 1998, but gained substantially after the French media and
utility conglomerate Vivendi announced plans to acquire the company in June. The
terms of the deal required Seagram to call our bonds at a sizable premium,
providing the fund with an immediate windfall.
While several of our high-yield positions gave ground, not all were
disappointments. Venetian Hotel and Casino was able to overcome the extremely
difficult environment to post advances. Sentiment had worked against the bonds
for months as investors questioned the ability of the 1.5 million square foot
casino and convention center to attract the traffic necessary to become
profitable. After a number of visits to the site, we saw firsthand that visitor
numbers were even better than expected and took advantage of the market's
misunderstanding by building a position at opportunistic prices. Even though we
no longer hold this security, the fund was rewarded when other investors caught
wind of the same trends and bid the bonds higher.
OUTLOOK
This has proven to be an extremely difficult year for fixed-income investors. We
view the fund's ability to post even moderate performance in such a challenging
environment as evidence of the validity of the research-intense,
company-by-company approach that has allowed us to post strong results over the
long term. We have maintained that approach and now enter 2001 with a more
focused, higher-quality fund than before.
/s/ RONALD V. SPEAKER
-------------------------
RONALD V. SPEAKER
Fund Manager
Janus Capital Corporation
IDEX MUTUAL FUNDS
10 ANNUAL REPORT 2000
<PAGE> 13
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.
[GRAPH]
This graph compares the 10/31/00 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 10/31/00
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------
From Inception
1 year 5 year 10 year Inception Date
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Class A (NAV) 4.10% 6.34% 9.49% 7.60% 6/29/87
Class A (POP) (0.85)% 5.31% 8.96% 7.21% 6/29/87
LBGC(1) 7.11% 6.12% 8.00% 8.21% 6/29/87
--------------------------------------------------------------------------------------------
Class B (NAV) 3.46% 5.65% -- 5.87% 10/1/95
Class B (POP) (1.54)% 5.65% -- 5.71% 10/1/95
--------------------------------------------------------------------------------------------
Class C (NAV)(2) 3.46% -- -- 3.46% 11/1/99
--------------------------------------------------------------------------------------------
Class M (NAV) 3.56% 5.76% -- 5.45% 10/1/93
Class M (POP) 1.52% 5.54% -- 5.30% 10/1/93
--------------------------------------------------------------------------------------------
</TABLE>
NOTES
(1) The Lehman Brothers U.S. Government/Credit (LBGC) Index (formerly
Lehman Brothers Government/Corporate Bond 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
<TABLE>
<CAPTION>
October 31, 2000 October 31, 1999
---------------- ----------------
<S> <C> <C>
Consumer Cyclical 15.2 25.5
Consumer Non-Cyclical 12.5 15.6
Energy 1.1 0.9
Financial 11.5 14.7
Industrial 3.0 3.3
Technology 10.9 20.9
Utilities 1.4 3.1
Long-term U.S. Gov't 31.6 7.1
Short-term 13.4 7.0
</TABLE>
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 MUTUAL FUNDS
ANNUAL REPORT 2000 11
<PAGE> 14
IDEX ALGER AGGRESSIVE GROWTH
OBJECTIVE/FOCUS
Long-term capital appreciation through investments in domestic
equities of developing companies or companies with promising growth potential.
[GRAPH]
MARKET ENVIRONMENT
The period began in the midst of a strong market rally. Equity indices climbed
steadily higher, led by growth stocks and technology stocks of all market
capitalizations, reaching all-time highs during the final week of 1999. Stocks
struggled during January, however, as profit-taking and interest rate fears
weighed on most sectors of the market. Equity markets continued to be
extraordinarily volatile, with most indices fluctuating wildly. The NASDAQ
Composite finally bottomed at 3,043 on May 24th, 2000. The total drop in the
technology heavy index amounted to 41%.
A series of economic reports that indicated a slowing of the economy buoyed the
markets across May and June, the NASDAQ recovering in excess of 33%. But as the
calendar shifted into September, most equities began to sell off. Fearing the
potential economic repercussions of continued increases in energy costs and the
earnings impact of weak European markets, investors shied away from putting
fresh money into equities. This trend continued into October, as most prices
drifted downward and value stocks outperformed growth stocks. As the period drew
to a close, many indices struggled to remain positive on a year-to-date basis.
FIVE LARGEST HOLDINGS (% OF NET ASSETS)
<TABLE>
<S> <C>
Sun Microsystems, Inc. 4.3%
Citigroup, Inc. 3.5%
Ariba, Inc. 3.1%
Cisco Systems, Inc. 3.1%
Pfizer, Inc. 2.9%
</TABLE>
PERFORMANCE
What was a gratifying 12 months for some investors was an extremely frustrating
period for others. On the whole, large-cap growth fared worse than large-cap
value, though small- and mid-cap growth performed relatively well. Growth
managers generally fared quite well investing in smaller companies, and quite
poorly investing in larger companies. For our part, we fared just slightly worse
than our benchmark, the S&P 500. Please refer to the Performance Table for
additional information.
TOP FIVE INDUSTRIES (% OF NET ASSETS)
<TABLE>
<S> <C>
Software 11.5%
Computers 11.3%
Communications 9.3%
Diversified Financial 6.2%
Semiconductors 5.9%
</TABLE>
STRATEGY REVIEW
Unfortunately, IDEX Alger Aggressive Growth was not entirely well-positioned to
benefit from the strong performance of certain segments of the market. First,
our growth stock philosophy was not always of great benefit during a year in
which value often outperformed growth. Secondly, the fund maintained a large-cap
bias throughout the year, beginning the period with a weighted average market
capitalization of $85.4 billion and ending the period at $105.6 billion.
Finally, the fund was heavily weighted in technology companies throughout. In
sum, the fund's growth stock bias, large-cap bias, and technology bias all
served to hurt performance over the past 12 months.
OUTLOOK
We continue to be optimistic about the direction of the market. We believe the
oil price problem will be partially improved by increased Saudi production. The
euro problem will certainly nag, but not deflect the overall direction of the
market. We appear to be at the waxing stage of the interest rate cycle, as the
Fed has now left interest rates unchanged for three consecutive meetings. This
bodes well for the stock market. We are still looking for a sharp rally in the
Dow in the fourth quarter; our target remains 13,000. Our hope had been for the
NASDAQ to get back to 5,000. That may be a bit of a stretch, but 4,000 seems
attainable. Should the market rally and growth stocks recover some of their
recent losses, we expect IDEX Alger Aggressive Growth to perform admirably.
/s/ DAVID D. ALGER
---------------------------
DAVID D. ALGER
/s/ SEILAI KHOO
---------------------------
SEILAI KHOO
Co-Fund Managers
Fred Alger Management, Inc.
IDEX MUTUAL FUNDS
12 ANNUAL REPORT 2000
<PAGE> 15
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.
[GRAPH]
This graph compares the 10/31/00 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 10/31/00
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------
From Inception
1 year 5 year Inception Date
------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Class A (NAV) 4.81% 20.82% 28.30% 12/2/94
Class A (POP) (0.95)% 19.46% 27.08% 12/2/94
S&P 500(1) 6.09% 21.67% 23.58% 12/2/94
------------------------------------------------------------------------------------------
Class B (NAV) 4.13% 19.23% 17.91% 10/1/95
Class B (POP) (0.87)% 19.23% 17.82% 10/1/95
------------------------------------------------------------------------------------------
Class C (NAV)(2) 4.13% -- 4.13% 11/1/99
------------------------------------------------------------------------------------------
Class M (NAV) 4.24% 20.42% 27.88% 12/2/94
Class M (POP) 2.20% 20.18% 27.67% 12/2/94
------------------------------------------------------------------------------------------
</TABLE>
NOTES
(1) The Standard & Poor's 500 Composite Stock (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
<TABLE>
<CAPTION>
October 31, 2000 October 31, 1999
---------------- ----------------
<S> <C> <C>
Consumer Cyclical 8.6 19.1
Consumer Non-Cyclical 10.3 0.4
Energy 1.2 3.1
Financial 10.9 5.9
Independent 1.7
Industrial 2.9 2.3
Technology 46.9 59.4
Utilities 1.5 4.9
Short-term 17.0 3.5
</TABLE>
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 MUTUAL FUNDS
ANNUAL REPORT 2000 13
<PAGE> 16
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.
[GRAPH]
MARKET ENVIRONMENT
For the period, large-cap stocks finished in positive territory, but their
overall gains mask the market's volatility across the 12 months. Stocks surged
for most of the first quarter of 2000, fueled by investor enthusiasm for shares
of technology companies, especially those involved with the Internet. But
beginning mid-March, as investors finally reacted to the sky-high tech
valuations and the series of short-term interest rate hikes by the Federal
Reserve, prices suffered. Stocks rallied again in August on hopes that the Fed
had finished raising rates, but gave back those gains in September on concerns
that a slowing economy and high energy costs would hurt corporate revenues.
Technology stocks were especially volatile as earnings from such tech
bellwethers as Intel caused money to flow into more defensive areas, especially
financial and consumer nondurable stocks. Energy stocks were lifted by higher
oil and natural gas prices.
PERFORMANCE
For the fiscal year ended October 31, 2000, IDEX T. Rowe Price Dividend Growth
performed just slightly under its benchmark, the S&P 500. Please refer to the
Performance Table for additional information.
FIVE LARGEST HOLDINGS (% OF NET ASSETS)
<TABLE>
<S> <C>
Pfizer, Inc. 2.9%
Citigroup, Inc. 2.8%
Exxon Mobil Corp. 2.3%
Federal Home Loan Mortgage Corp. 2.3%
Waddell & Reed Financial, Inc.
Class B 2.3%
</TABLE>
STRATEGY REVIEW
Overweighting financial services stocks and underweighting technology issues
aided results following the spring technology sell-off, although tech holdings
still hurt returns. Most of our top contributors came from the financial
sector--the fund's largest sector--with names like midwestern money manager
Waddell & Reed Financial, insurers XL Capital and ACE, Ltd., and mortgage
financers Freddie Mac and Fannie Mae contributing nicely to results. Negative
contributors included Tribune, which was slowed by its purchase of Times Mirror.
TOP FIVE INDUSTRIES (% OF NET ASSETS)
<TABLE>
<S> <C>
Diversified Financial 10.2%
Pharmaceuticals 7.7%
Real Estate 7.7%
Oil Companies - Major 7.4%
Communications 5.7%
</TABLE>
The correction in tech and telecom stocks gave us the opportunity to increase
exposure to some well-run companies in this dynamic sector, including Microsoft
and Nortel Networks. Even with these additions, the tech sector accounts for
less than 18% of assets versus nearly 30% for the S&P 500 Index. The fund made
no major changes in sector allocation late in the period. We purchased First
Data Corp., a leading credit card processor that we think offers good value; we
expect more than 15% annual earnings per share growth going forward. We
eliminated holdings in companies with weakening earnings, including Black &
Decker and Great Lakes Chemical.
OUTLOOK
The economy continues to slow and inflation seems to be tamed. Higher energy
costs are also reining in consumer spending. Accordingly, we believe the Federal
Reserve is probably finished with its current round of rate hikes. The downturn
that began in the spring eliminated some excesses in the market and refocused
attention on fundamentally sound companies. With our emphasis on defensive
growth stocks, we believe the fund is well positioned to benefit from a slowing
economy.
/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.
IDEX MUTUAL FUNDS
14 ANNUAL REPORT 2000
<PAGE> 17
YIELD
The percentage rate of return attributed to dividends or interest earned on an
investment.
[GRAPH]
This graph compares the 10/31/00 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 10/31/00
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------
From Inception
1 year Inception Date
-----------------------------------------------------------------------------------------
<S> <C> <C> <C>
Class A (NAV) 5.14% 4.51% 3/1/99
Class A (POP) (0.65)% 1.03% 3/1/99
S&P 500(1) 6.09% 10.30% 3/1/99
-----------------------------------------------------------------------------------------
Class B (NAV) 4.49% 3.86% 3/1/99
Class B (POP) (0.51)% 1.51% 3/1/99
-----------------------------------------------------------------------------------------
Class C (NAV)(2) 4.49% 4.49% 11/1/99
-----------------------------------------------------------------------------------------
Class M (NAV) 4.59% 3.96% 3/1/99
Class M (POP) 2.54% 3.34% 3/1/99
-----------------------------------------------------------------------------------------
</TABLE>
NOTES
(1) The Standard & Poor's Composite Stock (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
<TABLE>
<CAPTION>
October 31, 2000 October 31, 1999
---------------- ----------------
<S> <C> <C>
Basic Materials 2.0 3.0
Consumer Cyclical 9.4 10.5
Consumer Non-Cyclical 17.8 19.8
Energy 8.4 7.1
Financial 29.7 26.0
Independent 1.2 2.2
Industrial 6.2 5.6
Technology 17.4 7.5
Utilities 2.4 5.5
Short-term 5.2 12.1
</TABLE>
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 MUTUAL FUNDS
ANNUAL REPORT 2000 15
<PAGE> 18
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.
[GRAPH]
MARKET ENVIRONMENT
Building on a powerful fourth quarter 1999, U.S. markets surged across the first
two and a half months of 2000, fueled by investor enthusiasm for shares of
technology companies. Stocks fell sharply beginning in mid-March, however, as
investors finally reacted to the sky-high tech valuations and the series of
short-term interest rate hikes by the Federal Reserve. Market volatility
continued throughout the summer and fall--the tech-dominated NASDAQ Composite
rose 14% in August but fell 13% in September--as investors were alternately
buoyed by signs that the Fed's anti-inflationary medicine was working, and
worried that a slowing economy would hurt corporate revenues. Financial stocks
led the way late in the period, boosted by interest rate hopes and industry
consolidation. Energy stocks were also strong performers as the prices of oil
and natural gas remained at lofty levels. Technology stocks struggled, and Web
consulting firms were particularly hard hit late in the period. Overall, the
Russell 2000 Index finished the 12 months ended October 31, 2000 with a gain of
17.40%, while the S&P 500 Composite Stock Index rose 6.09%.
FIVE LARGEST HOLDINGS (% OF NET ASSETS)
<TABLE>
<S> <C>
Polycom, Inc. 0.9%
Plexus Corp. 0.8%
L-3 Communications Holdings, Inc. 0.8%
Techne Corp. 0.8%
Proxim, Inc. 0.8%
</TABLE>
PERFORMANCE
Despite the spring tech sell-off and continued volatility, the fund posted
strong returns. For the year ended October 31, 2000, IDEX T. Rowe Price Small
Cap was well ahead of its benchmark, the Russell 2000 Index. Please refer to the
Performance Table for additional information.
STRATEGY REVIEW
Throughout the year, we maintained our well-diversified approach, emphasizing
companies with sound business plans that are meeting or exceeding their
financial targets. Our broad diversification--both in the number of stocks we
own and across industries--helped us catch the strength of the best-performing
sectors while reducing the risk that any one company or industry would unduly
hamper returns.
TOP FIVE INDUSTRIES (% OF NET ASSETS)
<TABLE>
<S> <C>
Software 11.9%
Electronic Components
and Equipment 8.7%
Communications 7.2%
Semiconductors 5.9%
Biotechnology 5.9%
</TABLE>
Top-performing sectors included financial services, healthcare services, and
pharmaceuticals. Our largest sector allocation has been technology, which covers
a wide range of industries. Although many individual tech stocks struggled, some
provided the best returns for the fund. These included TranSwitch, a maker of
semiconductors for communications, and Polycom, Inc., a developer of
communications equipment. Not surprisingly, Internet-related companies suffered.
Negative contributors to returns included Allaire Corp., a provider of Web site
development tools. We took some profits in our successful banking and
semiconductor stocks and funded purchases in biotechnology and software.
OUTLOOK
History shows that over long periods of time, stock market performance moves
with fundamental company performance. We believe that over time our diversified
approach, coupled with an emphasis on companies with strong fundamentals, should
provide strong investment results. When a company disappoints investors and
looks as though it cannot grow as fast as had been anticipated, we sell and
invest the proceeds into more promising firms. Although valuations still seem
stretched in some segments of the market, the recent pullback in the most
highflying sectors has created many compelling opportunities in our market.
/s/ Richard T. Whitney
------------------------------
RICHARD T. WHITNEY
Fund Manager
T. Rowe Price Associates, Inc.
IDEX MUTUAL FUNDS
16 ANNUAL REPORT 2000
<PAGE> 19
CAPITALIZATION
Capitalization, usually referred to as "cap", is the total market value of a
company's outstanding shares. Small cap is typically less than $1.5 billion, mid
cap is $1.5 - $10 billion and large cap is more than $10 billion.
[GRAPH]
This graph compares the 10/31/00 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 10/31/00
<TABLE>
<CAPTION>
---------------------------------------------------------
From Inception
1 year Inception Date
---------------------------------------------------------
<S> <C> <C> <C>
Class A (NAV) 22.31% 19.49% 3/1/99
Class A (POP) 15.58% 15.52% 3/1/99
Russell 2000(1) 17.40% 16.86% 3/1/99
---------------------------------------------------------
Class B (NAV) 21.63% 18.81% 3/1/99
Class B (POP) 16.63% 16.67% 3/1/99
---------------------------------------------------------
Class C (NAV)(2) 21.63% 21.63% 11/1/99
---------------------------------------------------------
Class M (NAV) 21.73% 18.92% 3/1/99
Class M (POP) 19.51% 18.21% 3/1/99
---------------------------------------------------------
</TABLE>
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.
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
<TABLE>
<CAPTION>
October 31, 2000 October 31, 1999
---------------- ----------------
<S> <C> <C>
Basic Materials 1.2 0.3
Consumer Cyclical 11.5 16.5
Consumer Non-Cyclical 15.0 17.3
Energy 4.0 1.4
Financial 6.9 6.5
Industrial 11.2 7.2
Technology 47.1 44.8
Utilities 0.5 --
Short-term 2.5 6.6
</TABLE>
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 MUTUAL FUNDS
ANNUAL REPORT 2000 17
<PAGE> 20
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.
[GRAPH]
MARKET ENVIRONMENT
The most significant aspect of the stock market this period was its volatility,
as investors grappled with a number of economic factors. Recently, 10-year highs
in oil prices fueled soaring energy costs and inflation concerns. The dollar's
relative strength against several foreign currencies--most notably the
euro--resulted in lower profits and weaker exports, contributing to earnings
disappointments for many large U.S. companies. Investors also remained anxious
over the slowing growth rate of the economy and the possibility that the Federal
Reserve might not be able to engineer the desired "soft" landing.
I would say, though, it turned out to be a very good period, but not so much
because of performance. First, fundamentals of many aggressive growth companies
remained strong and actually improved throughout the year. Second, rational
thinking returned to the market. We are now past the days when companies
attained stratospheric valuations with only a semblance of a business strategy,
no real track record, and no visible path to profitability. We believe this is
not only healthy for the stock market but necessary in order for those companies
that have executed on their business plans to come to the forefront.
Over the last six months, growth stocks struggled as investors sought safe haven
from the market's volatility. More traditional value sectors, instead, such as
financials and energy, fared well. This is in direct contrast to the first six
months of the fiscal year when growth was strongly in favor. Technology
detracted considerably from the performance of the Russell Mid Cap Growth Index
over the last few months, as the sector suffered from a chain reaction of bad
news. Beginning with evidence suggesting that demand for semiconductors was
waning, the weakness then spread to the telecommunications subsector. The year
ended with negative earnings pre-announcements from a handful of bellwether
technology companies, including Intel, Dell, and Apple, that put pressure on the
entire sector.
FIVE LARGEST HOLDINGS (% OF NET ASSETS)
<TABLE>
<S> <C>
Applied Micro Circuits Corp. 4.3%
Celgene Corp. 2.8%
Brocade Communications
Systems, Inc. 2.7%
Teva Pharmaceutical Industries,
Ltd. ADS 2.7%
Mettler-Toledo International, Inc. 2.6%
</TABLE>
TOP FIVE INDUSTRIES (% OF NET ASSETS)
<TABLE>
<S> <C>
Software 14.2%
Computers 12.5%
Semiconductors 9.6%
Pharmaceuticals 9.3%
Communications 7.6%
</TABLE>
PERFORMANCE
For the fiscal year ended October 31, 2000, IDEX Pilgrim Baxter Mid Cap Growth
compared favorably with its benchmark, the Russell Mid Cap Growth Index. Please
refer to the Performance Table for additional information.
STRATEGY REVIEW
The fund's favorable results for the period can be attributed to a few factors.
It was significantly overweighted in technology stocks and had favorable
technology stock selection during a year when that sector did particularly well.
In addition, we had favorable stock selection in the healthcare sector and were
underexposed in many underperforming sectors including basic materials, consumer
cyclicals, consumer non-cyclicals, and financials.
OUTLOOK
Despite the Federal Reserve Bank's neutral stance on interest rates, many
economic concerns remain. We hope that earnings jitters will dissipate as
visibility into fourth quarter results become clearer. A reduced level of
earnings apprehension, combined with more reasonable valuations and the
continuation of a positive interest rate and inflation environment, could
provide the impetus for a more favorable market for equity investors. We would
like to see sufficient evidence of the earnings and revenue growth necessary to
calm the market's anxiety and possibly return some stability to the technology
sector. Amidst this difficult environment, research and selectivity have become
increasingly important.
/s/ Jeffrey A. Wrona
---------------------------------
JEFFREY A. WRONA
Fund Manager
Pilgrim Baxter & Associates, Ltd.
IDEX MUTUAL FUNDS
18 ANNUAL REPORT 2000
<PAGE> 21
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 stock price. Blend is a mixture of both
philosophies.
[GRAPH]
This graph compares the 10/31/00 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 10/31/00
<TABLE>
<CAPTION>
--------------------------------------------------------------
From Inception
1 year Inception Date
--------------------------------------------------------------
<S> <C> <C> <C>
Class A (NAV) 43.78% 57.12% 3/1/99
Class A (POP) 35.90% 51.89% 3/1/99
Russell MCG(1) 38.67% 35.25% 3/1/99
--------------------------------------------------------------
Class B (NAV) 43.07% 56.36% 3/1/99
Class B (POP) 38.07% 54.58% 3/1/99
--------------------------------------------------------------
Class C (NAV)(2) 43.07% 43.07% 11/1/99
--------------------------------------------------------------
Class M (NAV) 43.17% 56.47% 3/1/99
Class M (POP) 40.74% 55.53% 3/1/99
--------------------------------------------------------------
</TABLE>
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.
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
<TABLE>
<CAPTION>
October 31, 2000 October 31, 1999
---------------- ----------------
<S> <C> <C>
Consumer Cyclical 8.6 15.3
Consumer Non-Cyclical 9.9 7.3
Energy 8.3 6.6
Financial 1.9 2.3
Industrial 6.4 3.2
Technology 54.3 46.4
Short-term 19.1 17.3
</TABLE>
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 MUTUAL FUNDS
ANNUAL REPORT 2000 19
<PAGE> 22
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.
[GRAPH]
MARKET ENVIRONMENT
IDEX Pilgrim Baxter Technology commenced operations on March 1, 2000. This
period was one of the most frustrating we have experienced in recent years due
to a fundamental correction. First, July started with anecdotal evidence that
growth was waning in some commodity-oriented semiconductors. The weakness then
turned to the telecom services group, where the emerging carriers faced a
tightening and unreceptive capital market environment that has taken more of a
"show me" stance with respect to their business models. These issues ultimately
put a cloud over the equipment suppliers, as capital expenditure growth is in
question. At the same time, the meltdown of the dot-coms continued. Questions
ranging from growth of online advertising to viability of business models
continue to haunt this sub-sector. These problems subsequently raised concerns
over the software enabling companies who, to varying degrees, have the dot-com
companies as customers. Finally, the personal computer market imploded recently
with negative pre-announcements by Intel, Apple Computer, and Dell Computer.
This was the most significant evidence suggesting a much weaker semiconductor
market.
FIVE LARGEST HOLDINGS (% OF NET ASSETS)
<TABLE>
<S> <C>
Ciena Corp. 6.3%
Palm, Inc. 6.0%
Ariba, Inc. 5.9%
Redback Networks, Inc. 4.3%
Juniper Networks, Inc. 4.3%
</TABLE>
PERFORMANCE
For the eight-month period from inception to October 31, 2000, IDEX Pilgrim
Baxter Technology underperformed both the Soundview Technology Index and the
Pacific Stock Exchange High Technology Index. Please refer to the Performance
Table for additional information.
STRATEGY REVIEW
The fund was not immune to many of these concerns. We were fortunate, though,
not to be involved in any earnings misses or have much exposure to commodity
semiconductors, dot-com names, and telecommunications service providers. The
biggest reason for the fund's underperformance since inception--a period when
the technology group suffered a valuation correction--is the high valuation of
its holdings. One holding that was especially affected was InfoSpace. While we
view InfoSpace as a wireless and broadband Internet enabler, the company does
provide online content and merchant services, although not directly to an end
user. The company recently acquired Go2Net, which expands it into broadband as
well as including value-added content and gaming capabilities. In addition, the
acquisition adds bench strength to the management team. Although the market has
chosen to view the company as a dot-com Internet play, we believe that our
initial investment thesis remains intact.
TOP FIVE INDUSTRIES (% OF NET ASSETS)
<TABLE>
<S> <C>
Computers 29.3%
Software 21.8%
Diversified Technology 9.4%
Communications 9.0%
Semiconductors 7.4%
</TABLE>
OUTLOOK
We break apart the technology world into seven subsectors: semiconductors,
semiconductor capital equipment, Internet, telecommunications equipment,
services, software, and hardware/systems. For the first time in the last two
years, all seven subsectors are experiencing negative business momentum. In
other words, business conditions are getting more difficult across all major
areas of technology. Despite this, we can still find particular companies or
niche industries within subsectors that are not experiencing these headwinds.
But, because there are no subsector "themes" to play, the technology market has
become much more of an individual stock pickers market. What has resulted is a
fund that has both fewer stocks (around 50) and is more diversified across
different areas of technology than has normally been the case. These comments
are not meant to be negative regarding future performance. They only highlight
the current environment as being a more difficult one than we have seen in quite
a while, and where selectivity is key.
/s/ Jeffrey A. Wrona
---------------------------------
JEFFREY A. WRONA
Fund Manager
Pilgrim Baxter & Associates, Ltd.
IDEX MUTUAL FUNDS
20 ANNUAL REPORT 2000
<PAGE> 23
DOLLAR COST AVERAGING
An investment strategy whereby a specific amount of money is invested regularly
regardless of market conditions. This allows accumulation of shares gradually,
at an average price that often is lower over the long-term than
if purchased at one time.
[GRAPH]
This graph compares the 10/31/00 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 10/31/00
<TABLE>
---------------------------------------------------------
From Inception
Inception Date
---------------------------------------------------------
<S> <C> <C>
Class A (NAV) (32.21)% 3/1/00
Class A (POP) (35.94)% 3/1/00
Soundview(1) (20.30)% 3/1/00
PSEHT(1) (16.81)% 3/1/00
---------------------------------------------------------
Class B (NAV) (32.65)% 3/1/00
Class B (POP) (36.01)% 3/1/00
---------------------------------------------------------
Class C (NAV) (32.65)% 3/1/00
---------------------------------------------------------
Class M (NAV) (32.58)% 3/1/00
Class M (POP) (33.25)% 3/1/00
---------------------------------------------------------
</TABLE>
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.
Investments in a "non-diversified" fund may be subject to specific risks such as
susceptibility to single economic, political, or regulatory events, and may be
subject to greater loss than investments in a diversified fund.
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
<TABLE>
October 31, 2000
----------------
<S> <C>
Consumer Cyclical 4.2
Industrial 3.5
Technology 83.1
Short-term 11.4
</TABLE>
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 MUTUAL FUNDS
ANNUAL REPORT 2000 21
<PAGE> 24
IDEX GABELLI GLOBAL GROWTH
OBJECTIVE/FOCUS
Appreciation of capital through investments in common stocks of companies
involved in the global market place.
[GRAPH]
MARKET ENVIRONMENT
IDEX Gabelli Global Growth commenced operations September 15, 2000, so we are in
the process of adding positions to the fund. Across this short period, profit
taking, concern over valuations, a slowdown in headline making deals, and
pricing pressure in the most competitive sectors of the media and
telecommunications industry plagued our markets. With rising oil prices and the
plummeting euro threatening economic growth on the continent, European stocks
were hit particularly hard. Overall, the period was not very profitable for
those investing outside the United States. In dollar terms, most of the larger
European markets declined sharply. Asian markets we utilize were off as well. No
solace could be found in the emerging markets either.
PERFORMANCE
IDEX Gabelli Global Growth will be measured against the Morgan Stanley Capital
International World Free Index. Please refer to the Performance Table for
additional information to see how the fund performed for the six-week period
ended October 31, 2000.
FIVE LARGEST HOLDINGS (% OF NET ASSETS)
<TABLE>
<S> <C>
SBC Communications, Inc. 1.3%
Bellsouth Corp. 1.3%
Furukawa Electric Company, Ltd. 1.3%
Nextel Communications, Inc.
Class A 1.3%
USA Networks, Inc. 1.2%
</TABLE>
STRATEGY REVIEW
The fund intends to invest at least 65% of its total assets in common stocks of
companies involved in the global marketplace, including both foreign and
domestic companies. There is no limit to the size of a company in which we could
invest--it may be small-, mid-, or large- cap. We're simply looking for
companies that have solid franchises, unique copyrights, and the potential for
accelerated growth.
The fund seeks to reach its objective through a disciplined investment program
focusing on the globalization and interactivity of the world's marketplace. We
strive to find reasonably valued businesses exhibiting creativity to adapt to
the changing environment. We like growth and therefore look to businesses
involved in the ever-evolving communications revolution.
TOP FIVE COUNTRIES (% OF NET ASSETS)
<TABLE>
<S> <C>
United States 109.2%
United Kingdom 3.5%
Japan 3.3%
Italy 1.8%
Germany 0.9%
</TABLE>
OUTLOOK
The prospects for Europe and Japan remain good in our opinion. Growth is picking
up in both regions, and we expect the restructuring process to continue. This
should involve governments playing lesser roles in the economy and corporations
becoming more focused and building scale in their core competencies. The likely
result will be an improvement in profitability, especially in Japan, and a
continuance of the torrid pace of merger and acquisition activity in Europe.
We continue to believe that the dominant companies of tomorrow will be
conducting a major portion of their businesses via the Internet within the next
five years. Of course, with the rise of momentum investing--buying stocks
because they are going up in price--stocks in spotlight industries like
technology and multimedia will periodically become overvalued and vulnerable to
a correction. We want to own good businesses with the potential to grow in value
over the long term. As long as our fund holdings live up to our fundamental
expectations, we are willing to tolerate short-term market turbulence.
/s/ Marc J. Gabelli
--------------------------------
MARC J. GABELLI
Fund Manager
Gabelli Asset Management Company
IDEX MUTUAL FUNDS
22 ANNUAL REPORT 2000
<PAGE> 25
DIVIDEND REINVESTMENT PLAN
An automatic reinvestment of dividends and/or capital gain distributions into a
shareholder's account whereby additional shares are purchased.
[GRAPH]
This graph compares the 10/31/00 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 10/31/00
<TABLE>
<CAPTION>
--------------------------------------------------------------
From Inception
Inception Date
--------------------------------------------------------------
<S> <C> <C>
Class A (NAV) 0.61% 9/15/00
Class A (POP) (4.93)% 9/15/00
MSCIWF(1) (4.06)% 9/15/00
--------------------------------------------------------------
Class B (NAV) 0.52% 9/15/00
Class B (POP) (4.48)% 9/15/00
--------------------------------------------------------------
Class C (NAV) 0.52% 9/15/00
--------------------------------------------------------------
Class M (NAV) 0.54% 9/15/00
Class M (POP) (0.47)% 9/15/00
--------------------------------------------------------------
</TABLE>
NOTES
(1) The Morgan Stanley Capital International World Free (MSCIWF) 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.
Investments in global securities involve risks relating to political, social and
economic developments abroad, foreign currency contracts for hedging, as well as
risks resulting from the differences between the regulations to which U.S. and
foreign issuer markets are subject.
Securities of global entertainment and communications companies are strongly
affected by worldwide scientific and technological developments and governmental
policies, and therefore, are generally more volatile than securities of
companies not dependent upon or associated with such issues.
INVESTMENTS BY REGION AS A PERCENTAGE OF NET ASSETS
<TABLE>
<CAPTION>
October 31, 2000
----------------
<S> <C>
Asia/Pacific Rim 4.1
Europe 8.0
North America 21.0
Short-term 88.2
</TABLE>
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 MUTUAL FUNDS
ANNUAL REPORT 2000 23
<PAGE> 26
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.
[GRAPH]
MARKET ENVIRONMENT
The U.S. markets experienced heavy volatility throughout this period,
particularly in the technology sector. The Federal Reserve Board left interest
rates unchanged in early October, suggesting that the six previous hikes had
diminished the threat of inflation. The Fed warned, however, that the tight
labor market and rising fuel costs could lead to future rate hikes. We expect
the Fed to keep its current policy stance unchanged for the rest of 2000. And we
continue to believe that some market participants are overly optimistic in
discounting lower rates next year.
Overall, the broad equity market posted positive results for the year. For its
part, the S&P 500 gained 6.1%. Small-capitalization and mid-capitalization
stocks did even better, with the Russell Mid Cap Growth and the Russell 2000
Indices posting returns of 38.7% and 17.4%, respectively.
PERFORMANCE
IDEX Goldman Sachs Growth performed well in this market environment,
outperforming its benchmark, the S&P 500, for the fiscal year ended October 31,
2000. Please refer to the Performance Table for additional information.
FIVE LARGEST HOLDINGS (% OF NET ASSETS)
<TABLE>
<S> <C>
General Electric Company 4.0%
Microsoft Corp. 3.6%
Standard & Poor's 500
Depository Receipts 3.5%
Cisco Systems, Inc. 3.1%
Pfizer, Inc. 2.8%
</TABLE>
STRATEGY REVIEW
Over the past year, we slightly overweighted the finance sector, which helped
the fund achieve excess returns over the benchmark. A similar situation occurred
in the consumer staples sector where our overweighted position and superior
stock selection led to outperformance. In addition, strong performance from AES
Corp. provided outsized returns for the utilities sector. Other strong
contributors to performance included EMC Corp., Oracle Corp., General Electric
Company, and State Street Corp. In contrast, returns attributable to the
healthcare sector, while positive, underperformed relative to the benchmark.
It is apparent that as investors shifted money away from the technology sector
into more value-oriented areas, several of our stocks were negatively influenced
by the reallocation. Several of the fund holdings contributed negatively to
performance. These included Lucent Technologies, Microsoft Corp., WorldCom,
Inc., Wal-Mart Stores, Inc., and America Online, Inc.
TOP FIVE INDUSTRIES (% OF NET ASSETS)
<TABLE>
<S> <C>
Communications 11.0%
Pharmaceuticals 9.2%
Diversified Financial 9.0%
Software 6.7%
Diversified Industrial 6.0%
</TABLE>
OUTLOOK
While we neither make nor rely on economic forecasts to make investment
decisions, we are generally bullish on the U.S. economy. Over the last decade,
global communication has increased due to significant technological advances and
a generally peaceful world political environment. We believe that this trend
combined with favorable demographic trends will benefit U.S. companies over the
long term. More fundamentally, though, 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 we own will even withstand an
uncertain market environment.
/s/ Herbert E. Ehlers
------------------------------
HERBERT E. EHLERS
Fund Manager
Goldman Sachs Asset Management
IDEX MUTUAL FUNDS
24 ANNUAL REPORT 2000
<PAGE> 27
CDSC
Contingent Deferred Sales Charge ("CDSC"), also known as a back-end load, is a
fee charged at redemption of certain fund share classes. The charge declines
to zero over a specified time, encouraging the buy and hold approach.
[GRAPH]
This graph compares the 10/31/00 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 10/31/00
<TABLE>
<CAPTION>
-----------------------------------------------------------
From Inception
1 year Inception Date
-----------------------------------------------------------
<S> <C> <C> <C>
Class A (NAV) 10.29% 14.65% 3/1/99
Class A (POP) 4.22% 10.84% 3/1/99
S&P 500(1) 6.09% 10.30% 3/1/99
-----------------------------------------------------------
Class B (NAV) 9.54% 13.93% 3/1/99
Class B (POP) 4.54% 11.72% 3/1/99
-----------------------------------------------------------
Class C (NAV)(2) 9.54% 9.54% 11/1/99
-----------------------------------------------------------
Class M (NAV) 9.65% 14.04% 3/1/99
Class M (POP) 7.56% 13.35% 3/1/99
-----------------------------------------------------------
</TABLE>
NOTES
(1) The Standard & Poor's 500 Composite Stock (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
<TABLE>
<CAPTION>
October 31, 2000 October 31, 1999
---------------- ----------------
<S> <C> <C>
Basic Materials 1.7 0.6
Consumer Cyclical 14.9 17.6
Consumer Non-Cyclical 16.7 20.3
Energy 5.9 5.1
Financial 19.0 16.1
Independent 1.0 0.4
Industrial 6.2 3.9
Technology 28.5 23.8
Utilities 1.7 4.0
Short-term 25.2 7.8
</TABLE>
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 MUTUAL FUNDS
ANNUAL REPORT 2000 25
<PAGE> 28
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.
[GRAPH]
MARKET ENVIRONMENT
The negative tone in the stock market has persisted into early October with a
large number of companies posting earnings warnings. The range of industries
affected and the severity of warnings suggest that economic slowing is
widespread. With the economy slowing, earnings growth is unlikely to be in the
double-digit range of recent years. As a result of this financial market
uncertainty, "safe haven" sectors such as energy, financial, and utilities have
done particularly well in recent months.
PERFORMANCE
IDEX Transamerica Equity commenced operations on March 1, 2000. For the eight
months ended October 31, 2000, the fund underperformed its benchmark, the S&P
500, as a tough market for technology stocks negatively impacted our
performance. Please refer to the Performance Table for additional information.
FIVE LARGEST HOLDINGS (% OF NET ASSETS)
<TABLE>
<S> <C>
Charles Schwab Corp. 4.5%
Palm, Inc. 4.4%
First Data Corp. 4.2%
EMC Corp. 4.1%
Northern Trust Corp. 3.9%
</TABLE>
STRATEGY REVIEW
As long-term investors, we are interested in owning businesses that create value
for their customers and shareholders. Oil companies and public utilities are not
the kinds of businesses in which we are usually interested. We continue to
believe that leading technology creators and deployers are the most fertile
areas for investment. Top-performing stocks were Palm, Inc., CVS Corp., Safeway,
Inc., Northern Trust, and EMC Corp. Underperforming stocks were Applied
Materials, Dell Computer, Microsoft, and Agilent Technologies. Our favorite
technology creators reside in the enterprise data storage and the wireless
industries. Key investments here are EMC Corp. and QLogic in enterprise storage,
and QUALCOMM and RF Micro Devices in wireless technology. We also believe that
the currently out-of-favor PC-related stocks such as Intel, Microsoft, Dell
Computer, and Applied Materials are excellent investments. On the
technology-deployer side, we like steady retailers such as Safeway, Inc. and CVS
Corp. and financial services companies like Charles Schwab and Northern Trust. A
recent focus for us has been the cable TV industry where we think the advent of
high-bandwidth and digital services will re-ignite the industry's growth rate.
Our particular favorites are Comcast Corp. and Cox Communications.
TOP FIVE INDUSTRIES (% OF NET ASSETS)
<TABLE>
<S> <C>
Computers 14.5%
Semiconductors 11.9%
Broadcasting 10.9%
Communications 10.3%
Diversified Financial 7.6%
</TABLE>
Our mantra has always been to stick with high-quality, "masterpiece-type"
businesses--those that simply cannot be replicated by other industry
competitors. We think these kinds of companies are capable of weathering
difficult economic environments and, in fact, take advantage of these
environments to increase their competitive advantage.
OUTLOOK
With the Federal Reserve at the end of its tightening cycle, oil prices
stabilizing, and central banks willing to intervene on behalf of the euro, many
of the negative market influences should have less of an impact during the next
year. And while overall capital spending is expected to slow, technology
spending is expected to remain relatively strong. Economic growth, both
domestically and abroad, is likely to slow in response to higher interest rates
and oil prices. The only component of gross domestic product not affected by
these factors is government spending, which accounts for less than 20% of the
total. This is unlikely to change the outlook for slower economic growth.
With an increased risk of a hard landing, the Federal Reserve is at the end of
its tightening cycle. As a result of economic uncertainty, financial markets are
likely to experience some volatility until the Federal Reserve shifts to a
neutral bias, which should increase liquidity and support for the market.
/s/ Jeffrey S. Van Harte
-----------------------------------------
JEFFREY S. VAN HARTE
/s/ Gary U. Roll
-----------------------------------------
GARY U. ROLL
Co-Fund Managers
Transamerica Investment Management, LLC
IDEX MUTUAL FUNDS
26 ANNUAL REPORT 2000
<PAGE> 29
AUTOMATIC
INVESTMENT PLAN
With the Automatic Investment Plan, money is regularly invested into a
shareholder's fund account electronically from their bank account, taking
advantage of dollar cost averaging.
[GRAPH]
This graph compares the 10/31/00 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 10/31/00
<TABLE>
<CAPTION>
-----------------------------------------------------------------------
From Inception
Inception Date
-----------------------------------------------------------------------
<S> <C> <C>
Class A (NAV) 1.60% 3/1/00
Class A (POP) (3.98)% 3/1/00
S&P 500(1) 5.38% 3/1/00
-----------------------------------------------------------------------
Class B (NAV) 1.17% 3/1/00
Class B (POP) (3.83)% 3/1/00
-----------------------------------------------------------------------
Class C (NAV) 1.17% 3/1/00
-----------------------------------------------------------------------
Class M (NAV) 1.24% 3/1/00
Class M (POP) (0.78)% 3/1/00
-----------------------------------------------------------------------
</TABLE>
NOTES
(1) The Standard & Poor's Composite Stock (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
<TABLE>
<CAPTION>
October 31, 2000
----------------
<S> <C>
Basic Materials 0.6
Consumer Cyclical 17.6
Consumer Non-Cyclical 13.6
Financial 16.0
Industrial 2.9
Technology 44.0
Utilities 1.8
Short-term 5.2
</TABLE>
This material must be preceeded or accompanied by the current prospectus, which
includes specific content regarding the investment
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000 27
<PAGE> 30
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.
[GRAPH]
MARKET ENVIRONMENT
Throughout early October, negativity persisted in the stock market. The
indication of a widespread economic slowing is strengthened by the severity of
earnings warnings by a large number of companies. With a slowing economy it will
be unlikely to see the double-digit earnings such as those posted in recent
years. Investors have begun to lean toward the "safe haven" sectors such as
energy, financial, and utilities, which have all done particularly well in
recent months.
PERFORMANCE
IDEX Transamerica Small Company commenced operations on March 1, 2000. For the
eight months ended October 31, 2000, the fund just slightly outperformed its
benchmark, the Russell 2000 Index. Please refer to the Performance Table for
additional information.
FIVE LARGEST HOLDINGS (% OF NET ASSETS)
<TABLE>
<S> <C>
Sawtek, Inc. 5.6%
Cree, Inc. 4.9%
QLogic Corp. 4.9%
Palm, Inc. 4.4%
Techne Corp. 3.9%
</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. IDEX Transamerica Small Company
represents a diversified collection of outstanding businesses found through
extensive research. Our positions include leaders in the communications, media,
computing, and consumer industries sectors.
Wireless communications continues to be an area of focus for the fund. We
believe the marketplace is in the very early stages of a new paradigm in
productivity--access to information anytime and anywhere--and that business
people and consumers will demand the value added by wireless data services. One
important holding in this area is Sawtek, Inc. Sawtek is the dominant provider
of circuits that filter noise from the cellular networks, allowing for rapid
data communications. The firm represents the type of investment we seek in this
fund--dominant position, strong management, sustainable competitive edge, and a
strong balance sheet.
TOP FIVE INDUSTRIES (% OF NET ASSETS)
<TABLE>
<S> <C>
Computers 13.7%
Communications 13.1%
Industrial Technology 10.1%
Semiconductors 9.8%
Software 9.5%
</TABLE>
Other top holdings reflect our belief that corporate spending, even in softer
economic conditions, will occur where the highest returns are offered. Two of
the highlighted areas are data storage and business optimization software. In
storage, the fund holds Qlogic Corp., the dominant provider of systems that
enable storage devices to communicate with one another. In business productivity
software, Agile Software and i2 Technologies, Inc. are companies that offer best
of breed solutions to enable businesses to use information to manage rapid
changes in product design (in the case of Agile), and to optimize their
operations (in the case of i2). Today's business environment demands efficient,
real-time decision making and these companies offer their customers this
capability at a significant return on the cost of the software. We like
companies that help their customers win.
OUTLOOK
These holdings represent the type of businesses we seek: well-managed, rapidly
growing companies with sustainable competitive advantages and big opportunities.
We believe these types of businesses will invest for shareholders at attractive
rates of return. While short-term volatility is unavoidable, we believe that
investing in businesses that exhibit these characteristics--and avoiding those
that don't--will be most rewarding to our shareholders.
/s/ Christopher J. Bonavico
--------------------------------------
CHRISTOPHER J. BONAVICO
/s/ Timothy S. Gaumer
---------------------------------------
TIMOTHY S. GAUMER
Co-Fund Managers
Transamerica Investment Management, LLC
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000 28
<PAGE> 31
COST BASIS
The "cost basis" of mutual fund shares is generally the amount paid for them,
including all reinvested distributions. Whenever shares are sold from a taxable
account, the cost basis is deducted from proceeds to determine the realized
gain or loss, which must be reported on your income tax return.
[GRAPH]
This graph compares the 10/31/00 value of hypothetical simultaneous $10,000
investments made in Class Shares and its comparative Index Class A's inception
date.
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED 10/31/00
<TABLE>
<CAPTION>
-----------------------------------------------------------------------
From Inception
Inception Date
-----------------------------------------------------------------------
<S> <C> <C>
Class A (NAV) (12.96)% 3/1/00
Class A (POP) (17.75)% 3/1/00
Russell 2000(1) (13.18)% 3/1/00
-----------------------------------------------------------------------
Class B (NAV) (13.39)% 3/1/00
Class B (POP) (17.72)% 3/1/00
-----------------------------------------------------------------------
Class C (NAV) (13.39)% 3/1/00
-----------------------------------------------------------------------
Class M (NAV) (13.33)% 3/1/00
Class M (POP) (14.19)% 3/1/00
-----------------------------------------------------------------------
</TABLE>
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
<TABLE>
<CAPTION>
October 31, 2000
----------------
<S> <C>
Basic Materials 4.5
Consumer Cyclical 7.8
Consumer Non-Cyclical 6.1
Industrial 7.8
Technology 67.2
Utilities 3.3
Short-term 1.4
</TABLE>
This material must be preceeded or accompanied by the current prospectus, which
includes specific content regarding the investment
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000 29
<PAGE> 32
IDEX SALOMON ALL CAP
OBJECTIVE/FOCUS
Long-term growth of capital by investing fund assets principally
in common stocks and convertible securities.
[GRAPH]
MARKET ENVIRONMENT
The momentum-driven rally of 1999 continued into the new year, led by the
technology sector. This momentum came at the expense of most out- of-favor, "old
economy" sectors, including consumer stocks, financials, and pharmaceuticals.
Facing the threat of inflation, the Federal Reserve Board continued to increase
interest rates, acting four times the last 12 months. The market began to
discount these rate increases, leading to a sharp sell-off in March. At the same
time, many oversold "old economy" stocks rallied. By the end of the period, the
NASDAQ had lost a full third of its value from its peak on March 10, 2000. While
the Dow Jones Industrial Average and the S&P 500 also declined, their declines
were in a more moderate range.
PERFORMANCE
The fund enjoyed strong performance for the 2000 fiscal year, outperforming its
benchmark, the Russell 3000 Index, by a very substantial margin. Please refer to
the Performance Table for additional information.
STRATEGY REVIEW
Technology, consumer staples, and energy provided the greatest contribution to
performance. On an individual stock basis, strong performance was generated by
names like Nabisco Group Holdings, 3Com Corp., Safeway, and Devon Energy.
Although basic industry stocks were our most notable underperformers, we retain
an overweighted position in the sector, which we believe already discounts a
recession. Just as it did last year, the fund benefited from its bottom- up,
broad market strategy. We attempt to find the best opportunities across the
market, wherever they may be. Because the fund owns stocks from most industry
sectors, it has the opportunity to own many promising securities under most
market conditions. Our strategy typically results in a diversified portfolio of
unique stocks. These are two key advantages to our investment strategy
generally, and this strategy continued to produce very attractive returns in
2000.
FIVE LARGEST HOLDINGS (% OF NET ASSETS)
<TABLE>
<S> <C>
Costco Wholesale Corp. 4.1%
Federated Department Stores, Inc. 3.9%
Verizon Communications 3.3%
Nabisco Group Holdings 3.2%
Safeway, Inc. 3.0%
</TABLE>
TOP FIVE INDUSTRIES (% OF NET ASSETS)
<TABLE>
<S> <C>
Communications 9.4%
Food Retailers 8.3%
Computers 7.0%
Banks 5.3%
Food-Other 4.7%
</TABLE>
We are also proud to report that the fund's investment strategy worked
exceptionally well throughout the year, generating outperformance each of the
four fiscal quarters. When the market was rising, our broadly diversified equity
exposure allowed us to participate, even though much of what we liked was out of
favor. The declines in less speculative stocks provided us with buying
opportunities as well. For example, for the first time in over two years, we
were presented an attractive opportunity to start building positions in drug
stocks.
As a function of our concern about the financial health of certain key customer
segments, notably telecommunications, the fund maintained an underweighted
position in technology for much the second half of the period. While we remain
cautious on technology, we have added selectively to strategically
well-positioned telecommunications companies, resulting in a sector
overweighting.
OUTLOOK
The market's rotation out of the momentum sectors is producing significant
profits for many our positions. It is our strong belief that those leading,
established companies that embrace today's new technologies should emerge as the
dominant and most profitable companies in the economy. Their stocks should
reflect this over time. On the other hand, we believe the stock market will
continue to challenge both those companies that cannot generate enough profits
support their underlying stock price and those companies facing material funding
requirements for business plans without clear returns. We will invest in both
users and manufacturers of technology when we believe their risk/reward ratios
are favorable. Most importantly, we will for the best opportunities we can find,
regardless of where they reside in the market.
/s/ ROSS S. MARGOLIES
----------------------------------------
Ross S. Margolies
/s/ ROBERT M. DONAHUE, JR.
----------------------------------------
Robert M. Donahue, Jr.
Co-Fund Managers
Salomon Brothers Asset Management Inc
IDEX MUTUAL FUNDS
30 ANNUAL REPORT 2000
<PAGE> 33
SALES LOAD
Expressed usually as front-end, back-end or level load. Front-end load is a
percentage charged on purchases through the Public Offering Price. Back- end
load is a percentage deducted from redemptions. Level load is deducted from fund
assets over time.
[GRAPH]
This graph compares the 10/31/00 value of hypothetical simultaneous $10,000
investments made in Class A $10,000 Shares and its comparative Index on Class
A's inception date.
AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED 10/31/00
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------
From Inception
1 year Inception Date
----------------------------------------------------------------------------------
<S> <C> <C> <C>
Class A (NAV) 34.50% 31.15% 3/1/99
Class A (POP) 27.10% 26.79% 3/1/99
Russell 3000(1) 9.64% 12.43% 3/1/99
----------------------------------------------------------------------------------
Class B (NAV) 33.72% 30.41% 3/1/99
Class B (POP) 28.72% 28.40% 3/1/99
----------------------------------------------------------------------------------
Class C (NAV)(2) 33.72% 33.72% 11/1/99
----------------------------------------------------------------------------------
Class M (NAV) 33.84% 30.53% 3/1/99
Class M (POP) 31.50% 29.74% 3/1/99
----------------------------------------------------------------------------------
</TABLE>
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.
Investments in a "non-diversified" fund may be subject to specific risks such as
susceptibility to single economic, political, regulatory events, and may be
subject to greater loss than investments in a diversified fund.
INVESTMENTS BY SECTOR AS A PERCENTAGE OF NET ASSETS
<TABLE>
<CAPTION>
October 31, 2000 October 31, 1999
---------------- ----------------
<S> <C> <C>
Basic Materials 7.5 5.3%
Consumer Cyclical 15.3 14.2
Consumer Non-Cyclical 25.3 14.6
Energy 7.9 10.8
Financial 8.2 11.4
Independent 0.4 1.0
Industrial 1.4 7.0
Technology 24.5 23.4
Utilities 3.5
Short-term 5.5 5.0
Options 0.4 0.2
</TABLE>
This material must be preceeded or accompanied by the current prospectus, which
includes specific content regarding the investment
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000 31
<PAGE> 34
IDEX GREAT COMPANIES - AMERICA(SM)
OBJECTIVE/FOCUS
Long-term growth of capital by investing fund assets in common stocks of large,
established, U.S. based companies.
[GRAPH]
MARKET ENVIRONMENT
We find ourselves in a market that is increasingly rewarding investors and
punishing speculators--a far cry from last year, when it seemed that companies
that showed profits were bad. At the least, the days of day-trading,
margin-trading, and dot-com-trading are over. Sadly though, many of the people
who were lured into this speculative market environment have seen their net
worth decline dramatically.
PERFORMANCE
For the three and a half months ended October 31, 2000, IDEX Great
Companies-America(SM) outperformed its benchmark, the S&P 500. Please refer to
the Performance Table for additional information.
STRATEGY REVIEW
IDEX Great Companies-America(SM) commenced operations July 14, 2000, with an
objective of long-term growth of capital. The fund focuses on large,
high-quality companies incorporated in the U.S. We seek to enhance shareholder
returns by using proprietary intrinsic value analysis to overweight underpriced
stocks and underweight overpriced stocks. Individual stock weightings within the
fund are driven by market price relative to intrinsic value, intrinsic value
momentum, and sector diversification.
FIVE LARGEST HOLDINGS (% OF NET ASSETS)
<TABLE>
<S> <C>
Medtronic, Inc. 10.1%
American International Group, Inc. 10.1%
General Electric Company 10.1%
Pfizer, Inc. 9.1%
Bristol-Myers Squibb Company, Inc. 5.6%
</TABLE>
Companies whose stocks are selected for the fund must pass 12 screens:
1.) Highly regarded by management experts
2.) Publicly traded
3.) Incorporated in the U.S.
4.) In business at least 50 years and survived the founder
5.) Market cap in excess of $15 billion
6.) Global companies with at least 40% of revenues from international
operations
7.) Outstanding shareholder returns
8.) Engaged in a terrific business
9.) Protected by strong franchise barriers
10.) Employees are company's most valuable asset
11.) World class management
12.) Innovation-driven
TOP FIVE INDUSTRIES (% OF NET ASSETS)
<TABLE>
<S> <C>
Pharmaceuticals 26.4%
Advanced Medical Devices 10.1%
Insurance 10.1%
Diversified - Industrial 10.1%
Diversified - Financial 9.2%
</TABLE>
Traits may be modified to create different portfolio structures to meet investor
needs.
Stocks are deleted from the fund if a company no longer passes all the screens,
or if a company's business changes negatively as a result of government
regulations.
OUTLOOK
Since the companies represented in IDEX Great Companies-America(SM) are global
companies, they are sensitive to fluctuations in currency exchange rates
throughout the world. Consequently, many have seen their earnings hurt by a
weakened euro. We believe that this is a short-term situation and that these
companies will continue to dominate their respective business sectors on a
long-term basis. The patient investor, in our opinion, will be rewarded.
/s/ JAMES HUGUET
-------------------------------------------
JAMES HUGUET
/s/ GERALD W. BOLLMAN
-------------------------------------------
GERALD W. BOLLMAN
Co-Fund Managers
Great Companies, L.L.C.
IDEX MUTUAL FUNDS
32 ANNUAL REPORT 2000
<PAGE> 35
BLEND INVESTING
Investing in different types of securities in an effort to reduce the
overall volatility of a fund. Generally, different types of securities -- U.S.
stocks, foreign stocks, and bonds - do not tend to be susceptible
to the same market fluctuations, and therefore should perform well in a
range of market conditions.
[GRAPH]
This graph compares the 10/31/00 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 10/31/00
<TABLE>
<CAPTION>
------------------------------------------------------------------------
From Inception
Inception Date
------------------------------------------------------------------------
<S> <C> <C>
Class A (NAV) 5.81% 7/14/00
Class A (POP) (0.01)% 7/14/00
S&P 500(1) (5.01)% 7/14/00
------------------------------------------------------------------------
Class B (NAV) 5.62% 7/14/00
Class B (POP) 0.62% 7/14/00
------------------------------------------------------------------------
Class C (NAV) 5.62% 7/14/00
------------------------------------------------------------------------
Class M (NAV) 5.65% 7/14/00
Class M (POP) 3.59% 7/14/00
------------------------------------------------------------------------
</TABLE>
NOTES
(1) The Standard & Poor's Composite Stock (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.
Investments in a "non-diversified" fund may be subject to specific risks such as
susceptibility to single economic, political, or regulatory events, and may be
subject to greater loss than investments in a diversified fund.
The management of this fund is based on a specific philosophy and on proprietary
systems and methodology. Therefore, there is no guarantee the fund will achieve
its objectives.
Investing in global companies 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
<TABLE>
<CAPTION>
October 31, 2000
----------------
<S> <C>
Consumer Cyclical 4.6
Consumer Non-Cyclical 38.5
Financial 24.2
Industrial 10.1
Technology 10.1
Short-term 9.6
</TABLE>
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 MUTUAL FUNDS
ANNUAL REPORT 2000 33
<PAGE> 36
IDEX GREAT COMPANIES - TECHNOLOGY(SM)
OBJECTIVE/FOCUS
Long-term growth of capital by investing in common stocks of companies that
offer technology or communications related products and services.
[GRAPH]
MARKET ENVIRONMENT
With the intrinsic values of many of our holdings well above their market
prices, we would say the market has over-corrected. Intrinsic value measures the
future free cash flow of a company, while intrinsic value momentum measures the
rate at which a company's intrinsic value is increasing. Since intrinsic value
and market price are dynamic, we constantly monitor the relationship between
these two variables. Ultimately, market price and intrinsic value coincide.
PERFORMANCE
For the three and a half months ended October 31, 2000, IDEX Great
Companies-Technology(SM) underperformed its benchmark, the S&P 500. Please refer
to the Performance Table for additional information.
STRATEGY REVIEW
IDEX Great Companies-Technology(SM) commenced operations July 14, 2000, with an
objective of long-term growth of capital. The fund focuses on large,
high-quality companies that offer technology or communications related products
and services. We seek to enhance shareholder returns by using proprietary
intrinsic value analysis to overweight underpriced stocks and underweight
overpriced stocks. Individual stock weightings within the fund are driven by
market price relative to intrinsic value, intrinsic value momentum, and sector
diversification.
FIVE LARGEST HOLDINGS (% OF NET ASSETS)
<TABLE>
<S> <C>
Texas Instruments, Inc. 6.4%
Sun Microsystems, Inc. 5.7%
EMC Corp. 5.5%
Oracle Corp. 5.5%
Agilent Technologies, Inc. 5.2%
</TABLE>
Companies whose stocks are selected for the fund must pass 12 screens:
1.) Highly regarded by management experts
2.) Publicly traded
3.) Incorporated in the U.S.
4.) In business at least 15 years
5.) Market cap in excess of $15 billion
6.) Global companies with at least 30% of revenues from international
operations
7.) Outstanding shareholder returns
8.) Engaged in a terrific technology business
9.) Protected by strong franchise barriers
10.) Employees are company's most valuable asset
11.) World class management
12.) Innovation-driven
TOP FIVE INDUSTRIES (% OF NET ASSETS)
<TABLE>
<S> <C>
Semiconductors 24.4%
Computers 21.9%
Communications 17.1%
Software 7.6%
Advanced Medical Devices 5.2%
</TABLE>
Traits may be modified to create different portfolio structures to meet investor
needs.
Stocks are deleted from the fund if a company no longer passes all the screens,
or if a company's business changes negatively as a result of government
regulations.
OUTLOOK
We can never be certain when a correction will occur, of course, but we are
certain prices will ultimately move upwards towards their intrinsic values.
Meanwhile, U.S. based companies continue to hold global leadership positions in
key technology sectors. The weakened euro has negatively impacted the short-term
earnings of these companies, but we believe that this is a short-term issue that
has nothing to do with either the companies or their business models long-term.
/s/ JAMES HUGUET
-----------------------
James Huguet
/s/ GERALD W. BOLLMAN
------------------------
Gerald W. Bollman
Co-Fund Managers
Great Companies, L.L.C.
IDEX MUTUAL FUNDS
34 ANNUAL REPORT 2000
<PAGE> 37
NON-DIVERSIFIED FUND
This type of fund takes larger positions in a smaller number of issuers and is
therefore more susceptible to any single economic, political or regulatory
occurrence than a diversified fund.
[GRAPH]
This graph compares the 10/31/00 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 10/31/00
<TABLE>
<CAPTION>
-------------------------------------------------------------------------
From Inception
Inception Date
-------------------------------------------------------------------------
<S> <C> <C>
Class A (NAV) (20.66)% 7/14/00
Class A (POP) (25.03)% 7/14/00
S&P 500(1) (5.01)% 7/14/00
-------------------------------------------------------------------------
Class B (NAV) (20.86)% 7/14/00
Class B (POP) (24.82)% 7/14/00
-------------------------------------------------------------------------
Class C (NAV) (20.86)% 7/14/00
-------------------------------------------------------------------------
Class M (NAV) (20.83)% 7/14/00
Class M (POP) (21.62)% 7/14/00
-------------------------------------------------------------------------
</TABLE>
NOTES
(1) The Standard & Poor's Composite Stock (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.
Investments in a "non-diversified" fund may be subject to specific risks such as
susceptibility to single economic, political, or regulatory events, and may be
subject to greater loss than investments in a diversified fund.
Investing in technology stocks generally involves greater volatility and risks,
so an investment in the fund may not be appropriate for everyone.
The management of this fund is based on a specific philosophy and on proprietary
systems and methodology. Therefore, there is no guarantee the fund will achieve
its objectives.
Investing in global companies generally involves greater volatility and risks so
an investment in the fund my not be appropriate for everyone.
INVESTMENTS BY SECTOR AS A PERCENTAGE OF NET ASSETS
<TABLE>
<CAPTION>
October 31, 2000
----------------
<S> <C>
Industrial 4.7
Technology 76.2
Short-term 13.3
</TABLE>
This material must be preceded or accompanied by the current prospectus, which
includes specific content regarding the investment objectives and policies of
this fund.
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000 35
<PAGE> 38
IDEX GREAT COMPANIES - GLOBAL(2)
OBJECTIVE/FOCUS
Long-term growth of capital in a manner consistent with preservation of capital.
[GRAPH]
MARKET ENVIRONMENT
Uncertainty seems to characterize the global scene of late. In addition to
political and economic concerns in the U.S., investors have to worry about the
Middle East, the price of oil, and the precipitous market-wide drop of
technology companies. Taken together, these anxieties have driven stocks down
across the world. We occasionally experience periods like this where emotion
rather than earnings determine the short-term prices of stocks. Since emotions
have driven prices lower, we think it's a wonderful opportunity to invest in
the markets, especially technology stocks.
PERFORMANCE
IDEX Great Companies-Global(2) slightly outperformed its benchmark, the Morgan
Stanley Capital International World Index. Please refer to the Performance Table
for additional information to see how the fund performed for the six weeks ended
October 31, 2000.
STRATEGY REVIEW
IDEX Great Companies-Global(2) commenced operations on September 15, 2000, with
an objective of long-term growth of capital. The fund invests primarily in
large, high-quality companies with a focus on global companies. We seek to
enhance shareholder returns by using proprietary intrinsic value analysis to
overweight underpriced stocks and underweight overpriced stocks. Individual
stock weightings within the fund are driven by market price relative to
intrinsic value, intrinsic value momentum, and sector diversification. It is our
intention to structure the fund with approximately 35% to 40% of its assets
invested in international companies and 60% to 65% in U.S. companies.
FIVE LARGEST HOLDINGS (% OF NET ASSETS)
<TABLE>
<S> <C>
American International Group, Inc. 3.5%
General Electric Company 3.5%
Medtronic, Inc. 3.4%
Pfizer, Inc. 3.2%
Bristol-Myers Squibb Company, Inc. 2.1%
</TABLE>
TOP FIVE COUNTRIES (% OF NET ASSETS)
<TABLE>
<S> <C>
United States 67.0%
United Kingdom 5.9%
France 4.9%
Netherlands 3.7%
Japan 2.2%
</TABLE>
Companies whose stocks are selected for the fund must pass these screens:
1.) Highly regarded
2.) Publicly traded
3.) Market cap in excess of $15 billion
4.) Engaged in a terrific business
5.) Protected by strong franchise barriers
6.) Employees are company's most valuable asset
7.) World class management
8.) Innovation driven
Traits may be modified to create different portfolio structures to meet investor
needs.
Stocks are liquidated from the fund if a company no longer passes all the
screens, or if a company's business changes negatively as a result of government
regulations.
OUTLOOK
Many of the folks lured into last year's speculative market environment have
seen their net worth decline dramatically. The fund, of course, looks to invest
in stocks of large, established, companies. Since these are global companies,
though, they are sensitive to fluctuations in currency exchange rates, and many
have been hurt by a weakened euro. We believe this is a short-term situation and
these companies will continue to dominate their respective businesses long-term.
/s/ JAMES HUGUET
-------------------------------------------
JAMES HUGUET
/s/ GERALD W. BOLLMAN
-------------------------------------------
GERALD W. BOLLMAN
Co-Fund Managers
Great Companies, L.L.C.
IDEX MUTUAL FUNDS
36 ANNUAL REPORT 2000
<PAGE> 39
EURODOLLAR
A certificate of deposit in U.S. dollars in a bank
that is not located in the U.S.
[GRAPH]
This graph compares the 10/31/00 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 10/31/00
<TABLE>
<CAPTION>
------------------------------------------------------------------------
From Inception
Inception Date
------------------------------------------------------------------------
<S> <C> <C>
Class A (NAV) (1.92)% 9/15/00
Class A (POP) (7.32)% 9/15/00
MSCIW(1) (6.74)% 9/15/00
------------------------------------------------------------------------
Class B (NAV) (2.01)% 9/15/00
------------------------------------------------------------------------
Class B (POP) (6.91)% 9/15/00
------------------------------------------------------------------------
Class C (NAV) (2.01)% 9/15/00
------------------------------------------------------------------------
Class M (NAV) (1.99)% 9/15/00
------------------------------------------------------------------------
Class M (POP) (2.97)% 9/15/00
------------------------------------------------------------------------
</TABLE>
NOTES
(1) The Morgan Stanley Capital International World (MSCIW) Index is an
unmanaged index used as a general measure of market performance.
Calculations assume dividends and capital gains are reinvested and do
not include any managerial expenses. From inception calculation is
based on life of Class A shares.
The performance data presented represents past performance, future results may
vary. Investment return and principal value will fluctuate so that an investor's
shares, when redeemed, may be worth more or less than their original cost.
Public Offering Price (POP) returns include the reinvestment of dividends and
capital gains and reflect the maximum sales charge of 5.5% for A shares and 1%
for M shares or the maximum applicable contingent deferred sales charge (5% in
the 1st year, decreasing to 0% after 6 years) for Class B shares and 1% (during
the 1st 18 months) for Class M shares. 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 in global securities involve risks relating to political, social and
economic developments abroad, foreign currency contracts for hedging, as well as
risks resulting from the differences between the regulations to which U.S. and
foreign issuer markets are subject.
The management of this fund is based on a specific philosophy and on proprietary
systems and methodology. Therefore, there is no guarantee the fund will achieve
its objectives.
INVESTMENTS BY REGION AS A PERCENTAGE OF NET ASSETS
<TABLE>
<CAPTION>
October 31, 2000
----------------
<S> <C>
Asia/Pacific Rim 4.0
Europe 20.8
North America 53.4
Australia 1.2
Short-term 15.2
</TABLE>
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 MUTUAL FUNDS
ANNUAL REPORT 2000 37
<PAGE> 40
IDEX AEGON INCOME PLUS
Credit Quality of Bonds
(% of Net Assets)
<TABLE>
<S> <C>
AAA --
AA --
A 19.1%
BBB 27.9%
BB 15.8%
B 20.7%
All C'S --
D --
NA 2.9%
Not Rated 4.9%
</TABLE>
OBJECTIVE/FOCUS
High current income while avoiding excessive risk
by investing primarily in fixed-income.
[GRAPH]
MARKET ENVIRONMENT
Through most of the period, the Federal Reserve has been raising interest rates,
giving rise to a severely inverted yield curve. At the same time, the Treasury
Department reintroduced long-duration Treasuries as a result of the significant
budget surpluses. This environment was beneficial to only the credit-worthiest
of borrowers, as credit spreads of lower-rated issuers widened due to the threat
of an economic slowdown. Historically, an inverted yield curve has not been a
good backdrop for lower-rated and high-yield corporate bonds.
PERFORMANCE
For the fiscal year ended October 31, 2000, IDEX AEGON Income Plus performed
well versus its benchmark, the Merrill Lynch High Yield Master Index. Please
refer to the Performance Table for additional information.
STRATEGY REVIEW
Throughout most of the period, we were biased toward duration and away from the
credit bet. This strategy paid off handsomely as the fund's higher-rated debt
securities benefited from the small bullish move in interest rates. Though the
high-yield market underperformed, our underweighting in the sector contributed
to the fund's relative outperformance.
FIVE LARGEST HOLDINGS (% OF NET ASSETS)
<TABLE>
<S> <C>
Chase Capital Corp. 3-1-2027 4.2%
PDVSA Finance, Ltd. 2-15-2004 4.1%
BankBoston Capital Trust Corp. 12-15-2026 4.0%
HSBC America Capital II 144A 5-15-2027 4.0%
Ralston Rurina Company 10-15-2009 3.9%
</TABLE>
An economic hard landing poses the key risk to the fund. Given our renewed
enthusiasm for credit, we have begun to slowly increase high-yield within the
fund. If the economy does not have a soft landing, however, high-yield bonds may
suffer. We believe the compelling level of spreads indicates the worst may
already be discounted. All together, the duration of the fund is slightly longer
than its blended index, a stance we took given our belief that growth would be
weaker than expected.
TOP FIVE INDUSTRIES (% OF NET ASSETS)
<TABLE>
<S> <C>
Other Industrial Services 9.7%
Diversified Financial 9.2%
Banks 8.0%
Savings & Loans 5.8%
Communications 5.6%
</TABLE>
OUTLOOK
Given the significant rise in high-yield spreads and the slowing of profit
growth, the Federal Reserve's rationing of credit has clearly impacted Corporate
America. We are optimistic, however, that a soft landing can be attained,
although it may take longer to achieve than most believe. Considerable inertia
remains within the economy, suggesting that growth will maintain a sustainable
pace. The Fed appears to want "Main Street" to be convinced the current
tightening bias could be removed.
From where we sit, the outlook is extremely favorable for the fund. Spreads on
high-yield and corporate bonds are very wide by historical standards, and a
long, soft, economic landing should be very favorable to credit. Given the
current Fed tightening bias, we would emphasize issues that are of higher
quality. As the soft landing unfolds, which would provide the Fed the
opportunity to remove its tightening bias, we will look to buy down in credit to
take advantage of very compelling values developing within the bond markets.
/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.
IDEX MUTUAL FUNDS
38 ANNUAL REPORT 2000
<PAGE> 41
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".
[GRAPH]
This graph compares the 10/31/00 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 10/31/00
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------
From Inception
1 year 5 year 10 year Inception Date
-------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Class A (NAV) 3.37% 5.92% 8.99% 9.12% 6/14/85
Class A (POP) (1.54)% 4.90% 8.46% 8.77% 6/14/85
MLHYM(1) (0.90)% 5.65% 11.43% 10.16% 6/14/85
-------------------------------------------------------------------------------------------------
Class B (NAV) 2.74% 5.24% -- 5.18% 10/1/95
Class B (POP) (2.26)% 5.24% -- 5.02% 10/1/95
-------------------------------------------------------------------------------------------------
Class C (NAV)(2) 2.74% -- -- 2.74% 11/1/99
-------------------------------------------------------------------------------------------------
Class M (NAV) 2.84% 5.35% -- 5.21% 10/1/93
Class M (POP) 0.81% 5.14% -- 5.06% 10/1/93
-------------------------------------------------------------------------------------------------
</TABLE>
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
<TABLE>
<CAPTION>
October 31, 2000 October 31, 1999
---------------- ----------------
<S> <C> <C>
Basic Materials 2.3 2.0
Consumer Cyclical 12.9 19.7
Consumer Non-Cyclical 10.1 8.0
Energy 4.2 3.9
Financial 31.4 26.8
Industrial 16.6 15.2
Technology 9.8 11.9
Utilities 6.7 8.0
Long-term U.S. Gov't 1.1 3.7
Short-term 3.0 0.8
</TABLE>
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 MUTUAL FUNDS
ANNUAL REPORT 2000 39
<PAGE> 42
IDEX FEDERATED TAX EXEMPT
(FORMERLY IDEX AEGON TAX EXEMPT)
Credit Quality of Bonds
(% of Net Assets)
<TABLE>
<S> <C>
AAA 60.0%
AA 21.2%
A 2.4%
BBB 2.4%
BB --
B --
All C'S --
NA --
Not Rated 11.8%
</TABLE>
OBJECTIVE/FOCUS
Maximum interest income exempt from federal income tax while preserving
capital by investing primarily in high quality municipal obligations.
[GRAPH]
MARKET ENVIRONMENT
Strong demand among retail investors and limited new issuance of municipal bonds
helped to provide a level of scarcity value for municipal bonds. Supply
estimates for the year have been reduced to around the $185 billion range, while
demand is expected to remain strong among retail buyers. Credit quality in the
high-grade sector has benefited from the strong national economy; the ratio of
upgrades to downgrades by the major rating agencies is still strongly positive.
The municipal yield curve's steepness in the intermediate maturity range is
contrasted by the relative flatness in the long end of the curve (twenty years
or longer). The municipal market experienced a significant shift in
supply/demand relationships with a lighter new issuance calendar and a lack of
institutional demand from mutual funds, insurance companies, and arbitrageurs.
This technical situation, which existed for most of the fiscal year, has kept
municipal/Treasury yield ratios in a historically cheap range.
PERFORMANCE
The fund's total returns for the period ended October 31, 2000 slightly trailed
those achieved by its benchmark, the Lehman Brothers Municipal Bond Index.
Please refer to the Performance Table for additional information.
STRATEGY REVIEW
During the period, we concentrated on purchasing high quality, investment grade
credits in the long-to-intermediate portion of the municipal yield curve. We
limited new purchases to high-grade credits ("A" rated or better), which had a
favorable impact on performance as credit spreads on lower-quality municipal
debt widened over the period. We made purchases in the following sectors: state
and local general obligations, infrastructure financings, and high-quality
industrial development and pollution control bonds. The fund's underweighting in
the healthcare and resource recovery sectors had a significant positive impact
on relative performance, as these sectors were among the worst performing over
the period. Credit spreads in the healthcare sector, although they have
stabilized, have not yet begun to recover from the significant spread widening
that occurred over the previous nine months. Performance was negatively impacted
by an underweighting in California and Puerto Rico bonds, which experienced
significant price appreciation over the period. Substitution swaps were also
made into higher yielding securities with similar credit and structural
characteristics to take advantage of the recent back-up in interest rates.
REGIONAL CONCENTRATION (% OF NET ASSETS)
<TABLE>
<S> <C>
Northeast 26.5%
Midwest 38.4%
South 12.6%
West 21.3%
</TABLE>
OUTLOOK
Municipal credit quality has benefited from the strong U.S. economy. Municipal
tax receipts at all levels of government have exceeded forecasts, which has
allowed municipal fund balances and reserves to expand. There are sectors of the
municipal revenue bond market that have experienced credit weakness. The
hospital sector in particular has experienced credit downgrades as a result of
the reductions in Medicare reimbursement by the Federal Government and overly
ambitious expansion plans. We will continue to focus on sectors of the market
that include state and local general obligations, infrastructure financings, and
high-quality industrial development and pollution control bonds. The amount of
outstanding municipal debt is expected to grow by approximately $80 billion
while Treasury debt is falling. This reality should bias the municipal/Treasury
yield ratio upward. Relative performance of the municipal market should improve
as most of the damage of higher municipal ratios and rising interest rates
should have been absorbed. Liquidity will continue to be an issue for the
municipal market due to a lack of Wall Street analytical resources and reduced
institutional demand.
/s/ J. SCOTT ALBRECHT
----------------------------------------
J. SCOTT ALBRECHT
/s/ MARY JO OCHSON
----------------------------------------
MARY JO OCHSON
Co-Fund Managers
Federated Investment Management Company
NOTE: Effective June 15, 2000, Federated Investment Management Company
replaced AEGON USA Investment Management, Inc. as sub-adviser to the
fund.
IDEX MUTUAL FUNDS
40 ANNUAL REPORT 2000
<PAGE> 43
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).
[GRAPH]
This graph compares the 10/31/00 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 10/31/00
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------
From Inception
1 year 5 year 10 year Inception Date
-------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Class A (NAV) 8.38% 4.50% 5.78% 7.18% 4/1/85
Class A (POP) 3.23% 3.49% 5.27% 6.85% 4/1/85
LBMB(1) 8.51% 5.72% 7.24% 8.55% 4/1/85
-------------------------------------------------------------------------------------------------
Class B (NAV) 7.72% 3.84% -- 4.03% 10/1/95
Class B (POP) 2.72% 3.84% -- 3.87% 10/1/95
-------------------------------------------------------------------------------------------------
Class C (NAV)(2) 7.72% -- -- 7.72% 11/1/99
-------------------------------------------------------------------------------------------------
Class M (NAV) 8.13% 4.22% -- 4.11% 10/1/93
Class M (POP) 6.05% 4.02% -- 3.97% 10/1/93
-------------------------------------------------------------------------------------------------
</TABLE>
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
<TABLE>
<CAPTION>
October 31, 2000 October 31, 1999
---------------- ----------------
<S> <C> <C>
General Obligation Bonds 29.4 27.0
Education 7.3 7.5
Hospital 2.4 3.7
Housing -- 8.5
Industrial 4.5 16.0
Public Facilities -- 3.5
Transportation 4.3 7.4
Utilities 5.0 18.7
Building Authority 16.5 --
Pollution Control 11.6 --
Airport 2.4 --
Mortgage 9.7 --
Gas 4.8 --
Short-term 0.9 4.1
</TABLE>
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 MUTUAL FUNDS
ANNUAL REPORT 2000 41
<PAGE> 44
IDEX GE INTERNATIONAL EQUITY
(FORMERLY IDEX GE/SCOTTISH EQUITABLE INTERNATIONAL EQUITY)
Top Five Countries (% of Net Assets)
<TABLE>
<S> <C>
United Kingdom 15.8%
Japan 13.8%
France 12.9%
United States 10.8%
Germany 8.3%
</TABLE>
Five Largest Holdings
(% of Net Assets)
<TABLE>
<S> <C>
ING Groep NV 2.8%
British Aerospace PLC 2.8%
Vodafone Group PLC 2.5%
AXA-UAP 2.2%
Canon, Inc. 2.2%
</TABLE>
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.
[GRAPH]
MARKET ENVIRONMENT
The Japanese market was weak across the period as investors realized that the
expected economic growth forecasted in 1999 was likely to disappoint. Most
sectors were weak, with the exception of healthcare, and the market was dragged
down by the technology and telecommunications sectors. The Bank of Japan ended
its zero interest rate policy after much external pressure, the concern now is
that this will lead to an increase in business failures, especially within the
construction and retail sectors. Consumer spending is still depressed and
current government policy includes the introduction of yet another supplementary
budget, which will cause a further increase in government debt which already
stands around 130% of GDP.
As Asian economies are still very dependent on the strength of the global
economy, the expectation of slower global growth has had a big effect on the
Asian stock markets. Since most of the Asian countries are oil importers, slower
demand from Europe and the U.S. and higher input prices have resulted in weak
stock markets. The Latin American markets performed less well, particularly
towards the end of the period, as investors waited to see the degree of soft
landing in the U.S. This will affect the main driver of exports for these
markets, especially in Brazil and Mexico. The U.S. dollar was strong against
both the yen and the euro.
PERFORMANCE
For the 12 months ended October 31, 2000, IDEX GE International Equity
outperformed its benchmark, the MSCI-EAFE. Please refer to the Performance Table
for additional information.
STRATEGY REVIEW
The fund's outperformance can be attributed to various factors. Both stock
selection and market attribution were positive, with the greatest impact coming
from our Continental European holdings. Our valuation discipline faired well
since many of the technology and telecom stocks became very expensive in the
first quarter and were sold as a result. Following the sales of these highly
priced technology stocks, we bought a number of "old economy" companies whose
valuations appeared much more reasonable, including BMW (Germany), British
Aerospace (UK), and Alcatel (France).
The smaller European markets were generally strong during the period. Some of
the sector's best performers, all of which were up over 10%, included Finland,
Denmark, Norway, and Sweden. The larger European markets were mixed, with
France and Germany up slightly and the UK declining. The Asian markets were
weak, with the Asia ex-Japan Index and Japan itself both losing ground.
OUTLOOK
Relationships between Israel and Palestine have deteriorated significantly,
which has caused further nervousness in the oil market. Inflation expectations
are rising, leading to concerns that the U.S. Federal Reserve Board will at best
keep rates at current levels. Those concerns are causing U.S. growth--and hence
global growth--to slow. The effect on overseas markets, especially those
emerging markets that are dependent on U.S. growth, will be significant unless
European growth, which is improving, can compensate.
/S/ RALPH R. LAYMAN
---------------------------------
RALPH R. LAYMAN
Fund Manager
GE Asset Management Incorporated
NOTE: Prior to March 1, 2000, Scottish Equitable Investment Management, Ltd.
served as co-sub-adviser to the fund.
IDEX MUTUAL FUNDS
42 ANNUAL REPORT 2000
<PAGE> 45
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.
[GRAPH]
This graph compares the 10/31/00 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 10/31/00
<TABLE>
<CAPTION>
-----------------------------------------------------------------
From Inception
1 year Inception Date
-----------------------------------------------------------------
<S> <C> <C> <C>
Class A (NAV) 2.74% 7.90% 2/1/97
Class A (POP) (2.91)% 6.28% 2/1/97
MSCI-EAFE(1) (2.67)% 9.34% 2/1/97
-----------------------------------------------------------------
Class B (NAV) 2.09% 7.23% 2/1/97
Class B (POP) (2.91)% 6.79% 2/1/97
-----------------------------------------------------------------
Class C (NAV)(2) 2.09% 2.09% 11/1/99
-----------------------------------------------------------------
Class M (NAV) 2.19% 7.33% 2/1/97
Class M (POP) 0.17% 7.05% 2/1/97
-----------------------------------------------------------------
</TABLE>
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
<TABLE>
<CAPTION>
October 31, 2000 October 31, 1999
---------------- ---------------
<S> <C> <C>
Asia/Pacific Rim 20.4 26.9
Australia 2.1 2.8
Europe 58.2 62.5
Latin America 4.6 1.4
Middle East 2.0 1.1
North America 5.5 2.5
Short-term 6.5 3.4
</TABLE>
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 MUTUAL FUNDS
ANNUAL REPORT 2000 43
<PAGE> 46
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.
[GRAPH]
MARKET ENVIRONMENT
After stellar stock market gains in the fourth quarter of 1999, this year has
been very volatile. After a strong January and February, U.S. equity markets
began a revaluation process that carried through May. In the third quarter, the
broader averages, including the S&P 500 and the Dow Jones Industrials, both
posted declines in excess of 5% while the NASDAQ Composite fell more than 13%.
All together, the major market indices have posted disappointing results for the
calendar year. The continuation of the roller coaster volatility in performance
for the broader averages is really the confluence of several factors including
energy prices, a weak euro, U.S. corporate earnings, and the U.S. Presidential
election--the "4 E's" as some equity strategists have remarked. In addition, the
Federal Reserve's monetary policy over the past 18 months has provided the
backdrop for a global economic slowdown.
FIVE LARGEST HOLDINGS (% OF NET ASSETS)
<TABLE>
<S> <C>
Citigroup, Inc. 3.9%
Standard & Poor's 500
Depository Receipts 3.4%
Merck and Company, Inc. 3.0%
Microsoft Corp. 3.0%
Intel Corp. 2.6%
</TABLE>
PERFORMANCE
IDEX GE U.S. Equity commenced operations March 1, 2000. For the eight-month
period ended October 31, 2000, the fund comfortably outperformed its benchmark,
the S&P 500 Index. Please refer to the Performance Table for additional
information.
STRATEGY REVIEW
The fund benefited from particularly strong performance in the financial,
consumer staple, and transportation sectors, all of which posted double-digit
returns over the period. In addition, the fund did well in the utilities sector.
The financial sector did well over this period as the market anticipated the end
of Federal Reserve rate hikes. Investors flocked to regional banks, insurance
companies, financial services, and brokerage firms. Holdings such as Morgan
Stanley, Dean Witter, Discover and Company, Fannie Mae, Lehman Brothers and St.
Paul all contributed positively to performance. The consumer staple sector was
also strong over the period, with healthcare issues garnering most of the
positive performance. Holdings such as Abbott Laboratories, DENTSPLY
International, American Home Products, and Schering Plough Corp. were all up
significantly over the period as investors looked to healthcare as a safe haven
amid a backdrop of moderating economic growth.
TOP FIVE INDUSTRIES (% OF NET ASSETS)
<TABLE>
<S> <C>
Diversified Financial 15.0%
Communications 9.5%
Pharmaceuticals 9.2%
Semiconductors 5.0%
Oil Companies - Major 5.0%
</TABLE>
On the downside, the consumer cyclicals sector continued to deteriorate with
retailers, entertainment companies, and broadcasting and media-related companies
posting negative results. Holdings such as Wal-Mart, Carnival, Comcast, and
Liberty Media all detracted from performance.
OUTLOOK
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. As a reminder, the strategy is style-neutral and this
should be beneficial in a market environment where investors are adjusting
company growth expectations downward amid a moderating economy. We are committed
to investing in high quality management teams that have the experience and
resources to manage their business in times of moderating economic conditions.
/s/ EUGENE K. BOLTON
--------------------------------
EUGENE K. BOLTON
Fund Manager
GE Asset Management Incorporated
IDEX MUTUAL FUNDS
44 ANNUAL REPORT 2000
<PAGE> 47
SYSTEMATIC WITHDRAWAL PLAN
With this option, funds are withdrawn from a shareholder's fund account
and sent electronically to his/her bank on a predesignated schedule.
[GRAPH]
This graph compares the 10/31/00 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 10/31/00
<TABLE>
<CAPTION>
----------------------------------------------------------------------------
From Inception
Inception Date
<S> <C> <C>
----------------------------------------------------------------------------
Class A (NAV) 8.30% 3/1/00
Class A (POP) 2.34% 3/1/00
S&P 500(1) 5.38% 3/1/00
----------------------------------------------------------------------------
Class B (NAV) 7.86% 3/1/00
Class B (POP) 2.86% 3/1/00
----------------------------------------------------------------------------
Class C (NAV) 7.86% 3/1/00
----------------------------------------------------------------------------
Class M (NAV) 7.93% 3/1/00
Class M (POP) 5.85% 3/1/00
----------------------------------------------------------------------------
</TABLE>
NOTES
(1) The Standard & Poor's 500 Composite Stock (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
<TABLE>
<CAPTION>
October 31, 2000
----------------
<S> <C>
Basic Materials 1.9
Consumer Cyclical 11.8
Consumer Non-Cyclical 15.0
Energy 7.9
Financial 24.4
Independent 0.2
Industrial 6.4
Technology 27.5
Utilities 1.6
Short-term 3.1
</TABLE>
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 MUTUAL FUNDS
ANNUAL REPORT 2000 45
<PAGE> 48
IDEX DEAN ASSET ALLOCATION
Credit Quality of Bonds (% of Net Assets)
<TABLE>
<S> <C>
AAA --
AA 0.9%
A 8.7%
BBB 10.3%
BB --
B --
All C's --
NA --
Not Rated --
</TABLE>
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
Since the first quarter of 2000, the stock market has been going through a major
shift, with investor preference shifting from "growth" to "income". While there
are numerous factors that drive the direction of the stock market, concerns over
the sustainability of earnings growth have clearly been weighing heavy on
investors' decision making. And, given the recent data, it may well be that the
U.S. economy is decelerating after several years of sustained growth. Meanwhile,
a surge in oil prices represents a higher-than-expected expense for companies
already challenged by aggressive earnings growth targets. Bear in mind that
investors have not had to grapple with an aggregate slowdown in corporate profit
growth for several years. This uncertainty is leading market participants to
more risk-averse investment strategies where "safety" is a primary
consideration.
PERFORMANCE
Performance figures were relatively healthy during the period, with the fund
outperforming both its equity benchmark, the Russell 1000 Value Index, and its
fixed-income benchmark, the Lehman Brothers Intermediate U.S. Government/Credit
Index. Please refer to the Performance Table for additional information.
FIVE LARGEST HOLDINGS (% OF NET ASSETS)
<TABLE>
<S> <C>
Federal National Mortgage
Association 5.1%
Summit Bancorp 5.0%
Philip Morris Companies, Inc. 4.5%
PHH Corp. 11-9-2001 4.4%
FleetBoston Financial Corp. 4.4%
</TABLE>
STRATEGY REVIEW
Given our unwavering discipline toward value, investors' heightened focus on
"safety" aided the progress of our equity investment choices. Accordingly, we
have been bullish in our more aggressive allocation toward equities. Our value
discipline and asset allocation decisions are intended to provide downside
protection in times of market instability while rewarding investors with
competitive investment returns.
TOP FIVE INDUSTRIES (% OF NET ASSETS)
<TABLE>
<S> <C>
Diversified Financial 14.7%
Banks 13.4%
United States Government Agencies 7.3%
Conglomerates 4.5%
Insurance 4.3%
</TABLE>
This year's performance, although gratifying-especially given the past year's
shortcomings--is a testimony to "time" and "commitment". Fund holdings that
detracted from performance in the past year have proved to be some of the
greatest contributors to returns this year.
The best example of this "rags to riches" rests within the
interest-rate-sensitive portion of the fund. Equity holdings in finance, which
showed double-digit losses in 1999, were stellar this period, particularly
Fannie Mae, Lincoln National, Summit Bancorp, and Washington Mutual. Likewise,
our defensive foundation in short-to-intermediate bonds provided a solid base
for the fund. Other contributors to returns this year include timely buys and
sells in the technology sector and the consumer discretionary sector. Lastly,
fund stalwarts like Philip Morris and Merck returned to investor favor.
OUTLOOK
Although the economy is slowing, the dominance of high-quality companies with
sound balance sheets and market leadership should persist and enjoy investor
favor. The equity portion of the fund is positioned to take advantage of this
environment and to capitalize on our belief that the Federal Reserve will be
much more tempered in its actions. Experiences like those of the last
twenty-four months provide a true appreciation for having a long-term
investment perspective.
/s/ JOHN RIAZZI
---------------------------
JOHN RIAZZI
Fund Manager
Dean Investment Associates
IDEX MUTUAL FUNDS
46 ANNUAL REPORT 2000
<PAGE> 49
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.
[GRAPH]
This graph compares the 10/31/00 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 10/31/00
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------
From Inception
1 year 5 year Inception Date
----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Class A (NAV) 11.43% 9.43% 9.05% 10/1/95
Class A (POP) 5.30% 8.20% 7.84% 10/1/95
LBIGC(1) 6.44% 5.93% 6.06% 10/1/95
Russell 1000(1) 5.52% 18.42% 17.86% 10/1/95
----------------------------------------------------------------------------------
Class B (NAV) 10.76% 8.74% 8.36% 10/1/95
Class B (POP) 5.76% 8.74% 8.22% 10/1/95
----------------------------------------------------------------------------------
Class C (NAV)(2) 10.76% -- 10.76% 11/1/99
----------------------------------------------------------------------------------
Class M (NAV) 10.86% 8.85% 8.46% 10/1/95
Class M (POP) 8.75% 8.63% 8.25% 10/1/95
----------------------------------------------------------------------------------
</TABLE>
NOTES
(1) The Russell 1000 Value (Russell 1000) Index and Lehman Brothers
Intermediate U.S. Government/Credit (LBIGC) Index (formerly Lehman
Brothers Intermediate Government/Corporate Bond 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.
INVESTMENTS BY SECTOR AS A PERCENTAGE OF NET ASSETS
<TABLE>
<CAPTION>
October 31, 2000 October 31, 1999
---------------- ----------------
<S> <C> <C>
Basic Materials 2.2 1.1
Consumer Cyclical 7.7 7.6
Consumer Non-Cyclical 4.5 5.6
Energy 5.6 5.3
Financial 44.4 41.0
Independent 4.5 3.3
Industrial 1.9 3.0
Technology 9.4 10.2
Utilities 6.4 11.8
Long-term U.S. Gov't -- 6.6
Short-term 14.4 3.8
</TABLE>
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 MUTUAL FUNDS
ANNUAL REPORT 2000 47
<PAGE> 50
IDEX LKCM STRATEGIC TOTAL RETURN
Credit Quality of Bonds
(% of Net Assets)
<TABLE>
<S> <C>
AAA 3.6%
AA 6.5%
A 15.0%
BBB 3.3%
BB --
B 1.3%
All C's --
NA --
Not Rated --
</TABLE>
OBJECTIVE/FOCUS
Long-term growth of income and capital by investing in common stocks and bonds
of well-established and fundamentally strong companies.
[GRAPH]
MARKET ENVIRONMENT
While the stock market posted modestly positive returns over the period, the
last 12 months were characterized by extreme volatility and dislocation,
specifically in the technology sector. To put the market environment in
perspective, the NASDAQ Composite, a bellwether of the new economy and high-tech
investing, rose from about 3000 to about 5000 over the first five months of the
period. From there, though, a combination of extended valuations, restrictive
monetary policy, and excessive speculation dragged the index back to where it
started. Across that time, investors refocused on the virtues of diversification
and valuation disciplines. Profitable business models in non-technology
industries that had been largely ignored by investors finally began to gain
investor attention.
PERFORMANCE
For year ended October 31, 2000, the fund underperformed the S&P 500 and the
Lehman Brothers Intermediate U.S. Government/Credit Index. Please refer to the
Performance Table for additional information.
STRATEGY REVIEW
While the fund's common stock investments are expected to be the largest
contributor to absolute performance, our bond investments added value this
period even as they served to mitigate risk. Historically, the fund tends to
only partially participate in the upside during sharp stock market rallies,
especially during periods of significant speculation like that of the first half
of this period. But this period, the fund did not participate on the upside to
the extent we would normally expect; a result, we think, of the extreme nature
of the market environment. The fund did, however, retain its expected defensive
characteristics during the difficult periods of the year, a hallmark
characteristic over the years.
FIVE LARGEST HOLDINGS (% OF NET ASSETS)
<TABLE>
<S> <C>
General Electric Company 2.4%
American General Corp. 2.3%
Verizon Communications 2.1%
Mellon Financial Corp. 2.1%
Exxon Mobil Corp. 2.1%
</TABLE>
In light of the extensive swings in the important and sizable technology sector,
other aspects of fund performance had a secondary impact. The fund's fully
diversified equity approach prevented full participation in the explosive
technology rally early in the fiscal year. In addition, the consumer products
sector of the fund was under pressure during most of the period as the
investors' attention was focused on companies with significantly higher growth
characteristics. Nevertheless, overall stock picking remained strong across most
sectors. Our investments in the healthcare area contributed solidly to
performance by emphasizing niche companies outside of the mainstream branded
pharmaceutical companies. An assortment of bellwether financial services stocks
also added to performance, especially in the second half of the fiscal year.
Dividend and interest income remain important variables in the fund's "total
return" focus.
TOP FIVE INDUSTRIES (% OF NET ASSETS)
<TABLE>
<S> <C>
Diversified Financial 12.8%
Communications 8.1%
Diversified Industrial 5.7%
Paper Products 4.6%
Computers 4.4%
</TABLE>
OUTLOOK
As the Fed continues to try to guide the economy toward a soft landing,
uncertainty surrounding the impact of higher short-term interest rates and
slower economic growth on corporate profits will persist. Though volatility will
likely remain high, we believe that as the period of unsustainable investor
euphoria winds down, fundamental investing disciplines will continue to gain
favor in the stock market. As a result, the market environment is especially
suited for the fund's strategy of blending asset classes to provide capital
appreciation opportunity while controlling the downside volatility inherent in
the capital markets.
/s/ LUTHER KING
------------------------------
LUTHER KING
/s/ SCOT C. HOLLMANN
------------------------------
SCOT C. HOLLMANN
Co-Fund Managers
Luther King Capital Management
IDEX MUTUAL FUNDS
48 ANNUAL REPORT 2000
<PAGE> 51
"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).
[GRAPH]
This graph compares the 10/31/00 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 10/31/00
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------
From Inception
1 year 5 year Inception Date
----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Class A (NAV) 0.64% 11.75% 12.99% 12/2/94
Class A (POP) (4.89)% 10.49% 11.91% 12/2/94
S&P 500(1) 6.09% 21.67% 23.58% 12/2/94
LBIGC(1) 6.44% 5.93% 7.19% 12/2/94
----------------------------------------------------------------------------------
Class B (NAV) 0.03% 11.05% 10.81% 10/1/95
Class B (POP) (4.97)% 11.05% 10.68% 10/1/95
----------------------------------------------------------------------------------
Class C (NAV)(2) 0.03% -- 0.03% 11/1/99
----------------------------------------------------------------------------------
Class M (NAV) 0.12% 11.16% 12.39% 12/2/94
Class M (POP) (1.87)% 10.93% 12.20% 12/2/94
----------------------------------------------------------------------------------
</TABLE>
NOTES
(1) The Standard & Poor's 500 Composite Stock (S&P 500) Index and Lehman
Brothers Intermediate U.S. Government/Credit (LBIGC) Index (formerly
Lehman Brothers Intermediate Government/Corporate Bond 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.
INVESTMENTS BY SECTOR AS A PERCENTAGE OF NET ASSETS
<TABLE>
<CAPTION>
October 31, 2000 October 31, 1999
---------------- ----------------
<S> <C> <C>
Basic Materials 5.9 1.5
Consumer Cyclical 9.9 11.5
Consumer Non-Cyclical 12.3 14.8
Energy 8.5 6.8
Financial 20.1 17.5
Independent 1.6 1.0
Industrial 7.8 7.5
Technology 23.0 19.9
Utilities 5.9 11.3
Long-term U.S. Gov't 2.7 6.5
Short-term 5.5 1.5
</TABLE>
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 MUTUAL FUNDS
ANNUAL REPORT 2000 49
<PAGE> 52
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.
[GRAPH]
MARKET ENVIRONMENT
While the NASDAQ Index and many technology companies have been under pressure
since the spring, the performance for the broader market, including value
stocks, has generally been positive. For the last two years, value and most
non-technology stocks have dramatically underperformed, creating increasingly
attractive valuations within a stock market that has appeared very expensive.
The catalyst for the rotation out of high-multiple technology stocks appears to
have been earnings warnings from several companies thought to be immune from
these types of problems. Also, there have been increasing signs that the Federal
Reserve is near the end of its current tightening cycle. All of this appears to
be setting the stage for the stock market to broaden out beyond the few high
growth sectors previously favored by investors.
PERFORMANCE
For the fiscal year ended October 31, 2000, IDEX NWQ Value Equity performed well
versus its benchmark, the S&P 500. Please refer to the Performance Table for
additional information.
FIVE LARGEST HOLDINGS (% OF NET ASSETS)
<TABLE>
<S> <C>
Philip Morris Companies, Inc. 3.4%
Hartford Financial Services
Group, Inc. 3.0%
Wells Fargo & Company 2.8%
Federal National Mortgage
Association 2.7%
Bank of America Corp. 2.5%
</TABLE>
STRATEGY REVIEW
The favorable performance of the fund for the period reflects the broadening of
the stock market and the resurgence of value stocks, particularly since June 30,
2000. The fund was able to take advantage of the favorable opportunities
presented as investors ignored most value stocks despite their extremely
reasonable valuations. The absolute cheapness of so many stocks has resulted in
a record amount of corporate takeover activity in 2000. The fund benefited as
six holdings received takeover offers in the first ten months of the year. We
believe this is a clear sign of both the undervaluation and upside potential of
the fund's holdings. The fund has also seen strong performance from the energy,
healthcare, and financial sectors that we have correctly identified as
industries possessing strong fundamentals even in the current environment of
economic slowing.
TOP FIVE INDUSTRIES (% OF NET ASSETS)
<TABLE>
<S> <C>
Diversified Financial 12.7%
Oil Companies -- Major 7.6%
Conglomerates 5.1%
Oilfield Equipment & Service 5.0%
Communications 4.5%
</TABLE>
The financial markets have been reacting to the uncertainty that higher energy
prices and a weak euro are having on the economic outlook. After years of
strongly rising profits, investors are suddenly faced with the prospect that the
profit boom may be moderating. While we do not foresee any profit collapse in
American industry, for investors it becomes expectations versus reality. During
this prolonged bull market, investors have become accustomed to steady 15-20%
earnings growth. Our concern is that the earnings outlook shared by Wall Street
analysts and investors may be too optimistic given the uncertain worldwide
economic conditions. Having seen the punishment handed out to stocks like Intel
after its rather mild profit warning, one realizes that the risk of a profit
shortfall is yet to be widely discounted in the market.
OUTLOOK
In this environment, we can't stress enough the relative attraction of the low
multiple value stocks that comprise our fund. A company selling at 10-12 times
earnings--and there are many very profitable, well-managed companies in this
range--is far less vulnerable to a significant price decline than a company
selling at 50 times earnings. Yet many of the earnings disappointments to come
are more likely to be found in the high-flying growth sector, as investors
realize that the 40%-50% growth rates seen during the Internet mania period
cannot be sustained.
/s/ EDWARD C. FRIEDEL
----------------------------------------
EDWARD C. FRIEDEL
Fund Manager
NWQ Investment Management Company, Inc.
IDEX MUTUAL FUNDS
50 ANNUAL REPORT 2000
<PAGE> 53
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.
[GRAPH]
This graph compares the 10/31/00 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 10/31/00
<TABLE>
<CAPTION>
------------------------------------------------------------------
From Inception
1 year Inception Date
------------------------------------------------------------------
<S> <C> <C> <C>
Class A (NAV) 14.38% 7.90% 2/1/97
Class A (POP) 8.09% 6.28% 2/1/97
S&P 500(1) 6.09% 18.97% 2/1/97
-----------------------------------------------------------------
Class B (NAV) 13.72% 7.25% 2/1/97
Class B (POP) 8.72% 6.80% 2/1/97
-----------------------------------------------------------------
Class C (NAV)(2) 13.72% 13.72% 11/1/99
-----------------------------------------------------------------
Class M (NAV) 13.82% 7.35% 2/1/97
Class M (POP) 11.68% 7.06% 2/1/97
-----------------------------------------------------------------
</TABLE>
NOTES
(1) The Standard & Poor's Composite Stock (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
<TABLE>
<CAPTION>
October 31, 2000 October 31, 1999
---------------- ----------------
<S> <C> <C>
Basic Materials 5.7 3.6
Consumer Cyclical 10.2 10.2
Consumer Non-Cyclical 5.8 4.5
Energy 15.3 10.5
Financial 23.0 29.7
Independent 5.1 3.5
Industrial 7.0 11.1
Technology 13.2 15.5
Utilities 6.0 --
Short-term 8.6 10.1
</TABLE>
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 MUTUAL FUNDS
ANNUAL REPORT 2000 51
<PAGE> 54
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.
[GRAPH]
MARKET ENVIRONMENT
As the great U.S. economic boom enters its tenth year, the value of the euro is
down, the price of oil is up. The market's instability is a result of the
uncertainty surrounding the elections, uncertainty about inflation, and
uncertainty about corporate earnings. At the same time, the market
capitalization of the dot-com economy has been cut in half. Termed "dot-bombs,"
many technology stocks, particularly those inside the Internet sector, have
fallen 50% from their highs. Though the long-term demand for information
technologies remains intact, the shakeout means we should be very selective
about the kind of technology stocks we buy.
PERFORMANCE
For the fiscal year ended October 31, 2000, IDEX C.A.S.E. Growth underperformed
its benchmark, the Wilshire 5000 Total Market Index. Please refer to the
Performance Table for additional information.
FIVE LARGEST HOLDINGS (% OF NET ASSETS)
<TABLE>
<S> <C>
Abercrombie & Fitche Company
Class A 8.0%
Xilinx, Inc. 7.4%
QUALCOMM, Inc. 5.9%
Vitesse Semiconductor 5.5%
Altera Corp. 5.2%
</TABLE>
STRATEGY REVIEW
Overall, earnings growth is good but slowing. A large number of blue chip
companies have lowered their earnings forecasts. The recent market decline has
been remarkably broad with the only exceptions being the energy and utilities
sectors. Over the past year, the fund has been heavily weighted in the
telecommunications, technology, energy, finance, and specialty retail stocks. We
have avoided the PC and memory chip manufacturers, as operating margins and
future demand looks weak. On the other hand, the optical networking and
communications semiconductor market segment looks strong and we hold good-sized
positions in both fields. In the "retailing" segment of the economy, we favor
the fast growing specialty retailing stocks over the slower growing major
department stores.
TOP FIVE INDUSTRIES (% OF NET ASSETS)
<TABLE>
<S> <C>
Communications 23.7%
Semiconductors 21.5%
Software 8.1%
Footwear 8.0%
Computers 5.1%
</TABLE>
OUTLOOK
Fed-induced rate cuts could increase consumer confidence, leading to a rally in
both bonds and stocks. For our part, we expect the earnings slowdown to last for
the next six to eight quarters. The slowing economic picture should favor the
fund's mix of finance, energy, and retail specialty stocks. These sectors'
growth rates should look good to investors who hold companies with single-digit
earnings prospects. The market appears to be returning to stocks with strong
earnings, reasonably priced fundamentals, and above-average growth rates.
/s/ WILLIAM E. LANGE
-----------------------------
WILLIAM E. LANGE
Fund Manager
C.A.S.E. Management, Inc.
NOTE: Effective December 1, 2000, Jennison Associates, L.L.C. will replace
C.A.S.E. Management, Inc. as sub-adviser to the fund. At that time,
IDEX C.A.S.E. Growth will become IDEX Jennison Equity Opportunity.
IDEX MUTUAL FUNDS
52 ANNUAL REPORT 2000
<PAGE> 55
SECTOR
A sector is a broad grouping of specific industries. Our sectors
and their components correspond with those published in the
Wall Street Journal.
[GRAPH]
This graph compares the 10/31/00 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 10/31/00
<TABLE>
<CAPTION>
--------------------------------------------------------------------
From Inception
1 year Inception Date
--------------------------------------------------------------------
<S> <C> <C> <C>
Class A (NAV) (14.06)% 5.49% 2/1/96
Class A (POP) (18.79)% 4.24% 2/1/96
Wilshire 5000(1) 8.35% 19.20% 2/1/96
--------------------------------------------------------------------
Class B (NAV) (14.70)% 4.85% 2/1/96
Class B (POP) (18.96)% 4.67% 2/1/96
--------------------------------------------------------------------
Class C (NAV)(2) (14.70)% (14.70)% 11/1/99
--------------------------------------------------------------------
Class M (NAV) (14.60)% 4.95% 2/1/96
Class M (POP) (16.30)% 4.73% 2/1/96
--------------------------------------------------------------------
</TABLE>
NOTES
(1) The Wilshire 5000 Total Market (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
<TABLE>
<CAPTION>
October 31, 2000 October 31, 1999
---------------- ----------------
<S> <C> <C>
Consumer Cyclical 12.1 20.2
Consumer Non-Cyclical 4.0 8.8
Energy 9.0 4.1
Financial 6.1 6.1
Independent -- 2.7
Industrial 3.5 4.2
Technology 60.2 43.1
Utilities -- 4.3
Short-term 8.8 6.6
</TABLE>
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 MUTUAL FUNDS
ANNUAL REPORT 2000 53
<PAGE> 56
PREFACE TO THE SCHEDULES 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, IDEX Great
Companies Global(2), IDEX Gabelli Global Growth, and IDEX Federated 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, IDEX Great Companies Global(2), IDEX Gabelli
Global Growth, and IDEX JCC Global positions are grouped first according to
country, then by asset type and finally, the securities are listed
alphabetically.
IDEX Federated Tax Exempt invests in municipal securities, which are more easily
categorized by state. Within each state, securities are listed alphabetically.
For purposes of simplicity, sectors and industries are not included as grouping
levels for these funds.
Please refer to the graphics presented on these two pages for more detailed
explanations.
[PICTURE]
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. dollar denominated security. Purchases and sales of non-U.S.
securities are generally denominated and settled 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.
IDEX MUTUAL FUNDS
54 ANNUAL REPORT 2000
<PAGE> 57
[PICTURE]
[PICTURE]
- REVENUE BOND - issues backed by the ability of the issuer to earn
income from a particular project.
- GENERAL OBLIGATION BOND - issues backed by the full faith, credit and
taxing power of the issuer.
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000 55
<PAGE> 58
October 31, 2000
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
IDEX JCC GROWTH
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
COMMON STOCK (83.4%)
Consumer, Cyclical(16.3%)
Broadcasting (9.4%)
Comcast Corp. Class A * 1,290,565 $ 52,590,524
EchoStar Communications Corp. * 1,695,425 76,717,982
Time Warner, Inc. 2,155,085 163,592,502
Viacom, Inc. Class B * 1,675,550 95,296,906
------------------
388,197,914
------------------
Retailers - Broadline (1.2%)
Costco Wholesale Corp. * 1,302,195 47,692,892
------------------
Retailers - Specialty (5.7%)
Amazon.com, Inc. * 1,047,160 38,352,235
eBay, Inc. * 2,256,870 116,228,805
Home Depot, Inc. 1,901,552 81,766,736
------------------
236,347,776
------------------
Energy (1.6%)
Oilfield Equipment and Services
Enron Corp. 804,495 66,018,871
------------------
Financial (2.7%)
Diversified
American Express Company 1,589,150 95,349,000
E*TRADE Group, Inc. * 1,208,635 17,600,747
------------------
112,949,747
------------------
Industrial (6.7%)
Electronic Components and Equipment (0.8%)
SCI Systems, Inc. * 784,740 33,743,820
------------------
Diversified (5.9%)
General Electric Company 4,490,295 246,124,295
------------------
Technology (56.1%)
Advanced Medical Devices (2.8%)
Guidant Corp. * 720,670 38,150,468
Medtronic, Inc. 1,413,810 76,787,556
------------------
114,938,024
------------------
Biotechnology (0.8%)
Genentech, Inc. * 390,810 32,241,825
------------------
Communications (16.0%)
AT&T Corp. Liberty Media Class A * 3,446,470 62,036,460
Cisco Systems, Inc. * 4,382,412 236,102,447
Nextel Communications, Inc. Class A * 2,145,580 82,470,731
Nortel Networks Corp. ADR 2,286,040 104,014,820
NTT Docomo, Inc. + 26,030 64,156,772
Tycom, Ltd. * 572,555 19,180,593
Vodafone Group PLC ADR 2,233,360 95,057,384
------------------
663,019,207
------------------
Computers (7.9%)
Check Point Software Technologies, Ltd. ADR 413,160 65,434,215
EMC Corp. * 789,475 70,312,617
Network Appliance, Inc. * 324,890 38,661,910
Palm, Inc. * 1,620,848 86,816,671
VeriSign, Inc. * 506,565 66,866,580
------------------
328,091,993
------------------
Diversified (4.6%)
Exodus Communications * 2,546,660 85,472,276
JDS Uniphase Corp. * 726,190 59,093,711
NTL, Inc. * 1,074,372 47,205,220
------------------
191,771,207
------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
Semiconductors (7.6%)
Lam Research Corp. * 2,732,040 $ 52,933,274
Texas Instruments, Inc. 2,562,040 125,700,088
Xilinx, Inc. * 1,908,105 138,218,356
------------------
316,851,718
------------------
Software (16.4%)
America Online, Inc. * 3,991,815 201,307,230
BEA Systems, Inc. * 1,788,595 128,331,691
Microsoft Corp. * 2,125,220 146,374,528
Sapient Corp. * 657,310 23,375,587
Sycamore Networks, Inc. * 685,090 43,331,943
VERITAS Software Corp. 975,442 137,552,563
------------------
680,273,542
------------------
TOTAL COMMON STOCK (COST $2,445,983,995) 3,458,262,831
------------------
CONVERTIBLE PREFERRED STOCK (7.0%)
Technology
Diversified
Nokia Corp. OY ADR (cost $31,314,953) 6,782,990 289,972,822
------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION PRINCIPAL VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
SHORT-TERM SECURITIES (9.7%)
Commercial Paper (2.1%)
Household Finance Company 6.620% 11-1-2000 $ 88,600,000 $ 88,600,000
------------------
Repurchase Agreements (0.0%)
State Street Bank & Trust***
3.500% Repurchase Agreement dated 10-31-2000
to be repurchased at $67,877 on 11-1-2000 67,871 67,871
------------------
United States Government Agencies (7.6%)
Federal Home Loan Bank
6.310% 12-15-2000 25,000,000 24,802,250
6.310% 12-29-2000 25,000,000 24,739,250
6.340% 11-28-2000 50,000,000 49,762,250
6.340% 12-22-2000 20,000,000 19,816,600
6.350% 11-10-2000 20,000,000 19,967,400
Federal National Mortgage Association
6.320% 12-13-2000 25,000,000 24,811,250
6.340% 11-16-2000 50,000,000 49,864,500
6.340% 12-20-2000 50,000,000 49,559,500
6.380% 1-12-2001 50,000,000 49,354,000
------------------
312,677,000
------------------
TOTAL SHORT-TERM SECURITIES (COST $401,385,890) 401,344,871
------------------
TOTAL INVESTMENTS (100.1%) (COST $2,878,684,838) 4,149,580,524
------------------
LIABILITIES IN EXCESS OF OTHER ASSETS (-0.1%) (5,297,802)
------------------
NET ASSETS (100.0%) $4,144,282,722
==================
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
56
See notes to schedule of investments
at page 103.
The notes to the financial
statements are an integral part of
these schedules.
<PAGE> 59
This Page for Notes and Computations
--------------------------------------------------------------------------------
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
57
<PAGE> 60
October 31, 2000
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
IDEX JCC GLOBAL
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
BRAZIL (2.1%)
COMMON STOCK
Petroleo Brasileiro SA ADR 623,205 $ 16,527,085
Petroleo Brasileiro SA ADR * 332,950 9,676,359
Telecomunicacoes Brasileiras Telebras SA
ADR 153,040 11,210,180
------------------
37,413,624
------------------
CANADA (3.8%)
COMMON STOCK
Celestica, Inc. * 10,022 716,563
Celestica, Inc. ADR 202,200 14,533,125
Nortel Networks Corp. ADR 790,205 35,954,328
Rogers Communications, Inc. * 99,019 1,926,111
Shaw Communications, Inc. 358,333 7,358,813
The Seagram Company, Ltd. 126,620 7,233,167
------------------
67,722,107
------------------
FINLAND (5.0%)
COMMON STOCK (2.6%)
Nokia Corp. OY 1,136,380 46,779,748
------------------
CONVERTIBLE PREFERRED STOCK (2.4%)
Nokia Corp. OY ADR 986,175 42,158,981
------------------
88,938,729
------------------
FRANCE (3.9%)
COMMON STOCK
Alcatel Alsthom Compagnie Generale
d'Electricite 278,179 16,979,908
Alcatel Alsthom Compagnie Generale d'Electricite ADR 7,430 463,446
Atos SA * 18,679 1,533,424
AXA-UAP 70,050 9,277,157
LVMH Moet Hennessy Louis Vuitton 14,550 1,062,291
Schneider SA 79,147 5,156,974
Total SA 245,472 35,135,136
------------------
69,608,336
------------------
GERMANY (1.6%)
COMMON STOCK
Bayerische Motoren Werke (BMW) AG 307,105 10,272,241
EM.TV & Merchandising AG 112,779 3,264,861
Marschollek, Lautenschlaeger und Partner
AG 83,400 11,540,796
Porsche AG 992 3,368,634
------------------
28,446,532
------------------
HONG KONG (4.0%)
COMMON STOCK
China Mobile, Ltd. * 68,000 438,143
China Mobile, Ltd. ADR * 1,699,905 52,059,591
Citic Pacific, Ltd. * 3,140,000 12,602,195
Legend Holdings, Ltd. 1,372,000 1,161,102
Television Broadcasts, Ltd. 922,000 5,048,136
------------------
71,309,167
------------------
INDIA (0.4%)
COMMON STOCK
Reliance Industries, Ltd. GDR 144A 498,412 6,452,392
------------------
ISRAEL (1.1%)
COMMON STOCK
Check Point Software Technologies, Ltd.
ADR 126,670 20,061,361
------------------
JAPAN (9.5%)
COMMON STOCK
Furukawa Electric Company, Ltd. 1,074,000 28,242,441
Hoya Corp. 53,000 4,380,246
Japan Tobacco, Inc. 569 3,910,115
NEC Corp. 757,000 14,426,975
Nippon Telegraph & Telephone Corp. 1,860 1,692,303
NTT Docomo, Inc. 26,100 64,329,302
Rohm Company, Ltd. 25,200 6,351,952
Sony Corp. 318,700 25,463,295
Takeda Chemical Industries, Ltd. 240,000 15,810,886
Toyoda Gosei Company, Ltd. 27,000 1,652,556
Yamanouchi Parmaceutica 63,000 2,851,567
------------------
169,111,638
------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
MEXICO (3.6%)
COMMON STOCK
Grupo Televisa SA de C.V. GDR * 336,630 $ 18,220,099
Telefonos de Mexico SA de C.V. ADR 864,625 46,635,711
------------------
64,855,810
------------------
NETHERLANDS (3.3%)
COMMON STOCK
CompleTel Europe NV * 490,013 3,498,531
Koninklijke (Royal) Philips Electronics NV 421,803 16,583,132
Koninklijke (Royal) Philips Electronics NV
NYRS 272,805 10,895,150
STMicroelectronics NV 373,103 18,830,537
STMicroelectronics NV NYRS 72,795 3,780,790
Unilever NV 112,134 5,626,093
------------------
59,214,233
------------------
SINGAPORE (0.5%)
COMMON STOCK
Chartered Semiconductor Manufacturing, Ltd. ADS * 138,605 6,445,133
Datacraft Asia, Ltd. 419,493 2,873,527
------------------
9,318,660
------------------
SOUTH AFRICA (1.4%)
COMMON STOCK
Dimension Data Holdings PLC * 2,949,396 25,841,499
------------------
SOUTH KOREA (0.9%)
COMMON STOCK
Samsung Electronics 79,290 9,933,033
SK Telecom Company, Ltd. ADR 238,465 5,976,529
------------------
15,909,562
------------------
SPAIN (3.2%)
COMMON STOCK
Banco Bilbao Vizcaya SA 1,928,130 25,699,110
Repsol-YPF SA 317,750 5,049,792
Telefonica SA 1,005,165 19,174,434
Telefonica SA ADR * 116,266 6,736,161
------------------
56,659,497
------------------
SWEDEN (3.6%)
COMMON STOCK
Assa Abloy AB Class B 776,542 14,288,373
L.M. Ericsson Telephone Company Class B
ADR 1,436,914 19,937,182
Securitas AB 638,244 13,594,597
Telefonaktiebolaget L.M. Ericsson AB 1,269,800 16,888,340
------------------
64,708,492
------------------
SWITZERLAND (1.1%)
COMMON STOCK
Carrier 1 International SA * 16,810 420,990
Serono SA 3,126 2,812,174
Synthes-Stratec, Inc. ADR 144A * 10,164 6,494,796
Zurich Financial Services 21,040 10,183,760
------------------
19,911,720
------------------
UNITED KINGDOM (7.2%)
COMMON STOCK
AstraZeneca PLC 256,460 12,049,756
Autonomy Corp. PLC * 27,807 1,428,724
Autonomy Corp. PLC ADR * 47,735 2,365,866
Capita Group PLC 154,698 1,187,102
COLT Telecom Group PLC * 551,322 17,538,467
Energis PLC * 1,248,010 10,626,833
Granada Compass PLC * 377,861 3,269,567
Logica PLC 118,527 3,473,092
The Sage Group PLC 1,323,941 9,746,582
Vodafone Group PLC 8,608,736 35,871,299
Vodafone Group PLC ADR 525,215 22,354,463
Williams PLC 381,826 1,830,562
WPP Group PLC 541,409 7,276,434
------------------
129,018,747
------------------
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
58
See notes to schedule of investments
at page 103.
The notes to the financial
statements are an integral part of
these schedules.
<PAGE> 61
October 31, 2000
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
IDEX JCC GLOBAL
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
UNITED STATES (43.5%)
COMMON STOCK (36.7%)
3Com Corp. * 113,365 $ 2,012,229
Amdocs, Ltd. * 294,545 19,090,198
America Online, Inc. * 135,905 6,853,689
American Express Company 303,365 18,201,900
Associates First Capital Corp. Class A 251,955 9,353,829
AT&T Corp. Liberty Media Class A * 792,845 14,271,210
Cisco Systems, Inc. * 1,339,425 72,161,522
Citigroup, Inc. 50,610 2,663,351
Clear Channel Communications, Inc. * 211,828 12,722,919
Colgate-Palmolive Company 146,600 8,614,216
Comcast Corp. Class A * 259,340 10,568,105
Comverse Technology, Inc. * 154,640 17,281,020
Conexant Systems, Inc. * 13,870 364,954
Corning, Inc. 137,430 10,513,395
E.I. du Pont de Nemours and Company 113,770 5,162,314
EMC Corp. * 269,415 23,994,773
Enron Corp. 56,080 4,602,065
Estee Lauder Companies, Inc. Class A 273,010 12,677,902
Exodus Communications * 121,820 4,088,584
Gap, Inc. 1,317,590 34,010,292
Genentech, Inc. * 42,840 3,534,300
General Electric Company 849,535 46,565,137
Goldman Sachs Group, Inc. 102,475 10,228,286
Guidant Corp. * 95,020 5,030,121
Honeywell International, Inc. 135,875 7,311,773
Human Genome Sciences, Inc. * 90,530 8,000,589
Infinity Broadcasting Corp. * 30,090 1,000,493
Infonet Services Corp. Class B 196,910 1,279,915
JDS Uniphase Corp. * 156,415 12,728,271
Johnson & Johnson 80,160 7,384,740
Lattice Semiconductor Corp. * 447,110 13,050,023
Level 3 Communications, Inc. * 14,895 710,305
Medtronic, Inc. 275,290 14,951,688
Millennium Pharmaceuticals, Inc. * 29,570 2,145,673
NTL, Inc. * 173,958 7,643,280
Omnicom Group, Inc. 93,850 8,657,663
Oracle Corp. * 150,600 4,969,800
Paychex, Inc. 130,582 7,402,367
Pfizer, Inc. 496,247 21,431,667
Pharmacia Corp. 132,299 7,276,445
Phone.com, Inc. * 18,555 1,717,497
PMC - Sierra, Inc. * 20,990 3,557,805
Praxair, Inc. 130,090 4,845,853
Schering Plough Corp. 68,095 3,519,660
SDL, Inc. * 20,970 5,436,473
Sepracor, Inc. * 56,445 3,845,316
Sun Microsystems, Inc. * 146,455 16,238,198
Texas Instruments, Inc. 331,925 16,285,070
The Boeing Company 351,090 23,808,291
Time Warner, Inc. 536,550 40,729,511
Tyco International Group SA ADR 427,635 24,241,559
VeriSign, Inc. * 38,840 5,126,880
Viacom, Inc. Class B * 172,190 9,793,306
Wal-Mart Stores, Inc. 222,145 10,079,829
Walt Disney Company 145,840 5,222,895
------------------
654,959,146
------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION PRINCIPAL VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
SHORT-TERM SECURITIES (6.8%)
Federal Home Loan Bank
6.340% 12-14-2000 $ 10,000,000 $ 9,924,273
6.340% 12-22-2000 30,000,000 29,724,900
Federal National Mortgage Association
6.340% 12-20-2000 25,000,000 24,779,750
Household Finance Company
6.620% 11-1-2000 57,400,000 57,400,000
State Street Bank & Trust ***
3.500% Repurchase Agreement dated 10-31-2000 to be
repurchased at $38,111 on 11-1-2000 38,107 38,107
------------------
121,867,030
------------------
776,826,176
------------------
TOTAL INVESTMENTS (99.7%) (COST $1,486,824,375) 1,781,328,282
------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
NOTIONAL
AMOUNT DESCRIPTION VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
UNREALIZED GAIN(LOSS) ON FORWARD FOREIGN
CURRENCY CONTRACTS (0.5%) @
B 103,182 British Pound 11-1-2000 Buy $ 1,608
B 36,649 British Pound 11-2-2000 Buy 653
B 267,566 British Pound 11-3-2000 Buy (476)
B 200,642 British Pound 11-6-2000 Buy (670)
B 14,800,000 British Pound 1-26-2001 Buy (595,845)
B 24,100,000 British Pound 1-26-2001 Sell 1,425,763
B 10,050,000 British Pound 3-22-2001 Sell 29,481
B 6,000,000 British Pound 4-5-2001 Sell 124,234
B 3,000,000 British Pound 4-27-2001 Sell 4,139
C 3,500,000 Canadian Dollar 11-17-2000 Sell 66,580
C 2,400,000 Canadian Dollar 5-7-2001 Sell 51,123
C 1,500,000 Canadian Dollar 5-7-2001 Buy (9,153)
E 1,298,852 Euro 11-1-2000 Sell (11,969)
E 2,425,337 Euro 11-2-2000 Buy 22,231
E 182,498 Euro 11-2-2000 Sell (1,023)
E 16,000,000 Euro 11-17-2000 Sell 1,049,589
E 4,200,000 Euro 11-17-2000 Buy 88,119
E 7,500,000 Euro 1-19-2001 Sell 702,125
E 27,100,000 Euro 1-26-2001 Sell 1,301,583
E 21,300,000 Euro 1-26-2001 Buy (1,010,633)
E 30,350,000 Euro 3-22-2001 Sell 638,629
E 6,300,000 Euro 3-22-2001 Buy (160,835)
E 6,300,000 Euro 4-5-2001 Sell 448,371
E 6,300,000 Euro 4-5-2001 Buy (369,640)
E 20,100,000 Euro 4-27-2001 Sell 386,745
E 28,200,000 Euro 5-7-2001 Sell 405,252
H 272,200,000 Hong Kong Dollar 3-16-2001 Sell (44,594)
H 120,500,000 Hong Kong Dollar 3-16-2001 Buy 21,759
H 271,000,000 Hong Kong Dollar 5-7-2001 Sell (453,320)
H 45,000,000 Hong Kong Dollar 5-7-2001 Buy 23,852
H 190,000,000 Hong Kong Dollar 5-10-2001 Sell (151,920)
H 104,000,000 Hong Kong Dollar 5-10-2001 Buy 21,363
H 8,230,000 Hong Kong Dollar 6-27-2001 Sell (15,190)
H 27,000,000 Hong Kong Dollar 6-27-2001 Buy 792
J 67,218,870 Japanese Yen 11-1-2000 Sell 3,964
J 22,109,129 Japanese Yen 11-2-2000 Sell 369
J 940,000,000 Japanese Yen 11-17-2000 Sell 254,964
J 350,000,000 Japanese Yen 1-19-2001 Sell 199,068
J 4,360,000,000 Japanese Yen 3-22-2001 Sell 2,527,031
J 1,760,000,000 Japanese Yen 3-22-2001 Buy (588,580)
J 435,000,000 Japanese Yen 4-5-2001 Sell 178,284
J 1,800,000,000 Japanese Yen 4-12-2001 Sell 849,994
J 3,172,000,000 Japanese Yen 5-7-2001 Sell 1,956,569
W 395,000,000 South Korean Won 1-26-2001 Sell 4,339
W 1,160,000,000 South Korean Won 2-8-2001 Sell 14,720
W 1,600,000,000 South Korean Won 2-15-2001 Sell 21,723
W 1,220,000,000 South Korean Won 2-22-2001 Sell 16,321
W 1,600,000,000 South Korean Won 3-1-2001 Sell 18,218
W 1,300,000,000 South Korean Won 3-8-2001 Sell 15,579
W 2,400,000,000 South Korean Won 5-15-2001 Sell 36,442
------------------
TOTAL UNREALIZED NET GAIN ON FORWARD FOREIGN CURRENCY CONTRACTS
9,497,728
------------------
LIABILITIES IN EXCESS OF OTHER ASSETS (-0.2%) (3,628,008)
------------------
NET ASSETS (100.0%) $1,787,198,002
==================
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
59
See notes to schedule of investments at page 103.
The notes to the financial statements are an integral part of these
schedules.
<PAGE> 62
October 31, 2000
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
IDEX JCC BALANCED
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
COMMON STOCK (43.6%)
Basic Materials (1.3%)
Chemicals
E.I. du Pont de Nemours and Company 72,035 $ 3,268,588
Lyondell Chemical Company 208,385 2,995,535
------------------
6,264,123
------------------
Consumer, Cyclical (8.4%)
Auto Manufacturers (1.6%)
Bayerische Motoren Werke (BMW) AG + 223,052 7,460,783
------------------
Auto Parts and Equipment (0.3%)
TRW, Inc. 36,245 1,522,290
------------------
Broadcasting (3.3%)
Clear Channel Communications, Inc. * 12,530 752,582
Comcast Corp. Class A * 87,059 3,547,654
Infinity Broadcasting Corp. * 88,750 2,950,938
Time Warner, Inc. 24,671 1,872,776
Univision Communications, Inc. Class A * 59,590 2,279,318
Viacom, Inc. Class B * 74,185 4,219,272
------------------
15,622,540
------------------
Consumer Electronics (0.4%)
Samsung Electronics + 7,060 884,440
Samsung Electronics GDR 144A 23,545 776,985
------------------
1,661,425
------------------
Recreation Products - Other (0.5%)
Harley Davidson, Inc. 50,105 2,414,435
------------------
Retailers - Apparel (0.5%)
Gap, Inc. 97,450 2,515,427
------------------
Retailers - Broadline (0.9%)
Wal-Mart Stores, Inc. 95,695 4,342,161
------------------
Retailers - Specialty (0.9%)
Home Depot, Inc. 27,894 1,199,442
Tiffany & Company 65,770 2,807,557
------------------
4,006,999
------------------
Consumer, Non-Cyclical (3.6%)
Beverages (1.2%)
Anheuser-Busch Companies, Inc. 127,010 5,810,707
------------------
Food Retailers (0.9%)
Safeway, Inc. * 75,435 4,125,352
------------------
Household Products (0.7%)
Proctor & Gamble Company 44,260 3,161,824
------------------
Pharmaceuticals (0.8%)
Eli Lilly and Company 21,240 1,898,325
Pfizer, Inc. 41,635 1,798,112
------------------
3,696,437
------------------
Energy (3.0%)
Oil Companies - Major (2.1%)
Burlington Resources, Inc. 280,040 10,081,440
------------------
Oilfield Equipment and Services (0.9%)
Enron Corp. 48,490 3,979,211
------------------
Financial (6.6%)
Banks (1.0%)
Bank of New York Company, Inc. 37,495 2,158,306
U.S. Bancorp 97,465 2,357,435
------------------
4,515,741
------------------
Diversified (4.2%)
American Express Company 57,060 3,423,600
American General Corp. 30,120 2,424,660
Associates First Capital Corp. Class A 125,715 4,667,169
Citigroup, Inc. 133,513 7,026,122
Firstar Corp. 121,830 2,398,528
ONO Finance PLC ADR 144A- 350 20,799
------------------
19,960,878
------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
Insurance (0.7%)
American International Group, Inc. 34,595 $ 3,390,310
------------------
Securities Brokers (0.7%)
Charles Schwab Corp. 88,369 3,103,961
------------------
Industrial (5.4%)
Diversified
Alliant Energy Resources, Inc. 144A 26,316 1,713,830
Corning, Inc. 38,315 2,931,098
General Electric Company 285,555 15,651,982
Minnesota Mining & Manufacturing Company 55,040 5,318,240
------------------
25,615,150
------------------
Technology (14.2%)
Aerospace/Defense (0.8%)
Honeywell International, Inc. 21,550 1,159,659
The Boeing Company 37,810 2,563,991
------------------
3,723,650
------------------
Biotechnology (0.6%)
Genentech, Inc. * 15,410 1,271,325
Pharmacia Corp. 30,050 1,652,750
------------------
2,924,075
------------------
Communications (3.2%)
AT&T Corp. Liberty Media Class A * 173,120 3,116,160
Cisco Systems, Inc. * 115,818 6,239,695
Nortel Networks Corp. ADR 16,235 738,692
SBC Communications, Inc. 86,340 4,980,739
------------------
15,075,286
------------------
Computers (4.1%)
EMC Corp. * 129,145 11,501,977
Paychex, Inc. 51,553 2,922,411
Sun Microsystems, Inc. * 22,055 2,445,347
VeriSign, Inc. * 19,852 2,620,464
------------------
19,490,199
------------------
Diversified (0.2%)
Nokia Corp. OY + 22,372 920,956
------------------
Semiconductors (2.9%)
Advanced Micro Devices, Inc. * 122,430 2,769,979
Linear Technology Corp. 41,140 2,656,101
Maxim Integrated Products, Inc. * 36,100 2,393,881
Texas Instruments, Inc. 113,650 5,575,953
------------------
13,395,914
------------------
Software (2.4%)
America Online, Inc. * 37,860 1,909,280
Automatic Data Processing, Inc. 87,370 5,706,353
Cadence Design Systems, Inc. * 51,795 1,330,484
Oracle Corp. * 66,405 2,191,365
------------------
11,137,482
------------------
Utilities (1.1%)
Electric (0.2%)
The AES Corp. * 15,150 855,975
------------------
Telephone (0.9%)
L.M. Ericsson Telephone Company Class B ADR 227,765 3,160,239
McLeodUSA, Inc. Class A * 68,680 1,322,090
------------------
4,482,329
------------------
TOTAL COMMON STOCK (COST $187,713,476) 205,257,060
------------------
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
60
See notes to schedule of investments
at page 103.
The notes to the financial
statements are an integral part of
these schedules.
<PAGE> 63
October 31, 2000
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
IDEX JCC BALANCED
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
CONVERTIBLE PREFERRED STOCK (2.7%)
Consumer, Cyclical (0.9%)
Broadcasting (0.2%)
Comcast Corp. 12,705 $ 941,757
------------------
Publishing (0.7%)
Tribune Company 31,450 3,497,555
------------------
Energy (0.3%)
Oil Companies - Major
The Coastal Corp. 29,335 1,261,405
------------------
Technology (0.6%)
Diversified
Nokia Corp. OY ADR 63,776 2,726,424
------------------
Utilities (0.9%)
Gas
Reliant Energy, Inc. * 60,280 4,460,720
------------------
TOTAL CONVERTIBLE PREFERRED STOCK (COST $13,105,219) 12,887,861
------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION PRINCIPAL VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
CONVERTIBLE CORPORATION BONDS (2.5%)
Consumer, Cyclical (0.8%)
Broadcasting
Clear Channel Communications, Inc.
2.625% 4-1-2003 $ 2,708,000 $ 3,002,495
Time Warner, Inc. 8.110% 8-15-2006 650,000 673,563
------------------
3,676,058
------------------
Technology (1.7%)
Communications (1.5%)
COLT Telecom Group PLC + 144A 2.000% 3-29-2006 913,000 1,412,604
Nextel Communications, Inc. 4.750% 7-1-2007 1,790,000 2,971,400
Telefonos de Mexico SA de C.V. ADR 4.250% 6-
15-2004 2,085,000 2,616,675
------------------
7,000,679
------------------
Diversified (0.2%)
NTL, Inc. 7.000% 12-15-2008 842,000 1,049,342
------------------
TOTAL CONVERTIBLE CORPORATE BONDS (COST $12,586,341) 11,726,079
------------------
NON-CONVERTIBLE CORPORATE BONDS (14.3%)
Basic Materials (0.8%)
Chemicals
E.I. du Pont de Nemours and Company 6.875%
10-15-2009 1,225,000 1,203,563
E.I. du Pont de Nemours and Company 6.500%
9-1-2002 775,000 771,125
Lyondell Chemical Company 9.625% 5-1-2007 1,742,000 1,689,740
------------------
3,664,428
------------------
Consumer, Cyclical (3.3%)
Broadcasting (1.2%)
Cox Communications, Inc. 7.000% 8-15-2001 1,400,000 1,393,000
Cox Communications, Inc. 7.875% 8-15-2009 900,000 906,750
Cox Communications, Inc. 7.750% 8-15-2006 800,000 809,000
Cox Communications, Inc. 7.500% 8-15-2004 375,000 376,406
Viacom, Inc. 7.700% 7-30-2010 1,075,000 1,095,156
Viacom, Inc. 7.750% 6-1-2005 1,000,000 1,021,250
------------------
5,601,562
------------------
Publishing (0.1%)
Lenfest Communications, Inc. 8.250%
2-15-2008 500,000 500,625
------------------
Retailers - Broadline (0.7%)
Wal-Mart Stores, Inc. 6.150% 8-10-2001 2,000,000 1,992,500
Wal-Mart Stores, Inc. 6.550% 8-10-2004 1,000,000 991,250
Wal-Mart Stores, Inc. 6.875% 8-10-2009 475,000 472,031
------------------
3,455,781
------------------
Retailers - Specialty (1.3%)
Home Depot, Inc. 6.500% 9-15-2004 6,150,000 6,088,500
------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION PRINCIPAL VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
Consumer, Non-Cyclical (0.9%)
Beverages (0.6%)
Anheuser-Busch, Inc. 7.550% 10-1-2030 $ 480,000 $ 481,800
Coca-Cola Enterprises, Inc. 7.125% 9-30-2009 1,825,000 1,802,188
Coca-Cola Enterprises, Inc. 6.625% 8-1-2004 475,000 469,656
------------------
2,753,644
------------------
Food Retailers (0.1%)
Safeway, Inc. 6.500% 11-15-2008 550,000 513,563
------------------
Pharmaceuticals (0.2%)
Warner-Lambert Company 6.000% 1-15-2008 1,000,000 942,500
------------------
Financial (5.4%)
Banks (0.1%)
Northern Trust Corp. 7.100% 8-1-2009 450,000 443,812
------------------
Diversified (4.6%)
American Express Company 6.750% 6-23-2004 1,400,000 1,389,500
Associates Corp. of North America 5.750% 11-1-2003 475,000 460,750
Associates Corp. of North America 5.600% 1-15-2001 400,000 399,000
Firstar Corp. 7.125% 12-1-2009 150,000 146,063
Ford Motor Credit Company 7.250% 1-15-2003 3,200,000 3,196,000
Ford Motor Credit Company 6.550% 9-10-2002 925,000 920,375
General Electric Capital Corp. 7.000%
3-1-2002 4,445,000 4,467,225
General Electric Capital Corp. 7.000%
2-3-2003 3,325,000 3,349,938
General Electric Capital Corp. 7.250%
5-3-2004 2,080,000 2,113,800
General Electric Capital Corp. 7.250%
2-1-2005 1,725,000 1,746,562
General Electric Capital Corp. 7.375%
1-19-2010 1,675,000 1,723,156
Household Finance Company 8.000% 5-9-2005 900,000 920,250
SunAmerica, Inc. 6.750% 10-1-2007 1,000,000 976,250
------------------
21,808,869
------------------
Securities Brokers (0.7%)
Charles Schwab Corp. 8.050% 3-1-2010 1,100,000 1,137,125
Morgan Stanley, Dean Witter, Discover and
Company 7.750% 6-15-2005 2,100,000 2,144,625
------------------
3,281,750
------------------
Technology (3.7%)
Biotechnology (0.4%)
Monsanto Company 5.750% 12-1-2005 1,750,000 1,669,063
------------------
Communications (2.0%)
Adelphia Communications Corp. 10.500%
7-15-2004 655,000 649,269
Jones Intercable, Inc. 7.625% 4-15-2008 500,000 497,500
Liberty Media Corp. 7.875% 7-15-2009 2,600,000 2,499,250
Metromedia Fiber Network, Inc. 10.000%
12-15-2009 500,000 443,750
Nextel Communications, Inc. 9.375%
11-15-2009 3,043,000 2,936,495
Orange PLC 9.000% 6-1-2009 180,000 185,400
VoiceStream Wireless Corp. 10.375%
11-15-2009 2,200,000 2,354,000
------------------
9,565,664
------------------
Computers (0.8%)
MICROS Systems, Inc. 7.650% 8-15-2009 2,325,000 2,351,156
Sun Microsystems, Inc. 7.000% 8-15-2002 1,075,000 1,073,656
------------------
3,424,812
------------------
Diversified (0.5%)
Exodus Communications 4.750% 7-15-2008 1,508,000 1,579,630
Exodus Communications 11.250% 7-1-2008 249,000 231,570
NTL, Inc. + 0.000% 4-15-2009(caret) 920,000 667,005
------------------
2,478,205
------------------
Software (0.0%)
PSINet, Inc. 11.000% 8-1-2009 180,000 86,850
------------------
Utilities (0.2%)
Telephone
ALLTEL Corp. 7.500% 3-1-2006 1,120,000 1,117,200
------------------
TOTAL NON-CONVERTIBLE CORPORATE BONDS (COST $68,333,250) 67,396,828
------------------
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
61
See notes to schedule of investments at page 103.
The notes to the financial statements are an integral part of these
schedules.
<PAGE> 64
October 31, 2000
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS (CONTINUED)
--------------------------------------------------------------------------------
IDEX JCC BALANCED
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION PRINCIPAL VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
LONG-TERM GOVERNMENT BONDS (25.3%)
United States Government Agencies (5.9%)
Federal Home Loan Bank
6.750% 2-1-2002 $ 1,650,000 $ 1,654,125
------------------
Federal Home Loan Mortgage Corp.
7.000% 3-15-2010 1,050,000 1,071,315
------------------
Federal National Mortgage Association
5.750% 4-15-2003 6,900,000 6,793,464
6.375% 10-15-2002 1,000,000 998,750
7.125% 6-15-2010 16,950,000 17,479,688
------------------
25,271,902
------------------
United States Government Securities (19.4%)
Treasury Notes
5.875% 11-15-2004 19,105,000 19,111,878
6.000% 8-15-2009 59,530,000 60,147,921
6.125% 8-15-2029 1,375,000 1,423,978
6.375% 6-30-2002 10,735,000 10,788,353
------------------
91,472,130
------------------
TOTAL LONG-TERM GOVERNMENT BONDS (COST $117,701,347) 119,469,472
------------------
SHORT-TERM SECURITIES (10.3%)
Commercial Paper (4.0%)
Household Finance Company 6.620% 11-1-2000 18,600,000 18,600,000
------------------
Repurchase Agreements (0.0%)
State Street Bank & Trust ***
3.500% Repurchase Agreement dated
10-31-2000 to be repurchased at $29,033 on
11-1-2000 29,030 29,030
------------------
United States Government Agencies (6.3%)
Federal Home Loan Bank
6.310% 12-14-2000 5,000,000 4,961,350
6.330% 12-28-2000 25,000,000 24,743,750
------------------
29,705,100
------------------
TOTAL SHORT-TERM SECURITIES (COST $48,340,782) 48,334,130
------------------
TOTAL INVESTMENTS (98.7%) (COST $447,780,415) 465,071,430
------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
NOTIONAL
AMOUNT DESCRIPTION VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
UNREALIZED GAIN(LOSS) ON FORWARD FOREIGN
CURRENCY CONTRACTS (0.0%) @
B 200,000 British Pound 1-26-2001 Sell $ 15,890
B 200,000 British Pound 1-26-2001 Buy (832)
B 480,000 British Pound 5-8-2001 Sell (16,109)
B 480,000 British Pound 5-8-2001 Buy (2,083)
W 120,000,000 South Korean Won 1-26-2001 Sell 1,318
W 202,000,000 South Korean Won 2-8-2001 Sell 2,550
W 110,000,000 South Korean Won 2-15-2001 Sell 1,493
W 73,000,000 South Korean Won 2-22-2001 Sell 977
W 98,000,000 South Korean Won 3-1-2001 Sell 1,116
W 60,000,000 South Korean Won 3-8-2001 Sell 719
------------------
TOTAL UNREALIZED NET GAIN ON FORWARD FOREIGN CURRENCY CONTRACTS
5,039
------------------
OTHER ASSETS IN EXCESS OF LIABILITIES (1.3%) 6,224,049
------------------
NET ASSETS (100.0%) $ 471,300,518
==================
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
62
See notes to schedule of investments
at page 103.
The notes to the financial
statements are an integral part of
these schedules.
<PAGE> 65
October 31, 2000
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
IDEX JCC CAPITAL APPRECIATION
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
COMMON STOCK (95.8%)
Consumer, Cyclical (10.6%)
Advertising (3.6%)
Lamar Advertising Company * 163,965 $ 7,870,320
TMP Worldwide, Inc. * 122,020 8,493,736
------------------
16,364,056
------------------
Broadcasting (5.8%)
Clear Channel Communications, Inc. * 168,566 10,124,495
Cox Radio, Inc. Class A * 78,465 1,785,079
Entercom Communications Corp. * 54,150 2,122,003
Hispanic Broadcasting Corp. Class A * 187,335 5,854,219
Radio One, Inc. * 206,640 1,650,968
Sirius Satellite Radio, Inc. * 42,055 2,113,264
Univision Communications, Inc. Class A * 74,395 2,845,608
------------------
26,495,636
------------------
Retailers - Drug Based (0.3%)
Walgreen Company 32,740 1,493,763
------------------
Retailers - Specialty (0.9%)
eBay, Inc. * 82,740 4,261,110
------------------
Consumer, Non-Cyclical (6.4%)
Consumer Services (1.6%)
Apollo Group, Inc. Class A * 188,986 7,394,077
------------------
Medical Supplies (2.5%)
MiniMed, Inc. * 54,300 3,960,507
Sepracor, Inc. * 108,690 7,404,506
------------------
11,365,013
------------------
Pharmaceuticals (2.3%)
Andrx Group * 95,675 6,888,600
Biovail Corp. * 29,300 1,232,431
MedImmune, Inc. * 35,783 2,339,314
------------------
10,460,345
------------------
Energy (2.7%)
Oil Companies - Major (2.4%)
Anadarko Petroleum Corp. 172,120 11,024,285
------------------
Oil Drilling (0.2%)
EOG Resources, Inc. 16,410 646,143
------------------
Oilfield Equipment and Services (0.1%)
Hanover Compressor Company * 17,080 557,234
------------------
Industrial (1.1%)
Electronic Components and Equipment
Applied Micro Circuits Corp. * 65,470 5,000,271
------------------
Technology (70.1%)
Biotechnology (14.3%)
Abgenix, Inc. * 149,880 11,821,785
CuraGen Corp. * 32,535 2,102,574
Human Genome Sciences, Inc. * 189,085 16,713,341
Maxygen, Inc. * 51,955 2,091,189
Medarex, Inc. * 182,940 11,182,208
Millennium Pharmaceuticals, Inc. * 299,665 21,744,442
------------------
65,655,539
------------------
Communications (19.3%)
ADC Telecommunications, Inc. * 665,665 14,228,589
American Tower Corp. Class A * 359,505 14,717,236
AT&T Canada, Inc. * 119,740 3,704,456
Crown Castle International Corp. * 390,690 11,842,791
Level 3 Communications, Inc. * 37,115 1,769,922
Metromedia Fiber Network, Inc. Class A * 697,755 13,257,345
Microcell Telecommunications, Inc. Class B * 95,290 2,654,720
Pinnacle Holdings, Inc. * 98,950 1,558,463
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
Communications (continued)
Powertel, Inc. * 93,075 $ 8,120,794
Telus Corp. * 120,984 3,069,973
VoiceStream Wireless Corp. * 42,893 5,640,430
Western Wireless Corp. * 170,590 8,103,025
------------------
88,667,744
------------------
Computers (10.1%)
Paychex, Inc. 506,928 28,736,481
VeriSign, Inc. * 132,931 17,546,892
------------------
46,283,373
------------------
Diversified (4.6%)
Exodus Communications * 552,260 18,535,226
Viasystems Group, Inc. * 186,690 2,648,665
------------------
21,183,891
------------------
Semiconductors (17.7%)
Avanex Corp. * 51,400 5,220,312
Cree, Inc. * 102,790 10,201,908
Intergrated Device Technology, Inc. * 144,855 8,157,147
INTERSHOP Communications Aktiengesellshaft
AG * 177,955 8,530,718
MRV Communications, Inc. * 52,985 2,092,907
New Focus, Inc. * 16,230 1,030,605
SDL, Inc. * 69,915 18,125,464
TriQuint Semiconductor, Inc. * 129,215 4,950,550
Vitesse Semiconductor Corp. * 212,975 14,894,939
Xilinx, Inc. * 107,625 7,796,086
------------------
81,000,636
------------------
Software (4.1%)
Brocade Communications Systems, Inc. * 19,470 4,426,991
Inktomi Corp. * 159,150 10,096,079
PSINet, Inc. * 107,475 715,380
Sycamore Networks, Inc. * 54,015 3,416,449
------------------
18,654,899
------------------
Utilities (4.9%)
Electric (2.5%)
The AES Corp. * 208,530 11,781,945
------------------
Telephone (2.4%)
McLeodUSA, Inc. Class A * 564,315 10,863,064
------------------
TOTAL COMMON STOCK (COST $443,824,613) 439,153,024
------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION PRINCIPAL VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
SHORT-TERM SECURITIES (4.7%)
Commercial Paper (4.5%)
Household Finance Company 6.620% 11-1-2000 $ 20,900,000 $ 20,900,000
------------------
Repurchase Agreements (0.0%)
State Street Bank & Trust ***
3.500% Repurchase Agreement dated
10-31-2000 to be repurchased at $35,708 on
11-1-2000 35,705 35,705
------------------
United States Government Agencies (0.2%)
Federal Home Loan Mortgage Corp. 6.450%
11-1-2000 1,000,000 1,000,000
------------------
TOTAL SHORT-TERM SECURITIES (COST $21,935,705) 21,935,705
------------------
TOTAL INVESTMENTS (100.5%) (COST $465,760,318) 461,088,729
------------------
LIABILITIES IN EXCESS OF OTHER ASSETS (-0.5%) (2,510,532)
------------------
NET ASSETS (100.0%) $ 458,578,197
==================
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
63
See notes to schedule of investments at page 103.
The notes to the financial statements are an integral part of these
schedules.
<PAGE> 66
October 31, 2000
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
IDEX JCC FLEXIBLE INCOME
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION PRINCIPAL VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
NON-CONVERTIBLE CORPORATE BONDS (54.5%)
Consumer, Cyclical (14.4%)
Auto Manufacturers (1.7%)
DaimlerChrysler AG ADR 6.900% 9-1-2004 $ 750,000 $ 743,438
------------------
Broadcasting (6.5%)
Cox Communications, Inc. 7.000% 8-15-2001 1,000,000 995,000
Pegasus Communications Corp. 12.500%
8-1-2007 150,000 160,500
Time Warner, Inc. 8.180% 8-15-2007 750,000 780,938
Time Warner, Inc. 6.950% 1-15-2028 250,000 223,437
Viacom, Inc. 7.700% 7-30-2010 750,000 764,063
------------------
2,923,938
------------------
Home Furnishings (1.4%)
Selmer Company, Inc. 11.000% 5-15-2005 600,000 615,000
------------------
Lodging (0.4%)
LodgeNet Entertainment Corp. 10.250% 12-15-2006 180,000 180,000
------------------
Retailers - Broadline (3.3%)
Fred Meyer, Inc. 7.150% 3-1-2003 500,000 496,875
Wal-Mart Stores, Inc. 6.875% 8-10-2009 1,000,000 993,750
------------------
1,490,625
------------------
Retailers - Specialty (1.1%)
Unilever Capital Corp. 7.125% 11-1-2010 500,000 494,375
------------------
Consumer, Non-Cyclical (12.5%)
Beverages (0.3%)
Joseph E. Seagram & Sons, Inc. 6.800% 12-15-2008 125,000 127,656
------------------
Consumer Services (0.5%)
Cox Enterprises, Inc. 144A 6.625% 6-14-2002 250,000 247,187
------------------
Food Retailers (5.9%)
Marsh Supermarkets, Inc. 8.875% 8-1-2007 250,000 231,250
Safeway, Inc. 7.000% 9-15-2002 1,000,000 996,250
Safeway, Inc. 5.875% 11-15-2001 750,000 737,812
Stater Brothers Holdings, Inc. 10.750%
8-15-2006 180,000 144,000
The Kroger Company 8.050% 2-1-2010 525,000 532,219
------------------
2,641,531
------------------
Healthcare (4.7%)
Bausch & Lomb, Inc. 6.750% 12-15-2004 250,000 221,250
HCA - The Healthcare Company 8.360%
4-15-2024 250,000 231,759
HEALTHSOUTH Corp. 144A 10.750% 10-1-2008 100,000 100,750
Tenet Healthcare Corp. 7.875% 1-15-2003 1,600,000 1,576,000
------------------
2,129,759
------------------
Household Products (1.1%)
Proctor & Gamble Company 6.875% 9-15-2009 500,000 496,250
------------------
Energy (1.1%)
Oilfield Equipment and Services
Enron Corp. 7.875% 6-15-2003 500,000 509,375
------------------
Financial (11.3%)
Banks (1.7%)
Dime Bancorp, Inc. 7.000% 7-25-2001 500,000 498,125
HUBCO, Inc. 8.200% 9-15-2006 300,000 286,875
------------------
785,000
------------------
Diversified (8.5%)
Citigroup, Inc. 7.250% 10-1-2010 750,000 744,375
Citigroup, Inc. 7.450% 6-6-2002 350,000 353,938
Ford Motor Credit Company 7.500% 6-15-2003 750,000 753,750
General Electric Capital Corp. 6.800%
11-1-2005 500,000 499,580
General Electric Capital Corp. 7.000%
3-1-2002 500,000 502,500
Golden State Holdings 7.000% 8-1-2003 750,000 718,125
Qwest Capital Funding, Inc. 144A 7.900%
8-15-2010 250,000 253,750
------------------
3,826,018
------------------
Insurance (1.1%)
Delphi Financial Group, Inc. 8.000%
10-1-2003 500,000 491,250
------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION PRINCIPAL VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
Industrial (3.0%)
Electronic Components and Equipment (1.7%)
CBS Corp. 6.875% 9-1-2003 $ 750,000 $ 745,312
------------------
Diversified (1.3%)
Isle of Capri Black Hawk, LLC 13.000%
8-31-2004 525,000 572,250
------------------
Technology (10.8%)
Communications (7.3%)
360networks, inc. 12.000% 8-1-2009 500,000 395,000
Deutsche Telekom International Finance BV
ADR 8.000% 6-15-2010 500,000 510,625
Global Crossing, Ltd. 9.500% 11-15-2009 500,000 477,500
Jones Intercable, Inc. 7.625% 4-15-2008 261,000 259,695
Price Communications Corp. 11.750% 7-15-2007 225,000 239,625
Qwest Communications International, Inc.
144A 7.625% 6-9-2003 750,000 758,438
Versatel Telecom BV 13.250% 5-15-2008 200,000 152,000
WorldCom, Inc. 6.125% 8-15-2001 500,000 496,875
------------------
3,289,758
------------------
Computers (1.6%)
Equinix, Inc. 13.000% 12-1-2007 250,000 198,750
International Business Machines Corp. 7.000%
1-28-2002 500,000 501,875
------------------
700,625
------------------
Diversified (0.8%)
Exodus Communications 11.625% 7-15-2010 400,000 370,000
------------------
Software (1.1%)
Electronic Data Systems Corp. 7.125%
10-15-2009 500,000 496,250
------------------
Utilities (1.4%)
Electric
Caithness Coso Funding Corp. 6.800%
12-15-2001 102,623 101,596
Dominion Resources, Inc. 8.125% 6-15-2010 500,000 515,625
------------------
617,221
------------------
TOTAL NON-CONVERTIBLE CORPORATE BONDS (COST $24,705,687) 24,492,818
------------------
CONVERTIBLE CORPORATE BONDS (0.8%)
Consumer, Cyclical
Broadcasting
Pegasus Media & Communications, Inc. 12.500%
7-1-2005 (cost $350,000) 350,000 367,500
------------------
LONG-TERM GOVERNMENT BONDS (31.6%)
United States Government Agencies (11.3%)
Federal National Mortgage Association
6.625% 4-15-2002 2,000,000 2,002,500
7.125% 6-15-2010 3,000,000 3,093,750
------------------
5,096,250
------------------
United States Government Securities (20.3%)
Treasury Notes
5.250% 8-15-2003 750,000 737,588
5.750% 8-15-2010 6,000,000 5,994,360
6.500% 2-15-2010 2,000,000 2,093,580
6.750% 5-15-2005 280,000 290,279
------------------
9,115,807
------------------
TOTAL LONG-TERM GOVERNMENT BONDS (COST $14,242,836) 14,212,057
------------------
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
64
See notes to schedule of investments
at page 103.
The notes to the financial
statements are an integral part of
these schedules.
<PAGE> 67
October 31, 2000
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
IDEX JCC FLEXIBLE INCOME
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
COMMON STOCK (0.1%)
Financial (0.0%)
Diversified
ONO Finance PLC Warrants * 250 $ 18,000
------------------
Technology (0.1%)
Communications (0.0%)
Versatel Telecom BV Warrants * 75 17,250
------------------
Computers (0.1%)
Equinix, Inc. Warrants 144A * 130 19,500
------------------
TOTAL COMMON STOCK (COST $497) 54,750
------------------
NON-CONVERTIBLE PREFERRED STOCK (0.2%)
Financial
Savings & Loans
Chevy Chase Bank (cost $116,375) 3,500 86,624
------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION PRINCIPAL VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
SHORT-TERM SECURITIES (13.4%)
United States Government Agencies
Federal Home Loan Mortgage Corp. 6.450%
11-1-2000 (cost $6,000,000) $ 6,000,000 $ 6,000,000
------------------
TOTAL INVESTMENTS (100.6%) (COST $45,415,395) 45,213,749
------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
NOTIONAL
AMOUNT DESCRIPTION VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
UNREALIZED GAIN(LOSS) ON FORWARD FOREIGN
CURRENCY CONTRACTS (0.0%) @
E 90,000 Euro 1-26-2001 Sell $ 10,958
E 90,000 Euro 1-26-2001 Buy (2,438)
E 180,000 Euro 5-7-2001 Sell 100
E 180,000 Euro 5-7-2001 Buy (4,154)
------------------
TOTAL UNREALIZED NET GAIN ON FORWARD FOREIGN CURRENCY CONTRACTS 4,466
------------------
LIABILITIES IN EXCESS OF OTHER ASSETS (-0.6%) (291,093)
------------------
NET ASSETS (100.0%) $ 44,927,122
==================
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
65
See notes to schedule of investments at page 103.
The notes to the financial statements are an integral part of these
schedules.
<PAGE> 68
October 31, 2000
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
IDEX ALGER AGGRESSIVE GROWTH
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
COMMON STOCK (80.2%)
Consumer, Cyclical (8.6%)
Broadcasting (1.1%)
Comcast Corp. Class A * 86,500 $ 3,524,875
------------------
Retailers - Broadline (2.5%)
Wal-Mart Stores, Inc. 183,350 8,319,505
------------------
Retailers - Specialty (5.0%)
eBay, Inc. * 156,800 8,075,200
Home Depot, Inc. 199,800 8,591,400
------------------
16,666,600
------------------
Consumer, Non-Cyclical (10.3%)
Food Retailers (1.7%)
Safeway, Inc. * 105,700 5,780,469
------------------
Medical Supplies (3.6%)
American Home Products Corp. 56,600 3,594,100
Baxter International, Inc. 66,650 5,477,797
QLT Phototherapeutics, Inc. * 56,000 2,785,125
------------------
11,857,022
------------------
Pharmaceuticals (5.0%)
Celgene Corp. * 58,700 3,775,144
Eli Lilly and Company 35,400 3,163,875
Pfizer, Inc. 219,850 9,494,772
------------------
16,433,791
------------------
Energy (1.2%)
Oil Drilling (0.7%)
Nabors Industries, Inc. * 47,000 2,392,300
------------------
Oilfield Equipment and Services (0.5%)
B.J. Services Company * 31,700 1,662,268
------------------
Financial (10.9%)
Banks (0.7%)
Bank of New York Company, Inc. 25,000 1,439,063
State Street Corp. 6,500 810,810
------------------
2,249,873
------------------
Diversified (6.2%)
American Express Company 28,950 1,737,000
Citigroup, Inc. 218,833 11,516,086
Marsh & McLennan Companies, Inc. 45,300 5,922,975
Stilwell Financial, Inc. 25,400 1,138,238
------------------
20,314,299
------------------
Insurance (2.4%)
American International Group, Inc. 81,200 7,957,600
------------------
Securities Brokers (1.6%)
Charles Schwab Corp. 150,400 5,282,800
------------------
Industrial (2.9%)
Electronic Components and Equipment (1.3%)
Solectron Corp. * 95,150 4,186,600
------------------
Diversified (1.6%)
General Electric Company 60,300 3,305,193
Tyco International Group SA ADR 33,800 1,916,038
------------------
5,221,231
------------------
Technology (44.8%)
Advanced Medical Devices (1.5%)
Guidant Corp. * 29,750 1,574,891
Medtronic, Inc. 59,200 3,215,300
------------------
4,790,191
------------------
Aerospace/Defense (1.1%)
General Dynamics Corp. 53,460 3,825,731
------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
Biotechnology (3.5%)
Amgen, Inc. * 162,750 $ 9,429,328
Cephalon, Inc. * 38,500 2,057,344
------------------
11,486,672
------------------
Communications (9.3%)
Amdocs, Ltd. * 55,000 3,564,687
AT&T Corp. Liberty Media Class A * 214,800 3,866,400
Cisco Systems, Inc. * 188,300 10,144,663
Nortel Networks Corp. ADR 180,650 8,219,575
QUALCOMM, Inc. * 73,460 4,782,935
------------------
30,578,260
------------------
Computers (11.3%)
Ariba, Inc. * 81,100 10,249,012
Commerce One, Inc. * 62,600 4,018,138
EMC Corp. * 57,800 5,147,812
Hewlett-Packard Company 47,200 2,191,850
Redback Networks, Inc. * 16,300 1,734,931
Sun Microsystems, Inc. * 127,300 14,114,388
------------------
37,456,131
------------------
Diversified (0.7%)
CNET Networks, Inc. * 23,500 738,782
Exodus Communications * 48,500 1,627,781
------------------
2,366,563
------------------
Semiconductors (5.9%)
Altera Corp. * 155,600 6,369,875
Broadcom Corp. Class A * 38,000 8,450,250
Texas Instruments, Inc. 40,850 2,004,203
Vitesse Semiconductor Corp. * 36,800 2,573,700
------------------
19,398,028
------------------
Software (11.5)
America Online, Inc. * 146,600 7,393,038
BEA Systems, Inc. * 61,000 4,376,750
i2 Technologies, Inc. * 54,490 9,263,300
Oracle Corp. * 195,400 6,448,200
Phone.com, Inc. * 92,500 8,562,031
Vitria Technology, Inc. * 50,000 1,343,750
Yahoo!, Inc. * 9,900 580,388
------------------
37,967,457
------------------
Utilities (1.5%)
Electric (1.2%)
Calpine Corp. * 27,650 2,182,622
Duke Energy Corp. 20,000 1,728,750
------------------
3,911,372
------------------
Telephone (0.3%)
McLeodUSA, Inc. Class A * 57,000 1,097,250
------------------
TOTAL COMMON STOCK (COST $251,647,309) 264,726,888
------------------
CONVERTIBLE PREFERRED STOCK (2.1%)
Technology
Diversified
Nokia Corp. OY ADR (cost $6,073,736) 159,900 6,835,725
------------------
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
66
See notes to schedule of investments
at page 103.
The notes to the financial
statements are an integral part of
these schedules.
<PAGE> 69
October 31, 2000
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
IDEX ALGER AGGRESSIVE GROWTH
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION PRINCIPAL VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
SHORT-TERM SECURITIES (17.0%)
Commercial Paper (15.2%)
Albertson's, Inc. 6.530% 11-17-2000 $ 10,000,000 $ 9,970,978
Alliant Energy Resources, Inc. 6.480%
11-15-2000 1,500,000 1,496,220
ANC Rental Corp. 6.520% 11-16-2000 5,000,000 4,986,417
AT&T Corp. 6.540% 11-21-2000 10,000,000 9,963,667
Caisse Centrale Desjardins du Quebec 6.470%
11-30-2000 5,000,000 4,973,940
Consolidated Natural Gas Company 6.550%
11-30-2000 3,000,000 2,984,171
Countrywide Home Loans, Inc. 6.520%
11-21-2000 5,000,000 4,981,889
Florida Power & Light Company 6.480%
11-7-2000 3,000,000 2,996,760
Salomon Smith Barney, Inc. 6.500% 11-20-2000 8,000,000 7,972,555
------------------
50,326,597
------------------
Repurchase Agreements (0.0%)
State Street Bank & Trust ***
3.500% Repurchase Agreement dated 10-31-2000 to be
repurchased at $74,621 on 11-1-2000 74,614 74,614
------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION PRINCIPAL VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
Time Deposit (1.8%)
State Street Bank & Trust Eurodollar Time
Deposit
6.000% 11-1-2000 $ 5,800,000 $ 5,800,000
------------------
TOTAL SHORT-TERM SECURITIES (COST $56,201,211) 56,201,211
------------------
TOTAL INVESTMENTS (99.3%) (COST $313,922,256) 327,763,824
------------------
OTHER ASSETS IN EXCESS OF LIABILITIES (0.7%) 2,464,510
------------------
NET ASSETS (100.0%) $ 330,228,334
==================
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
67
See notes to schedule of investments at page 103.
The notes to the financial statements are an integral part of these
schedules.
<PAGE> 70
October 31, 2000
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
IDEX T. ROWE PRICE DIVIDEND GROWTH
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
COMMON STOCK (94.0%)
Basic Materials (2.0%)
Chemicals (0.2%)
E.I. du Pont de Nemours and Company 900 $ 40,838
------------------
Other Non-ferrous (0.5%)
Phelps Dodge Corp. 1,600 74,800
------------------
Paper Products (0.9%)
Kimberly-Clark Corp. 2,400 158,400
------------------
Precious Metals (0.4%)
Newmont Mining Corp. 4,800 65,100
------------------
Consumer, Cyclical (9.4%)
Advertising (1.5%)
Omnicom Group, Inc. 2,800 258,300
------------------
Broadcasting (1.2%)
Comcast Corp. Class A * 3,100 126,325
The McGraw-Hill Companies 1,200 77,025
------------------
203,350
------------------
Casinos (0.2%)
MGM Mirage 850 29,378
------------------
Entertainment (1.1%)
Walt Disney Company 5,000 179,063
------------------
Home Construction (0.3%)
Valspar Corp. 2,200 60,081
------------------
Lodging (0.9%)
Archstone Communities Trust 6,900 162,581
------------------
Publishing (0.5%)
Tribune Company 2,400 88,950
------------------
Retailers - Broadline (2.6%)
Family Dollar Stores, Inc. 12,700 246,856
Target Corp. 6,800 187,850
------------------
434,706
------------------
Retailers - Specialty (0.8%)
Home Depot, Inc. 1,100 47,300
Lowe's Companies, Inc. 1,900 86,806
------------------
134,106
------------------
Toys (0.3%)
Hasbro, Inc. 4,400 47,300
------------------
Consumer, Non-Cyclical (17.8%)
Beverages (1.8%)
PepsiCo, Inc. 4,680 226,688
The Coca-Cola Company 1,200 72,450
------------------
299,138
------------------
Consumer Services (1.8%)
C.H. Robinson Worldwide, Inc. 1,400 76,563
Expeditors International of Washington, Inc. 1,400 72,625
Viad Corp. 7,000 149,625
------------------
298,813
------------------
Cosmetics (0.6%)
The Gillette Company 2,800 97,650
------------------
Food - Other (2.4%)
General Mills, Inc. 2,500 104,375
McCormick & Company, Inc. 5,400 171,113
Quaker Oats Company 1,700 138,656
------------------
414,144
------------------
Household Products (0.5%)
Colgate-Palmolive Company 1,300 76,387
------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
Medical Supplies (3.0%)
Abbott Laboratories, Inc. 2,900 $ 153,156
American Home Products Corp. 5,600 355,600
------------------
508,756
------------------
Pharmaceuticals (7.7%)
Bristol-Myers Squibb Company, Inc. 2,200 134,063
CVS Corp. 4,100 217,044
Johnson & Johnson 1,200 110,550
Merck and Company, Inc. 1,900 170,881
Pfizer, Inc. 11,287 487,457
Schering Plough Corp. 3,600 186,075
------------------
1,306,070
------------------
Energy (8.4%)
Oil Companies - Major (7.4%)
Amerada Hess Corp. 2,100 130,200
BP Amoco PLC ADR 3,300 168,094
Chevron Corp. 2,400 197,100
Exxon Mobil Corp. 4,448 396,706
Royal Dutch Petroleum Company NYRS 4,300 255,313
Texaco, Inc. 1,700 100,406
------------------
1,247,819
------------------
Oil Companies - Secondary (1.0%)
Baker Hughes, Inc. 4,900 168,437
------------------
Financial (29.7%)
Banks (2.4%)
Bank of New York Company, Inc. 5,700 328,106
Chase Manhattan Corp. 1,700 77,350
------------------
405,456
------------------
Diversified (10.2%)
American General Corp. 2,200 177,100
Associates First Capital Corp. Class A 3,100 115,088
Bank of America Corp. 1,270 61,039
Citigroup, Inc. 8,893 467,994
Equifax, Inc. 3,400 117,300
First Data Corp. 2,800 140,350
Marsh & McLennan Companies, Inc. 1,100 143,825
Mellon Financial Corp. 6,100 294,325
Wells Fargo & Company 4,500 208,406
------------------
1,725,427
------------------
Insurance (3.0%)
ACE, Ltd. 5,600 219,800
CIGNA Corp. 2,300 280,485
------------------
500,285
------------------
Real Estate (7.7%)
Arden Realty, Inc. 3,500 84,000
Cousins Properties, Inc. 6,450 167,700
Duke-Weeks Realty Corp. 6,962 164,912
Reckson Associates Realty Corp. 7,200 162,900
Starwood Hotels & Resorts Worldwide, Inc. 7,000 207,375
Vornado Realty Trust 4,600 160,137
XL Capital, Ltd. Class A 4,500 345,938
------------------
1,292,962
------------------
Securities Brokers (2.6%)
Morgan Stanley, Dean Witter, Discover and
Company 700 56,219
Waddell & Reed Financial, Inc. Class B 12,330 385,312
------------------
441,531
------------------
United States Government Agencies (3.8%)
Federal Home Loan Mortgage Corp. 6,600 396,000
Federal National Mortgage Association 3,300 254,100
------------------
650,100
------------------
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
68
See notes to schedule of investments
at page 103.
The notes to the financial
statements are an integral part of
these schedules.
<PAGE> 71
October 31, 2000
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
IDEX T. ROWE PRICE DIVIDEND GROWTH
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
Independent (1.2%)
Conglomerate
Philip Morris Companies, Inc. 5,600 $ 205,100
------------------
Industrial (6.2%)
Building Materials (0.7%)
Masco Corp. 6,300 117,731
------------------
Electronic Components and Equipment (0.8%)
Analogic Corp. 2,500 88,281
Solectron Corp. * 1,000 44,000
------------------
132,281
------------------
Diversified (4.1%)
General Electric Company 4,450 243,916
Pall Corp. 6,300 135,844
ProLogis Trust 8,500 178,500
Tyco International Group SA ADR 2,300 130,381
------------------
688,641
------------------
Railroads (0.6%)
Union Pacific Corp. 2,300 107,813
------------------
Technology (16.9%)
Aerospace/Defense (1.8%)
Honeywell International, Inc. 2,400 129,150
United Technologies Corp. 2,500 174,531
------------------
303,681
------------------
Biotechnology (1.3%)
Pharmacia Corp. 3,842 211,310
------------------
Communications (5.7%)
Cisco Systems, Inc. * 1,000 53,876
Motorola, Inc. 2,300 57,356
Nortel Networks Corp. ADR 3,400 154,700
SBC Communications, Inc. 4,300 248,056
Verizon Communications 3,438 198,759
Vodafone Group PLC ADR 3,500 148,969
WorldCom, Inc. * 4,600 109,250
------------------
970,966
------------------
Computers (2.0%)
Dell Computer Corp. * 5,300 156,350
Hewlett-Packard Company 3,800 176,463
------------------
332,813
------------------
Diversified (0.7%)
JDS Uniphase Corp. * 300 24,413
Teleflex, Inc. 2,800 96,775
------------------
121,188
------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
Semiconductors (1.9%)
Applied Materials, Inc. * 2,000 $ 106,250
Intel Corp. 300 13,500
Linear Technology Corp. 1,400 90,388
SDL, Inc. * 100 25,925
Texas Instruments, Inc. 1,700 83,406
------------------
319,469
------------------
Software (3.5%)
America Online, Inc. * 2,300 115,989
Automatic Data Processing, Inc. 3,400 222,063
BMC Software, Inc. * 2,200 44,687
Microsoft Corp. * 3,100 213,513
------------------
596,252
------------------
Utilities (2.4%)
Electric (1.1%)
TECO Energy, Inc. 6,870 191,501
------------------
Telephone (1.3%)
ALLTEL Corp. 3,300 212,643
------------------
TOTAL COMMON STOCK (COST $14,447,059) 15,881,317
------------------
CONVERTIBLE PREFERRED STOCK (0.5%)
Technology
Diversified
Nokia Corp. OY ADR (cost $87,682) 2,100 89,775
------------------
</TABLE>
<TABLE>
<CAPTION>
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DESCRIPTION PRINCIPAL VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
SHORT-TERM SECURITIES (5.2%)
Commercial Paper (3.7%)
General Electric Capital Corp. 6.510%
11-29-2000 $ 150,000 $ 149,244
Metlife Funding, Inc. 6.470% 11-16-2000 125,000 124,663
Motorola Credit Corp. 6.490% 11-22-2000 350,000 348,675
------------------
622,582
------------------
Other Short-Term Securities (1.5%)
SSgA Money Market Fund
7-day yield of 6.290% 11-1-2000 249,000 249,000
------------------
TOTAL SHORT-TERM SECURITIES (COST $871,578) 871,582
------------------
TOTAL INVESTMENTS (99.7%) (COST $15,406,319) 16,842,674
------------------
OTHER ASSETS IN EXCESS OF LIABILITIES (0.3%) 57,427
------------------
NET ASSETS (100.0%) $ 16,900,101
==================
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
69
See notes to schedule of investments at page 103.
The notes to the financial statements are an integral part of these
schedules.
<PAGE> 72
October 31, 2000
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
IDEX T. ROWE PRICE SMALL CAP
<TABLE>
<CAPTION>
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DESCRIPTION SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
COMMON STOCK (97.4%)
Basic Materials (1.2%)
Chemicals (1.1%)
Cabot Corp. 900 $ 19,800
Cabot Microelectronics Corp. * 1,373 60,669
Cambrex Corp. 1,300 51,919
OM Group, Inc. 1,400 64,750
Spartech Corp. 2,500 38,594
------------------
235,732
------------------
Mining - Diversified (0.1%)
Stillwater Mining Company * 700 20,300
------------------
Consumer, Cyclical (11.5%)
Advertising (1.6%)
Catalina Marketing Corp. * 1,300 51,025
DoubleClick, Inc. * 1,200 19,500
Getty Images, Inc. * 1,900 60,325
Harte-Hanks, Inc. 1,400 30,975
Insight Enterprises, Inc. * 900 29,250
Lamar Advertising Company * 800 38,400
True North Communications, Inc. 1,800 67,838
Valassis Communications, Inc. * 800 22,200
------------------
319,513
------------------
Airlines (0.5%)
Mesaba Holdings, Inc. * 3,400 36,763
SkyWest, Inc. 900 45,450
Triumph Group, Inc. * 500 17,000
------------------
99,213
------------------
Auto Parts and Equipment (0.3%)
O'Reilly Automotive, Inc. * 3,600 64,800
------------------
Broadcasting (1.0%)
Citadel Communications Corp. * 1,500 18,187
Cox Radio, Inc. Class A * 2,500 56,875
Entercom Communications Corp. * 1,200 47,025
Pegasus Communications Corp. * 400 14,225
Radio One, Inc. * 4,100 32,786
Westwood One, Inc. * 1,500 28,406
------------------
197,504
------------------
Clothing/Fabric (1.1%)
Fossil, Inc. * 2,125 27,758
Men's Wearhouse, Inc. * 3,800 111,150
Quiksilver, Inc. * 4,550 87,019
------------------
225,927
------------------
Consumer Electronics (0.4%)
Ethan Allen Interiors, Inc. 600 17,550
Harman International Industries, Inc. 1,000 48,000
Rent-Way, Inc. * 1,700 8,606
------------------
74,156
------------------
Entertainment (0.2%)
Imax Corp. * 2,200 10,725
International Speedway Corp. 1,100 35,338
------------------
46,063
------------------
Footwear (0.2%)
AnnTaylor Stores Corp. * 1,200 36,000
------------------
Home Construction (0.1%)
Kaufman and Broad Home Corp. 500 14,875
------------------
Home Furnishings (0.0%)
Furniture Brands International, Inc. * 600 10,125
------------------
Lodging (0.0%)
LodgeNet Entertainment Corp. * 500 8,781
------------------
Publishing (0.2%)
Scholastic Corp. * 500 40,000
------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
Recreation Products - Other (0.1%)
The Topps Company, Inc. * 3,200 $ 28,900
------------------
Restaurants (1.0%)
BUCA, Inc. * 700 10,937
CEC Entertainment, Inc. * 2,400 76,500
P.F. Chang's China Bistro, Inc. * 1,000 41,000
RARE Hospitality International, Inc. * 900 20,925
Sonic Corp. * 1,400 51,100
------------------
200,462
------------------
Retailers - Apparel (1.9%)
G&K Services, Inc. 600 16,575
Kenneth Cole Productions, Inc. Class A * 1,850 84,059
Neiman Marcus Group, Inc. * 1,800 66,825
Pacific Sunwear of California, Inc. * 1,300 26,650
Ross Stores, Inc. 2,700 35,606
The Talbots, Inc. 800 63,250
The Timberland Company Class A * 1,300 67,113
Vans, Inc. * 2,600 33,638
------------------
393,716
------------------
Retailers - Broadline (0.7%)
Cost Plus, Inc. * 2,000 56,000
Dollar Tree Stores, Inc. * 1,300 50,863
Family Dollar Stores, Inc. 1,500 29,156
------------------
136,019
------------------
Retailers - Specialty (2.0%)
Group 1 Automotive, Inc. * 2,500 24,844
Linens 'n Things, Inc. * 700 21,525
Mettler-Toledo International, Inc. * 2,100 98,044
MSC Industrial Direct Company, Inc. Class A
* 800 11,900
SCP Pool Corp. * 2,950 76,331
Tweeter Home Entertainment Group, Inc. * 1,500 36,094
USinternetworking, Inc. * 3,025 6,995
Watsco, Inc. 3,600 33,912
Whitehall Jewellers, Inc. * 2,300 18,400
Williams-Sonoma, Inc. * 2,000 41,625
Zale Corp. * 1,200 40,650
------------------
410,320
------------------
Toys (0.2%)
JAKKS Pacific, Inc. * 4,700 41,419
------------------
Consumer, Non-Cyclical (15.0%)
Consumer Services (5.1%)
A.C. Nielsen Corp. * 1,900 45,481
Avis Rent A Car, Inc. * 1,100 32,862
Bright Horizons Family Solutions, Inc. * 2,000 50,000
C.H. Robinson Worldwide, Inc. 1,800 98,438
Casey's General Stores, Inc. 1,800 22,500
DeVry, Inc. * 1,700 62,794
Diamond Technology Partners, Inc. * 1,900 84,787
E.piphany, Inc. * 300 27,038
Expeditors International of Washington, Inc. 800 41,500
Heidrick & Struggles International, Inc. * 1,700 105,081
Iron Mountain, Inc. * 1,500 50,719
Learning Tree International, Inc. * 2,000 90,500
META Group, Inc. * 2,300 22,138
Metris Companies, Inc. 1,450 46,944
Plexus Corp. * 2,600 163,962
Professional Staff ADR * 400 2,150
PurchasePro.com, Inc. * 1,400 37,800
Spherion Corp. * 200 2,375
Teletech Holdings, Inc. * 2,100 58,275
The Profit Recovery Group International,
Inc. 800 4,300
------------------
1,049,644
------------------
Food - Other (0.1%)
Dreyer's Grand Ice Cream, Inc. 1,000 24,625
------------------
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
70
See notes to schedule of investments
at page 103.
The notes to the financial
statements are an integral part of
these schedules.
<PAGE> 73
October 31, 2000
-------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
-------------------------------------------------------------------------------
IDEX T. ROWE PRICE SMALL CAP
<TABLE>
<CAPTION>
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DESCRIPTION SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
Consumer, Non-Cyclical (continued)
Food Retailers (0.2%)
Performance Food Group Company * 400 $ 16,200
Smithfield Foods, Inc. * 400 11,475
Wild Oats Markets, Inc. * 600 3,788
------------------
31,463
------------------
Healthcare (3.8%)
Express Scripts, Inc. Class A * 500 33,594
First Health Group Corp. * 1,600 62,400
Hooper Holmes, Inc. 5,300 50,297
Incyte Genomics, Inc. * 2,500 91,562
KV Pharmaceutical Company Class A * 2,000 77,875
LifePoint Hospitals, Inc. * 2,600 100,750
National Data Corp. 350 13,344
Neurocrine Biosciences, Inc. * 1,700 65,875
Province Healthcare Company * 3,200 134,800
Tanox, Inc. * 900 33,525
Theragenics Corp. * 1,200 5,625
Universal Health Services, Inc. Class B * 1,400 117,425
------------------
787,072
------------------
Household Products (0.2%)
Mohawk Industries, Inc. * 1,700 37,081
------------------
Medical Supplies (2.0%)
ICU Medical, Inc. * 1,600 40,000
Lincare Holdings, Inc. * 2,300 96,744
Mentor Corp. 4,700 82,838
Patterson Dental Company * 2,900 90,806
PolyMedica Corp. * 1,300 74,750
Sybron International Corp. * 1,300 32,175
------------------
417,313
------------------
Pharmaceuticals (3.6%)
Advance ParadigM, Inc. * 2,100 102,637
Alpharma, Inc. 900 34,931
Andrx Group * 900 64,800
Cubist Pharmaceuticals, Inc. * 700 30,078
Duane Reade, Inc. * 700 20,431
Forest Laboratories, Inc. * 400 53,000
Gilead Sciences, Inc. * 400 34,400
King Pharmaceuticals, Inc. * 3,062 137,216
Omnicare, Inc. 2,800 49,000
Priority Healthcare Corp. Class B * 800 43,000
Shire Pharmaceuticals Group PLC ADS * 1,821 114,495
Triangle Pharmaceuticals, Inc. * 3,800 31,944
ViroPharma, Inc. * 800 18,700
------------------
734,632
------------------
Energy (4.0%)
Oil Companies - Major (1.1%)
Cabot Oil & Gas Corp. 3,900 76,538
Louis Dreyfus Natural Gas Corp. * 2,000 64,125
Tom Brown, Inc. * 4,200 96,075
------------------
236,738
------------------
Oil Drilling (1.5%)
Barrett Resources Corp. * 3,200 116,400
Marine Drilling Company, Inc. * 4,300 102,662
Noble Affiliates, Inc. 500 18,344
Patterson Energy, Inc. * 2,600 73,125
------------------
310,531
------------------
Oilfield Equipment and Services (1.4%)
B.J. Services Company * 400 20,975
Cal Dive International, Inc. * 900 44,775
National-Oilwell, Inc. 2,000 58,500
Smith International, Inc. * 800 56,400
UTI Energy Corp. * 5,000 100,313
------------------
280,963
------------------
Financial (6.9%)
Banks (2.1%)
Bank United Corp. Class A 1,200 68,025
City National Corp. 1,350 46,406
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
Banks (continued)
Commerce Bancorp, Inc. 1,625 $ 98,414
Community First Bankshares, Inc. 2,900 44,950
National Commerce Bancorp 1,100 23,375
Southwest Bancorp of Texas, Inc. * 2,300 83,950
Sterling Bancshares, Inc. 3,500 60,156
------------------
425,276
------------------
Diversified (1.4%)
AmeriCredit Corp. * 1,900 51,062
Heller Financial, Inc. 418 12,227
Investors Financial Services Corp. 700 50,181
NCO Group, Inc. * 2,500 54,687
Radian Group, Inc. 1,709 121,125
------------------
289,282
------------------
Insurance (1.0%)
Annuity and Life Re (Holdings), Ltd. 600 16,537
Brown & Brown, Inc. 600 19,500
Nationwide Financial Services, Inc. 700 34,037
PMI Group, Inc. 800 59,100
Protective Life Corp. 1,100 25,438
StanCorp Financial Group, Inc. 1,200 48,900
------------------
203,512
------------------
Real Estate (0.4%)
Apartment Investment and Management Company Class A 950 43,403
Catellus Development Corp. * 2,100 38,194
------------------
81,597
------------------
Securities Brokers (2.0%)
Affiliated Managers Group, Inc. * 2,100 126,262
Investment Technology Group, Inc. * 3,000 108,000
Legg Mason, Inc. 1,100 57,131
Waddell & Reed Financial, Inc. Class A 3,650 116,344
------------------
407,737
------------------
Industrial (11.2%)
Air Freight (0.3%)
EGL, Inc. * 2,500 71,250
------------------
Building Materials (0.1%)
Carlisle Companies, Inc. 700 29,137
------------------
Electronic Components and Equipment (8.7%)
Alpha Industries, Inc. * 2,800 111,650
Amphenol Corp. Class A * 1,400 89,950
Applied Micro Circuits Corp. * 1,343 102,556
Artesyn Technologies, Inc. * 3,200 130,000
Cohu, Inc. 1,600 25,300
CTS Corp. 1,200 51,525
Dionex Corp. * 2,750 89,203
Exar Corp. * 2,100 93,844
F.Y.I., Inc. * 2,200 88,275
Gentex Corp. * 1,100 27,225
Hi/fn, Inc. * 900 55,575
L-3 Communications Holdings, Inc. * 2,400 158,250
LTX Corp. * 2,700 37,800
Pentair, Inc. 2,600 77,513
Pericom Semiconductor Corp. * 3,300 87,450
Power-One, Inc. * 1,300 92,219
Powerwave Technologies, Inc. * 3,000 144,375
Sawtek, Inc. * 1,600 81,400
Supertex, Inc. * 300 8,512
Symbol Technologies, Inc. 500 22,719
Technitrol, Inc. 1,200 133,050
Three-Five Systems, Inc. * 450 15,525
Varian Semiconductor Equipment Associates, Inc. * 2,400 55,200
------------------
1,779,116
------------------
Heavy Construction (0.2%)
Simpson Manufacturing Company, Inc. * 800 34,100
------------------
Heavy Machinery (0.1%)
Terex Corp. * 1,200 14,775
------------------
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
71
See notes to schedule of investments at page 103.
The notes to the financial statements are an integral part of these
schedules.
<PAGE> 74
October 31, 2000
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS (CONTINUED)
--------------------------------------------------------------------------------
IDEX T. ROWE PRICE SMALL CAP
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
Industrial (continued)
Diversified (0.1%)
Maverick Tube Corp. * 1,900 $ 29,569
------------------
Other Industrial Services (0.9%)
Dycom Industries, Inc. * 2,425 91,241
Manpower, Inc. 1,400 48,737
Tetra Tech, Inc. * 1,400 48,650
------------------
188,628
------------------
Pollution Control (0.2%)
Catalytica, Inc. * 2,550 34,266
------------------
Trucking (0.6%)
Forward Air Corp. * 2,200 90,475
Swift Transportation Company, Inc. * 1,100 15,675
USFreightways, Inc. 400 10,300
------------------
116,450
------------------
Technology (47.1%)
Advanced Medical Devices (1.9%)
Datascope Corp. 2,500 86,563
DENTSPLY International, Inc. 1,000 34,687
ResMed, Inc. * 3,600 91,800
Techne Corp. * 1,400 157,850
Zoll Medical Corp. * 400 19,825
------------------
390,725
------------------
Aerospace/Defense (0.4%)
REMEC, Inc. * 2,100 62,606
The Titan Corp. * 1,000 13,375
------------------
75,981
------------------
Biotechnology (5.9%)
Affymetrix, Inc. * 400 22,150
Aurora Biosciences Corp. * 1,200 73,125
Cell Genesys, Inc. * 400 9,225
Cephalon, Inc. * 1,324 71,000
Collateral Therapeutics, Inc. * 1,000 25,281
CYTYC Corp. * 2,200 130,625
Enzo Biochem, Inc. * 800 30,800
Enzon, Inc. * 1,900 135,375
Human Genome Sciences, Inc. * 800 70,712
ImClone Systems, Inc. * 200 10,938
Inhale Therapeutic Systems, Inc. * 2,500 124,375
Invitrogen Corp. * 1,700 129,306
Lynx Therapeutics, Inc. * 600 10,500
Molecular Devices Corp. * 400 27,350
Myraid Genetics, Inc. * 800 96,000
Protein Design Labs, Inc. * 800 108,063
Serologicals Corp. * 4,400 29,700
Transkaryotic Therapies, Inc. * 500 18,625
Trimeris, Inc. * 700 49,525
Vical, Inc. * 1,500 31,875
------------------
1,204,550
------------------
Communications (7.2%)
Adaptive Broadband Corp. * 800 12,850
Advanced Fibre Communications * 1,100 35,819
AirGate PCS, Inc. * 1,000 38,875
American Tower Corp. Class A * 500 20,469
Andrew Corp. * 1,600 42,100
AT&T Canada, Inc. * 900 27,844
AudioCodes, Ltd. * 1,800 71,212
CapRock Communications Corp. * 1,000 7,125
Carrier Access Corp. * 500 6,250
Ceragon Networks, Ltd. 1,100 13,750
Com21, Inc. * 2,400 25,950
CommScope, Inc. * 1,800 45,562
Concord Communications, Inc. * 1,500 11,625
Copper Mountain Networks, Inc. * 1,400 16,013
Crown Castle International Corp. * 1,100 33,344
Ditech Communications Corp. * 800 27,550
Emmis Communications Corp. Class A * 2,800 74,900
Floware Wireless Systems, Ltd. * 1,100 15,056
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
Communications (continued)
Gilat Satellite Networks, Ltd. * 600 $ 30,713
Insight Communications Company, Inc. * 1,300 18,038
IntraNet Solutions, Inc. * 1,800 83,700
Millicom International Cellular SA ADR * 1,300 39,975
Natural MicroSystems Corp. * 2,300 103,931
Pinnacle Holdings, Inc. * 2,500 39,375
Plantronics, Inc. * 2,800 127,750
Polycom, Inc. * 2,800 182,000
Price Communications Corp. * 3,100 67,037
Regent Communications, Inc. * 5,400 32,400
SpectraSite Holdings, Inc. * 1,800 35,550
Terayon Communications Systems, Inc. * 200 4,475
Time Warner Telecom, Inc. Class A * 1,200 71,550
ViaSat, Inc. * 1,200 26,400
Western Wireless Corp. * 1,800 85,500
------------------
1,474,688
------------------
Computers (4.5%)
Advanced Digital Information Corp. * 600 7,800
BackWeb Technologies, Ltd. * 3,200 28,600
ChoicePoint, Inc. * 1,300 66,544
Cobalt Networks, Inc. * 600 33,075
Commerce One, Inc. * 340 21,824
Concurrent Computer Corp. * 1,200 21,150
Echelon Corp. * 500 15,875
eLoyalty Corp. * 3,100 29,837
Extended Systems, Inc. 400 15,600
Fair, Isaac and Company, Inc. 300 12,300
FirePond, Inc. * 1,200 9,600
GoTo.com, Inc. * 1,000 14,187
HomeStore.com, Inc. * 900 30,600
InterVoice, Inc. * 1,900 18,584
Jack Henry & Associates, Inc. 1,700 93,500
Mercury Computer Systems, Inc. * 1,800 55,800
Netegrity, Inc. * 1,850 144,300
Pixar, Inc. * 900 29,700
Rare Medium Group, Inc. * 900 4,163
Register.com, Inc. * 2,800 19,600
SanDisk Corp. * 1,200 64,481
Silicon Storage Technology, Inc. * 2,900 65,975
Teradyne, Inc. * 200 6,250
Turnstone Systems, Inc. * 1,500 31,875
Verity, Inc. * 2,200 51,700
Xircom, Inc. * 1,700 24,013
------------------
916,933
------------------
Diversified (4.3%)
APA Optics, Inc. * 1,500 16,500
Avocent Corp. * 1,800 127,687
C-COR.net Corp. * 1,000 15,625
Coherent, Inc. * 1,200 41,775
Emulex Corp. * 600 88,125
Harmonic, Inc. * 3,871 56,130
Jabil Circuit, Inc. * 400 22,825
JDS Uniphase Corp. * 400 32,550
NEON Communications, Inc. * 1,800 21,712
Newport Corp. 200 22,841
NVIDIA Corp. * 500 31,070
Oplink Communications, Inc. 900 21,937
Optimal Robotics Corp. * 800 26,900
Osicom Technologies, Inc. * 400 12,800
Quanta Services, Inc. * 1,750 54,359
Radiant Systems, Inc. * 1,650 30,422
Retek, Inc. * 497 19,600
SBS Technologies, Inc. * 1,000 25,750
SonicWALL, Inc. * 2,500 37,344
Spectra-Physics Lasers, Inc. * 400 14,125
The BISYS Group, Inc. * 1,400 65,975
Varian, Inc. * 2,000 61,625
Western Mutiplex Corp. * 1,900 26,838
------------------
874,515
------------------
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
72
See notes to schedule of investments
at page 103.
The notes to the financial
statements are an integral part of
these schedules.
<PAGE> 75
October 31, 2000
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
IDEX T. ROWE PRICE SMALL CAP
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
Technology (continued)
Industrial (4.4%)
Anaren Microwave, Inc. * 1,000 $ 104,000
Asyst Technologies, Inc. * 2,500 37,500
ATMI, Inc. * 5,500 103,812
AXT, Inc. * 500 19,250
Benchmark Electronics, Inc. * 400 16,100
Cognex Corp. * 2,000 67,000
Cymer, Inc. * 1,700 42,500
GlobeSpan, Inc. * 600 46,162
Insituform Technologies, Inc. * 4,000 142,750
KEMET Corp. * 2,900 80,838
Kopin Corp. * 2,700 38,138
Macrovision Corp. * 1,200 87,450
RSA Security, Inc. * 1,300 75,400
Spectrian Corp. * 2,800 33,775
------------------
894,675
------------------
Office Equipment (0.7%)
Proxim, Inc. * 2,600 157,625
------------------
Semiconductors (5.9%)
Alliance Semiconductor Corp. * 700 14,000
Applied Science and Technology, Inc. * 1,100 15,812
Cree, Inc. * 900 89,325
Dallas Semiconductor Corp. 600 23,775
Integrated Silicon Solution, Inc. * 3,900 52,163
International Rectifier Corp. * 900 40,162
Lattice Semiconductor Corp. * 3,800 110,912
Micro Warehouse, Inc. * 2,200 99,550
Microchip Technology, Inc. * 2,150 67,994
MIPS Technologies, Inc. * 800 32,100
Novellus Systems, Inc. * 200 8,187
PMC - Sierra, Inc. * 500 84,750
QLogic Corp. * 1,333 128,968
QuickLogic Corp. * 600 5,325
S3, Inc. * 5,700 51,478
Sanmina Corp. * 500 57,156
Semtech Corp. * 2,400 77,400
SIPEX Corp. * 1,100 43,313
TranSwitch Corp. * 2,500 144,375
TriQuint Semiconductor, Inc. * 1,800 68,963
Virata Corp. * 300 5,813
------------------
1,221,521
------------------
Software (11.9%)
About.com, Inc. * 500 12,000
Actuate Corp. * 3,500 98,656
Advent Software, Inc. * 700 41,869
Affiliated Computer Services, Inc. Class A * 800 44,550
Allaire Corp. * 3,400 24,862
Aspen Technology, Inc. * 1,000 41,312
BroadVision, Inc. * 1,300 38,675
Clarus Corp. * 800 8,000
Cognizant Technology Solutions Corp. * 700 28,700
Comverse Technology, Inc. * 600 67,050
Dendrite International, Inc. * 1,450 31,537
Electronic Arts, Inc. * 800 40,000
Embarcadero Technologies, Inc. * 900 54,394
F5 Networks, Inc. * 300 9,300
FactSet Research Systems, Inc. 3,100 117,397
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
Software (continued)
HNC Software, Inc. * 400 $ 8,125
Hyperion Solutions Corp. * 1,600 22,400
Informatica Corp. * 1,300 122,850
Inter-Tel, Inc. 1,600 18,500
Interact Commerce Corp. * 1,200 11,025
Internet Security Systems, Inc. * 1,100 97,075
Jupiter Media Metrix, Inc. 600 8,175
Keane, Inc. * 2,400 31,200
Keynote Systems, Inc. * 3,100 74,400
Liberate Technologies * 2,400 45,750
Macromedia, Inc. * 1,200 92,475
Manugistics Group, Inc. * 1,300 148,119
Mercury Interactive Corp. * 800 88,800
Micromuse, Inc. * 400 67,875
National Instruments Corp. * 2,100 98,044
NetIQ Corp. * 1,288 110,929
Netopia, Inc. * 600 6,525
Network Associates, Inc. * 1,700 32,725
Packeteer, Inc. * 2,400 59,700
Peregrine Systems, Inc. * 2,250 54,000
Red Hat, Inc. * 600 7,500
Remedy Corp. * 2,900 49,663
SeaChange International, Inc. * 1,000 22,000
SERENA Software, Inc. * 1,800 91,575
SignalSoft Corp. * 400 11,375
Software.com, Inc. * 400 59,600
Sybase, Inc. * 3,100 64,906
Symantec Corp. * 600 23,438
THQ, Inc. * 3,200 65,600
WebTrends Corp. * 2,900 93,208
Zebra Technologies Corp. Class A * 1,600 70,100
Zomax, Inc. * 2,700 16,369
------------------
2,432,328
------------------
Utilities (0.5%)
Electric (0.4%)
Calpine Corp. * 900 71,044
------------------
Telephone (0.1%)
ITC DeltaCom, Inc. * 3,000 24,281
------------------
TOTAL COMMON STOCK (COST $19,799,295) 19,957,448
------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION PRINCIPAL VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
SHORT-TERM SECURITIES (2.5%)
Commercial Paper (1.4%)
Golden Funding Corp. 144A 6.520% 11-2-2000 $ 300,000 $ 299,946
Other Short-Term Securities (1.1%)
SSgA Money Market Fund
7-day yield of 6.290% 11-1-2000 228,000 228,000
------------------
TOTAL SHORT-TERM SECURITIES (COST $527,946) 527,946
--------------
TOTAL INVESTMENTS (99.9%) (COST $20,327,241) 20,485,394
------------------
OTHER ASSETS IN EXCESS OF LIABILITIES (0.1%) 10,858
------------------
NET ASSETS (100.0%) $ 20,496,252
==================
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
73
See notes to schedule of investments at page 103.
The notes to the financial statements are an integral part of these
schedules.
<PAGE> 76
October 31, 2000
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
IDEX PILGRIM BAXTER MID CAP GROWTH
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
COMMON STOCK (89.4%)
Consumer, Cyclical (8.6%)
Advertising (2.6%)
Getty Images, Inc. * 62,800 $ 1,993,900
InfoSpace, Inc. * 89,000 1,791,125
------------------
3,785,025
------------------
Consumer Electronics (0.9%)
RadioShack Corp. 23,300 1,389,263
------------------
Retailers - Specialty (5.1%)
Mettler-Toledo International, Inc. * 81,500 3,805,031
Tiffany & Company 40,700 1,737,381
Zale Corp. * 60,200 2,039,275
------------------
7,581,687
------------------
Consumer, Non-Cyclical (9.9%)
Medical Supplies (0.6%)
Biomet, Inc. 26,400 955,350
------------------
Pharmaceuticals (9.3%)
Andrx Group * 35,200 2,534,400
Celgene Corp. * 64,900 4,177,938
Medicis Pharmaceutical Corp. Class A * 41,500 3,055,437
Teva Pharmaceutical Industries, Ltd. ADS 67,800 4,008,675
------------------
13,776,450
------------------
Energy (8.3%)
Oil Drilling (6.2%)
Diamond Offshore Drilling, Inc. 41,500 1,434,344
ENSCO International, Inc. 89,800 2,985,850
EOG Resources, Inc. 54,000 2,126,250
Global Marine, Inc. * 35,200 932,800
Santa Fe International Corp. 50,300 1,835,950
------------------
9,315,194
------------------
Oilfield Equipment and Services (2.1%)
B.J. Services Company * 28,600 1,499,713
Cooper Cameron Corp. * 29,700 1,618,650
------------------
3,118,363
------------------
Financial (1.9%)
Securities Brokers
T. Rowe Price Associates, Inc. 59,700 2,794,706
------------------
Industrial (6.4%)
Electronic Components and Equipment
Applied Micro Circuits Corp. * 83,463 6,374,517
APW, Ltd. * 38,700 1,787,456
Celestica, Inc. ADR 19,100 1,372,813
------------------
9,534,786
------------------
Technology (54.3%)
Advanced Medical Devices (0.6%)
Techne Corp. * 8,000 902,000
------------------
Biotechnology (0.6%)
Inhale Therapeutic Systems, Inc. * 19,100 950,225
------------------
Communications (7.6%)
Advanced Fibre Communications * 25,300 823,831
AudioCodes, Ltd. * 35,000 1,384,688
Ditech Communications Corp. * 23,900 823,056
Juniper Networks, Inc. * 18,800 3,666,000
Natural MicroSystems Corp. * 34,000 1,536,375
Polycom, Inc. * 35,600 2,314,000
Tekelec * 23,100 850,369
------------------
11,398,319
------------------
Computers (12.5%)
Ariba, Inc. * 30,100 3,803,887
Check Point Software Technologies, Ltd. ADR 18,400 2,914,100
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
Computers (continued)
Commerce One, Inc. * 33,300 $ 2,137,444
Handspring, Inc. 19,000 1,373,938
Redback Networks, Inc. * 32,300 3,437,931
SanDisk Corp. * 20,900 1,123,048
VeriSign, Inc. * 28,662 3,783,384
------------------
18,573,732
------------------
Diversified (6.1%)
C-COR.net Corp. * 25,300 395,313
Emulex Corp. * 12,500 1,835,937
Extreme Networks, Inc. * 37,600 3,118,450
Newport Corp. 29,700 3,391,833
Oplink Communications, Inc. 11,600 282,750
------------------
9,024,283
------------------
Industrial (3.1%)
GlobeSpan, Inc. * 41,500 3,192,906
ONI Systems Corp. * 16,900 1,369,956
------------------
4,562,862
------------------
Semiconductors (9.6%)
Analog Devices, Inc. * 19,400 1,261,000
Avanex Corp. * 13,200 1,340,625
Credence Systems Corp. * 44,000 825,000
Finisar Corp. * 37,000 1,066,063
Microchip Technology, Inc. * 31,900 1,008,838
MRV Communications, Inc. * 70,100 2,768,950
New Focus, Inc. * 14,700 933,450
SDL, Inc. * 5,900 1,529,575
TranSwitch Corp. * 7,100 410,025
TriQuint Semiconductor, Inc. * 54,900 2,103,355
Virata Corp. * 52,100 1,009,438
------------------
14,256,319
------------------
Software (14.2%)
Agile Software Corp. * 14,100 1,062,788
Art Technology Group, Inc. * 33,300 2,089,575
BEA Systems, Inc. * 52,800 3,788,400
Brocade Communications Systems, Inc. * 17,900 4,070,012
Mercury Interactive Corp. * 16,500 1,831,500
Micromuse, Inc. * 14,100 2,392,593
Niku Corp. * 78,900 1,242,675
Quest Software, Inc. * 23,100 1,009,181
SmartForce PLC ADR 22,600 1,137,416
Support.com, Inc. * 1,700 24,225
Vitria Technology, Inc. * 90,900 2,442,938
------------------
21,091,303
------------------
TOTAL COMMON STOCK (COST $138,034,628) 133,009,867
------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION PRINCIPAL VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
SHORT-TERM SECURITIES (19.1%)
Repurchase Agreements (0.1%)
State Street Bank & Trust ***
3.500% Repurchase Agreement dated 10-31-2000
to be repurchased at $68,824 on 11-1-2000 $ 68,817 $ 68,817
------------------
Time Deposit (19.0%)
State Street Bank & Trust Eurodollar Time
Deposit 6.000% 11-1-2000 28,300,000 28,300,000
------------------
TOTAL SHORT-TERM SECURITIES (COST $28,368,817) 28,368,817
------------------
TOTAL INVESTMENTS (108.5%) (COST $166,403,445) 161,378,684
------------------
LIABILITIES IN EXCESS OF OTHER ASSETS (-8.5%) (12,646,573)
------------------
NET ASSETS (100.0%) $ 148,732,111
==================
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
74
See notes to schedule of investments
at page 103.
The notes to the financial
statements are an integral part of
these schedules.
<PAGE> 77
October 31, 2000
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
IDEX PILGRIM BAXTER TECHNOLOGY
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
COMMON STOCK (90.8%)
Consumer, Cyclical (4.2%)
Advertising
Getty Images, Inc. * 11,000 $ 349,250
InfoSpace, Inc. * 164,600 3,312,575
------------------
3,661,825
------------------
Industrial (3.5%)
Electronic Components and Equipment
Applied Micro Circuits Corp. * 40,800 3,116,100
------------------
Technology (83.1%)
Communications (9.0%)
Advanced Fibre Communications * 14,800 481,925
Ditech Communications Corp. * 16,500 568,218
Juniper Networks, Inc. * 19,300 3,763,500
Metromedia Fiber Network, Inc. Class A * 23,200 440,800
Next Level Communications, Inc. * 7,000 327,688
Polycom, Inc. * 19,600 1,274,000
StorageNetworks, Inc. * 9,300 589,969
Tekelec * 13,100 482,244
------------------
7,928,344
------------------
Computers (29.3%)
Ariba, Inc. * 40,900 5,168,737
Commerce One, Inc. * 45,300 2,907,694
Foundry Networks, Inc. * 13,700 910,194
InterNAP Network Services Corp. * 18,500 296,000
Network Appliance, Inc. * 11,300 1,344,700
Palm, Inc. * 98,100 5,254,480
Rare Medium Group, Inc. * 10,700 49,488
Redback Networks, Inc. * 35,700 3,799,819
SanDisk Corp. * 16,100 865,123
Sun Microsystems, Inc. * 15,300 1,696,388
VeriSign, Inc. * 26,965 3,559,380
------------------
25,852,003
------------------
Diversified (9.4%)
Ciena Corp. * 52,500 5,519,062
Emulex Corp. * 6,000 881,250
Extreme Networks, Inc. * 22,100 1,832,919
Oplink Communications, Inc. * 4,000 97,500
------------------
8,330,731
------------------
Industrial (6.2%)
GlobeSpan, Inc. * 40,500 3,115,968
ONI Systems Corp. * 28,600 2,318,388
------------------
5,434,356
------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
Semiconductors (7.4%)
Avanex Corp. * 12,400 $ 1,259,375
Broadcom Corp. Class A * 7,700 1,712,287
MRV Communications, Inc. * 62,200 2,456,900
SDL, Inc. * 900 233,325
TranSwitch Corp. * 7,800 450,450
Virata Corp. * 20,700 401,063
------------------
6,513,400
------------------
Software (21.8%)
Agile Software Corp. * 9,000 678,375
Art Technology Group, Inc. * 18,200 1,142,050
Autonomy Corp. PLC ADR * 12,900 645,000
BEA Systems, Inc. * 11,100 796,425
Brocade Communications Systems, Inc. * 10,100 2,296,487
Cosine Communications, Inc. * 7,200 238,050
i2 Technologies, Inc. * 15,715 2,671,550
Interwoven, Inc. * 4,800 483,600
Mercury Interactive Corp. * 5,500 610,500
Micromuse, Inc. * 13,900 2,358,656
Quest Software, Inc. * 18,600 812,588
Siebel Systems, Inc. * 18,800 1,972,825
VERITAS Software Corp. * 20,000 2,820,313
Vitria Technology, Inc. * 63,500 1,706,563
------------------
19,232,982
------------------
TOTAL COMMON STOCK (COST $89,778,253) 80,069,741
------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION PRINCIPAL VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
SHORT-TERM SECURITIES (11.4%)
Repurchase Agreements (0.1%)
State Street Bank & Trust ***
3.500% Repurchase Agreement dated 10-31-2000
to be repurchased at $38,445 on 11-1-2000 $ 38,441 $ 38,441
------------------
Time Deposit (11.3%)
State Street Bank & Trust Eurodollar Time
Deposit 4.500% 11-1-2000 10,000,000 10,000,000
------------------
TOTAL SHORT-TERM SECURITIES (COST $10,038,441) 10,038,441
------------------
TOTAL INVESTMENTS (102.2%) (COST $99,816,694) 90,108,182
------------------
LIABILITIES IN EXCESS OF OTHER ASSETS (-2.2%) (1,899,272)
------------------
NET ASSETS (100.0%) $ 88,208,910
==================
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
75
See notes to schedule of investments at page 103.
The notes to the financial statements are an integral part of these
schedules.
<PAGE> 78
October 31, 2000
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
IDEX GABELLI GLOBAL GROWTH
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
FRANCE (0.9%)
COMMON STOCK
Canal Plus 1,300 $ 188,170
------------------
GERMANY (0.9%)
COMMON STOCK
Muenchener Ruckversicherungs-Namen AG 635 197,035
------------------
ITALY (1.8%)
COMMON STOCK
Finmeccanica SpA 160,000 183,509
San Paolo - IMI SpA 11,700 189,715
------------------
373,224
------------------
JAPAN (3.3%)
COMMON STOCK
Furukawa Electric Company, Ltd. 10,200 268,225
Kyocera Corp. 140 18,215
Kyocera Corp. ADR 1,800 240,750
NTT Docomo, Inc. 60 147,883
------------------
675,073
------------------
NETHERLANDS (0.9%)
COMMON STOCK
Koninklijke (Royal) Philips Electronics NV
NYRS 4,800 191,700
------------------
SOUTH KOREA (0.8%)
COMMON STOCK
Samsung Electronics GDR 144A 2,575 161,297
------------------
UNITED KINGDOM (3.5%)
COMMON STOCK
British Aerospace PLC 32,000 182,427
British Telecommunications PLC 16,000 187,766
Cable & Wireless PLC ADR 4,350 187,322
Vodafone Group PLC ADR 4,000 170,250
------------------
727,765
------------------
UNITED STATES (109.2%)
COMMON STOCK (21.0%)
Allied Waste Industries, Inc. * 20,950 193,787
AT&T Corp. * 8,000 185,500
Bellsouth Corp. 5,600 270,550
Cablevision Systems Corp. * 2,200 163,900
Clear Channel Communications, Inc. * 3,000 180,188
Corning, Inc. 2,400 183,600
Delphi Automotive Systems Corp. 12,500 196,094
Electronic Arts, Inc. * 3,500 175,000
General Motors Corp. 2,400 149,100
Lockheed Martin Corp. 5,100 182,835
Microsoft Corp. * 2,720 187,340
Nextel Communications, Inc. Class A * 6,850 263,297
Paxson Communications Corp. * 15,600 177,450
Pepsi Bottling Group, Inc. * 4,400 152,350
PSINet, Inc. * 25,600 170,400
SBC Communications, Inc. 4,800 276,900
Sprint Corp. * 5,850 223,031
UnitedGlobalCom, Inc. * 7,400 235,412
USA Networks, Inc. * 12,000 243,000
ValueVision International, Inc. * 8,600 174,150
Verizon Communications 3,200 185,000
WorldCom, Inc. * 8,000 190,000
------------------
4,358,884
------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION PRINCIPAL VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
SHORT-TERM SECURITIES (88.2%)
State Street Bank & Trust ***
6.530% Repurchase Agreement dated
10-31-2000
to be repurchased at $1,976,171 on
11-1-2000 $ 1,975,818 $ 1,975,818
Treasury Bills
5.920% 11-2-2000 416,000 415,929
5.930% 11-9-2000 454,000 453,392
5.960% 12-14-2000 2,651,000 2,631,727
5.970% 12-7-2000 7,392,000 7,346,909
5.980% 12-21-2000 1,608,000 1,593,769
6.025% 12-28-2000 1,659,000 1,642,675
6.040% 1-4-2001 936,000 925,779
6.135% 1-11-2001 202,000 199,546
6.150% 1-18-2001 233,000 229,880
6.165% 1-25-2001 903,000 889,843
------------------
16,329,449
------------------
TOTAL SHORT-TERM SECURITIES (COST $18,307,575) 18,305,267
------------------
22,664,151
------------------
TOTAL INVESTMENTS (121.3%) (COST $25,029,896) 25,178,415
------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
NOTIONAL
AMOUNT DESCRIPTION VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
UNREALIZED GAIN(LOSS) ON FORWARD FOREIGN
CURRENCY CONTRACTS (0.0%) @
B 252,072 British Pound 11-6-2000 Buy $ 25
E 800,927 Euro 11-2-2000 Buy 6,928
J 27,303,728 Japanese Yen 11-1-2000 Buy (528)
J 13,529,497 Japanese Yen 11-6-2000 Buy 14
------------------
TOTAL UNREALIZED NET GAIN ON FORWARD FOREIGN
CURRENCY CONTRACTS 6,439
------------------
LIABILITIES IN EXCESS OF OTHER ASSETS (-21.3%) (4,431,107)
------------------
NET ASSETS (100.0%) $ 20,753,747
==================
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
76
See notes to schedule of investments
at page 103.
The notes to the financial
statements are an integral part of
these schedules.
<PAGE> 79
This Page for Notes and Computations
--------------------------------------------------------------------------------
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
77
<PAGE> 80
October 31, 2000
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
IDEX GOLDMAN SACHS GROWTH
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
COMMON STOCK (95.6%)
Basic Materials (1.7%)
Chemicals (0.9%)
Dow Chemical Company 2,200 $ 67,375
E.I. du Pont de Nemours and Company 3,011 136,624
------------------
203,999
------------------
Forest Products (0.2%)
Weyerhaeuser Company 1,090 51,162
------------------
Paper Products (0.4%)
International Paper Company 1,600 58,600
Kimberly-Clark Corp. 810 53,460
------------------
112,060
------------------
Precious Metals (0.2%)
Alcoa, Inc. 1,800 51,638
------------------
Consumer, Cyclical (14.9%)
Advertising (0.5%)
DoubleClick, Inc. * 3,710 60,288
Valassis Communications, Inc. * 2,000 55,500
------------------
115,788
------------------
Auto Manufacturers (1.2%)
Ford Motor Company 1,989 51,962
General Motors Corp. 1,214 75,420
General Motors Corp. Class H * 5,017 162,551
------------------
289,933
------------------
Broadcasting (4.8%)
Cablevision Systems Corp. * 1,030 76,735
Clear Channel Communications, Inc. * 1,667 100,124
Comcast Corp. Class A * 1,560 63,570
EchoStar Communications Corp. * 2,110 95,477
Infinity Broadcasting Corp. * 5,140 170,905
Time Warner, Inc. 4,610 349,945
Univision Communications, Inc. Class A * 1,500 57,375
Viacom, Inc. Class B * 4,012 228,183
------------------
1,142,314
------------------
Casinos (0.9%)
Harrah's Entertainment, Inc. * 6,970 199,516
------------------
Consumer Electronics (0.3%)
RadioShack Corp. 1,300 77,513
------------------
Entertainment (0.3%)
Walt Disney Company 2,270 81,294
------------------
Lodging (0.7%)
Marriott International, Inc. 3,830 155,115
------------------
Publishing (1.4%)
A.H. Belo Corp. 7,150 137,191
Gannett Company, Inc. 1,190 69,020
The New York Times Company 2,530 92,977
Tribune Company 1,230 45,587
------------------
344,775
------------------
Restaurants (0.8%)
McDonald's Corp. 6,130 190,030
------------------
Retailers - Broadline (1.9%)
Wal-Mart Stores, Inc. 10,160 461,010
------------------
Retailers - Drug Based (1.3%)
Walgreen Company 6,850 312,531
------------------
Retailers - Specialty (0.8%)
Home Depot, Inc. 4,400 189,200
------------------
Consumer, Non-Cyclical (16.7%)
Beverages (2.2%)
PepsiCo, Inc. 5,260 254,781
The Coca-Cola Company 4,660 281,348
------------------
536,129
------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
Consumer Services (0.5%)
Cendant Corp. * 5,870 $ 70,440
E.piphany, Inc. * 560 50,470
------------------
120,910
------------------
Cosmetics (0.7%)
Avon Products, Inc. 2,300 111,550
The Gillette Company 1,720 59,985
------------------
171,535
------------------
Food - Other (0.5%)
Wm. Wrigley Jr. Company 1,440 114,030
------------------
Food Retailers (0.6%)
Nabisco Group Holdings 4,620 133,403
------------------
Household Products (2.2%)
Colgate-Palmolive Company 5,020 294,975
Energizer Holdings, Inc. * 4,410 87,097
Proctor & Gamble Company 2,150 153,591
------------------
535,663
------------------
Medical Supplies (0.8%)
American Home Products Corp. 3,050 193,675
------------------
Pharmaceuticals (9.2%)
Bristol-Myers Squibb Company, Inc. 8,490 517,359
CVS Corp. 1,550 82,053
Eli Lilly and Company 2,290 204,669
Johnson & Johnson 2,610 240,446
Merck and Company, Inc. 3,220 289,599
Pfizer, Inc. 15,392 664,742
Schering Plough Corp. 3,910 202,098
------------------
2,200,966
------------------
Energy (5.9%)
Oil Companies - Major (4.3%)
Chevron Corp. 1,300 106,762
Exxon Mobil Corp. 6,422 572,762
Royal Dutch Petroleum Company NYRS 4,090 242,844
Texaco, Inc. 1,190 70,284
Unocal Corp. 940 32,078
------------------
1,024,730
------------------
Oilfield Equipment and Services (1.6%)
Enron Corp. 1,190 97,654
Schlumberger, Ltd. 3,670 279,379
------------------
377,033
------------------
Financial (19.0%)
Banks (2.9%)
Bank of New York Company, Inc. 1,720 99,008
Chase Manhattan Corp. 775 35,262
MBNA Corp. 7,590 285,099
State Street Corp. 2,190 273,181
------------------
692,550
------------------
Diversified (9.0%)
Bank of America Corp. 2,940 141,304
Citigroup, Inc. 8,376 440,787
First Data Corp. 4,300 215,538
Metlife, Inc. * 9,710 268,239
Sabre Group Holdings, Inc. 1,260 42,131
Standard & Poor's 500 Depository Receipts 5,926 848,159
Stilwell Financial, Inc. 580 25,991
Wells Fargo & Company 3,780 175,061
------------------
2,157,210
------------------
Insurance (2.5%)
Ambac Financial Group, Inc. 2,570 205,118
American International Group, Inc. 4,000 392,000
------------------
597,118
------------------
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
78
See notes to schedule of investments
at page 103.
The notes to the financial
statements are an integral part of
these schedules.
<PAGE> 81
October 31, 2000
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
IDEX GOLDMAN SACHS GROWTH
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
Financial (continued)
Real Estate (0.6%)
Starwood Hotels & Resorts Worldwide, Inc. 4,660 $ 138,053
------------------
Securities Brokers (1.0%)
Charles Schwab Corp. 4,650 163,331
Merrill Lynch & Company, Inc. 1,260 88,200
------------------
251,531
------------------
United States Government Agencies (3.0%)
Federal Home Loan Mortgage Corp. 5,800 348,000
Federal National Mortgage Association 4,720 363,440
------------------
711,440
------------------
Independent (1.0%)
Conglomerate
Philip Morris Companies, Inc. 6,850 250,881
------------------
Industrial (6.2%)
Electronic Components and Equipment (0.1%)
Emerson Electric Company 340 24,969
------------------
Diversified (6.0%)
Corning, Inc. 2,490 190,485
General Electric Company 17,350 950,997
Minnesota Mining & Manufacturing Company 1,910 184,554
Tyco International Group SA ADR 1,890 107,139
------------------
1,433,175
------------------
Pollution Control (0.1%)
Waste Management, Inc. 1,190 23,800
------------------
Technology (28.5%)
Aerospace/Defense (0.4%)
Honeywell International, Inc. 650 34,978
United Technologies Corp. 820 57,246
------------------
92,224
------------------
Biotechnology (0.5%)
Amgen, Inc. * 2,110 122,248
------------------
Communications (11.0%)
AT&T Corp. 3,469 80,437
AT&T Corp. Liberty Media Class A * 10,420 187,560
Cisco Systems, Inc. * 13,780 742,398
Crown Castle International Corp. * 5,880 178,238
Lucent Technologies, Inc. 5,050 117,728
Motorola, Inc. 2,785 69,451
Nortel Networks Corp. ADR 5,760 262,080
QUALCOMM, Inc. * 1,990 129,568
SBC Communications, Inc. 6,520 376,122
Verizon Communications 4,939 285,536
Vodafone Group PLC ADR 1,910 81,294
WorldCom, Inc. * 5,380 127,775
------------------
2,638,187
------------------
Computers (6.0%)
Checkfree Corp. * 870 43,282
Dell Computer Corp. * 4,940 145,730
EMC Corp. * 4,330 385,641
Hewlett-Packard Company 2,520 117,022
International Business Machines Corp. 2,810 276,785
Sun Microsystems, Inc. * 3,180 352,583
VeriSign, Inc. * 818 107,976
------------------
1,429,019
------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
Diversified (0.7%)
Gemstar-TV Guide International, Inc. * 530 $ 36,338
JDS Uniphase Corp. * 1,726 140,453
------------------
176,791
------------------
Semiconductors (3.2%)
Applied Materials, Inc. * 500 26,563
Intel Corp. 12,070 543,150
PMC - Sierra, Inc. * 190 32,205
Texas Instruments, Inc. 2,230 109,409
Xilinx, Inc. * 640 46,360
------------------
757,687
------------------
Software (6.7%)
America Online, Inc. * 2,690 135,657
Automatic Data Processing, Inc. 2,040 133,238
Microsoft Corp. * 12,640 870,580
Oracle Corp. * 11,020 363,660
S1 Corp. * 520 6,272
VERITAS Software Corp. 280 39,484
Yahoo!, Inc. * 970 56,866
------------------
1,605,757
------------------
Utilities (1.7%)
Electric (1.4%)
Duke Energy Corp. 650 56,184
Southern Company 1,420 41,713
The AES Corp. * 4,070 229,955
------------------
327,852
------------------
Telephone (0.3%)
Sprint Corp. * 2,190 83,495
------------------
TOTAL COMMON STOCK (COST $22,108,516) 22,899,939
------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION PRINCIPAL VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
SHORT-TERM SECURITIES (25.2%)
Repurchase Agreements (0.2%)
State Street Bank & Trust ***
3.500% Repurchase Agreement dated 10-31-2000
to be repurchased at $46,075 on 11-1-2000 $ 46,071 $ 46,071
------------------
Time Deposit (25.0%)
State Street Bank & Trust Eurodollar Time
Deposit
6.000% 11-1-2000 6,000,000 6,000,000
------------------
TOTAL SHORT-TERM SECURITIES (COST $6,046,071) 6,046,071
------------------
TOTAL INVESTMENTS (120.8%) (COST $28,154,587) 28,946,010
------------------
LIABILITIES IN EXCESS OF OTHER ASSETS (-20.8%) (4,991,146)
------------------
NET ASSETS (100.0%) $ 23,954,864
==================
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
79
See notes to schedule of investments at page 103.
The notes to the financial statements are an integral part of these
schedules.
<PAGE> 82
October 31, 2000
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
IDEX TRANSAMERICA EQUITY
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
COMMON STOCK (96.5%)
Basic Materials (0.6%)
Chemicals
Symyx Technologies, Inc. * 1,000 $ 47,187
------------------
Consumer, Cyclical (17.6%)
Advertising (3.2%)
Lamar Advertising Company * 5,400 259,200
------------------
Auto Manufacturers (3.5%)
General Motors Corp. Class H * 8,700 281,880
------------------
Broadcasting (10.9%)
Clear Channel Communications, Inc. * 4,800 288,300
Comcast Corp. Class A * 7,500 305,625
Cox Communications, Inc. Class A * 6,200 273,188
------------------
867,113
------------------
Consumer, Non-Cyclical (13.6%)
Consumer Services (3.4%)
United Parcel Service, Inc. 4,500 273,374
------------------
Food Retailers (3.8%)
Safeway, Inc. * 5,600 306,250
------------------
Pharmaceuticals (6.4%)
CVS Corp. 5,600 296,450
Pfizer, Inc. 4,900 211,619
------------------
508,069
------------------
Financial (16.0%)
Banks (3.9%)
Northern Trust Corp. 3,600 307,350
------------------
Diversified (7.6%)
American Express Company 4,500 270,000
First Data Corp. 6,700 335,838
------------------
605,838
------------------
Securities Brokers (4.5%)
Charles Schwab Corp. 10,300 361,787
------------------
Industrial (2.9%)
Containers and Packaging
Sealed Air Corp. * 4,800 231,000
------------------
Technology (44.0%)
Advanced Medical Devices (2.2%)
Agilent Technologies, Inc. * 3,800 175,987
------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
Communications (10.3%)
QUALCOMM, Inc. * 3,500 $ 227,883
Qwest Communications International, Inc. * 5,800 282,025
RF Micro Devices, Inc. * 5,500 109,656
Vodafone Group PLC ADR 4,800 204,300
------------------
823,864
------------------
Computers (14.5%)
3Com Corp. * 4,900 86,975
Dell Computer Corp. * 9,200 271,400
EMC Corp. * 3,700 329,531
Palm, Inc. * 6,500 348,156
VeriSign, Inc. * 900 118,800
------------------
1,154,862
------------------
Semiconductors (11.9%)
Applied Materials, Inc. * 5,000 265,625
Intel Corp. 6,200 279,000
Maxim Integrated Products, Inc. * 3,900 258,619
QLogic Corp. * 1,500 145,125
------------------
948,369
------------------
Software (5.1%)
Agile Software Corp. * 2,100 158,288
Microsoft Corp. * 3,600 247,950
------------------
406,238
------------------
Utilities (1.8%)
Electric
Calpine Corp. * 1,800 142,088
------------------
TOTAL COMMON STOCK (COST $7,560,850) 7,700,456
------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION PRINCIPAL VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
SHORT-TERM SECURITIES (5.2%)
Repurchase Agreements
State Street Bank & Trust ***
3.500% Repurchase Agreement dated
10-31-2000 to be repurchased at $417,537
on 11-1-2000 (cost $417,497) $ 417,497 $ 417,497
------------------
TOTAL INVESTMENTS (101.7%) (COST $7,978,347) 8,117,953
------------------
LIABILITIES IN EXCESS OF OTHER ASSETS (-1.7%) (138,070)
------------------
NET ASSETS (100.0%) $ 7,979,883
==================
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
80
See notes to schedule of investments
at page 103.
The notes to the financial
statements are an integral part of
these schedules.
<PAGE> 83
October 31, 2000
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
IDEX TRANSAMERICA SMALL COMPANY
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
COMMON STOCK (96.7%)
Basic Materials (4.5%)
Chemicals (3.2%)
Symyx Technologies, Inc. * 8,000 $ 377,500
------------------
Mining - Diversified (1.3%)
Minerals Technologies, Inc. 4,750 148,735
------------------
Consumer, Cyclical (7.8%)
Advertising (6.1%)
InfoSpace, Inc. * 19,000 382,375
Lamar Advertising Company * 7,000 336,000
------------------
718,375
------------------
Entertainment (1.7%)
Speedway Motorsports, Inc. * 11,700 204,019
------------------
Consumer, Non-Cyclical (6.1%)
Consumer Services (3.2%)
C.H. Robinson Worldwide, Inc. 7,000 382,813
------------------
Food - Other (2.9%)
Dreyer's Grand Ice Cream, Inc. 14,000 344,750
------------------
Industrial (7.8%)
Electronic Components and Equipment (5.6%)
Sawtek, Inc. * 13,000 661,375
------------------
Trucking (2.2%)
Forward Air Corp. * 6,500 267,313
------------------
Technology (67.2%)
Advanced Medical Devices (3.9%)
Techne Corp. * 4,100 462,275
------------------
Biotechnology (2.1%)
Diametrics Medical, Inc. * 30,000 247,500
------------------
Communications (13.1%)
360networks, inc. * 13,660 247,587
DigitalThink, Inc. * 12,000 422,812
NetRatings, Inc. * 20,000 360,000
RF Micro Devices, Inc. * 18,500 368,844
StorageNetworks, Inc. * 2,550 161,765
------------------
1,561,008
------------------
Computers (13.7%)
Equinix, Inc. * 40,000 390,000
Palm, Inc. * 9,820 525,984
Redback Networks, Inc. * 3,200 340,600
VeriSign, Inc. * 2,800 369,600
------------------
1,626,184
------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
Diversified (5.0%)
Corvis Corp. * 3,750 $ 246,094
Exodus Communications * 3,080 103,372
Retek, Inc. * 6,215 245,104
------------------
594,570
------------------
Industrial (10.1%)
Cymer, Inc. * 11,300 282,500
Lydall, Inc. * 32,000 338,000
Millipore Corp. 7,000 367,500
ONI Systems Corp. * 2,600 210,763
------------------
1,198,763
------------------
Semiconductors (9.8%)
Cree, Inc. * 5,900 585,575
QLogic Corp. * 6,000 580,500
------------------
1,166,075
------------------
Software (9.5%)
Agile Software Corp. * 6,000 452,250
HNC Software, Inc. * 5,000 101,563
i2 Technologies, Inc. * 1,600 272,000
Tumbleweed Communications Corp. * 18,000 308,250
------------------
1,134,063
------------------
Utilities (3.3%)
Electric
Montana Power Company 14,000 395,500
------------------
TOTAL COMMON STOCK (COST $12,217,868) 11,490,818
------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION PRINCIPAL VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
SHORT-TERM SECURITIES (1.4%)
Repurchase Agreements
State Street Bank & Trust ***
3.500% Repurchase Agreement dated 10-31-2000
to be repurchased at $165,708 on 11-1-2000
(cost $165,692) $ 165,692 $ 165,692
------------------
TOTAL INVESTMENTS (98.1%) (COST $12,383,560) 11,656,510
------------------
OTHER ASSETS IN EXCESS OF LIABILITIES (1.9%) 229,366
------------------
NET ASSETS (100.0%) $ 11,885,876
==================
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
81
See notes to schedule of investments at page 103.
The notes to the financial statements are an integral part of these
schedules.
<PAGE> 84
October 31, 2000
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
IDEX SALOMON ALL CAP
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
COMMON STOCK (86.6%)
Basic Materials (7.5%)
Chemicals (3.3%)
OM Group, Inc. 30,700 $ 1,419,875
PolyOne Corp. 170,600 1,343,475
------------------
2,763,350
------------------
Paper Products (1.5%)
International Paper Company 34,400 1,259,900
------------------
Precious Metals (1.8%)
Alcoa, Inc. 54,100 1,551,994
------------------
Steel (0.9%)
AK Steel Holdings Corp. 71,500 661,375
The LTV Corp. 110,300 130,981
------------------
792,356
------------------
Consumer, Cyclical (12.4%)
Auto Manufacturers (1.1%)
General Motors Corp. Class H * 28,000 907,200
------------------
Broadcasting (1.1%)
Hearst-Argyle Television, Inc. * 7,900 141,706
Sinclair Broadcast Group, Inc. * 85,200 785,438
------------------
927,144
------------------
Publishing (0.5%)
PRIMEDIA, Inc. * 43,100 487,569
------------------
Restaurants (1.7%)
Wendy's International, Inc. 66,100 1,437,675
------------------
Retailers - Apparel (3.9%)
Federated Department Stores, Inc. * 102,600 3,340,912
------------------
Retailers - Broadline (4.1%)
Costco Wholesale Corp. * 95,300 3,490,363
------------------
Consumer, Non-Cyclical (25.3%)
Beverages (2.8%)
Pepsi Bottling Group, Inc. * 68,300 2,364,887
------------------
Consumer Services (2.0%)
MarchFIRST, Inc. * 47,000 273,187
Organic, Inc. * 26,800 87,100
UnitedGlobalCom, Inc. * 41,000 1,304,313
------------------
1,664,600
------------------
Food - Other (4.7%)
Hormel Foods Corp. 153,100 2,573,994
John B. Sanfilippo & Son, Inc. * 39,200 147,000
Michael's Stores, Inc. 48,500 1,306,469
------------------
4,027,463
------------------
Food Retailers (8.3%)
Delhaize America, Inc. Class A 5,247 89,191
Delhaize America, Inc. Class B 56,300 943,025
Nabisco Group Holdings 95,300 2,751,788
Pathmark Stores, Inc. * 47,200 740,450
Safeway, Inc. * 47,100 2,575,781
------------------
7,100,235
------------------
Healthcare (2.2%)
HCA - The Healthcare Company 27,000 1,078,312
Health Management Associates, Inc. * 41,900 830,144
------------------
1,908,456
------------------
Medical Supplies (1.6%)
Ligand Pharmaceuticals, Inc. * 21,400 318,325
Novartis AG ADR 27,900 1,070,663
------------------
1,388,988
------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
Pharmaceuticals (3.7%)
Merck and Company, Inc. 26,800 $ 2,410,325
Schering Plough Corp. 13,700 708,119
------------------
3,118,444
------------------
Energy (7.3%)
Oil Companies - Secondary (1.5%)
Devon Energy Corp. 6,800 342,720
Suncor Energy, Inc. 47,600 937,125
------------------
1,279,845
------------------
Oil Drilling (2.3%)
Diamond Offshore Drilling, Inc. 30,800 1,064,525
R & B Falcon Corp. * 34,600 865,000
------------------
1,929,525
------------------
Oilfield Equipment and Services (3.5%)
3TEC Energy Corp. * 43,600 643,100
Seacor Smit, Inc. * 22,100 925,438
Tesoro Petroleum Corp. * 139,400 1,446,275
------------------
3,014,813
------------------
Financial (8.2%)
Banks (5.3%)
Bank of New York Company, Inc. 27,800 1,600,238
Bank United Corp. Class A 17,300 980,694
Banknorth Group, Inc. 35,800 648,875
Mercantile Bankshares Corp. 34,900 1,313,112
------------------
4,542,919
------------------
Diversified (2.5%)
FleetBoston Financial Corp. 55,000 2,090,000
------------------
Insurance (0.4%)
Protective Life Corp. 13,700 316,812
------------------
Independent (0.4%)
Conglomerate
Philip Morris Companies, Inc. 10,200 373,575
------------------
Industrial (1.1%)
Heavy Construction
Ingersoll-Rand Company 24,500 924,875
------------------
Technology (24.4%)
Biotechnology (1.2%)
Invitrogen Corp. * 13,601 1,034,496
------------------
Communications (9.3%)
AT&T Corp. Liberty Media Class A * 22,400 403,200
Dobson Communications Corp. * 88,900 1,155,700
Latitude Communications, Inc. * 43,300 248,975
NorthPoint Communications Group, Inc. * 21,400 144,450
Rogers Wireless Communications, Inc. * 28,500 593,156
SBC Communications, Inc. 20,900 1,205,669
Verizon Communications 48,600 2,809,687
WorldCom, Inc. * 59,250 1,407,187
------------------
7,968,024
------------------
Computers (7.0%)
3Com Corp. * 65,400 1,160,850
Compaq Computer Corp. 41,800 1,271,138
Genuity, Inc. * 159,500 877,250
International Business Machines Corp. 12,700 1,250,950
Palm, Inc. * 27,400 1,467,613
------------------
6,027,801
------------------
Diversified (2.6%)
NTL, Inc. * 20,600 905,112
NVIDIA Corp. * 20,900 1,298,739
------------------
2,203,851
------------------
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
82
See notes to schedule of investments
at page 103.
The notes to the financial
statements are an integral part of
these schedules.
<PAGE> 85
October 31, 2000
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
IDEX SALOMON ALL CAP
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
Industrial (0.5%)
Visual Networks, Inc. * 112,000 $ 413,000
------------------
Semiconductors (0.9%)
Advanced Micro Devices, Inc. * 32,100 726,262
ASM International NV ADR 2,000 32,125
------------------
758,387
------------------
Software (2.9%)
Caminus Corp. * 19,000 598,500
Comverse Technology, Inc. * 8,600 961,050
Paradigm Geophysical, Ltd. * 33,900 182,213
Razorfish, Inc. * 40,400 181,800
Viant Corp. * 87,300 518,343
------------------
2,441,906
------------------
TOTAL COMMON STOCK (COST $70,811,639) 73,851,365
------------------
NON-CONVERTIBLE PREFERRED STOCK (0.9%)
Consumer, Cyclical
Broadcasting
News Corp., Ltd. ADR (cost $892,802) 21,300 770,794
------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION PRINCIPAL VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
CONVERTIBLE CORPORATE BONDS (2.9%)
Consumer, Cyclical (2.0%)
Advertising (0.9%)
Doubleclick 4.750% 3-15-2006 $ 1,125,000 $ 759,375
------------------
Retailers - Specialty (1.1%)
Amazon.com, Inc. 4.750% 2-1-2009 1,500,000 915,000
------------------
Energy (0.6%)
Oilfield Equipment and Services
Friede Goldman Halter, Inc. 4.500% 9-15-2004 1,000,000 550,000
------------------
Industrial (0.3%)
Diversified
Sunbeam Corp. 0.000% 3-25-2018 4,300,000 236,500
Sunbeam Corp. 144A 0.000% 3-25-2018 450,000 24,750
------------------
261,250
------------------
TOTAL CONVERTIBLE CORPORATE BONDS (COST $2,703,793) 2,485,625
------------------
NON-CONVERTIBLE CORPORATE BONDS (0.1%)
Financial (0.0%)
Diversified
ContiFinancial Corp. 8.125% 4-1-2008 # 85,000 11,900
ContiFinancial Corp. 8.375% 8-15-2003 # 25,000 3,500
------------------
15,400
------------------
Technology (0.1%)
Communications
ICG Holdings, Inc. 0.000% 5-1-2006(caret) 242,000 39,930
------------------
TOTAL NON-CONVERTIBLE CORPORATE BONDS (COST $86,325) 55,330
------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION PRINCIPAL VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
SHORT-TERM SECURITIES (5.5%)
Repurchase Agreements
State Street Bank & Trust ***
6.530% Repurchase Agreement dated 10-31-2000
to be repurchased at $4,697,838 on 11-1-2000
(cost $4,697,000) $ 4,697,000 $ 4,697,000
------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION CONTRACTS VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
PURCHASED OPTIONS (0.4%)
Purchased Puts
America Online, Inc. * 135 $ 52,650
Bank of New York Company, Inc. 55 7,563
Caliper Technologies Corp. * 20 31,763
Gene Logic, Inc. * 18 7,875
Hyseq, Inc. * 13 12,188
Iix-interactive Wk Internet Index 11 86,075
Palm, Inc. * 60 15,750
Sequenom, Inc. * 13 6,825
Standard & Poor's 500 Index * 101 113,700
------------------
TOTAL PURCHASED OPTIONS (COST $420,742) 334,389
------------------
TOTAL INVESTMENTS (96.4%) (COST $79,612,301) 82,194,503
------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION CONTRACTS VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
WRITTEN OPTIONS (-0.0%)
Written Calls
Bank of New York Company, Inc. 10 $ (1,063)
Palm, Inc. * 60 (6,000)
------------------
TOTAL WRITTEN OPTIONS (PREMIUM - $16,039) (7,063)
------------------
OTHER ASSETS IN EXCESS OF LIABILITIES (3.6%) 3,050,773
------------------
NET ASSETS (100.0%) $ 85,238,213
==================
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
83
See notes to schedule of investments at page 103.
The notes to the financial statements are an integral part of these
schedules.
<PAGE> 86
October 31, 2000
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
IDEX GREAT COMPANIES - AMERICA(SM)
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
COMMON STOCK (87.5%)
Consumer, Cyclical (4.6%)
Advertising
Omnicom Group, Inc. 12,900 $ 1,190,025
------------------
Consumer, Non-Cyclical (38.5%)
Beverages (2.8%)
The Coca-Cola Company 12,100 730,538
------------------
Cosmetics (2.9%)
The Gillette Company 21,500 749,812
------------------
Household Products (6.4%)
Colgate-Palmolive Company 12,800 752,128
Proctor & Gamble Company 12,600 900,113
------------------
1,652,241
------------------
Pharmaceuticals (26.4%)
Bristol-Myers Squibb Company, Inc. 23,700 1,444,219
Johnson & Johnson 12,200 1,123,925
Merck and Company, Inc. 12,700 1,142,206
Pfizer, Inc. 54,600 2,358,038
Schering Plough Corp. 14,300 739,131
------------------
6,807,519
------------------
Financial (24.2%)
Diversified (9.2%)
Citigroup, Inc. 22,800 1,199,850
Goldman Sachs Group, Inc. 11,900 1,187,769
------------------
2,387,619
------------------
Insurance (10.1%)
American International Group, Inc. 26,600 2,606,800
------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
Securities Brokers (4.9%)
Merrill Lynch & Company, Inc. 18,000 $ 1,260,000
------------------
Industrial (10.1%)
Diversified
General Electric Company 47,500 2,603,593
------------------
Technology (10.1%)
Advanced Medical Devices
Medtronic, Inc. 48,000 2,607,000
------------------
TOTAL COMMON STOCK (COST $21,405,440) 22,595,147
------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION PRINCIPAL VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
SHORT-TERM SECURITIES (9.6%)
Repurchase Agreements (0.3%)
State Street Bank & Trust ***
3.500% Repurchase Agreement dated
10-31-2000
to be repurchased at $82,650 on 11-1-2000 $ 82,642 $ 82,642
------------------
Time Deposit (9.3%)
State Street Bank & Trust Eurodollar Time
Deposit
4.500% 11-1-2000 2,400,000 2,400,000
------------------
TOTAL SHORT-TERM SECURITIES (COST $2,482,642) 2,482,642
------------------
TOTAL INVESTMENTS (97.1%) (COST $23,888,082) 25,077,789
------------------
OTHER ASSETS IN EXCESS OF LIABILITIES (2.9%) 757,597
------------------
NET ASSETS (100.0%) $ 25,835,386
==================
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
84
See notes to schedule of investments
at page 103.
The notes to the financial
statements are an integral part of
these schedules.
<PAGE> 87
October 31, 2000
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
IDEX GREAT COMPANIES - TECHNOLOGY(SM)
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
COMMON STOCK (80.9%)
Industrial (4.7%)
Electronic Components and Equipment (1.0%)
Applied Micro Circuits Corp. * 1,400 $ 106,925
------------------
Diversified (3.7%)
Corning, Inc. 5,750 439,875
------------------
Technology (76.2%)
Advanced Medical Devices (5.2%)
Agilent Technologies, Inc. * 13,200 611,325
------------------
Communications (17.1%)
Cisco Systems, Inc. * 11,100 598,012
Lucent Technologies, Inc. 17,300 403,306
Motorola, Inc. 19,800 493,763
Tellabs, Inc. * 10,400 519,350
------------------
2,014,431
------------------
Computers (21.9%)
Dell Computer Corp. * 11,300 333,350
EMC Corp. * 7,300 650,156
Hewlett-Packard Company 9,700 450,444
International Business Machines Corp. 4,800 472,800
Sun Microsystems, Inc. * 6,100 676,338
------------------
2,583,088
------------------
Semiconductors (24.4%)
Altera Corp. * 8,800 360,250
Analog Devices, Inc. * 1,500 97,500
Applied Materials, Inc. * 11,500 610,938
Intel Corp. 8,000 360,000
Maxim Integrated Products, Inc. * 1,700 112,731
PMC - Sierra, Inc. * 2,700 457,650
Texas Instruments, Inc. 15,400 755,562
Xilinx, Inc. * 1,600 115,900
------------------
2,870,531
------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
Software (7.6%)
Microsoft Corp. * 3,650 $ 251,394
Oracle Corp. * 19,500 643,500
------------------
894,894
------------------
TOTAL COMMON STOCK (COST $10,878,478) 9,521,069
------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION PRINCIPAL VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
SHORT-TERM SECURITIES (13.3%)
Repurchase Agreements (0.6%)
State Street Bank & Trust ***
3.500% Repurchase Agreement dated
10-31-2000 to be repurchased at $66,692
on 11-1-2000 $ 66,679 $ 66,679
------------------
Time Deposit (12.7%)
State Street Bank & Trust Eurodollar Time
Deposit 4.500% 11-1-2000 1,500,000 1,500,000
------------------
TOTAL SHORT-TERM SECURITIES (COST $1,566,679) 1,566,679
------------------
TOTAL INVESTMENTS (94.2%) (COST $12,445,157) 11,087,748
------------------
OTHER ASSETS IN EXCESS OF LIABILITIES (5.8%) 682,378
------------------
NET ASSETS (100.0%) $ 11,770,126
==================
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
85
See notes to schedule of investments at page 103.
The notes to the financial statements are an integral part of these
schedules.
<PAGE> 88
October 31, 2000
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
IDEX GREAT COMPANIES - GLOBAL(2)
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
AUSTRALIA (1.2%)
COMMON STOCK
News Corp., Ltd. ADR 1,110 $ 47,730
------------------
AUSTRIA (0.8%)
COMMON STOCK
Nestle SA ADR 320 33,146
------------------
CANADA (1.6%)
COMMON STOCK
Nortel Networks Corp. ADR 1,380 62,790
------------------
FINLAND (1.3%)
CONVERTIBLE PREFERRED STOCK
Nokia Corp. OY ADR 1,160 49,590
------------------
FRANCE (4.9%)
COMMON STOCK
Alcatel Alsthom Compagnie Generale d'Electricite ADR 520 32,435
AXA-UAP ADR 490 32,553
Groupe Danone ADR 1,130 31,866
L'Oreal SA ADR 3,170 48,367
Vivendi ADR 3,320 48,348
------------------
193,569
------------------
GERMANY (2.1%)
COMMON STOCK
Infineon Technologies AG ADR * 1,110 47,591
Siemens AG ADR 270 34,330
------------------
81,921
------------------
INDIA (1.2%)
COMMON STOCK
Infosys Technologies, Ltd. ADR 340 46,750
------------------
JAPAN (2.2%)
COMMON STOCK
Canon, Inc. ADR 1,130 45,836
Sony Corp. ADR 470 39,010
------------------
84,846
------------------
NETHERLANDS (3.7%)
COMMON STOCK
ASM Lithography Holding NV NYRS * 1,650 45,891
Heineken NV ADR 590 32,006
ING Groep NV ADR 980 67,804
------------------
145,701
------------------
SOUTH KOREA (0.6%)
COMMON STOCK
Samsung Electronics GDR 144A 400 25,056
------------------
SWEDEN (1.3%)
COMMON STOCK
L.M. Ericsson Telephone Company Class B
ADR 3,610 50,089
------------------
SWITZERLAND (0.8%)
COMMON STOCK
Credit Suisse Group ADR 710 33,267
------------------
UNITED KINGDOM (5.9%)
COMMON STOCK
AstraZeneca PLC ADR 960 45,780
Barclays PLC ADR 420 49,612
Glaxo Wellcome PLC ADR 760 44,223
Reuters Group PLC ADR 390 45,971
Vodafone Group PLC ADR 1,130 48,096
------------------
233,682
------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
UNITED STATES (67.0%)
COMMON STOCK (51.8%)
Agilent Technologies, Inc. * 1,140 $ 52,796
Altera Corp. * 650 26,609
American International Group, Inc. 1,420 139,160
Analog Devices, Inc. * 150 9,750
Applied Materials, Inc. * 990 52,594
Applied Micro Circuits Corp. * 100 7,638
Bristol-Myers Squibb Company, Inc. 1,380 84,094
Cisco Systems, Inc. * 960 51,720
Citigroup, Inc. 1,280 67,360
Colgate-Palmolive Company 710 41,720
Corning, Inc. 525 40,163
Dell Computer Corp. * 310 9,145
EMC Corp. * 690 61,453
General Electric Company 2,530 138,676
Goldman Sachs Group, Inc. 690 68,871
Hewlett-Packard Company 840 39,008
Intel Corp. 670 30,150
International Business Machines Corp. 420 41,370
Johnson & Johnson 660 60,802
Lucent Technologies, Inc. 1,760 41,030
Maxim Integrated Products, Inc. * 150 9,947
Medtronic, Inc. 2,490 135,238
Merck and Company, Inc. 710 63,855
Merrill Lynch & Company, Inc. 1,030 72,100
Microsoft Corp. * 120 8,265
Motorola, Inc. 1,700 42,394
Omnicom Group, Inc. 710 65,498
Oracle Corp. * 1,720 56,760
Pfizer, Inc. 2,940 126,971
PMC - Sierra, Inc. * 200 33,900
Proctor & Gamble Company 690 49,292
Schering Plough Corp. 800 41,350
Sun Microsystems, Inc. * 570 63,198
Tellabs, Inc. * 900 44,944
Texas Instruments, Inc. 1,420 69,669
The Coca-Cola Company 660 39,847
The Gillette Company 1,170 40,804
Xilinx, Inc. * 150 10,865
------------------
2,039,006
------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION PRINCIPAL VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
SHORT-TERM SECURITIES (15.2%)
State Street Bank & Trust Eurodollar Time
Deposit 3.000% 11-1-2000 (cost $600,000) $ 600,000 $ 600,000
------------------
2,639,006
------------------
TOTAL INVESTMENTS (94.6%) (COST $3,701,907) 3,727,143
------------------
OTHER ASSETS IN EXCESS OF LIABILITIES (5.4%) 214,144
------------------
NET ASSETS (100.0%) $ 3,941,287
==================
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
86
See notes to schedule of investments
at page 103.
The notes to the financial
statements are an integral part of
these schedules.
<PAGE> 89
October 31, 2000
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
IDEX AEGON INCOME PLUS
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION PRINCIPAL VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
NON-CONVERTIBLE CORPORATE BONDS (87.3%)
Basic Materials (2.3%)
Mining - Diversified
Scotia Pacific Company Series B 7.110%
7-20-2028 $ 2,000,000 $ 1,608,680
------------------
Consumer, Cyclical (11.7%)
Airlines (2.1%)
Piedmont Aviation, Inc. 10.100% 5-13-2007 1,048,000 1,013,206
USAir, Inc. 10.800% 1-1-2005 400,000 399,604
------------------
1,412,810
------------------
Auto Parts and Equipment (3.7%)
Arvin Industries, Inc. 6.750% 3-15-2008 3,000,000 2,563,590
------------------
Publishing (3.6%)
Golden Books Publishing, Inc. 14.250%
12-31-2004 1,397,981 559,192
World Color Press, Inc. 7.750% 2-15-2009 2,000,000 1,893,420
------------------
2,452,612
------------------
Retailers - Apparel (2.3%)
Neiman Marcus Group, Inc. 7.125% 6-1-2028 2,000,000 1,541,540
------------------
Consumer, Non-Cyclical (10.1%)
Food - Other (5.5%)
Nash Finch Company 8.500% 5-1-2008 1,500,000 1,110,000
Ralston Purina Company 9.250% 10-15-2009 2,450,000 2,681,758
------------------
3,791,758
------------------
Food Retailers (2.5%)
Great Atlantic & Pacific Tea, Inc. 7.700%
1-15-2004 2,000,000 1,690,000
------------------
Medical Supplies (2.1%)
C. R. Bard, Inc. 6.700% 12-1-2026 1,500,000 1,416,990
------------------
Energy (4.2%)
Oil Drilling (2.9%)
Louisiana Land Exploration Company 7.625% 4-15-2013 2,000,000 1,979,920
------------------
Oilfield Equipment and Services (1.3%)
McDermott, Inc. 9.375% 3-15-2002 1,000,000 880,000
------------------
Financial (25.9%)
Banks (8.0%)
BankBoston Capital Trust Corp. 8.250%
12-15-2026 3,000,000 2,743,890
HSBC America Capital II 144A 8.380%
5-15-2027 3,000,000 2,713,410
------------------
5,457,300
------------------
Diversified (9.2%)
Charter Communications Holdings LLC 8.625% 4-1-2009 1,000,000 905,000
Charter Communications Holdings LLC 0.000%
4-1-2011(caret) 1,000,000 585,000
Chase Capital Corp. 7.230% 3-1-2027 3,000,000 2,880,510
First Security Capital Trust Corp. 8.410%
12-15-2026 2,000,000 1,889,300
------------------
6,259,810
------------------
Savings & Loans (5.8%)
GS Escrow Corp. 7.125% 8-1-2005 2,000,000 1,853,260
Peoples Bank - Bridgeport CT 7.200%
12-1-2006 2,300,000 2,136,378
------------------
3,989,638
------------------
Securities Brokers (2.9%)
Lehman Brothers Holdings, Inc. 7.875%
11-1-2009 2,000,000 1,996,640
------------------
Industrial (16.6%)
Containers and Packaging (1.5%)
Stone Container Corp. 12.580% 8-1-2016 1,000,000 1,000,000
------------------
Factory Equipment (2.4%)
Columbus Mckinnon Corp. 8.500% 4-1-2008 2,000,000 1,680,000
------------------
Other Industrial Services (9.7%)
Allied Waste Industries, Inc. 10.000%
8-1-2009 2,000,000 1,730,000
PDVSA Finance, Ltd. 6.450% 2-15-2004 3,000,000 2,804,010
Petroleum Geo-Services ASA 6.625% 3-30-2008 2,300,000 2,118,278
------------------
6,652,288
------------------
Railroads (3.0%)
The Kansas City Southern Railway Company
144A 9.500% 10-1-2008 2,000,000 2,030,000
------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION PRINCIPAL VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
Technology (9.8%)
Aerospace/Defense (4.2%)
AAR Corp. 7.250% 10-15-2003 $ 2,000,000 $ 1,990,080
BE Aerospace, Inc. 8.000% 3-1-2008 1,000,000 915,000
------------------
2,905,080
------------------
Communications (5.6%)
KPNQwest NV NYRS 8.125% 6-1-2009 2,000,000 1,740,000
XO Communications, Inc. 0.000% 6-1-2009(+) 4,000,000 2,060,000
------------------
3,800,000
------------------
Utilities (6.7%)
Electric (4.1%)
Calpine Corp. 7.750% 4-15-2009 2,000,000 1,870,000
The AES Corp. 8.500% 11-1-2007 1,000,000 950,000
------------------
2,820,000
------------------
Telephone (2.6%)
McLeodUSA, Inc. 9.250% 7-15-2007 1,000,000 920,000
McLeodUSA, Inc. 8.375% 3-15-2008 1,000,000 885,000
------------------
1,805,000
------------------
TOTAL NON-CONVERTIBLE CORPORATE BONDS (COST $65,177,332) 59,733,656
------------------
COLLATERALIZED MORTGAGE OBLIGATION (2.9%)
Financial
Real Estate
Aetna Commercial Mortgage Trust 7.230% 1-15-2028
(cost $2,040,011) 2,000,000 1,962,300
------------------
LONG-TERM GOVERNMENT BONDS (1.1%)
Foreign Governments
Republic of Colombia 9.750% 4-23-2009 (cost
$906,225) 1,000,000 775,000
------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
COMMON STOCK (0.0%)
Consumer, Cyclical
Publishing
Golden Books Publishing, Inc. * (cost
$168,426) 63,750 $ 19,921
------------------
CONVERTIBLE PREFERRED STOCK (3.8%)
Consumer, Cyclical (1.2%)
Publishing
PRIMEDIA, Inc. 10,000 840,000
------------------
Financial (2.6%)
Real Estate
Duke-Weeks Realty Corp. 40,000 1,761,252
------------------
TOTAL CONVERTIBLE PREFERRED STOCK (COST $3,002,000) 2,601,252
------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION PRINCIPAL VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
SHORT-TERM SECURITIES (3.0%)
Repurchase Agreements (0.1%)
State Street Bank & Trust ***
3.500% Repurchase Agreement dated
10-31-2000 to be repurchased at $47,739 on
11-1-2000 $ 47,734 $ 47,734
------------------
Time Deposit (2.9%)
State Street Bank & Trust Eurodollar Time
Deposit 4.500% 11-1-2000 2,000,000 2,000,000
------------------
TOTAL SHORT-TERM SECURITIES (COST $2,047,734) 2,047,734
------------------
TOTAL INVESTMENTS (98.1%) (COST $73,341,728) 67,139,863
------------------
OTHER ASSETS IN EXCESS OF LIABILITIES (1.9%) 1,271,325
------------------
NET ASSETS (100.0%) $ 68,411,188
==================
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
87
See notes to schedule of investments at page 103.
The notes to the financial statements are an integral part of these
schedules.
<PAGE> 90
October 31, 2000
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
IDEX FEDERATED TAX EXEMPT
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION** PRINCIPAL VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
LONG-TERM MUNICIPAL BONDS (97.9%)
ALASKA (4.6%)
Anchorage Alaska, School Improvements,
General Obligation Bonds, Series 0, 5.125%,
12-1-2019, AAA/Aaa $ 1,000,000 $ 953,710
------------------
CALIFORNIA (2.4%)
California Housing Agency, Revenue Bonds,
Series 0, 5.500%, 8-1-2017, AAA/Aaa 500,000 509,020
------------------
CONNECTICUT (2.5%)
Connecticut State Public Improvements,
General Obligation Bonds, Series B, 5.750%,
6-15-2013, AA/Aa3 500,000 529,120
------------------
FLORIDA (5.0%)
Florida State Division of Environmental
Protection, Revenue Bonds, 5.500%,
7-1-2008, AAA/Aaa 1,000,000 1,052,900
------------------
ILLINOIS (9.8%)
Illinois State Partnership, Dept. of Central
Management, Public Improvements, General
Obligation Bonds, 5.650%, 7-1-2017, AAA/Aaa 1,000,000 1,016,070
McHenry County Community School District,
General Obligation Bonds, Series 1996,
5.850%, 1-1-2016, AAA/Aaa 1,000,000 1,033,320
------------------
2,049,390
------------------
INDIANA (9.5%)
City of Petersburg, Pollution Control,
Revenue Bonds, Series 1977, 5.500%,
10-1-2023, AA-/Aa2 1,000,000 969,560
Indianapolis Gas Utility, Revenue Bonds,
Series A, 5.250%, 8-15-2012, AAA/Aaa 1,000,000 1,010,740
------------------
1,980,300
------------------
IOWA (9.8%)
Iowa Finance Authority, Drake University
Project, Revenue Bonds, 5.400%, 12-1-2016,
AAA/Aaa 1,000,000 1,000,650
Iowa State Certificate of Participation,
Revenue Bonds, Series 1992A, 6.500%,
7-1-2006, AAA/Aaa 1,000,000 1,045,480
------------------
2,046,130
------------------
KENTUCKY (1.9%)
Ashland Pollution Control, Revenue Bonds,
5.700%, 11-1-2009, NR/Baa2 400,000 400,836
------------------
MASSACHUSETTS (4.3%)
Massachusetts Bay Transportation Authority,
Revenue Bonds, Series B, 5.000%, 3-1-2028,
AA/Aa2 1,000,000 900,230
------------------
NEW YORK (10.0%)
New York City Transitional Finance
Authority, Revenue Bonds, Series A, 5.500%,
2-15-2019, AA+/Aa2 1,000,000 999,910
New York Public Improvements, General
Obligation Bonds, Series E, 5.750%,
5-15-2018, A/A2 500,000 508,850
Warwick Valley Central School District,
School Improvements, General Obligation
Bonds, 5.500%, 1-15-2017, NR/Aaa 570,000 575,649
------------------
2,084,409
------------------
NEW HAMPSHIRE (2.4%)
New Hampshire State Housing Authority,
Revenue Bonds, Series C, 6.125%, 1-1-2020,
NR/Aa3 500,000 507,930
------------------
NEW MEXICO (2.4%)
New Mexico Mortgage and Finance Authority,
Revenue Bonds, 6.050%, 9-1-2021, AAA/NR 500,000 508,460
------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION** PRINCIPAL VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
NEVADA (4.5%)
Nevada State Department of Business and
Industry, Las Vegas Monorail Project,
Revenue Bonds, 5.375%, 1-1-2040, AAA/Aaa $ 1,000,000 $ 943,260
------------------
NORTH DAKOTA (2.4%)
North Dakota State Housing and Finance
Authority, Revenue Bonds, 6.000%, 7-1-2020,
NR/Aa3 500,000 503,230
------------------
OHIO (2.4%)
Steubenville Hospital Improvement
Facilities, Revenue Bonds, 6.250%,
10-1-2020, NR/A3 500,000 492,765
------------------
PENNSYLVANIA (0.0%)
Pennsylvania Housing Finance Agency, Multi-
Family Mortgage, Revenue Bonds, Series
1985A, 9.375%, 8-1-2028, AAA/Aa3 5,000 5,044
------------------
RHODE ISLAND (7.3%)
Rhode Island Clean Water Financing Agency,
Revenue Bonds, 5.800%, 9-1-2022, AAA/Aaa 1,000,000 1,004,430
Providence Public Building Authority,
Revenue Bonds, Series A, 5.700%,
12-15-2015, AAA/Aaa 500,000 521,600
------------------
1,526,030
------------------
SOUTH DAKOTA (4.5%)
South Dakota State Building Authority,
Revenue Bonds, 5.125%, 9-1-2019, AAA/Aaa 1,000,000 944,960
------------------
TEXAS (4.8%)
Kingsbridge Municipal Utility District,
General Obligation Bonds, 5.375%, 3-1-2015,
AAA/Aaa 500,000 494,795
Dallas-Fort Worth International Airport,
Facilities Improvements, Revenue Bonds,
Series C, 6.150%, 5-1-2029, BBB-/Baa1 500,000 504,235
------------------
999,030
------------------
WASHINGTON (2.5%)
University of Washington, Student Facilities
Improvements, Revenue Bonds, 5.875%,
6-1-2016, AAA/Aaa 500,000 522,210
------------------
WYOMING (4.9%)
Wyoming State Farm Loan Board, Capital
Facilities, General Obligation Bonds,
5.750%, 10-1-2020, AA-/NR 1,000,000 1,035,490
------------------
TOTAL LONG-TERM MUNICIPAL BONDS (COST $20,187,599) 20,494,454
------------------
SHORT-TERM MUNICIPAL BONDS (0.9%)
TEXAS
Harris County Health Care Facilities,
Revenue Bonds, Put Bonds - Monthly,
4.450%, 2-15-2027, AA/NR (cost $200,000) 200,000 200,000
------------------
TOTAL INVESTMENTS (98.8%) (COST $20,387,599) 20,694,454
------------------
OTHER ASSETS IN EXCESS OF LIABILITIES (1.2%) 241,677
------------------
NET ASSETS (100.0%) $ 20,936,131
==================
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
88
See notes to schedule of investments
at page 103.
The notes to the financial
statements are an integral part of
these schedules.
<PAGE> 91
This Page for Notes and Computations
--------------------------------------------------------------------------------
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
89
<PAGE> 92
October 31, 2000
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
IDEX GE INTERNATIONAL EQUITY
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
----------------------------------------------------------------------------------
<S> <C> <C> <C>
AUSTRALIA (2.1%)
COMMON STOCK
Brambles Industries, Ltd. 8,061 $ 210,291
Cable & Wireless Optus, Ltd. * 26,667 56,828
--------------
267,119
--------------
BRAZIL (2.0%)
COMMON STOCK
Embraer-Empresa Brasileira de Aeronautica SA ADR 2,118 61,290
Petroleo Brasileiro SA ADR * 3,668 106,671
Telecomunicacoes Brasileiras Telebras SA ADR 298 21,829
Unibanco de Bancos Brasileiros SA GDR 2,482 62,671
--------------
252,461
--------------
CANADA (1.2%)
COMMON STOCK
ATI Technologies, Inc. * 7,050 57,217
Celestica, Inc. ADR 1,346 96,744
--------------
153,961
--------------
DENMARK (0.1%)
COMMON STOCK
GN Store Nord A/S 748 14,501
--------------
FINLAND (2.3%)
COMMON STOCK
Nordic Baltic Holding AB 11,534 87,147
Sampo Insurance Company 3,482 141,890
Stora Enso OY 6,250 64,202
Tieto Corp. OY 176 3,384
--------------
296,623
--------------
FRANCE (12.9%)
COMMON STOCK
Alcatel Alsthom Compagnie Generale d'Electricite 10,234 266,691
AXA-UAP 2,097 277,718
Banque Nationale de Paris 1,866 160,949
Coflexip SA ADR 635 36,235
European Aeronautic Defense and Space Company * 3,069 62,530
Lyonnaise des Eaux SA 647 98,759
Michelin Generale de Etablissments 2,360 68,320
Publicis Groupe SA 687 22,478
Publicis Groupe SA Rights * 687 1,044
Rhone-Poulenc Rorer, Inc. 2,913 210,204
Schneider SA 848 55,253
Total SA 1,781 254,920
Vivendi 2,022 145,394
--------------
1,660,495
--------------
GERMANY (8.3%)
COMMON STOCK (8.0%)
Bayer AG 1,729 74,052
Bayerische hypo-und Vereinsbank AG 1,089 59,168
Bayerische Motoren Werke (BMW) AG 4,004 133,928
Deutsche Bank AG 1,723 139,692
Dresner Bank AG 4,078 164,965
Fresenius Medical Care AG 1,435 114,515
Henkel KGaA 2,146 128,622
Muenchener Ruckversicherungs-Namen AG 531 164,765
Muenchener Ruckversicherungs-Namen AG Warrants 4 340
VEBA AG 872 44,121
--------------
1,024,168
--------------
NON-CONVERTIBLE PREFERRED STOCK (0.3%)
Fresenius Medical Care AG 998 42,787
--------------
1,066,955
--------------
GREECE (0.5%)
COMMON STOCK
Hellenic Telecommunication Organization SA 2,180 38,052
Hellenic Telecommunication Organization SA ADR 2,699 23,522
--------------
61,574
--------------
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
----------------------------------------------------------------------------------
<S> <C> <C> <C>
HONG KONG (2.5%)
COMMON STOCK
Cheung Kong, Ltd. 9,217 $ 101,935
Giordano International, Ltd. 104,000 61,009
Hutchison Whampoa, Ltd. 1,100 13,646
Johnson Electric Holdings, Ltd. 66,000 131,174
MTR Corp. * 8,000 11,848
--------------
319,612
--------------
IRELAND (2.7%)
COMMON STOCK
Bank of Ireland 24,602 186,928
CRH PLC 7,719 118,151
Jefferson Smurfit Group PLC 23,978 42,782
--------------
347,861
--------------
ISRAEL (1.9%)
COMMON STOCK
ECI Telecom, Ltd. 6,382 150,775
Teva Pharmaceutical Industries, Ltd. ADS 1,663 98,325
--------------
249,100
--------------
ITALY (3.2%)
COMMON STOCK
Banca Intesa SpA 37,176 154,331
Riunione Adriatica di Sicurta SpA 9,923 130,321
Saipem SpA 15,238 79,429
Telecom Italia SpA 3,834 44,429
--------------
408,510
--------------
JAPAN (13.9%)
COMMON STOCK
Asahi Bank, Ltd. 3,000 11,820
Canon, Inc. 7,000 277,716
Fujitsu, Ltd. 12,000 213,744
Itochu Corp. * 14,879 63,393
KAO Corp. 5,000 149,807
Minebea Company, Ltd. 17,000 169,782
Mizuho Holdings, Inc. 7 53,812
Murata Manufacturing Company, Ltd. 1,000 119,663
Nippon Telegraph & Telephone Corp. 11 100,083
Shin-Etsu Chemical Company, Ltd. 4,000 164,192
Sony Corp. 2,100 167,785
Tokyo Electric Power 3,400 82,555
Toshiba Corp. 29,000 207,255
--------------
1,781,607
--------------
MEXICO (2.6%)
COMMON STOCK
Desc SA de C.V. ADR 2,240 17,920
Desc SA de C.V. Series B 10,900 4,731
Grupo Carso SA de C.V. ADR * 3,464 21,790
Grupo Financiero Banamex Accival SA de C.V. 84,000 130,906
Grupo Televisa SA de C.V. GDR * 1,405 76,046
Telefonos de Mexico SA de C.V. ADR 1,445 77,940
--------------
329,333
--------------
NETHERLANDS (7.2%)
COMMON STOCK
ASM Lithography Holding NV * 3,598 98,386
Getronics NV 3,138 35,297
IHC Caland NV 2,287 100,961
ING Groep NV 5,231 359,354
Koninklijke (Royal) KPN NV 854 17,306
Koninklijke (Royal) Philips Electronics NV 6,166 242,416
Koninklijke Ahold NV 2,667 77,502
--------------
931,222
--------------
PORTUGAL (0.2%)
COMMON STOCK
Banco Comercial Portugues 5,275 26,378
--------------
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
90
See notes to schedule of investments
at page 103.
The notes to the financial
statements are an integral part of
these schedules.
<PAGE> 93
October 31, 2000
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
IDEX GE INTERNATIONAL EQUITY
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
SINGAPORE (0.5%)
COMMON STOCK
Datacraft Asia, Ltd. 9,000 $ 61,650
------------------
SOUTH AFRICA (0.1%)
COMMON STOCK
Dimension Data Holdings PLC * 1,092 9,568
------------------
SOUTH KOREA (1.4%)
COMMON STOCK
Kookmin Bank GDR 144A 668 7,932
Korea Electric Power Corp. ADR 792 9,653
Korea Telecom Corp. ADR 2,175 80,203
Samsung Electronics GDR 144A 1,299 81,369
------------------
179,157
------------------
SPAIN (2.5%)
COMMON STOCK
Acciona SA 507 15,990
Repsol-YPF SA 2,597 41,272
Telefonica SA 13,709 261,512
Telefonica SA ADR * 136 7,880
------------------
326,654
------------------
SWEDEN (1.6%)
COMMON STOCK
Autoliv, Inc. 5,904 129,298
Investor AB Class B 1,244 16,421
Invik & Company AB 218 17,658
NetCom AB * 437 20,495
Svenska Handelsbanken AB 1,222 19,185
Telefonaktiebolaget L.M. Ericsson AB 379 5,041
------------------
208,098
------------------
SWITZERLAND (0.9%)
COMMON STOCK
ABB, Ltd. 86 7,643
Credit Suisse Group 582 109,118
------------------
116,761
------------------
TAIWAN (2.1%)
COMMON STOCK
United Microelectronics Corp. * 23,405 266,232
------------------
UNITED KINGDOM (15.8%)
COMMON STOCK
Bank of Scotland 1,919 17,844
Billiton PLC 14,367 54,915
British Aerospace PLC 62,348 355,437
Cable & Wireless PLC 14,871 210,973
Commercial Union PLC 17,865 239,713
Granada Compass PLC * 6,805 58,883
Invensys PLC 103,121 245,697
Nycomed Amersham PLC 15,514 139,529
Prudential PLC 3,794 51,156
Railtrack Group PLC 2,433 37,675
Reed International PLC 11,950 110,335
Royal and Sun Alliance Insurance Group PLC 26,359 187,454
Somerfield PLC 11,743 13,031
Vodafone Group PLC 75,596 314,997
------------------
2,037,639
------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
UNITED STATES (10.8%)
COMMON STOCK (4.3%)
iShares MSCI Canada 2,140 $ 31,966
iShares MSCI Japan 10,360 131,442
iShares MSCI United Kingdom 4,885 89,762
iShares MSCI EMU 3,609 259,397
Telekomunikacja Polska GDR 144A 8,393 41,366
------------------
553,933
------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION PRINCIPAL VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
SHORT-TERM SECURITIES (6.5%)
State Street Bank & Trust ***
3.500% Repurchase Agreement dated 10-31-2000 to be
repurchased at $30,945 on 11-1-2000 $ 30,942 $ 30,942
State Street Bank & Trust Eurodollar Time
Deposit 3.000% 11-1-2000 800,000 800,000
------------------
830,942
------------------
1,384,875
------------------
TOTAL INVESTMENTS (99.3%) (COST $13,383,552) 12,757,946
------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
NOTIONAL
AMOUNT DESCRIPTION VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
UNREALIZED GAIN(LOSS) ON FORWARD FOREIGN
CURRENCY CONTRACTS (0.0%) @
B 7,972 British Pound 11-1-2000 Buy $ 153
B 5,469 British Pound 11-1-2000 Sell (105)
B 32,499 British Pound 11-2-2000 Buy 20
B 13,205 British Pound 11-3-2000 Sell (8)
C 81,140 Canadian Dollar 11-1-2000 Sell (341)
E 1,855 Euro 11-1-2000 Sell (13)
E 46,270 Euro 11-2-2000 Buy 7
E 213,096 Euro 11-2-2000 Sell (1,481)
J 7,186,405 Japanese Yen 11-1-2000 Sell 437
K 108,611 Swedish Krona 11-1-2000 Sell (150)
------------------
TOTAL UNREALIZED NET LOSS ON FORWARD FOREIGN CURRENCY CONTRACTS
(1,481)
------------------
OTHER ASSETS IN EXCESS OF LIABILITIES (0.7%) 96,364
------------------
NET ASSETS (100.0%) $ 12,852,829
==================
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
91
See notes to schedule of investments at page 103.
The notes to the financial statements are an integral part of these
schedules.
<PAGE> 94
October 31, 2000
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
IDEX GE U.S. EQUITY
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
COMMON STOCK (96.7%)
Basic Materials (1.9%)
Chemicals (0.3%)
Airgas, Inc. * 15 $ 101
Dow Chemical Company 323 9,892
E.I. du Pont de Nemours and Company 479 21,735
------------------
31,728
------------------
Forest Products (0.8%)
Rayonier, Inc. 414 14,567
Weyerhaeuser Company 1,316 61,770
------------------
76,337
------------------
Paper Products (0.4%)
Bowater, Inc. 413 22,354
International Paper Company 315 11,537
------------------
33,891
------------------
Precious Metals (0.4%)
Barrick Gold Corp. 1,317 17,615
Newmont Mining Corp. 1,616 21,917
------------------
39,532
------------------
Consumer, Cyclical (11.8%)
Advertising (1.6%)
Catalina Marketing Corp. * 1,442 56,599
Interpublic Group of Companies, Inc. 2,192 94,119
------------------
150,718
------------------
Airlines (0.6%)
AMR Corp. * 659 21,582
Continental Airlines, Inc. * 323 16,958
Delta Air Lines, Inc. 461 21,782
------------------
60,322
------------------
Broadcasting (1.0%)
Comcast Corp. Class A * 2,211 90,098
------------------
Entertainment (1.3%)
Carnival Corp. 611 15,160
Walt Disney Company 2,996 107,294
------------------
122,454
------------------
Publishing (0.9%)
Gannett Company, Inc. 1,093 63,394
Knight-Ridder, Inc. 395 19,849
------------------
83,243
------------------
Restaurants (0.7%)
McDonald's Corp. 2,310 71,610
------------------
Retailers - Broadline (1.8%)
Costco Wholesale Corp. * 212 7,764
Target Corp. 3,034 83,814
Wal-Mart Stores, Inc. 1,711 77,637
------------------
169,215
------------------
Retailers - Drug Based (2.0%)
Cardinal Health, Inc. 2,019 191,300
------------------
Retailers - Specialty (1.9%)
Home Depot, Inc. 1,606 69,057
Lowe's Companies, Inc. 1,659 75,796
Pitney Bowes, Inc. 999 29,658
------------------
174,511
------------------
Consumer, Non-Cyclical (15.0%)
Beverages (1.5%)
Anheuser-Busch Companies, Inc. 470 21,503
PepsiCo, Inc. 2,607 126,276
------------------
147,779
------------------
Cosmetics (0.6%)
Avon Products, Inc. 266 12,901
The Gillette Company 1,185 41,327
------------------
54,228
------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
Food - Other (0.9%)
General Mills, Inc. 503 $ 21,000
H.J. Heinz Company 309 12,959
Quaker Oats Company 195 15,905
Ralston Purina Company 1,448 35,114
------------------
84,978
------------------
Household Products (0.9%)
Colgate-Palmolive Company 129 7,580
Energizer Holdings, Inc. * 946 18,684
Proctor & Gamble Company 816 58,293
------------------
84,557
------------------
Medical Supplies (1.9%)
Abbott Laboratories, Inc. 1,600 84,500
American Home Products Corp. 380 24,130
Henry Schein, Inc. * 556 13,553
Lincare Holdings, Inc. * 803 33,775
Sybron International Corp. * 934 23,117
------------------
179,075
------------------
Pharmaceuticals (9.2%)
Bristol-Myers Squibb Company, Inc. 1,764 107,494
CVS Corp. 1,179 62,413
Eli Lilly and Company 895 79,991
Johnson & Johnson 1,331 122,618
Merck and Company, Inc. 3,181 286,091
Pfizer, Inc. 3,298 142,432
Schering Plough Corp. 1,066 55,099
Watson Pharmaceuticals, Inc. * 117 7,320
------------------
863,458
------------------
Energy (7.9%)
Oil Companies - Major (5.0%)
Anadarko Petroleum Corp. 431 27,606
BP Amoco PLC ADR 325 16,555
Burlington Resources, Inc. 887 31,932
Chevron Corp. 252 20,696
Conoco, Inc. Class B 1,382 37,573
Exxon Mobil Corp. 2,614 233,135
Royal Dutch Petroleum Company NYRS 989 58,722
Texaco, Inc. 81 4,784
Unocal Corp. 729 24,877
USX-Marathon Group 515 14,002
------------------
469,882
------------------
Oil Companies - Secondary (0.2%)
Baker Hughes, Inc. 588 20,213
------------------
Oil Drilling (0.6%)
Nabors Industries, Inc. * 1,066 54,259
------------------
Oilfield Equipment and Services (1.5%)
Dynegy, Inc. Class A 284 13,153
Enron Corp. 215 17,643
Halliburton Company 649 24,054
Schlumberger, Ltd. 1,174 89,371
------------------
144,221
------------------
Pipelines (0.6%)
El Paso Energy Corp. 855 53,598
------------------
Financial (24.4%)
Banks (2.1%)
Bank One Corp. 413 15,075
Chase Manhattan Corp. 1,264 57,512
PNC Financial Services Group, Inc. 1,053 70,419
State Street Corp. 316 39,418
U.S. Bancorp 477 11,537
------------------
193,961
------------------
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
92
See notes to schedule of investments
at page 103.
The notes to the financial
statements are an integral part of
these schedules.
<PAGE> 95
October 31, 2000
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
IDEX GE U.S. EQUITY
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
Diversified (15.0%)
American Express Company 1,152 $ 69,120
Associates First Capital Corp. Class A 1,521 56,467
Bank of America Corp. 1,725 82,908
Berkshire Hathaway, Inc. * 9 18,927
Citigroup, Inc. 7,041 370,533
Countrywide Credit Industries, Inc. 209 7,824
Equifax, Inc. 3,993 137,759
First Data Corp. 4,068 203,909
FleetBoston Financial Corp. 1,527 58,026
Goldman Sachs Group, Inc. 239 23,855
Marsh & McLennan Companies, Inc. 353 46,155
Metlife, Inc. * 641 17,708
Standard & Poor's 500 Depository Receipts 2,265 324,177
------------------
1,417,368
------------------
Insurance (3.3%)
AFLAC, Inc. 121 8,841
American International Group, Inc. 1,368 134,063
Chubb Corp. 658 55,560
Fidelity National Financial, Inc. 403 9,899
Hartford Financial Services Group, Inc. 790 58,806
Loews Corp. 186 16,914
The St. Paul Companies, Inc. 467 23,934
------------------
308,017
------------------
Securities Brokers (2.1%)
J.P. Morgan & Company, Inc. 154 25,487
Lehman Brothers Holdings, Inc. 1,130 72,885
Morgan Stanley, Dean Witter, Discover and
Company 1,250 100,391
------------------
198,763
------------------
United States Government Agencies (1.9%)
Federal Home Loan Mortgage Corp. 132 7,920
Federal National Mortgage Association 2,242 172,634
------------------
180,554
------------------
Independent (0.2%)
Conglomerate
Philip Morris Companies, Inc. 481 17,617
------------------
Industrial (6.4%)
Building Materials (0.2%)
Martin Marietta Materials, Inc. 503 19,315
------------------
Electronic Components and Equipment (1.9%)
Emerson Electric Company 1,365 100,242
Molex, Inc. 2,080 81,770
------------------
182,012
------------------
Heavy Construction (0.4%)
Deere & Company 455 16,750
Ingersoll-Rand Company 469 17,704
------------------
34,454
------------------
Diversified (3.3%)
Canadian Pacific, Ltd. 1,316 38,411
Dover Corp. 3,284 139,364
Eaton Corp. 329 22,393
Parker Hannifin Corp. 443 18,329
Textron, Inc. 1,764 88,972
------------------
307,469
------------------
Pollution Control (0.2%)
Waste Management, Inc. 1,153 23,060
------------------
Railroads (0.4%)
Burlington Northern Santa Fe, Inc. 1,534 40,747
------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
Technology (27.5%)
Advanced Medical Devices (0.2%)
DENTSPLY International, Inc. 346 $ 12,001
Medtronic, Inc. 168 9,125
------------------
21,126
------------------
Aerospace/Defense (2.7%)
General Dynamics Corp. 298 21,326
Honeywell International, Inc. 634 34,117
The Boeing Company 686 46,519
United Technologies Corp. 2,098 146,467
------------------
248,429
------------------
Biotechnology (0.9%)
Amgen, Inc. * 698 40,440
PE Corp-PE Biosystems Group 144 16,848
Pharmacia Corp. 515 28,325
------------------
85,613
------------------
Communications (9.5%)
Adelphia Communications Corp. * 58 1,925
AT&T Corp. 898 20,822
AT&T Corp. Liberty Media Class A * 5,394 97,092
Cisco Systems, Inc. * 2,130 114,754
Global Crossing, Ltd. * 1,211 28,610
Motorola, Inc. 2,607 65,012
XO Communications, Inc. * 533 17,980
Nortel Networks Corp. ADR 1,382 62,881
Qwest Communications International, Inc. * 1,639 79,696
SBC Communications, Inc. 3,364 194,061
Tellabs, Inc. * 1,060 52,934
Verizon Communications 1,568 90,650
Vodafone Group PLC ADR 1,270 54,054
WorldCom, Inc. * 634 15,058
------------------
895,529
------------------
Computers (4.3%)
Compaq Computer Corp. 1,416 43,061
Dell Computer Corp. * 3,957 116,732
EMC Corp. * 1,334 118,808
Hewlett-Packard Company 720 33,435
International Business Machines Corp. 474 46,689
Sun Microsystems, Inc. * 395 43,796
Unisys Corp. * 359 4,577
------------------
407,098
------------------
Diversified (0.7%)
NTL, Inc. * 1,103 48,463
PerkinElmer, Inc. 53 6,334
PPG Industries, Inc. 146 6,515
------------------
61,312
------------------
Industrial (0.2%)
Hubbel, Inc. Class B 940 22,501
------------------
Semiconductors (5.0%)
Analog Devices, Inc. * 1,091 70,915
Applied Materials, Inc. * 1,152 61,200
Intel Corp. 5,398 242,910
Micron Technology, Inc. * 783 27,209
Texas Instruments, Inc. 1,442 70,748
------------------
472,982
------------------
Software (4.0%)
Automatic Data Processing, Inc. 1,424 93,005
Microsoft Corp. * 4,088 281,561
------------------
374,566
------------------
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
93
See notes to schedule of investments at page 103.
The notes to the financial statements are an integral part of these
schedules.
<PAGE> 96
October 31, 2000
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS (CONTINUED)
--------------------------------------------------------------------------------
IDEX GE U.S. EQUITY
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
Utilities (1.6%)
Electric (1.3%)
Calpine Corp. * 192 $ 15,156
Dominion Resources, Inc. 168 10,007
Duke Energy Corp. 691 59,728
Southern Company 378 11,104
Southern Energy, Inc. 160 4,360
Xcel Energy, Inc. 875 22,357
------------------
122,712
------------------
Telephone (0.3%)
Sprint Corp. 1,101 28,075
------------------
TOTAL COMMON STOCK (COST $8,906,716) 9,114,487
------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION PRINCIPAL VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
SHORT-TERM SECURITIES (3.1%)
Repurchase Agreements
State Street Bank & Trust ***
3.500% Repurchase Agreement dated
10-31-2000 to be repurchased at $294,552
on 11-1-2000 (cost $294,524) $ 294,524 $ 294,524
------------------
TOTAL INVESTMENTS (99.8%) (COST $9,201,240) 9,409,011
------------------
OTHER ASSETS IN EXCESS OF LIABILITIES (0.2%) 18,309
------------------
NET ASSETS (100.0%) $ 9,427,320
==================
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
94
See notes to schedule of investments
at page 103.
The notes to the financial
statements are an integral part of
these schedules.
<PAGE> 97
This Page for Notes and Computations
--------------------------------------------------------------------------------
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
95
<PAGE> 98
October 31, 2000
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
IDEX DEAN ASSET ALLOCATION
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
COMMON STOCK (66.7%)
Basic Materials (2.2%)
Chemicals (1.8%)
E.I. du Pont de Nemours and Company 9,000 $ 408,375
------------------
Precious Metals (0.4%)
Alcoa, Inc. 3,200 91,800
------------------
Consumer, Cyclical (5.6%)
Auto Manufacturers (1.3%)
Ford Motor Company 11,000 287,375
------------------
Auto Parts and Equipment (0.1%)
Visteon Corp. 1,440 25,470
------------------
Entertainment (2.2%)
Walt Disney Company 14,000 501,375
------------------
Restaurants (2.0%)
Host Marriott Corp. 30,000 318,750
Tricon Global Restaurants, Inc. * 4,000 120,000
------------------
438,750
------------------
Consumer, Non-Cyclical (4.5%)
Food - Other (1.3%)
Albertson's, Inc. 13,000 307,937
------------------
Healthcare (1.8%)
HCA - The Healthcare Company 10,000 399,375
------------------
Pharmaceuticals (1.4%)
Merck and Company, Inc. 3,500 314,781
------------------
Energy (5.6%)
Oil Companies - Major (4.1%)
Exxon Mobil Corp. 7,000 624,313
Texaco, Inc. 5,000 295,312
------------------
919,625
------------------
Oil Drilling (1.5%)
Diamond Offshore Drilling, Inc. 10,000 345,625
------------------
Financial (30.7%)
Banks (9.2%)
BB&T Corp. 10,000 318,750
Chase Manhattan Corp. 13,650 621,075
Summit Bancorp 30,000 1,125,000
------------------
2,064,825
------------------
Diversified (9.4%)
Alliance Capital Management Holding LP 9,500 456,000
Bank of America Corp. 5,000 240,313
FleetBoston Financial Corp. 26,000 988,000
Washington Mutual, Inc. 10,000 440,000
------------------
2,124,313
------------------
Insurance (4.3%)
John Hancock Financial Services, Inc. 2,800 88,550
Lincoln National Corp. 18,000 870,750
------------------
959,300
------------------
Securities Brokers (0.5%)
T. Rowe Price Associates, Inc. 2,500 117,031
------------------
United States Government Agencies (7.3%)
Federal Home Loan Mortgage Corp. 8,000 480,000
Federal National Mortgage Association 15,000 1,155,000
------------------
1,635,000
------------------
Independent (4.5%)
Conglomerate
Philip Morris Companies, Inc. 27,500 1,007,187
------------------
Industrial (1.9%)
Heavy Construction (0.6%)
Caterpillar, Inc. 4,000 140,250
------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
Diversified (1.3%)
Minnesota Mining & Manufacturing Company 3,000 $ 289,875
------------------
Technology (9.4%)
Aerospace/Defense (2.1%)
Raytheon Company Class B 14,000 478,625
------------------
Communications (4.0%)
AT&T Corp. 11,000 255,062
Verizon Communications 11,000 635,938
------------------
891,000
------------------
Computers (1.7%)
Hewlett-Packard Company 4,000 185,750
NCR Corp. * 4,500 194,063
------------------
379,813
------------------
Semiconductors (1.6%)
Intel Corp. 7,800 351,000
------------------
Utilities (2.3%)
Telephone
ALLTEL Corp. 7,000 451,063
Sprint Corp. 3,000 76,500
------------------
527,563
------------------
TOTAL COMMON STOCK (COST $14,056,984) 15,006,270
------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION PRINCIPAL VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
NON-CONVERTIBLE CORPORATE BONDS (19.9%)
Consumer, Cyclical (2.1%)
Broadcasting
Cox Radio, Inc. 6.375% 5-15-2005 $ 500,000 $ 479,375
------------------
Financial (13.7%)
Banks (4.2%)
First Union Corp. 6.180% 2-15-2036 1,000,000 946,250
------------------
Diversified (5.3%)
Commercial Credit Company 6.625% 6-1-2015 200,000 199,000
PHH Corp. 7.020% 11-9-2001 1,000,000 998,750
------------------
1,197,750
------------------
Real Estate (4.2%)
New Plan Excel Realty Trust, Inc. 7.400%
9-15-2009 1,000,000 931,250
------------------
Utilities (4.1%)
Electric
Washington Water Power Company 5.990%
12-10-2007 1,000,000 912,500
------------------
TOTAL NON-CONVERTIBLE CORPORATE BONDS (COST $4,671,922) 4,467,125
------------------
SHORT-TERM SECURITIES (14.4%)
Repurchase Agreements (0.2%)
State Street Bank & Trust ***
3.500% Repurchase Agreement dated 10-31-2000
to be repurchased at $31,602 on 11-1-2000 31,599 31,599
------------------
Time Deposit (14.2%)
State Street Bank & Trust Eurodollar Time
Deposit 4.500% 11-1-2000 3,200,000 3,200,000
------------------
TOTAL SHORT-TERM SECURITIES (COST $3,231,599) 3,231,599
------------------
TOTAL INVESTMENTS (101.0%) (COST $21,960,505) 22,704,994
------------------
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
96
See notes to schedule of investments
at page 103.
The notes to the financial
statements are an integral part of
these schedules.
<PAGE> 99
October 31, 2000
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
IDEX DEAN ASSET ALLOCATION
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION CONTRACTS VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
WRITTEN OPTIONS (-1.5%)
Written Calls (-0.5%)
Albertson's, Inc. 130 $ (13,812)
Alliance Capital Management Holding LP 45 (1,125)
AT&T Corp. 110 (17,188)
Federal National Mortgage Association 30 (21,750)
FleetBoston Financial Corp. 60 (9,000)
Hewlett-Packard Company 40 (500)
Intel Corp. 78 (20,463)
Lincoln National Corp. 50 (6,875)
Philip Morris Companies, Inc. 45 (18,000)
------------------
(108,713)
------------------
Written Puts (-1.0%)
Alcoa, Inc. 40 (16,500)
Bank of America Corp. 20 (7,250)
Chase Manhattan Corp. 30 (24,750)
Compaq Computer Corp. 80 (6,000)
DaimlerChrysler AG 50 (10,250)
Ford Motor Company 250 (9,375)
Sprint Corp. 100 (93,750)
Target Corp. 150 (16,875)
Texaco, Inc. 50 (8,125)
Walt Disney Company 70 (24,500)
Washington Mutual, Inc. 80 (500)
------------------
(217,875)
------------------
TOTAL WRITTEN OPTIONS (PREMIUM -$365,190) (326,588)
------------------
OTHER ASSETS IN EXCESS OF LIABILITIES (0.5%) 97,907
------------------
NET ASSETS (100.0%) $ 22,476,313
==================
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
97
See notes to schedule of investments at page 103.
The notes to the financial statements are an integral part of these
schedules.
<PAGE> 100
October 31, 2000
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
IDEX LKCM STRATEGIC TOTAL RETURN
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
COMMON STOCK (65.4%)
Basic Materials (3.9%)
Forest Products (1.3%)
Willamette Industries, Inc. 24,000 $ 871,500
------------------
Paper Products (2.6%)
Boise Cascade Corp. 29,200 837,675
Kimberly-Clark Corp. 15,000 990,000
------------------
1,827,675
------------------
Consumer, Cyclical (4.5%)
Advertising (1.0%)
Harte-Hanks, Inc. 31,000 685,875
------------------
Broadcasting (1.7%)
Viacom, Inc. Class B * 20,544 1,168,440
------------------
Retailers - Broadline (0.8%)
Wal-Mart Stores, Inc. 13,000 589,875
------------------
Retailers - Specialty (1.0%)
Home Depot, Inc. 15,600 670,800
------------------
Consumer, Non-Cyclical (9.5%)
Consumer Services (2.9%)
H&R Block, Inc. 29,600 1,056,350
United Parcel Service, Inc. 16,400 996,300
------------------
2,052,650
------------------
Healthcare (1.5%)
Tenet Healthcare Corp. * 27,000 1,061,437
------------------
Household Products (1.9%)
Colgate-Palmolive Company 22,500 1,322,100
------------------
Pharmaceuticals (3.2%)
Pfizer, Inc. 29,700 1,282,669
Teva Pharmaceutical Industries, Ltd. ADS 16,300 963,737
------------------
2,246,406
------------------
Energy (6.7%)
Oil Companies - Major (4.2%)
BP Amoco PLC ADR 13,232 674,005
Exxon Mobil Corp. 16,200 1,444,837
Unocal Corp. 23,500 801,938
------------------
2,920,780
------------------
Oil Drilling (1.2%)
EOG Resources, Inc. 21,300 838,688
------------------
Oilfield Equipment and Services (1.3%)
Schlumberger, Ltd. 12,400 943,950
------------------
Financial (12.6%)
Banks (2.1%)
Chase Manhattan Corp. 18,750 853,125
Cullen/Frost Bankers, Inc. 18,000 599,625
------------------
1,452,750
------------------
Diversified (8.4%)
American General Corp. 20,100 1,618,050
Citigroup, Inc. 18,800 989,350
First Data Corp. 16,800 842,100
Mellon Financial Corp. 30,000 1,447,500
Wells Fargo & Company 21,000 972,563
------------------
5,869,563
------------------
Real Estate (0.5%)
Crescent Real Estate Equities, Inc. 18,000 362,250
------------------
United States Government Agencies (1.6%)
Federal National Mortgage Association 14,500 1,116,500
------------------
Independent (1.6%)
Conglomerate
Philip Morris Companies, Inc. 30,300 1,109,737
------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
Industrial (4.9%)
Diversified
Corning, Inc. 8,800 $ 673,200
General Electric Company 30,000 1,644,375
Tyco International Group SA ADR 18,900 1,071,394
------------------
3,388,969
------------------
Technology (20.2%)
Advanced Medical Devices (1.5%)
Medtronic, Inc. 18,800 1,021,075
------------------
Biotechnology (2.1%)
Pharmacia Corp. 26,180 1,439,900
------------------
Communications (5.7%)
Cisco Systems, Inc. * 22,700 1,222,962
Motorola, Inc. 22,700 566,081
Nortel Networks Corp. ADR 15,900 723,450
Verizon Communications 25,400 1,468,438
------------------
3,980,931
------------------
Computers (4.4%)
Dell Computer Corp. * 26,700 787,650
EMC Corp. * 8,200 730,313
Hewlett-Packard Company 15,200 705,850
Sun Microsystems, Inc. * 7,800 864,825
------------------
3,088,638
------------------
Diversified (1.6%)
Diebold, Inc. 30,300 787,800
Viasystems Group, Inc. * 25,000 354,688
------------------
1,142,488
------------------
Semiconductors (2.6%)
Intel Corp. 28,300 1,273,500
KLA-Tencor Corp. * 5,200 175,825
National Semiconductor Corp. * 12,800 332,800
------------------
1,782,125
------------------
Software (2.3%)
Microsoft Corp. * 9,200 633,650
Oracle Corp. * 30,400 1,003,200
------------------
1,636,850
------------------
Utilities (1.5%)
Telephone
ALLTEL Corp. 16,600 1,069,662
------------------
TOTAL COMMON STOCK (COST $38,165,495) 45,661,614
------------------
CONVERTIBLE PREFERRED STOCK (2.6%)
Consumer, Cyclical (1.3%)
Publishing
Tribune Company 8,100 900,801
------------------
Technology (1.3%)
Communications
DECS Trust V (Crown Castle International
Corp.) 35,000 914,375
------------------
TOTAL CONVERTIBLE PREFERRED STOCK (COST $1,682,346) 1,815,176
------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION PRINCIPAL VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
CONVERTIBLE CORPORATE BONDS (2.0%)
Basic Materials
Paper Products
Kimberly-Clark Corp. 7.100% 8-1-2007 (cost
$1,433,627) $ 1,400,000 $ 1,429,750
------------------
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
98
See notes to schedule of investments
at page 103.
The notes to the financial
statements are an integral part of
these schedules.
<PAGE> 101
October 31, 2000
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
IDEX LKCM STRATEGIC TOTAL RETURN
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION PRINCIPAL VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
NON-CONVERTIBLE CORPORATE BONDS (25.0%)
Consumer, Cyclical (4.1%)
Broadcasting (2.4%)
CBS Corp. 7.150% 5-20-2005 $ 600,000 $ 600,750
Continental Cablevision, Inc. 8.875%
9-15-2005 1,000,000 1,061,250
------------------
1,662,000
------------------
Consumer Electronics (0.8%)
RadioShack Corp. 6.950% 9-1-2007 600,000 582,750
------------------
Retailers - Broadline (0.9%)
Wal-Mart Stores, Inc. 6.550% 8-10-2004 600,000 594,750
------------------
Consumer, Non-Cyclical (2.8%)
Beverages (1.3%)
Anheuser-Busch Company Inc. 5.375% 9-15-2008 1,000,000 893,750
------------------
Household Products (1.5%)
Procter & Gamble Company 5.250% 9-15-2003 600,000 579,750
The Black & Decker Corp. 7.500% 4-1-2003 500,000 503,750
------------------
1,083,500
------------------
Energy (1.8%)
Oil Drilling
Northern Natural Gas 6.875% 5-1-2005 600,000 594,000
Vastar Resources, Inc. 8.750% 2-1-2005 600,000 639,000
------------------
1,233,000
------------------
Financial (7.5%)
Banks (2.2%)
Mellon Bank Corp. 6.500% 8-1-2005 500,000 490,000
Wells Fargo Bank 7.550% 6-21-2010 1,000,000 1,011,250
------------------
1,501,250
------------------
Diversified (4.4%)
Associates Corp. 6.875% 11-15-2008 1,000,000 963,750
Block Financial Corp. 8.500% 4-15-2007 700,000 727,125
Block Financial Corp. 6.750% 11-1-2004 600,000 584,250
General Electric Capital Corp. 8.125%
4-1-2008 600,000 628,500
Norwest Financial, Inc. 7.000% 1-15-2003 200,000 200,000
------------------
3,103,625
------------------
Insurance (0.6%)
Hartford Life, Inc. Class A 6.900% 6-15-2004 400,000 396,500
------------------
Securities Brokers (0.3%)
J.P. Morgan & Company, Inc. 7.625% 9-15-2004 200,000 203,250
------------------
Industrial (2.9%)
Electronic Components and Equipment (2.1%)
Kent Electronics Corp. 4.500% 9-1-2004 1,075,000 936,594
Thomas & Betts Corp. 6.500% 1-15-2006 525,000 509,906
------------------
1,446,500
------------------
Diversified (0.8%)
Tyco International Group SA ADR 6.375%
6-15-2005 600,000 580,500
------------------
Technology (1.5%)
Aerospace/Defense (0.4%)
Lockheed Martin Corp. 7.450% 6-15-2004 300,000 301,125
------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION PRINCIPAL VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
Communications (1.1%)
AirTouch Communications, Inc. 7.000%
10-1-2003 $ 500,000 $ 498,125
WorldCom, Inc. 6.125% 8-15-2001 250,000 248,438
------------------
746,563
------------------
Utilities (4.4%)
Electric (1.6%)
Interstate Power Company 8.625% 9-15-2021 175,000 178,500
Kentucky Utilities Company 8.550% 5-15-2027 250,000 259,375
Public Service Electric and Gas Company
6.375% 5-1-2008 750,000 705,937
------------------
1,143,812
------------------
Gas (0.2%)
Southwest Gas Corp. 7.500% 8-1-2006 150,000 150,187
------------------
Telephone (2.6%)
ALLTEL Corp. 7.250% 4-1-2004 800,000 795,000
GTE Hawaiian Telephone Company, Ltd. 7.375%
9-1-2006 550,000 550,000
GTE Hawaiian Telephone Company, Ltd. 6.750%
2-15-2005 500,000 491,875
------------------
1,836,875
------------------
TOTAL NON-CONVERTIBLE CORPORATE BONDS (COST $17,569,060) 17,459,937
------------------
LONG-TERM GOVERNMENT BONDS (2.7%)
United States Government Securities
Treasury Notes
5.750% 8-15-2003 700,000 697,375
6.250% 8-31-2002 1,200,000 1,205,304
------------------
TOTAL LONG-TERM GOVERNMENT BONDS (COST $1,887,661) 1,902,679
------------------
SHORT-TERM SECURITIES (5.5%)
Repurchase Agreements (0.0%)
State Street Bank & Trust ***
3.500% Repurchase Agreement dated 10-31-2000 to be
repurchased at $28,544 on 11-1-2000 28,541 28,541
------------------
Time Deposit (5.5%)
State Street Bank & Trust Eurodollar Time
Deposit
4.500% 11-1-2000 3,800,000 3,800,000
------------------
TOTAL SHORT-TERM SECURITIES (COST $3,828,541) 3,828,541
------------------
TOTAL INVESTMENTS (103.2%) (COST $64,566,730) 72,097,697
------------------
LIABILITIES IN EXCESS OF OTHER ASSETS (-3.2%) (2,254,706)
------------------
NET ASSETS (100.0%) $ 69,842,991
==================
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
99
See notes to schedule of investments at page 103.
The notes to the financial statements are an integral part of these
schedules.
<PAGE> 102
October 31, 2000
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
IDEX NWQ VALUE EQUITY
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
COMMON STOCK (91.3%)
Basic Materials (5.7%)
Chemicals (3.1%)
Praxair, Inc. 9,500 $ 353,875
Rohm and Haas Company 11,000 330,688
------------------
684,563
------------------
Paper Products (2.6%)
International Paper Company 6,000 219,750
Kimberly-Clark Corp. 5,600 369,600
------------------
589,350
------------------
Consumer, Cyclical (10.2%)
Airlines (2.3%)
Delta Air Lines, Inc. 11,000 519,750
------------------
Auto Manufacturers (1.8%)
Ford Motor Company 15,733 411,025
------------------
Auto Parts and Equipment (1.5%)
Delphi Automotive Systems Corp. 20,000 313,750
Visteon Corp. 1,178 20,836
------------------
334,586
------------------
Broadcasting (1.9%)
Time Warner, Inc. 5,500 417,505
------------------
Entertainment (1.2%)
Carnival Corp. 10,500 260,531
------------------
Retailers - Apparel (0.8%)
Federated Department Stores, Inc. * 5,400 175,838
------------------
Retailers - Specialty (0.7%)
Pitney Bowes, Inc. 5,500 163,281
------------------
Consumer, Non-Cyclical (5.8%)
Food - Other (1.6%)
Sara Lee Corp. 17,000 366,563
------------------
Healthcare (2.8%)
HCA - The Healthcare Company 6,700 267,581
Tenet Healthcare Corp. * 9,000 353,813
------------------
621,394
------------------
Pharmaceuticals (1.4%)
CVS Corp. 6,000 317,625
------------------
Energy (15.3%)
Coal (2.1%)
Florida Progress Corp. 9,000 478,688
------------------
Oil Companies - Major (7.6%)
Anadarko Petroleum Corp. 4,322 276,824
Chevron Corp. 5,000 410,625
Conoco, Inc. Class B 19,702 535,648
The Coastal Corp. 6,500 490,344
------------------
1,713,441
------------------
Oil Drilling (0.6%)
Noble Affiliates, Inc. 3,400 124,737
------------------
Oilfield Equipment and Services (5.0%)
Grant Prideco, Inc. * 10,000 185,625
Halliburton Company 10,000 370,625
Tosco Corp. 7,000 200,375
Weatherford International, Inc. * 10,000 365,000
------------------
1,121,625
------------------
Financial (23.0%)
Banks (2.5%)
Chase Manhattan Corp. 5,850 266,175
First Union Corp. 10,100 306,156
------------------
572,331
------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
Diversified (12.7%)
Bank of America Corp. 11,894 $ 571,655
Citigroup, Inc. 5,000 263,125
Countrywide Credit Industries, Inc. 13,500 505,406
FleetBoston Financial Corp. 11,000 418,000
IndyMac Bancorp, Inc. * 22,000 459,250
Wells Fargo & Company 13,800 639,113
------------------
2,856,549
------------------
Insurance (4.2%)
Aetna, Inc. 4,600 265,937
Hartford Financial Services Group, Inc. 9,000 669,938
------------------
935,875
------------------
Securities Brokers (0.9%)
Bear Stearns Companies, Inc. 3,179 192,727
------------------
United States Government Agencies (2.7%)
Federal National Mortgage Association 8,000 616,000
------------------
Independent (5.1%)
Conglomerates
Fortune Brands, Inc. 13,500 397,406
Philip Morris Companies, Inc. 20,700 758,138
------------------
1,155,544
------------------
Industrial (7.0%)
Containers and Packaging (1.2%)
Packaging Corp. of America * 19,000 279,062
------------------
Electronic Components and Equipment (1.3%)
Emerson Electric Company 3,100 227,656
Thomas & Betts Corp. 3,900 58,988
------------------
286,644
------------------
Heavy Construction (1.6%)
Deere & Company 4,100 150,931
Ingersoll-Rand Company 5,700 215,175
------------------
366,106
------------------
Diversified (2.9%)
Minnesota Mining & Manufacturing Company 5,000 483,125
3,200 161,400
------------------
644,525
------------------
Technology (13.2%)
Advanced Medical Devices (1.9%)
Agilent Technologies, Inc. * 9,153 423,897
------------------
Aerospace/Defense (2.2%)
Honeywell International, Inc. 9,000 484,313
------------------
Communications (4.5%)
AT&T Corp. 8,417 195,169
AT&T Corp. Liberty Media Class A * 12,000 216,000
CoreComm, Ltd. * 13,500 77,625
Verizon Communications 9,000 520,313
------------------
1,009,107
------------------
Computers (2.0%)
Hewlett-Packard Company 5,000 232,188
Teradyne, Inc. * 7,000 218,750
------------------
450,938
------------------
Diversified (1.3%)
NTL, Inc. * 6,687 293,810
------------------
Semiconductors (1.3%)
Texas Instruments, Inc. 6,000 294,375
------------------
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
100
See notes to schedule of investments
at page 103.
The notes to the financial
statements are an integral part of
these schedules.
<PAGE> 103
October 31, 2000
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
IDEX NWQ VALUE EQUITY
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
Utilities (6.0%)
Electric (2.1%)
Southern Company 16,000 $ 470,000
------------------
Gas (1.4%)
Peoples Energy Corp. 9,000 309,374
------------------
Telephone (2.5%)
ALLTEL Corp. 3,500 225,531
Telephone and Data Systems, Inc. 3,300 348,150
------------------
573,681
------------------
TOTAL COMMON STOCK (COST $18,491,871) 20,515,360
------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION PRINCIPAL VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
SHORT-TERM SECURITIES (8.6%)
Other Short-Term Securities (4.4%)
SSgA Money Market Fund
7-day yield of 6.290% 11-1-2000 $ 997,000 $ 997,000
------------------
Repurchase Agreements (4.2%)
State Street Bank & Trust ***
3.500% Repurchase Agreement dated
10-31-2000 to be repurchased at $954,399
on 11-1-2000 954,308 954,308
------------------
TOTAL SHORT-TERM SECURITIES (COST $1,951,308) 1,951,308
------------------
TOTAL INVESTMENTS (99.9%) (COST $20,443,179) 22,466,668
------------------
OTHER ASSETS IN EXCESS OF LIABILITIES (0.1%) 13,949
------------------
NET ASSETS (100.0%) $ 22,480,617
==================
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
101
See notes to schedule of investments at page 103.
The notes to the financial statements are an integral part of these
schedules.
<PAGE> 104
October 31, 2000
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
IDEX C.A.S.E. GROWTH
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
COMMON STOCK (94.9%)
Consumer, Cyclical (12.1%)
Footwear (8.0%)
Abercrombie & Fitche Company Class A * 30,000 $ 706,875
------------------
Retailers - Apparel (4.1%)
Claire's Stores, Inc. 15,500 311,937
Jones Apparel Group * 1,900 52,844
------------------
364,781
------------------
Consumer, Non-Cyclical (4.0%)
Pharmaceuticals
Pfizer, Inc. 6,200 267,762
SmithKline Beecham PLC ADR 1,300 84,744
------------------
352,506
------------------
Energy (9.0%)
Oil Drilling (4.0%)
Diamond Offshore Drilling, Inc. 10,100 349,080
------------------
Oilfield Equipment and Services (5.0%)
Halliburton Company 12,000 444,750
------------------
Financial (6.1%)
Banks (1.9%)
Chase Manhattan Corp. 3,750 170,625
------------------
Diversified (4.2%)
Bank of America Corp. 2,600 124,963
Citigroup, Inc. 4,666 245,548
------------------
370,511
------------------
Industrial (3.5%)
Electronic Components and Equipment (1.3%)
Kulicke and Soffa Industries, Inc. * 8,000 117,500
------------------
Diversified (2.2%)
Brooks Automation, Inc. * 7,300 193,450
------------------
Technology (60.2%)
Communications (23.7%)
Adaptive Broadband Corp. * 13,000 208,812
ADC Telecommunications, Inc. * 21,600 461,700
ANTEC Corp. * 5,500 67,031
AT&T Corp. 5,550 128,691
Avaya, Inc. * 283 3,803
DMC Stratex Networks, Inc. * 14,000 323,750
Global Crossing, Ltd. * 4,000 94,500
Motorola, Inc. 5,000 124,688
Nextel Communications, Inc. Class A * 2,000 76,875
Nortel Networks Corp. ADR 1,800 81,900
QUALCOMM, Inc. * 8,000 520,875
------------------
2,092,625
------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
Computers (5.1%)
Commerce One, Inc. * 7,000 $ 449,312
------------------
Diversified (1.8%)
JDS Uniphase Corp. * 2,000 162,750
------------------
Semiconductors (21.5%)
Altera Corp. * 11,300 462,594
Conexant Systems, Inc. * 11,500 302,594
Vitesse Semiconductor Corp. * 7,000 489,562
Xilinx, Inc. * 9,000 651,938
------------------
1,906,688
------------------
Software (8.1%)
America Online, Inc. * 4,000 201,720
Microsoft Corp. * 2,900 199,738
Sycamore Networks, Inc. * 5,000 316,250
------------------
717,708
------------------
TOTAL COMMON STOCK (COST $9,722,354) 8,399,161
------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DESCRIPTION PRINCIPAL VALUE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
SHORT-TERM SECURITIES (8.8%)
Repurchase Agreements
State Street Bank & Trust ***
3.500% Repurchase Agreement dated 10-31-2000
to be repurchased at $773,529 on 11-1-2000
(cost $773,455) $ 773,455 $ 773,455
------------------
TOTAL INVESTMENTS (103.7%) (COST $10,495,809) 9,172,616
------------------
LIABILITIES IN EXCESS OF OTHER ASSETS (-3.7%) (325,531)
------------------
NET ASSETS (100.0%) $ 8,847,085
==================
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
102
See notes to schedule of investments
at page 103.
The notes to the financial
statements are an integral part of
these schedules.
<PAGE> 105
October 31, 2000
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
NOTES TO SCHEDULES OF INVESTMENTS
-------------------------------------------------------------
-------------------------------------------------------------
ADR, GDR, NYRS, or ADS after the name of a security represents American
Depository Receipts, Global Depository Receipts, New York Registered
Shares or American Depository 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.
+ Non-U.S. securities.
# ContiFinancial Corp. is 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; H-Hong Kong Dollar;
J-Japanese Yen; K-Swedish Krona; W-South Korean Won
* Presently non-income producing.
** Ratings indicated are by Standard & Poor's/Moody's, respectively, and
are unaudited; NR: not rated by this service.
(caret) Step Bond.
- Warrants expiring 5-31-2009.
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.
<TABLE>
<CAPTION>
*** REPURCHASE AGREEMENT COLLATERAL TABLE
------------------------------------------------------------------------------------------------------------------------
Market Value and
Accrued Interest
Principal Amount Description 10-31-2000
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
U. S. Treasury Notes 6.000%,
IDEX JCC Growth $ 70,000 8-15-2004 $ 71,201
U. S. Treasury Notes 5.875%,
IDEX JCC Global 40,000 10-31-2001 39,285
U. S. Treasury Notes 10.000%,
IDEX JCC Balanced 25,000 5-15-2010 30,063
U. S. Treasury Notes 11.125%,
IDEX JCC Capital Appreciation 35,000 8-15-2003 40,376
U. S. Treasury Notes 6.250%,
IDEX Alger Aggressive Growth 75,000 2-15-2003 76,406
U. S. Treasury Notes 6.250%,
IDEX Pilgrim Baxter Mid Cap Growth 70,000 1-31-2002 71,050
U. S. Treasury Notes 10.750%,
IDEX Pilgrim Baxter Technology 35,000 2-15-2003 39,276
U. S. Treasury Bonds 6.375%,
IDEX Gabelli Global Growth 1,875,000 8-15-2027 2,015,625
U. S. Treasury Notes 7.000%,
IDEX Goldman Sachs Growth 45,000 7-15-2006 48,385
U. S. Treasury Notes 6.250%,
IDEX Transamerica Equity 420,000 1-31-2002 426,300
U. S. Treasury Bonds 14.000%,
IDEX Transamerica Small Company 120,000 11-15-2011 175,950
U. S. Treasury Notes 5.625%,
IDEX Salomon All Cap 4,775,000 2-15-2006 4,792,906
U. S. Treasury Notes 5.750%,
IDEX Great Companies - America 85,000 11-30-2002 86,700
U. S. Treasury Notes 7.500%,
IDEX Great Companies - Technology 65,000 5-15-2002 68,575
U. S. Treasury Bonds 12.000%,
IDEX AEGON Income Plus 35,000 8-15-2013 48,825
U. S. Treasury Bonds 11.250%,
IDEX GE International Equity 25,000 2-15-2015 38,213
U. S. Treasury Notes 8.750%,
IDEX GE U.S. Equity 275,000 11-15-2008 305,938
U. S. Treasury Bonds 13.250%,
IDEX Dean Asset Allocation 25,000 5-15-2014 38,531
U. S. Treasury Notes 5.875%,
IDEX LKCM Strategic Total Return 30,000 9-30-2002 30,080
U. S. Treasury Notes 5.750%,
IDEX Value Equity 955,000 11-30-2002 974,100
U. S. Treasury Notes 6.125%,
IDEX C.A.S.E. Growth 770,000 8-15-2007 792,647
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
103
The notes to the financial statements are an integral part of these
schedules.
<PAGE> 106
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 market value from prior period.
IDEX MUTUAL FUNDS
104 ANNUAL REPORT 2000
<PAGE> 107
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 or loss,
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 over a one year period of an investment,
assuming no sales load and reinvestment of any distributions
EXPENSE RATIO The percentage of a fund's average net assets used to pay
its expenses. These expenses are deducted from fund assets, not from
shareholder accounts
PORTFOLIO TURNOVER RATIO 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 net capital gains
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000 105
<PAGE> 108
STATEMENTS OF ASSETS AND LIABILITIES
October 31, 2000
<TABLE>
<CAPTION>
IDEX JCC IDEX JCC IDEX JCC
ALL NUMBERS (EXCEPT PER SHARE AMOUNTS) IN THOUSANDS GROWTH GLOBAL BALANCED
<S> <C> <C> <C>
ASSETS:
Investment securities, at market value.............. $ 4,149,581 $ 1,781,328 $ 465,071
Cash (1)............................................ - 13 10
Receivables:
Investment securities sold........................ 6,996 5,780 2,452
Shares of beneficial interest sold................ 8,027 1,748 3,751
Interest.......................................... - - 3,589
Dividends......................................... 192 729 118
Due from investment adviser....................... - - -
Forward foreign currency contracts.................. - 12,912 24
Other............................................... 379 100 16
----------------- ----------------- -----------------
4,165,175 1,802,610 475,031
----------------- ----------------- -----------------
LIABILITIES:
Accounts payable:
Investment securities purchased................... 13,500 5,234 1,723
Shares of beneficial interest redeemed............ 3,321 3,713 975
Accrued liabilities:
Management and advisory fees...................... 503 300 369
Distribution fees................................. 1,504 1,094 312
Transfer agent fees and expenses.................. 1,085 872 193
Forward foreign currency contracts.................. - 3,414 19
Other............................................... 979 785 139
----------------- ----------------- -----------------
20,892 15,412 3,730
----------------- ----------------- -----------------
NET ASSETS............................................ $ 4,144,283 $ 1,787,198 $ 471,301
================= ================= =================
NET ASSETS CONSIST OF:
Shares of beneficial interest, unlimited shares
authorized........................................ 2,579,554 1,397,843 446,816
Undistributed net investment income (loss) or
(distribution in excess of net investment
income)........................................... (264) (10,951) 463
Undistributed net realized gain (loss) from
investments, futures/options contracts and foreign
currency transactions............................. 294,019 96,360 6,723
Net unrealized appreciation (depreciation) of
investments, futures/options contracts and on
translation of assets and liabilities in foreign
currencies........................................ 1,270,974 303,946 17,299
----------------- ----------------- -----------------
NET ASSETS............................................ $ 4,144,283 $ 1,787,198 $ 471,301
----------------- ----------------- -----------------
Investment securities, at cost...................... $ 2,878,685 $ 1,486,824 $ 447,780
================= ================= =================
SHARES OF BENEFICIAL INTEREST OUTSTANDING:
Class A shares.................................... 39,431 18,647 6,757
Class B shares.................................... 18,422 15,775 11,614
Class C shares.................................... 2,890 2,978 2,151
Class M shares.................................... 6,789 7,876 3,357
Class T shares.................................... 27,532 - -
NET ASSET VALUE PER SHARE:
Class A shares.................................... $ 43.81 $ 40.20 $ 19.75
Class B shares.................................... $ 42.08 $ 38.97 $ 19.73
Class C shares.................................... $ 42.08 $ 38.98 $ 19.73
Class M shares.................................... $ 42.35 $ 38.94 $ 19.73
Class T shares.................................... $ 44.76 $ - $ -
MAXIMUM OFFERING PRICE PER SHARE (2):
Class A shares.................................... $ 46.36 $ 42.54 $ 20.90
Class M shares.................................... $ 42.78 $ 39.33 $ 19.93
Class T shares.................................... $ 48.92 $ - $ -
</TABLE>
See notes to the Statements of Assets and Liabilities on pages 110 and 111.
The notes to the financial statements are an integral part of these statements.
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
106
<PAGE> 109
<TABLE>
<CAPTION>
IDEX JCC IDEX JCC IDEX ALGER IDEX T. ROWE PRICE IDEX T. ROWE PRICE
CAPITAL APPRECIATION FLEXIBLE INCOME AGGRESSIVE GROWTH DIVIDEND GROWTH SMALL CAP
<S> <C> <C> <C> <C>
$ 461,089 $ 45,214 $ 327,764 $ 16,843 $ 20,485
- 261 476 1 1
478 - 6,684 18 46
2,935 319 13,309 266 160
- 717 1 1 1
45 - 31 15 1
- - - - 10
- 11 - - -
15 5 18 - -
----------------- ----------------- ----------------- ----------------- -----------------
464,562 46,527 348,283 17,144 20,704
----------------- ----------------- ----------------- ----------------- -----------------
2,787 1,361 16,984 163 125
1,964 134 340 27 11
296 30 71 2 -
289 25 189 11 12
470 14 355 13 29
- 7 - - -
178 29 116 28 31
----------------- ----------------- ----------------- ----------------- -----------------
5,984 1,600 18,055 244 208
----------------- ----------------- ----------------- ----------------- -----------------
$ 458,578 $ 44,927 $ 330,228 $ 16,900 $ 20,496
================= ================= ================= ================= =================
493,057 46,165 313,420 16,057 20,390
(10) (3) (12) - -
(29,800) (1,039) 2,975 (593) (52)
(4,669) (196) 13,845 1,436 158
----------------- ----------------- ----------------- ----------------- -----------------
$ 458,578 $ 44,927 $ 330,228 $ 16,900 $ 20,496
----------------- ----------------- ----------------- ----------------- -----------------
$ 465,760 $ 45,415 $ 313,922 $ 15,406 $ 20,327
================= ================= ================= ================= =================
5,517 1,785 5,136 513 627
5,986 1,513 3,704 715 622
1,378 882 531 182 125
1,640 672 1,059 180 191
- - - - -
$ 32.08 $ 9.26 $ 32.07 $ 10.64 $ 13.17
$ 31.25 $ 9.26 $ 31.23 $ 10.63 $ 13.05
$ 31.25 $ 9.26 $ 31.23 $ 10.63 $ 13.05
$ 31.38 $ 9.26 $ 31.36 $ 10.63 $ 13.07
$ - $ - $ - $ - $ -
$ 33.95 $ 9.72 $ 33.94 $ 11.26 $ 13.94
$ 31.70 $ 9.35 $ 31.68 $ 10.74 $ 13.20
$ - $ - $ - $ - $ -
<CAPTION>
IDEX PILGRIM BAXTER
MID CAP GROWTH
<S> <C>
$ 161,379
-
-
1,619
4
5
10
-
2
-----------------
163,019
-----------------
13,774
168
-
98
170
-
77
-----------------
14,287
-----------------
$ 148,732
=================
156,674
(1)
(2,916)
(5,025)
-----------------
$ 148,732
-----------------
$ 166,403
=================
2,333
3,284
817
709
-
$ 20.94
$ 20.76
$ 20.76
$ 20.79
$ -
$ 22.16
$ 21.00
-
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
107
<PAGE> 110
STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)
October 31, 2000
<TABLE>
<CAPTION>
IDEX PILGRIM BAXTER IDEX GABELLI IDEX GOLDMAN
ALL NUMBERS (EXCEPT PER SHARE AMOUNTS) IN THOUSANDS TECHNOLOGY GLOBAL GROWTH SACHS GROWTH
<S> <C> <C> <C>
ASSETS:
Investment securities, at market value.............. $ 90,108 $ 25,178 $ 28,946
Cash (1)............................................ - - 9
Receivables:
Investment securities sold........................ 543 - -
Shares of beneficial interest sold................ 1,312 1,451 225
Interest.......................................... 2 - 1
Dividends......................................... - - 9
Due from investment adviser....................... 6 54 5
Forward foreign currency contracts.................. - 7 -
Other............................................... 2 1 -
----------------- ----------------- -----------------
91,973 26,691 29,195
----------------- ----------------- -----------------
LIABILITIES:
Accounts payable:
Investment securities purchased................... 3,501 5,918 5,180
Shares of beneficial interest redeemed............ 92 - 1
Accrued liabilities:
Management and advisory fees...................... - - -
Distribution fees................................. 63 9 13
Transfer agent fees and expenses.................. 37 2 16
Forward foreign currency contracts.................. - 1 -
Other............................................... 71 7 30
----------------- ----------------- -----------------
3,764 5,937 5,240
----------------- ----------------- -----------------
NET ASSETS............................................ $ 88,209 $ 20,754 $ 23,955
================= ================= =================
NET ASSETS CONSIST OF:
Shares of beneficial interest, unlimited shares
authorized........................................ 105,023 20,569 22,981
Undistributed net investment income (loss) or
(distribution in excess of net investment
income)........................................... (1) 33 -
Undistributed net realized gain (loss) from
investments, futures/options contracts and foreign
currency transactions............................. (7,105) - 182
Net unrealized appreciation (depreciation) of
investments, futures/options contracts and on
translation of assets and liabilities in foreign
currencies........................................ (9,708) 152 792
----------------- ----------------- -----------------
NET ASSETS............................................ $ 88,209 $ 20,754 $ 23,955
----------------- ----------------- -----------------
Investment securities, at cost...................... $ 99,817 $ 25,030 $ 28,154
================= ================= =================
SHARES OF BENEFICIAL INTEREST OUTSTANDING:
Class A shares.................................... 3,974 446 525
Class B shares.................................... 5,965 652 637
Class C shares.................................... 1,745 743 523
Class M shares.................................... 1,389 223 240
NET ASSET VALUE PER SHARE:
Class A shares.................................... $ 6.78 $ 10.06 $ 12.54
Class B shares.................................... $ 6.73 $ 10.05 $ 12.41
Class C shares.................................... $ 6.73 $ 10.05 $ 12.41
Class M shares.................................... $ 6.74 $ 10.05 $ 12.43
MAXIMUM OFFERING PRICE PER SHARE (2):
Class A shares.................................... $ 7.17 $ 10.65 $ 13.27
Class M shares.................................... $ 6.81 $ 10.15 $ 12.56
</TABLE>
See notes to the Statements of Assets and Liabilities on pages 110 and 111.
The notes to the financial statements are an integral part of these statements.
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
108
<PAGE> 111
<TABLE>
<CAPTION>
IDEX TRANSAMERICA IDEX TRANSAMERICA IDEX SALOMON IDEX GREAT COMPANIES IDEX GREAT COMPANIES
EQUITY SMALL COMPANY ALL CAP AMERICA(SM) TECHNOLOGY(SM)
<S> <C> <C> <C> <C>
$ 8,118 $ 11,657 $ 82,194 $ 25,078 $ 11,088
- - 107 1,082 159
- - 1,551 - -
83 367 2,391 1,195 679
- - 31 - -
1 3 60 15 1
4 6 49 24 33
- - - - -
- - 1 - -
----------------- ----------------- ----------------- ----------------- -----------------
8,206 12,033 86,384 27,394 11,960
----------------- ----------------- ----------------- ----------------- -----------------
190 104 942 1,520 159
- - 24 2 3
- - - - -
4 7 50 12 5
4 4 58 2 3
- - - - -
28 32 72 23 20
----------------- ----------------- ----------------- ----------------- -----------------
226 147 1,146 1,559 190
----------------- ----------------- ----------------- ----------------- -----------------
$ 7,980 $ 11,886 $ 85,238 $ 25,835 $ 11,770
================= ================= ================= ================= =================
7,912 12,835 79,597 24,665 13,334
- 2 8 - -
(72) (224) 3,042 (20) (206)
140 (727) 2,591 1,190 (1,358)
----------------- ----------------- ----------------- ----------------- -----------------
$ 7,980 $ 11,886 $ 85,238 $ 25,835 $ 11,770
----------------- ----------------- ----------------- ----------------- -----------------
$ 7,978 $ 12,384 $ 79,612 $ 23,888 $ 12,445
================= ================= ================= ================= =================
300 428 1,649 1,264 797
281 504 2,488 742 416
111 197 695 272 182
96 241 701 165 90
$ 10.16 $ 8.70 $ 15.51 $ 10.58 $ 7.93
$ 10.12 $ 8.66 $ 15.36 $ 10.56 $ 7.91
$ 10.12 $ 8.66 $ 15.36 $ 10.56 $ 7.91
$ 10.12 $ 8.67 $ 15.38 $ 10.56 $ 7.92
$ 10.75 $ 9.21 $ 16.41 $ 11.20 $ 8.39
$ 10.22 $ 8.76 $ 15.54 $ 10.67 $ 8.00
<CAPTION>
IDEX GREAT COMPANIES
GLOBAL(2)
$ 3,727
64
-
271
-
1
62
-
-
-----------------
4,125
-----------------
175
-
-
2
3
-
4
-----------------
184
-----------------
$ 3,941
=================
3,919
-
(3)
25
-----------------
$ 3,941
-----------------
$ 3,702
=================
222
59
36
85
$ 9.81
$ 9.80
$ 9.80
$ 9.80
$ 10.38
$ 9.90
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
109
<PAGE> 112
STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)
October 31, 2000
<TABLE>
<CAPTION>
IDEX AEGON IDEX FEDERATED IDEX GE
ALL NUMBERS (EXCEPT PER SHARE AMOUNTS) IN THOUSANDS INCOME PLUS TAX EXEMPT (3) INTERNATIONAL EQUITY (4)
<S> <C> <C> <C>
ASSETS:
Investment securities, at market value............ $ 67,140 $ 20,694 $ 12,758
Cash (1).......................................... - 4 11
Receivables:
Investment securities sold...................... - - 434
Shares of beneficial interest sold.............. 83 17 279
Interest........................................ 1,348 277 -
Dividends....................................... - - 25
Due from investment adviser..................... - - 6
Forward foreign currency contracts................ - - 1
Other............................................. 15 5 1
----------------- ----------------- -----------------
68,586 20,997 13,515
----------------- ----------------- -----------------
LIABILITIES:
Accounts payable:
Investment securities purchased................. - - 583
Shares of beneficial interest redeemed.......... 52 5 7
Accrued liabilities:
Management and advisory fees.................... 34 10 -
Distribution fees............................... 30 7 7
Transfer agent fees and expenses................ 14 13 9
Forward foreign currency contracts................ - - 2
Other............................................. 45 26 54
----------------- ----------------- -----------------
175 61 662
----------------- ----------------- -----------------
NET ASSETS.......................................... $ 68,411 $ 20,936 $ 12,853
================= ================= =================
NET ASSETS CONSIST OF:
Shares of beneficial interest, unlimited shares
authorized...................................... 76,428 21,742 12,303
Undistributed net investment income (loss) or
(distribution in excess of net investment
income)......................................... 165 40 (7)
Undistributed net realized gain (loss) from
investments, futures/options contracts and
foreign currency transactions................... (1,983) (1,154) 1,185
Net unrealized appreciation (depreciation) of
investments, futures/options contracts and on
translation of assets and liabilities in foreign
currencies...................................... (6,199) 308 (628)
----------------- ----------------- -----------------
NET ASSETS.......................................... $ 68,411 $ 20,936 $ 12,853
----------------- ----------------- -----------------
Investment securities, at cost.................... $ 73,342 $ 20,387 $ 13,384
================= ================= =================
SHARES OF BENEFICIAL INTEREST OUTSTANDING:
Class A shares.................................. 5,330 1,559 546
Class B shares.................................. 1,495 158 351
Class C shares.................................. 111 18 50
Class M shares.................................. 467 185 67
NET ASSET VALUE PER SHARE:
Class A shares.................................. $ 9.24 $ 10.91 $ 12.76
Class B shares.................................. $ 9.24 $ 10.90 $ 12.53
Class C shares.................................. $ 9.24 $ 10.90 $ 12.53
Class M shares.................................. $ 9.24 $ 10.91 $ 12.57
MAXIMUM OFFERING PRICE PER SHARE (2):
Class A shares.................................. $ 9.70 $ 11.45 $ 13.50
Class M shares.................................. $ 9.33 $ 11.02 $ 12.70
</TABLE>
(1) IDEX GE International Equity cash balance includes foreign cash of $6 with a
cost of $6.
(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.
The notes to the financial statements are an integral part of these statements.
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
110
<PAGE> 113
<TABLE>
<CAPTION>
IDEX GE IDEX DEAN IDEX LKCM IDEX NWQ IDEX C.A.S.E.
U.S. EQUITY ASSET ALLOCATION STRATEGIC TOTAL RETURN VALUE EQUITY GROWTH
<S> <C> <C> <C> <C>
$ 9,409 $ 22,705 $ 72,098 $ 22,467 $ 9,173
- - - - -
59 - 1,874 - 152
143 78 58 53 4
- 81 357 5 -
4 43 59 16 2
25 - - 3 3
- - - - -
- 6 8 2 2
----------------- ----------------- ----------------- ----------------- -----------------
9,640 22,913 74,454 22,546 9,336
----------------- ----------------- ----------------- ----------------- -----------------
166 - 4,400 - 456
- 50 68 9 4
- 7 40 - -
6 13 35 13 5
5 20 35 12 8
- - - - -
36 347 33 31 16
----------------- ----------------- ----------------- ----------------- -----------------
213 437 4,611 65 489
----------------- ----------------- ----------------- ----------------- -----------------
$ 9,427 $ 22,476 $ 69,843 $ 22,481 $ 8,847
================= ================= ================= ================= =================
9,281 20,584 61,892 20,706 9,940
- 43 (5) 2 (1)
(62) 1,065 423 (251) 231
208 784 7,533 2,024 (1,323)
----------------- ----------------- ----------------- ----------------- -----------------
$ 9,427 $ 22,476 $ 69,843 $ 22,481 $ 8,847
----------------- ----------------- ----------------- ----------------- -----------------
$ 9,201 $ 21,961 $ 64,567 $ 20,443 $ 10,496
================= ================= ================= ================= =================
275 772 2,404 653 404
337 722 1,139 828 348
193 44 148 87 27
69 225 413 198 94
$ 10.83 $ 12.75 $ 17.02 $ 12.91 $ 10.26
$ 10.79 $ 12.74 $ 17.01 $ 12.61 $ 10.01
$ 10.79 $ 12.74 $ 17.01 $ 12.61 $ 10.01
$ 10.79 $ 12.74 $ 17.01 $ 12.66 $ 10.05
$ 11.46 $ 13.49 $ 18.01 $ 13.66 $ 10.86
$ 10.90 $ 12.87 $ 17.18 $ 12.79 $ 10.15
</TABLE>
(3) Effective June 15, 2000, IDEX AEGON Tax Exempt changed its name to IDEX
Federated Tax Exempt.
(4) Effective March 1, 2000 IDEX GE/Scottish Equitable International Equity
changed its name to IDEX GE International Equity.
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
111
<PAGE> 114
STATEMENTS OF OPERATIONS
For the year ended October 31, 2000
<TABLE>
<CAPTION>
IDEX JCC IDEX JCC IDEX JCC
ALL NUMBERS IN THOUSANDS GROWTH GLOBAL BALANCED
<S> <C> <C> <C>
INVESTMENT INCOME:
Interest............................................ $ 26,495 $ 11,838 $ 10,481
Dividends........................................... 6,670 6,273 1,271
Less withholding taxes on foreign dividends....... (293) (670) (12)
----------------- ----------------- -----------------
32,872 17,441 11,740
----------------- ----------------- -----------------
EXPENSES:
Management and advisory fees........................ 36,671 15,074 3,451
Transfer agent fees and expenses.................... 5,886 3,545 819
Custody and accounting fees and expenses............ 503 1,342 114
Registration fees................................... 544 324 135
Trustees fees and expenses.......................... 229 62 8
Audit fees and expenses............................. 82 46 15
Other............................................... 731 512 95
Distribution and service fees:
Class A........................................... 6,381 2,586 367
Class B........................................... 6,442 5,397 1,669
Class C........................................... 725 678 201
Class M........................................... 2,305 2,504 477
----------------- ----------------- -----------------
Gross Expenses...................................... 60,499 32,070 7,351
Less fee waivers and reimbursements by the
investment adviser................................ (1,141) - (72)
----------------- ----------------- -----------------
Net Expenses........................................ 59,358 32,070 7,279
----------------- ----------------- -----------------
NET INVESTMENT INCOME (LOSS).......................... (26,486) (14,629) 4,461
----------------- ----------------- -----------------
REALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES/OPTIONS
CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) during the period on:
Investments....................................... 294,630 71,914 6,427
Futures/options contracts......................... - - -
Foreign currency transactions..................... 17 25,548 213
----------------- ----------------- -----------------
294,647 97,462 6,640
----------------- ----------------- -----------------
UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES/OPTIONS
CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS:
Net unrealized appreciation (depreciation) during
the period on:
Investments....................................... 165 25,670 (2,905)
Futures/options contracts......................... - - -
Translation of assets and liabilities denominated
in foreign currency............................. - 11,332 (9)
----------------- ----------------- -----------------
165 37,002 (2,914)
----------------- ----------------- -----------------
NET GAIN (LOSS) ON INVESTMENTS, FUTURES/OPTIONS
CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS......... 294,812 134,464 3,726
----------------- ----------------- -----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS.......................................... $ 268,326 $ 119,835 $ 8,187
================= ================= =================
</TABLE>
See notes to the Statements of Operations on pages 116 and 117.
The notes to the financial statements are an integral part of these statements.
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
112
<PAGE> 115
<TABLE>
<CAPTION>
IDEX JCC IDEX JCC IDEX ALGER IDEX T. ROWE PRICE IDEX T. ROWE PRICE
CAPITAL APPRECIATION FLEXIBLE INCOME AGGRESSIVE GROWTH DIVIDEND GROWTH SMALL CAP
<S> <C> <C> <C> <C>
$ 1,098 $ 2,594 $ 1,451 $ 33 $ 35
136 12 406 189 14
- - (3) (2) -
----------------- ----------------- ----------------- ----------------- -----------------
1,234 2,606 1,854 220 49
----------------- ----------------- ----------------- ----------------- -----------------
3,892 293 2,415 80 96
1,601 84 1,478 54 90
111 52 70 65 73
201 34 120 20 21
12 3 11 - -
24 17 25 9 9
162 10 159 5 8
597 52 548 11 17
1,459 116 1,017 45 46
301 17 100 9 7
376 40 300 12 16
----------------- ----------------- ----------------- ----------------- -----------------
8,736 718 6,243 310 383
(164) (8) (653) (113) (153)
----------------- ----------------- ----------------- ----------------- -----------------
8,572 710 5,590 197 230
----------------- ----------------- ----------------- ----------------- -----------------
(7,338) 1,896 (3,736) 23 (181)
----------------- ----------------- ----------------- ----------------- -----------------
(28,968) (835) 4,318 (553) (38)
- 43 - - -
- 153 - - -
----------------- ----------------- ----------------- ----------------- -----------------
(28,968) (639) 4,318 (553) (38)
----------------- ----------------- ----------------- ----------------- -----------------
(38,933) (62) (27,750) 1,480 89
- 2 - - -
- (14) - - -
----------------- ----------------- ----------------- ----------------- -----------------
(38,933) (74) (27,750) 1,480 89
----------------- ----------------- ----------------- ----------------- -----------------
(67,901) (713) (23,432) 927 51
----------------- ----------------- ----------------- ----------------- -----------------
$ (75,239) $ 1,183 $ (27,168) $ 950 $ (130)
================= ================= ================= ================= =================
<CAPTION>
IDEX PILGRIM BAXTER
MID CAP GROWTH
<S> <C>
$ 511
40
(1)
-----------------
550
-----------------
581
476
67
72
3
10
39
91
337
57
69
-----------------
1,802
(373)
-----------------
1,429
-----------------
(879)
-----------------
(2,906)
-
-----------------
(2,906)
-----------------
(5,703)
-
-
-----------------
(5,703)
-----------------
(8,609)
-----------------
$ (9,488)
=================
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
113
<PAGE> 116
STATEMENTS OF OPERATIONS (CONTINUED)
For the year ended October 31, 2000
<TABLE>
<CAPTION>
IDEX PILGRIM BAXTER IDEX GABELLI IDEX GOLDMAN
ALL NUMBERS IN THOUSANDS TECHNOLOGY (3) GLOBAL GROWTH (1) SACHS GROWTH
<S> <C> <C> <C>
INVESTMENT INCOME:
Interest............................................ $ 243 $ 59 $ 32
Dividends........................................... 1 - 92
Less withholding taxes on foreign dividends....... - - (1)
----------------- ----------------- -----------------
244 59 123
----------------- ----------------- -----------------
EXPENSES:
Management and advisory fees........................ 441 12 91
Transfer agent fees and expenses.................... 222 3 61
Custody and accounting fees and expenses............ 56 2 61
Registration fees................................... 93 63 22
Trustees fees and expenses.......................... 2 - -
Audit fees and expenses............................. 8 - 9
Other............................................... 25 - 5
Distribution and service fees:
Class A........................................... 50 1 14
Class B........................................... 187 5 50
Class C........................................... 62 3 7
Class M........................................... 46 1 17
----------------- ----------------- -----------------
Gross Expenses...................................... 1,192 90 337
Less fee waivers and reimbursements by the
investment adviser................................ (229) (64) (113)
----------------- ----------------- -----------------
Net Expenses........................................ 963 26 224
----------------- ----------------- -----------------
NET INVESTMENT INCOME (LOSS).......................... (719) 33 (101)
----------------- ----------------- -----------------
REALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES/OPTIONS
CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) during the period on:
Investments....................................... (7,105) - 287
Futures/options contracts......................... - - -
Foreign currency transactions..................... - - -
----------------- ----------------- -----------------
(7,105) - 287
----------------- ----------------- -----------------
UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES/OPTIONS
CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS:
Net unrealized appreciation (depreciation) during
the period on:
Investments....................................... (9,708) 148 525
Futures/options contracts......................... - - -
Translation of assets and liabilities denominated
in foreign currency............................. - 4 -
----------------- ----------------- -----------------
(9,708) 152 525
----------------- ----------------- -----------------
NET GAIN (LOSS) ON INVESTMENTS, FUTURES/OPTIONS
CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS......... (16,813) 152 812
----------------- ----------------- -----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS.......................................... $ (17,532) $ 185 $ 711
================= ================= =================
</TABLE>
See notes to the Statements of Operations on pages 116 and 117.
The notes to the financial statements are an integral part of these statements.
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
114
<PAGE> 117
<TABLE>
<CAPTION>
IDEX TRANSAMERICA IDEX TRANSAMERICA IDEX SALOMON IDEX GREAT COMPANIES IDEX GREAT COMPANIES
EQUITY (3) SMALL COMPANY (3) ALL CAP AMERICA(SM) (2) TECHNOLOGY(SM) (2)
<S> <C> <C> <C> <C>
$ 6 $ 6 $ 237 $ 28 $ 16
4 7 258 36 3
- - - - -
----------------- ----------------- ----------------- ----------------- -----------------
10 13 495 64 19
----------------- ----------------- ----------------- ----------------- -----------------
20 34 198 35 16
17 26 141 17 16
31 35 110 20 19
67 68 41 55 52
- - 1 - -
8 8 9 3 3
3 4 9 2 2
4 4 29 9 4
8 17 107 12 5
4 6 26 5 2
2 7 29 2 1
----------------- ----------------- ----------------- ----------------- -----------------
164 209 700 160 120
(116) (125) (213) (80) (83)
----------------- ----------------- ----------------- ----------------- -----------------
48 84 487 80 37
----------------- ----------------- ----------------- ----------------- -----------------
(38) (71) 8 (16) (18)
----------------- ----------------- ----------------- ----------------- -----------------
(72) (224) 2,671 (10) (196)
- - 395 - -
- - - - -
----------------- ----------------- ----------------- ----------------- -----------------
(72) (224) 3,066 (10) (196)
----------------- ----------------- ----------------- ----------------- -----------------
140 (727) 2,646 1,190 (1,358)
- - (79) - -
- - - - -
----------------- ----------------- ----------------- ----------------- -----------------
140 (727) 2,567 1,190 (1,358)
----------------- ----------------- ----------------- ----------------- -----------------
68 (951) 5,633 1,180 (1,554)
----------------- ----------------- ----------------- ----------------- -----------------
$ 30 $ (1,022) $ 5,641 $ 1,164 $ (1,572)
================= ================= ================= ================= =================
<CAPTION>
IDEX GREAT COMPANIES
GLOBAL(2) (1)
<S> <C>
$ 2
1
-
-----------------
3
-----------------
2
3
2
59
-
-
2
-
-
-
1
-----------------
69
(64)
-----------------
5
-----------------
(2)
-----------------
(1)
-
-
-----------------
(1)
-----------------
25
-
-
-----------------
25
-----------------
24
-----------------
$ 22
=================
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
115
<PAGE> 118
STATEMENTS OF OPERATIONS (CONTINUED)
For the year ended October 31, 2000
<TABLE>
<CAPTION>
IDEX AEGON IDEX FEDERATED IDEX GE
ALL NUMBERS IN THOUSANDS INCOME PLUS TAX EXEMPT INTERNATIONAL EQUITY
<S> <C> <C> <C>
INVESTMENT INCOME:
Interest............................................ $ 5,751 $ 1,139 $ 20
Dividends........................................... 396 - 172
Less withholding taxes on foreign dividends....... - - (21)
----------------- ----------------- -----------------
6,147 1,139 171
----------------- ----------------- -----------------
EXPENSES:
Management and advisory fees........................ 425 125 80
Transfer agent fees and expenses.................... 134 43 48
Custody and accounting fees and expenses............ 58 44 134
Registration fees................................... 38 33 37
Trustees fees and expenses.......................... 11 4 1
Audit fees and expenses............................. 17 16 10
Other............................................... 28 11 11
Distribution and service fees:
Class A........................................... 182 61 22
Class B........................................... 131 12 28
Class C........................................... 7 1 3
Class M........................................... 44 11 6
----------------- ----------------- -----------------
Gross Expenses...................................... 1,075 361 380
Less fee waivers and reimbursements by the
investment adviser................................ - (69) (195)
----------------- ----------------- -----------------
Net Expenses........................................ 1,075 292 185
----------------- ----------------- -----------------
NET INVESTMENT INCOME (LOSS).......................... 5,072 847 (14)
----------------- ----------------- -----------------
REALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES/OPTIONS
CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) during the period on:
Investments....................................... (1,984) (1,154) 1,216
Futures/options contracts......................... - - 14
Foreign currency transactions..................... - - (43)
----------------- ----------------- -----------------
(1,984) (1,154) 1,187
----------------- ----------------- -----------------
UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES/OPTIONS
CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS:
Net unrealized appreciation (depreciation) during
the period on:
Investments....................................... (814) 1,934 (1,565)
Futures/options contracts......................... - - 5
Translation of assets and liabilities denominated
in foreign currency............................. - - (2)
----------------- ----------------- -----------------
(814) 1,934 (1,562)
----------------- ----------------- -----------------
NET GAIN (LOSS) ON INVESTMENTS, FUTURES/OPTIONS
CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS......... (2,798) 780 (375)
----------------- ----------------- -----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS.......................................... $ 2,274 $ 1,627 $ (389)
================= ================= =================
</TABLE>
(1) From commencement of investment operations on September 15, 2000 through
October 31, 2000.
(2) From commencement of investment operations on July 14, 2000 through October
31, 2000.
The notes to the financial statements are an integral part of these statements.
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
116
<PAGE> 119
<TABLE>
<CAPTION>
IDEX GE IDEX DEAN IDEX LKCM IDEX NWQ IDEX C.A.S.E.
U.S. EQUITY (3) ASSET ALLOCATION STRATEGIC TOTAL RETURN VALUE EQUITY GROWTH
<S> <C> <C> <C> <C>
$ 6 $ 495 $ 1,517 $ 84 $ 17
26 442 578 283 54
- - (1) - -
----------------- ----------------- ----------------- ----------------- -----------------
32 937 2,094 367 71
----------------- ----------------- ----------------- ----------------- -----------------
22 185 534 151 84
21 110 236 92 70
66 40 49 48 39
63 28 31 37 31
- 4 4 1 1
8 8 11 9 8
2 13 28 10 10
3 35 139 27 17
10 96 178 83 42
7 2 13 5 2
3 29 70 19 11
----------------- ----------------- ----------------- ----------------- -----------------
205 550 1,293 482 315
(149) (109) (90) (121) (117)
----------------- ----------------- ----------------- ----------------- -----------------
56 441 1,203 361 198
----------------- ----------------- ----------------- ----------------- -----------------
(24) 496 891 6 (127)
----------------- ----------------- ----------------- ----------------- -----------------
(40) 1,340 635 (84) 369
- 34 - - -
- - - - -
----------------- ----------------- ----------------- ----------------- -----------------
(40) 1,374 635 (84) 369
----------------- ----------------- ----------------- ----------------- -----------------
208 199 (1,391) 2,492 (1,782)
- 39 - - -
- - - - -
----------------- ----------------- ----------------- ----------------- -----------------
208 238 (1,391) 2,492 (1,782)
----------------- ----------------- ----------------- ----------------- -----------------
168 1,612 (756) 2,408 (1,413)
----------------- ----------------- ----------------- ----------------- -----------------
$ 144 $ 2,108 $ 135 $ 2,414 $ (1,540)
================= ================= ================= ================= =================
</TABLE>
(3) From commencement of investment operations on March 1, 2000 through
October 31, 2000.
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
117
<PAGE> 120
STATEMENTS OF CHANGES IN NET ASSETS
For the year ended October 31,
<TABLE>
<CAPTION>
IDEX JCC IDEX JCC
ALL NUMBERS IN THOUSANDS GROWTH GLOBAL
INCREASE (DECREASE) IN NET ASSETS FROM: 2000 1999 2000 1999
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss)... $ (26,486) $ (12,861) $ (14,629) $ (3,355)
Net realized gain (loss) on
investments, futures/options
contracts and foreign currency
transactions................. 294,647 571,039 97,462 32,559
Net unrealized appreciation
(depreciation) during the period... 165 508,372 37,002 199,130
----------------- ----------------- ----------------- -----------------
268,326 1,066,550 119,835 228,334
----------------- ----------------- ----------------- -----------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income:
Class A...................... - - - -
Class B...................... - - - -
Class C...................... - - - -
Class M...................... - - - -
Class T...................... - - - -
----------------- ----------------- ----------------- -----------------
- - - -
----------------- ----------------- ----------------- -----------------
From net realized gains:
Class A...................... (259,288) (10,777) (15,934) -
Class B...................... (66,577) (715) (10,225) -
Class C...................... (1,156) - (80) -
Class M...................... (28,292) (428) (5,402) -
Class T...................... (203,577) (9,789) - -
----------------- ----------------- ----------------- -----------------
(558,890) (21,709) (31,641) -
----------------- ----------------- ----------------- -----------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM SHARES OF BENEFICIAL INTEREST
TRANSACTIONS:
Class A........................ 372,830 141,079 190,659 58,510
Class B........................ 518,402 229,531 311,490 111,965
Class C........................ 133,576 - 130,991 -
Class M........................ 173,093 52,641 139,083 57,340
Class T........................ 132,874 (36,613) - -
----------------- ----------------- ----------------- -----------------
1,330,775 386,638 772,223 227,815
----------------- ----------------- ----------------- -----------------
Net increase (decrease) in net
assets......................... 1,040,211 1,431,479 860,417 456,149
NET ASSETS:
Beginning of period............ 3,104,072 1,672,593 926,781 470,632
----------------- ----------------- ----------------- -----------------
End of period.................. $ 4,144,283 $ 3,104,072 $ 1,787,198 $ 926,781
================= ================= ================= =================
UNDISTRIBUTED NET INVESTMENT GAIN
(LOSS) OR (DISTRIBUTION IN EXCESS OF
NET INVESTMENT INCOME):........ $ (264) $ (196) $ (10,951) $ (141)
================= ================= ================= =================
</TABLE>
See notes to the Statements of Changes in Net Assets on page 124.
The notes to the financial statements are an integral part of these statements.
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
118
<PAGE> 121
EXHIBIT 99.5
[LOGO] AIRCRAFT
INFORMATION
SERVICES, INC.
Mr. Tom Ashe
AerFi Group
Aviation House
Shannon
Co Clare
Ireland
Half Life and Adjusted Base Value Opinion
33 Aircraft - AerCo Fleet
AISI File No.: A0S033BVO
Date: 09 May 2000
Values as of: 30 April 2000
Headquarters, 26072 Merit Circle, Suite 123, Laguna Hills, CA 92653
TEL: 949-582-8868 FAX: 949-5892-8887 E-MAIL: [email protected]
<TABLE>
<CAPTION>
IDEX JCC IDEX JCC IDEX JCC
BALANCED CAPITAL APPRECIATION FLEXIBLE INCOME
2000 1999 2000 1999 2000 1999
<S> <C> <C> <C> <C> <C>
$ 4,461 $ 997 $ (7,338) $ (970) $ 1,896 $ 1,346
6,640 2,824 (28,968) 10,075 (639) (301)
(2,914) 15,943 (38,933) 30,698 (74) (799)
------------ ----------- ------------ ----------- ------------ -----------
8,187 19,764 (75,239) 39,803 1,183 246
------------ ----------- ------------ ----------- ------------ -----------
(1,720) (474) - - (904) (842)
(1,696) (227) - - (648) (325)
(190) - - - (89) -
(594) (102) - - (247) (158)
- - - - - -
------------ ----------- ------------ ----------- ------------ -----------
(4,200) (803) - - (1,888) (1,325)
------------ ----------- ------------ ----------- ------------ -----------
(947) (129) (5,435) (2,404) - -
(1,353) (88) (3,160) (417) - -
(14) - (219) - - -
(477) (32) (936) (141) - -
- - - - - -
------------ ----------- ------------ ----------- ------------ -----------
(2,791) (249) (9,750) (2,962) - -
------------ ----------- ------------ ----------- ------------ -----------
64,599 36,281 129,366 24,897 1,865 589
135,625 73,439 186,650 24,262 5,278 6,942
43,694 - 54,655 - 8,199 -
31,483 26,464 51,753 6,229 2,543 1,731
- - - - - -
------------ ----------- ------------ ----------- ------------ -----------
275,401 136,184 422,424 55,388 17,885 9,262
------------ ----------- ------------ ----------- ------------ -----------
276,597 154,896 337,435 92,229 17,180 8,183
194,704 39,808 121,143 28,914 27,747 19,564
------------ ----------- ------------ ----------- ------------ -----------
$ 471,301 $ 194,704 $ 458,578 $ 121,143 $ 44,927 $ 27,747
============ =========== ============ =========== ============ ===========
$ 463 $ 310 $ (10) $ (509) $ (3) $ 65
============ =========== ============ =========== ============ ===========
</TABLE>
<TABLE>
<CAPTION>
IDEX ALGER
AGGRESSIVE GROWTH
2000 1999
<S> <C> <C>
$ (3,736) $ (1,511)
4,318 16,203
7,750) 27,828
------------ ------------
(27,168) 42,520
------------ ------------
- -
- -
- -
- -
- -
------------ ------------
- -
------------ ------------
(9,201) (2,492)
(4,789) (622)
(48) -
1,787) (321)
- -
------------ ------------
(15,825) (3,435)
------------ ------------
80,560 27,107
86,532 28,199
19,108 -
21,006 9,074
- -
------------ ------------
207,206 64,380
------------ ------------
164,213 103,465
166,015 62,550
------------ ------------
$ 330,228 $ 166,015
============ ============
$ (12) $ (7)
============ ============
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
119
<PAGE> 122
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
For the year ended October 31,
<TABLE>
<CAPTION>
IDEX T. ROWE PRICE IDEX T. ROWE PRICE
ALL NUMBERS IN THOUSANDS DIVIDEND GROWTH SMALL CAP
INCREASE (DECREASE) IN NET ASSETS FROM: 2000 1999 (4) 2000 1999 (4)
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss)... $ 23 $ 9 $ (181) $ (19)
Net realized gain (loss) on
investments, futures/options
contracts and foreign currency
transactions................. (553) (43) (38) 99
Net unrealized appreciation
(depreciation) during the period... 1,480 (44) 89 69
----------------- ----------------- ----------------- -----------------
950 (78) (130) 149
----------------- ----------------- ----------------- -----------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income:
Class A...................... (24) (3) - -
Class B...................... (6) - - -
Class C...................... - - - -
Class M...................... (3) (1) - -
----------------- ----------------- ----------------- -----------------
(33) (4) - -
----------------- ----------------- ----------------- -----------------
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...................... 3,332 1,862 7,032 1,210
Class B...................... 5,049 2,171 7,137 1,084
Class C...................... 1,793 - 1,708 -
Class M...................... 777 1,081 1,751 649
----------------- ----------------- ----------------- -----------------
10,951 5,114 17,628 2,943
----------------- ----------------- ----------------- -----------------
Net increase (decrease) in net
assets......................... 11,868 5,032 17,404 3,092
NET ASSETS:
Beginning of period............ 5,032 - 3,092 -
----------------- ----------------- ----------------- -----------------
End of period.................. $ 16,900 $ 5,032 $ 20,496 $ 3,092
================= ================= ================= =================
UNDISTRIBUTED NET INVESTMENT GAIN
(LOSS) OR (DISTRIBUTION IN EXCESS OF
NET INVESTMENT INCOME):........ $ - $ 4 $ - $ -
================= ================= ================= =================
</TABLE>
See notes to the Statements of Changes in Net Assets on page 124.
The notes to the financial statements are an integral part of these statements.
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
120
<PAGE> 123
<TABLE>
<CAPTION>
IDEX PILGRIM BAXTER IDEX PILGRIM BAXTER IDEX GABELLI IDEX GOLDMAN
MID CAP GROWTH TECHNOLOGY GLOBAL GROWTH SACHS GROWTH
2000 1999 (4) 2000 (3) 2000 (1) 2000
<S> <C> <C> <C> <C>
$ (879) $ (18) $ (719) $ 33 $ (101)
(2,906) 191 (7,105) - 287
(5,703) 678 (9,708) 152 525
------------------- ----------------- ----------------- ----------------- -------------------
(9,488) 851 (17,532) 185 711
------------------- ----------------- ----------------- ----------------- -------------------
- - - - -
- - - - -
- - - - -
- - - - -
------------------- ----------------- ----------------- ----------------- -------------------
- - - - -
------------------- ----------------- ----------------- ----------------- -------------------
(68) - - - (6)
(84) - - - (7)
(5) - - - -
(27) - - - (3)
------------------- ----------------- ----------------- ----------------- -------------------
(184) - - - (16)
------------------- ----------------- ----------------- ----------------- -------------------
49,484 2,231 32,418 4,446 4,391
69,671 2,527 46,907 6,501 5,388
18,403 - 14,513 7,401 6,354
14,384 853 11,903 2,221 2,140
------------------- ----------------- ----------------- ----------------- -------------------
151,942 5,611 105,741 20,569 18,273
------------------- ----------------- ----------------- ----------------- -------------------
142,270 6,462 88,209 20,754 18,968
6,462 - - - 4,987
------------------- ----------------- ----------------- ----------------- -------------------
$ 148,732 $ 6,462 $ 88,209 $ 20,754 $ 23,955
=================== ================= ================= ================= ===================
$ (1) $ - $ (1) $ 33 $ -
=================== ================= ================= ================= ===================
<CAPTION>
IDEX GOLDMAN
SACHS GROWTH
1999 (4)
<S> <C>
$ (14)
26
267
-----------------
279
-----------------
-
-
-
-
-----------------
-
-----------------
-
-
-
-
-----------------
-
-----------------
1,859
2,148
-
701
-----------------
4,708
-----------------
4,987
-
-----------------
$ 4,987
=================
$ -
=================
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
121
<PAGE> 124
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
For the year ended October 31,
<TABLE>
<CAPTION>
IDEX TRANSAMERICA IDEX TRANSAMERICA IDEX SALOMON
ALL NUMBERS IN THOUSANDS EQUITY SMALL COMPANY ALL CAP
INCREASE (DECREASE) IN NET ASSETS FROM: 2000 (3) 2000 (3) 2000 1999 (4)
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss)... $ (38) $ (71) $ 8 $ -
Net realized gain (loss) on
investments, futures/options
contracts and foreign currency
transactions................. (72) (224) 3,066 52
Net unrealized appreciation
(depreciation) during the period... 140 (727) 2,567 24
----------------- ----------------- ----------------- -----------------
30 (1,022) 5,641 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...................... 3,024 4,084 21,792 1,852
Class B...................... 2,851 4,646 34,241 1,551
Class C...................... 1,119 1,894 10,114 -
Class M...................... 956 2,284 9,347 700
----------------- ----------------- ----------------- -----------------
7,950 12,908 75,494 4,103
----------------- ----------------- ----------------- -----------------
Net increase (decrease) in net
assets......................... 7,980 11,886 81,059 4,179
NET ASSETS:
Beginning of period............ - - 4,179 -
----------------- ----------------- ----------------- -----------------
End of period.................. $ 7,980 $ 11,886 $ 85,238 $ 4,179
================= ================= ================= =================
UNDISTRIBUTED NET INVESTMENT GAIN
(LOSS) OR (DISTRIBUTION IN EXCESS OF
NET INVESTMENT INCOME):........ $ - $ 2 $ 8 $ -
================= ================= ================= =================
</TABLE>
See notes to the Statements of Changes in Net Assets on page 124.
The notes to the financial statements are an integral part of these statements.
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
122
<PAGE> 125
<TABLE>
<CAPTION>
IDEX GREAT COMPANIES IDEX GREAT COMPANIES IDEX GREAT COMPANIES IDEX AEGON IDEX FEDERATED
AMERICA(SM) TECHNOLOGY(SM) GLOBAL(2) INCOME PLUS TAX EXEMPT
2000 (2) 2000 (2) 2000 (1) 2000 1999 2000
<S> <C> <C> <C> <C> <C>
$ (16) $ (18) $ (2) $ 5,072 $ 5,081 $ 847
(10) (196) (1) (1,984) 466 (1,154)
1,190 (1,358) 25 (814) (5,039) 1,934
-------------- -------------- -------------- ---------------- -------------- ----------------
1,164 (1,572) 22 2,274 508 1,627
-------------- -------------- -------------- ---------------- -------------- ----------------
- - - (3,793) (4,250) (725)
- - - (879) (580) (44)
- - - (43) - (3)
- - - (329) (410) (74)
-------------- -------------- -------------- ---------------- -------------- ----------------
- - - (5,044) (5,240) (846)
-------------- -------------- -------------- ---------------- -------------- ----------------
- - - (355) (1,219) (190)
- - - (80) (128) (13)
- - - - - -
- - - (34) (98) (22)
-------------- -------------- -------------- ---------------- -------------- ----------------
- - - (469) (1,445) (225)
-------------- -------------- -------------- ---------------- -------------- ----------------
12,761 7,241 2,138 (7,418) 429 (4,469)
7,492 3,719 582 1,471 8,682 444
2,747 1,598 353 1,043 - 192
1,671 784 846 (973) 1,985 (229)
-------------- -------------- -------------- ---------------- -------------- ----------------
24,671 13,342 3,919 (5,877) 11,096 (4,061)
-------------- -------------- -------------- ---------------- -------------- ----------------
25,835 11,770 3,941 (9,116) 4,919 (3,506)
- - - 77,527 72,608 24,442
-------------- -------------- -------------- ---------------- -------------- ----------------
$ 25,835 $ 11,770 $ 3,941 $ 68,411 $ 77,527 $ 20,936
============== ============== ============== ================ ============== ================
$ (16) $ (18) $ (2) $ 161 $ 133 $ 39
============== ============== ============== ================ ============== ================
<CAPTION>
IDEX GREAT COMPANIES IDEX FEDERATED
AMERICA(SM) TAX EXEMPT
2000 (2) 1999
<S> <C>
$ (16) $ 940
(10) 219
1,190 (2,796)
-------------- --------------
1,164 (1,637)
-------------- --------------
- (844)
- (34)
- -
- (75)
-------------- --------------
- (953)
-------------- --------------
- (365)
- (15)
- -
- (30)
-------------- --------------
- (410)
-------------- --------------
12,761 1,279
7,492 736
2,747 -
1,671 853
-------------- --------------
24,671 2,868
-------------- --------------
25,835 (132)
- 24,574
-------------- --------------
$ 25,835 $ 24,442
============== ==============
$ (16) $ 38
============== ==============
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
123
<PAGE> 126
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
For the year ended October 31,
<TABLE>
<CAPTION>
IDEX GE IDEX GE U.S.
ALL NUMBERS IN THOUSANDS INTERNATIONAL EQUITY EQUITY
INCREASE (DECREASE) IN NET ASSETS FROM: 2000 1999 2000 (3)
<S> <C> <C> <C>
OPERATIONS:
Net investment income (loss).............................. $ (14) $ (22) $ (24)
Net realized gain (loss) on investments, futures/options
contracts and foreign currency transactions............. 1,187 585 (40)
Net unrealized appreciation (depreciation) during the
period.................................................. (1,562) 669 208
----------------- ----------------- -----------------
(389) 1,232 144
----------------- ----------------- -----------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income:
Class A................................................. - - -
Class B................................................. - - -
Class C................................................. - - -
Class M................................................. - - -
----------------- ----------------- -----------------
- - -
----------------- ----------------- -----------------
From net realized gains:
Class A................................................. (185) - -
Class B................................................. (62) - -
Class C................................................. - - -
Class M................................................. (18) - -
----------------- ----------------- -----------------
(265) - -
----------------- ----------------- -----------------
NET INCREASE (DECREASE) IN NET ASSETS FROM SHARES OF
BENEFICIAL INTEREST TRANSACTIONS:
Class A................................................. 2,308 (1,012) 2,927
Class B................................................. 3,205 99 3,583
Class C................................................. 684 - 2,046
Class M................................................. 401 14 727
----------------- ----------------- -----------------
6,598 (899) 9,283
----------------- ----------------- -----------------
Net increase (decrease) in net assets....................... 5,944 333 9,427
NET ASSETS:
Beginning of period....................................... 6,909 6,576 -
----------------- ----------------- -----------------
End of period............................................. $ 12,853 $ 6,909 $ 9,427
================= ================= =================
UNDISTRIBUTED NET INVESTMENT (LOSS) OR (DISTRIBUTION IN
EXCESS OF NET INVESTMENT INCOME):......................... $ (7) $ - $ -
================= ================= =================
</TABLE>
(1) From the commencement of investment operations on September 15, 2000 through
October 31, 2000.
(2) From the commencement of investment operations on July 14, 2000 through
October 31, 2000.
(3) From the commencement of investment operations on March 1, 2000 through
October 31, 2000.
(4) From the commencement of investment operations on March 1, 1999 through
October 31, 1999.
The notes to the financial statements are an integral part of these statements.
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
124
<PAGE> 127
<TABLE>
<CAPTION>
IDEX DEAN IDEX LKCM IDEX NWQ IDEX C.A.S.E.
ASSET ALLOCATION STRATEGIC TOTAL RETURN VALUE EQUITY GROWTH
2000 1999 2000 1999 2000 1999 2000
<S> <C> <C> <C> <C> <C> <C>
$ 496 $ 616 $ 891 $ 546 $ 6 $ (15) $ (127)
1,374 (309) 635 1,606 (84) (167) 369
238 (1,585) (1,391) 3,627 2,492 357 (1,782)
------------ ----------- ------------ ----------- ------------ ----------- ------------
2,108 (1,278) 135 5,779 2,414 175 (1,540)
------------ ----------- ------------ ----------- ------------ ----------- ------------
(312) (278) (695) (420) - - -
(236) (181) (205) (71) - - -
(4) - (17) - - - -
(82) (87) (93) (52) - - -
------------ ----------- ------------ ----------- ------------ ----------- ------------
(634) (546) (1,010) (543) - - -
------------ ----------- ------------ ----------- ------------ ----------- ------------
- (762) (903) (415) (1) (191) (82)
- (741) (376) (133) (1) (123) (68)
- - (2) - - - -
- (354) (200) (89) (1) (46) (23)
------------ ----------- ------------ ----------- ------------ ----------- ------------
- (1,857) (1,481) (637) (3) (360) (173)
------------ ----------- ------------ ----------- ------------ ----------- ------------
(3,170) (1,838) 4,364 2,953 (548) (212) 403
(3,595) (1,013) 4,483 4,758 2,100 2,575 295
506 - 2,561 - 949 - 323
(1,976) (1,999) (1,478) 1,138 82 241 (204)
------------ ----------- ------------ ----------- ------------ ----------- ------------
(8,235) (4,850) 9,930 8,849 2,583 2,604 817
------------ ----------- ------------ ----------- ------------ ----------- ------------
(6,761) (8,531) 7,574 13,448 4,994 2,419 (896)
29,237 37,768 62,269 48,821 17,487 15,068 9,743
------------ ----------- ------------ ----------- ------------ ----------- ------------
$ 22,476 $ 29,237 $ 69,843 $ 62,269 $ 22,481 $ 17,487 $ 8,847
============ =========== ============ =========== ============ =========== ============
$ 43 $ 180 $ (5) $ 81 $ 2 $ (1) $ (1)
============ =========== ============ =========== ============ =========== ============
<CAPTION>
IDEX C.A.S.E.
GROWTH
1999
<S> <C>
$ (110)
281
1,916
-----------
2,087
-----------
-
-
-
-
-----------
-
-----------
(340)
(205)
-
(65)
-----------
(610)
-----------
(560)
908
-
295
-----------
643
-----------
2,120
7,623
-----------
$ 9,743
===========
$ (1)
===========
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
125
<PAGE> 128
FINANCIAL HIGHLIGHTS
For a share of beneficial interest outstanding throughout each period:
<TABLE>
<CAPTION>
NET ASSET INVESTMENT OPERATIONS
YEAR OR VALUE, NET NET REALIZED
PERIOD BEGINNING INVESTMENT AND UNREALIZED TOTAL
ENDED OF PERIOD INCOME (LOSS) GAIN (LOSS) OPERATIONS
<S> <C> <C> <C> <C> <C> <C>
IDEX JCC GROWTH
Class A 10/31/00 $ 46.72 $ 0.03 $ 5.35 $ 5.38
10/31/99 29.35 0.06 17.70 17.76
10/31/98 25.04 (0.02) 7.64 7.62
10/31/97 21.97 (0.02) 3.56 3.54
10/31/96 (6) 22.21 - (0.24) (0.24)
9/30/96 22.84 (0.11) 4.66 4.55
-----------------------------------------------------------------------------------------------------------
Class B 10/31/00 45.38 (0.36) 5.35 4.99
10/31/99 28.63 (0.56) 17.70 17.14
10/31/98 24.55 (0.25) 7.64 7.39
10/31/97 21.60 (0.14) 3.56 3.42
10/31/96 (6) 21.85 (0.01) (0.24) (0.25)
9/30/96 22.64 (0.27) 4.66 4.39
-----------------------------------------------------------------------------------------------------------
Class C 10/31/00 45.38 (0.36) 5.35 4.99
-----------------------------------------------------------------------------------------------------------
Class M 10/31/00 45.58 (0.29) 5.35 5.06
10/31/99 (5) 28.74 (0.47) 17.70 17.23
10/31/98 24.62 (0.21) 7.64 7.43
10/31/97 21.65 (0.12) 3.56 3.44
10/31/96 (6) 21.91 (0.02) (0.24) (0.26)
9/30/96 22.64 (0.21) 4.66 4.45
-----------------------------------------------------------------------------------------------------------
Class T 10/31/00 47.45 0.25 5.35 5.60
10/31/99 29.74 0.40 17.70 18.10
10/31/98 (7) 25.31 0.13 7.64 7.77
10/31/97 22.17 0.05 3.56 3.61
10/31/96 (6) 22.41 - (0.24) (0.24)
9/30/96 (9) 22.23 - 0.18 0.18
-----------------------------------------------------------------------------------------------------------
IDEX JCC GLOBAL(15)
Class A 10/31/00 33.80 - 7.53 7.53
10/31/99 (16) 24.09 0.22 9.49 9.71
10/31/98 (7) 23.74 0.08 2.34 2.42
10/31/97 21.39 0.07 4.38 4.45
10/31/96 (6) 21.40 (0.02) 0.01 (0.01)
9/30/96 17.73 (0.09) 4.38 4.29
-----------------------------------------------------------------------------------------------------------
Class B 10/31/00 32.98 (0.41) 7.53 7.12
10/31/99 (16) 23.62 (0.13) 9.49 9.36
10/31/98 (7) 23.38 (0.03) 2.34 2.31
10/31/97 21.13 (0.03) 4.38 4.35
10/31/96 (6) 21.14 (0.02) 0.01 (0.01)
9/30/96 17.57 (0.19) 4.38 4.19
-----------------------------------------------------------------------------------------------------------
Class C 10/31/00 32.98 (0.40) 7.53 7.13
-----------------------------------------------------------------------------------------------------------
Class M 10/31/00 32.91 (0.37) 7.53 7.16
10/31/99 (5)(16) 23.56 (0.14) 9.49 9.35
10/31/98 (7) 23.30 (0.01) 2.34 2.33
10/31/97 21.03 (0.01) 4.38 4.37
10/31/96 (6) 21.04 (0.02) 0.01 (0.01)
9/30/96 17.46 (0.18) 4.38 4.20
-----------------------------------------------------------------------------------------------------------
<CAPTION>
DISTRIBUTIONS
FROM NET FROM NET
INVESTMENT REALIZED TOTAL
INCOME CAPITAL GAINS DISTRIBUTIONS
<S> <C> <C> <C>
IDEX JCC GROWTH
Class A $ - $ (8.29) $ (8.29)
- (0.39) (0.39)
- (3.31) (3.31)
- (0.47) (0.47)
- - -
- (5.18) (5.18)
----------------------------------------------------------------------------------
Class B - (8.29) (8.29)
- (0.39) (0.39)
- (3.31) (3.31)
- (0.47) (0.47)
- - -
- (5.18) (5.18)
-------------------------------------------------------------------------------------------------
Class C - (8.29) (8.29)
-----------------------------------------------------------------------------------------------------------
Class M - (8.29) (8.29)
- (0.39) (0.39)
- (3.31) (3.31)
- (0.47) (0.47)
- - -
- (5.18) (5.18)
-----------------------------------------------------------------------------------------------------------
Class T - (8.29) (8.29)
- (0.39) (0.39)
(0.03) (3.31) (3.34)
- (0.47) (0.47)
- - -
- - -
-----------------------------------------------------------------------------------------------------------
IDEX JCC GLOBAL(15)
Class A - (1.13) (1.13)
- - -
- (2.07) (2.07)
- (2.10) (2.10)
- - -
- (0.62) (0.62)
-----------------------------------------------------------------------------------------------------------
Class B - (1.13) (1.13)
- - -
- (2.07) (2.07)
- (2.10) (2.10)
- - -
- (0.62) (0.62)
-----------------------------------------------------------------------------------------------------------
Class C - (1.13) (1.13)
-----------------------------------------------------------------------------------------------------------
Class M - (1.13) (1.13)
- - -
- (2.07) (2.07)
- (2.10) (2.10)
- - -
- (0.62) (0.62)
-----------------------------------------------------------------------------------------------------------
</TABLE>
See notes to the Financial Highlights at pages 140 and 141.
The notes to the financial statements are an integral part of these statements.
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
126
<PAGE> 129
<TABLE>
<CAPTION>
RATIOS/SUPPLEMENTAL DATA
NET ASSET NET ASSETS,
VALUE, END OF RATIO OF EXPENSES TO AVERAGE NET ASSETS (12)(13)
END TOTAL PERIOD EXCLUDING INCLUDING
OF PERIOD RETURN (11) (000'S) CREDITS GROSS CREDITS
<S> <C> <C> <C> <C> <C>
$ 43.81 10.82% $ 1,727,573 1.39% 1.42% 1.39%
46.72 61.00 1,467,595 1.40 1.43 1.40
29.35 35.21 817,749 1.51 - 1.51
25.04 16.40 614,544 1.61 - 1.61
21.97 (1.09) 565,032 1.68 - 1.68
22.21 22.41 567,564 1.83 - 1.82
---------------------------------------------------------------------------------------------------
42.08 10.11 775,252 2.04 2.07 2.04
45.38 60.36 327,926 2.05 2.08 2.05
28.63 34.96 40,809 2.16 - 2.16
24.55 16.11 13,046 2.26 - 2.26
21.60 (1.14) 5,242 2.32 - 2.32
21.85 21.87 4,536 2.46 - 2.45
---------------------------------------------------------------------------------------------------
42.08 10.11 121,633 2.04 2.07 2.04
---------------------------------------------------------------------------------------------------
42.35 10.22 287,530 1.94 1.97 1.94
45.58 60.45 141,586 1.95 1.98 1.95
28.74 35.00 58,265 2.06 - 2.06
24.62 16.19 14,295 2.16 - 2.16
21.65 (1.19) 11,016 2.23 - 2.23
21.91 22.15 11,167 2.34 - 2.33
---------------------------------------------------------------------------------------------------
44.76 11.20 1,232,295 1.04 1.07 1.04
47.45 61.34 1,166,965 1.05 1.08 1.05
29.74 35.53 755,770 1.16 - 1.16
25.31 16.54 603,129 1.26 - 1.26
22.17 (1.03) 573,884 1.33 - 1.33
22.41 0.81 585,505 1.18 - 1.17
---------------------------------------------------------------------------------------------------
40.20 22.26 749,671 1.64 - 1.64
33.80 40.31 487,787 1.73 - 1.73
24.09 11.30 296,450 1.82 - 1.82
23.74 22.72 218,681 1.91 - 1.91
21.39 (0.05) 135,837 2.08 - 2.07
21.40 25.04 131,347 2.09 - 2.06
---------------------------------------------------------------------------------------------------
38.97 21.62 614,789 2.29 - 2.29
32.98 39.62 283,847 2.38 - 2.38
23.62 10.93 110,630 2.47 - 2.47
23.38 22.53 43,951 2.56 - 2.56
21.13 (0.05) 5,966 2.73 - 2.72
21.14 24.70 5,000 2.74 - 2.71
---------------------------------------------------------------------------------------------------
38.98 21.62 116,071 2.29 - 2.29
---------------------------------------------------------------------------------------------------
38.94 21.72 306,667 2.19 - 2.19
32.91 39.73 155,147 2.28 - 2.28
23.56 11.08 63,552 2.37 - 2.37
23.30 22.72 27,210 2.46 - 2.46
21.03 (0.05) 8,624 2.63 - 2.62
21.04 24.91 8,081 2.64 - 2.61
---------------------------------------------------------------------------------------------------
<CAPTION>
RATIOS/SUPPLEMENTAL DATA
NET INVESTMENT
INCOME (LOSS) PORTFOLIO
TO AVERAGE TURNOVER
NET ASSETS (12)(13) RATE (14)
<S> <C> <C>
$ (0.61)% 40.71%
(0.60) 70.97
(0.55) 27.19
(0.10) 91.52
(0.13) 9.40
(0.22) 57.80
------------------------------------------
(1.26) 40.71
(1.25) 70.97
(1.20) 27.19
(0.75) 91.52
(0.78) 9.40
(0.86) 57.80
------------------------------------------
(1.26) 40.71
------------------------------------------
(1.16) 40.71
(1.15) 70.97
(1.10) 27.19
(0.65) 91.52
(0.68) 9.40
(0.77) 57.80
------------------------------------------
(0.26) 40.71
(0.25) 70.97
(0.20) 27.19
(0.25) 91.52
(0.20) 9.40
(0.36) 57.80
------------------------------------------
(0.56) 52.51
(0.22) 145.40
(0.45) 87.68
(0.50) 91.02
(1.15) 2.59
(0.67) 97.94
------------------------------------------
(1.21) 52.51
(0.87) 145.40
(1.10) 87.68
(1.15) 91.02
(1.80) 2.59
(1.32) 97.94
------------------------------------------
(1.21) 52.51
------------------------------------------
(1.11) 52.51
(0.77) 145.40
(1.00) 87.68
(1.05) 91.02
(1.70) 2.59
(1.22) 97.94
------------------------------------------
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
127
<PAGE> 130
FINANCIAL HIGHLIGHTS (CONTINUED)
For a share of beneficial interest outstanding throughout each period:
<TABLE>
<CAPTION>
NET ASSET INVESTMENT OPERATIONS
YEAR OR VALUE, NET NET REALIZED
PERIOD BEGINNING INVESTMENT AND UNREALIZED TOTAL
ENDED OF PERIOD INCOME (LOSS) GAIN (LOSS) OPERATIONS
<S> <C> <C> <C> <C> <C> <C>
IDEX JCC BALANCED
Class A 10/31/00 $ 18.96 $ 0.25 $ 1.03 $ 1.28
10/31/99 14.75 0.19 4.27 4.46
10/31/98 14.34 0.15 1.76 1.91
10/31/97 13.58 0.19 2.52 2.71
10/31/96 (6) 13.47 0.01 0.10 0.11
9/30/96 11.47 0.24 2.25 2.49
-----------------------------------------------------------------------------------------------------------
Class B 10/31/00 18.95 0.21 1.03 1.24
10/31/99 14.74 0.08 4.27 4.35
10/31/98 14.33 0.06 1.76 1.82
10/31/97 13.56 0.12 2.52 2.64
10/31/96 (6) 13.46 - 0.10 0.10
9/30/96 11.47 0.15 2.25 2.40
-----------------------------------------------------------------------------------------------------------
Class C 10/31/00 18.95 0.21 1.03 1.24
-----------------------------------------------------------------------------------------------------------
Class M 10/31/00 18.95 0.23 1.03 1.26
10/31/99 (5) 14.74 0.10 4.27 4.37
10/31/98 14.33 0.07 1.76 1.83
10/31/97 13.57 0.12 2.52 2.64
10/31/96 (6) 13.46 0.01 0.10 0.11
9/30/96 11.47 0.16 2.25 2.41
-----------------------------------------------------------------------------------------------------------
IDEX JCC CAPITAL APPRECIATION
Class A 10/31/00 31.09 (0.13) 3.19 3.06
10/31/99 16.97 0.05 15.88 15.93
10/31/98 15.90 0.01 1.51 1.52
10/31/97 15.49 0.04 0.58 0.62
10/31/96 (6) 15.75 (0.02) (0.24) (0.26)
9/30/96 (7) 13.54 (0.02) 3.12 3.10
-----------------------------------------------------------------------------------------------------------
Class B 10/31/00 30.51 (0.38) 3.19 2.81
10/31/99 16.72 (0.28) 15.88 15.60
10/31/98 15.74 (0.08) 1.51 1.43
10/31/97 15.42 (0.05) 0.58 0.53
10/31/96 (6) 15.69 (0.03) (0.24) (0.27)
9/30/96 13.49 (0.10) 3.12 3.02
-----------------------------------------------------------------------------------------------------------
Class C 10/31/00 30.51 (0.38) 3.19 2.81
-----------------------------------------------------------------------------------------------------------
Class M 10/31/00 30.60 (0.34) 3.19 2.85
10/31/99 (5) 16.76 (0.23) 15.88 15.65
10/31/98 15.77 (0.07) 1.51 1.44
10/31/97 15.43 (0.03) 0.58 0.55
10/31/96 (6) 15.70 (0.03) (0.24) (0.27)
9/30/96 (7) 13.49 (0.08) 3.12 3.04
-----------------------------------------------------------------------------------------------------------
<CAPTION>
DISTRIBUTIONS
FROM NET FROM NET
INVESTMENT REALIZED TOTAL
INCOME CAPITAL GAINS DISTRIBUTIONS
<S> <C> <C> <C>
IDEX JCC BALANCED
Class A $ (0.24) $ (0.25) $ (0.49)
(0.17) (0.08) (0.25)
(0.15) (1.35) (1.50)
(0.20) (1.75) (1.95)
- - -
(0.21) (0.28) (0.49)
-----------------------------------------------------------------------------------------------------------
Class B (0.21) (0.25) (0.46)
(0.06) (0.08) (0.14)
(0.06) (1.35) (1.41)
(0.12) (1.75) (1.87)
- - -
(0.13) (0.28) (0.41)
-----------------------------------------------------------------------------------------------------------
Class C (0.21) (0.25) (0.46)
-----------------------------------------------------------------------------------------------------------
Class M (0.23) (0.25) (0.48)
(0.08) (0.08) (0.16)
(0.07) (1.35) (1.42)
(0.13) (1.75) (1.88)
- - -
(0.14) (0.28) (0.42)
-----------------------------------------------------------------------------------------------------------
IDEX JCC CAPITAL APPRECIATION
Class A - (2.07) (2.07)
- (1.81) (1.81)
- (0.45) (0.45)
- (0.21) (0.21)
- - -
(0.07) (0.82) (0.89)
-----------------------------------------------------------------------------------------------------------
Class B - (2.07) (2.07)
- (1.81) (1.81)
- (0.45) (0.45)
- (0.21) (0.21)
- - -
- (0.82) (0.82)
-----------------------------------------------------------------------------------------------------------
Class C - (2.07) (2.07)
-----------------------------------------------------------------------------------------------------------
Class M - (2.07) (2.07)
- (1.81) (1.81)
- (0.45) (0.45)
- (0.21) (0.21)
- - -
(0.01) (0.82) (0.83)
-----------------------------------------------------------------------------------------------------------
</TABLE>
See notes to the Financial Highlights at pages 140 and 141.
The notes to the financial statements are an integral part of these statements.
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
128
<PAGE> 131
<TABLE>
<CAPTION>
RATIOS/SUPPLEMENTAL DATA
NET ASSET NET ASSETS,
VALUE, END OF RATIO OF EXPENSES TO AVERAGE NET ASSETS (12)(13)
END TOTAL PERIOD EXCLUDING INCLUDING
OF PERIOD RETURN (11) (000'S) CREDITS GROSS CREDITS
<S> <C> <C> <C> <C> <C>
$ 19.75 7.23% $ 133,445 1.67% 1.69% 1.67%
18.96 30.43 67,749 1.81 1.82 1.81
14.75 14.69 22,995 1.85 2.04 1.85
14.34 22.96 13,414 1.85 2.88 1.85
13.58 0.81 8,402 1.85 3.44 1.85
13.47 22.12 8,056 1.85 3.11 1.85
---------------------------------------------------------------------------------------------------
19.73 6.58 229,160 2.32 2.34 2.32
18.95 29.64 92,833 2.46 2.47 2.46
14.74 13.97 11,916 2.50 2.69 2.50
14.33 22.19 2,583 2.50 3.53 2.50
13.56 0.74 878 2.50 4.09 2.50
13.46 21.38 687 2.50 3.76 2.50
---------------------------------------------------------------------------------------------------
19.73 6.58 42,447 2.32 2.34 2.32
---------------------------------------------------------------------------------------------------
19.73 6.68 66,249 2.22 2.24 2.22
18.95 29.76 34,122 2.36 2.37 2.36
14.74 14.08 4,897 2.40 2.59 2.40
14.33 22.31 1,561 2.40 3.43 2.40
13.57 0.81 967 2.40 3.99 2.40
13.46 21.49 943 2.40 3.66 2.40
---------------------------------------------------------------------------------------------------
32.08 9.14 176,996 1.85 1.89 1.85
31.09 102.19 74,614 1.84 2.02 1.84
16.97 9.87 23,798 1.85 2.24 1.85
15.90 4.09 20,605 1.85 2.66 1.85
15.49 (1.59) 19,350 1.85 2.48 1.85
15.75 24.35 18,713 1.85 2.72 1.85
---------------------------------------------------------------------------------------------------
31.25 8.45 187,067 2.50 2.54 2.50
30.51 101.72 36,467 2.49 2.67 2.49
16.72 9.35 3,734 2.50 2.89 2.50
15.74 3.56 2,866 2.50 3.31 2.50
15.42 (1.66) 2,132 2.50 3.13 2.50
15.69 23.63 2,022 2.50 3.37 2.50
---------------------------------------------------------------------------------------------------
31.25 8.45 43,065 2.50 2.54 2.50
---------------------------------------------------------------------------------------------------
31.38 8.55 51,450 2.40 2.44 2.40
30.60 101.79 10,062 2.39 2.57 2.39
16.76 9.43 1,382 2.40 2.79 2.40
15.77 3.64 1,751 2.40 3.21 2.40
15.43 (1.66) 2,243 2.40 3.03 2.40
15.70 23.81 2,369 2.40 3.27 2.40
---------------------------------------------------------------------------------------------------
<CAPTION>
RATIOS/SUPPLEMENTAL DATA
NET INVESTMENT
INCOME (LOSS) PORTFOLIO
TO AVERAGE TURNOVER
NET ASSETS (12)(13) RATE (14)
<S> <C> <C>
$ 1.73% 70.87%
1.28 59.57
1.12 61.50
1.29 127.08
1.84 9.08
1.87 175.78
-----------------------------------------------
1.08 70.87
0.63 59.57
0.47 61.50
0.64 127.08
1.18 9.08
1.22 175.78
-----------------------------------------------
1.08 70.87
-----------------------------------------------
1.18 70.87
0.73 59.57
0.57 61.50
0.74 127.08
1.28 9.08
1.32 175.78
-----------------------------------------------
(1.53) 103.64
(1.55) 93.54
(1.37) 136.59
(1.27) 130.48
(1.41) 10.11
(0.35) 160.72
-----------------------------------------------
(2.18) 103.64
(2.20) 93.54
(2.02) 136.59
(1.92) 130.48
(2.06) 10.11
(1.00) 160.72
-----------------------------------------------
(2.18) 103.64
-----------------------------------------------
(2.08) 103.64
(2.10) 93.54
(1.92) 136.59
(1.82) 130.48
(1.96) 10.11
(0.90) 160.72
-----------------------------------------------
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
129
<PAGE> 132
FINANCIAL HIGHLIGHTS (CONTINUED)
For a share of beneficial interest outstanding throughout each period:
<TABLE>
<CAPTION>
NET ASSET INVESTMENT OPERATIONS
YEAR OR VALUE, NET NET REALIZED
PERIOD BEGINNING INVESTMENT AND UNREALIZED TOTAL
ENDED OF PERIOD INCOME (LOSS) GAIN (LOSS) OPERATIONS
<S> <C> <C> <C> <C> <C> <C>
IDEX JCC FLEXIBLE INCOME
Class A 10/31/00 $ 9.46 $ 0.57 $ (0.19) $ 0.38
10/31/99 9.84 0.54 (0.38) 0.16
10/31/98 9.75 0.61 0.10 0.71
10/31/97 9.33 0.61 0.42 1.03
10/31/96 (6) 9.19 0.05 0.14 0.19
9/30/96 9.17 0.60 - 0.60
-----------------------------------------------------------------------------------------------------------
Class B 10/31/00 9.46 0.51 (0.19) 0.32
10/31/99 9.83 0.49 (0.38) 0.11
10/31/98 9.75 0.54 0.10 0.64
10/31/97 9.32 0.56 0.42 0.98
10/31/96 (6) 9.18 0.05 0.14 0.19
9/30/96 9.17 0.53 - 0.53
-----------------------------------------------------------------------------------------------------------
Class C 10/31/00 9.46 0.51 (0.19) 0.32
-----------------------------------------------------------------------------------------------------------
Class M 10/31/00 9.46 0.52 (0.19) 0.33
10/31/99 (5) 9.84 0.49 (0.38) 0.11
10/31/98 9.75 0.56 0.10 0.66
10/31/97 9.32 0.57 0.42 0.99
10/31/96 (6) 9.18 0.05 0.14 0.19
9/30/96 9.17 0.54 - 0.54
-----------------------------------------------------------------------------------------------------------
IDEX ALGER AGGRESSIVE GROWTH
Class A 10/31/00 33.05 (0.13) 2.15 2.02
10/31/99 22.24 0.17 11.82 11.99
10/31/98 18.77 0.03 4.02 4.05
10/31/97 15.70 0.05 3.69 3.74
10/31/96 (6) 15.75 (0.01) (0.04) (0.05)
9/30/96 (7) 17.68 (0.15) (0.76) (0.91)
-----------------------------------------------------------------------------------------------------------
Class B 10/31/00 32.44 (0.36) 2.15 1.79
10/31/99 21.93 (0.13) 11.82 11.69
10/31/98 18.58 (0.09) 4.02 3.93
10/31/97 15.58 (0.02) 3.69 3.67
10/31/96 (6) 15.63 (0.01) (0.04) (0.05)
9/30/96 (7) 17.64 (0.23) (0.76) (0.99)
-----------------------------------------------------------------------------------------------------------
Class C 10/31/00 32.44 (0.36) 2.15 1.79
-----------------------------------------------------------------------------------------------------------
Class M 10/31/00 32.53 (0.32) 2.15 1.83
10/31/99 (5) 21.98 (0.09) 11.82 11.73
10/31/98 18.61 (0.07) 4.02 3.95
10/31/97 15.60 (0.01) 3.69 3.68
10/31/96 (6) 15.65 (0.01) (0.04) (0.05)
9/30/96 (7) 17.64 (0.21) (0.76) (0.97)
-----------------------------------------------------------------------------------------------------------
<CAPTION>
DISTRIBUTIONS
FROM NET FROM NET
INVESTMENT REALIZED TOTAL
INCOME CAPITAL GAINS DISTRIBUTIONS
<S> <C> <C> <C>
IDEX JCC FLEXIBLE INCOME
Class A $ (0.58) $ - $ (0.58)
(0.54) - (0.54)
(0.62) - (0.62)
(0.61) - (0.61)
(0.05) - (0.05)
(0.58) - (0.58)
-----------------------------------------------------------------------------------------------------------
Class B (0.52) - (0.52)
(0.48) - (0.48)
(0.56) - (0.56)
(0.55) - (0.55)
(0.05) - (0.05)
(0.52) - (0.52)
-----------------------------------------------------------------------------------------------------------
Class C (0.52) - (0.52)
-----------------------------------------------------------------------------------------------------------
Class M (0.53) - (0.53)
(0.49) - (0.49)
(0.57) - (0.57)
(0.56) - (0.56)
(0.05) - (0.05)
(0.53) - (0.53)
-----------------------------------------------------------------------------------------------------------
IDEX ALGER AGGRESSIVE GROWTH
Class A - (3.00) (3.00)
- (1.18) (1.18)
- (0.58) (0.58)
- (0.67) (0.67)
- - -
- (1.02) (1.02)
-----------------------------------------------------------------------------------------------------------
Class B - (3.00) (3.00)
- (1.18) (1.18)
- (0.58) (0.58)
- (0.67) (0.67)
- - -
- (1.02) (1.02)
-----------------------------------------------------------------------------------------------------------
Class C - (3.00) (3.00)
-----------------------------------------------------------------------------------------------------------
Class M - (3.00) (3.00)
- (1.18) (1.18)
- (0.58) (0.58)
- (0.67) (0.67)
- - -
- (1.02) (1.02)
-----------------------------------------------------------------------------------------------------------
</TABLE>
See notes to the Financial Highlights at pages 140 and 141.
The notes to the financial statements are an integral part of these statements.
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
130
<PAGE> 133
<TABLE>
<CAPTION>
RATIOS/SUPPLEMENTAL DATA
NET ASSET NET ASSETS,
VALUE, END OF RATIO OF EXPENSES TO AVERAGE NET ASSETS (12)(13)
END TOTAL PERIOD EXCLUDING INCLUDING
OF PERIOD RETURN (11) (000'S) CREDITS GROSS CREDITS
<S> <C> <C> <C> <C> <C>
$ 9.26 4.10% $ 16,530 1.84% 1.87% 1.84%
9.46 1.70 14,963 1.85 2.00 1.85
9.84 7.43 14,970 1.83 - 1.83
9.75 11.53 15,532 1.85 2.40 1.85
9.33 2.08 17,001 1.85 2.98 1.85
9.19 6.73 17,065 1.85 2.07 1.85
---------------------------------------------------------------------------------------------------
9.26 3.46 14,008 2.49 2.51 2.49
9.46 1.01 9,006 2.50 2.65 2.50
9.83 6.74 2,387 2.48 - 2.48
9.75 10.79 746 2.50 3.05 2.50
9.32 2.04 522 2.50 3.63 2.50
9.18 5.94 494 2.50 2.72 2.50
---------------------------------------------------------------------------------------------------
9.26 3.46 8,169 2.49 2.51 2.49
---------------------------------------------------------------------------------------------------
9.26 3.56 6,220 2.39 2.41 2.39
9.46 1.11 3,778 2.40 2.55 2.40
9.84 6.84 2,207 2.38 - 2.38
9.75 10.91 928 2.40 2.95 2.40
9.32 2.04 846 2.40 3.53 2.40
9.18 6.03 883 2.40 2.62 2.40
---------------------------------------------------------------------------------------------------
32.07 4.81 164,730 1.55 1.77 1.55
33.05 55.49 100,078 1.61 1.90 1.61
22.24 22.48 46,413 1.85 2.18 1.85
18.77 24.71 31,260 1.85 2.44 1.85
15.70 (0.32) 21,938 1.85 2.62 1.85
15.75 (4.91) 22,078 1.85 2.60 1.85
---------------------------------------------------------------------------------------------------
31.23 4.13 115,689 2.20 2.42 2.20
32.44 54.88 47,399 2.26 2.55 2.26
21.93 22.04 10,564 2.50 2.83 2.50
18.58 24.47 4,880 2.50 3.09 2.50
15.58 (0.32) 1,992 2.50 3.27 2.50
15.63 (5.33) 1,800 2.50 3.25 2.50
---------------------------------------------------------------------------------------------------
31.23 4.13 16,586 2.20 2.42 2.20
---------------------------------------------------------------------------------------------------
31.36 4.24 33,223 2.10 2.32 2.10
32.53 54.97 18,538 2.16 2.45 2.16
21.98 22.11 5,573 2.40 2.73 2.40
18.61 24.50 3,468 2.40 2.99 2.40
15.60 (0.32) 2,129 2.40 3.17 2.40
15.65 (5.22) 2,250 2.40 3.15 2.40
---------------------------------------------------------------------------------------------------
<CAPTION>
RATIOS/SUPPLEMENTAL DATA
NET INVESTMENT
INCOME (LOSS) PORTFOLIO
TO AVERAGE TURNOVER
NET ASSETS (12)(13) RATE (14)
<S> <C> <C>
$ 6.17% 165.55%
5.72 100.22
6.22 90.63
6.41 135.53
6.15 16.16
6.46 135.38
--------------------------------------------------
5.52 165.55
5.07 100.22
5.57 90.63
5.76 135.53
5.50 16.16
5.81 135.38
--------------------------------------------------
5.52 165.55
--------------------------------------------------
5.62 165.55
5.17 100.22
5.67 90.63
5.86 135.53
5.60 16.16
5.91 135.38
--------------------------------------------------
(0.94) 107.81
(1.15) 96.25
(1.11) 142.08
(1.07) 120.96
(1.06) 9.40
(1.15) 127.49
---------------------------------------------------
(1.59) 107.81
(1.80) 96.25
(1.76) 142.08
(1.71) 120.96
(1.71) 9.40
(1.80) 127.49
---------------------------------------------------
(1.59) 107.81
---------------------------------------------------
(1.49) 107.81
(1.70) 96.25
(1.66) 142.08
(1.62) 120.96
(1.62) 9.40
(1.70) 127.49
---------------------------------------------------
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
131
<PAGE> 134
FINANCIAL HIGHLIGHTS (CONTINUED)
For a share of beneficial interest outstanding throughout each period:
<TABLE>
<CAPTION>
NET ASSET INVESTMENT OPERATIONS
YEAR OR VALUE, NET NET REALIZED
PERIOD BEGINNING INVESTMENT AND UNREALIZED
ENDED OF PERIOD INCOME (LOSS) GAIN (LOSS)
<S> <C> <C> <C> <C> <C>
IDEX T. ROWE PRICE DIVIDEND GROWTH
Class A 10/31/00 $ 10.20 $ 0.08 $ 0.44
10/31/99 (4) 10.00 0.06 0.18
--------------------------------------------------------------------------------------------
Class B 10/31/00 10.19 0.02 0.44
10/31/99 (4) 10.00 0.01 0.18
--------------------------------------------------------------------------------------------
Class C 10/31/00 10.19 0.02 0.44
--------------------------------------------------------------------------------------------
Class M 10/31/00 10.19 0.03 0.44
10/31/99 (4) 10.00 0.02 0.18
--------------------------------------------------------------------------------------------
IDEX T. ROWE PRICE SMALL CAP
Class A 10/31/00 (7) 11.01 (0.07) 2.51
10/31/99 (4) 10.00 0.02 0.99
--------------------------------------------------------------------------------------------
Class B 10/31/00 (7) 10.97 (0.15) 2.51
10/31/99 (4) 10.00 (0.02) 0.99
--------------------------------------------------------------------------------------------
Class C 10/31/00 (7) 10.97 (0.15) 2.51
--------------------------------------------------------------------------------------------
Class M 10/31/00 (7) 10.98 (0.14) 2.51
10/31/99 (4) 10.00 (0.01) 0.99
--------------------------------------------------------------------------------------------
IDEX PILGRIM BAXTER MID CAP GROWTH
Class A 10/31/00 14.80 (0.02) 6.47
10/31/99 (4) 10.00 0.02 4.78
--------------------------------------------------------------------------------------------
Class B 10/31/00 14.76 (0.16) 6.47
10/31/99 (4) 10.00 (0.02) 4.78
--------------------------------------------------------------------------------------------
Class C 10/31/00 14.76 (0.16) 6.47
--------------------------------------------------------------------------------------------
Class M 10/31/00 14.77 (0.14) 6.47
10/31/99 (4) 10.00 (0.01) 4.78
--------------------------------------------------------------------------------------------
IDEX PILGRIM BAXTER TECHNOLOGY
Class A 10/31/00 (3) 10.00 (0.02) (3.20)
--------------------------------------------------------------------------------------------
Class B 10/31/00 (3) 10.00 (0.07) (3.20)
--------------------------------------------------------------------------------------------
Class C 10/31/00 (3) 10.00 (0.07) (3.20)
--------------------------------------------------------------------------------------------
Class M 10/31/00 (3) 10.00 (0.06) (3.20)
--------------------------------------------------------------------------------------------
IDEX GABELLI GLOBAL GROWTH
Class A 10/31/00 (1) 10.00 0.03 0.03
--------------------------------------------------------------------------------------------
Class B 10/31/00 (1) 10.00 0.02 0.03
--------------------------------------------------------------------------------------------
Class C 10/31/00 (1) 10.00 0.02 0.03
--------------------------------------------------------------------------------------------
Class M 10/31/00 (1) 10.00 0.02 0.03
--------------------------------------------------------------------------------------------
IDEX GOLDMAN SACHS GROWTH
Class A 10/31/00 11.40 0.02 1.15
10/31/99 (4) 10.00 0.03 1.37
--------------------------------------------------------------------------------------------
Class B 10/31/00 11.35 (0.06) 1.15
10/31/99 (4) 10.00 (0.02) 1.37
--------------------------------------------------------------------------------------------
Class C 10/31/00 11.35 (0.06) 1.15
--------------------------------------------------------------------------------------------
Class M 10/31/00 11.36 (0.05) 1.15
10/31/99 (4) 10.00 (0.01) 1.37
--------------------------------------------------------------------------------------------
IDEX TRANSAMERICA EQUITY
Class A 10/31/00 (3) 10.00 (0.02) 0.18
--------------------------------------------------------------------------------------------
Class B 10/31/00 (3) 10.00 (0.06) 0.18
--------------------------------------------------------------------------------------------
Class C 10/31/00 (3) 10.00 (0.06) 0.18
--------------------------------------------------------------------------------------------
Class M 10/31/00 (3) 10.00 (0.06) 0.18
--------------------------------------------------------------------------------------------
<CAPTION>
INVESTMENT OPERATIONS DISTRIBUTIONS
FROM NET FROM NET
TOTAL INVESTMENT REALIZED TOTAL
OPERATIONS INCOME CAPITAL GAINS DISTRIBUTIONS
<S> <C> <C> <C> <C>
IDEX T. ROWE PRICE DIVIDEND GROWTH
Class A $ 0.52 $ (0.08) $ - $ (0.08)
0.24 (0.04) - (0.04)
--------------------------------------------------------------------------------------------
Class B 0.46 (0.02) - (0.02)
0.19 - - -
--------------------------------------------------------------------------------------------
Class C 0.46 (0.02) - (0.02)
--------------------------------------------------------------------------------------------
Class M 0.47 (0.03) - (0.03)
0.20 (0.01) - (0.01)
--------------------------------------------------------------------------------------------
IDEX T. ROWE PRICE SMALL CAP
Class A 2.44 - (0.28) (0.28)
1.01 - - -
--------------------------------------------------------------------------------------------
Class B 2.36 - (0.28) (0.28)
0.97 - - -
--------------------------------------------------------------------------------------------
Class C 2.36 - (0.28) (0.28)
--------------------------------------------------------------------------------------------
Class M 2.37 - (0.28) (0.28)
0.98 - - -
--------------------------------------------------------------------------------------------
IDEX PILGRIM BAXTER MID CAP GROWTH
Class A 6.45 - (0.31) (0.31)
4.80 - - -
--------------------------------------------------------------------------------------------
Class B 6.31 - (0.31) (0.31)
4.76 - - -
--------------------------------------------------------------------------------------------
Class C 6.31 - (0.31) (0.31)
--------------------------------------------------------------------------------------------
Class M 6.33 - (0.31) (0.31)
4.77 - - -
--------------------------------------------------------------------------------------------
IDEX PILGRIM BAXTER TECHNOLOGY
Class A (3.22) - - -
--------------------------------------------------------------------------------------------
Class B (3.27) - - -
--------------------------------------------------------------------------------------------
Class C (3.27) - - -
--------------------------------------------------------------------------------------------
Class M (3.26) - - -
--------------------------------------------------------------------------------------------
IDEX GABELLI GLOBAL GROWTH
Class A 0.06 - - -
--------------------------------------------------------------------------------------------
Class B 0.05 - - -
--------------------------------------------------------------------------------------------
Class C 0.05 - - -
--------------------------------------------------------------------------------------------
Class M 0.05 - - -
--------------------------------------------------------------------------------------------
IDEX GOLDMAN SACHS GROWTH
Class A 1.17 - (0.03) (0.03)
1.40 - - -
--------------------------------------------------------------------------------------------
Class B 1.09 - (0.03) (0.03)
1.35 - - -
--------------------------------------------------------------------------------------------
Class C 1.09 - (0.03) (0.03)
--------------------------------------------------------------------------------------------
Class M 1.10 - (0.03) (0.03)
1.36 - - -
--------------------------------------------------------------------------------------------
IDEX TRANSAMERICA EQUITY
Class A 0.16 - - -
--------------------------------------------------------------------------------------------
Class B 0.12 - - -
--------------------------------------------------------------------------------------------
Class C 0.12 - - -
--------------------------------------------------------------------------------------------
Class M 0.12 - - -
--------------------------------------------------------------------------------------------
</TABLE>
See notes to the Financial Highlights at pages 140 and 141.
The notes to the financial statements are an integral part of these statements.
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
132
<PAGE> 135
<TABLE>
<CAPTION>
RATIOS/SUPPLEMENTAL DATA
NET ASSET NET ASSETS,
VALUE, END OF RATIO OF EXPENSES TO AVERAGE NET ASSETS (12)(13)
END TOTAL PERIOD EXCLUDING INCLUDING
OF PERIOD RETURN (11) (000'S) CREDITS GROSS CREDITS
<S> <C> <C> <C> <C> <C>
$ 10.64 5.14% $ 5,452 1.55% 2.68% 1.55%
10.20 2.40 1,840 1.55 7.57 1.55
---------------------------------------------------------------------------------------------------
10.63 4.49 7,597 2.20 3.33 2.20
10.19 1.96 2,134 2.20 8.22 2.20
---------------------------------------------------------------------------------------------------
10.63 4.49 1,935 2.20 3.33 2.20
---------------------------------------------------------------------------------------------------
10.63 4.59 1,916 2.10 3.23 2.10
10.19 2.03 1,058 2.10 8.12 2.10
---------------------------------------------------------------------------------------------------
13.17 22.31 8,262 1.55 2.83 1.55
11.01 10.13 1,272 1.55 7.93 1.55
---------------------------------------------------------------------------------------------------
13.05 21.63 8,119 2.20 3.48 2.20
10.97 9.70 1,135 2.20 8.58 2.20
---------------------------------------------------------------------------------------------------
13.05 21.63 1,626 2.20 3.48 2.20
---------------------------------------------------------------------------------------------------
13.07 21.73 2,489 2.10 3.38 2.10
10.98 9.77 685 2.10 8.48 2.10
---------------------------------------------------------------------------------------------------
20.94 43.78 48,842 1.55 2.06 1.55
14.80 48.06 2,571 1.55 6.95 1.55
---------------------------------------------------------------------------------------------------
20.76 43.07 68,184 2.20 2.71 2.20
14.76 47.63 2,875 2.20 7.60 2.20
---------------------------------------------------------------------------------------------------
20.76 43.07 16,972 2.20 2.71 2.20
---------------------------------------------------------------------------------------------------
20.79 43.17 14,734 2.10 2.61 2.10
14.77 47.70 1,016 2.10 7.50 2.10
---------------------------------------------------------------------------------------------------
6.78 (32.21) 26,933 1.75 2.27 1.75
---------------------------------------------------------------------------------------------------
6.73 (32.65) 40,165 2.40 2.92 2.40
---------------------------------------------------------------------------------------------------
6.73 (32.65) 11,750 2.40 2.92 2.40
---------------------------------------------------------------------------------------------------
6.74 (32.58) 9,361 2.30 2.82 2.30
---------------------------------------------------------------------------------------------------
10.06 0.61 4,488 1.75 7.22 1.75
---------------------------------------------------------------------------------------------------
10.05 0.52 6,558 2.40 7.87 2.40
---------------------------------------------------------------------------------------------------
10.05 0.52 7,468 2.40 7.87 2.40
---------------------------------------------------------------------------------------------------
10.05 0.54 2,240 2.30 7.77 2.30
---------------------------------------------------------------------------------------------------
12.54 10.29 6,587 1.55 2.53 1.55
11.40 13.97 1,978 1.55 7.65 1.54
---------------------------------------------------------------------------------------------------
12.41 9.54 7,908 2.20 3.18 2.20
11.35 13.54 2,261 2.20 8.30 2.19
---------------------------------------------------------------------------------------------------
12.41 9.54 6,484 2.20 3.18 2.20
---------------------------------------------------------------------------------------------------
12.43 9.65 2,976 2.10 3.08 2.10
11.36 13.61 748 2.10 8.20 2.09
---------------------------------------------------------------------------------------------------
10.16 1.60 3,053 1.55 6.10 1.55
---------------------------------------------------------------------------------------------------
10.12 1.17 2,840 2.20 6.75 2.20
---------------------------------------------------------------------------------------------------
10.12 1.17 1,118 2.20 6.75 2.20
---------------------------------------------------------------------------------------------------
10.12 1.24 969 2.10 6.65 2.10
---------------------------------------------------------------------------------------------------
<CAPTION>
RATIOS/SUPPLEMENTAL DATA
NET INVESTMENT
INCOME (LOSS) PORTFOLIO
TO AVERAGE TURNOVER
NET ASSETS (12)(13) RATE (14)
<S> <C>
0.66% 58.32%
1.09 20.48
----------------------------------------------------------------------------------
0.01 58.32
0.44 20.48
----------------------------------------------------------------------------------
0.01 58.32
----------------------------------------------------------------------------------
0.11 58.32
0.54 20.48
----------------------------------------------------------------------------------
(1.14) 52.97
(1.15) 42.52
----------------------------------------------------------------------------------
(1.79) 52.97
(1.80) 42.52
----------------------------------------------------------------------------------
(1.79) 52.97
----------------------------------------------------------------------------------
(1.69) 52.97
(1.70) 42.52
----------------------------------------------------------------------------------
(0.80) 129.20
(0.88) 150.78
----------------------------------------------------------------------------------
(1.45) 129.20
(1.53) 150.78
----------------------------------------------------------------------------------
(1.45) 129.20
----------------------------------------------------------------------------------
(1.35) 129.20
(1.43) 150.78
----------------------------------------------------------------------------------
(1.19) 142.19
----------------------------------------------------------------------------------
(1.84) 142.19
----------------------------------------------------------------------------------
(1.84) 142.19
----------------------------------------------------------------------------------
(1.74) 142.19
----------------------------------------------------------------------------------
3.22 -
----------------------------------------------------------------------------------
2.57 -
----------------------------------------------------------------------------------
2.57 -
----------------------------------------------------------------------------------
2.67 -
----------------------------------------------------------------------------------
(0.47) 25.10
(0.55) 21.91
----------------------------------------------------------------------------------
(1.12) 25.10
(1.20) 21.91
----------------------------------------------------------------------------------
(1.12) 25.10
----------------------------------------------------------------------------------
(1.02) 25.10
(1.10) 21.91
----------------------------------------------------------------------------------
(1.18) 12.86
----------------------------------------------------------------------------------
(1.83) 12.86
----------------------------------------------------------------------------------
(1.83) 12.86
----------------------------------------------------------------------------------
(1.73) 12.86
----------------------------------------------------------------------------------
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
133
<PAGE> 136
FINANCIAL HIGHLIGHTS (CONTINUED)
For a share of beneficial interest outstanding throughout each period:
<TABLE>
<CAPTION>
NET ASSET INVESTMENT OPERATIONS DISTRIBUTIONS
YEAR OR VALUE, NET NET REALIZED FROM NET
PERIOD BEGINNING INVESTMENT AND UNREALIZED TOTAL INVESTMENT
ENDED OF PERIOD INCOME (LOSS) GAIN (LOSS) OPERATIONS INCOME
<S> <C> <C> <C> <C> <C> <C> <C>
IDEX TRANSAMERICA SMALL COMPANY
Class A 10/31/00 (3) $ 10.00 $ (0.02) $ (1.28) $ (1.30) $ -
--------------------------------------------------------------------------------------------------------------------------
Class B 10/31/00 (3) 10.00 (0.06) (1.28) (1.34) -
--------------------------------------------------------------------------------------------------------------------------
Class C 10/31/00 (3) 10.00 (0.06) (1.28) (1.34) -
--------------------------------------------------------------------------------------------------------------------------
Class M 10/31/00 (4) 10.00 (0.05) (1.28) (1.33) -
--------------------------------------------------------------------------------------------------------------------------
IDEX SALOMON ALL CAP
Class A 10/31/00 11.70 0.08 3.92 4.00 -
10/31/99 (4) 10.00 0.02 1.68 1.70 -
--------------------------------------------------------------------------------------------------------------------------
Class B 10/31/00 11.66 (0.03) 3.92 3.89 -
10/31/99 (4) 10.00 (0.02) 1.68 1.66 -
--------------------------------------------------------------------------------------------------------------------------
Class C 10/31/00 11.66 (0.03) 3.92 3.89 -
--------------------------------------------------------------------------------------------------------------------------
Class M 10/31/00 11.67 (0.02) 3.92 3.90 -
10/31/99 (4) 10.00 (0.01) 1.68 1.67 -
--------------------------------------------------------------------------------------------------------------------------
IDEX GREAT COMPANIES-AMERICA(SM)
Class A 10/31/00 (2) 10.00 - 0.58 0.58 -
--------------------------------------------------------------------------------------------------------------------------
Class B 10/31/00 (2) 10.00 (0.02) 0.58 0.56 -
--------------------------------------------------------------------------------------------------------------------------
Class C 10/31/00 (2) 10.00 (0.02) 0.58 0.56 -
--------------------------------------------------------------------------------------------------------------------------
Class M 10/31/00 (2) 10.00 (0.02) 0.58 0.56 -
--------------------------------------------------------------------------------------------------------------------------
IDEX GREAT COMPANIES-TECHNOLOGY(SM)
Class A 10/31/00 (2) 10.00 - (2.07) (2.07) -
--------------------------------------------------------------------------------------------------------------------------
Class B 10/31/00 (2) 10.00 (0.02) (2.07) (2.09) -
--------------------------------------------------------------------------------------------------------------------------
Class C 10/31/00 (2) 10.00 (0.02) (2.07) (2.09) -
--------------------------------------------------------------------------------------------------------------------------
Class M 10/31/00 (2) 10.00 (0.01) (2.07) (2.08) -
--------------------------------------------------------------------------------------------------------------------------
IDEX GREAT COMPANIES-GLOBAL(2)
Class A 10/31/00 (1) 10.00 - (0.19) (0.19) -
--------------------------------------------------------------------------------------------------------------------------
Class B 10/31/00 (1) 10.00 (0.01) (0.19) (0.20) -
--------------------------------------------------------------------------------------------------------------------------
Class C 10/31/00 (1) 10.00 (0.01) (0.19) (0.20) -
--------------------------------------------------------------------------------------------------------------------------
Class M 10/31/00 (1) 10.00 (0.01) (0.19) (0.20) -
--------------------------------------------------------------------------------------------------------------------------
IDEX AEGON INCOME PLUS
Class A 10/31/00 (7) 9.67 0.69 (0.37) 0.32 (0.69)
10/31/99 10.43 0.65 (0.54) 0.11 (0.67)
10/31/98 10.96 0.69 (0.30) 0.39 (0.70)
10/31/97 10.61 0.76 0.44 1.20 (0.75)
10/31/96 (6) 10.41 0.04 0.22 0.26 (0.06)
9/30/96 10.36 0.72 0.04 0.76 (0.71)
--------------------------------------------------------------------------------------------------------------------------
Class B 10/31/00 (7) 9.67 0.63 (0.37) 0.26 (0.63)
10/31/99 10.42 0.59 (0.54) 0.05 (0.60)
10/31/98 10.96 0.61 (0.30) 0.31 (0.63)
10/31/97 10.61 0.69 0.44 1.13 (0.68)
10/31/96 (6) 10.40 0.05 0.22 0.27 (0.06)
9/30/96 10.35 0.65 0.04 0.69 (0.64)
--------------------------------------------------------------------------------------------------------------------------
Class C 10/31/00 (7) 9.67 0.63 (0.37) 0.26 (0.63)
--------------------------------------------------------------------------------------------------------------------------
Class M 10/31/00 (7) 9.67 0.64 (0.37) 0.27 (0.64)
10/31/99 (5) 10.42 0.60 (0.54) 0.06 (0.61)
10/31/98 10.96 0.62 (0.30) 0.32 (0.64)
10/31/97 10.61 0.70 0.44 1.14 (0.69)
10/31/96 (6) 10.40 0.05 0.22 0.27 (0.06)
9/30/96 10.35 0.66 0.04 0.70 (0.65)
--------------------------------------------------------------------------------------------------------------------------
<CAPTION>
DISTRIBUTIONS
FROM NET
REALIZED TOTAL
CAPITAL GAINS DISTRIBUTIONS
<S> <C> <C>
IDEX TRANSAMERICA SMALL COMPANY
Class A $ - $ -
--------------------------------------------------------------------------------------------------------------------------
Class B - -
--------------------------------------------------------------------------------------------------------------------------
Class C - -
--------------------------------------------------------------------------------------------------------------------------
Class M - -
--------------------------------------------------------------------------------------------------------------------------
IDEX SALOMON ALL CAP
Class A (0.19) (0.19)
- -
--------------------------------------------------------------------------------------------------------------------------
Class B (0.19) (0.19)
- -
--------------------------------------------------------------------------------------------------------------------------
Class C (0.19) (0.19)
--------------------------------------------------------------------------------------------------------------------------
Class M (0.19) (0.19)
- -
--------------------------------------------------------------------------------------------------------------------------
IDEX GREAT COMPANIES-AMERICA(SM)
Class A - -
--------------------------------------------------------------------------------------------------------------------------
Class B - -
--------------------------------------------------------------------------------------------------------------------------
Class C - -
--------------------------------------------------------------------------------------------------------------------------
Class M - -
--------------------------------------------------------------------------------------------------------------------------
IDEX GREAT COMPANIES-TECHNOLOGY(SM)
Class A - -
--------------------------------------------------------------------------------------------------------------------------
Class B - -
--------------------------------------------------------------------------------------------------------------------------
Class C - -
--------------------------------------------------------------------------------------------------------------------------
Class M - -
--------------------------------------------------------------------------------------------------------------------------
IDEX GREAT COMPANIES-GLOBAL(2)
Class A - -
--------------------------------------------------------------------------------------------------------------------------
Class B - -
--------------------------------------------------------------------------------------------------------------------------
Class C - -
--------------------------------------------------------------------------------------------------------------------------
Class M - -
--------------------------------------------------------------------------------------------------------------------------
IDEX AEGON INCOME PLUS
Class A (0.06) (0.75)
(0.20) (0.87)
(0.22) (0.92)
(0.10) (0.85)
- (0.06)
- (0.71)
--------------------------------------------------------------------------------------------------------------------------
Class B (0.06) (0.69)
(0.20) (0.80)
(0.22) (0.85)
(0.10) (0.78)
- (0.06)
- (0.64)
--------------------------------------------------------------------------------------------------------------------------
Class C (0.06) (0.69)
--------------------------------------------------------------------------------------------------------------------------
Class M (0.06) (0.70)
(0.20) (0.81)
(0.22) (0.86)
(0.10) (0.79)
- (0.06)
- (0.65)
--------------------------------------------------------------------------------------------------------------------------
</TABLE>
See notes to the Financial Highlights at pages 140 and 141.
The notes to the financial statements are an integral part of these statements.
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
134
<PAGE> 137
<TABLE>
<CAPTION>
RATIOS/SUPPLEMENTAL DATA
NET ASSET NET ASSETS,
VALUE, END OF RATIO OF EXPENSES TO AVERAGE NET ASSETS (12)(13)
END TOTAL PERIOD EXCLUDING INCLUDING
OF PERIOD RETURN (11) (000'S) CREDITS GROSS CREDITS
<S> <C> <C> <C> <C> <C>
$ 8.70 (12.96)% $ 3,726 1.55% 4.54% 1.55%
---------------------------------------------------------------------------------------------------
8.66 (13.39) 4,366 2.20 5.19 2.20
---------------------------------------------------------------------------------------------------
8.66 (13.39) 1,704 2.20 5.19 2.20
---------------------------------------------------------------------------------------------------
8.67 (13.33) 2,090 2.10 5.09 2.10
---------------------------------------------------------------------------------------------------
15.51 34.50 25,575 1.55 2.41 1.55
11.70 17.03 1,880 1.55 8.85 1.54
---------------------------------------------------------------------------------------------------
15.36 33.72 38,203 2.20 3.06 2.20
11.66 16.60 1,571 2.20 9.50 2.19
---------------------------------------------------------------------------------------------------
15.36 33.72 10,675 2.20 3.06 2.20
---------------------------------------------------------------------------------------------------
15.38 33.84 10,785 2.10 2.96 2.10
11.67 16.67 728 2.10 9.40 2.09
---------------------------------------------------------------------------------------------------
10.58 5.81 13,377 1.55 3.38 1.55
---------------------------------------------------------------------------------------------------
10.56 5.62 7,839 2.20 4.03 2.20
---------------------------------------------------------------------------------------------------
10.56 5.62 2,875 2.20 4.03 2.20
---------------------------------------------------------------------------------------------------
10.56 5.65 1,744 2.10 3.93 2.10
---------------------------------------------------------------------------------------------------
7.93 (20.66) 6,322 1.55 5.55 1.55
---------------------------------------------------------------------------------------------------
7.91 (20.86) 3,295 2.20 6.20 2.20
---------------------------------------------------------------------------------------------------
7.91 (20.86) 1,443 2.20 6.20 2.20
---------------------------------------------------------------------------------------------------
7.92 (20.83) 710 2.10 6.10 2.10
---------------------------------------------------------------------------------------------------
9.81 (1.92) 2,173 1.55 25.34 1.55
---------------------------------------------------------------------------------------------------
9.80 (2.01) 582 2.20 25.99 2.20
---------------------------------------------------------------------------------------------------
9.80 (2.01) 353 2.20 25.99 2.20
---------------------------------------------------------------------------------------------------
9.80 (1.99) 833 2.10 25.89 2.10
---------------------------------------------------------------------------------------------------
9.24 3.37 49,259 1.36 - 1.36
9.67 1.09 59,082 1.38 - 1.38
10.43 3.54 63,494 1.24 - 1.24
10.96 11.86 65,612 1.27 - 1.27
10.61 2.53 66,285 1.33 - 1.32
10.41 7.64 65,252 1.33 - 1.31
---------------------------------------------------------------------------------------------------
9.24 2.74 13,808 2.01 - 2.01
9.67 0.38 12,930 2.03 - 2.03
10.42 2.87 5,041 1.89 - 1.89
10.96 11.10 1,761 1.92 - 1.92
10.61 2.59 804 1.98 - 1.97
10.40 6.95 774 1.98 - 1.96
---------------------------------------------------------------------------------------------------
9.24 2.74 1,025 2.01 - 2.01
---------------------------------------------------------------------------------------------------
9.24 2.84 4,319 1.91 - 1.91
9.67 0.54 5,515 1.93 - 1.93
10.42 2.97 4,073 1.79 - 1.79
10.96 11.22 3,480 1.82 - 1.82
10.61 2.59 2,781 1.88 - 1.87
10.40 7.05 2,684 1.88 - 1.86
---------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
RATIOS/SUPPLEMENTAL DATA
NET INVESTMENT
INCOME (LOSS) PORTFOLIO
TO AVERAGE TURNOVER
NET ASSETS (12)(13) RATE (14)
<S> <C> <C>
(1.23)% 18.58%
---------------------------------------------------------------------------------------------------
(1.88) 18.58
---------------------------------------------------------------------------------------------------
(1.88) 18.58
---------------------------------------------------------------------------------------------------
(1.78) 18.58
---------------------------------------------------------------------------------------------------
0.45 91.39
0.35 82.70
---------------------------------------------------------------------------------------------------
(0.20) 91.39
(0.30) 82.70
---------------------------------------------------------------------------------------------------
(0.20) 91.39
---------------------------------------------------------------------------------------------------
(0.10) 91.39
(0.20) 82.70
---------------------------------------------------------------------------------------------------
(0.08) 2.11
---------------------------------------------------------------------------------------------------
(0.73) 2.11
---------------------------------------------------------------------------------------------------
(0.73) 2.11
---------------------------------------------------------------------------------------------------
(0.63) 2.11
---------------------------------------------------------------------------------------------------
(0.64) 11.25
---------------------------------------------------------------------------------------------------
(1.29) 11.25
---------------------------------------------------------------------------------------------------
(1.29) 11.25
---------------------------------------------------------------------------------------------------
(1.19) 11.25
---------------------------------------------------------------------------------------------------
(0.52) 15.15
---------------------------------------------------------------------------------------------------
(1.17) 15.15
---------------------------------------------------------------------------------------------------
(1.17) 15.15
---------------------------------------------------------------------------------------------------
(1.07) 15.15
---------------------------------------------------------------------------------------------------
7.34 11.37
6.41 26.95
6.38 53.09
7.14 62.28
5.60 1.58
6.89 65.96
---------------------------------------------------------------------------------------------------
6.69 11.37
5.76 26.95
5.73 53.09
6.49 62.28
4.95 1.58
6.24 65.96
---------------------------------------------------------------------------------------------------
6.69 11.37
---------------------------------------------------------------------------------------------------
6.79 11.37
5.86 26.95
5.83 53.09
6.59 62.28
5.05 1.58
6.34 65.96
---------------------------------------------------------------------------------------------------
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
135
<PAGE> 138
FINANCIAL HIGHLIGHTS (CONTINUED)
For a share of beneficial interest outstanding throughout each period:
<TABLE>
<CAPTION>
NET ASSET INVESTMENT OPERATIONS DISTRIBUTIONS
YEAR OR VALUE, NET NET REALIZED FROM NET
PERIOD BEGINNING INVESTMENT AND UNREALIZED TOTAL INVESTMENT
ENDED OF PERIOD INCOME (LOSS) GAIN (LOSS) OPERATIONS INCOME
<S> <C> <C> <C> <C> <C> <C> <C>
IDEX FEDERATED TAX EXEMPT
Class A 10/31/00 (7) $ 10.60 $ 0.44 $ 0.42 $ 0.86 $ (0.44)
10/31/99 11.94 0.44 (1.14) (0.70) (0.44)
10/31/98 11.75 0.48 0.34 0.82 (0.48)
10/31/97 11.40 0.53 0.43 0.96 (0.53)
10/31/96 (6) 11.36 0.05 0.04 0.09 (0.05)
9/30/96 11.34 0.55 0.10 0.65 (0.56)
--------------------------------------------------------------------------------------------------------------------------
Class B 10/31/00 (7) 10.59 0.37 0.42 0.79 (0.37)
10/31/99 11.94 0.35 (1.14) (0.79) (0.36)
10/31/98 11.74 0.41 0.34 0.75 (0.40)
10/31/97 11.40 0.44 0.43 0.87 (0.45)
10/31/96 (6) 11.36 0.04 0.04 0.08 (0.04)
9/30/96 11.34 0.48 0.10 0.58 (0.49)
--------------------------------------------------------------------------------------------------------------------------
Class C 10/31/00 (7) 10.59 0.37 0.42 0.79 (0.37)
--------------------------------------------------------------------------------------------------------------------------
Class M 10/31/00 (7) 10.59 0.42 0.42 0.84 (0.41)
10/31/99 (5) 11.94 0.39 (1.14) (0.75) (0.40)
10/31/98 11.75 0.45 0.34 0.79 (0.45)
10/31/97 11.40 0.50 0.43 0.93 (0.50)
10/31/96 (6) 11.36 0.04 0.04 0.08 (0.04)
9/30/96 11.34 0.52 0.10 0.62 (0.53)
--------------------------------------------------------------------------------------------------------------------------
IDEX GE INTERNATIONAL EQUITY
Class A 10/31/00 12.85 0.05 0.35 0.40 -
10/31/99 10.77 0.03 2.05 2.08 -
10/31/98 (7) 10.57 0.07 0.20 0.27 (0.07)
10/31/97 (8) 10.00 0.07 0.50 0.57 -
--------------------------------------------------------------------------------------------------------------------------
Class B 10/31/00 12.70 (0.03) 0.35 0.32 -
10/31/99 10.71 (0.06) 2.05 1.99 -
10/31/98 (7) 10.52 - 0.20 0.20 (0.01)
10/31/97 (8) 10.00 0.02 0.50 0.52 -
--------------------------------------------------------------------------------------------------------------------------
Class C 10/31/00 12.70 (0.03) 0.35 0.32 -
--------------------------------------------------------------------------------------------------------------------------
Class M 10/31/00 12.73 (0.02) 0.35 0.33 -
10/31/99 (5) 10.72 (0.04) 2.05 2.01 -
10/31/98 (7) 10.53 0.01 0.20 0.21 (0.02)
10/31/97 (8) 10.00 0.03 0.50 0.53 -
--------------------------------------------------------------------------------------------------------------------------
IDEX GE U.S. EQUITY
Class A 10/31/00 (3) 10.00 - 0.83 0.83 -
--------------------------------------------------------------------------------------------------------------------------
Class B 10/31/00 (3) 10.00 (0.04) 0.83 0.79 -
--------------------------------------------------------------------------------------------------------------------------
Class C 10/31/00 (3) 10.00 (0.04) 0.83 0.79 -
--------------------------------------------------------------------------------------------------------------------------
Class M 10/31/00 (3) 10.00 (0.04) 0.83 0.79 -
--------------------------------------------------------------------------------------------------------------------------
<CAPTION>
DISTRIBUTIONS
FROM NET
REALIZED TOTAL
CAPITAL GAINS DISTRIBUTIONS
<S> <C> <C>
IDEX FEDERATED TAX EXEMPT
Class A $ (0.11) $ (0.55)
(0.20) (0.64)
(0.15) (0.63)
(0.08) (0.61)
- (0.05)
(0.07) (0.63)
--------------------------------------------------------------------------------------------------------------------------
Class B (0.11) (0.48)
(0.20) (0.56)
(0.15) (0.55)
(0.08) (0.53)
- (0.04)
(0.07) (0.56)
--------------------------------------------------------------------------------------------------------------------------
Class C (0.11) (0.48)
--------------------------------------------------------------------------------------------------------------------------
Class M (0.11) (0.52)
(0.20) (0.60)
(0.15) (0.60)
(0.08) (0.58)
- (0.04)
(0.07) (0.60)
--------------------------------------------------------------------------------------------------------------------------
IDEX GE INTERNATIONAL EQUITY
Class A (0.49) (0.49)
- -
- (0.07)
- -
--------------------------------------------------------------------------------------------------------------------------
Class B (0.49) (0.49)
- -
- (0.01)
- -
--------------------------------------------------------------------------------------------------------------------------
Class C (0.49) (0.49)
--------------------------------------------------------------------------------------------------------------------------
Class M (0.49) (0.49)
- -
- (0.02)
- -
--------------------------------------------------------------------------------------------------------------------------
IDEX GE U.S. EQUITY
Class A - -
--------------------------------------------------------------------------------------------------------------------------
Class B - -
--------------------------------------------------------------------------------------------------------------------------
Class C - -
--------------------------------------------------------------------------------------------------------------------------
Class M - -
--------------------------------------------------------------------------------------------------------------------------
</TABLE>
See notes to the Financial Highlights at pages 140 and 141.
The notes to the financial statements are an integral part of these statements.
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
136
<PAGE> 139
<TABLE>
<CAPTION>
RATIOS/SUPPLEMENTAL DATA
NET ASSET NET ASSETS,
VALUE, END OF RATIO OF EXPENSES TO AVERAGE NET ASSETS (12)(13)
END TOTAL PERIOD EXCLUDING INCLUDING
OF PERIOD RETURN (11) (000'S) CREDITS GROSS CREDITS
<S> <C> <C> <C> <C> <C>
$10.91 8.38% $ 16,999 1.35% 1.68% 1.35%
10.60 (6.23) 20,996 1.35 1.50 1.31
11.94 7.19 22,313 1.23 1.27 1.23
11.75 8.68 23,320 1.00 1.63 1.00
11.40 0.76 24,439 1.00 1.89 1.00
11.36 5.89 24,708 1.00 1.46 1.00
---------------------------------------------------------------------------------------------------
10.90 7.72 1,728 2.00 2.33 2.00
10.59 (6.89) 1,253 2.00 2.15 1.96
11.94 6.50 654 1.88 1.92 1.88
11.74 7.93 377 1.65 2.28 1.65
11.40 0.71 198 1.65 2.54 1.65
11.36 5.21 189 1.65 2.11 1.65
---------------------------------------------------------------------------------------------------
10.90 7.72 195 2.00 2.33 2.00
---------------------------------------------------------------------------------------------------
10.91 8.13 2,014 1.60 1.93 1.60
10.59 (6.56) 2,193 1.60 1.75 1.56
11.94 6.92 1,607 1.48 1.52 1.48
11.75 8.39 921 1.25 1.88 1.25
11.40 0.74 939 1.25 2.14 1.25
11.36 5.63 907 1.25 1.71 1.25
---------------------------------------------------------------------------------------------------
12.76 2.74 6,977 1.62 3.56 1.62
12.85 19.12 4,902 1.90 3.53 1.90
10.77 2.58 4,981 2.03 4.22 2.03
10.57 5.70 3,076 1.70 8.93 1.70
---------------------------------------------------------------------------------------------------
12.53 2.09 4,407 2.27 4.21 2.27
12.70 18.45 1,527 2.55 4.18 2.55
10.71 1.89 1,198 2.68 4.87 2.68
10.52 5.20 589 2.35 9.58 2.35
---------------------------------------------------------------------------------------------------
12.53 2.09 629 2.27 4.21 2.27
---------------------------------------------------------------------------------------------------
12.57 2.19 840 2.17 4.11 2.17
12.73 18.55 480 2.45 4.08 2.45
10.72 1.99 397 2.58 4.77 2.58
10.53 5.30 399 2.25 9.48 2.25
---------------------------------------------------------------------------------------------------
10.83 8.30 2,974 1.55 6.85 1.55
---------------------------------------------------------------------------------------------------
10.79 7.86 3,635 2.20 7.50 2.20
---------------------------------------------------------------------------------------------------
10.79 7.86 2,077 2.20 7.50 2.20
---------------------------------------------------------------------------------------------------
10.79 7.93 741 2.10 7.40 2.10
---------------------------------------------------------------------------------------------------
<CAPTION>
RATIOS/SUPPLEMENTAL DATA
NET INVESTMENT
INCOME (LOSS) PORTFOLIO
TO AVERAGE TURNOVER
NET ASSETS (12)(13) RATE (14)
<S> <C>
4.14% 67.32%
3.83 35.97
4.08 42.42
4.60 71.29
4.60 3.79
4.88 71.05
-----------------------------------------------------------------------------------
3.49 67.32
3.18 35.97
3.43 42.42
3.95 71.29
3.94 3.79
4.23 71.05
-----------------------------------------------------------------------------------
3.49 67.32
-----------------------------------------------------------------------------------
3.89 67.32
3.58 35.97
3.83 42.42
4.35 71.29
4.34 3.79
4.63 71.05
-----------------------------------------------------------------------------------
0.09 108.37
(0.16) 71.70
(0.21) 50.01
0.19 21.85
-----------------------------------------------------------------------------------
(0.56) 108.37
(0.81) 71.70
(0.86) 50.01
(0.45) 21.85
-----------------------------------------------------------------------------------
(0.56) 108.37
-----------------------------------------------------------------------------------
(0.46) 108.37
(0.71) 71.70
(0.76) 50.01
(0.35) 21.85
-----------------------------------------------------------------------------------
(0.42) 110.96
-----------------------------------------------------------------------------------
(1.07) 110.96
-----------------------------------------------------------------------------------
(1.07) 110.96
-----------------------------------------------------------------------------------
(0.97) 110.96
-----------------------------------------------------------------------------------
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
137
<PAGE> 140
FINANCIAL HIGHLIGHTS (CONTINUED)
For a share of beneficial interest outstanding throughout each period:
<TABLE>
<CAPTION>
NET ASSET INVESTMENT OPERATIONS DISTRIBUTIONS
YEAR OR VALUE, NET NET REALIZED FROM NET
PERIOD BEGINNING INVESTMENT AND UNREALIZED TOTAL INVESTMENT
ENDED OF PERIOD INCOME (LOSS) GAIN (LOSS) OPERATIONS INCOME
<S> <C> <C> <C> <C> <C> <C> <C>
IDEX DEAN ASSET ALLOCATION
Class A 10/31/00 $ 11.79 $ 0.30 $ 1.01 $ 1.31 $ (0.35)
10/31/99 (7) 13.14 0.27 (0.73) (0.46) (0.24)
10/31/98 13.19 0.22 0.67 0.89 (0.21)
10/31/97 11.19 0.19 2.02 2.21 (0.17)
10/31/96 (6) 11.03 0.02 0.14 0.16 -
9/30/96 10.00 0.08 1.03 1.11 (0.08)
--------------------------------------------------------------------------------------------------------------------------
Class B 10/31/00 11.78 0.23 1.01 1.24 (0.28)
10/31/99 (7) 13.13 0.19 (0.73) (0.54) (0.16)
10/31/98 13.18 0.14 0.67 0.81 (0.13)
10/31/97 11.18 0.11 2.02 2.13 (0.09)
10/31/96 (6) 11.02 0.02 0.14 0.16 -
9/30/96 10.00 - 1.03 1.03 (0.01)
--------------------------------------------------------------------------------------------------------------------------
Class C 10/31/00 11.78 0.23 1.01 1.24 (0.28)
--------------------------------------------------------------------------------------------------------------------------
Class M 10/31/00 11.78 0.24 1.01 1.25 (0.29)
10/31/99 (5)(7) 13.13 0.20 (0.73) (0.53) (0.17)
10/31/98 13.18 0.15 0.67 0.82 (0.14)
10/31/97 11.18 0.12 2.02 2.14 (0.10)
10/31/96 (6) 11.03 0.01 0.14 0.15 -
9/30/96 10.00 0.02 1.03 1.05 (0.02)
--------------------------------------------------------------------------------------------------------------------------
IDEX LKCM STRATEGIC TOTAL RETURN
Class A 10/31/00 17.62 0.27 (0.15) 0.12 (0.30)
10/31/99 16.18 0.20 1.65 1.85 (0.20)
10/31/98 15.91 0.21 0.94 1.15 (0.21)
10/31/97 13.43 0.20 2.79 2.99 (0.19)
10/31/96 (6) 13.27 0.01 0.15 0.16 -
9/30/96 11.74 0.20 1.65 1.85 (0.17)
--------------------------------------------------------------------------------------------------------------------------
Class B 10/31/00 17.60 0.18 (0.15) 0.03 (0.20)
10/31/99 16.17 0.09 1.65 1.74 (0.10)
10/31/98 15.89 0.11 0.94 1.05 (0.10)
10/31/97 13.42 0.10 2.79 2.89 (0.10)
10/31/96 (6) 13.27 - 0.15 0.15 -
9/30/96 11.73 0.13 1.65 1.78 (0.09)
--------------------------------------------------------------------------------------------------------------------------
Class C 10/31/00 17.60 0.18 (0.15) 0.03 (0.20)
--------------------------------------------------------------------------------------------------------------------------
Class M 10/31/00 17.61 0.18 (0.15) 0.03 (0.21)
10/31/99 (5) 16.17 0.11 1.65 1.76 (0.11)
10/31/98 15.90 0.12 0.94 1.06 (0.12)
10/31/97 13.42 0.12 2.79 2.91 (0.11)
10/31/96 (6) 13.27 - 0.15 0.15 -
9/30/96 11.73 0.15 1.65 1.80 (0.11)
--------------------------------------------------------------------------------------------------------------------------
<CAPTION>
DISTRIBUTIONS
FROM NET
REALIZED TOTAL
CAPITAL GAINS DISTRIBUTIONS
<S> <C> <C>
IDEX DEAN ASSET ALLOCATION
Class A $ - $ (0.35)
(0.65) (0.89)
(0.73) (0.94)
(0.04) (0.21)
- -
- (0.08)
--------------------------------------------------------------------------------------------------------------------------
Class B - (0.28)
(0.65) (0.81)
(0.73) (0.86)
(0.04) (0.13)
- -
- (0.01)
--------------------------------------------------------------------------------------------------------------------------
Class C - (0.28)
--------------------------------------------------------------------------------------------------------------------------
Class M - (0.29)
(0.65) (0.82)
(0.73) (0.87)
(0.04) (0.14)
- -
- (0.02)
--------------------------------------------------------------------------------------------------------------------------
IDEX LKCM STRATEGIC TOTAL RETURN
Class A (0.42) (0.72)
(0.21) (0.41)
(0.67) (0.88)
(0.32) (0.51)
- -
(0.15) (0.32)
--------------------------------------------------------------------------------------------------------------------------
Class B (0.42) (0.62)
(0.21) (0.31)
(0.67) (0.77)
(0.32) (0.42)
- -
(0.15) (0.24)
--------------------------------------------------------------------------------------------------------------------------
Class C (0.42) (0.62)
--------------------------------------------------------------------------------------------------------------------------
Class M (0.42) (0.63)
(0.21) (0.32)
(0.67) (0.79)
(0.32) (0.43)
- -
(0.15) (0.26)
--------------------------------------------------------------------------------------------------------------------------
</TABLE>
See notes to the Financial Highlights at pages 140 and 141.
The notes to the financial statements are an integral part of these statements.
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
138
<PAGE> 141
<TABLE>
<CAPTION>
RATIOS/SUPPLEMENTAL DATA
NET ASSET NET ASSETS,
VALUE, END OF RATIO OF EXPENSES TO AVERAGE NET ASSETS (12)(13)
END TOTAL PERIOD EXCLUDING INCLUDING
OF PERIOD RETURN (11) (000'S) CREDITS GROSS CREDITS
<S> <C> <C> <C> <C> <C>
$ 12.75 11.43% $ 9,850 1.55% 2.02% 1.55%
11.79 (3.74) 12,377 1.66 1.85 1.66
13.14 7.25 15,747 1.85 1.87 1.85
13.19 19.84 12,291 1.85 2.30 1.85
11.19 1.45 8,396 1.85 2.65 1.85
11.03 11.07 7,401 2.85 3.20 2.85
---------------------------------------------------------------------------------------------------
12.74 10.76 9,193 2.20 2.67 2.20
11.78 (4.36) 12,171 2.31 2.50 2.31
13.13 6.56 14,679 2.50 2.52 2.50
13.18 19.08 9,747 2.50 2.95 2.50
11.18 1.45 5,013 2.50 3.30 2.50
11.02 10.39 4,848 3.50 3.85 3.50
---------------------------------------------------------------------------------------------------
12.74 10.76 565 2.20 2.67 2.20
---------------------------------------------------------------------------------------------------
12.74 10.86 2,868 2.10 2.57 2.10
11.78 (4.26) 4,689 2.21 2.40 2.21
13.13 6.67 7,342 2.40 2.42 2.40
13.18 19.20 5,088 2.40 2.85 2.40
11.18 1.36 4,758 2.40 3.20 2.40
11.03 10.50 4,641 3.40 3.75 3.40
---------------------------------------------------------------------------------------------------
17.02 0.64 40,919 1.55 1.69 1.55
17.62 11.61 37,959 1.64 1.79 1.64
16.18 7.43 32,055 1.85 1.92 1.85
15.91 22.80 21,629 1.85 2.28 1.85
13.43 1.20 11,744 1.85 2.76 1.82
13.27 16.00 11,314 1.85 2.79 1.79
---------------------------------------------------------------------------------------------------
17.01 0.03 19,375 2.20 2.34 2.20
17.60 10.91 15,531 2.29 2.44 2.29
16.17 6.74 9,789 2.50 2.57 2.50
15.89 22.03 4,698 2.50 2.93 2.50
13.42 1.13 1,684 2.50 3.40 2.47
13.27 15.38 1,537 2.50 3.44 2.44
---------------------------------------------------------------------------------------------------
17.01 0.03 2,523 2.20 2.34 2.20
---------------------------------------------------------------------------------------------------
17.01 0.12 7,026 2.10 2.24 2.10
17.61 11.02 8,779 2.19 2.34 2.19
16.17 6.85 6,977 2.40 2.47 2.40
15.90 22.15 4,332 2.40 2.83 2.40
13.42 1.13 1,792 2.40 3.30 2.37
13.27 15.49 1,728 2.40 3.34 2.34
---------------------------------------------------------------------------------------------------
<CAPTION>
RATIOS/SUPPLEMENTAL DATA
NET INVESTMENT
INCOME (LOSS) PORTFOLIO
TO AVERAGE TURNOVER
NET ASSETS (12)(13) RATE (14)
<S> <C>
2.50% 28.15%
2.12 82.20
1.82 55.45
1.57 71.63
1.26 2.38
0.72 56.22
--------------------------------------------------------------------------------
1.85 28.15
1.47 82.20
1.17 55.45
0.92 71.63
0.61 2.38
0.07 56.22
--------------------------------------------------------------------------------
1.85 28.15
--------------------------------------------------------------------------------
1.95 28.15
1.57 82.20
1.27 55.45
1.02 71.63
0.71 2.38
0.17 56.22
--------------------------------------------------------------------------------
1.59 56.08
1.20 60.18
1.30 32.12
1.41 51.44
1.47 5.50
1.67 40.58
--------------------------------------------------------------------------------
0.94 56.08
0.55 60.18
0.65 32.12
0.76 51.44
0.82 5.50
1.02 40.58
--------------------------------------------------------------------------------
0.94 56.08
--------------------------------------------------------------------------------
1.04 56.08
0.65 60.18
0.75 32.12
0.86 51.44
0.92 5.50
1.12 40.58
--------------------------------------------------------------------------------
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
139
<PAGE> 142
FINANCIAL HIGHLIGHTS (CONTINUED)
For a share of beneficial interest outstanding throughout each period:
<TABLE>
<CAPTION>
NET ASSET INVESTMENT OPERATIONS DISTRIBUTIONS
YEAR OR VALUE, NET NET REALIZED FROM NET
PERIOD BEGINNING INVESTMENT AND UNREALIZED TOTAL INVESTMENT
ENDED OF PERIOD INCOME (LOSS) GAIN (LOSS) OPERATIONS INCOME
<S> <C> <C> <C> <C> <C> <C> <C>
IDEX NWQ VALUE EQUITY
Class A 10/31/00 $ 11.28 $ 0.09 $ 1.54 $ 1.63 $ -
10/31/99 (7) 11.09 0.05 0.41 0.46 -
10/31/98 11.71 0.03 (0.61) (0.58) -
10/31/97 (8) 10.00 0.02 1.69 1.71 -
--------------------------------------------------------------------------------------------------------------------------
Class B 10/31/00 11.09 (0.02) 1.54 1.52 -
10/31/99 (7) 10.98 (0.03) 0.41 0.38 -
10/31/98 11.67 (0.04) (0.61) (0.65) -
10/31/97 (8) 10.00 (0.02) 1.69 1.67 -
--------------------------------------------------------------------------------------------------------------------------
Class C 10/31/00 11.09 (0.02) 1.54 1.52 -
--------------------------------------------------------------------------------------------------------------------------
Class M 10/31/00 11.12 - 1.54 1.54 -
10/31/99 (5)(7) 11.00 (0.02) 0.41 0.39 -
10/31/98 11.67 (0.02) (0.61) (0.63) -
10/31/97 (8) 10.00 (0.02) 1.69 1.67 -
--------------------------------------------------------------------------------------------------------------------------
IDEX C.A.S.E. GROWTH
Class A 10/31/00 12.14 (0.13) (1.54) (1.67) -
10/31/99 10.14 0.06 2.78 2.84 -
10/31/98 12.90 0.03 (1.84) (1.81) -
10/31/97 (7) 10.56 (0.01) 2.86 2.85 (0.51)
10/31/96 (6) 10.46 (0.07) 0.17 0.10 -
9/30/96 (10) 10.00 0.61 (0.15) 0.46 -
--------------------------------------------------------------------------------------------------------------------------
Class B 10/31/00 11.93 (0.17) (1.54) (1.71) -
10/31/99 10.02 (0.03) 2.78 2.75 -
10/31/98 12.85 (0.04) (1.84) (1.88) -
10/31/97 (7) 10.51 (0.07) 2.86 2.79 (0.45)
10/31/96 (6) 10.41 (0.07) 0.17 0.10 -
9/30/96 (10) 10.00 0.56 (0.15) 0.41 -
--------------------------------------------------------------------------------------------------------------------------
Class C 10/31/00 11.93 (0.17) (1.54) (1.71) -
--------------------------------------------------------------------------------------------------------------------------
Class M 10/31/00 11.96 (0.16) (1.54) (1.70) -
10/31/99 (5) 10.04 (0.02) 2.78 2.76 -
10/31/98 12.86 (0.03) (1.84) (1.87) -
10/31/97 (7) 10.52 (0.06) 2.86 2.80 (0.46)
10/31/96 (6) 10.42 (0.07) 0.17 0.10 -
9/30/96 (10) 10.00 0.57 (0.15) 0.42 -
--------------------------------------------------------------------------------------------------------------------------
<CAPTION>
DISTRIBUTIONS
FROM NET
REALIZED TOTAL
CAPITAL GAINS DISTRIBUTIONS
<S> <C> <C>
IDEX NWQ VALUE EQUITY
Class A $ - $ -
(0.27) (0.27)
(0.04) (0.04)
- -
--------------------------------------------------------------------------------------------------------------------------
Class B - -
(0.27) (0.27)
(0.04) (0.04)
- -
--------------------------------------------------------------------------------------------------------------------------
Class C - -
--------------------------------------------------------------------------------------------------------------------------
Class M - -
(0.27) (0.27)
(0.04) (0.04)
- -
--------------------------------------------------------------------------------------------------------------------------
IDEX C.A.S.E. GROWTH
Class A (0.21) (0.21)
(0.84) (0.84)
(0.95) (0.95)
- (0.51)
- -
- -
--------------------------------------------------------------------------------------------------------------------------
Class B (0.21) (0.21)
(0.84) (0.84)
(0.95) (0.95)
- (0.45)
- -
- -
--------------------------------------------------------------------------------------------------------------------------
Class C (0.21) (0.21)
--------------------------------------------------------------------------------------------------------------------------
Class M (0.21) (0.21)
(0.84) (0.84)
(0.95) (0.95)
- (0.46)
- -
- -
--------------------------------------------------------------------------------------------------------------------------
</TABLE>
NOTES TO FINANCIAL HIGHLIGHTS
(1) From commencement of investment operations, September 15, 2000.
(2) From commencement of investment operations, July 14, 2000.
(3) From commencement of investment operations, March 1, 2000.
(4) From commencement of investment operations, March 1, 1999.
(5) On March 1, 1999, the fund changed the load and expense structure of C
shares and renamed them M shares. On November 1, 1999, the funds began
offering new Class C shares for sale.
(6) For the month ended October 31, 1996. On October 1, 1996, each fund changed
its fiscal year end from September 30 to October 31.
(7) 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 and IDEX T. Rowe Price Small Cap Classes A,
B, C and M, for the period ended 10/31/00 in the amount of $0.16 and for
IDEX AEGON Income Plus Classes A, B, C and M, for the period ended 10/31/00
in the amount of $0.06 and for IDEX Federated Tax Exempt Classes A, B, C and
M, for the period ended 10/31/00 in the amount of $0.11. 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.
(8) From commencement of investment operations, February 1, 1997.
The notes to the financial statements are an integral part of these statements.
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
140
<PAGE> 143
<TABLE>
<CAPTION>
RATIOS/SUPPLEMENTAL DATA
NET ASSET NET ASSETS,
VALUE, END OF RATIO OF EXPENSES TO AVERAGE NET ASSETS (12)(13)
END TOTAL PERIOD EXCLUDING INCLUDING
OF PERIOD RETURN (11) (000'S) CREDITS GROSS CREDITS
<S> <C> <C> <C> <C> <C>
$12.91 14.38% $ 8,431 1.55% 2.20% 1.55%
11.28 4.34 7,972 1.64 2.28 1.64
11.09 (4.96) 8,035 1.85 2.51 1.85
11.71 17.14 5,305 1.50 4.05 1.50
---------------------------------------------------------------------------------------------------
12.61 13.72 10,448 2.20 2.85 2.20
11.09 3.68 7,311 2.29 2.93 2.29
10.98 (5.55) 5,020 2.50 3.16 2.50
11.67 16.65 2,850 2.15 4.70 2.15
---------------------------------------------------------------------------------------------------
12.61 13.72 1,094 2.20 2.85 2.20
---------------------------------------------------------------------------------------------------
12.66 13.82 2,508 2.10 2.75 2.10
11.12 3.79 2,204 2.19 2.83 2.19
11.00 (5.46) 2,013 2.40 3.06 2.40
11.67 16.73 1,607 2.05 4.60 2.05
---------------------------------------------------------------------------------------------------
10.26 (14.06) 4,147 1.55 2.66 1.55
12.14 30.07 4,537 1.64 2.87 1.64
10.14 (14.83) 4,284 1.85 2.44 1.85
12.90 28.31 3,920 1.85 4.62 1.85
10.56 0.96 1,675 1.85 6.79 1.84
10.46 4.60 1,455 2.85 5.89 2.85
---------------------------------------------------------------------------------------------------
10.01 (14.70) 3,483 2.20 3.31 2.20
11.93 29.45 3,868 2.29 3.52 2.29
10.02 (15.40) 2,460 2.50 3.09 2.50
12.85 27.62 2,436 2.50 5.27 2.50
10.51 0.96 1,159 2.50 7.44 2.49
10.41 4.10 1,100 3.50 6.54 3.50
---------------------------------------------------------------------------------------------------
10.01 (14.70) 271 2.20 3.31 2.20
---------------------------------------------------------------------------------------------------
10.05 (14.60) 946 2.10 3.21 2.10
11.96 29.54 1,338 2.19 3.42 2.19
10.04 (15.31) 879 2.40 2.99 2.40
12.86 27.73 2,028 2.40 5.17 2.40
10.52 0.96 687 2.40 7.34 2.39
10.42 4.20 613 3.40 6.44 3.40
---------------------------------------------------------------------------------------------------
<CAPTION>
RATIOS/SUPPLEMENTAL DATA
NET INVESTMENT
INCOME (LOSS) PORTFOLIO
TO AVERAGE TURNOVER
NET ASSETS (12)(13) RATE (14)
<S> <C>
0.40% 49.75%
0.21 26.29
- 30.43
0.38 6.40
-------------------------------------------------------------------------------------
(0.25) 49.75
(0.44) 26.29
(0.65) 30.43
(0.28) 6.40
-------------------------------------------------------------------------------------
(0.25) 49.75
-------------------------------------------------------------------------------------
(0.15) 49.75
(0.34) 26.29
(0.55) 30.43
(0.18) 6.40
-------------------------------------------------------------------------------------
(0.87) 244.18
(0.99) 125.60
(0.73) 147.01
(0.34) 183.06
0.27 20.69
10.00 654.49
-------------------------------------------------------------------------------------
(1.52) 244.18
(1.64) 125.60
(1.38) 147.01
(0.99) 183.06
0.38 20.69
9.35 654.49
-------------------------------------------------------------------------------------
(1.52) 244.18
-------------------------------------------------------------------------------------
(1.42) 244.18
(1.54) 125.60
(1.28) 147.01
(0.89) 183.06
0.28 20.69
9.45 654.49
-------------------------------------------------------------------------------------
</TABLE>
(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 M 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).
(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) Effective September 1, 2000, IDEX JCC Global is not available to new
investors.
(16) 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 dividend producing securities.
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
141
<PAGE> 144
IDEX MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS
OCTOBER 31, 2000
--------------------------------------------------------------------------------
NOTE 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES:
IDEX Mutual Funds is a Massachusetts business trust registered under the
Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end
management investment company. IDEX Mutual Funds currently consists of
twenty-six series or "funds" (each a "Fund" and collectively the "Funds").
All Funds are diversified except IDEX JCC Capital Appreciation, IDEX Salomon
All Cap, IDEX Pilgrim Baxter Technology, IDEX Great Companies - America(SM)
and IDEX Great Companies - Technology(SM).
On November 1, 1999, the Funds began offering new Class C shares for sale.
On March 1, 2000, IDEX Pilgrim Baxter Technology, IDEX GE U.S. Equity, IDEX
Transamerica Equity and IDEX Transamerica Small Company commenced
operations. Also at that time, IDEX GE/Scottish Equitable International
Equity changed its name to IDEX GE International Equity. On June 15, 2000,
IDEX AEGON Tax Exempt changed its name to IDEX Federated Tax Exempt. On July
14, 2000, IDEX Great Companies - America(SM) and IDEX Great Companies -
Technology(SM) commenced operations. Effective September 1, 2000, IDEX JCC
Global closed to new investors. On September 15, 2000, IDEX Great Companies
- Global(2) and IDEX Gabelli Global Growth commenced operations.
MULTIPLE CLASS OPERATIONS AND EXPENSES: 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. Each Fund bears its own specific expenses as well as a portion of
general common expenses. IDEX JCC Growth Class T and IDEX JCC Global are
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 each 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 or, in the case of foreign securities, 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 DENOMINATED INVESTMENTS: 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
gains or losses 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 currency 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 currencies and from the
possible inability of counterparties 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 counterparty to meet the contract terms.
Premiums received on written options are reflected in other liabilities.
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
142
<PAGE> 145
IDEX MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS
OCTOBER 31, 2000
--------------------------------------------------------------------------------
NOTE 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):
Transactions in written call and put options were as follows:
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------
IDEX Dean Asset
IDEX Salomon All Cap Allocation
----------------------------------------------------------
Premium Contracts Premium Contracts
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Balance at 10/31/99 $ 2,137 9 0 0
Sales 45,357 122 $ 399,963 1,548
Closing Buys (31,455) (61) (34,773) (40)
Expirations 0 0 0 0
Exercised 0 0 0 0
----------------------------------------------------------
Balance at 10/31/00 $ 16,039 70 $ 365,190 1,508
-------------------------------------------------------------------------------------------------------------------------
</TABLE>
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 incur a loss as
it repurchases 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 substantially all net income and
realized gains to shareholders and otherwise qualify as regulated investment
companies under the Internal Revenue Code.
DIVIDEND DISTRIBUTIONS: Distributions to shareholders are recorded on the
ex-dividend date and are determined in accordance with Federal income tax
regulations which may differ from GAAP.
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., Transamerica Investment Management, LLC and
Great Companies, L.L.C. are affiliates of the Funds and are sub-advisers to
certain Funds.
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
143
<PAGE> 146
IDEX MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS
OCTOBER 31, 2000
--------------------------------------------------------------------------------
NOTE 2. FEES, EARNINGS CREDITS AND RELATED PARTY TRANSACTIONS
(CONTINUED):
Management fees paid to IMI for its services and other information for the
year or period ended October 31, 2000 are as follows:
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------
Annual Rates
--------------------------------------------------------------------
Expense Limit Class A Class B Class C Class M
Management (excluding 12b-1 12b-1 12b-1 12b-1
Fee (1) 12b-1 fees) (2) Fee Fee Fee Fee
-----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
IDEX JCC Growth * 0.825% 1.50% 0.35% 1.00% 1.00% 0.90%
IDEX JCC Global 1.000% -none- 0.35% 1.00% 1.00% 0.90%
IDEX JCC Balanced * 0.975% 1.50% 0.35% 1.00% 1.00% 0.90%
IDEX JCC Capital Appreciation * 0.975% 1.50% 0.35% 1.00% 1.00% 0.90%
IDEX JCC Flexible Income ** 0.875% 1.50% 0.35% 1.00% 1.00% 0.90%
IDEX Alger Aggressive Growth 0.800% 1.20% 0.35% 1.00% 1.00% 0.90%
IDEX T. Rowe Price Dividend Growth 0.800% 1.20% 0.35% 1.00% 1.00% 0.90%
IDEX T. Rowe Price Small Cap 0.800% 1.20% 0.35% 1.00% 1.00% 0.90%
IDEX Pilgrim Baxter Mid Cap Growth 0.800% 1.20% 0.35% 1.00% 1.00% 0.90%
IDEX Pilgrim Baxter Technology 1.000% 1.40% 0.35% 1.00% 1.00% 0.90%
IDEX Gabelli Global Growth 1.000% 1.40% 0.35% 1.00% 1.00% 0.90%
IDEX Goldman Sachs Growth 0.800% 1.20% 0.35% 1.00% 1.00% 0.90%
IDEX Transamerica Equity 0.800% 1.20% 0.35% 1.00% 1.00% 0.90%
IDEX Transamerica Small Company 0.800% 1.20% 0.35% 1.00% 1.00% 0.90%
IDEX Salomon All Cap 0.800% 1.20% 0.35% 1.00% 1.00% 0.90%
IDEX Great Companies - America(SM) 0.800% 1.20% 0.35% 1.00% 1.00% 0.90%
IDEX Great Companies -
Technology(SM) 0.800% 1.20% 0.35% 1.00% 1.00% 0.90%
IDEX Great Companies - Global(2) 0.800% 1.20% 0.35% 1.00% 1.00% 0.90%
IDEX AEGON Income Plus 0.600% 1.25% 0.35% 1.00% 1.00% 0.90%
IDEX Federated Tax Exempt 0.600% 1.00% 0.35% 1.00% 1.00% 0.60%
IDEX GE International Equity 0.800% 1.20% 0.35% 1.00% 1.00% 0.90%
IDEX GE U.S. Equity 0.800% 1.20% 0.35% 1.00% 1.00% 0.90%
IDEX Dean Asset Allocation 0.800% 1.20% 0.35% 1.00% 1.00% 0.90%
IDEX LKCM Strategic Total Return 0.800% 1.20% 0.35% 1.00% 1.00% 0.90%
IDEX NWQ Value Equity 0.800% 1.20% 0.35% 1.00% 1.00% 0.90%
IDEX C.A.S.E. Growth 0.800% 1.20% 0.35% 1.00% 1.00% 0.90%
-----------------------------------------------------------------------------------------------------------
<CAPTION>
------------------------------------- --------------------------------------------
Underwriter Commissions (3)
--------------------------------------------
Received Retained Contingent
by by Sales
ISI ISI Charges
------------------------------------- --------------------------------------------
<S> <C> <C> <C> <C>
IDEX JCC Growth * $16,382,814 $14,469,497 $1,046,028
IDEX JCC Global 10,875,249 9,773,728 461,708
IDEX JCC Balanced * 3,227,896 2,856,942 249,907
IDEX JCC Capital Appreciation * 5,588,693 4,924,015 310,402
IDEX JCC Flexible Income ** 194,503 175,265 12,084
IDEX Alger Aggressive Growth 3,586,962 3,139,748 163,583
IDEX T. Rowe Price Dividend Growth 157,894 136,415 7,524
IDEX T. Rowe Price Small Cap 238,585 208,316 5,385
IDEX Pilgrim Baxter Mid Cap Growth 1,565,934 1,369,847 50,748
IDEX Pilgrim Baxter Technology 1,198,728 1,054,289 98,516
IDEX Gabelli Global Growth 163,339 144,103 740
IDEX Goldman Sachs Growth 219,731 193,007 7,836
IDEX Transamerica Equity 63,833 55,988 695
IDEX Transamerica Small Company 134,303 120,311 5,652
IDEX Salomon All Cap 743,190 652,950 10,147
IDEX Great Companies - America(SM) 268,035 231,303 149
IDEX Great Companies -
Technology(SM) 119,790 103,700 133
IDEX Great Companies - Global(2) 34,500 31,541 0
IDEX AEGON Income Plus 122,834 109,470 26,897
IDEX Federated Tax Exempt 47,089 40,828 1,622
IDEX GE International Equity 101,257 87,254 2,056
IDEX GE U.S. Equity 108,643 92,206 333
IDEX Dean Asset Allocation 61,549 52,858 5,340
IDEX LKCM Strategic Total Return 391,839 332,691 32,823
IDEX NWQ Value Equity 97,639 84,923 11,709
IDEX C.A.S.E. Growth 69,027 59,539 9,969
-----------------------------------------------------------------------------------
</TABLE>
The table below illustrates each Fund's management fee structure.
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------
First Next First Next Over First
$750 $250 $100 $150 $250 $500
million million million million million million
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
IDEX JCC Growth * 1.00% 0.90%
IDEX JCC Global 1.00% 0.90%
IDEX JCC Balanced * 1.00% 0.90%
IDEX JCC Capital Appreciation * 1.00% 0.90%
IDEX JCC Flexible Income ** 0.90% 0.80% 0.70%
IDEX Alger Aggressive Growth 0.80%
IDEX T. Rowe Price Dividend
Growth 0.80%
IDEX T. Rowe Price Small Cap 0.80%
IDEX Pilgrim Baxter Mid Cap
Growth 0.80%
IDEX Pilgrim Baxter Technology 1.00%
IDEX Gabelli Global Growth 1.00%
IDEX Goldman Sachs Growth 0.80%
IDEX Transamerica Equity 0.80%
IDEX Transamerica Small Company 0.80%
IDEX Salomon All Cap 0.80%
IDEX Great Companies -
America(SM) 0.80%
IDEX Great Companies -
Technology(SM) 0.80%
IDEX Great Companies - Global(2) 0.80%
IDEX AEGON Income Plus 0.60% 0.60%
IDEX Federated Tax Exempt 0.60% 0.60%
IDEX GE International Equity 0.80%
IDEX GE U.S. Equity 0.80%
IDEX Dean Asset Allocation 0.80%
IDEX LKCM Strategic Total Return 0.80%
IDEX NWQ Value Equity 0.80%
IDEX C.A.S.E. Growth 0.80%
--------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------- ----------------------------------
Over $500
$500 million- Over $1
million $1 billion billion
--------------------------------- ----------------------------------
<S> <C> <C> <C> <C>
IDEX JCC Growth * 0.85%
IDEX JCC Global 0.85%
IDEX JCC Balanced * 0.85%
IDEX JCC Capital Appreciation * 0.85%
IDEX JCC Flexible Income **
IDEX Alger Aggressive Growth 0.70%
IDEX T. Rowe Price Dividend
Growth 0.70%
IDEX T. Rowe Price Small Cap 0.70%
IDEX Pilgrim Baxter Mid Cap
Growth 0.70%
IDEX Pilgrim Baxter Technology 0.90%
IDEX Gabelli Global Growth 0.90% 0.80%
IDEX Goldman Sachs Growth 0.70%
IDEX Transamerica Equity 0.70%
IDEX Transamerica Small Company 0.70%
IDEX Salomon All Cap 0.70%
IDEX Great Companies -
America(SM) 0.70%
IDEX Great Companies -
Technology(SM) 0.70%
IDEX Great Companies - Global(2) 0.70%
IDEX AEGON Income Plus 0.60%
IDEX Federated Tax Exempt 0.60%
IDEX GE International Equity 0.70%
IDEX GE U.S. Equity 0.70%
IDEX Dean Asset Allocation 0.70%
IDEX LKCM Strategic Total Return 0.70%
IDEX NWQ Value Equity 0.70%
IDEX C.A.S.E. Growth 0.70%
---------------------------------------------------------------------
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
144
<PAGE> 147
IDEX MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS
OCTOBER 31, 2000
--------------------------------------------------------------------------------
NOTE 2. FEES, EARNINGS CREDITS AND RELATED PARTY TRANSACTIONS
(CONTINUED):
* IMI will waive advisory fees as follows: .025% of average daily net
assets from $100-$500 million (net .975%); .075% from $500-$750 million
(net .925%); .025% from $750 million-$1 billion (net .875%); and .025%
over $1 billion (net .825%).
** IMI will waive advisory fees as follows: .025% of average daily net
assets for the first $100 million (net .875%); .025% from $100-$250
million (net .775%); and .025% over $250 million (net .675%).
(1) Management fee represents each Fund's current breakpoint based on its
net assets and fee waiver.
(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 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.
LINE OF CREDIT: The Funds, except IDEX Great Companies - America(SM), IDEX
Great Companies - Technology(SM), IDEX Great Companies - Global(2), and IDEX
Gabelli Global Growth, maintain a $45 million unsecured committed redemption
liquidity line of credit with the custodian. No borrowings have taken place
during the period nor are any amounts outstanding at October 31, 2000.
BROKERAGE COMMISSIONS: Brokerage commissions incurred on security
transactions placed with an affiliate of its sub-adviser for the year or
period ended October 31, 2000, by IDEX Alger Aggressive Growth, IDEX Goldman
Sachs Growth, IDEX Great Companies - America(SM), IDEX Great Companies -
Global(2), IDEX Great Companies - Technology(SM) and IDEX Salomon All Cap
totaled $323,971, $1,232, $12,900, $2,026, $7,174, and $30, 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 October
31, 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:
<TABLE>
<S> <C>
IDEX JCC Growth $ 378,621
IDEX JCC Global 100,294
IDEX JCC Balanced 15,017
IDEX JCC Capital Appreciation 14,627
IDEX JCC Flexible Income 4,362
IDEX Alger Aggressive Growth 17,839
IDEX T. Rowe Price Dividend Growth 281
IDEX T. Rowe Price Small Cap 319
IDEX Pilgrim Baxter Mid Cap Growth 1,775
IDEX Pilgrim Baxter Technology 1,024
IDEX Gabelli Global Growth 34
IDEX Goldman Sachs Growth 313
IDEX Transamerica Equity 56
IDEX Transamerica Small Company 98
IDEX Salomon All Cap $ 603
IDEX Great Companies - America(SM) 93
IDEX Great Companies - Technology(SM) 42
IDEX Great Companies - Global(2) 8
IDEX AEGON Income Plus 14,822
IDEX Federated Tax Exempt 4,957
IDEX GE International Equity 818
IDEX GE U.S. Equity 63
IDEX Dean Asset Allocation 5,541
IDEX LKCM Strategic Total Return 7,699
IDEX NWQ Value Equity 1,849
IDEX C.A.S.E. Growth 1,565
----------
Total $ 572,720
==========
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
145
<PAGE> 148
IDEX MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS
OCTOBER 31, 2000
--------------------------------------------------------------------------------
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 October 31, 2000 were as
follows:
<TABLE>
<CAPTION>
Non-U.S. Non-U.S. U.S. U.S.
Government purchases Government sales Government purchases Government sales
-------------------- ---------------- -------------------- ----------------
<S> <C> <C> <C> <C>
IDEX JCC Growth $ 2,214,849,434 $ 1,498,128,551 $ - $ -
IDEX JCC Global 1,463,604,835 739,384,279 - -
IDEX JCC Balanced 325,399,150 191,610,517 119,179,915 24,814,970
IDEX JCC Capital Appreciation 765,305,805 374,687,721 - -
IDEX JCC Flexible Income 36,468,240 33,897,312 25,597,874 13,408,193
IDEX Alger Aggressive Growth 425,754,753 291,509,442 - -
IDEX T. Rowe Price Dividend Growth 15,731,649 5,460,373 454,134 68,645
IDEX T. Rowe Price Small Cap 23,099,488 6,096,039 - -
IDEX Pilgrim Baxter Mid Cap Growth 219,873,024 83,494,844 - -
IDEX Pilgrim Baxter Technology 191,173,186 94,289,828 - -
IDEX Gabelli Global Growth 6,722,321 - - -
IDEX Goldman Sachs Growth 19,816,806 2,782,130 477,644 -
IDEX Transamerica Equity 8,153,438 521,127 - -
IDEX Transamerica Small Company 13,715,113 1,273,443 - -
IDEX Salomon All Cap 89,962,210 22,009,723 92,631 93,945
IDEX Great Companies - America(SM) 21,722,617 307,501 - -
IDEX Great Companies - Technology(SM) 11,825,835 750,873 - -
IDEX Great Companies - Global(2) 3,479,643 376,683 - -
IDEX AEGON Income Plus 7,795,667 16,499,590 - 830,000
IDEX Federated Tax Exempt 13,315,804 16,144,013 - -
IDEX GE International Equity 15,932,020 10,362,022 - -
IDEX GE U.S. Equity 13,834,851 5,031,115 145,458 3,339
IDEX Dean Asset Allocation 5,194,103 13,891,348 834,650 2,114,633
IDEX LKCM Strategic Total Return 41,885,912 32,745,563 4,361,151 5,671,389
IDEX NWQ Value Equity 11,182,177 8,568,507 - -
IDEX C.A.S.E. Growth 25,069,855 24,368,273 - -
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
146
<PAGE> 149
IDEX MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS
OCTOBER 31, 2000
--------------------------------------------------------------------------------
NOTE 4. SHARES OF BENEFICIAL INTEREST TRANSACTIONS (ALL AMOUNTS IN
THOUSANDS):
<TABLE>
<CAPTION>
IDEX JCC GROWTH
Year Ended 10/31/00 Year Ended 10/31/99
Shares Amount Shares Amount
---------------------------- ----------------------------
<S> <C> <C> <C> <C>
PROCEEDS FROM SHARES SOLD
Class A 10,038 $ 485,874 27,876 $ 1,136,277
------------------------------------------------------------------------------------------------------
Class B 11,714 545,441 6,437 255,166
------------------------------------------------------------------------------------------------------
Class C 3,096 143,296 - -
------------------------------------------------------------------------------------------------------
Class M 4,049 190,524 18,101 628,319
------------------------------------------------------------------------------------------------------
Class T 1,573 77,535 1,824 72,436
------------------------------------------------------------------------------------------------------
SHARES ISSUED ON REINVESTMENT OF
DISTRIBUTIONS
Class A 5,511 $ 251,200 304 $ 10,422
------------------------------------------------------------------------------------------------------
Class B 1,452 64,245 21 704
------------------------------------------------------------------------------------------------------
Class C 26 1,144 - -
------------------------------------------------------------------------------------------------------
Class M 617 27,409 12 418
------------------------------------------------------------------------------------------------------
Class T 4,311 199,627 276 9,606
------------------------------------------------------------------------------------------------------
COST OF SHARES REPURCHASED
Class A (7,530) $ (364,244) (24,632) $ (1,005,620)
------------------------------------------------------------------------------------------------------
Class B (1,971) (91,284) (657) (26,339)
------------------------------------------------------------------------------------------------------
Class C (232) (10,864) - -
------------------------------------------------------------------------------------------------------
Class M (983) (44,840) (17,035) (576,096)
------------------------------------------------------------------------------------------------------
Class T (2,944) (144,288) (2,921) (118,655)
------------------------------------------------------------------------------------------------------
<CAPTION>
IDEX JCC GLOBAL
Year Ended 10/31/00 Year Ended 10/31/99
Shares Amount Shares Amount
---------------------------- ----------------------------
<S> <C> <C> <C> <C>
PROCEEDS FROM SHARES SOLD
Class A 12,024 $ 531,687 27,700 $ 820,257
------------------------------------------------------------------------------------------------------
Class B 8,093 351,687 4,663 133,208
------------------------------------------------------------------------------------------------------
Class C 3,248 142,523 - -
------------------------------------------------------------------------------------------------------
Class M 3,970 172,454 5,826 167,072
------------------------------------------------------------------------------------------------------
Class T
-----------------------------------------
SHARES ISSUED ON REINVESTMENT OF
DISTRIBUTIONS
Class A 384 $ 15,452 - $ -
------------------------------------------------------------------------------------------------------
Class B 252 9,869 - -
------------------------------------------------------------------------------------------------------
Class C 2 79 - -
------------------------------------------------------------------------------------------------------
Class M 133 5,208 - -
------------------------------------------------------------------------------------------------------
Class T
-----------------------------------------
COST OF SHARES REPURCHASED
Class A (8,192) $ (356,480) (25,574) $ (761,747)
------------------------------------------------------------------------------------------------------
Class B (1,178) (50,066) (739) (21,243)
------------------------------------------------------------------------------------------------------
Class C (272) (11,611) - -
------------------------------------------------------------------------------------------------------
Class M (941) (38,579) (3,810) (109,732)
------------------------------------------------------------------------------------------------------
Class T
-----------------------------------------
</TABLE>
<TABLE>
<CAPTION>
IDEX JCC BALANCED
Year Ended 10/31/00 Year Ended 10/31/99
Shares Amount Shares Amount
---------------------------- ----------------------------
<S> <C> <C> <C> <C>
PROCEEDS FROM SHARES SOLD
Class A 4,075 $ 82,687 2,382 $ 42,864
------------------------------------------------------------------------------------------------------
Class B 7,942 160,458 4,512 80,957
------------------------------------------------------------------------------------------------------
Class C 2,399 48,728 - -
------------------------------------------------------------------------------------------------------
Class M 2,046 41,406 1,655 29,799
------------------------------------------------------------------------------------------------------
SHARES ISSUED ON REINVESTMENT OF
DISTRIBUTIONS
Class A 129 $ 2,592 34 $ 591
------------------------------------------------------------------------------------------------------
Class B 146 2,917 18 305
------------------------------------------------------------------------------------------------------
Class C 10 197 - -
------------------------------------------------------------------------------------------------------
Class M 51 1,017 8 128
------------------------------------------------------------------------------------------------------
COST OF SHARES REPURCHASED
Class A (1,020) $ (20,680) (402) $ (7,174)
------------------------------------------------------------------------------------------------------
Class B (1,374) (27,750) (438) (7,823)
------------------------------------------------------------------------------------------------------
Class C (258) (5,231) - -
------------------------------------------------------------------------------------------------------
Class M (541) (10,940) (194) (3,463)
------------------------------------------------------------------------------------------------------
<CAPTION>
IDEX JCC CAPITAL APPRECIATION
Year Ended 10/31/00 Year Ended 10/31/99
Shares Amount Shares Amount
---------------------------- ----------------------------
<S> <C> <C> <C> <C>
PROCEEDS FROM SHARES SOLD
Class A 4,580 $ 186,260 2,997 $ 69,975
------------------------------------------------------------------------------------------------------
Class B 5,427 209,993 1,031 25,835
------------------------------------------------------------------------------------------------------
Class C 1,564 61,575 - -
------------------------------------------------------------------------------------------------------
Class M 1,567 61,044 308 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 (1,611) $ (62,164) (2,136) $ (47,461)
------------------------------------------------------------------------------------------------------
Class B (725) (26,446) (83) (1,988)
------------------------------------------------------------------------------------------------------
Class C (192) (7,138) - -
------------------------------------------------------------------------------------------------------
Class M (282) (10,216) (69) (1,563)
------------------------------------------------------------------------------------------------------
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
147
<PAGE> 150
IDEX MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS
OCTOBER 31, 2000
--------------------------------------------------------------------------------
NOTE 4. SHARES OF BENEFICIAL INTEREST TRANSACTIONS (ALL AMOUNTS IN
THOUSANDS) (CONTINUED):
<TABLE>
<CAPTION>
IDEX JCC FLEXIBLE INCOME
Year Ended 10/31/00 Year Ended 10/31/99
Shares Amount Shares Amount
---------------------------- ----------------------------
<S> <C> <C> <C> <C>
PROCEEDS FROM SHARES SOLD
Class A 693 $ 6,455 638 $ 6,150
------------------------------------------------------------------------------------------------------
Class B 1,379 12,932 1,076 10,476
------------------------------------------------------------------------------------------------------
Class C 1,000 9,315 - -
------------------------------------------------------------------------------------------------------
Class M 451 4,189 402 3,928
------------------------------------------------------------------------------------------------------
SHARES ISSUED ON REINVESTMENT OF
DISTRIBUTIONS
Class A 77 $ 718 68 $ 662
------------------------------------------------------------------------------------------------------
Class B 58 543 28 270
------------------------------------------------------------------------------------------------------
Class C 9 87 - -
------------------------------------------------------------------------------------------------------
Class M 24 227 15 143
------------------------------------------------------------------------------------------------------
COST OF SHARES REPURCHASED
Class A (567) $ (5,308) (646) $ (6,223)
------------------------------------------------------------------------------------------------------
Class B (876) (8,197) (395) (3,804)
------------------------------------------------------------------------------------------------------
Class C (127) (1,203) - -
------------------------------------------------------------------------------------------------------
Class M (202) (1,873) (242) (2,340)
------------------------------------------------------------------------------------------------------
<CAPTION>
IDEX ALGER AGGRESSIVE GROWTH
Year Ended 10/31/00 Year Ended 10/31/99
Shares Amount Shares Amount
---------------------------- ----------------------------
<S> <C> <C> <C> <C>
PROCEEDS FROM SHARES SOLD
Class A 5,978 $ 221,875 3,067 $ 89,148
------------------------------------------------------------------------------------------------------
Class B 2,489 95,937 1,087 31,340
------------------------------------------------------------------------------------------------------
Class C 595 21,505 - -
------------------------------------------------------------------------------------------------------
Class M 665 26,078 393 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 (4,111) $ (150,321) (2,224) $ (64,513)
------------------------------------------------------------------------------------------------------
Class B (375) (14,132) (132) (3,751)
------------------------------------------------------------------------------------------------------
Class C (65) (2,443) - -
------------------------------------------------------------------------------------------------------
Class M (223) (6,817) (90) (2,523)
------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
IDEX T. ROWE PRICE DIVIDEND GROWTH
Year Ended 10/31/00 Period Ended 10/31/99
Shares Amount Shares Amount
---------------------------- ----------------------------
<S> <C> <C> <C> <C>
PROCEEDS FROM SHARES SOLD
Class A 427 $ 4,270 188 $ 1,940
------------------------------------------------------------------------------------------------------
Class B 634 6,321 221 2,294
------------------------------------------------------------------------------------------------------
Class C 186 1,831 - -
------------------------------------------------------------------------------------------------------
Class M 138 1,379 109 1,133
------------------------------------------------------------------------------------------------------
SHARES ISSUED ON REINVESTMENT OF
DISTRIBUTIONS
Class A 2 $ 23 - $ 3
------------------------------------------------------------------------------------------------------
Class B 1 5 - 1
------------------------------------------------------------------------------------------------------
Class C - - - -
------------------------------------------------------------------------------------------------------
Class M - 3 - 1
------------------------------------------------------------------------------------------------------
COST OF SHARES REPURCHASED
Class A (96) $ (961) (8) $ (81)
------------------------------------------------------------------------------------------------------
Class B (129) (1,277) (12) (124)
------------------------------------------------------------------------------------------------------
Class C (4) (38) - -
------------------------------------------------------------------------------------------------------
Class M (62) (605) (5) (53)
------------------------------------------------------------------------------------------------------
<CAPTION>
IDEX T. ROWE PRICE SMALL CAP
Year Ended 10/31/00 Period Ended 10/31/99
Shares Amount Shares Amount
---------------------------- ----------------------------
<S> <C> <C> <C> <C>
PROCEEDS FROM SHARES SOLD
Class A 554 $ 7,644 126 $ 1,321
------------------------------------------------------------------------------------------------------
Class B 559 7,703 105 1,106
------------------------------------------------------------------------------------------------------
Class C 149 2,048 - -
------------------------------------------------------------------------------------------------------
Class M 139 1,887 65 676
------------------------------------------------------------------------------------------------------
SHARES ISSUED ON REINVESTMENT OF
DISTRIBUTIONS
Class A 3 $ 40 - $ -
------------------------------------------------------------------------------------------------------
Class B 3 33 - -
------------------------------------------------------------------------------------------------------
Class C - 1 - -
------------------------------------------------------------------------------------------------------
Class M 2 20 - -
------------------------------------------------------------------------------------------------------
COST OF SHARES REPURCHASED
Class A (46) $ (652) (10) $ (111)
------------------------------------------------------------------------------------------------------
Class B (43) (599) (2) (22)
------------------------------------------------------------------------------------------------------
Class C (24) (341) - -
------------------------------------------------------------------------------------------------------
Class M (12) (156) (3) (27)
------------------------------------------------------------------------------------------------------
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
148
<PAGE> 151
IDEX MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS
OCTOBER 31, 2000
--------------------------------------------------------------------------------
NOTE 4. SHARES OF BENEFICIAL INTEREST TRANSACTIONS (ALL AMOUNTS IN
THOUSANDS) (CONTINUED):
<TABLE>
<CAPTION>
IDEX PILGRIM BAXTER MID CAP GROWTH
Year Ended 10/31/00 Period Ended 10/31/99
Shares Amount Shares Amount
---------------------------- ----------------------------
<S> <C> <C> <C> <C>
PROCEEDS FROM SHARES SOLD
Class A 2,788 $ 64,239 181 $ 2,319
------------------------------------------------------------------------------------------------------
Class B 3,390 76,057 201 2,612
------------------------------------------------------------------------------------------------------
Class C 916 20,681 - -
------------------------------------------------------------------------------------------------------
Class M 699 15,690 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 (633) $ (14,823) (7) $ (88)
------------------------------------------------------------------------------------------------------
Class B (306) (6,469) (6) (85)
------------------------------------------------------------------------------------------------------
Class C (99) (2,283) - -
------------------------------------------------------------------------------------------------------
Class M (61) (1,333) (3) (35)
------------------------------------------------------------------------------------------------------
<CAPTION>
IDEX PILGRIM BAXTER TECHNOLOGY
Period Ended 10/31/00
Shares Amount
----------------------------
<S> <C> <C> <C> <C>
PROCEEDS FROM SHARES SOLD
Class A 4,982 $ 41,454
-----------------------------------------------------------------------
Class B 6,474 50,886
-----------------------------------------------------------------------
Class C 2,371 19,032
-----------------------------------------------------------------------
Class M 1,471 12,510
-----------------------------------------------------------------------
SHARES ISSUED ON REINVESTMENT OF
DISTRIBUTIONS
Class A $ -
-----------------------------------------------------------------------
Class B - -
-----------------------------------------------------------------------
Class C - -
-----------------------------------------------------------------------
Class M - -
-----------------------------------------------------------------------
COST OF SHARES REPURCHASED
Class A (1,008) $ (9,036)
-----------------------------------------------------------------------
Class B (509) (3,979)
-----------------------------------------------------------------------
Class C (626) (4,519)
-----------------------------------------------------------------------
Class M (82) (607)
-----------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
IDEX GABELLI GLOBAL GROWTH
Period Ended 10/31/00
Shares Amount
----------------------------
<S> <C> <C> <C> <C>
PROCEEDS FROM SHARES SOLD
Class A 450 $ 4,488
-----------------------------------------------------------------------
Class B 655 6,535
-----------------------------------------------------------------------
Class C 743 7,402
-----------------------------------------------------------------------
Class M 223 2,226
-----------------------------------------------------------------------
SHARES ISSUED ON REINVESTMENT OF
DISTRIBUTIONS
Class A - $ -
-----------------------------------------------------------------------
Class B - -
-----------------------------------------------------------------------
Class C - -
-----------------------------------------------------------------------
Class M - -
-----------------------------------------------------------------------
COST OF SHARES REPURCHASED
Class A (4) $ (42)
-----------------------------------------------------------------------
Class B (3) (34)
-----------------------------------------------------------------------
Class C - (1)
-----------------------------------------------------------------------
Class M - (5)
-----------------------------------------------------------------------
<CAPTION>
IDEX GOLDMAN SACHS GROWTH
Year Ended 10/31/00 Period Ended 10/31/99
Shares Amount Shares Amount
---------------------------- ----------------------------
<S> <C> <C> <C> <C>
PROCEEDS FROM SHARES SOLD
Class A 454 $ 5,663 181 $ 1,946
------------------------------------------------------------------------------------------------------
Class B 513 6,318 203 2,194
------------------------------------------------------------------------------------------------------
Class C 547 6,647 - -
------------------------------------------------------------------------------------------------------
Class M 198 2,433 69 732
------------------------------------------------------------------------------------------------------
SHARES ISSUED ON REINVESTMENT OF
DISTRIBUTIONS
Class A 1 $ 6 - $ -
------------------------------------------------------------------------------------------------------
Class B 1 7 - -
------------------------------------------------------------------------------------------------------
Class C - - - -
------------------------------------------------------------------------------------------------------
Class M - 2 - -
------------------------------------------------------------------------------------------------------
COST OF SHARES REPURCHASED
Class A (104) $ (1,278) (7) $ (87)
------------------------------------------------------------------------------------------------------
Class B (76) (937) (4) (46)
------------------------------------------------------------------------------------------------------
Class C (24) (293) - -
------------------------------------------------------------------------------------------------------
Class M (24) (295) (3) (31)
------------------------------------------------------------------------------------------------------
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
149
<PAGE> 152
IDEX MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS
OCTOBER 31, 2000
--------------------------------------------------------------------------------
NOTE 4. SHARES OF BENEFICIAL INTEREST TRANSACTIONS (ALL AMOUNTS IN
THOUSANDS) (CONTINUED):
<TABLE>
<CAPTION>
IDEX TRANSAMERICA EQUITY
Period Ended 10/31/00
Shares Amount
----------------------------
<S> <C> <C> <C> <C>
PROCEEDS FROM SHARES SOLD
Class A 323 $ 3,265
-----------------------------------------------------------------------
Class B 288 2,926
-----------------------------------------------------------------------
Class C 121 1,222
-----------------------------------------------------------------------
Class M 109 1,087
-----------------------------------------------------------------------
SHARES ISSUED ON REINVESTMENT OF
DISTRIBUTIONS
Class A - $ -
-----------------------------------------------------------------------
Class B - -
-----------------------------------------------------------------------
Class C - -
-----------------------------------------------------------------------
Class M - -
-----------------------------------------------------------------------
COST OF SHARES REPURCHASED
Class A (23) $ (241)
-----------------------------------------------------------------------
Class B (7) (75)
-----------------------------------------------------------------------
Class C (10) (103)
-----------------------------------------------------------------------
Class M (13) (131)
-----------------------------------------------------------------------
<CAPTION>
IDEX TRANSAMERICA SMALL COMPANY
Period Ended 10/31/00
Shares Amount
----------------------------
<S> <C> <C> <C> <C>
PROCEEDS FROM SHARES SOLD
Class A 441 $ 4,205
-----------------------------------------------------------------------
Class B 567 5,243
-----------------------------------------------------------------------
Class C 211 2,025
-----------------------------------------------------------------------
Class M 250 2,366
-----------------------------------------------------------------------
SHARES ISSUED ON REINVESTMENT OF
DISTRIBUTIONS
Class A - $ -
-----------------------------------------------------------------------
Class B - -
-----------------------------------------------------------------------
Class C - -
-----------------------------------------------------------------------
Class M - -
-----------------------------------------------------------------------
COST OF SHARES REPURCHASED
Class A (13) $ (121)
-----------------------------------------------------------------------
Class B (63) (597)
-----------------------------------------------------------------------
Class C (14) (131)
-----------------------------------------------------------------------
Class M (9) (82)
-----------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
IDEX SALOMON ALL CAP
Year Ended 10/31/00 Period Ended 10/31/99
Shares Amount Shares Amount
---------------------------- ----------------------------
<S> <C> <C> <C> <C>
PROCEEDS FROM SHARES SOLD
Class A 1,598 $ 23,349 164 $ 1,895
------------------------------------------------------------------------------------------------------
Class B 2,569 37,304 148 1,707
------------------------------------------------------------------------------------------------------
Class C 709 10,322 - -
------------------------------------------------------------------------------------------------------
Class M 673 9,835 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 (113) $ (1,590) (3) $ (43)
------------------------------------------------------------------------------------------------------
Class B (218) (3,091) (13) (156)
------------------------------------------------------------------------------------------------------
Class C (14) (210) - -
------------------------------------------------------------------------------------------------------
Class M (35) (500) (1) (13)
------------------------------------------------------------------------------------------------------
<CAPTION>
IDEX GREAT COMPANIES - AMERICA(SM)
Period Ended 10/31/00
Shares Amount
----------------------------
<S> <C> <C> <C> <C>
PROCEEDS FROM SHARES SOLD
Class A 1,278 $ 12,905
-----------------------------------------------------------------------
Class B 746 7,535
-----------------------------------------------------------------------
Class C 280 2,829
-----------------------------------------------------------------------
Class M 165 1,674
-----------------------------------------------------------------------
SHARES ISSUED ON REINVESTMENT OF
DISTRIBUTIONS
Class A - $ -
-----------------------------------------------------------------------
Class B - -
-----------------------------------------------------------------------
Class C - -
-----------------------------------------------------------------------
Class M - -
-----------------------------------------------------------------------
COST OF SHARES REPURCHASED
Class A (14) $ (144)
-----------------------------------------------------------------------
Class B (4) (43)
-----------------------------------------------------------------------
Class C (8) (82)
-----------------------------------------------------------------------
Class M - (3)
-----------------------------------------------------------------------
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
150
<PAGE> 153
IDEX MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS
OCTOBER 31, 2000
--------------------------------------------------------------------------------
NOTE 4. SHARES OF BENEFICIAL INTEREST TRANSACTIONS (ALL AMOUNTS IN
THOUSANDS) (CONTINUED):
<TABLE>
<CAPTION>
IDEX GREAT COMPANIES - TECHNOLOGY(SM)
Period Ended 10/31/00
Shares Amount
----------------------------
<S> <C> <C> <C> <C>
PROCEEDS FROM SHARES SOLD
Class A 811 $ 7,364
----------------------------------------------------------------------
Class B 419 3,748
----------------------------------------------------------------------
Class C 195 1,721
----------------------------------------------------------------------
Class M 91 791
----------------------------------------------------------------------
SHARES ISSUED ON REINVESTMENT OF
DISTRIBUTIONS
Class A - $ -
----------------------------------------------------------------------
Class B - -
----------------------------------------------------------------------
Class C - -
----------------------------------------------------------------------
Class M - -
----------------------------------------------------------------------
COST OF SHARES REPURCHASED
Class A (14) $ (123)
----------------------------------------------------------------------
Class B (3) (29)
----------------------------------------------------------------------
Class C (13) (123)
----------------------------------------------------------------------
Class M (1) (7)
----------------------------------------------------------------------
<CAPTION>
IDEX GREAT COMPANIES - GLOBAL(2)
Period Ended 10/31/00
Shares Amount
----------------------------
<S> <C> <C> <C> <C>
PROCEEDS FROM SHARES SOLD
Class A 222 $ 2,139
----------------------------------------------------------------------
Class B 59 582
----------------------------------------------------------------------
Class C 39 383
----------------------------------------------------------------------
Class M 85 846
----------------------------------------------------------------------
SHARES ISSUED ON REINVESTMENT OF
DISTRIBUTIONS
Class A - $ -
----------------------------------------------------------------------
Class B - -
----------------------------------------------------------------------
Class C - -
----------------------------------------------------------------------
Class M - -
----------------------------------------------------------------------
COST OF SHARES REPURCHASED
Class A - $ (1)
----------------------------------------------------------------------
Class B - -
----------------------------------------------------------------------
Class C (3) (30)
----------------------------------------------------------------------
Class M - -
----------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
IDEX AEGON INCOME PLUS
Year Ended 10/31/00 Year Ended 10/31/99
Shares Amount Shares Amount
---------------------------- ----------------------------
<S> <C> <C> <C> <C>
PROCEEDS FROM SHARES SOLD
Class A 1,193 $ 11,208 2,123 $ 21,588
-----------------------------------------------------------------------------------------------------
Class B 756 7,105 1,194 12,105
-----------------------------------------------------------------------------------------------------
Class C 149 1,396 - -
-----------------------------------------------------------------------------------------------------
Class M 181 1,714 9,542 95,731
-----------------------------------------------------------------------------------------------------
SHARES ISSUED ON REINVESTMENT OF
DISTRIBUTIONS
Class A 346 $ 3,247 425 $ 4,292
-----------------------------------------------------------------------------------------------------
Class B 83 780 57 569
-----------------------------------------------------------------------------------------------------
Class C 3 29 - -
-----------------------------------------------------------------------------------------------------
Class M 29 274 42 420
-----------------------------------------------------------------------------------------------------
COST OF SHARES REPURCHASED
Class A (2,320) $ (21,873) (2,527) $ (25,451)
-----------------------------------------------------------------------------------------------------
Class B (682) (6,414) (397) (3,992)
-----------------------------------------------------------------------------------------------------
Class C (41) (382) - -
-----------------------------------------------------------------------------------------------------
Class M (314) (2,961) (9,404) (94,166)
-----------------------------------------------------------------------------------------------------
<CAPTION>
IDEX FEDERATED TAX EXEMPT
Year Ended 10/31/00 Year Ended 10/31/99
Shares Amount Shares Amount
---------------------------- ----------------------------
<S> <C> <C> <C> <C>
PROCEEDS FROM SHARES SOLD
Class A 382 $ 4,102 560 $ 6,410
-----------------------------------------------------------------------------------------------------
Class B 95 1,016 102 1,163
-----------------------------------------------------------------------------------------------------
Class C 24 251 - -
-----------------------------------------------------------------------------------------------------
Class M 56 591 125 1,455
-----------------------------------------------------------------------------------------------------
SHARES ISSUED ON REINVESTMENT OF
DISTRIBUTIONS
Class A 59 $ 623 71 $ 816
-----------------------------------------------------------------------------------------------------
Class B 4 47 3 38
-----------------------------------------------------------------------------------------------------
Class C - 4 - -
-----------------------------------------------------------------------------------------------------
Class M 8 84 8 94
-----------------------------------------------------------------------------------------------------
COST OF SHARES REPURCHASED
Class A (863) $ (9,194) (519) $ (5,947)
-----------------------------------------------------------------------------------------------------
Class B (59) (619) (41) (465)
-----------------------------------------------------------------------------------------------------
Class C (6) (63) - -
-----------------------------------------------------------------------------------------------------
Class M (86) (904) (61) (696)
-----------------------------------------------------------------------------------------------------
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
151
<PAGE> 154
IDEX MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS
OCTOBER 31, 2000
--------------------------------------------------------------------------------
NOTE 4. SHARES OF BENEFICIAL INTEREST TRANSACTIONS (ALL AMOUNTS IN
THOUSANDS) (CONTINUED):
<TABLE>
<CAPTION>
IDEX GE INTERNATIONAL EQUITY
Year Ended 10/31/00 Year Ended 10/31/99
Shares Amount Shares Amount
---------------------------- ----------------------------
<S> <C> <C> <C> <C>
PROCEEDS FROM SHARES SOLD
Class A 256 $ 3,575 181 $ 2,169
------------------------------------------------------------------------------------------------------
Class B 257 3,567 44 530
------------------------------------------------------------------------------------------------------
Class C 79 1,052 - -
------------------------------------------------------------------------------------------------------
Class M 37 509 19 229
------------------------------------------------------------------------------------------------------
SHARES ISSUED ON REINVESTMENT OF
DISTRIBUTIONS
Class A 13 $ 183 - $ -
------------------------------------------------------------------------------------------------------
Class B 4 60 - -
------------------------------------------------------------------------------------------------------
Class C - - - -
------------------------------------------------------------------------------------------------------
Class M 1 18 - -
------------------------------------------------------------------------------------------------------
COST OF SHARES REPURCHASED
Class A (104) $ (1,450) (262) $ (3,181)
------------------------------------------------------------------------------------------------------
Class B (30) (422) (36) (431)
------------------------------------------------------------------------------------------------------
Class C (29) (368) - -
------------------------------------------------------------------------------------------------------
Class M (9) (126) (18) (215)
------------------------------------------------------------------------------------------------------
<CAPTION>
IDEX GE U.S. EQUITY
Period Ended 10/31/00
Shares Amount
----------------------------
<S> <C> <C> <C> <C>
PROCEEDS FROM SHARES SOLD
Class A 286 $ 3,047
------------------------------------------------------------------------------------------------------
Class B 373 3,968
------------------------------------------------------------------------------------------------------
Class C 204 2,163
------------------------------------------------------------------------------------------------------
Class M 76 805
------------------------------------------------------------------------------------------------------
SHARES ISSUED ON REINVESTMENT OF
DISTRIBUTIONS
Class A - $ -
------------------------------------------------------------------------------------------------------
Class B - -
------------------------------------------------------------------------------------------------------
Class C - -
------------------------------------------------------------------------------------------------------
Class M - -
------------------------------------------------------------------------------------------------------
COST OF SHARES REPURCHASED
Class A (11) $ (120)
------------------------------------------------------------------------------------------------------
Class B (36) (385)
----------------------------------------- ----------------------------------------------------
Class C (11) (117)
----------------------------------------- ----------------------------------------------------
Class M (7) (78)
----------------------------------------- ----------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
IDEX DEAN ASSET ALLOCATION
Year Ended 10/31/00 Year Ended 10/31/99
Shares Amount Shares Amount
---------------------------- ----------------------------
<S> <C> <C> <C> <C>
PROCEEDS FROM SHARES SOLD
Class A 200 $ 2,389 295 $ 3,687
------------------------------------------------------------------------------------------------------
Class B 125 1,480 248 3,138
------------------------------------------------------------------------------------------------------
Class C 50 579 - -
------------------------------------------------------------------------------------------------------
Class M 42 502 131 1,654
------------------------------------------------------------------------------------------------------
SHARES ISSUED ON REINVESTMENT OF
DISTRIBUTIONS
Class A 26 $ 304 83 $ 1,022
------------------------------------------------------------------------------------------------------
Class B 20 234 74 914
------------------------------------------------------------------------------------------------------
Class C - 4 - -
------------------------------------------------------------------------------------------------------
Class M 7 81 35 435
------------------------------------------------------------------------------------------------------
COST OF SHARES REPURCHASED
Class A (504) $ (5,863) (527) $ (6,547)
------------------------------------------------------------------------------------------------------
Class B (456) (5,309) (407) (5,065)
------------------------------------------------------------------------------------------------------
Class C (6) (77) - -
------------------------------------------------------------------------------------------------------
Class M (222) (2,559) (327) (4,088)
------------------------------------------------------------------------------------------------------
<CAPTION>
IDEX LKCM STRATEGIC TOTAL RETURN
Year Ended 10/31/00 Year Ended 10/31/99
Shares Amount Shares Amount
---------------------------- ----------------------------
<S> <C> <C> <C> <C>
PROCEEDS FROM SHARES SOLD
Class A 696 $ 12,198 650 $ 11,161
------------------------------------------------------------------------------------------------------
Class B 502 8,774 437 7,519
------------------------------------------------------------------------------------------------------
Class C 167 2,897 - -
------------------------------------------------------------------------------------------------------
Class M 87 1,520 247 4,227
------------------------------------------------------------------------------------------------------
SHARES ISSUED ON REINVESTMENT OF
DISTRIBUTIONS
Class A 90 $ 1,575 50 $ 824
------------------------------------------------------------------------------------------------------
Class B 33 575 12 202
------------------------------------------------------------------------------------------------------
Class C 1 19 - -
------------------------------------------------------------------------------------------------------
Class M 16 290 9 140
------------------------------------------------------------------------------------------------------
COST OF SHARES REPURCHASED
Class A (537) $ (9,409) (526) $ (9,032)
------------------------------------------------------------------------------------------------------
Class B (278) (4,866) (173) (2,963)
------------------------------------------------------------------------------------------------------
Class C (20) (355) - -
------------------------------------------------------------------------------------------------------
Class M (189) (3,288) (188) (3,229)
------------------------------------------------------------------------------------------------------
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
152
<PAGE> 155
IDEX MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS
OCTOBER 31, 2000
--------------------------------------------------------------------------------
NOTE 4. SHARES OF BENEFICIAL INTEREST TRANSACTIONS (ALL AMOUNTS IN
THOUSANDS) (CONTINUED):
<TABLE>
<CAPTION>
IDEX NWQ VALUE EQUITY
Year Ended 10/31/00 Year Ended 10/31/99
Shares Amount Shares Amount
---------------------------- ----------------------------
<S> <C> <C> <C> <C>
PROCEEDS FROM SHARES SOLD
Class A 260 $ 3,103 358 $ 4,103
------------------------------------------------------------------------------------------------------
Class B 451 5,319 453 5,390
------------------------------------------------------------------------------------------------------
Class C 92 1,007 - -
------------------------------------------------------------------------------------------------------
Class M 89 1,047 130 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 (314) $ (3,652) (393) $ (4,503)
------------------------------------------------------------------------------------------------------
Class B (282) (3,220) (263) (2,934)
------------------------------------------------------------------------------------------------------
Class C (5) (58) - -
------------------------------------------------------------------------------------------------------
Class M (89) (965) (119) (1,338)
------------------------------------------------------------------------------------------------------
<CAPTION>
IDEX C.A.S.E. GROWTH
Year Ended 10/31/00 Year Ended 10/31/99
Shares Amount Shares Amount
---------------------------- ----------------------------
<S> <C> <C> <C> <C>
PROCEEDS FROM SHARES SOLD
Class A 173 $ 2,133 156 $ 1,798
------------------------------------------------------------------------------------------------------
Class B 196 2,349 164 1,916
------------------------------------------------------------------------------------------------------
Class C 37 441 - -
------------------------------------------------------------------------------------------------------
Class M 25 316 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 (149) $ (1,811) (240) $ (2,698)
------------------------------------------------------------------------------------------------------
Class B (177) (2,120) (106) (1,208)
------------------------------------------------------------------------------------------------------
Class C (10) (118) - -
------------------------------------------------------------------------------------------------------
Class M (45) (543) (40) (441)
------------------------------------------------------------------------------------------------------
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
153
<PAGE> 156
IDEX MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS
OCTOBER 31, 2000
--------------------------------------------------------------------------------
NOTE 4. SHARES OF BENEFICIAL INTEREST TRANSACTIONS (CONTINUED):
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.
<TABLE>
<CAPTION>
Fund Shareholder Accounts % of Class Held
---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
IDEX JCC Growth Class T 1 25.0%
IDEX JCC Flexible Income Class A 1 7.3
IDEX JCC Flexible Income Class C 3 61.1
IDEX T. Rowe Price Dividend Growth Class A 1 5.9
IDEX T. Rowe Price Dividend Growth Class C 2 11.3
IDEX T. Rowe Price Dividend Growth Class M 1 9.3
IDEX T. Rowe Price Small Cap Class A 1 5.4
IDEX T. Rowe Price Small Cap Class B 1 5.5
IDEX T. Rowe Price Small Cap Class M 2 23.1
IDEX Pilgrim Baxter Mid Cap Growth Class C 1 26.9
IDEX Goldman Sachs Growth Class C 1 79.1
IDEX Goldman Sachs Growth Class M 1 7.0
IDEX Transamerica Equity Class A 2 25.7
IDEX Transamerica Equity Class B 2 24.5
IDEX Transamerica Equity Class C 4 28.7
IDEX Transamerica Equity Class M 5 50.0
IDEX Transamerica Small Company Class A 1 6.6
IDEX Transamerica Small Company Class C 1 6.4
IDEX Transamerica Small Company Class M 1 5.2
IDEX AEGON Income Plus Class A 2 20.4
IDEX AEGON Income Plus Class C 3 30.2
IDEX AEGON Income Plus Class M 1 13.0
IDEX Federated Tax Exempt Class B 4 26.9
IDEX Federated Tax Exempt Class C 5 84.7
IDEX Federated Tax Exempt Class M 4 41.1
IDEX GE International Equity Class A 2 23.6
IDEX GE International Equity Class C 4 26.3
IDEX GE International Equity Class M 3 39.9
IDEX GE U.S. Equity Class A 1 6.4
IDEX GE U.S. Equity Class C 4 28.6
IDEX GE U.S. Equity Class M 4 48.7
IDEX Dean Asset Allocation Class A 1 7.0
IDEX Dean Asset Allocation Class C 6 38.6
IDEX NWQ Value Equity Class A 1 7.2
IDEX NWQ Value Equity Class C 1 10.4
IDEX NWQ Value Equity Class M 2 17.5
IDEX C.A.S.E. Growth Class A 1 12.3
IDEX C.A.S.E. Growth Class C 5 40.3
IDEX C.A.S.E. Growth Class M 4 22.4
IDEX Great Companies - America(SM) Class C 1 5.4
IDEX Great Companies - America(SM) Class M 1 7.8
IDEX Great Companies - Global(2) Class A 4 55.3
IDEX Great Companies - Global(2) Class B 6 54.9
IDEX Great Companies - Global(2) Class C 4 84.5
IDEX Great Companies - Global(2) Class M 3 78.1
IDEX Great Companies - Technology(SM) Class C 2 12.7
IDEX Great Companies - Technology(SM) Class M 3 26.2
IDEX Gabelli Global Growth Class C 1 68.1
IDEX Gabelli Global Growth Class M 4 30.3
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
154
<PAGE> 157
IDEX MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS
OCTOBER 31, 2000
--------------------------------------------------------------------------------
NOTE 5. INFORMATION FOR FEDERAL INCOME TAX PURPOSES:
<TABLE>
<CAPTION>
October 31, 2000:
-----------------------------------------------------------------------------
Unrealized Unrealized Net unrealized
appreciation of depreciation of appreciation
Cost of securities investments investments (depreciation)
------------------ --------------- --------------- ---------------
<S> <C> <C> <C> <C> <C>
IDEX JCC Growth $ 2,881,695,382 $ 1,378,324,455 $ 110,439,313 $ 1,267,885,142
IDEX JCC Global 1,489,680,012 373,273,235 81,624,965 291,648,270
IDEX JCC Balanced 447,872,418 33,575,745 16,376,733 17,199,012
IDEX JCC Capital Appreciation 469,175,547 61,995,729 70,082,547 (8,086,818)
IDEX JCC Flexible Income 45,442,132 267,398 495,781 (228,383)
IDEX Alger Aggressive Growth 317,424,054 33,273,184 22,933,414 10,339,770
IDEX T. Rowe Price Dividend Growth 15,591,101 1,808,764 557,191 1,251,573
IDEX T. Rowe Price Small Cap 20,401,236 3,075,518 2,991,360 84,158
IDEX Pilgrim Baxter Mid Cap Growth 167,008,820 11,982,109 17,612,245 (5,630,136)
IDEX Pilgrim Baxter Technology 101,939,805 4,681,370 16,512,993 (11,831,623)
IDEX Gabelli Global Growth 25,029,896 210,609 62,090 148,519
IDEX Goldman Sachs Growth 28,259,868 1,855,809 1,169,667 686,142
IDEX Transamerica Equity 7,978,347 637,319 497,713 139,606
IDEX Transamerica Small Company 12,403,939 969,859 1,717,288 (747,429)
IDEX Salomon All Cap 79,727,523 6,876,920 4,409,940 2,466,980
IDEX Great Companies - America(SM) 23,907,447 1,455,223 284,881 1,170,342
IDEX Great Companies - Technology(SM) 12,651,125 32,321 1,595,698 (1,563,377)
IDEX Great Companies - Global(2) 3,720,237 124,915 118,009 6,906
IDEX AEGON Income Plus 73,340,538 346,230 6,546,905 (6,200,675)
IDEX Federated Tax Exempt 20,387,599 394,627 87,772 306,855
IDEX GE International Equity 13,490,112 664,342 1,396,508 (732,166)
IDEX GE U.S. Equity 9,262,260 696,426 549,675 146,751
IDEX Dean Asset Allocation 21,960,505 2,024,344 1,279,855 744,489
IDEX LKCM Strategic Total Return 64,522,645 9,551,169 1,976,117 7,575,052
IDEX NWQ Value Equity 20,443,179 3,496,144 1,472,655 2,023,489
IDEX C.A.S.E. Growth 11,154,003 502,964 2,484,351 (1,981,387)
</TABLE>
Realized net capital gains available for distribution were paid to
shareholders in December 2000.
As of October 31, 2000, the following Funds have capital loss carryforwards
available through the date specified to offset future realized net capital
gains.
<TABLE>
<S> <C> <C>
IDEX Capital Appreciation $ 26,385,453 October 31, 2008
IDEX JCC Flexible Income 188,609 October 31, 2002
288,062 October 31, 2007
530,936 October 31, 2008
IDEX T. Rowe Price Dividend Growth 32,171 October 31, 2007
377,509 October 31, 2008
IDEX Pilgrim Baxter Mid Cap Growth 2,310,608 October 31, 2008
IDEX Pilgrim Baxter Technology 4,981,994 October 31, 2008
IDEX Transamerica Equity 71,461 October 31, 2008
IDEX Transamerica Small Company 203,423 October 31, 2008
IDEX AEGON Income Plus 1,984,432 October 31, 2008
IDEX Federated Tax Exempt 1,153,418 October 31, 2008
IDEX Dean Asset Allocation 308,887 October 31, 2007
IDEX NWQ Value Equity 166,812 October 31, 2007
84,001 October 31, 2008
</TABLE>
These Funds will make net capital gain distributions in future years only to
the extent that net capital gains are realized in excess of available loss
carryforwards.
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
155
<PAGE> 158
IDEX MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS
OCTOBER 31, 2000
--------------------------------------------------------------------------------
NOTE 6. SUBSEQUENT EVENT:
Effective December 1, 2000, Jennison & Associates, L.L.C. assumed the
sub-advisory responsibilities for IDEX C.A.S.E. Growth. The Fund's
investment objective, management style and name changed as described in the
Prospectus. Jennison & Associates, L.L.C. disposed of a substantial portion
of Fund securities that were owned prior to their sub-advisory role and
reinvested the proceeds in securities congruent with its new objective. The
Fund incurred total short-term losses of $1,838,300 and total long-term
losses of $101,745 as a result of disposition. With the exception of
commissions incurred, the net assets of the Fund were not impacted by these
transactions.
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
156
<PAGE> 159
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
To the Trustees and Shareholders of
IDEX Mutual Funds
In our opinion, the accompanying statements of assets and liabilities,
including the schedules of investments, and the related statements of operations
and of changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of each of the series constituting
IDEX Mutual Funds (hereafter referred to as the "Fund") at October 31, 2000, and
the results of each of their operations, the changes in each of their net assets
and the financial highlights for each of the periods indicated, in conformity
with accounting principles generally accepted in the United States of America.
These financial statements and financial highlights (hereafter referred to as
"financial statements") are the responsibility of the Fund's management; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these financial statements in accordance
with auditing standards generally accepted in the United States of America,
which require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits, which included
confirmation of securities at October 31, 2000 by correspondence with the
custodian and brokers, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Tampa, FL
December 15, 2000
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
157
<PAGE> 160
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 behalf of IDEX GE
International Equity.
At a special meeting of shareholders held on February 8, 2000, the results of
the proposals were as follows:
<TABLE>
<CAPTION>
FOR AGAINST ABSTAIN
---- ------- -------
<S> <C> <C> <C>
PROPOSAL 1 96.5% 1.3% 2.2%
PROPOSAL 2 97.1% 0.7% 2.2%
</TABLE>
TO THE SHAREHOLDERS OF IDEX JENNISON EQUITY OPPORTUNITY
(FORMERLY IDEX C.A.S.E. GROWTH)
Section 270.30d-1 under the Investment Company Act of 1940, as amended, titled
"Reports 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 Sub-Advisory Agreement
between IDEX Management, Inc. and Jennison &
Associates, L.L.C. on behalf of IDEX
Jennison Equity Opportunity.
At a special meeting of shareholders held on November 29, 2000, the results of
the proposals were as follows:
<TABLE>
<CAPTION>
FOR AGAINST ABSTAIN
---- ------- -------
<S> <C> <C> <C>
PROPOSAL 1 94.0% 1.6% 4.4%
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
158
<PAGE> 161
IDEX MUTUAL FUNDS
TO THE SHAREHOLDERS OF IDEX FEDERATED TAX EXEMPT
(FORMERLY IDEX AEGON TAX EXEMPT)
Section 270.30d-1 under the Investment Company Act of 1940, as amended, titled
"Reports 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:
<TABLE>
<S> <C>
PROPOSAL 1: Approval of a new Investment Advisory Agreement between IDEX
Mutual Funds and IDEX Management, Inc.
PROPOSAL 2: Approval of a new Sub-Advisory Agreement between IDEX
Management, Inc. and Federated Investment Management
Company.
PROPOSAL 3(A): Approval to add a fundamental investment restriction with
respect to diversification;
PROPOSAL 3(B): Approval to amend the current fundamental investment
restriction regarding concentration;
PROPOSAL 3(C): Approval to delete the current fundamental investment
restriction regarding investments in oil, gas and minerals;
PROPOSAL 3(D): Approval to delete the current fundamental investment
restriction regarding beneficial ownership of fund
securities;
PROPOSAL 3(E): Approval to delete the current fundamental investment
restriction with respect to put, call, straddle or spread
options;
PROPOSAL 3(F): Approval to delete the current fundamental investment
restriction with respect to investing in securities of other
investment companies; and
PROPOSAL 3(G): Approval to amend the current fundamental investment
restriction regarding commodities.
</TABLE>
At a special meeting of shareholders held on June 5, 2000, the results of the
proposals were as follows:
<TABLE>
<CAPTION>
FOR AGAINST ABSTAIN
---- ------- -------
<S> <C> <C> <C> <C>
PROPOSAL 1 91.4% 1.4% 7.2%
PROPOSAL 2 91.5% 1.3% 7.2%
PROPOSAL 3(A) 87.0% 3.8% 9.2%
PROPOSAL 3(B) 86.3% 4.0% 9.6%
PROPOSAL 3(C) 87.0% 3.9% 9.1%
PROPOSAL 3(D) 86.4% 4.3% 9.3%
PROPOSAL 3(E) 86.0% 4.6% 9.4%
PROPOSAL 3(F) 86.7% 4.2% 9.1%
PROPOSAL 3(G) 86.7% 4.4% 8.9%
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
159
<PAGE> 162
This Page for Notes and Computations
--------------------------------------------------------------------------------
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
160
<PAGE> 163
IDEX MUTUAL FUNDS
SUPPLEMENTAL FEDERAL INCOME TAX INFORMATION
OCTOBER 31, 2000
(UNAUDITED)
--------------------------------------------------------------------------------
The following dividend information for the year or period ended October 31,
2000, is being provided according to notice requirements under Internal
Revenue Code section 852; however, refer to form 1099-DIV information to
prepare income tax returns.
FOR INDIVIDUALS/OTHERS
<TABLE>
<CAPTION>
ANNUAL FUNDS CLASS A SHARES CLASS B SHARES
--------------------- ----------------------------------- -----------------------------------
Record Ordinary Long-term Ordinary Long-term
Date Total Income Capital Gain Total Income Capital Gain
-------- ----------------------------------- -----------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
ALGER AGGRESSIVE GROWTH
12/07/99 2.99700 1.40200 1.59500 2.99700 1.40200 1.59500
=================================== ===================================
JCC CAPITAL APPRECIATION
12/07/99 2.06600 1.50300 0.56300 2.06600 1.50300 0.56300
=================================== ===================================
JCC GROWTH
12/07/99 8.28900 0.48200 7.80700 8.28900 0.48200 7.80700
=================================== ===================================
JCC GROWTH - CLASS T
12/07/99 8.28900 0.48200 7.80700
===================================
C.A.S.E. GROWTH
12/07/99 0.20900 0.20900 - 0.20900 0.20900 -
=================================== ===================================
NWQ VALUE EQUITY
12/07/99 0.00200 0.00200 - 0.00200 0.00200 -
=================================== ===================================
T. ROWE PRICE SMALL CAP
12/07/99 0.28300 0.28300 - 0.28300 0.28300 -
=================================== ===================================
PILGRIM BAXTER MID CAP GROWTH
12/07/99 0.30500 0.30500 - 0.30500 0.30500 -
=================================== ===================================
GE INTERNATIONAL EQUITY
12/07/99 0.48500 - 0.48500 0.48500 - 0.48500
=================================== ===================================
JCC GLOBAL
12/07/99 1.13400 - 1.13400 1.13400 - 1.13400
=================================== ===================================
SALOMON ALL CAP
12/07/99 0.18500 0.18500 - 0.18500 0.18500 -
=================================== ===================================
GOLDMAN SACHS GROWTH
12/07/99 0.03000 0.03000 - 0.03000 0.03000 -
=================================== ===================================
<CAPTION>
ANNUAL FUNDS CLASS C SHARES CLASS M SHARES
--------------------- ----------------------------------- -----------------------------------
Ordinary Long-term Ordinary Long-term
Total Income Capital Gain Total Income Capital Gain
----------------------------------- -----------------------------------
<S> <C> <C> <C> <C> <C> <C>
ALGER AGGRESSIVE GROWTH
2.99700 1.40200 1.59500 2.99700 1.40200 1.59500
=================================== ===================================
JCC CAPITAL APPRECIATION
2.06600 1.50300 0.56300 2.06600 1.50300 0.56300
=================================== ===================================
JCC GROWTH
8.28900 0.48200 7.80700 8.28900 0.48200 7.80700
=================================== ===================================
JCC GROWTH - CLASS T
C.A.S.E. GROWTH
0.20900 0.20900 - 0.20900 0.20900 -
=================================== ===================================
NWQ VALUE EQUITY
0.00200 0.00200 - 0.00200 0.00200 -
=================================== ===================================
T. ROWE PRICE SMALL CAP
0.28300 0.28300 - 0.28300 0.28300 -
=================================== ===================================
PILGRIM BAXTER MID CAP GROWTH
0.30500 0.30500 - 0.30500 0.30500 -
=================================== ===================================
GE INTERNATIONAL EQUITY
0.48500 - 0.48500 0.48500 - 0.48500
=================================== ===================================
JCC GLOBAL
1.13400 - 1.13400 1.13400 - 1.13400
=================================== ===================================
SALOMON ALL CAP
0.18500 0.18500 - 0.18500 0.18500 -
=================================== ===================================
GOLDMAN SACHS GROWTH
0.03000 0.03000 - 0.03000 0.03000 -
=================================== ===================================
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
161
<PAGE> 164
IDEX MUTUAL FUNDS
SUPPLEMENTAL FEDERAL INCOME TAX INFORMATION (CONTINUED)
OCTOBER 31, 2000
(UNAUDITED)
--------------------------------------------------------------------------------
FOR INDIVIDUALS/OTHERS
<TABLE>
<CAPTION>
MONTHLY FUNDS CLASS A SHARES CLASS B SHARES
--------------------- ---------------------------------------- -----------------------------------
Record Ordinary Long-term Ordinary Long-term
Date Total Income Capital Gain Total Income Capital Gain
-------- ---------------------------------------- -----------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
JCC FLEXIBLE INCOME
11/12/99 0.04898 0.04898 - 0.04379 0.04379 -
12/07/99 0.05094 0.05094 - 0.04705 0.04705 -
1/13/00 0.04126 0.04126 - 0.03889 0.03889 -
2/14/00 0.05106 0.05106 - 0.04572 0.04572 -
3/14/00 0.04493 0.04493 - 0.04007 0.04007 -
4/13/00 0.05271 0.05271 - 0.04768 0.04768 -
5/12/00 0.05458 0.05458 - 0.04941 0.04941 -
6/14/00 0.04499 0.04499 - 0.03996 0.03996 -
7/13/00 0.04388 0.04388 - 0.03912 0.03912 -
8/14/00 0.04935 0.04935 - 0.04408 0.04408 -
9/14/00 0.04572 0.04572 - 0.04062 0.04062 -
10/13/00 0.04709 0.04709 - 0.04196 0.04196 -
---------------------------------------- -----------------------------------
0.57549 0.57549 - 0.51835 0.51835 -
======================================== ===================================
AEGON INCOME PLUS
11/12/99 0.05302 0.05302 - 0.04769 0.04769 -
12/07/99 0.13147 0.07247 0.05900 0.12749 0.06849 0.05900
1/13/00 0.04126 0.04126 - 0.03886 0.03886 -
2/14/00 0.05167 0.05167 - 0.04629 0.04629 -
3/14/00 0.06184 0.06184 - 0.05697 0.05697 -
4/13/00 0.05705 0.05705 - 0.05204 0.05204 -
5/12/00 0.06238 0.06238 - 0.05723 0.05723 -
6/14/00 0.06052 0.06052 - 0.05553 0.05553 -
7/13/00 0.05662 0.05662 - 0.05187 0.05187 -
8/14/00 0.05970 0.05970 - 0.05442 0.05442 -
9/14/00 0.05838 0.05838 - 0.05326 0.05326 -
10/13/00 0.05313 0.05313 - 0.04794 0.04794 -
---------------------------------------- -----------------------------------
0.74704 0.68804 0.05900 0.68959 0.63059 0.05900
======================================== ===================================
<CAPTION>
MONTHLY FUNDS CLASS C SHARES CLASS M SHARES
--------------------- ----------------------------------- -----------------------------------
Ordinary Long-term Ordinary Long-term
Total Income Capital Gain Total Income Capital Gain
----------------------------------- -----------------------------------
<S> <C> <C> <C> <C> <C> <C>
JCC FLEXIBLE INCOME
0.04379 0.04379 - 0.04459 0.04459 -
0.04705 0.04705 - 0.04765 0.04765 -
0.03889 0.03889 - 0.03925 0.03925 -
0.04572 0.04572 - 0.04654 0.04654 -
0.04007 0.04007 - 0.04082 0.04082 -
0.04768 0.04768 - 0.04845 0.04845 -
0.04941 0.04941 - 0.05020 0.05020 -
0.03996 0.03996 - 0.04073 0.04073 -
0.03912 0.03912 - 0.03985 0.03985 -
0.04408 0.04408 - 0.04489 0.04489 -
0.04062 0.04062 - 0.04140 0.04140 -
0.04196 0.04196 - 0.04275 0.04275 -
----------------------------------- -----------------------------------
0.51835 0.51835 - 0.52712 0.52712 -
=================================== ===================================
AEGON INCOME PLUS
0.04769 0.04769 - 0.04851 0.04851 -
0.12749 0.06849 0.05900 0.12810 0.06910 0.05900
0.03886 0.03886 - 0.03923 0.03923 -
0.04629 0.04629 - 0.04712 0.04712 -
0.05697 0.05697 - 0.05772 0.05772 -
0.05204 0.05204 - 0.05281 0.05281 -
0.05723 0.05723 - 0.05802 0.05802 -
0.05553 0.05553 - 0.05629 0.05629 -
0.03912 0.03912 - 0.05260 0.05260 -
0.05442 0.05442 - 0.05524 0.05524 -
0.05326 0.05326 - 0.05405 0.05405 -
0.04874 0.04874 - 0.04874 0.04874 -
----------------------------------- -----------------------------------
0.67764 0.61864 0.05900 0.69843 0.63943 0.05900
=================================== ===================================
</TABLE>
<TABLE>
<CAPTION>
CLASS A SHARES CLASS B SHARES
--------------------------------------- ------------------------------------
Exempt-
Interest Exempt-
Record Dividends Long-term Interest Long-term
Date Total (1) Capital Gain Total Dividends Capital Gain
-------- --------------------------------------- ------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
FEDERATED TAX EXEMPT
11/12/99 0.03738 0.03738 - 0.03153 0.03153 -
12/07/99 0.16836 0.06036 0.10800 0.16394 0.05594 0.10800
1/13/00 0.01477 0.01477 - 0.01215 0.01215 -
2/14/00 0.03303 0.03303 - 0.02717 0.02717 -
3/14/00 0.04094 0.04094 - 0.03560 0.03560 -
4/13/00 0.03810 0.03810 - 0.03248 0.03248 -
5/12/00 0.03738 0.03738 - 0.03150 0.03150 -
6/14/00 0.03326 0.03326 - 0.02760 0.02760 -
7/13/00 0.03361 0.03361 - 0.02813 0.02813 -
8/14/00 0.03592 0.03592 - 0.02983 0.02983 -
9/14/00 0.03672 0.03672 - 0.03075 0.03075 -
10/13/00 0.03767 0.03767 - 0.03164 0.03164 -
--------------------------------------- ------------------------------------
0.54714 0.43914 0.10800 0.48232 0.37432 0.10800
======================================= ====================================
<CAPTION>
CLASS C SHARES CLASS M SHARES
------------------------------------ ------------------------------------
Exempt- Exempt-
Interest Long-term Interest Long-term
Total Dividends Capital Gain Total Dividends Capital Gain
------------------------------------ ------------------------------------
<S> <C> <C> <C> <C> <C> <C>
FEDERATED TAX EXEMPT
0.03153 0.03153 - 0.03513 0.03513 -
0.16394 0.05594 0.10800 0.16666 0.05866 0.10800
0.01215 0.01215 - 0.01376 0.01376 -
0.02717 0.02717 - 0.03078 0.03078 -
0.03560 0.03560 - 0.03889 0.03889 -
0.03248 0.03248 - 0.03594 0.03594 -
0.03150 0.03150 - 0.03512 0.03512 -
0.02813 0.02813 - 0.03108 0.03108 -
0.03150 0.03150 - 0.03150 0.03150 -
0.02983 0.02983 - 0.03358 0.03358 -
0.03075 0.03075 - 0.03442 0.03442 -
0.03164 0.03164 - 0.03535 0.03535 -
------------------------------------ ------------------------------------
0.48622 0.37822 0.10800 0.52221 0.41421 0.10800
==================================== ====================================
</TABLE>
(1) Federated Tax Exempt is a municipal bond fund, therefore,
for tax purposes, the dividends declared are considered
exempt-interest dividends, exempt from Federal income tax.
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
162
<PAGE> 165
IDEX MUTUAL FUNDS
SUPPLEMENTAL FEDERAL INCOME TAX INFORMATION (CONTINUED)
OCTOBER 31, 2000
(UNAUDITED)
--------------------------------------------------------------------------------
FOR INDIVIDUALS/OTHERS
<TABLE>
<CAPTION>
QUARTERLY FUNDS CLASS A SHARES CLASS B SHARES
--------------------- --------------------------------------- -----------------------------------
Record Ordinary Long-term Ordinary Long-term
Date Total Income Capital Gain Total Income Capital Gain
-------- --------------------------------------- -----------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
DEAN ASSET ALLOCATION
12/07/99 0.12641 0.12641 - 0.10865 0.10865 -
3/14/00 0.06044 0.06044 - 0.04508 0.04508 -
6/14/00 0.07585 0.07585 - 0.05778 0.05778 -
9/14/00 0.08995 0.08995 - 0.07038 0.07038 -
--------------------------------------- -----------------------------------
0.35265 0.35265 - 0.28189 0.28189 -
======================================= ===================================
LKCM STRATEGIC TOTAL RETURN
12/07/99 0.49056 0.06956 0.42100 0.46505 0.04405 0.42100
3/14/00 0.05721 0.05721 - 0.03368 0.03368 -
6/14/00 0.07077 0.07077 - 0.04256 0.04256 -
9/14/00 0.10696 0.10696 - 0.07817 0.07817 -
--------------------------------------- -----------------------------------
0.72550 0.30450 0.42100 0.61946 0.19846 0.42100
======================================= ===================================
JCC BALANCED
12/07/99 0.34193 0.09093 0.25100 0.31494 0.06394 0.25100
3/14/00 0.08800 0.08800 - 0.06186 0.06186 -
6/14/00 0.07120 0.07120 - 0.03768 0.03768 -
9/14/00 0.08442 0.08442 - 0.05078 0.05078 -
--------------------------------------- -----------------------------------
0.58555 0.33455 0.25100 0.46526 0.21426 0.25100
======================================= ===================================
T. ROWE PRICE DIVIDEND GROWTH
12/07/99 0.02874 0.02874 - 0.01363 0.01363 -
3/14/00 0.01793 0.01793 - 0.00475 0.00475 -
6/14/00 0.01497 0.01497 - 0.00008 0.00008 -
9/14/00 0.01708 0.01708 - 0.00013 0.00013 -
--------------------------------------- -----------------------------------
0.07872 0.07872 - 0.01859 0.01859 -
======================================= ===================================
<CAPTION>
QUARTERLY FUNDS CLASS C SHARES CLASS M SHARES
--------------------- ----------------------------------- -----------------------------------
Ordinary Long-term Ordinary Long-term
Total Income Capital Gain Total Income Capital Gain
----------------------------------- -----------------------------------
<S> <C> <C> <C> <C> <C> <C>
DEAN ASSET ALLOCATION
0.11139 0.11139 - 0.10866 0.10866 -
0.04508 0.04508 - 0.04744 0.04744 -
0.05778 0.05778 - 0.06056 0.06056 -
0.07038 0.07038 - 0.07339 0.07339 -
----------------------------------- -----------------------------------
0.28463 0.28463 - 0.29005 0.29005 -
=================================== ===================================
LKCM STRATEGIC TOTAL
0.46504 0.04404 0.42100 0.46897 0.04797 0.42100
0.03368 0.03368 - 0.03730 0.03730 -
0.04256 0.04256 - 0.04690 0.04690 -
0.07817 0.07817 - 0.08260 0.08260 -
----------------------------------- -----------------------------------
0.61945 0.19845 0.42100 0.63577 0.21477 0.42100
=================================== ===================================
JCC BALANCED
0.31495 0.06395 0.25100 0.31909 0.06809 0.25100
0.06186 0.06186 - 0.06588 0.06588 -
0.03768 0.03768 - 0.04284 0.04284 -
0.05078 0.05078 - 0.05596 0.05596 -
----------------------------------- -----------------------------------
0.46527 0.21427 0.25100 0.48377 0.23277 0.25100
=================================== ===================================
T. ROWE PRICE DIVIDEND
0.01363 0.01363 - 0.01595 0.01595 -
0.00475 0.00475 - 0.00678 0.00678 -
0.00008 0.00008 - 0.00237 0.00237 -
0.00013 0.00013 - 0.00274 0.00274 -
----------------------------------- -----------------------------------
0.01859 0.01859 - 0.02784 0.02784 -
=================================== ===================================
</TABLE>
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
163
<PAGE> 166
This Page for Notes and Computations
--------------------------------------------------------------------------------
IDEX MUTUAL FUNDS
ANNUAL REPORT 2000
164
<PAGE> 167
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
JEROME C. VAHL
Executive Vice President
PATRICK S. BAIRD
President
DAVID J. BULLOCK
Executive Vice President
THOMAS R. MORIARTY
Executive 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
FEDERATED INVESTMENT MANAGEMENT
COMPANY
Federated Investment Tower
Pittsburgh, Pennsylvania 15222-3779
GREAT COMPANIES, L.L.C.
8550 Ulmerton Road
Largo, Florida 33771
GABELLI ASSET MANAGEMENT COMPANY
One Corporated Center
Rye, New York 10580-1434
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
<PAGE> 168
P.O. Box 9015 - Clearwater, FL - 33758-9015 [IDEX LOGO]
Customer Service 1-888-233-IDEX (4339)
www.idexfunds.com
Distributor: InterSecurities, Inc.
