UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT
COMPANIES
Investment Company Act file number 811-09123
AMIDEX FUNDS, INC.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
2621 Van Buren Avenue Norristown, PA 19403
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(Address of principal executive offices) (Zip code)
InCap Service Company 630 Fitzwatertown Road "A" Willow Grove, PA 19090-1904
- --------------------------------------------------------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: 610- 666-1330
Date of fiscal year end: 05/31/2005
Date of reporting period: 11/30/2004
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO SHAREHOLDERS
The following is a copy of the annual report to shareholders for the
period ended November 30, 2004 pursuant to rule 30e-1 under the
Investment Company Act of 1940.
SEMI-ANNUAL REPORT
November 30, 2004
AMIDEX
------------------
MUTUAL FUNDS
------------------
AMIDEX Funds, Inc.
c/o InCap Group
630-A Fitzwatertown Rd.
Willow Grove, PA 19090
TABLE OF CONTENTS
PRESIDENT'S LETTER 1
INFORMATION ABOUT FUND'S EXPENSES 2
SCHEDULE OF INVESTMENTS 4-8
STATEMENT OF ASSETS AND LIABILITIES 9-11
STATEMENT OF OPERATIONS 12-13
STATEMENTS OF CHANGES IN NET ASSETS 14-15
PER SHARE DATA 16-22
NOTES TO FINANCIAL STATEMENTS 23-29
AMIDEX(TM) Funds, Inc.
President's Letter & Management's Discussion of Fund Performance
Dear AMIDEX(TM) Funds, Inc. Shareholder,
Enclosed please find the Semi-Annual Report for the AMIDEX(TM) Funds, Inc. for
the six months ended November 30, 2004.
The AMIDEX35(TM) Israel Mutual Fund.
The AMIDEX35(TM) Israel Mutual Fund showed little change during the last two
quarters. The Fund continued benefiting from improving demand for
technology-related products, resumption of strong exports of Israeli products,
and from an end of the recession in Israel. Offsetting these positive trends
were higher oil prices and continuing tension in the middle-east.
For the 6-month period ended November 30, 2004, the AMIDEX35(TM) Israel Mutual
Fund Class NL, Class A and Class C returned 0.86%, 0.83% and 0.37%,
respectively. For the same period, the S&P500 Total Return Index rose 5.68%.
Since inception on June 8, 1999, the AMIDEX35(TM) Israel Mutual Fund Class NL
had a cumulative return of -5.21%. For the same period the S&P500 Index fell
3.31%. Since inception on November 19, 1999, the AMIDEX35(TM) Israel Mutual Fund
Class A had cumulative return of -23.24%. Since inception on May 19, 2000, the
AMIDEX35(TM) Israel Mutual Fund Class C had a cumulative return of -44.35%.
The AMIDEX35(TM) Israel Mutual Fund will likely remain vulnerable to political
developments in the region. Although the Tel Aviv Stock Exchange has performed
quite well, world perceptions of Israel are often tainted by media distortions
of the impact of the political situation on the Israeli market. The fundamentals
of the Israeli economy are improving, but the media remains focused on regional
political issues. Hopefully, there will be fewer stories to sensationalize, and
more attention will be paid to the remarkable achievements of the Israeli
people.
Portfolio Summary - The AMIDEX35(TM) Index tracks the largest Israeli companies
traded either in Tel Aviv or New York, providing for the first time an accurate
benchmark for Israel's equity universe.
Israeli traded
- --------------
Banking & Insurance 16.68%
Chemicals 6.80%
Diversified Holdings 9.67%
Food 1.36%
Medical Products 0.96%
Oil Companies 1.11%
Telecommunications 3.93%
U.S. traded
Computer Software 24.21%
Digital Imaging 3.22%
Electronic Equipment 0.52%
Medical Products 1.11%
Pharmaceuticals 18.39%
Telecommunications 10.09%
Portfolio holdings are subject to change. Percentages are based on total net
assets of the Fund at November 30, 2004.
The AMIDEX(TM) Cancer Innovations & Healthcare Mutual Fund.
Our AMIDEX(TM) Cancer Innovations & Healthcare Mutual Fund dropped 10.37% for
the 6-month period ended November 30, 2004. Although better cancer diagnostic
and treatment options continue to move toward the market, the pharmaceutical
industry was hampered by reports of drug recalls, suspected side-effects, and
ramifications of mass litigation. For the same period the Russell 2000
Healthcare Index rose 2.59%. Since inception on November 1, 2001, the AMIDEX(TM)
Cancer Innovations & Healthcare Mutual Fund had a cumulative return of -7.50%
and the Russell 2000 Healthcare Index returned 17.36% for the same period.
Portfolio Summary - The AMIDEX Cancer Innovations & Healthcare Index includes
leading pharmaceutical, biotech and medical equipment companies focused on
cancer detection and treatment.
Biotechnology 37.77%
Healthcare Products 11.53%
Pharmaceuticals 49.34%
Portfolio holdings are subject to change. Percentages are based on total net
assets of the Fund at November 30, 2004.
INVESTMENT PHILOSOPHY
Our primary investment strategies and objectives remain unchanged. Our Funds are
based on indices, and there has been no change in the underlying indices or
portfolios, other than routine maintenance as outlined in the prospectuses.
We continue to believe in the merits of investing in our AMIDEX35(TM) Israel
Mutual Fund and our AMIDEX(TM) Cancer Innovations & Healthcare Fund, and we
remain committed to the index methodology as the best method of holding
portfolios of stocks in our specialty niches. We encourage our investors to
remain focused on the long-term prospects for the Funds, and to persevere
through the uncertainties that still lie ahead.
Let's hope that the future brings comfort to those who are suffering, calm to
regions too long plagued by violence, and security, both physical and economic,
to all Americans.
Best regards,
/s/ Cliff Goldstein
- ---------------------------------
Cliff Goldstein
President, AMIDEX(TM) Funds, Inc.
This report is intended for the Funds' shareholders. It may not be distributed
to prospective investors unless it is preceded or accompanied by the current
Fund prospectus.
INFORMATION ABOUT YOUR FUNDS' EXPENSES
As a shareholder of the Funds, you incur two types of costs: (1) transaction
costs, including sales charges (loads) on purchase payments, reinvested
dividends, or other distributions, redemption fees and exchange fees; and (2)
ongoing costs, including management fees, distribution and service (12-B1) fees;
and other Fund expenses. The example below is intended to help you understand
your ongoing costs (in dollars) of investing in the Funds and to compare these
costs with the ongoing costs of investing in other mutual funds.
The table below illustrates an example investment of $1,000 at the beginning of
the period (5/31/04) and held for the entire period of 5/31/04 - 11/30/04.
Please note however that this table is unaudited. This example is intended to
help you understand your ongoing costs (in dollars) of investing in the Funds
and to compare these costs with the ongoing costs of investing in other mutual
funds.
Actual Expenses
The first section of the table provides information about actual account values
and actual expenses (relating to the example $1,000 investment made on 5/31/04).
You may use the information in this row, together with the amount you invested,
to estimate the expenses that you paid over the period. Simply divide your
account value by $1,000 (for example, an $8,600 account value divided by $1,000
= 8.6), then multiply the result by the number in the first row under the
heading entitled "Expenses Paid During Period" to estimate the expenses you paid
on your account during this period.
Hypothetical Example for Comparison Purposes
The second section of the table provides information about the hypothetical
account values and hypothetical expenses based on the Funds' actual expense
ratios and an assumed rate of return of 5% per year before expenses, which are
not the Funds' actual returns. The hypothetical account values and expenses may
not be used to estimate the actual ending account balance or expenses you paid
for the period. You may use this information to compare the ongoing costs of
investing in these Funds and other funds. To do so, compare this 5% hypothetical
example with the 5% hypothetical examples that appear in the shareholder reports
of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as sales
charges (loads), redemption fees, or exchange fees. Therefore, the second
section of the table is useful in comparing ongoing costs only, and will not
help you determine the relative total costs of owning different funds. In
addition, if these transactional costs were included, your costs would have been
higher. For more information on transactional costs, please refer to the Funds'
prospectuses.
EXPENSES AND VALUE OF A $1,000 INVESTMENT FOR THE SIX MONTHS ENDED
NOVEMBER 30, 2004
BEGINNING ACCOUNT ENDING ACCOUNT
VALUE VALUE EXPENSES PAID
Actual Fund Return (in parentheses) 05/31/04 11/30/04 DURING PERIOD*
-------- -------- --------------
AMIDEX35(TM) Israel Mutual Fund
No-Load Class (0.86%) $1,000.00 $1,008.60 $ 17.88
AMIDEX35(TM) Israel Mutual Fund
Class A (0.83%) 1,000.00 1,008.30 17.87
AMIDEX35(TM) Israel Mutual Fund
Class C (0.37%) 1,000.00 1,003.70 21.60
AMIDEX(TM) Cancer Innovations & Healthcare
Fund Class A (-10.37%) 1,000.00 896.30 21.49
BEGINNING ACCOUNT ENDING ACCOUNT
VALUE VALUE EXPENSES PAID
Hypothetical 5% Fund Return 05/31/04 11/30/04 DURING PERIOD*
-------- -------- --------------
AMIDEX35(TM) Israel Mutual Fund
No-Load Class $1,000.00 $1,007.27 $ 17.86
AMIDEX35(TM) Israel Mutual Fund
Class A 1,000.00 1,007.27 17.86
AMIDEX35(TM) Israel Mutual Fund
Class C 1,000.00 1,003.51 21.60
AMIDEX(TM) Cancer Innovations & Healthcare
Fund Class A 1,000.00 1,002.41 22.69
*Expenses are equal to the Funds' annualized expense ratios of 3.55%, 3.55% and
4.30% for the Amidex35(TM) Israel Mutual Fund No-Load Class, Class A and Class C
shares, respectively; and 4.52% for the AMIDEX(TM) Cancer Innovations &
Healthcare Fund Class A shares, multiplied by the average account value over the
period, multiplied by 183/365 to reflect the one-half year period.
For more information on Fund expenses, please refer to the Funds' prospectuses,
which can be obtained from your investment representative or by calling
888-876-3566. Please read it carefully before you invest or send money.
AMIDEX(TM) FUNDS, INC. (Unaudited) SEMI-ANNUAL REPORT
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SCHEDULE OF INVESTMENTS NOVEMBER 30, 2004
THE AMIDEX35(TM) ISRAEL
MUTUAL FUND
--------------------------
SHARES VALUE
----------- -----------
ISRAEL - 40.51%
COMMON STOCK - 40.51%
BANKING & INSURANCE - 16.68%
Bank Hapoalim Ltd. 224,628 $ 656,367
Bank Leumi Le-Israel 243,116 572,103
Clal Insurance Enterprise Holdings, Ltd. 8,756 163,934
Israel Discount Bank Ltd. Class A * 174,810 209,892
Migdal Insurance Holdings 178,216 251,546
United Mizrahi Bank Ltd. 38,915 147,538
-----------
2,001,380
-----------
CHEMICALS - 6.80%
Israel Chemicals Ltd. 220,835 479,151
Makhteshim-Agan Industries Ltd. 68,487 337,094
-----------
816,245
-----------
DIVERSIFIED HOLDINGS - 9.67%
Africa Israel Investments, Ltd. 8,451 228,914
Clal Industries & Investments 26,851 119,659
Discount Investment Corp. 7,860 186,044
IDB Development Corp. Ltd. 9,829 256,546
IDB Holding Corp. Ltd. 6,490 133,149
Israel Corp. Ltd. 1,188 236,020
-----------
1,160,332
-----------
FOOD - 1.36%
Osem Investment Ltd. 16,670 163,030
-----------
MEDICAL PRODUCTS - 0.96%
Agis Industries (1983) Ltd. 4,000 114,679
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OIL COMPANIES - 1.11%
Delek Group Ltd. 1,564 132,868
-----------
TELECOMMUNICATIONS - 3.93%
Bezeq Israeli Telecommunications Corp. Ltd. 463,090 471,375
-----------
Total Common Stock (Cost $5,118,505) 4,859,909
-----------
Total Israel (Cost $5,118,505) $ 4,859,909
-----------
AMIDEX(TM) FUNDS, INC. (Unaudited) SEMI-ANNUAL REPORT
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SCHEDULE OF INVESTMENTS NOVEMBER 30, 2004
THE AMIDEX35(TM) ISRAEL
MUTUAL FUND
--------------------------
SHARES VALUE
----------- -----------
UNITED STATES - 57.67%
COMMON STOCK - 57.54%
COMPUTER SOFTWARE - 24.21%
Amdocs Ltd. * 33,403 $ 863,468
Check Point Software Technologies Ltd. * 43,995 1,044,441
DSP Group, Inc. * 5,705 126,537
M-Systems Flash Disk Pioneers Ltd. * 5,500 87,230
Mercury Interactive Corp. * 13,086 596,852
Verint Systems, Inc. * 4,500 185,130
-----------
2,903,658
-----------
DIGITAL IMAGING - 3.22%
Creo, Inc. * 8,600 116,788
Electronics for Imaging, Inc. * 9,428 157,730
Orbotech Ltd. * 5,882 111,523
-----------
386,041
-----------
ELECTRONIC EQUIPMENT - 0.52%
Zoran Corp. * 5,300 62,805
-----------
MEDICAL PRODUCTS - 1.11%
Given Imaging Ltd. * 4,010 133,573
-----------
PHARMACEUTICALS - 18.39%
Taro Pharmaceutical Industries Ltd. * 6,500 192,660
Teva Pharmaceutical Industries Ltd. ADR 73,816 2,013,701
-----------
2,206,361
-----------
TELECOMMUNICATIONS - 10.09%
Comverse Technology, Inc. * 32,977 701,421
ECI Telecom Ltd. * 16,000 132,800
Partner Communications ADR * 33,600 259,056
Ulticom, Inc. * 6,500 116,675
-----------
1,209,952
-----------
Total Common Stock (Cost $11,300,082) $ 6,902,390
-----------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
AMIDEX(TM) FUNDS, INC. (Unaudited) SEMI-ANNUAL REPORT
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS NOVEMBER 30, 2004
THE AMIDEX35(TM) ISRAEL
MUTUAL FUND
--------------------------
SHARES VALUE
----------- -----------
SHORT-TERM INVESTMENTS - 0.13%
First American Treasury Obligations Fund, 1.18% ** (Cost $16,118) 16,118 16,118
-----------
Total United States (Cost $11,316,200) $ 6,918,508
-----------
TOTAL INVESTMENTS (COST $16,434,705) - 98.18% $11,778,417
OTHER ASSETS IN EXCESS OF LIABILITIES - 1.82% 217,801
-----------
NET ASSETS - 100% $11,996,218
===========
* Non-income producing security.
** Rate shown represents the rate at November 30, 2004, is subject to change and
resets daily.
ADR - American Depository Receipt
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
AMIDEX(TM) FUNDS, INC.(UNAUDITED) SEMI-ANNUAL REPORT
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS NOVEMBER 30, 2004
AMIDEX(TM) CANCER INNOVATIONS
& HEALTHCARE FUND
-----------------------------
SHARES VALUE
----------- -------------
COMMON STOCK - 98.64%
BIOTECHNOLOGY - 37.77%
Amgen, Inc. * 425 $ 25,517
Biogen Idec, Inc. * 375 22,005
Chiron Corp. * 800 26,056
Enzon Pharmaceuticals, Inc. * 100 1,354
Genentech, Inc. * 3,700 178,525
Genzyme Corp. * 700 39,207
Human Genome Sciences, Inc. * 300 3,300
Immunomedics, Inc. * 100 281
Millennium Pharmaceuticals, Inc. * 900 11,358
Myriad Genetics, Inc. * 100 1,924
Protein Design Labs, Inc. * 200 3,624
---------
313,151
---------
HEALTHCARE PRODUCTS - 11.53%
Beckman Coulter, Inc. 200 13,092
Cytyc Corp. * 200 5,368
Johnson & Johnson 1,000 60,320
Varian Medical Systems, Inc. * 400 16,832
---------
95,612
---------
PHARMACEUTICALS - 49.34%
Abbott Laboratories 500 20,980
Abgenix, Inc. * 200 2,030
AstraZeneca Plc. ADR 600 23,634
Bristol-Myers Squibb Co. 600 14,100
Celgene Corp. * 400 10,968
Cell Therapeutics, Inc. * 100 748
Elan Corp. Plc. ADR * 100 2,640
Eli Lilly & Co. 400 21,332
Gilead Sciences, Inc. * 1,600 55,136
GlaxoSmithKline Plc. ADR 1,000 42,540
ILEX Oncology, Inc. * 100 2,486
ImClone Systems, Inc. * 300 12,666
Medarex, Inc. * 200 2,180
Medimmune, Inc. * 800 21,280
Merck & Co., Inc. 900 25,218
Novartis AG ADR 1,000 48,050
Pfizer, Inc. 2,300 63,871
QLT, Inc. * 100 $ 1,605
Schering-Plough Corp. 600 10,710
Valeant Pharmaceuticals International 200 4,842
Vertex Pharmaceuticals, Inc. * 200 2,124
Wyeth 500 19,935
---------
409,075
---------
AMIDEX(TM) FUNDS, INC.(UNAUDITED) SEMI-ANNUAL REPORT
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS NOVEMBER 30, 2004
AMIDEX(TM) CANCER INNOVATIONS
& HEALTHCARE FUND
-----------------------------
SHARES VALUE
----------- -------------
TOTAL COMMON STOCK (Cost $850.599) $ 817,838
---------
SHORT-TERM INVESTMENTS - 3.96%
First American Treasury Obligations Fund, 1.18% ** (Cost $32,881) 32,881 32,881
---------
TOTAL INVESTMENTS (COST $883,480) - 102.60% $ 850,719
LIABILITIES IN EXCESS OF OTHER ASSETS, NET - (2.60)% (21,575)
---------
NET ASSETS - 100% $ 829,144
---------
* Non-income producing security.
** Rate shown represents the rate at November 30, 2004, is subject to change and
resets daily.
ADR - American Depository Receipt
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
AMIDEX(TM) FUNDS, INC. (UNAUDITED) SEMI-ANNUAL REPORT
- --------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES NOVEMBER 30, 2004
NOVEMBER 30, 2004
AMIDEX35(TM) ISRAEL
MUTUAL FUND
-------------------
Assets:
Investments, at market (cost: $16,434,705) $ 11,778,417
Receivables:
Investments sold 295,613
Dividends 4,645
Interest 9
Fund shares sold 2,650
Prepaid expenses 15,164
Receivable from Advisor 1,076
------------
Total assets 12,097,574
------------
LIABILITIES:
Payables:
Fund shares redeemed 45,297
Investment advisory and administrative fees 8,717
Distribution fees 28,715
Other liabilities and accrued expenses 18,627
------------
Total liabilities 101,356
------------
NET ASSETS $ 11,996,218
============
NET ASSETS CONSIST OF:
Common stock $ 143
Additional paid-in capital 22,553,203
Accumulated net investment loss (126,243)
Accumulated realized loss on investments (5,774,604)
Net unrealized depreciation on investments (4,656,281)
------------
TotalNet Assets (1,425,479 shares outstanding; 500,000,000 shares of $0.0001
par value authorized for both the AMIDEX35(TM) Israel Mutual Fund and the
AMIDEX(TM) Cancer Innovations & Healthcare Fund) $ 11,996,218
============
NO-LOAD CLASS SHARES:
Net Assets applicable to 861,627 shares outstanding (Note 2) $ 8,073,904
============
Net Asset Value, offering and redemption price per share $ 9.37
============
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
AMIDEX(TM) FUNDS, INC. (UNAUDITED) SEMI-ANNUAL REPORT
- --------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES NOVEMBER 30, 2004
NOVEMBER 30, 2004
AMIDEX35(TM)
MUTUAL FUND
-------------
CLASS A SHARES:
Net Assets applicable to 469,630 shares outstanding (Note 2) $ 3,407,850
============
Net Asset Value and redemption price per share $ 7.26
============
Offering price per share Class A $ 7.68
============
CLASS C SHARES:
Net Assets applicable to 94,222 shares outstanding (Note 2) $ 514,464
============
Net Asset Value and offering price per share $ 5.46
============
Redemption price per share Class C $ 5.41
============
NOVEMBER 30, 2004
AMIDEX(TM) CANCER
INNOVATIONS
& HEALTHCARE FUND
-----------------
Assets:
Investments, at market (cost: $883,480) $ 850,719
Receivables:
Investments sold 5,575
Dividends 1,355
Interest 9
Prepaid expenses 1,730
---------
Total assets 859,388
---------
LIABILITIES:
Payables:
Fund shares redeemed 25,283
Investment advisory and administrative fees 629
Distribution fees 1,620
Other liabilities 2,712
---------
Total liabilities 30,244
---------
NET ASSETS $ 829,144
=========
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
AMIDEX(TM) FUNDS, INC. (UNAUDITED) SEMI-ANNUAL REPORT
- --------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES NOVEMBER 30, 2004
NOVEMBER 30, 2004
AMIDEX(TM) CANCER
INNOVATIONS
& HEALTHCARE FUND
-----------------
NET ASSETS CONSIST OF:
Common stock $ 9
Additional paid-in capital 869,278
Accumulated net investment loss (16,213)
Accumulated undistributed realized gain on investments 8,831
Net unrealized depreciation on investments (32,761)
---------
TotalNet Assets (89,668 shares outstanding; 500,000,000 shares of $0.0001 par
value authorized for both the AMIDEX35(TM) Israel Mutual Fund and the
AMIDEX(TM) Cancer Innovations & Healthcare Fund) $ 829,144
=========
CLASS A SHARES:
Net Assets applicable to 89,668 shares outstanding (Note 2) $ 829,144
=========
Net Asset Value and redemption price per share $ 9.25
=========
Offering price per share Class A $ 9.79
=========
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
AMIDEX(TM) FUNDS, INC. (UNAUDITED) SEMI-ANNUAL REPORT
- --------------------------------------------------------------------------------
STATEMENT OF OPERATIONS NOVEMBER 30, 2004
AMIDEX35(TM) ISRAEL
MUTUAL FUND
FOR THE YEAR ENDED
NOVEMBER 30, 2004
-----------------
Investment income:
Interest $ 675
Dividends (net of foreign taxes: $24,504) 79,495
---------
Total investment income 80,170
---------
EXPENSES:
Investment advisory fees 46,059
Distribution fees - No-load Class 9,823
Distribution fees - Class A 3,940
Distribution fees - Class C 2,523
Accounting and transfer agent fees 61,003
Audit fees 14,124
Out of pocket expenses 8,778
Insurance fees 5,379
Custody fees 10,555
Registration fees 10,445
Legal fees 12,107
Administrative fees 5,758
Printing fees 5,081
Trustee fees 1,860
Miscellaneous 8,978
---------
Total expenses 206,413
---------
Net investment loss (126,243)
---------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized loss on investments (770,994)
Net change in unrealized depreciation on investments 935,750
---------
164,756
---------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 38,513
=========
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
AMIDEX(TM) FUNDS, INC. (UNAUDITED) SEMI-ANNUAL REPORT
- --------------------------------------------------------------------------------
STATEMENT OF OPERATIONS NOVEMBER 30, 2004
AMIDEX(TM) CANCER
INNOVATIONS
& HEALTHCARE FUND
FOR THE YEAR ENDED
NOVEMBER 30, 2004
------------------
Investment income:
Interest $ 31
Dividends 4,363
---------
Total investment income 4,394
---------
EXPENSES:
Investment advisory fees 3,651
Distribution fees - Class A 1,141
Accounting and transfer agent fees 4,969
Custody fees 2,700
Registration fees 1,769
Insurance fees 434
Audit fees 1,133
Out of pocket expenses 1,016
Legal fees 1,041
Administrative fees 456
Printing fees 408
Trustee fees 149
Miscellaneous 1,740
---------
Total expenses 20,607
---------
Net investment loss (16,213)
---------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized loss on investments (3,359)
Net change in unrealized appreciation (depreciation) on investments (85,837)
---------
(89,196)
---------
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS $(105,409)
=========
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
AMIDEX(TM) FUNDS, INC. SEMI-ANNUAL REPORT
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS NOVEMBER 30, 2004
AMIDEX35(TM) ISRAEL MUTUAL FUND
SIX-MONTH
PERIOD ENDED
NOVEMBER 30, 2004 YEAR ENDED
Increase (decrease) in Net Assets (UNAUDITED) MAY 31, 2004
----------- ------------
Operations:
Net investment loss $ (126,243) $ (240,944)
Net realized loss on investments (770,994) (554,612)
Net change in unrealized depreciation on investments 935,750 2,602,983
------------ ------------
Net increase in net assets resulting from operations 38,513 1,807,427
------------ ------------
Increase (decrease) in net assets from Fund share transactions (Note 2) (141,668) 861,468
------------ ------------
Total increase (decrease) in net assets (103,155) 2,668,895
NET ASSETS:
Beginning of period 12,099,373 9,430,478
------------ ------------
End of period $ 11,996,218 $ 12,099,373
============ ============
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
AMIDEX(TM) FUNDS, INC. (UNAUDITED) SEMI-ANNUAL REPORT
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS NOVEMBER 30, 2004
AMIDEX(TM) CANCER
INNOVATIONS & HEALTHCARE FUND
SIX-MONTH
PERIOD ENDED
NOVEMBER 30, 2004 YEAR ENDED
(UNAUDITED) MAY 31, 2004
----------- ------------
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment loss $ (16,213) $ (35,998)
Net realized gain (loss) on investments (3,359) 22,458
Net change in unrealized appreciation (depreciation) on investments (85,837) 206,454
----------- -----------
Net increase (decrease) in net assets resulting from operations (105,409) 192,914
----------- -----------
Decrease in net assets from Fund share transactions (Note 2) (122,397) (81,756)
----------- -----------
Total increase (decrease) in net assets (227,806) 111,158
NET ASSETS:
Beginning of period 1,056,950 945,792
----------- -----------
End of period $ 829,144 $ 1,056,950
=========== ===========
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
AMIDEX(TM) FUNDS, INC. SEMI-ANNUAL REPORT
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS NOVEMBER 30, 2004
PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH FISCAL YEAR OR PERIOD
AMIDEX35(TM) ISRAEL MUTUAL FUND
NO-LOAD CLASS
---------------------------------------------------
FOR THE SIX-MONTH
PERIOD ENDED FOR THE YEAR FOR THE YEAR
NOVEMBER 30, 2004 ENDED ENDED
(UNAUDITED) MAY 31, 2004 MAY 31, 2003
------------------ ---------- ----------
Net Asset Value, Beginning of Period $ 9.29 $ 7.76 $ 6.39
---------- ---------- ----------
INVESTMENT OPERATIONS:
Net investment loss (0.10) (0.19) (0.18)
Net realized and unrealized gain (loss) on
investments 0.18 1.72 1.55
---------- ---------- ----------
Total from investment operations 0.08 1.53 1.37
---------- ---------- ----------
DISTRIBUTIONS:
From net realized capital gain -- -- --
---------- ---------- ----------
Total distributions -- -- --
---------- ---------- ----------
NET ASSET VALUE, END OF PERIOD $ 9.37 $ 9.29 $ 7.76
========== ========== ==========
TOTAL RETURN (A) 0.86% 19.72% 21.44%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000's) $ 8,074 $ 8,454 $ 6,799
Ratio of expenses to average net assets: 3.55%(2) 3.47% 3.53%
Ratio of net investment loss to
average net assets: (2.16)(2) (2.21)% (3.02)%
Portfolio turnover rate 3.03% 14.62% 8.72%
AMIDEX35(TM) ISRAEL MUTUAL FUND
NO-LOAD CLASS
----------------------------------------------------
FOR THE YEAR FOR THE YEAR FOR THE PERIOD
ENDED ENDED ENDED
MAY 31, 2002 MAY 31, 2001 MAY 31, 2000(1)
------------ ------------ ---------------
Net Asset Value, Beginning of Period $ 12.41 $ 17.05 $ 10.00
---------- ---------- ----------
INVESTMENT OPERATIONS:
Net investment loss (0.14) (0.22) (0.23)
Net realized and unrealized gain (loss) on
investments (5.88) (4.22) 7.28
---------- ---------- ----------
Total from investment operations (6.02) (4.44) 7.05
---------- ---------- ----------
DISTRIBUTIONS:
From net realized capital gain -- (0.20) --
---------- ---------- ----------
Total distributions -- (0.20) --
---------- ---------- ----------
NET ASSET VALUE, END OF PERIOD $ 6.39 $ 12.41 $ 17.05
========== ========== ==========
TOTAL RETURN (A) (48.51)% (26.37)% 70.50%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000's) $ 5,360 $ 11,462 $ 10,981
Ratio of expenses to average net assets: 2.20% 2.20% 2.85%(2)
Ratio of net investment loss to
average net assets: (1.61)% (1.36)% (1.50)%(2)
Portfolio turnover rate 27.70% 41.60% 18.16%
(1) The AMIDEX35(TM) Israel Mutual Fund No-load Class shares commenced
operations on June 8, 1999.
(2) Annualized
(a) Total return in the above table represents the rate that the investor
would have earned or lost on an investment in the Fund assuming
reinvestment of dividends.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
AMIDEX(TM) FUNDS, INC.(UNAUDITED) SEMI-ANNUAL REPORT
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS NOVEMBER 30, 2004
PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH FISCAL YEAR OR PERIOD
AMIDEX35(TM) ISRAEL MUTUAL FUND
CLASS A
-------------------------------------------------------
FOR THE SIX-MONTH
PERIOD ENDED FOR THE YEAR FOR THE YEAR
NOVEMBER 30, 2004 ENDED ENDED
(UNAUDITED) MAY 31, 2004 MAY 31, 2003
----------- ------------ ------------
Net Asset Value, Beginning of Period $ 7.20 $ 6.02 $ 4.95
--------- --------- ---------
INVESTMENT OPERATIONS:
Net investment loss (0.07) (0.15) (0.14)
Net realized and unrealized gain (loss) on
investments 0.13 1.33 1.21
--------- --------- ---------
Total from investment operations 0.06 1.18 1.07
--------- --------- ---------
DISTRIBUTIONS:
From net realized capital gain -- -- --
--------- --------- ---------
Total distributions -- -- --
--------- --------- ---------
NET ASSET VALUE, END OF PERIOD $ 7.26 $ 7.20 $ 6.02
========= ========= =========
TOTAL RETURN (A) 0.83% 19.60% 21.62%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000's) $ 3,408 $ 3,085 $ 2,142
Ratio of expenses to average net assets: 3.55% 3.48% 3.47%
Ratio of net investment loss to
average net assets: (2.16)% (2.22)% (2.98)%
Portfolio turnover rate 3.03% 14.62% 8.72%
AMIDEX35(TM) ISRAEL MUTUAL FUND
CLASS A
-------------------------------------------------------
FOR THE YEAR FOR THE YEAR FOR THE PERIOD
ENDED ENDED ENDED
MAY 31, 2002 MAY 31, 2001 MAY 31, 2000(1)
------------ ------------ ---------------
Net Asset Value, Beginning of Period $ 9.62 $ 13.33 $ 9.60
--------- --------- ---------
INVESTMENT OPERATIONS:
Net investment loss (0.11) (0.20) (0.10)
Net realized and unrealized gain (loss) on
investments (4.56) (3.31) 3.83
--------- --------- ---------
Total from investment operations (4.67) (3.51) 3.73
--------- --------- ---------
DISTRIBUTIONS:
From net realized capital gain -- (0.20) --
--------- --------- ---------
Total distributions -- (0.20) --
--------- --------- ---------
NET ASSET VALUE, END OF PERIOD $ 4.95 $ 9.62 $ 13.33
========= ========= =========
TOTAL RETURN (A) (48.54)% (26.75)% 38.85%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000's) $ 2,003 $ 3,930 $ 645
Ratio of expenses to average net assets: 2.20% 2.20% 2.70%(2)
Ratio of net investment loss to
average net assets: (1.61)% (1.60)% (1.48)%(2)
Portfolio turnover rate 27.70% 41.60% 18.16%
(1) The AMIDEX35(TM) Israel Mutual Fund Class A shares commenced operations on
November 19, 1999.
(2) Annualized
(a) Total return in the above table represents the rate that the investor
would have earned or lost on an investment in the Fund assuming
reinvestment of dividends.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
AMIDEX(TM) FUNDS, INC.(UNAUDITED) SEMI-ANNUAL REPORT
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS NOVEMBER 30, 2004
PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH FISCAL YEAR OR PERIOD
AMIDEX35(TM) ISRAEL MUTUAL FUND
CLASS C
---------------------------------------------------
FOR THE SIX-MONTH
PERIOD ENDED FOR THE YEAR FOR THE YEAR
NOVEMBER 30, 2004 ENDED ENDED
(UNAUDITED) MAY 31, 2004 MAY 31, 2003
----------- ------------ ------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 5.44 $ 4.58 $ 3.80
--------- --------- ---------
INVESTMENT OPERATIONS:
Net investment loss (0.08) (0.15) (0.13)
Net realized and unrealized gain (loss) on
investments 0.10 1.01 0.91
--------- --------- ---------
Total from investment operations 0.02 0.86 0.78
--------- --------- ---------
DISTRIBUTIONS:
From net realized capital gain -- -- --
--------- --------- ---------
Total distributions -- -- --
--------- --------- ---------
NET ASSET VALUE, END OF PERIOD $ 5.46 $ 5.44 $ 4.58
========= ========= =========
TOTAL RETURN (A) 0.37% 18.78% 20.53%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000's) $ 514 $ 560 $ 489
Ratio of expenses to average net assets: 4.30%(2) 4.20% 4.22%
Ratio of net investment loss to
average net assets: (2.91)%(2) (2.92)% (3.73)%
Portfolio turnover rate 3.03% 14.62% 8.72%
AMIDEX35(TM) ISRAEL MUTUAL FUND
CLASS C
------------------------------------------------------
FOR THE YEAR FOR THE YEAR FOR THE PERIOD
ENDED ENDED ENDED
MAY 31, 2002 MAY 31, 2001 MAY 31, 2000(1)
------------ ------------ ---------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 7.43 $ 10.42 $ 10.00
--------- --------- ---------
INVESTMENT OPERATIONS:
Net investment loss (0.12) (0.23) (0.01)
Net realized and unrealized gain (loss) on
investments (3.51) (2.56) 0.43
--------- --------- ---------
Total from investment operations (3.63) (2.79) 0.42
--------- --------- ---------
DISTRIBUTIONS:
From net realized capital gain -- (0.20) --
--------- --------- ---------
Total distributions -- (0.20) --
--------- --------- ---------
NET ASSET VALUE, END OF PERIOD $ 3.80 $ 7.43 $ 10.42
========= ========= =========
TOTAL RETURN (A) (48.86)% (27.32)% 4.20%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000's) $ 464 $ 1,305 $ 38
Ratio of expenses to average net assets: 2.95% 2.95% 2.51%(2)
Ratio of net investment loss to
average net assets: (2.31)% (2.39)% (2.14)(2)
Portfolio turnover rate 27.70% 41.60% 18.16%
(1) The AMIDEX35(TM) Israel Mutual Fund Class C shares commenced operations on
May 19, 2000.
(2) Annualized
(a) Total return in the above table represents the rate that the investor
would have earned or lost on an investment in the Fund assuming
reinvestment of dividends.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
AMIDEX(TM) FUNDS, INC. (UNAUDITED) SEMI-ANNUAL REPORT
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS NOVEMBER 30, 2004
PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
AMIDEX(TM) CANCER
INNOVATIONS & HEALTHCARE FUND
CLASS A
-------------------------------------------------------------------------
FOR THE SIX-MONTH
PERIOD ENDED FOR THE YEAR FOR THE YEAR FOR THE PERIOD
NOVEMBER 30, 2004 ENDED ENDED ENDED
(UNAUDITED) MAY 31, 2004 MAY 31, 2003 MAY 31, 2002(1)
----------------- ------------ ------------ -------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 10.32 $ 8.50 $ 8.12 $ 10.00
--------- --------- --------- ---------
INVESTMENT OPERATIONS:
Net investment loss (0.17) (0.34) (0.16) (0.02)
Net realized and unrealized gain (loss) on
investments (0.90) 2.16 0.54 (1.86)
--------- --------- --------- ---------
Total from investment operations (1.07) 1.82 0.38 (1.88)
--------- --------- --------- ---------
NET ASSET VALUE, END OF PERIOD $ 9.25 $ 10.32 $ 8.50 $ 8.12
========= ========= ========= =========
TOTAL RETURN (A) (10.37)% 21.41% 4.68% (18.80)%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000's) $ 829 $ 1,057 $ 946 $ 1,023
Ratio of expenses to average net assets: 4.52%(2) 4.56% 3.43% 1.24%(2)
Ratio of net investment loss to
average net assets: (3.56)%(2) (3.57)% (2.22)% (0.29)(2)
Portfolio turnover rate 0.00% 0.00% 0.00% 0.00%
(1) The AMIDEX(TM) Cancer Innovations & Healthcare Fund Class A shares
commenced operations on November 1, 2001.
(2) Annualized
(a) Total return in the above table represents the rate that the investor
would have earned or lost on an investment in the Fund assuming
reinvestment of dividends.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
AMIDEX(TM) FUNDS, INC. (UNAUDITED) SEMI-ANNUAL REPORT
- --------------------------------------------------------------------------------
NOTES TO THE FINANCIAL STATEMENTS NOVEMBER 30, 2004
1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
AMIDEX(TM) Funds, Inc. (the "Company") was incorporated under the laws of
the state of Maryland on April 27, 1999, and currently consists of two active
portfolios, the AMIDEX35(TM) Mutual Fund, and the AMIDEX(TM) Cancer Innovations
& Healthcare Fund (each a "Fund" and collectively the "Funds"). Effective March
25, 2004, the AMIDEX35(TM) Mutual Fund changed its name to the AMIDEX35(TM)
Israel Mutual Fund to better characterize its investment objectives and
investments in Israeli securities. The Funds are non-diversified Funds. The
Company is registered as an open-end management investment company under the
Investment Company Act of 1940 (the "1940 Act"). The Funds were registered to
offer four classes of shares, Class A, Class B, Class C and No-load class, with
only the Class A, Class C and No-load shares currently being offered in the
AMIDEX35 TM Israel Mutual Fund and only Class A shares being offered in the
AMIDEX(TM) Cancer Innovations & Healthcare Fund. Each class differs as to sales
charges, minimum investment amounts and ongoing fees. Income and
realized/unrealized gains or losses are allocated to each class based on
relative share balances. The Funds' investment objectives are long term growth
of capital. The AMIDEX35(TM) Israel Mutual Fund became effective with the SEC on
April 27, 1999 and commenced operations on June 8, 1999. The AMIDEX(TM) Cancer
Innovations & Healthcare Fund became effective with the SEC on August 1, 2001
and commenced operations on November 1, 2001.
The following is a summary of significant accounting policies consistently
followed by the Funds. The policies are in conformity with accounting principles
generally accepted in the United States of America.
a) Investment Valuation--Common stocks and other equity securities listed
on a securities exchange or quoted on a national market system are valued at
4:00 p.m., New York time, on the day of valuation. Price information on listed
stocks is taken from the exchange where the security is primarily traded. Equity
securities that are traded on the NASDAQ National Market System, for which
quotes are readily available, are valued at the official closing price.
Securities that are listed on an exchange but which are not traded on the
valuation date are valued at the most recent bid quotation. Other assets and
securities for which no quotations are readily available are valued at fair
value as determined in good faith by the pricing committee under the supervision
of the Board of Directors. At November 30, 2004, no securities were valued as
determined by the Board of Directors. Short-term instruments (those with
remaining maturities of 60 days or less) are valued at amortized cost, which
approximates fair market value.
b) Foreign Currency Translation--Portfolio securities and other assets and
liabilities denominated in foreign currencies are translated into U.S. dollars
based on the exchange rate of such currencies against U.S. dollars on the date
of valuation. Purchases and sales of securities and income items denominated in
foreign currencies are translated into U.S. dollars at the exchange rate in
effect on the transaction date. The Fund does not separately report the effect
of changes in foreign exchange rates from changes in market prices on securities
held. Such changes are included in net realized and unrealized gain or loss from
investments. Realized foreign exchange gains or losses arise from sales of
foreign currencies, currency gains or losses realized between the trade and
settlement dates on securities transactions and the difference between the
recorded amounts of dividends, interest and foreign withholding taxes, and the
U.S. dollar equivalent of the amounts actually received or paid. Net unrealized
foreign exchange gains or losses arise from changes in foreign exchange rates on
foreign currency denominated assets and liabilities other than investments in
securities held at the end of the reporting period.
c) Federal Income Taxes--No provision for federal income taxes has been
made since the AMIDEX35(TM) Israel Mutual Fund and the AMIDEX(TM) Cancer
Innovations and Healthcare Fund have complied to date with sub-chapter M of the
Internal Revenue Code applicable to regulated investment companies and intends
to so comply in the future and to distribute substantially all of its net
investment income and realized capital gains to its shareholders.
AMIDEX(TM) FUNDS, INC. (UNAUDITED) SEMI-ANNUAL REPORT
- --------------------------------------------------------------------------------
NOTES TO THE FINANCIAL STATEMENTS NOVEMBER 30, 2004
1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
d) Distributions to Shareholders--Dividends from net investment income and
distributions of net realized capital gains, if any, will be declared and paid
at least annually. Income and capital gain distributions, which are determined
in accordance with income tax regulations, are recorded on the ex-dividend date.
Accounting principles generally accepted in the United States of America require
that permanent financial reporting differences relating to shareholder
distributions be reclassified to paid in capital or net realized gains. These
reclassifications have no affect on net assets.
e) Use of Estimates--The preparation of financial statements in conformity
with accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts of
revenues and expenses during the reporting period. Actual results could differ
from those estimates.
f) Other--Investment and shareholder transactions are recorded on trade
date. The Funds determine the gain or loss realized from the investment
transactions by comparing the original cost of the security lot sold with the
net sales proceeds. Dividend income is recognized on the ex-dividend date or as
soon as information is available to the Fund and interest income is recognized
on an accrual basis. Withholding taxes on foreign dividends have been provided
for in accordance with the Funds' understanding of the applicable country's tax
rules and rates.
2. CAPITAL SHARE TRANSACTIONS
Transactions in shares of capital stock for the AMIDEX35(TM) Israel Mutual
Fund for the six-month period ended November 30, 2004 were as follows:
NO LOAD
-----------------------------
SHARES AMOUNT
--------- ---------
Sold 46,190 $ 423,346
Redeemed (94,447) (831,550)
--------- ---------
Net Decrease (48,257) $(408,204)
========= =========
CLASS A
-----------------------------
SHARES AMOUNT
--------- ---------
Sold 77,904 $ 564,581
Redeemed (36,791) (253,141)
--------- ---------
Net Increase 41,113 $ 311,440
========= =========
CLASS C
-----------------------------
SHARES AMOUNT
--------- ---------
Sold 185 $ 870
Redeemed (9,061) (45,774)
--------- ---------
Net Decrease (8,876) $ (44,904)
========= =========
Transactions in shares of the AMIDEX(TM) Cancer Innovations & Healthcare
Fund for the six month period ended November 30, 2004 were as follows:
CLASS A
-----------------------------
SHARES AMOUNT
--------- ---------
Sold 6,813 $ 65,368
Redeemed (19,519) (187,765)
--------- ---------
Net Decrease (12,706) $(122,397)
========= =========
AMIDEX(TM) FUNDS, INC. (UNAUDITED) SEMI-ANNUAL REPORT
- --------------------------------------------------------------------------------
NOTES TO THE FINANCIAL STATEMENTS NOVEMBER 30, 2004
2. CAPITAL SHARE TRANSACTIONS (CONTINUED)
Transactions in shares of capital stock for the AMIDEX35(TM) Israel Mutual
Fund for the year ended May 31, 2004 were as follows:
NO LOAD
-----------------------------
SHARES AMOUNT
--------- ----------
Sold 230,690 $1,997,284
Redeemed (196,406) (1,644,621)
--------- ----------
Net Increase 34,284 $ 352,663
========= ==========
CLASS A
-----------------------------
SHARES AMOUNT
--------- ---------
Sold 132,045 $ 913,142
Redeemed (59,499) (378,818)
--------- ---------
Net Increase 72,546 $ 534,324
========= =========
CLASS C
-----------------------------
SHARES AMOUNT
--------- ---------
Sold 24,330 $ 117,239
Redeemed (28,009) (142,758)
--------- ---------
Net Decrease (3,679) $ (25,519)
========= =========
Transactions in shares of the AMIDEX(TM) Cancer Innovations & Healthcare
Fund for the year ended May 31, 2004 were as follows:
CLASS A
-----------------------------
SHARES AMOUNT
--------- ---------
Sold 12,835 $ 122,192
Redeemed (21,714) (203,948)
--------- ---------
Net Decrease (8,879) $ (81,756)
========= =========
3. INVESTMENT TRANSACTIONS
For the six month period ended November 30, 2004, aggregate purchases and
sales of investment securities (excluding short-term investments) for each Fund
were as follows:
Purchases Sales
--------- -----
AMIDEX35(TM) Israel Mutual Fund $368,970 $342,054
AMIDEX(TM) Cancer Innovations & Healthcare Fund -- 61,811
There were no government securities purchased or sold during the period.
4. ADVISORY FEES AND OTHER RELATED PARTY TRANSACTIONS
Effective October 1, 2003, the Funds have entered into an Advisory
Agreement with Index Investments, LLC ("II") to provide investment management
services to the Funds. II furnishes, at its own expense, office space to the
Funds and all necessary office facilities, equipment and personnel for managing
the assets of the Funds. II also pays all expenses of marketing shares of the
Funds and related bookkeeping. Pursuant to the Advisory Agreement, II is
entitled to receive a fee, calculated daily and payable monthly at the annual
rate of 0.80% as applied to the Funds' daily net assets. For the six-month
period ended November 30, 2004, the AMIDEX35(TM) Israel Mutual Fund incurred
$46,059 of advisory fees, with $7,748 remaining payable at November 30, 2004.
For the six-month period ended November 30, 2004, the AMIDEX(TM) Cancer
Innovations & Healthcare Fund incurred $3,651 of advisory fees, with $559
remaining payable at November 30, 2004.
AMIDEX(TM) FUNDS, INC. (UNAUDITED) SEMI-ANNUAL REPORT
- --------------------------------------------------------------------------------
NOTES TO THE FINANCIAL STATEMENTS NOVEMBER 30, 2004
4. ADVISORY FEES AND OTHER RELATED PARTY TRANSACTIONS (CONTINUED)
Effective October 1, 2003, the Funds have entered into an Administrative
Services Agreement ("ASA") with II to provide administrative services to the
Funds. Pursuant to the ASA, II is entitled to receive a fee, calculated daily
and payable monthly at the annual rate of 0.10% as applied to the Funds' daily
net assets. For the six-month period ended November 30, 2004, the AMIDEX35(TM)
Israel Mutual Fund incurred $5,758 of administrative fees, with $969 remaining
payable at November 30, 2004. For the six-month period ended, the AMIDEXTM
Cancer Innovations & Healthcare Fund incurred $456 of administrative fees, with
$70 remaining payable at November 30, 2004. One director of the Funds is also an
Officer of II.
The Funds have entered into an Investment Company Services Agreement
("ICSA") with InCap Service Company ("ISC"), a wholly owned subsidiary of InCap
Group, Inc., to provide day-to-day operational services to the Funds including,
but not limited to, accounting, administrative, transfer agent, dividend
disbursement, registrar and record keeping services. For its services, ISC
receives $11,000 per month. For the six-month period ended November 30, 2004,
ISC earned $65,972, with $0 remaining payable at November 30, 2004 for both
Funds. Officers of the Funds are also employees of ISC.
The Funds and the Adviser have entered into a Distribution Agreement with
InCap Securities, Inc., a wholly owned subsidiary of InCap Group, Inc., to
provide distribution services to the Funds. InCap Securities, Inc. serves as
underwriter/distributor of the Funds.
A separate plan of distribution has been adopted pursuant to Rule 12b-1
under the Investment Company Act of 1940 for each class of shares. With respect
to Class A and the No-load class of shares, the plan provides that the Funds may
pay a servicing or Rule 12b-1 fee of 0.25% annually of the Funds' average net
assets attributable to each class of shares, respectively, and 1.00% annually of
the Funds' average net assets attributable to Class C shares to persons or
institutions for performing certain servicing functions for the Funds'
shareholders. The distribution plans are compensation plans, which also allow
the Funds to pay or reimburse expenditures in connection with sales, and
promotional services related to distribution of the Funds' shares, including
personal services provided to prospective and existing shareholders.
The distribution plans for the shares in the AMIDEX35(TM) Israel Mutual
Fund Class A, the No-load class and Class C took effect November 19, 1999, June
8, 1999 and May 19, 2000, respectively. The distribution plan for the Class A
shares in the AMIDEX(TM) Cancer Innovations & Healthcare Fund took effect
November 1, 2001. For the six-month period ended November 30, 2004, the
AMIDEX35(TM) Israel Mutual Fund incurred $16,286 in 12b-1 fees. For the
six-month period ended November 30, 2004, the AMIDEX(TM) Cancer Innovations &
Healthcare Fund incurred $1,141 in 12b-1 fees. InCap Securities, Inc. received
$41 in 12b-1 fees from the AMIDEX35(TM) Israel Mutual Fund and $502 from the
AMIDEX(TM) Cancer Innovations & Healthcare Fund.
5. TAX MATTERS
There were no distributions during the fiscal years 2004 and 2003 for the
AMIDEX35(TM) Israel Mutual Fund or the AMIDEX(TM) Cancer Innovations &
Healthcare Fund.
As of May 31, 2004, the Funds' most recent fiscal year end, the components
of distributable earnings on a tax basis were as follows:
AMIDEX(TM) FUNDS, INC. (UNAUDITED) SEMI-ANNUAL REPORT
- --------------------------------------------------------------------------------
NOTES TO THE FINANCIAL STATEMENTS NOVEMBER 30, 2004
5. TAX MATTERS (CONTINUED)
AMIDEX(TM) Cancer
AMIDEX35(TM) Innovations &
Israel Mutual Fund Healthcare Fund
------------------ ---------------
Cost of investments for tax purposes $ 19,476,371 $ 989,739
Unrealized Appreciation / (Depreciation):
Gross Appreciation 1,870,094 198,787
Gross Depreciation (9,353,086) (145,711)
------------ ------------
Net Unrealized Appreciation / (Depreciation) $ (7,482,992) $ 53,076
Undistributed Ordinary Income: -- --
Undistributed Long-term Capital Gains / (Accumulated Losses), Net
(3,112,649) 12,190
------------ ------------
Distributable Earnings, Net $(10,595,641) $ 65,266
============ ============
The difference between book basis and tax-basis unrealized depreciation is
attributable primarily to the tax deferral of losses on wash sales and
post-October losses for the AMIDEX35(TM) Israel Mutual Fund.
As of May 31, 2004 the Funds had capital loss carryforwards available for
federal income tax purposes as follows:
AMIDEX35(TM) AMIDEX(TM) Cancer
Israel Mutual Fund Innovations & Healthcare Fund
------------------ -----------------------------
Expiring in: 2010 $ (1,795,267) $ --
Expiring in: 2011 $ (100,824) $ --
Expiring in: 2012 $ (1,246,393) $ --
6. CONCENTRATION OF RISK
The AMIDEX35(TM) Israel Mutual Fund invests exclusively in common stock of
Israeli companies. Investing in the companies from one geographic region may
pose additional risks inherent to a region's economical and political situation.
A large portion of investments held by AMIDEX35(TM) Israel Mutual Fund are
considered investments in the technology sector of the market. All investments
in common stock held by AMIDEX(TM) Cancer Innovations & Healthcare Fund are
identified as belonging to the healthcare sector of the market. Investing in a
single market sector may be riskier than investing in a variety of market
sectors.
7. BENEFICIAL OWNERSHIP
The beneficial ownership, either directly or indirectly, of more than 25%
of the voting securities of a fund creates a presumption of control of the fund,
under Section 2(a)(9) of the Investment Company Act of 1940. As of November 30,
2004, Wexford Clearing Corp. held 26.96% of Class A of AMIDEX35(TM) Israel
Mutual Fund in an omnibus account for the benefit of others. As of November 30,
2004, Merrill Lynch held 63.98% of Class C of AMIDEX35(TM) Israel Mutual Fund in
an omnibus account for the benefit of others. As of November 30, 2004, Merrill
Lynch held 39.0% of Class A of AMIDEX(TM) Cancer Innovations & Healthcare Fund
in an omnibus account for the benefit of others.
ADDITIONAL INFORMATION (UNAUDITED)
- --------------------------------------------------------------------------------
The Funds file their complete schedules of portfolio holdings with the
Securities and Exchange Commission (the "Commission") for the first and third
quarters of each fiscal year on Form N-Q. The Funds' Forms N-Q are available on
the Commissions website at http://www.sec.gov. The Funds' Forms N-Q may be
reviewed and copied at the Commission's Public Reference Room in Washington, DC.
Information on the operation of the Commission's Public Reference Room may be
obtained by calling 1-800-SEC-0330.
A description of the policies and procedures that the Funds use to determine how
to vote proxies relating to portfolio securities is available without charge,
upon request, by calling 888-876-3566; and on the Commissions website at
http://www.sec.gov.
Information regarding how the Fund voted proxies relating to portfolio
securities during the most recent 12-month period ended December 31, 2004 is
available without charge, upon request, by calling 888-876-3566; and on the
Commission's website at http://www.sec.gov.
AMIDEX
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MUTUAL FUNDS
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FOR MORE INFORMATION
Visit Our Website:
www.amidex.com
Email:
info@amidex.com
Call Us Toll Free:
1-888-876 3566
ITEM 2. CODE OF ETHICS.
Not applicable for semi annual reports.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable for semi annual reports.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable for semi annual reports.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable
ITEM 6. SCHEDULE OF INVESTMENT
None
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable. Fund is an open-end management investment company.
ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable
ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None
ITEM 10. CONTROLS AND PROCEDURES.
(a)The registrant's principal executive office and principal financial
officer has concluded that the registrant's disclosure controls and
procedures (as defined in rule 30a-2(c) under the Investment Company Act
of 1940, as amended (the "1940 Act")) are effective based on their
evaluation of these controls and procedures as of a date within 90 days of
the filing date of this document.
(b)There were so significant changes in the registrant's internal controls
or in other factors that could affect these controls subsequent to the
date of their evaluation, including any corrective actions with regard to
significant deficiencies and material weaknesses.
ITEM 11. EXHIBITS
(1) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of
2002 are filed herewith.
(2) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of
2002 are filed herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) AMIDEX Funds, Inc.
By Clifford A. Goldstein, President /s/ Clifford A. Goldstein
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Date February 8, 2005
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
Following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By Clifford A. Goldstein, President /s/ Clifford A. Goldstein
--------------------------
Date February 8, 2005
By Larry E. Beaver, Jr. /s/ Larry E. Beaver, Jr.
Chief Accounting Officer ----------------------------
Date February 8, 2005