Tioga Joins AMIDEX35 Index of Israeli Stocks

TransNations Investments, LLC, July 18, 2000 NEW YORK July 18, 2000 — TransNations Investments, LLC (TNI) announced today revisions to its AMIDEX35 Index, the bi-national equity benchmark for Israeli stocks. Clal Israel, one of Israel’s largest industrial holding companies, was acquired in an equity swap deal by IDB Development, Israel’s largest diversified holding company, and was delisted from trading by the Tel Aviv Stock Exchange. Replacing Clal Israel in the Index is Tioga Technologies (NASDAQ: TIGA), a provider of integrated circuits, software, and system-level solutions to public telephone operators. Tioga is a spin-off of Orckit Communications (NASDAQ: ORCT), a provider of Digital Subscriber Line (DSL) solutions. Orckit, an existing participant in the AMIDEX35 Index, was added to the Index on its last annual revision. Other telecommunications companies included in the AMIDEX35 Index are Comverse Technologies (NASDAQ: CMVT), ECI Telecom (NASDAQ: ECIL) and Gilat Satellites (NASDAQ: GILTF). The AMIDEX35 Index tracks the thirty-five largest Israeli companies traded on either Wall Street or the Tel-Aviv stock exchange. The Index was first calculated on January 1, 1999, and through July 17, 2000 is up over 170%. As of July 17, 2000, the combined market capitalization of the 35 companies that comprise the AMIDEX35 Index reached over $120 billion. “Tioga’s spin-off will enable both companies to focus on their product lines, and is expected to create a higher value to the investors,” commented Gadi Beer, Senior Associate with TNI. Bloomberg, L.P, calculates and publishes Index performance statistics. The AMIDEX35 Index is an unmanaged Index comprised of 35 of the highest market capitalization Israeli stocks traded either on the Tel Aviv or New York exchanges, and is not an investment product available for purchase. For more information, visit, or call (856) 795-9229.

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AMIDEX Funds' distributor is Matrix Capital Group, Inc., 630-A Fitzwatertown Rd., Willow Grove, PA 19090

The AMIDEX35 Fund is not diversified and is composed of only 35 companies. All investments are inherently subject to market risk. The relatively limited liquidity of some of the equities in the portfolio may affect the fund's ability to acquire desired positions quickly or unable to dispose of securities at a desirable price and time. The fund also invests in foreign country securities which may involve economic, political and currency risks. These factors may adversely affect the value of your investment. The fund charges a 2% redemption fee for shares redeemed with 365 days of purchase.

An investor's return and principal value will fluctuate so that an investor's shares, when redeemed, may be more or less than their original cost. For a complete discussion of the risks, charges and expenses please call1-888-876-3566. Please read the prospectus carefully before you invest or send money. Matrix Capital Group, Inc., Willow Grove, PA 19090 distributes the Funds.

AMIDEX Funds, Inc. is an open-end investment management company currently consisting of one portfolio, the AMIDEX35 Israel Mutual Fund.

AMIDEX35 Israel Mutual Fund is the only fund to invest in Israel's 35 largest companies traded on U.S. and Tel Aviv Exchanges.