fp0007685_ncsr.htm

ANNUAL REPORT

May 31, 2013

AMIDEX Funds, Inc.

c/o Matrix Capital Group, Inc.

4520 Main Street

Suite 4125

Kansas City, MO 64111

AMIDEXTM Funds, Inc.

ANNUAL REPORT

Table of Contents


President’s Letter & Management’s Discussion of Fund Performance	1-2

Comparison of Investment	3

Information About Your Fund’s Expenses	4-5

Schedule of Investments	6-8

Statement of Assets and Liabilities	9

Statement of Operations	10

Statements of Changes in Net Assets	11

Per Share Data	12-14

Notes to the Financial Statements	15-21

Report of Independent Registered Public Accounting Firm	22

Additional Information	23

Directors and Officers Information	24-25

AMIDEXTM Funds, Inc.

ANNUAL REPORT

President's Letter & Management's Discussion of Fund Performance

May 31, 2013

Dear AMIDEXTM Funds, Inc. Shareholder,

Enclosed please find the Annual Report for the AMIDEXTM Funds, Inc. for the fiscal year ended May 31, 2013.

During the last fiscal year we have seen corrections in all major indexes both on Tel Aviv and U.S. markets. This trend continued throughout the first two quarters of the year. By the second half of the year the Tel Aviv Stock Exchange (“TASE”) lost some steam following the Israeli elections and, many believe, based on the decision to exclude Israel from the MSCI Europe Index. During our 2012 annual index revision the shift in weight continued from Israeli traded stocks to U.S. domiciled stocks as Tel Aviv traded stocks showed stable performance. In the U.S., markets are rallying on housing prices registering their biggest gains in seven years and contracts for previously owned homes rising to their highest levels in three years. The Index now is comprised of 14 U.S. traded stocks and 18 Israeli traded stocks. Among the newcomers on the U.S. side are SodaStream International and Taro Pharmaceuticals, Ltd..

After a year-long period of anticipation, MSCI decided against including Israel in its Europe Index. The inclusion was expected to bring an additional flow of $1 billion to $2 billion. The TASE requested to be included in the MSCI Europe gauge in an effort to boost trading volumes. The country’s move to developed market from emerging in May 2010 was one of the factors contributing to a trading decline in Tel Aviv. The long process of forming a government only added uncertainty. The market missed out on positive data while investors waited to see who would join Netanyahu's coalition.

The U.S. economy expanded at a sluggish annualized pace and far below what is needed to lower the unemployment rate. However, several factors that restrained results—including a slowdown in inventory accumulation and a steep decline in military spending—are expected to abate this year. In addition, consumer spending, which accounts for roughly 70% of U.S. economic growth, has picked up, and the housing market has grown progressively stronger.

One of Israel’s greatest challenges is still overcoming the relentless stream of biased and negative media portrayals. Although political developments and news stores rarely have any long term effect on the performance of Israelis stocks, it remains difficult to motivate investors to look past perceptions and at reality. Recent developments in the region have been exploited to promote ongoing campaigns aimed at delegitimizing Israel. Those of us who believe in Israel and its people, and who strive to invest in Israeli companies for mutual benefit, must be careful to refute these anti-Israeli messages. Although negative depictions of Israel in the press still plague us, we believe that the true story of Israel’s economic miracle will ultimately prevail.

We remain convinced that over the long term, Israeli entrepreneurialism coupled with Israel’s legendary investments in research and development, will lead to opportunities for portfolio growth. We intend to stay the course and to patiently wait for world markets to gradually rebound.

For the 12-month period ending May 31, 2013, the AMIDEX35TM Israel Mutual Fund Class No-Load, Class A and Class C returned 13.39%, 13.33%* and 12.52%*, respectively. For the same period, the S&P500 Total Return Index returned 27.28%. For the ten year period ended May 31, 2013, the AMIDEX35TM Israel Mutual Fund Class No-Load had an annualized return of 5.22%. For the same period, the S&P500 Index rose 7.57%. For the ten year period ended May 31, 2013, the AMIDEX35TM Israel Mutual Fund Class A had an annualized return 5.12%*. For the ten year period ended May 31, 2013, the AMIDEX35TM Israel Mutual Fund Class C had an annualized return of 4.35%.

* The returns stated above do not take into consideration transaction charges such as sales loads, redemption fees or CDSC fees. If these fees were taken into consideration, the one year and ten year returns for the AMIDEX35TM Israel Mutual Fund Class A shares would be 7.10% and 4.53%, respectively and the one year returns for the AMIDEX35TM Israel Mutual Fund Class C shares would be 11.40%. There is a maximum sales load of 5.50% on certain Class A subscriptions. A 1% contingent deferred sales charge “CDSC fee” is imposed on redemptions of Class C shares made within thirteen months of purchase. The Fund imposes a 2% redemption fee on AMIDEX35TM Israel Mutual Fund No-Load Class shares redeemed within one year of purchase. See Total Return Table on the following pages for additional return information.

Portfolio Summary - The AMIDEX35™ 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. The AMIDEX35TM Israel Mutual Fund’s total industry holdings as of May 31, 2013 were as follows:

Israeli traded
Banks				17.79%
Chemicals				9.19%
Computers				0.37%
Diversified Holdings				7.70%
Food				5.35%
Insurance				4.13%
Oil & Gas				3.07%
Real Estate				4.68%
Telecommunications				3.25%

U.S. traded
Aerospace & Defense				2.98%
Computers				0.67%
Electric				1.63%
Household Products & Wares				1.02%
Pharmaceuticals				11.70%
Semiconductors				2.06%
Software				13.44%
Telecommunications				10.13%
Wireless Telecommunication SSerivces				1.36%

Portfolio holdings are subject to change. Percentages are based on net assets of the Fund at May 31, 2013.

Our primary investment strategy and objective remains unchanged. Our Fund is based on an index, and there has been no change in the underlying index or portfolio, other than routine maintenance as outlined in the prospectuses.

We continue to believe in the merits of investing in our AMIDEX35TM Israel Mutual Fund and, and we remain committed to the index methodology as the best method of holding portfolios of stocks in our specialty niche. We encourage our investors to remain focused on the long-term prospects for the Fund, 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,

Cliff Goldstein

President, AMIDEXTM Funds, Inc.

This report is intended for the Fund’s shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current Fund prospectus.

The performance information quoted in this Annual Report assumes the reinvestment of all dividend and capital gain distributions, if any, and represents past performance, which is not a guarantee of future results. The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. 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. Current performance may be lower or higher than the performance data quoted. See Total Return Table on the following pages for additional return information.

Please call 215-830-8712 or visit the Fund’s website http://www.amidex.com/fund.htm for current performance data. We advise you to consider the Fund’s objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other important information about the Fund. Please read the prospectus carefully before you invest.

The AMIDEX35™ Index is a market capitalization weighted index, consisting of the thirty five highest capitalized Israeli companies publicly traded on the TASE, NASDAQ, or NYSE. The AMIDEX35™ Index is not an investment product available for purchase.

AMIDEXTM Funds, Inc.

ANNUAL REPORT

COMPARISON OF A $10,000 INVESTMENT IN THE AMIDEX35TM ISRAEL MUTUAL

FUND VERSUS THE MSCI WORLD INDEX AND THE S&P 500 TOTAL RETURN INDEX

(Unaudited)

Average Annual Total Return (Unaudited)

		Ten Years	Five Years	One Year
		ended	ended	Ended
		May 31, 2013	May 31, 2013	May 31, 2013
No Load Class		5.22%	(6.23)%	13.39%
Class A	With sales charge	4.53%	(7.38)%	7.10%
Class A	Without sales charge	5.12%	(6.33)%	13.33%
Class C	With contingent deferred sales charge	4.35%	(7.02)%	11.40%
Class C	Without contingent deferred sales charge	4.35%	(7.02)%	12.52%
MSCI World Index		8.42%	2.22%	28.69%
S&P 500 Total Return		7.57%	5.42%	27.28%

The performance information quoted in this annual report assumes the reinvestment of all dividend and capital gain distributions, if any, and represents past performance, which is not a guarantee of future results. The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The investment return and principal value of an investment will fluctuate and, therefore, an investor’s shares, when redeemed, may be worth more or less than their original cost.

The above graph depicts the performance of the AMIDEX35™ Israel Mutual Fund versus the MSCI World Index and the S&P 500 Total Return Index. The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The S&P 500 Total Return Index by Standard and Poor’s Corp. is a capitalization-weighted index comprising 500 issues listed on various exchanges, representing the performance of the stock market generally. Please note that indices do not take into account any fees and expenses of investing in the individual securities that they track and individuals cannot invest directly in any index.

Due to the bi-national, multi-sector and market capitalization range of the Fund, there aren’t adequate publically published benchmarks for comparison. As with any fund, save an index fund, that commonly compares its performance to the MSCI World Index and the S&P 500 Total Return Index, such a comparison may be said to be inappropriate because of the dissimilarity between the Fund’s investments and the securities comprising the indices; there may be little or no congruence between these indices and the AMIDEX35™ Israel Mutual Fund, which will not invest in certain securities comprising these indices.

AMIDEXTM Funds, Inc.

ANNUAL REPORT

Information About Your Fund’s Expenses (Unaudited)

As a shareholder of the Fund, 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 (12b-1) fees; and other Fund expenses. The example below is intended to help you understand your ongoing costs (in dollars) of investing in the Fund 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 (December 1, 2012) and held for the entire period of 12/01/12 through 05/31/13. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund 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 12/01/12). 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 Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. 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 the Fund 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 Fund’s prospectus.

Expenses and Value of a $1,000 Investment for the six months ended May 31, 2013
Actual Fund Return (in parentheses)	Beginning Account Value 12/01/12	Ending Account Value 05/31/13	Expenses Paid During Period*
Amidex35TM Israel Mutual Fund No-Load Class (+3.71%)	$1,000.00	$1,037.10	$16.70
Amidex35TM Israel Mutual Fund Class A (+3.68%)	1,000.00	1,036.80	16.70
Amidex35TM Israel Mutual Fund Class C (+3.39%)	1,000.00	1,033.90	20.50

AMIDEXTM Funds, Inc.

ANNUAL REPORT

Information About Your Fund’s Expenses (Unaudited) (continued)

Hypothetical 5% Fund Return	Beginning Account Value 12/01/12	Ending Account Value 05/31/13	Expenses Paid During Period*
Amidex35TM Israel Mutual Fund No-Load Class	$1,000.00	$1,008.67	$16.47
Amidex35TM Israel Mutual Fund Class A	1,000.00	1,008.67	16.47
Amidex35TM Israel Mutual Fund Class C	1,000.00	1,004.81	20.30

*Expenses are equal to the Funds’ annualized expense ratios of 3.27%, 3.27% and 4.02% for the Amidex35TM Israel Mutual Fund No-Load Class, Class A and Class C shares, respectively, multiplied by the average account value over the period, multiplied by 183/365 to reflect the one-half year period.

Total Fund operating expense ratios as stated in the current Fund prospectus dated September 30, 2012 were as follows:
AMIDEX35TM Israel Mutual Fund Class No-Load	3.02%
AMIDEX35TM Israel Mutual Fund Class A	3.02%
AMIDEX35TM Israel Mutual Fund Class C	3.77%
Total Gross Operating Expenses (Annualized) for the year ended May 31, 2013 were 3.47% for the AMIDEX35TM Israel Mutual Fund Class No-Load shares, 3.47% for the AMIDEX35TM Israel Mutual Fund Class A shares and 4.22% for the AMIDEX35TM Israel Mutual Fund Class C shares. Please see the Information About Your Fund’s Expenses, the Financial Highlights and Notes to Financial Statements (Note 4) sections of this report for expense related disclosures during the year ended May 31, 2013.

For more information on Fund expenses, please refer to the Fund’s prospectus, which can be obtained from your investment representative or by calling 1-888-876-3566. Please read it carefully before you invest or send money.

AMIDEXTM Funds, Inc.
AMIDEX35TM ISRAEL MUTUAL FUND
SCHEDULE OF INVESTMENTS
May 31, 2013	ANNUAL REPORT

	Shares		Fair Value
ISRAEL – 55.53%

COMMON STOCK – 55.53%

Banks- 17.79%
Bank Hapoalim BM *		162,528	$	756,672
Bank Leumi Le-Israel BM *		180,616		633,233
First International Bank of Israel Ltd. *		10,000		152,928
Israel Discount Bank Ltd. *		165,810		278,748
Mizrahi Tefahot Bank Ltd. *		39,915		414,086
				2,235,667
Chemicals – 9.19%
Israel Chemicals Ltd.		103,335		1,154,393

Computers – 0.37%
LivePerson, Inc.		5,000		47,248

Diversified Holdings – 7.70%
Delek Group Ltd.		1,564		405,419
Israel Corp. Ltd. *		908		562,083
				967,502
Food – 5.35%
Osem Investments Ltd.		19,084		382,146
Strauss Group Ltd.		17,900		289,710
				671,856
Insurance- 4.13%
Harel Insurance Investments & Financial Services Ltd.		4,200		225,032
Migdal Insurance & Financial Holdings Ltd.		177,216		294,271
				519,303
Oil & Gas – 3.07%
Oil Refineries Ltd. *		413,000		184,327
Paz Oil Co. Ltd. *		1,300		201,063
				385,390
Real Estate – 4.68%
Azrieli Group Ltd.		12,000		344,902
Gazit-Globe Ltd.		18,000		243,303
				588,205

The accompanying notes are an integral part of these financial statements.

AMIDEXTM Funds, Inc.
AMIDEX35TM ISRAEL MUTUAL FUND
SCHEDULE OF INVESTMENTS
May 31, 2013			ANNUAL REPORT

	Shares		Fair Value
ISRAEL – 55.53% (continued)

COMMON STOCK – 55.53% (continued)

Telecommunications – 3.25%
Bezeq Israeli Telecommunication Corp. Ltd.		317,390	$	408,786

TOTAL COMMON STOCK – ISRAEL (Cost $4,634,876)				6,978,350

TOTAL ISRAEL (Cost $4,634,876)				6,978,350

UNITED STATES – 44.99%

COMMON STOCK – 44.99%

Aerospace & Defense – 2.98%
Elbit Systems Ltd.		8,698		374,710

Computers – 0.67%
Electronics for Imaging, Inc. *		3,000		83,670

Electric – 1.63%
Ormat Technologies, Inc.		9,000		205,380

Household Products & Wares – 1.02%
SodaStream International Ltd. *		2,000		127,600

Pharmaceuticals – 11.70 %
Taro Pharmaceutical Industries Ltd. *		5,000		292,500
Teva Pharmaceutical Industries Ltd. - ADR		30,816		1,177,171
				1,469,671
Semiconductors – 2.06%
Mellanox Technologies Ltd. *		5,000		259,350

Software – 13.44%
Check Point Software Technologies Ltd. *		22,695		1,136,566
VeriFone Systems, Inc. *		14,000		326,620
Verint Systems, Inc. *		6,721		225,624
				1,688,810
Telecommunications – 10.13%
Amdocs Ltd.		20,803		742,667
Cellcom Israel Ltd.		18,500		161,320
NICE Systems Ltd. - ADR		10,000		369,000
				1,272,987
Wireless Telecommunication Services – 1.36%
Partner Communications Co., Ltd. - ADR		28,100		170,567

The accompanying notes are an integral part of these financial statements.

AMIDEXTM Funds, Inc.
AMIDEX35TM ISRAEL MUTUAL FUND
SCHEDULE OF INVESTMENTS
May 31, 2013	ANNUAL REPORT

	Shares	Fair Value
UNITED STATES – 44.99% (continued)

TOTAL UNITED STATES (Cost $5,887,988)		$	5,652,745

TOTAL INVESTMENTS (Cost $10,522,864) - 100.52%		$	12,631,095
LIABILITIES IN EXCESS OF OTHER ASSETS, NET - (0.52)%			(64,953	)
NET ASSETS - 100.00%		$	12,566,142

*	Non-income producing security.

ADR -

American Depository Receipt.

BM -	Beeravon Mugbal (Limited).

The accompanying notes are an integral part of these financial statements.

AMIDEXTM Funds, Inc.	ANNUAL REPORT
STATEMENT OF ASSETS AND LIABILITIES - MAY 31, 2013

	AMIDEX35TM
	Israel Mutual Fund
Assets:
Investments, at fair value (cost: $10,522,864)	$	12,631,095
Receivables:
Dividends		17,283
Interest		5
Prepaid expenses		23,951
Total assets		12,672,334

Liabilities:
Payables:
Due to custodian		50,306
Investment advisory and administrative fees		9,855
Distribution fees		6,089
Fund accounting and transfer agency fees		10,250
Other liabilities and accrued expenses		29,692
Total liabilities		106,192
Net Assets	$	12,566,142

Net Assets consist of:
Common stock	$	107
Additional paid-in capital		16,656,077
Accumulated net investment loss		(96,622	)
Accumulated realized loss on investments		(6,101,686	)
Net unrealized appreciation on investments		2,108,266

Total Net Assets (1,068,552 shares outstanding; 500,000,000 shares of $0.0001 par value authorized for the Fund)	$	12,566,142

No-load class shares:
Net Assets applicable to 809,268 shares outstanding	$	10,414,536
Net Asset Value and offering price per share	$	12.87

Minimum Redemption price per share No-load class 1	$	12.61

Class A shares:
Net Assets applicable to 117,499 shares outstanding	$	1,158,374
Net Asset Value and redemption price per share	$	9.86

Maximum Offering price per share Class A 2	$	10.43

Class C shares:
Net Assets applicable to 141,785 shares outstanding	$	993,232
Net Asset Value and offering price per share	$	7.01

Minimum Redemption price per share Class C 3	$	6.94

1	A redemption fee of 2.00% is imposed on redemptions occurring within 365 days of purchase.
2	A maximum sales charge of 5.50% is imposed on Class A shares.
3	A contingent deferred sales charge (“CDSC”) of 1.00% is imposed in the event of certain redemption transactions within thirteen months following such investments.

The accompanying notes are an integral part of these financial statements.

AMIDEXTM Funds, Inc.	ANNUAL REPORT
STATEMENT OF OPERATIONS


	AMIDEX35TM
	Israel Mutual Fund

	For the Year Ended May 31, 2013

Investment income:
Dividends (net of foreign withholding taxes of $57,816)	$	230,449
Interest		208
Total investment income		230,657

Expenses:
Investment advisory fees		100,184
Distribution fees - No-load Class		25,150
Distribution fees - Class A		3,668
Distribution fees - Class C		9,958
Fund accounting and transfer agent fees		123,000
Registration fees		36,863
Legal fees		30,456
Custody fees (a)		20,614
Audit fees		20,400
Insurance fees		18,047
Administrative fees		12,523
Miscellaneous		14,135
Out of pocket expenses		8,826
Networking fees		9,768
Trustee fees		4,333
Pricing fees		3,893
Total expenses		441,818

Net investment loss		(211,161	)

Realized and unrealized gain (loss) on investments and foreign currency transactions:
Net realized loss on investments and foreign currency transactions		(1,317,073	)
Net change in unrealized appreciation on investments and foreign currency transactions		3,076,190
Net realized and unrealized gain on investments and foreign currency transactions		1,759,117

Net increase in net assets resulting from operations	$	1,547,956

(a)	Includes interest credits of $24

The accompanying notes are an integral part of these financial statements.

AMIDEXTM Funds, Inc.

ANNUAL REPORT

STATEMENTS OF CHANGES IN NET ASSETS


	AMIDEX35TM Israel Mutual Fund

	For the			For the
	Year Ended			Year Ended
	May 31, 2013			May 31, 2012
Increase (decrease) in Net Assets
Operations:
Net investment loss	$	(211,161	)	$	(130,206	)
Net realized gain (loss) on investments and foreign currency transactions		(1,317,073	)		182,095
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		3,076,190			(6,709,930	)
Net increase (decrease) in net assets resulting from operations		1,547,956			(6,658,041	)

Decrease in net assets from Fund share transactions (Note 2)		(1,531,987	)		(2,026,379	)

Total increase (decrease) in net assets		15,969			(8,684,420	)

Net Assets:
Beginning of year		12,550,173			21,234,593
End of year	$	12,566,142		$	12,550,173
Undistributed Accumulated net investment income (loss)	$	(96,622	)	$	(94,411	)

The accompanying notes are an integral part of these financial statements.

AMIDEXTM Funds, Inc.

ANNUAL REPORT

FINANCIAL HIGHLIGHTS

Per Share Data For a Share Outstanding Throughout Each Fiscal Year

	AMIDEX35TM Israel Mutual Fund
	No-Load Class

	For the			For the			For the			For the			For the
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	May 31, 2013			May 31, 2012			May 31, 2011			May 31, 2010			May 31, 2009

Net Asset Value, Beginning of Year	$	11.35		$	16.94		$	13.93		$	11.98		$	17.80

Investment Operations:
Net investment income (loss) (a)		(0.20	)		(0.10	)		0.05			(0.05	)		(0.06	)
Net realized and unrealized
gain (loss) on investments		1.72			(5.50	)		2.99			1.99			(5.78	)
Total from investment
operations		1.52			(5.60	)		3.04			1.94			(5.84	)

Distributions:
From net investment income		-			-			(0.05	)		-			-
Total distributions		-			-			(0.05	)		-			-

Paid in capital from redemption fees		-	(c)		0.01			0.02			0.01			0.02

Net Asset Value, End of Year	$	12.87		$	11.35		$	16.94		$	13.93		$	11.98

Total Return (b)		13.39	%		(33.00	)%		21.93	%		16.28	%		(32.70	)%

Ratios/Supplemental Data
Net assets, end of year (in 000’s)	$	10,415		$	9,849		$	15,821		$	14,432		$	11,088
Ratio of expenses to average net assets:		3.47	%		3.02	%		2.62	%		2.84	%		3.24	%
Ratio of net investment income (loss)
to average net assets:		(1.63	)%		(0.75	)%		0.31	%		(0.32	)%		(0.47	)%
Portfolio turnover rate		7.98	%		1.29	%		4.06	%		2.56	%		2.08	%

(a)	Net investment income (loss) per share is based on average shares outstanding.
(b)	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.
(c)	Redemption fees per share were less than $0.01 per share.

The accompanying notes are an integral part of these financial statements.

AMIDEXTM Funds, Inc.

ANNUAL REPORT

FINANCIAL HIGHLIGHTS

Per Share Data For a Share Outstanding Throughout Each Fiscal Year

	AMIDEX35TM Israel Mutual Fund
	Class A

	For the			For the			For the			For the			For the
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	May 31, 2013			May 31, 2012			May 31, 2011			May 31, 2010			May 31, 2009

Net Asset Value, Beginning of Year	$	8.70		$	12.99		$	10.71		$	9.22		$	13.73

Investment Operations:
Net investment income (loss) (a)		(0.16	)		(0.08	)		0.04			(0.04	)		(0.04	)
Net realized and unrealized
gain (loss) on investments		1.32			(4.21	)		2.30			1.53			(4.47	)
Total from investment
operations		1.16			(4.29	)		2.34			1.49			(4.51	)

Distributions:
From net investment income		-			-			(0.06	)		-			-
Total distributions		-			-			(0.06	)		-			-

Net Asset Value, End of Year	$	9.86		$	8.70		$	12.99		$	10.71		$	9.22

Total Return (b)		13.33	%		(33.03	)%		21.81	%		16.16	%		(32.85	)%

Ratios/Supplemental Data
Net assets, end of year (in 000’s)	$	1,158		$	1,698		$	3,833		$	3,265		$	2,393
Ratio of expenses to average net assets:		3.47	%		3.02	%		2.62	%		2.85	%		3.23	%
Ratio of net investment income (loss)
to average net assets:		(1.63	)%		(0.75	)%		0.30	%		(0.34	)%		(0.48	)%
Portfolio turnover rate		7.98	%		1.29	%		4.06	%		2.56	%		2.08	%

(a)	Net investment income (loss) per share is based on average shares outstanding.
(b)	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 these financial statements.

AMIDEXTM Funds, Inc.

ANNUAL REPORT

FINANCIAL HIGHLIGHTS

Per Share Data For a Share Outstanding Throughout Each Fiscal Year

	AMIDEX35TM Israel Mutual Fund
	Class C

	For the			For the			For the			For the			For the
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	May 31, 2013			May 31, 2012			May 31, 2011			May 31, 2010			May 31, 2009

Net Asset Value, Beginning of Year	$	6.23		$	9.37		$	7.76		$	6.73		$	10.09

Investment Operations:
Net investment loss (a)		(0.16	)		(0.11	)		(0.04	)		(0.08	)		(0.08	)
Net realized and unrealized gain
(loss) on investments		0.94			(3.03	)		1.65			1.11			(3.28	)
Total from investment
operations		0.78			(3.14	)		1.61			1.03			(3.36	)

Net Asset Value, End of Year	$	7.01		$	6.23		$	9.37		$	7.76		$	6.73

Total Return (b)		12.52	%		(33.51	)%		20.81	%		15.30	%		(33.30	)%

Ratios/Supplemental Data
Net assets, end of year (in 000’s)	$	993		$	1,003		$	1,581		$	1,195		$	746
Ratio of expenses to average net assets:		4.22	%		3.77	%		3.37	%		3.58	%		3.98	%
Ratio of net investment loss to
average net assets:		(2.38	)%		(1.50	)%		(0.47	)%		(1.03	)%		(1.23	)%
Portfolio turnover rate		7.98	%		1.29	%		4.06	%		2.56	%		2.08	%

(a)	Net investment loss per share is based on average shares outstanding.
(b)	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 these financial statements.

AMIDEXTM Funds, Inc.

ANNUAL REPORT

NOTES TO THE FINANCIAL STATEMENTS

May 31, 2013

1.	ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

AMIDEXTM Funds, Inc. (the “Company”) was incorporated under the laws of the state of Maryland on April 27, 1999, and currently consists of one active portfolio, the AMIDEX35TM Israel Mutual Fund (the “Fund”). The Fund is a non-diversified Fund. As a non-diversified Fund, it may invest a significant portion of its assets in a small number of companies. The Company is registered as an open-end management investment company under the Investment Company Act of 1940 (the “1940 Act”). The Fund was 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 AMIDEX35TM Israel Mutual Fund. Each class differs as to sales and redemption 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 Fund’s investment objective is long term growth of capital. The Fund became effective with the SEC on April 27, 1999 and commenced operations on June 8, 1999.

The following is a summary of significant accounting policies consistently followed by the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”).

a) Investment Valuation - A portfolio security listed or traded on an exchange in domestic or international markets is valued at the last reported sale price of the primary exchange on which it trades before the time when the Fund values assets. Securities traded on more than one market are valued using the market identified as primary based on trading volume and activity. Equity securities traded on the NASDAQ National Market System are valued at the NASDAQ Official Closing Price. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in level 1 of the fair value hierarchy described below. If there are no sales that day, such securities will be valued at the last bid price, if available. Other over-the-counter securities are valued at the last sale price, if published, or the last bid price, if available. Lacking any sales on the principal exchange that day, the security is valued at the last reported bid, if available and would be categorized as level 2. Debt securities with maturities of sixty days or less at the time of purchase are valued based on amortized cost which approximates fair value and would be categorized as level 2. Money market funds are valued at their asset value of $1.00 per share and are categorized as level 1. If market quotations are not readily available, or when the portfolio management team believes that a readily available market quotation or other valuation produced by the Fund’s valuation policies is not reliable, the Fund values the assets at fair value using procedures established by the Board of Directors. The Board members have delegated pricing authority to the fair valuation committee of the adviser, for certain pricing issues, as defined in the valuation procedures. Events affecting the value of securities that occur between the time prices are established and the New York Stock Exchange closes are not reflected in the calculation of net asset value unless the fair valuation committee decides that the event would materially affect the net asset value. If the event would materially affect the Fund’s net asset values, the security will be fair valued by the fair valuation committee or, at its discretion, by an independent fair valuation vendor. As of and during the year ended May 31, 2013, no securities were valued as determined by the Board of Directors.

In accordance with the authoritative guidance on fair value measurements and disclosure under GAAP, ASC 820, the Fund discloses fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under ASC 820 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 - Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

AMIDEXTM Funds, Inc.

ANNUAL REPORT

NOTES TO THE FINANCIAL STATEMENTS

May 31, 2013

1.	ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (continued)

The following is a summary of the inputs used, as of May 31, 2013, in valuing the Fund’s investments carried at fair value:

Security Classification (a)
Level 1
Common Stock - Israel (b)	$	6,978,350
Common Stock - United States (b)		5,652,745
Total Level 1	$	12,631,095

Level 2	$	-

Level 3	$	-

Total Investments	$	12,631,095

(a)

As of and during the year ended May 31, 2013, the Fund held no securities that were considered to be “Level 3” securities (those valued using significant unobservable inputs). Therefore, a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value is not applicable.

(b)	All common stocks held in the Fund are Level 1 securities. For a detailed break-out of common stocks by major industry classification, please refer to the Schedule of Investments.

The Fund recognizes transfers, if any, between fair value hierarchy levels at the reporting period end. There were no transfers between levels as of May 31, 2013, from the valuation input levels used on May 31, 2012.

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 Fund has complied to date with sub-chapter M of the Internal Revenue Code applicable to regulated investment companies and intends to comply in the future and to distribute all of its net investment income and realized capital gains to its shareholders.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has reviewed the tax positions in the open tax years of 2009, 2010, 2011 and 2012 and during the year ended May 31, 2013 and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken in the above open tax years. The Fund identifies its major tax jurisdictions as U.S. Federal and Maryland. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statements of operations. During the year ended May 31, 2013, the Fund did not incur any interest or penalties.

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. GAAP requires that permanent financial reporting differences relating to shareholder distributions be reclassified to paid-in capital or net realized gain.

AMIDEXTM Funds, Inc.

ANNUAL REPORT

NOTES TO THE FINANCIAL STATEMENTS

May 31, 2013

1.	ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (continued)

e) Use of Estimates - The preparation of financial statements in conformity with GAAP 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) Redemption Fees and Sales Charges (loads) - Shareholders of the No-load shares that redeem shares within 365 days of purchase will be assessed a redemption fee of 2.00% of the amount redeemed. The redemption fee is paid directly to and retained by the Fund, and is designed to deter excessive short-term trading and to offset brokerage commissions, market impact and other costs that may be associated with short-term money movement in and out of the Fund. A maximum sales charge of 5.50% is imposed on Class A shares. Shareholders of the Class C shares are imposed a contingent deferred sales charge (“CDSC”) of 1.00% in the event of certain redemption transactions within thirteen months following such investments. The CDSC is paid directly to the Adviser to reimburse expenses incurred in providing distribution-related services to the Fund. For the year ended May 31, 2013, there were redemption fees of $1,496 paid to the Fund and CDSC fees of $335 paid to the Adviser.

g) Other - Investment and shareholder transactions are recorded on trade date. The Fund determines 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 Fund’s understanding of the applicable country’s tax rules and rates.

2.	CAPITAL SHARE TRANSACTIONS

Transactions in shares of capital stock for the Fund for the year ended May 31, 2013 were as follows:

	No-Load
	Shares			Amount
Sold		48,378		$	593,888
Redeemed		(106,518	)		(1,279,627	)
Net Decrease		(58,140	)	$	(685,739	)

	Class A
	Shares			Amount
Sold		12,831		$	111,560
Redeemed		(90,479	)		(830,985	)
Net Decrease		(77,648	)	$	(719,425	)

	Class C
	Shares			Amount
Sold		15,282		$	101,919
Redeemed		(34,609	)		(228,742	)
Net Decrease		(19,327	)	$	(126,823	)

AMIDEXTM Funds, Inc.

ANNUAL REPORT

NOTES TO THE FINANCIAL STATEMENTS

May 31, 2013

2.	CAPITAL SHARE TRANSACTIONS (continued)

Transactions in shares of capital stock for the Fund for the year ended May 31, 2012 were as follows:

	No-Load
	Shares			Amount
Sold		78,813		$	1,104,966
Redeemed		(145,304	)		(1,971,815	)
Net Decrease		(66,491	)	$	(866,849	)

	Class A
	Shares			Amount
Sold		32,595		$	343,068
Redeemed		(132,518	)		(1,441,936	)
Net Decrease		(99,923	)	$	(1,098,868	)

	Class C
	Shares			Amount
Sold		20,895		$	154,673
Redeemed		(28,487	)		(215,335	)
Net Decrease		(7,592	)	$	(60,662	)

3.	INVESTMENT TRANSACTIONS

For the year ended May 31, 2013, aggregate purchases and sales of investment securities (excluding short-term investments) for the Fund were as follows:

Purchases	Sales
$985,063	$2,525,648

There were no government securities purchased or sold during the year.

4.	ADVISORY FEES AND OTHER RELATED PARTY TRANSACTIONS

Effective October 1, 2003, the Fund has entered into an Advisory Agreement with Index Investments, LLC (“II” or “Adviser”) to provide investment management services to the Fund. II furnishes, at its own expense, office space to the Fund and all necessary office facilities, equipment and personnel for managing the assets of the Fund. II also pays all expenses of marketing shares of the Fund 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 Fund’s daily net assets. For the year ended May 31, 2013, the Fund incurred $100,184 of advisory fees, with $8,766 remaining payable at May 31, 2013.

Effective October 1, 2003, the Fund has entered into an Administrative Services Agreement (“ASA”) with II to provide administrative services to the Fund. 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 Fund’s daily net assets. For the year ended May 31, 2013, the Fund incurred $12,523 of administrative fees, with $1,089 remaining payable at May 31, 2013.

One director of the Fund is also an Officer of II.

AMIDEXTM Funds, Inc.

ANNUAL REPORT

NOTES TO THE FINANCIAL STATEMENTS

May 31, 2013

4.	ADVISORY FEES AND OTHER RELATED PARTY TRANSACTIONS (continued)

The Fund has entered into an Investment Company Services Agreement (“ICSA”) with Matrix Capital Group, Inc. (“Matrix”). Pursuant to the ICSA, Matrix will provide day-to-day operational services to the Fund including, but not limited to, accounting, administrative, transfer agent, dividend disbursement, registrar and record keeping services. For its services, Matrix receives $10,250 per month. For the year ended May 31, 2013, Matrix earned $123,000 with $10,250 remaining payable at May 31, 2013 from the Fund.

Certain Officers of the Fund are also employees of Matrix.

The Fund and II have entered into a Distribution Agreement with Matrix Capital Group, Inc. Pursuant to the Distribution Agreement, Matrix will provide distribution services to the Fund. Matrix serves as underwriter/distributor of the Fund. Pursuant to the Distribution Agreement, Matrix receives $20,000 per year from the Fund. Matrix also receives commissions from the sale of Class A Fund shares for which they are the broker of record. The allocated distribution fees are reduced by the amount of commissions received and the remainder is paid from the accruals pursuant to Rule 12b-1 under the Investment Company Act of 1940. For the year ended May 31, 2013, Matrix received net distribution fees of $19,769 from the Fund. For the year ended May 31, 2013, Matrix received commissions from the sale of Fund shares of $231 from the Class A shares.

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 Fund may pay a servicing or Rule 12b-1 fee of up to 0.25% annually of the Fund’s average net assets attributable to each class of shares, respectively, and up to 1.00% annually of the Fund’s average net assets attributable to Class C shares to persons or institutions for performing certain servicing functions for the Fund’s shareholders. The distribution plan is a compensation plan, which also allows the Fund to pay or reimburse expenditures in connection with sales, and promotional services related to distribution of the Fund’s shares, including personal services provided to prospective and existing shareholders.

The distribution plans for the shares in the Class A, the No-load class and Class C shares took effect November 19, 1999, June 8, 1999 and May 19, 2000, respectively. For the year ended May 31, 2013, the Fund incurred $38,776 in 12b-1 fees with $6,089 remaining payable at May 31, 2013.

5.	TAX MATTERS

There were no distributions paid during the fiscal years ended May 31, 2013 and May 31, 2012.

For U.S. Federal income tax purposes, the cost of securities owned, gross unrealized appreciation, gross unrealized depreciation, and net unrealized appreciation (depreciation) of investments at May 31, 2013 were as follows:

Cost		Gross Appreciation		Gross Depreciation		Net Appreciation
$ 11,192,656		$ 4,101,253		$ (2,662,814)		$ 1,438,439

The difference between book basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales for the Fund.

AMIDEXTM Funds, Inc.

ANNUAL REPORT

NOTES TO THE FINANCIAL STATEMENTS

May 31, 2013

5.	TAX MATTERS (continued)

The Fund’s distributable earnings on a tax basis are determined only at the end of each fiscal year. As of May 31, 2013, the Fund’s most recent fiscal year-end, the components of distributable earnings on a tax basis were as follows:

Unrealized Appreciation	$	1,438,474
Capital Loss Carryforwards		(3,986,717	)
Post-October Capital Losses		(1,445,177	)
Post-December Ordinary Losses		(96,622	)
Total Distributable Earnings, Net	$	(4,090,042	)

The carryforward losses shown above differ from corresponding accumulated net investment loss and accumulated net realized gain (loss) figures reported in the statement of assets and liabilities due to differing temporary book/tax differences due to the tax deferral of wash sales and post-October losses.

Under current tax law, net capital losses realized after October 31st and net ordinary losses incurred after December 31 may be deferred and treated as occurring on the first day of the following fiscal year. The Fund’s carryforward losses, post-October losses and post-December losses are determined only at the end of each fiscal year. As of May 31, 2013, the Fund elected to defer net capital losses as indicated in the charts below.

Post-October Losses		Post-December Losses
Deferred	Utilized	Deferred	Utilized
$1,445,177	$500,643	$96,622	$92,652

As of May 31, 2013 the Fund has capital loss carryforwards available for federal income tax purposes as follows:

Expiring in:	2014	$	(1,409,903	)
2015			(1,009,874	)
2016			(652,905	)
2017			(393,230	)
2018			(51,633	)
No Expiration – Long-Term			(469,172	)
		$	(3,986,717	)

At May 31, 2013, the Fund had available for federal income tax purposes unused capital loss carryforwards of $3,986,717, which are available for offset against future capital gains, the use of a portion of which is limited by IRS regulations. To the extent these loss carryforwards are used to offset future capital gains, it is probable that the amount offset will not be distributed to shareholders. Capital loss carryforwards in the amount of $323,400 expired during the year ended May 31, 2013.

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 31, 2010, may be carried forward indefinitely, and their character is retained as short-term and/or long-term. Under the law in effect prior to the Act, pre-enactment net capital losses were carried forward for eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be utilized before pre-enactment net capital losses.

AMIDEXTM Funds, Inc.

ANNUAL REPORT

NOTES TO THE FINANCIAL STATEMENTS

May 31, 2013

6.	RECLASS OF CAPITAL ACCOUNTS

In accordance with accounting pronouncements, the Fund has recorded reclassifications in the capital accounts. These reclassifications have no impact on the net asset value of the Fund and are designed generally to present accumulated undistributed net investment income (loss) and accumulated realized gains/(losses) on a tax basis which is considered to be more informative to the shareholder. As of May 31, 2013, the Fund recorded reclassifications to increase (decrease) the capital accounts as follows:

Net Investment Loss				Paid-in Capital				Accumulated Capital Losses
$	208,950			$	(531,081	)		$	322,131

7.	CONCENTRATION OF RISK

The Fund invests a majority of its funds in common stocks of Israeli companies. Investing in 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 Fund are considered investments in the technology sector of the market. Investing in a single market sector may be riskier than investing in a variety of market sectors.

8.	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 May 31, 2013, Merrill Lynch Pierce, Fenner & Smith, Inc. held 41.74% of the Fund’s Class A shares in omnibus accounts for the sole benefit of their customers. As of May 31, 2013, Merrill Lynch Pierce, Fenner & Smith, Inc. held 35.36% of the Fund’s Class C shares in an omnibus account for the sole benefit of their customers.

9.	COMMITMENTS AND CONTINGENCIES

In the normal course of business, the Company may enter into contracts that may contain a variety of representations and warranties and provide general indemnifications. The Company’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated; however, management considers the risk of loss from such claims to be remote.

10.	RECENT ACCOUNTING PROUNOUNCEMENTS

In December 2011, FASB issued ASU No. 2011-11 related to disclosures about offsetting assets and liabilities. The amendments in this ASU require an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The ASU is effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. The guidance requires retrospective application for all comparative periods presented. Management is currently evaluating the impact ASU 2011-11 will have on the financial statement disclosures.

In January 2013, the Financial Accounting Standards Board issued ASU No. 2013-01 “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities (“ASU 2013-01”) which amended ASC Subtopic 210-20, Balance Sheet Offsetting. ASU 2013-01 clarified the scope of ASU No. 2011-11 “Disclosures about Offsetting Assets and Liabilities (“ASU 2011-11”). ASU 2011-11 requires an entity to disclose information about offsetting and related arrangements to enable users of that entity’s financial statements to understand the effect of those arrangements on its financial position. ASU 2013-01 clarifies the scope of ASU 2011-11 as applying to derivatives accounted for in accordance with Topic 815, Derivatives and Hedging, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are offset either in accordance with other requirements of GAAP or subject to an enforceable master netting arrangement or similar agreement. The guidance in ASU 2013-01 and ASU 2011-11 is effective for interim and annual periods beginning on or after January 1, 2013. Management is evaluating any impact ASU 2013-01 and ASU 2011-11 may have on the Fund’s financial statements.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Directors of

AMIDEX™ Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments of AMIDEX™ Funds, Inc., comprising AMIDEX35™ Israel Mutual Fund (the “Fund”), as of May 31, 2013, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of May 31, 2013, by correspondence with the custodian. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of AMIDEX35™ Israel Mutual Fund as of May 31, 2013, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Cohen Fund Audit Services, LTD.

COHEN FUND AUDIT SERVICES, LTD.

Cleveland, Ohio

July 25, 2013

AMIDEXTM Funds, Inc.

ANNUAL REPORT

Additional Information

The Fund files its complete schedule 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 Fund’s Forms N-Q is available on the Commission’s website at http://www.sec.gov. The Fund’s 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 Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-888-876-3566; and on the Commission’s 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 June 30th is available without charge, upon request, by calling 1-888-876-3566; and on the Commission’s website at http://www.sec.gov.

Shareholder Tax Information - The Fund is required to advise you within 60 days of the Fund’s fiscal year end regarding the federal tax status of distributions received by shareholders during the fiscal year. The Fund did not pay any distributions during the fiscal year ended May 31, 2013.

Tax information is reported from the Fund’s fiscal year and not calendar year, therefore, shareholders should refer to their Form 1099-DIV or other tax information which will be mailed in 2014 to determine the calendar year amounts to be included on their 2013 tax returns. Shareholders should consult their own tax advisors.

AMIDEXTM Funds, Inc.

ANNUAL REPORT

Additional Information

DIRECTORS AND OFFICERS INFORMATION (Unaudited)

Management Information—Following are the Directors and Officers of the Company, their age and address, their present position with the Company or the Portfolios, and their principal occupation during the past five years. In case a vacancy or an anticipated vacancy on the Board of Directors shall for any reason exist, the vacancy shall be filled by the affirmative vote of a majority of the remaining Directors, subject to certain restrictions under the 1940 Act. Those Directors and Officers, who are "interested persons" (as defined in the 1940 Act) by virtue of their affiliation with either the Company or the Adviser, are indicated in the table. The Company’s Statement of Additional Information includes additional information about the Directors and Officers and is available, without charge, upon request by calling 1-888-876-3566.

Name, Address and Age1	Position(s) Held with The Company	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Director3	Other Directorships Held by Director4
INDEPENDENT DIRECTORS
Eli Gabay, Esq. Age 53	Director	October 2003	Attorney, Solomon Sherman & Gabay, Philadelphia, PA	1	None
Erica Levi Age 34	Director	October 2003	Editor, Miles Media, 2007 to 2013; Communications Specialist, Pennoni Honors College at Drexel University	1	None
OFFICERS
Clifford A. Goldstein5 Age 54	President and Director	1999	President, Index Investments, LLC, November 2002 to present; President, TransNations Investments, LLC, Executive Consultant and Attorney with The Chartwell Law Offices since 2002.	1	None
Larry E. Beaver, Jr.6 630-A Fitzwatertown Road Willow Grove, PA 19090 Age 44	Chief Accounting Officer	May 2003	Director of Fund Accounting, Matrix 360 Administration, LLC (formerly Matrix Capital Group, Inc.), February 2005 to present.	N/A	N/A

1	Each Director may be contacted by writing to the Director, c/o AMIDEXTM Funds, Inc., 970 Rittenhouse Road, Eagleville, PA 19403.

2	Each Director holds office until he resigns, is removed or dies. The President and Chief Accounting Officer shall hold office for a one year term and until their respective successors are chosen and qualified, or until such officer dies or resigns.

3	The Fund Complex consists of the Company. The Company has one portfolio, the AMIDEX35TM Israel Mutual Fund.

4	Directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., "public companies") or other investment companies registered under the 1940 Act.

5	Indicates an "interested person" as defined in the Investment Company Act of 1940.

6	The Company entered into an agreement related to its Distribution Plan with Matrix Capital Group. Larry E. Beaver, Jr. is Director of Fund Administration at Matrix.

AMIDEXTM Funds, Inc.

ANNUAL REPORT

Additional Information

DIRECTORS AND OFFICERS INFORMATION (Unaudited) (continued)

Remuneration Paid to Directors and Officers—Officers of the Company and Directors who are "interested persons" of the Company or the Adviser will receive no salary or fees from the Company. Each Director who is not an "interested person" receives a fee of $500 per meeting attended. The Company reimburses each Director and officer for his or her travel and other expenses relating to attendance at such meetings.

Name of Director1	Aggregate Compensation From the Company2	Pension or Retirement Benefits Accrued As Part of Portfolio Expenses		Estimated Annual Benefits Upon Retirement	Total Compensation From the Company Paid to Directors2
Independent Directors
Eli Gabay, Esq.	$2,000	None	None		$2,000
Erica Levi	$2,000	None	None		$2,000
Interested Officers
Clifford A. Goldstein	None	Not Applicable	Not Applicable		None
Larry E. Beaver, Jr.	None	Not Applicable	Not Applicable		None

1	Each of the Directors and Officers serves as a Director or Officer to the one portfolio of the Company.

2	Figures are for the fiscal year ended May 31, 2013.

FOR MORE INFORMATION

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	Registrant	Adviser
Audit related Fees	100%	not applicable
Tax fees	100%	not applicable
All other fees	100%	not applicable