AMIDEX35 Israel Mutual Fund

A select List of Portfolio Holdings As of September 30, 2007

US traded - COMPANY TICKER INDUSTRY WEIGHTING
Amdocs DOX Billing Software 7.09%
Check Point Software CHKP Security Software & Services 4.47%
Comverse Technology CMVT Telecommunication 3.27%
DSP Group DSPG Wireless Telecommunication 0.43%
ECI Telecom ECIL Telecommunication 0.92%
Elbit Systems ESLT Defense Systems 1.14%
Electronics for Imaging EFII Digital Imaging 1.30%
Given Imaging GIVN Medical Imaging 0.63%
Partner Communications PTNR Telecommunication 3.15%
Verint Systems VRNT Communications Interception 0.75%
       
Israel traded - COMPANY TICKER INDUSTRY WEIGHTING
Africa Israel Investments AFIL Construction 3.63%
Israel Chemicals CHIM Chemicals-Diversified 8.77%
Clal Insurance CLIS Multi-line Insurance 1.31%
Delek Group Ltd. DELKG Oil & Gas 2.14%
Israel Discount Bank DSCT Banking 1.93%
Israel Corporation ILCO Diversified Holdings 5.51%
Leumi Bank LUMI Banking 4.36%
Makhteshim-Agan Industries MAIN Chemicals 3.03%
Osem Investment Ltd. OSEM Food Retail 1.17%

 

* Holdings and weights as of 06/30/07 and subject to change. The AMIDEX35 Israel Mutual 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 effect the Fund's ability to acquire desired positions quickly or ability to dispose of securities at a desirable price and time. The fund has a high industry concentration in healthcare securities, which could entail greater risk than a fund with more diversified holdings. For instance, market conditions, interest rates, or economic and regulatory developments can significantly affect an issuer, an industry, or even a group of related industries, more adversely than other securities in the market as a whole. These factors may affect the value of your investment.