TransNations Investments, LLC. Launches First U.S. No-Load Mutual Fund Based on Israeli Stock Index

New York, NY, June 22, 1999---TransNations Investments LLC. (TNI) announced today the launch of the AMIDEX35™ Mutual Fund, a no-load* fund based on the new AMIDEX35™ Index. The Fund will invest in the common stocks of the companies comprising the AMIDEX35™ Index.

Over 1000 Israeli securities trade on the Tel Aviv Stock Exchange (TASE). In addition to the Israeli shares traded on the TASE, more than 100 Israeli companies trade on the major U.S. exchanges (NYSE, NASDAQ, AMEX). More Israeli companies trade on Wall Street than do those of any other foreign nation except Canada. Many of Israel's hi-tech companies are traded in the U.S., while stocks of companies in more traditional industries such as banking, chemicals and real estate are traded primarily on the TASE. The AMIDEX35™ Index is the first published index combining the largest Israeli companies traded in both the U.S. and Israel.

Included in the Index are U.S. traded shares of hi-tech companies such as Amdocs, Comverse, ECI, Galileo, and Checkpoint. The Tel Aviv traded banking stocks include Bank Leumi, Bank Hapoalim and First International Bank. The Index is weighted based on the market capitalization of the included companies.

"The AMIDEX35™ Index balances the more mature, blue chip TASE-traded companies with the growth oriented high-tech companies traded in the U.S.," said Boaz Rahav, Fund Manager.

From January 1, 1999, when the AMIDEX35™ Index was first calculated, through June 10, 1999, the Index rose over 27%, outpacing major U.S. indices (Dow up 16.5%; NASDAQ up 14.66%; S& P500 up 7.27%) and also was ahead of major global indices (DJ World Index up 6.24%; Lipper International Index up 5.92%; Morgan Stanley World Index up 5.58%)**. The daily index value is reported on the Bloomberg system at the symbol AMIDEX35.

The AMIDEX35™ Mutual Fund is a no-load, open-end mutual fund that seeks to track the AMIDEX35™ Index.

Citing increasing investor interest in index based funds, Cliff Goldstein, President of AMIDEX Funds, Inc. noted that "investors finally have a convenient vehicle for investing in a broad array of Israeli equities."

Micah Harish, Former Israeli Minister of Trade and Industry, and the Chair of the Fund's Israeli Board, commented that "this Fund is being launched at an exceptional time. There is an air of optimism in Israel, and Israeli companies, especially hi-tech companies, are capturing attention worldwide." Over 200 new high-tech start-ups open for business in Israel each year, more than any other foreign nation.

"I believe that because the Fund is based on a bi-national index, it can be an attractive investment option for both individuals and institutions. Index based mutual funds make a lot of sense, and they should continue to attract investor attention," said Dr. Moshe Porat, Dean of Temple University's Fox School of Business and Management, and a Member of the Fund's Board of Directors.

TNI plans to use the Internet as a primary marketing tool for sales to individuals. "Our goal is to make comprehensive investment in Israel as easy as possible. That's why we will take advantage of the convenience of the Internet," said Goldstein. The daily NAV, Index performance, links to relevant investment and company sites, and profiles of selected companies in the Index will be featured on the Fund's Web site, www.amidex.com. Investors will be able to obtain the Fund's Prospectus, account application and additional information about the Fund on line.

The AMIDEX35™ Index is the first published index tracking Israeli shares on both Israeli and U.S. exchanges. The Index balances mature, blue-chip TASE traded companies, with the growth oriented high-tech companies traded on the U.S. exchanges. The AMIDEX35™ Mutual Fund tracks the Index, and is the first U.S. based no-load fund based on a bi-national index.

*No initial sales charge. Other fees and expenses that do apply are described in the Fund's prospectus. A 2% fee is charged for redemption within 365 days of your initial purchase. **Index performance statistics as calculated by Tochna L'Inyan. These results pertain to the unmanaged AMIDEX35 Index and may materially defer from the AMIDEX35 Mutual Fund's portfolio. This is not an offering, which can be made only by prospectus. To obtain a copy of the prospectus, and for a complete discussion of risks, charges and expenses write to the Fund's distributor, Declaration Distributors Inc., 555 North Lane, Suite 6160, Conshohocken, PA 19428, or call 1-888-876-3566. Please read the prospectus carefully before sending your money. An investor's investment return and principal value will fluctuate, so that your shares when redeemed may be worth more or less than your initial investment. There are risks associated with holding securities of foreign companies, which may include volatility, political, economic and currency risks.