N-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-09123

AMIDEX^TM Funds, Inc.

(Exact name of registrant as specified in charter)

970 Rittenhouse Road, Eagleville, PA 19403

(Address of principal executive offices) (Zip code)

Matrix Capital Group, Inc.

630 Fitzwatertown Road, Building A, 2nd Floor

Willow Grove, PA 19090-1904

(Name and address of agent for service)

Registrant's telephone number, including area code: 610.666.8426

Date of fiscal year end: 05/31/2009

Date of reporting period: 08/31/2008

Item 1. Schedule of Investments (Unaudited)

The Corporation’s schedule of investments as of the close of the reporting period prepared pursuant to Rule 12-12 of Regulation S-X is as follows:

AMIDEXTM Funds, Inc.
AMIDEX35TM ISRAEL MUTUAL FUND
SCHEDULE OF INVESTMENTS
August 31, 2008 (Unaudited)
	Shares		Value
ISRAEL - 51.75%
COMMON STOCK - 51.75%
Banking & Insurance - 14.44%
Bank Hapoalim BM		207,228	$	812,239
Bank Leumi Le-Israel BM		215,616		893,237
Clal Insurance Enterprise Holdings Ltd.		8,756		151,690
Harel Insurance Investments & Finances Ltd.		3,000		131,061
Israel Discount Bank Ltd. *		147,810		243,780
Migdal Insurance & Financial Holdings Ltd.		172,216		212,351
Mizrahi Tefahot Bank Ltd.		38,915		248,606
				2,692,964
Chemicals - 17.46%
Israel Chemicals Ltd.		166,335		2,784,160
Makhteshim-Agan Industries Ltd.		69,487		471,052
				3,255,212
Diversified Holdings - 13.03%
Africa Israel Investments Ltd.		7,651		291,347
Clal Industries and Investments Ltd.		6,977		27,327
Delek Group Ltd.		1,564		189,490
Discount Investment Corp.		11,860		266,309
Gazit Globe Ltd.		15,000		121,060
IDB Development Corp. Ltd.		8,629		188,728
IDB Holding Corp. Ltd.		3,248		62,068
Israel Corp. Ltd. *		1,188		1,206,361
Kardan NV		6,600		76,042
				2,428,732
Food - 2.22%
Osem Investment Ltd.		19,084		242,237
Strauss Group Ltd. *		14,000		172,627
				414,864
Oil & Gas - 0.88%
Oil Refineries Ltd.		260,000		163,923
Telecommunications - 3.72%
Bezeq Israeli Telecommunication Corp. Ltd.		387,390		693,813
TOTAL COMMON STOCK (Cost $5,447,363)				9,649,508
TOTAL ISRAEL (Cost $5,447,363)			$	9,649,508

The accompanying notes are an integral part of these schedules of investments.

AMIDEXTM Funds, Inc.
AMIDEX35TM ISRAEL MUTUAL FUND
SCHEDULE OF INVESTMENTS
August 31, 2008 (Unaudited)
	Shares		Value
UNITED STATES - 48.38%
COMMON STOCK - 35.58%
Computer Hardware/Software - 5.77%
Check Point Software Technologies Ltd. *		33,695	$	825,191
Electronics for Imaging, Inc. *		8,428		139,821
Verint Systems, Inc. *		5,000		110,950
				1,075,962
Defense Equipment - 1.54%
Elbit Systems Ltd.		5,198		287,189
Electronics - 0.31%
Orbotech Ltd. *		5,382		58,126
Medical Products - 0.61%
Given Imaging Ltd. *		4,010		63,077
Syneron Medical Ltd. *		3,000		49,530
				112,607
Pharmaceuticals - 11.63%
Teva Pharmaceutical Industries Ltd. - ADR		45,816		2,168,929
Semiconductors - 0.45%
DSP Group, Inc. *		4,705		36,464
Zoran Corp. *		5,300		47,170
				83,634
Telecommunications - 13.66%
Alvarion Ltd. *		7,000		45,360
Amdocs Ltd. *		30,803		929,943
Cellcom Israel Ltd.		11,500		361,675
Comverse Technology, Inc. *		25,377		350,456
Nice Systems Ltd. - ADR *		5,000		153,150
Partner Communications Co. Ltd. - ADR		33,100		705,361
				2,545,945
Utilities - 1.61%
Ormat Technologies, Inc.		6,000		300,840
TOTAL COMMON STOCK (Cost $8,213,626)			$	6,633,232

The accompanying notes are an integral part of these schedules of investments.

AMIDEXTM Funds, Inc.
AMIDEX35TM ISRAEL MUTUAL FUND
SCHEDULE OF INVESTMENTS
August 31, 2008 (Unaudited)
	Shares		Value
UNITED STATES - 48.38% (continued)
SHORT-TERM INVESTMENTS - 12.80%
Fidelity Institutional Money Market Fund, 2.61% ** (Cost $2,387,596)		2,387,596	$	2,387,596
TOTAL UNITED STATES (Cost $10,601,222)				9,020,828
TOTAL INVESTMENTS (Cost $16,048,585) - 100.13%			$	18,670,336
LIABILITIES IN EXCESS OF OTHER ASSETS, NET - (0.13%)				(24,706	)
NET ASSETS - 100%			$	18,645,630

*         Non-income producing security.

**       Rate shown represents the rate at August 31, 2008 is subject to change and resets daily.

ADR  American Depository Receipt.

The AMIDEX35^TM Israel Mutual Fund's cost and unrealized appreciation (depreciation) presented on an income tax basis are only deteremined at the end of each fiscal year. As of August 31, 2008, the estimated cost and unrealized appreciation (depreciation) presented on an income tax basis were as follows:

Cost of investments for tax purposes	$	17,199,202
Unrealized Appreciation / (Depreciation):
Gross Appreciation		7,181,772
Gross Depreciation		(5,710,638	)
Net Unrealized Appreciation	$	1,471,134

The accompanying notes are an integral part of these schedules of investments.

AMIDEX^TMFunds, Inc.

AMIDEX^TM CANCER INNOVATIONS & HEALTHCARE FUND

SCHEDULE OF INVESTMENTS

August 31, 2008 (Unaudited)

	Shares		Value
COMMON STOCK - 60.93%
Biotechnology - 27.78%
Amgen, Inc. *		325	$	20,426
Biogen Idec, Inc. *		475		24,192
Celgene Corp. *		600		41,580
Cell Therapeutics, Inc. *		25		6
Enzon Pharmaceuticals, Inc. *		100		905
Genentech, Inc. *		500		49,375
Genzyme Corp. *		346		27,092
Gilead Sciences, Inc. *		900		47,412
Human Genome Sciences, Inc. *		600		4,446
ImClone Systems, Inc. *		300		19,320
Immunomedics, Inc. *		100		216
Myriad Genetics, Inc. *		100		6,820
PDL BioPharma, Inc.		500		6,035
Vertex Pharmaceuticals, Inc. *		200		5,372
				253,197
Healthcare Products - 9.92%
Beckman Coulter, Inc.		200		14,764
Hologic, Inc. *		416		8,828
Johnson & Johnson		500		35,215
Varian Medical Systems, Inc. *		500		31,580
				90,387

The accompanying notes are an integral part of these schedules of investments.

AMIDEX^TMFunds, Inc.

AMIDEX^TM CANCER INNOVATIONS & HEALTHCARE FUND

SCHEDULE OF INVESTMENTS

August 31, 2008 (Unaudited)

Pharmaceuticals - 23.23%
Abbott Laboratories	400		22,972
AstraZeneca Plc. - ADR	600		29,220
Bristol-Myers Squibb Co.	800		17,072
Elan Corp. Plc. - ADR *	100		1,339
Eli Lilly & Co.	400		18,660
GlaxoSmithKline Plc. - ADR	500		23,485
Medarex, Inc. *	200		1,476
Merck & Co., Inc.	400		14,268
Novartis AG - ADR	450		25,038
Pfizer, Inc.	1,050		20,065
QLT, Inc. *	300		1,176
Schering-Plough Corp.	600		11,640
Valeant Pharmaceuticals International *	200		3,662
Wyeth	500		21,640
			211,713
TOTAL COMMON STOCK (Cost $501,813)			555,297
SHORT-TERM INVESTMENTS - 31.34%
Fidelity Institutional Money Market Fund, 2.61% ** (Cost $285,630)	285,630	$	285,630
TOTAL INVESTMENTS (Cost $787,443) - 92.27%		$	840,927
OTHER ASSETS IN EXCESS OF LIABILITIES, NET - 7.73%			70,412
NET ASSETS - 100%		$	911,339

*          Non-income producing security.

**        Rate shown represents the rate at August 31, 2008, is subject to change and resets daily.

ADR - American Depository Receipt

The accompanying notes are an integral part of these schedules of investments.

AMIDEX^TMFunds, Inc.

AMIDEX^TM CANCER INNOVATIONS & HEALTHCARE FUND

SCHEDULE OF INVESTMENTS

August 31, 2008 (Unaudited)

The AMIDEX^TM Cancer Innovations & Healthcare Fund's cost and unrealized appreciation (depreciation) presented on an income tax basis are only determined at the end of each fiscal year. As of August 31, 2008, the estimated cost and unrealized appreciation (depreciation) presented on an income tax basis were as follows:

Cost of investments for tax purposes	$	787,443
Unrealized Appreciation / (Depreciation):
Gross Appreciation		162,259
Gross Depreciation		(108,775	)
Net Unrealized Appreciation	$	53,484
The accompanying notes are an integral part of these schedules of investments.

AMIDEX^TMFunds, Inc.

NOTES TO THE SCHEDULES OF INVESTMENTS

August 31, 2008 (Unaudited)

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 Funds value assets. Lacking any sales on the principal exchange that day, the security is valued at the mean between the last reported bid and ask prices, if available. 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. If there are no sales that day, such securities will be valued at the mean between the bid and ask quotation, if available. Other over-the-counter securities are valued at the last sale price, if published, or the mean between the last bid and ask quotation, if available. Debt securities with maturities of sixty days or less at the time of purchase are valued based on amortized cost. 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 Funds’ valuation policies is not reliable, the Funds value 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 Funds’ net asset values, the security will be fair valued by the fair valuation committee or, at its discretion, by an independent fair valuation vendor. At August 31, 2008, no securities were valued as determined by the Board of Directors.

In September 2006, FASB issued Statement on Financial Accounting Standards ("SFAS") No. 157 "Fair Value Measurements". This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosure about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The Funds adopted SFAS No. 157 on June 1, 2008. The Funds do not believe adoption of SFAS No. 157 has made a material impact on the Funds’ financial statements. In accordance with SFAS 157, fair value is defined as the price that would be received by the Funds upon selling an asset or paid by the Funds to transfer a liability in an orderly transaction between market participants at the measurement date. In the absence of a principal market for the asset or liability, the assumption is that the transaction occurs on the most advantageous market for the asset or liability. SFAS 157 established a three-tier fair value hierarchy that prioritizes the assumptions, also known as "inputs," to valuation techniques used by market participants to measure fair value. The term "inputs" refers broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The valuation techniques used to measure fair value should maximize the use of observable inputs and minimize the use of unobservable inputs. The three-level hierarchy of inputs is summarized in three levels with the highest priority given to Level 1 and the lowest priority given to Level 3.

SFAS No. 157 - Summary of Fair Value Exposure at August 31, 2008

Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in three broad levels listed 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 fair value investments)

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

AMIDEX^TMFunds, Inc.

NOTES TO THE SCHEDULES OF INVESTMENTS

August 31, 2008 (Unaudited) (continued)

The following is a summary of the inputs used, as of August 31, 2008 in valuing the Funds’ investments carried at fair value:

	Investments in:	Value	Level 1 - Quoted prices in active markets for identical asets	Level 2 - Significant other observable inputs	Level 3 - Significant unobservable inputs
Amidex35TM Israel Mutual Fund	Securities	$        18,670,336	$        18,670,336	-	-
	Other Instruments	-	-	-	-
	Total	$        18,670,336	$        18,670,336	-	-
AmidexTM Cancer Innovations & Healthcare Fund	Securities	$             840,927	$             840,927	-	-
	Other Investments	-	-	-	-
	Total	$             840,927	$             840,927	-	-

Item 2. Controls and Procedures.

(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) were effective, as of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes to the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 3. Exhibits.

(a) A certification for the Principal Executive Officer of the registrant is attached hereto as part of EX-99.cert.

(b) A certification for the Principal Financial Officer of the registrant is attached hereto as part of EX-99.cert.

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^TM Funds, Inc.

By:	/s/ Clifford A. Goldstein
Name:	Clifford A. Goldstein
Title:	President
Date:	October 29, 2008

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/Clifford A. Goldstein
Name:	Clifford A. Goldstein
Title:	President
Date:	October 29, 2008

By:	/s/ Larry E. Beaver, Jr.
Name:	Larry E. Beaver, Jr.
Title:	Chief Accounting Officer
Date:	October 29, 2008

EX-99.CERT

Certification Pursuant to Section 302 of the Sarbanes-Oxley Act

I, Clifford A. Goldstein, certify that:

1. I have reviewed this report on Form N-Q of the AMIDEX^TM Funds, Inc. (the “registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedule of investments included in this report fairly presents in all material respects the investments of the registrant as of the fiscal quarter for which the report is filed;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: October 29, 2008	/s/ Clifford A. Goldstein
	Clifford A. Goldstein, President

Certification Pursuant to Section 302 of the Sarbanes-Oxley Act

I, Larry E. Beaver, Jr., certify that:

1. I have reviewed this report on Form N-Q of the AMIDEX^TM Funds, Inc. (the “registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedule of investments included in this report fairly presents in all material respects the investments of the registrant as of the fiscal quarter for which the report is filed;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: October 29, 2008	/s/ Larry E. Beaver, Jr.
	Larry E. Beaver, Jr., Chief Accounting Officer