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 Funds, Inc.

(Exact name of registrant as specified in charter)

970 Rittenhouse Road	Eagleville, PA  19402
(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:  215.830.8712

Date of fiscal year end:   05/31/2010

Date of reporting period: 08/31/2009

Item 1. Schedule of Investments (Unaudited)

The Trust’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, 2009 (Unaudited)
	Shares		Value
ISRAEL - 50.41%
COMMON STOCK - 50.41%
Banking & Insurance - 17.03%
Bank Hapoalim BM *		237,228	$	762,128
Bank Leumi Le-Israel BM		245,616		840,172
Clal Insurance Enterprise Holdings Ltd. *		8,756		182,152
Harel Insurance Investments & Financial Services Ltd. *		3,000		144,174
Israel Discount Bank Ltd.		147,810		258,838
Migdal Insurance & Financial Holdings Ltd. *		172,216		265,297
Mizrahi Tefahot Bank Ltd. *		38,915		295,846
				2,748,607
Chemicals - 13.75%
Israel Chemicals Ltd.		166,335		1,854,980
Makhteshim-Agan Industries Ltd.		79,487		364,206
				2,219,186
Diversified Holdings - 11.45%
Africa Israel Investments Ltd. *		9,651		113,093
Clal Industries and Investments Ltd.		6,977		31,252
Delek Group Ltd.		1,564		260,577
Delek Real Estate Ltd. *		11,011		15,802
Discount Investment Corp.		11,860		275,114
Gazit-Globe Ltd.		15,000		121,264
IDB Holding Corp. Ltd.		3,248		76,276
Israel Corp. Ltd.		1,388		829,693
Kardan NV *		6,600		43,623
Koor Industries Ltd.		3,000		82,238
				1,848,932
Food - 2.47%
Osem Investments Ltd.		19,084		236,245
Strauss Group Ltd.		14,000		163,318
				399,563
Lodging - 0.01%
DAN Hotels Corp. Ltd.		559		2,357
Oil & Gas - 0.68%
Oil Refineries Ltd.		260,000		109,272
Telecommunications - 5.02%
Bezeq Israeli Telecommunication Corp. Ltd.		387,390		809,974
TOTAL COMMON STOCK (Cost $5,412,276)				8,137,891
TOTAL ISRAEL (Cost $5,412,276)			$	8,137,891

AMIDEXTM Funds, Inc.
AMIDEX35TM ISRAEL MUTUAL FUND
SCHEDULE OF INVESTMENTS
August 31, 2009 (Unaudited)
	Shares		Value
UNITED STATES  - 49.75%
COMMON STOCK - 40.06%
Computer Hardware/Software - 6.75%
Check Point Software Technologies Ltd. *		33,695	$	939,080
Electronics for Imaging, Inc. *		8,428		89,674
Verint Systems, Inc. *		5,000		60,750
				1,089,504
Defense Equipment - 2.11%
Elbit Systems Ltd.		5,198		341,353
Electronics - 0.36%
Orbotech Ltd. *		6,382		58,651
Medical Products - 0.60%
Given Imaging Ltd.		4,010		47,358
Syneron Medical Ltd. *		5,000		48,800
				96,158
Pharmaceuticals - 14.62%
Teva Pharmaceutical Industries Ltd. - ADR		45,816		2,359,524
Semiconductors - 0.50%
Zoran Corp. *		7,300		80,665
Telecommunications - 13.78%
Alvarion Ltd. *		11,000		42,790
Amdocs Ltd. *		30,803		749,129
Cellcom Israel Ltd.		11,500		325,450
Comverse Technology, Inc. *		25,377		219,003
Nice Systems Ltd. - ADR *		9,000		252,180
Partner Communications Co. Ltd. - ADR		33,100		635,851
				2,224,403
Utilities - 1.34%
Ormat Technologies, Inc.		6,000		216,360
TOTAL COMMON STOCK (Cost $8,176,419)			$	6,466,618

AMIDEXTM Funds, Inc.
AMIDEX35TM ISRAEL MUTUAL FUND
SCHEDULE OF INVESTMENTS
August 31, 2009 (Unaudited)
	Shares		Value
UNITED STATES  - 49.75% (continued)
SHORT-TERM INVESTMENTS - 9.69%
Fidelity Institutional Money Market Fund, 0.42% **   (Cost $1,564,106)		1,564,106	$	1,564,106
TOTAL UNITED STATES (Cost $9,740,525)				8,030,724
TOTAL INVESTMENTS (Cost $15,152,801) - 100.16%			$	16,168,615
LIABILITIES IN EXCESS OF OTHER ASSETS , NET - (0.16%)				(25,893	)
NET ASSETS - 100%			$	16,142,722

*          Non-income producing security.

**        Rate shown represents the rate at August 31, 2009 is subject to change and resets daily.

ADR - American Depository Receipt.

BM - Beeravon Mugbal (Limited)

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

AMIDEXTMFunds, Inc.
AMIDEXTM CANCER INNOVATIONS & HEALTHCARE FUND
SCHEDULE OF INVESTMENTS
August 31, 2009 (Unaudited)
	Shares		Value
COMMON STOCK - 53.77%
Biotechnology - 20.59%
Amgen, Inc. *		325	$	19,415
Biogen Idec, Inc. *		475		23,850
Celgene Corp. *		600		31,302
Cell Therapeutics, Inc. *		2		3
Enzon Pharmaceuticals, Inc. *		100		717
Facet Biotech Corp. *		100		1,004
Genzyme Corp. *		346		19,276
Gilead Sciences, Inc. *		900		40,554
Human Genome Sciences, Inc. *		600		11,868
Immunomedics, Inc. *		100		551
Myriad Genetics, Inc. *		200		6,114
PDL BioPharma, Inc.		500		4,525
Vertex Pharmaceuticals, Inc. *		200		7,482
				166,661
Healthcare Products - 8.91%
Beckman Coulter, Inc.		200		13,544
Hologic, Inc. *		416		6,843
Johnson & Johnson		500		30,220
Varian Medical Systems, Inc. *		500		21,535
				72,142
Pharmaceuticals - 24.27%
Abbott Laboratories		400		18,092
AstraZeneca Plc. - ADR		600		27,978
Bristol-Myers Squibb Co.		800		17,704
Elan Corp. Plc. - ADR *		100		723
Eli Lilly & Co.		400		13,384
GlaxoSmithKline Plc. - ADR		500		19,550
Merck & Co., Inc.		400		12,972
Myriad Pharmaceuticals, Inc. *		50		225
Novartis AG - ADR		450		20,912
Pfizer, Inc.		1,050		17,535
QLT, Inc. *		300		1,281
Schering-Plough Corp.		600		16,908
Valeant Pharmaceuticals International *		200		5,178
Wyeth		500		23,925
				196,367
TOTAL COMMON STOCK (Cost $467,032)				435,170
SHORT-TERM INVESTMENTS - 46.24%
Fidelity Institutional Money Market Fund, 0.42%  ** (Cost $374,161)		374,161	$	374,161
TOTAL INVESTMENTS (Cost $841,193) - 100.01%			$	809,331
LIABILITIES IN EXCESS OF OTHER ASSETS, NET - (0.01%)				(54	)
NET ASSETS - 100%			$	809,277

*            Non-income producing security.

**          Rate shown represents the rate at August 31, 2009, is subject to change and resets daily.

ADR  -  American Depository Receipt

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

AMIDEXTMFunds, Inc.                           

NOTES TO THE SCHEDULES OF INVESTMENTS

August 31, 2009 (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, 2009, no securities were valued as determined by the Board of Directors.

Statement on Financial Accounting Standards ("SFAS") No. 157 "Fair Value Measurements" 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.  In accordance with SFAS No. 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 No. 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, 2009

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.

AMIDEXTMFunds, Inc.                           

NOTES TO THE SCHEDULES OF INVESTMENTS

August 31, 2009 (Unaudited) (continued)

The following is a summary of the inputs used, as of August 31, 2009 in valuing the Funds’ investments carried at fair value:

	Security Classification(a)	Value		Level 1 – Quoted prices in active markets for identical assets		Level 2 – Significant other observable inputs
Amidex35TM Israel Mutual Fund	Common Stock(b)	$	14,604,509	$	14,604,509	$	–
	Short-Term Investment		1,564,106		–		1,564,106
	Total	$	16,168,615	$	14,604,509	$	1,564,106
AmidexTM Cancer Innovations &	Common Stock(b)	$	435,170	$	435,170	$	–
Healthcare Fund	Short-Term Investment		374,161		–		374,161
	Total	$	809,331	$	435,170	$	374,161

(a) At August 31, 2009, the Funds held no securities that were considered to be “Level 3” securities (those valued using significant unobservable inputs).

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

In April 2009, the Financial Accounting Standards Board ("FASB") issued FASB Staff Position No. 157-4, "Determining Fair Value When the Volume and Level of Activity for the Asset and Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly" ("FSP 157-4").  FSP 157-4 is effective for fiscal years and interim periods ending after June 15, 2009.  FSP 157-4 provides additional guidance for estimating fair value in accordance with SFAS No. 157, when the volume and level of activity for the asset or liability have significantly decreased as well as guidance on identifying circumstances that indicate a transaction is not orderly.  The guidance provided by FSP 157-4 did not have an impact on the Funds’ approach to valuing financial assets.

For U.S. Federal income tax purposes, the cost of securities owned, gross appreciation, gross depreciation, and net unrealized appreciation/(depreciation) of investments at August 31, 2009 were as follows:

			Gross		Gross			Net Appreciation /
	Cost		Appreciation		Depreciation			(Depreciation)
Amidex35TM Israel Mutual Fund	$	15,923,835	$	5,895,739	$	(5,650,959	)	$	244,780
AmidexTM Cancer Innovations & Healthcare Fund	$	841,193	$	80,874	$	(112,736	)	$	(31,862	)

The difference between book basis and tax-basis unrealized appreciation for the Amidex35TM Israel Mutual Fund is attributable primarily to the tax deferral of losses on wash sales.

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 Funds, Inc.

By:	/s/ Clifford A. Goldstein
Name:	Clifford A. Goldstein
Title:	President
Date:	October 26, 2009

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 26, 2009
By:	/s/ Larry E. Beaver, Jr.
Name:	Larry E. Beaver, Jr.
Title:	Chief Accounting Officer
Date:	October 26, 2009

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 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 present 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 trustees (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 26, 2009	/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 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 present 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 trustees (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 26, 2009	/s/ Larry E. Beaver, Jr.
	Larry E. Beaver, Jr., Chief Accounting Officer