Shareholder Letter
|
1
|
Manager Commentary
|
2
|
Disclosure of Fund Expenses
|
4
|
Schedule of Investments
|
5
|
Statement of Assets and Liabilities
|
11
|
Statement of Operations
|
12
|
Statement of Changes in Net Assets
|
13
|
Financial Highlights
|
14
|
Notes to Financial Statements
|
15
|
Additional Information
|
19
|
Index Funds S&P 500 Equal Weight
|
Shareholder Letter
|
1
|
The S&P 500 Equal Weight Index is an equal weighted version of the S&P 500 Index. The index includes the same constituents as the capitalization weighted S&P 500, but each company in the S&P 500 Equal Weight Index is allocated a fixed weight - or 0.2% of the index total each quarterly rebalance. It is a broad-based securities market index. Such indices are generally not actively managed and are not subject to fees and expenses typically at associated with managed accounts or funds. You cannot invest directly in a broad-based securities index.
|
2
|
Reuters.com, 10/30/2015, “$1 trillion could move to index funds if rule on financial advice passes”
|
3
|
WSJ.com, 04/27/2016, “Charles Schwab to Cease Selling Load Mutual Funds”
|
Semi-Annual Report | September 30, 2016
|
1
|
Index Funds S&P 500 Equal Weight
|
Manager Commentary
|
1 Month
|
Quarter
|
1 Year
|
Since Inception*
|
|
Index Funds S&P 500 Equal Weight
|
0.04%
|
4.39%
|
15.58%
|
4.17%
|
S&P 500 Total Return Index
|
0.02%
|
3.85%
|
15.43%
|
5.07%
|
S&P 500 Equal Weight Net Total Return
|
0.04%
|
4.37%
|
15.43%
|
3.41%
|
*
|
The Fund’s inception date is April 30, 2015.
|
2
|
www.Index.world
|
Index Funds S&P 500 Equal Weight
|
Manager Commentary
|
*
|
Holdings are subject to change and may not reflect the current or future position of the portfolio. For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry subclassifications for reporting ease. Industries are shown as a percentage of net assets.
|
Semi-Annual Report | September 30, 2016
|
3
|
Index Funds S&P 500 Equal Weight
|
Disclosure of Fund Expenses
|
Index Funds S&P 500 Equal Weight
|
Beginning Account Value 4/1/2016
|
Ending Account Value 09/30/16
|
Expense Ratio(a)
|
Expenses Paid During Period 4/1/2016-9/30/16(b)
|
Actual
|
$1,000.00
|
$1,070.40
|
0.30%
|
$1.56
|
Hypothetical (5% return before expenses)
|
$1,000.00
|
$1,023.56
|
0.30%
|
$1.52
|
(a)
|
The Fund’s expense ratios have been based on the Fund’s most recent fiscal half-year expenses.
|
(b)
|
Expenses are equal to the Fund’s annualized net expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (183), divided by 365.
|
4
|
www.Index.world
|
Index Funds S&P 500 Equal Weight
|
Schedule of Investments
|
Shares
|
Value
|
|||||||
COMMON STOCKS: 97.67%
|
||||||||
Basic Materials: 3.71%
|
||||||||
Air Products & Chemicals, Inc.
|
53
|
$
|
7,968
|
|||||
Albemarle Corp.
|
105
|
8,977
|
||||||
Alcoa, Inc.
|
837
|
8,487
|
||||||
CF Industries Holdings, Inc.
|
322
|
7,841
|
||||||
Dow Chemical Co.
|
151
|
7,826
|
||||||
Eastman Chemical Co.
|
124
|
8,392
|
||||||
EI du Pont de Nemours & Co.
|
117
|
7,836
|
||||||
FMC Corp.
|
179
|
8,653
|
||||||
Freeport-McMoRan, Inc.
|
783
|
8,503
|
||||||
International Flavors & Fragrances, Inc.
|
60
|
8,578
|
||||||
International Paper Co.
|
169
|
8,109
|
||||||
LyondellBasell Industries NV, Class A
|
106
|
8,550
|
||||||
Monsanto Co.
|
75
|
7,665
|
||||||
Mosaic Co.
|
298
|
7,289
|
||||||
Newmont Mining Corp.
|
205
|
8,055
|
||||||
Nucor Corp.
|
172
|
8,505
|
||||||
PPG Industries, Inc.
|
80
|
8,269
|
||||||
Praxair, Inc.
|
68
|
8,216
|
||||||
Sherwin-Williams Co.
|
29
|
8,023
|
||||||
155,742
|
||||||||
Communications: 6.47%
|
||||||||
Alphabet, Inc., Class A(a)
|
5
|
4,020
|
||||||
Alphabet, Inc., Class C(a)
|
5
|
3,886
|
||||||
Amazon.com, Inc.(a)
|
11
|
9,210
|
||||||
AT&T, Inc.
|
202
|
8,203
|
||||||
CBS Corp., Class B Non-Voting
|
155
|
8,485
|
||||||
CenturyLink, Inc.
|
289
|
7,927
|
||||||
Charter Communications, Inc., Class A(a)
|
30
|
8,099
|
||||||
Cisco Systems, Inc.
|
261
|
8,279
|
||||||
Comcast Corp., Class A
|
123
|
8,160
|
||||||
Discovery Communications, Inc., Class A(a)
|
134
|
3,607
|
||||||
Discovery Communications, Inc., Class C(a)
|
200
|
5,262
|
||||||
eBay, Inc.(a)
|
252
|
8,291
|
||||||
Expedia, Inc.
|
72
|
8,404
|
||||||
F5 Networks, Inc.(a)
|
68
|
8,475
|
||||||
Facebook, Inc., Class A(a)
|
63
|
8,081
|
||||||
Frontier Communications Corp.
|
1,763
|
7,334
|
||||||
Interpublic Group of Cos., Inc.
|
359
|
8,024
|
||||||
Juniper Networks, Inc.
|
347
|
8,349
|
||||||
Level 3 Communications, Inc.(a)
|
166
|
7,699
|
||||||
Motorola Solutions, Inc.
|
105
|
8,009
|
||||||
Netflix, Inc.(a)
|
83
|
8,180
|
||||||
News Corp., Class A
|
466
|
6,515
|
||||||
News Corp., Class B
|
132
|
1,877
|
||||||
Omnicom Group, Inc.
|
96
|
8,160
|
||||||
Priceline Group, Inc.(a)
|
6
|
8,829
|
Shares
|
Value
|
|||||||
Communications (continued)
|
||||||||
Scripps Networks Interactive, Inc., Class A
|
130
|
$
|
8,254
|
|||||
Symantec Corp.
|
328
|
8,233
|
||||||
TEGNA, Inc.
|
381
|
8,329
|
||||||
Time Warner, Inc.
|
104
|
8,279
|
||||||
TripAdvisor, Inc.(a)
|
130
|
8,213
|
||||||
Twenty-First Century Fox, Inc., Class A
|
243
|
5,885
|
||||||
Twenty-First Century Fox, Inc., Class B
|
96
|
2,375
|
||||||
VeriSign, Inc.(a)
|
107
|
8,372
|
||||||
Verizon Communications, Inc.
|
155
|
8,057
|
||||||
Viacom, Inc., Class B
|
216
|
8,230
|
||||||
Walt Disney Co.
|
87
|
8,079
|
||||||
Yahoo! Inc.(a)
|
187
|
8,060
|
||||||
271,731
|
||||||||
Consumer, Cyclical: 14.41%
|
||||||||
Advance Auto Parts, Inc.
|
53
|
7,903
|
||||||
Alaska Air Group, Inc.
|
117
|
7,706
|
||||||
American Airlines Group, Inc.
|
209
|
7,651
|
||||||
AutoNation, Inc.(a)
|
170
|
8,281
|
||||||
AutoZone, Inc.(a)
|
11
|
8,452
|
||||||
Bed Bath & Beyond, Inc.
|
185
|
7,975
|
||||||
Best Buy Co., Inc.
|
218
|
8,323
|
||||||
BorgWarner, Inc.
|
235
|
8,267
|
||||||
CarMax, Inc.(a)
|
146
|
7,789
|
||||||
Carnival Corp.
|
181
|
8,836
|
||||||
Chipotle Mexican Grill, Inc.(a)
|
19
|
8,046
|
||||||
Coach, Inc.
|
220
|
8,043
|
||||||
Costco Wholesale Corp.
|
53
|
8,083
|
||||||
CVS Health Corp.
|
88
|
7,831
|
||||||
Darden Restaurants, Inc.
|
131
|
8,033
|
||||||
Delphi Automotive PLC
|
118
|
8,416
|
||||||
Delta Air Lines, Inc.
|
213
|
8,384
|
||||||
Dollar General Corp.
|
114
|
7,979
|
||||||
Dollar Tree, Inc.(a)
|
98
|
7,735
|
||||||
DR Horton, Inc.
|
266
|
8,033
|
||||||
Fastenal Co.
|
198
|
8,272
|
||||||
Foot Locker, Inc.
|
124
|
8,397
|
||||||
Ford Motor Co.
|
649
|
7,833
|
||||||
Gap, Inc.
|
344
|
7,651
|
||||||
General Motors Co.
|
264
|
8,387
|
||||||
Genuine Parts Co.
|
83
|
8,337
|
||||||
Goodyear Tire & Rubber Co.
|
266
|
8,592
|
||||||
Hanesbrands, Inc.
|
313
|
7,903
|
||||||
Harley-Davidson, Inc.
|
159
|
8,362
|
||||||
Harman International Industries, Inc.
|
99
|
8,361
|
||||||
Hasbro, Inc.
|
101
|
8,012
|
||||||
Home Depot, Inc.
|
63
|
8,107
|
||||||
Kohl's Corp.
|
187
|
8,181
|
||||||
L Brands, Inc.
|
113
|
7,997
|
||||||
Leggett & Platt, Inc.
|
163
|
7,430
|
||||||
Lennar Corp., Class A
|
178
|
7,537
|
||||||
LKQ Corp.(a)
|
230
|
8,156
|
Semi-Annual Report | September 30, 2016
|
5
|
Index Funds S&P 500 Equal Weight
|
Schedule of Investments
|
Shares
|
Value
|
|||||||
Consumer, Cyclical (continued)
|
||||||||
Lowe's Cos., Inc.
|
112
|
$
|
8,088
|
|||||
Macy's, Inc.
|
227
|
8,410
|
||||||
Marriott International, Inc., Class A
|
206
|
13,897
|
||||||
Mattel, Inc.
|
253
|
7,661
|
||||||
McDonald's Corp.
|
70
|
8,075
|
||||||
Michael Kors Holdings, Ltd.(a)
|
168
|
7,861
|
||||||
Mohawk Industries, Inc.(a)
|
39
|
7,813
|
||||||
Newell Brands, Inc.
|
160
|
8,426
|
||||||
NIKE, Inc., Class B
|
145
|
7,634
|
||||||
Nordstrom, Inc.
|
162
|
8,405
|
||||||
O'Reilly Automotive, Inc.(a)
|
29
|
8,123
|
||||||
PACCAR, Inc.
|
143
|
8,406
|
||||||
PulteGroup, Inc.
|
401
|
8,036
|
||||||
PVH Corp.
|
75
|
8,288
|
||||||
Ralph Lauren Corp.
|
80
|
8,091
|
||||||
Ross Stores, Inc.
|
132
|
8,488
|
||||||
Royal Caribbean Cruises, Ltd.
|
122
|
9,144
|
||||||
Signet Jewelers, Ltd.
|
105
|
7,826
|
||||||
Southwest Airlines Co.
|
215
|
8,361
|
||||||
Staples, Inc.
|
944
|
8,071
|
||||||
Starbucks Corp.
|
148
|
8,013
|
||||||
Target Corp.
|
117
|
8,036
|
||||||
Tiffany & Co.
|
120
|
8,716
|
||||||
TJX Cos., Inc.
|
108
|
8,076
|
||||||
Tractor Supply Co.
|
117
|
7,880
|
||||||
Ulta Salon Cosmetics & Fragrance, Inc.(a)
|
34
|
8,091
|
||||||
Under Armour, Inc., Class A(a)
|
111
|
4,293
|
||||||
Under Armour, Inc., Class C(a)
|
111
|
3,758
|
||||||
United Continental Holdings, Inc.(a)
|
153
|
8,028
|
||||||
Urban Outfitters, Inc.(a)
|
223
|
7,698
|
||||||
VF Corp.
|
138
|
7,735
|
||||||
Walgreens Boots Alliance, Inc.
|
97
|
7,820
|
||||||
Wal-Mart Stores, Inc.
|
114
|
8,222
|
||||||
Whirlpool Corp.
|
48
|
7,784
|
||||||
WW Grainger, Inc.
|
36
|
8,094
|
||||||
Wyndham Worldwide Corp.
|
120
|
8,080
|
||||||
Wynn Resorts, Ltd.
|
82
|
7,988
|
||||||
Yum! Brands, Inc.
|
92
|
8,355
|
||||||
605,052
|
||||||||
Consumer, Non-Cyclical: 19.69%
|
||||||||
Abbott Laboratories
|
196
|
8,289
|
||||||
AbbVie, Inc.
|
127
|
8,010
|
||||||
Aetna, Inc.
|
70
|
8,081
|
||||||
Alexion Pharmaceuticals, Inc.(a)
|
64
|
7,843
|
||||||
Allergan PLC(a)
|
34
|
7,831
|
||||||
Altria Group, Inc.
|
126
|
7,967
|
||||||
AmerisourceBergen Corp.
|
94
|
7,593
|
||||||
Amgen, Inc.
|
48
|
8,007
|
||||||
Anthem, Inc.
|
63
|
7,895
|
||||||
Archer-Daniels-Midland Co.
|
191
|
8,054
|
||||||
Automatic Data Processing, Inc.
|
93
|
8,203
|
Shares
|
Value
|
|||||||
Consumer, Non-Cyclical (continued)
|
||||||||
Avery Dennison Corp.
|
107
|
$
|
8,324
|
|||||
Baxter International, Inc.
|
178
|
8,473
|
||||||
Becton Dickinson and Co.
|
47
|
8,447
|
||||||
Biogen, Inc.(a)
|
27
|
8,452
|
||||||
Boston Scientific Corp.(a)
|
342
|
8,140
|
||||||
Bristol-Myers Squibb Co.
|
144
|
7,764
|
||||||
Brown-Forman Corp., Class B
|
176
|
8,349
|
||||||
Campbell Soup Co.
|
146
|
7,986
|
||||||
Cardinal Health, Inc.
|
102
|
7,925
|
||||||
Celgene Corp.(a)
|
77
|
8,049
|
||||||
Centene Corp.(a)
|
120
|
8,035
|
||||||
Church & Dwight Co., Inc.
|
170
|
8,146
|
||||||
Cigna Corp.
|
63
|
8,210
|
||||||
Cintas Corp.
|
71
|
7,995
|
||||||
Clorox Co.
|
65
|
8,137
|
||||||
Coca-Cola Co.
|
190
|
8,041
|
||||||
Colgate-Palmolive Co.
|
113
|
8,378
|
||||||
ConAgra Foods, Inc.
|
186
|
8,762
|
||||||
Constellation Brands, Inc., Class A
|
50
|
8,325
|
||||||
CR Bard, Inc.
|
38
|
8,523
|
||||||
Danaher Corp.
|
104
|
8,153
|
||||||
DaVita, Inc.(a)
|
126
|
8,325
|
||||||
DENTSPLY SIRONA, Inc.
|
136
|
8,082
|
||||||
Dr. Pepper Snapple Group, Inc.
|
89
|
8,127
|
||||||
Ecolab, Inc.
|
68
|
8,277
|
||||||
Edwards Lifesciences Corp.(a)
|
70
|
8,439
|
||||||
Eli Lilly & Co.
|
103
|
8,267
|
||||||
Endo International PLC(a)
|
401
|
8,080
|
||||||
Equifax, Inc.
|
61
|
8,209
|
||||||
Estee Lauder Cos., Inc., Class A
|
92
|
8,148
|
||||||
Express Scripts Holding Co.(a)
|
113
|
7,970
|
||||||
General Mills, Inc.
|
124
|
7,921
|
||||||
Gilead Sciences, Inc.
|
103
|
8,149
|
||||||
Global Payments, Inc.
|
109
|
8,367
|
||||||
H&R Block, Inc.
|
366
|
8,473
|
||||||
HCA Holdings, Inc.(a)
|
106
|
8,017
|
||||||
Henry Schein, Inc.(a)
|
51
|
8,312
|
||||||
Hershey Co.
|
84
|
8,030
|
||||||
Hologic, Inc.(a)
|
216
|
8,387
|
||||||
Hormel Foods Corp.
|
223
|
8,458
|
||||||
Humana, Inc.
|
46
|
8,137
|
||||||
Illumina, Inc.(a)
|
49
|
8,901
|
||||||
Intuitive Surgical, Inc.(a)
|
12
|
8,698
|
||||||
JM Smucker Co.
|
59
|
7,997
|
||||||
Johnson & Johnson
|
68
|
8,033
|
||||||
Kellogg Co.
|
104
|
8,057
|
||||||
Kimberly-Clark Corp.
|
65
|
8,199
|
||||||
Kraft Heinz Co.
|
94
|
8,414
|
||||||
Kroger Co.
|
255
|
7,568
|
||||||
Laboratory Corp. of America Holdings(a)
|
60
|
8,249
|
||||||
Mallinckrodt PLC(a)
|
110
|
7,676
|
6
|
www.Index.world
|
Index Funds S&P 500 Equal Weight
|
Schedule of Investments
|
Shares
|
Value
|
|||||||
Consumer, Non-Cyclical (continued)
|
||||||||
McCormick & Co., Inc., Non-Voting Shares
|
84
|
$
|
8,393
|
|||||
McKesson Corp.
|
46
|
7,671
|
||||||
Mead Johnson Nutrition Co.
|
104
|
8,217
|
||||||
Medtronic PLC
|
95
|
8,208
|
||||||
Merck & Co., Inc.
|
129
|
8,051
|
||||||
Molson Coors Brewing Co., Class B
|
79
|
8,674
|
||||||
Mondelez International, Inc., Class A
|
191
|
8,385
|
||||||
Monster Beverage Corp.(a)
|
54
|
7,928
|
||||||
Moody's Corp.
|
75
|
8,121
|
||||||
Mylan NV(a)
|
202
|
7,700
|
||||||
Nielsen Holdings PLC
|
155
|
8,303
|
||||||
Patterson Cos., Inc.
|
179
|
8,223
|
||||||
PayPal Holdings, Inc.(a)
|
212
|
8,686
|
||||||
PepsiCo, Inc.
|
77
|
8,375
|
||||||
Perrigo Co. PLC
|
91
|
8,402
|
||||||
Pfizer, Inc.
|
236
|
7,993
|
||||||
Philip Morris International, Inc.
|
82
|
7,972
|
||||||
Procter & Gamble Co.
|
93
|
8,347
|
||||||
Quanta Services, Inc.(a)
|
318
|
8,901
|
||||||
Quest Diagnostics, Inc.
|
99
|
8,378
|
||||||
Regeneron Pharmaceuticals, Inc.(a)
|
21
|
8,442
|
||||||
Reynolds American, Inc.
|
171
|
8,063
|
||||||
Robert Half International, Inc.
|
216
|
8,178
|
||||||
S&P Global, Inc.
|
66
|
8,353
|
||||||
St. Jude Medical, Inc.
|
103
|
8,215
|
||||||
Stryker Corp.
|
73
|
8,498
|
||||||
Sysco Corp.
|
161
|
7,891
|
||||||
Total System Services, Inc.
|
164
|
7,733
|
||||||
Tyson Foods, Inc., Class A
|
111
|
8,288
|
||||||
United Rentals, Inc.(a)
|
103
|
8,084
|
||||||
UnitedHealth Group, Inc.
|
60
|
8,400
|
||||||
Universal Health Services, Inc., Class B
|
67
|
8,256
|
||||||
Varian Medical Systems, Inc.(a)
|
86
|
8,560
|
||||||
Verisk Analytics, Inc.(a)
|
98
|
7,965
|
||||||
Vertex Pharmaceuticals, Inc.(a)
|
86
|
7,500
|
||||||
Western Union Co.
|
387
|
8,057
|
||||||
Whole Foods Market, Inc.
|
281
|
7,966
|
||||||
Zimmer Biomet Holdings, Inc.
|
64
|
8,321
|
||||||
Zoetis, Inc.
|
160
|
8,322
|
||||||
826,374
|
||||||||
Energy: 7.46%
|
||||||||
Anadarko Petroleum Corp.
|
139
|
8,807
|
||||||
Apache Corp.
|
135
|
8,622
|
||||||
Baker Hughes, Inc.
|
164
|
8,277
|
||||||
Cabot Oil & Gas Corp.
|
308
|
7,946
|
||||||
Chesapeake Energy Corp.(a)
|
1,055
|
6,615
|
||||||
Chevron Corp.
|
79
|
8,131
|
||||||
Cimarex Energy Co.
|
62
|
8,331
|
||||||
Concho Resources, Inc.(a)
|
62
|
8,516
|
||||||
ConocoPhillips
|
190
|
8,259
|
||||||
Devon Energy Corp.
|
185
|
8,160
|
Shares
|
Value
|
|||||||
Energy (continued)
|
||||||||
Diamond Offshore Drilling, Inc.
|
515
|
$
|
9,069
|
|||||
EOG Resources, Inc.
|
87
|
8,414
|
||||||
EQT Corp.
|
111
|
8,061
|
||||||
Exxon Mobil Corp.
|
93
|
8,117
|
||||||
First Solar, Inc.(a)
|
217
|
8,569
|
||||||
FMC Technologies, Inc.(a)
|
289
|
8,575
|
||||||
Halliburton Co.
|
192
|
8,617
|
||||||
Helmerich & Payne, Inc.
|
134
|
9,018
|
||||||
Hess Corp.
|
161
|
8,633
|
||||||
Kinder Morgan, Inc.
|
363
|
8,396
|
||||||
Marathon Oil Corp.
|
513
|
8,111
|
||||||
Marathon Petroleum Corp.
|
190
|
7,712
|
||||||
Murphy Oil Corp.
|
288
|
8,755
|
||||||
National Oilwell Varco, Inc.
|
243
|
8,928
|
||||||
Newfield Exploration Co.(a)
|
181
|
7,866
|
||||||
Noble Energy, Inc.
|
223
|
7,970
|
||||||
Occidental Petroleum Corp.
|
106
|
7,730
|
||||||
ONEOK, Inc.
|
165
|
8,479
|
||||||
Phillips 66
|
103
|
8,297
|
||||||
Pioneer Natural Resources Co.
|
45
|
8,354
|
||||||
Range Resources Corp.
|
190
|
7,362
|
||||||
Schlumberger, Ltd.
|
104
|
8,179
|
||||||
Southwestern Energy Co.(a)
|
546
|
7,557
|
||||||
Spectra Energy Corp.
|
188
|
8,037
|
||||||
Tesoro Corp.
|
102
|
8,115
|
||||||
Transocean, Ltd.(a)
|
818
|
8,720
|
||||||
Valero Energy Corp.
|
146
|
7,738
|
||||||
Williams Cos., Inc.
|
268
|
8,236
|
||||||
313,279
|
||||||||
Financials: 17.94%
|
||||||||
Affiliated Managers Group, Inc.(a)
|
56
|
8,103
|
||||||
Aflac, Inc.
|
111
|
7,978
|
||||||
Alliance Data Systems Corp.(a)
|
39
|
8,367
|
||||||
Allstate Corp.
|
118
|
8,163
|
||||||
American Express Co.
|
123
|
7,877
|
||||||
American International Group, Inc.
|
137
|
8,130
|
||||||
American Tower Corp., REIT
|
73
|
8,273
|
||||||
Ameriprise Financial, Inc.
|
81
|
8,081
|
||||||
Aon PLC
|
74
|
8,324
|
||||||
Apartment Investment & Management Co., REIT, Class A
|
183
|
8,402
|
||||||
Arthur J Gallagher & Co.
|
163
|
8,292
|
||||||
Assurant, Inc.
|
90
|
8,303
|
||||||
AvalonBay Communities, Inc., REIT
|
47
|
8,358
|
||||||
Bank of America Corp.
|
511
|
7,997
|
||||||
Bank of New York Mellon Corp.
|
196
|
7,816
|
||||||
BB&T Corp.
|
210
|
7,921
|
||||||
Berkshire Hathaway, Inc., Class B(a)
|
55
|
7,946
|
||||||
BlackRock, Inc.
|
22
|
7,974
|
||||||
Boston Properties, Inc., REIT
|
59
|
8,041
|
||||||
Capital One Financial Corp.
|
112
|
8,045
|
||||||
CBRE Group, Inc., Class A(a)
|
288
|
8,058
|
Semi-Annual Report | September 30, 2016
|
7
|
Index Funds S&P 500 Equal Weight
|
Schedule of Investments
|
Shares
|
Value
|
|||||||
Financials (continued)
|
||||||||
Charles Schwab Corp.
|
262
|
$
|
8,271
|
|||||
Chubb, Ltd.
|
65
|
8,167
|
||||||
Cincinnati Financial Corp.
|
106
|
7,995
|
||||||
Citigroup, Inc.
|
170
|
8,029
|
||||||
Citizens Financial Group, Inc.
|
324
|
8,006
|
||||||
CME Group, Inc.
|
76
|
7,944
|
||||||
Comerica, Inc.
|
174
|
8,234
|
||||||
Crown Castle International Corp., REIT
|
86
|
8,102
|
||||||
Digital Realty Trust, Inc., REIT
|
84
|
8,158
|
||||||
Discover Financial Services
|
137
|
7,747
|
||||||
E*Trade Financial Corp.(a)
|
303
|
8,823
|
||||||
Equinix, Inc., REIT
|
22
|
7,926
|
||||||
Equity Residential, REIT
|
128
|
8,234
|
||||||
Essex Property Trust, Inc., REIT
|
37
|
8,240
|
||||||
Extra Space Storage, Inc., REIT
|
101
|
8,020
|
||||||
Federal Realty Investment Trust, REIT
|
52
|
8,004
|
||||||
Fifth Third Bancorp
|
403
|
8,245
|
||||||
Franklin Resources, Inc.
|
226
|
8,039
|
||||||
General Growth Properties, Inc., REIT
|
286
|
7,894
|
||||||
Goldman Sachs Group, Inc.
|
48
|
7,741
|
||||||
Hartford Financial Services Group, Inc.
|
196
|
8,393
|
||||||
HCP, Inc., REIT
|
211
|
8,007
|
||||||
Host Hotels & Resorts, Inc., REIT
|
496
|
7,723
|
||||||
Huntington Bancshares, Inc.
|
815
|
8,036
|
||||||
Intercontinental Exchange, Inc.
|
28
|
7,542
|
||||||
Invesco, Ltd.
|
261
|
8,161
|
||||||
Iron Mountain, Inc., REIT
|
221
|
8,294
|
||||||
JPMorgan Chase & Co.
|
121
|
8,057
|
||||||
KeyCorp
|
656
|
7,984
|
||||||
Kimco Realty Corp., REIT
|
278
|
8,048
|
||||||
Legg Mason, Inc.
|
235
|
7,868
|
||||||
Leucadia National Corp.
|
424
|
8,073
|
||||||
Lincoln National Corp.
|
171
|
8,034
|
||||||
Loews Corp.
|
195
|
8,024
|
||||||
M&T Bank Corp.
|
69
|
8,011
|
||||||
Macerich Co., REIT
|
100
|
8,087
|
||||||
Marsh & McLennan Cos., Inc.
|
122
|
8,205
|
||||||
MasterCard, Inc., Class A
|
82
|
8,345
|
||||||
MetLife, Inc.
|
183
|
8,131
|
||||||
Morgan Stanley
|
254
|
8,143
|
||||||
NASDAQ, Inc.
|
117
|
7,902
|
||||||
Navient Corp.
|
565
|
8,176
|
||||||
Northern Trust Corp.
|
117
|
7,955
|
||||||
People's United Financial, Inc.
|
500
|
7,910
|
||||||
PNC Financial Services Group, Inc.
|
89
|
8,018
|
||||||
Principal Financial Group, Inc.
|
166
|
8,551
|
||||||
Progressive Corp.
|
257
|
8,096
|
||||||
Prologis, Inc., REIT
|
156
|
8,352
|
||||||
Prudential Financial, Inc.
|
102
|
8,328
|
||||||
Public Storage, REIT
|
37
|
8,256
|
||||||
Realty Income Corp., REIT
|
125
|
8,366
|
Shares
|
Value
|
|||||||
Financials (continued)
|
||||||||
Regions Financial Corp.
|
818
|
$
|
8,074
|
|||||
Simon Property Group, Inc., REIT
|
38
|
7,866
|
||||||
SL Green Realty Corp., REIT
|
72
|
7,783
|
||||||
State Street Corp.
|
115
|
8,007
|
||||||
SunTrust Banks, Inc.
|
185
|
8,103
|
||||||
Synchrony Financial
|
299
|
8,372
|
||||||
T Rowe Price Group, Inc.
|
119
|
7,914
|
||||||
Torchmark Corp.
|
125
|
7,986
|
||||||
Travelers Cos., Inc.
|
70
|
8,019
|
||||||
UDR, Inc., REIT
|
233
|
8,386
|
||||||
Unum Group
|
228
|
8,051
|
||||||
US Bancorp
|
185
|
7,935
|
||||||
Ventas, Inc., REIT
|
117
|
8,264
|
||||||
Visa, Inc., Class A
|
99
|
8,187
|
||||||
Vornado Realty Trust, REIT
|
81
|
8,198
|
||||||
Wells Fargo & Co.
|
165
|
7,306
|
||||||
Welltower, Inc., REIT
|
109
|
8,150
|
||||||
Weyerhaeuser Co., REIT
|
265
|
8,464
|
||||||
Willis Towers Watson PLC
|
66
|
8,763
|
||||||
XL Group Ltd.
|
234
|
7,869
|
||||||
Zions Bancorporation
|
263
|
8,158
|
||||||
753,199
|
||||||||
Industrials: 13.51%
|
||||||||
3M Co.
|
46
|
8,107
|
||||||
Acuity Brands, Inc.
|
31
|
8,203
|
||||||
Agilent Technologies, Inc.
|
179
|
8,429
|
||||||
Allegion PLC
|
120
|
8,269
|
||||||
AMETEK, Inc.
|
168
|
8,027
|
||||||
Amphenol Corp., Class A
|
131
|
8,505
|
||||||
Ball Corp.
|
103
|
8,441
|
||||||
Boeing Co.
|
63
|
8,300
|
||||||
Caterpillar, Inc.
|
100
|
8,877
|
||||||
CH Robinson Worldwide, Inc.
|
117
|
8,244
|
||||||
Corning, Inc.
|
359
|
8,490
|
||||||
CSX Corp.
|
288
|
8,784
|
||||||
Cummins, Inc.
|
69
|
8,842
|
||||||
Deere & Co.
|
98
|
8,364
|
||||||
Dover Corp.
|
116
|
8,542
|
||||||
Eaton Corp. PLC
|
126
|
8,279
|
||||||
Emerson Electric Co.
|
158
|
8,613
|
||||||
Expeditors International of Washington, Inc.
|
159
|
8,192
|
||||||
FedEx Corp.
|
50
|
8,734
|
||||||
FLIR Systems, Inc.
|
262
|
8,232
|
||||||
Flowserve Corp.
|
174
|
8,394
|
||||||
Fluor Corp.
|
163
|
8,365
|
||||||
Fortive Corp.
|
159
|
8,093
|
||||||
Fortune Brands Home & Security, Inc.
|
137
|
7,960
|
||||||
Garmin, Ltd.
|
169
|
8,131
|
||||||
General Dynamics Corp.
|
54
|
8,379
|
||||||
General Electric Co.
|
267
|
7,909
|
||||||
Harris Corp.
|
88
|
8,062
|
8
|
www.Index.world
|
Index Funds S&P 500 Equal Weight
|
Schedule of Investments
|
Shares
|
Value
|
|||||||
Industrials (continued)
|
||||||||
Honeywell International, Inc.
|
72
|
$
|
8,394
|
|||||
Illinois Tool Works, Inc.
|
69
|
8,269
|
||||||
Ingersoll-Rand PLC
|
127
|
8,628
|
||||||
Jacobs Engineering Group, Inc.(a)
|
160
|
8,275
|
||||||
JB Hunt Transport Services, Inc.
|
103
|
8,357
|
||||||
Johnson Controls International plc
|
175
|
8,145
|
||||||
Kansas City Southern
|
86
|
8,026
|
||||||
L-3 Communications Holdings, Inc.
|
55
|
8,290
|
||||||
Lockheed Martin Corp.
|
34
|
8,150
|
||||||
Martin Marietta Materials, Inc.
|
46
|
8,239
|
||||||
Masco Corp.
|
242
|
8,303
|
||||||
Mettler-Toledo International, Inc.(a)
|
21
|
8,816
|
||||||
Norfolk Southern Corp.
|
89
|
8,638
|
||||||
Northrop Grumman Corp.
|
38
|
8,130
|
||||||
Owens-Illinois, Inc.(a)
|
462
|
8,496
|
||||||
Parker-Hannifin Corp.
|
67
|
8,410
|
||||||
Pentair PLC
|
134
|
8,608
|
||||||
PerkinElmer, Inc.
|
152
|
8,529
|
||||||
Raytheon Co.
|
59
|
8,032
|
||||||
Republic Services, Inc.
|
162
|
8,173
|
||||||
Rockwell Automation, Inc.
|
71
|
8,686
|
||||||
Rockwell Collins, Inc.
|
99
|
8,350
|
||||||
Roper Technologies, Inc.
|
46
|
8,394
|
||||||
Ryder System, Inc.
|
124
|
8,178
|
||||||
Sealed Air Corp.
|
177
|
8,110
|
||||||
Snap-on, Inc.
|
54
|
8,206
|
||||||
Stanley Black & Decker, Inc.
|
67
|
8,240
|
||||||
Stericycle, Inc.(a)
|
98
|
7,854
|
||||||
TE Connectivity, Ltd.
|
132
|
8,498
|
||||||
Textron, Inc.
|
202
|
8,029
|
||||||
Thermo Fisher Scientific, Inc.
|
56
|
8,907
|
||||||
TransDigm Group, Inc.(a)
|
28
|
8,095
|
||||||
Union Pacific Corp.
|
87
|
8,485
|
||||||
United Parcel Service, Inc., Class B
|
75
|
8,202
|
||||||
United Technologies Corp.
|
78
|
7,925
|
||||||
Vulcan Materials Co.
|
75
|
8,530
|
||||||
Waste Management, Inc.
|
128
|
8,161
|
||||||
Waters Corp.(a)
|
53
|
8,400
|
||||||
WestRock Co.
|
173
|
8,387
|
||||||
Xylem, Inc.
|
165
|
8,654
|
||||||
566,966
|
||||||||
Technology: 9.02%
|
||||||||
Accenture PLC, Class A
|
73
|
8,918
|
||||||
Activision Blizzard, Inc.
|
190
|
8,417
|
||||||
Adobe Systems, Inc.(a)
|
81
|
8,792
|
||||||
Akamai Technologies, Inc.(a)
|
153
|
8,107
|
||||||
Analog Devices, Inc.
|
135
|
8,701
|
||||||
Apple, Inc.
|
78
|
8,818
|
||||||
Applied Materials, Inc.
|
279
|
8,412
|
||||||
Autodesk, Inc.(a)
|
120
|
8,680
|
||||||
Broadcom, Ltd.
|
50
|
8,626
|
||||||
CA, Inc.
|
243
|
8,038
|
Shares
|
Value
|
|||||||
Technology (continued)
|
||||||||
Cerner Corp.(a)
|
129
|
$
|
7,966
|
|||||
Citrix Systems, Inc.(a)
|
97
|
8,266
|
||||||
Cognizant Technology Solutions Corp., Class A(a)
|
146
|
6,966
|
||||||
CSRA, Inc.
|
307
|
8,258
|
||||||
Dun & Bradstreet Corp.
|
60
|
8,197
|
||||||
Electronic Arts, Inc.(a)
|
101
|
8,625
|
||||||
Fidelity National Information Services, Inc.
|
104
|
8,011
|
||||||
Fiserv, Inc.(a)
|
80
|
7,958
|
||||||
Hewlett Packard Enterprise Co.
|
384
|
8,736
|
||||||
HP, Inc.
|
571
|
8,868
|
||||||
Intel Corp.
|
227
|
8,569
|
||||||
International Business Machines Corp.
|
52
|
8,260
|
||||||
Intuit, Inc.
|
74
|
8,141
|
||||||
KLA-Tencor Corp.
|
116
|
8,086
|
||||||
Lam Research Corp.
|
88
|
8,335
|
||||||
Linear Technology Corp.
|
139
|
8,241
|
||||||
Microchip Technology, Inc.
|
137
|
8,513
|
||||||
Micron Technology, Inc.(a)
|
478
|
8,499
|
||||||
Microsoft Corp.
|
143
|
8,237
|
||||||
NetApp, Inc.
|
235
|
8,418
|
||||||
NVIDIA Corp.
|
135
|
9,250
|
||||||
Oracle Corp.
|
201
|
7,895
|
||||||
Paychex, Inc.
|
136
|
7,870
|
||||||
Pitney Bowes, Inc.
|
452
|
8,208
|
||||||
Qorvo, Inc.(a)
|
153
|
8,528
|
||||||
QUALCOMM, Inc.
|
133
|
9,111
|
||||||
Red Hat, Inc.(a)
|
111
|
8,972
|
||||||
salesforce.com, Inc.(a)
|
108
|
7,704
|
||||||
Seagate Technology PLC
|
223
|
8,597
|
||||||
Skyworks Solutions, Inc.
|
120
|
9,137
|
||||||
Teradata Corp.(a)
|
270
|
8,370
|
||||||
Texas Instruments, Inc.
|
121
|
8,492
|
||||||
Western Digital Corp.
|
156
|
9,121
|
||||||
Xerox Corp.
|
838
|
8,489
|
||||||
Xilinx, Inc.
|
154
|
8,368
|
||||||
378,771
|
||||||||
Utilities: 5.46%
|
||||||||
AES Corp.
|
652
|
8,378
|
||||||
Alliant Energy Corp.
|
216
|
8,275
|
||||||
Ameren Corp.
|
167
|
8,213
|
||||||
American Electric Power Co., Inc.
|
126
|
8,090
|
||||||
American Water Works Co., Inc.
|
111
|
8,307
|
||||||
CenterPoint Energy, Inc.
|
356
|
8,270
|
||||||
CMS Energy Corp.
|
195
|
8,192
|
||||||
Consolidated Edison, Inc.
|
110
|
8,283
|
||||||
Dominion Resources, Inc.
|
111
|
8,244
|
||||||
DTE Energy Co.
|
88
|
8,243
|
||||||
Duke Energy Corp.
|
103
|
8,244
|
||||||
Edison International
|
113
|
8,164
|
Semi-Annual Report | September 30, 2016
|
9
|
Index Funds S&P 500 Equal Weight
|
Schedule of Investments
|
Shares
|
Value
|
|||||||
Utilities (continued)
|
||||||||
Entergy Corp.
|
104
|
$
|
7,980
|
|||||
Eversource Energy
|
151
|
8,181
|
||||||
Exelon Corp.
|
241
|
8,023
|
||||||
FirstEnergy Corp.
|
246
|
8,138
|
||||||
NextEra Energy, Inc.
|
67
|
8,195
|
||||||
NiSource, Inc.
|
344
|
8,294
|
||||||
NRG Energy, Inc.
|
693
|
7,769
|
||||||
PG&E Corp.
|
132
|
8,074
|
||||||
Pinnacle West Capital Corp.
|
109
|
8,283
|
||||||
PPL Corp.
|
239
|
8,262
|
||||||
Public Service Enterprise Group, Inc.
|
195
|
8,165
|
||||||
SCANA Corp.
|
116
|
8,395
|
||||||
Sempra Energy
|
78
|
8,361
|
||||||
Southern Co.
|
158
|
8,105
|
||||||
WEC Energy Group, Inc.
|
136
|
8,144
|
||||||
Xcel Energy, Inc.
|
197
|
8,105
|
||||||
229,377
|
||||||||
Total Common Stocks
(Cost $4,197,441) |
4,100,491
|
|||||||
SHORT TERM INVESTMENTS: 2.24%
|
||||||||
Fidelity® Institutional Money Market Government Portfolio, Class I (0.27% 7-day yield)
|
93,837
|
93,837
|
||||||
Total Short Term Investments
(Cost $93,837)
|
93,837
|
|||||||
Total Investments: 99.91%
(Cost $4,291,278)
|
4,194,328
|
|||||||
Other Assets In Excess Of Liabilities: 0.09%
|
3,853
|
|||||||
Net Assets: 100.00%
|
$
|
4,198,181
|
(a)
|
Non-income producing security.
|
10
|
www.Index.world
|
Index Funds S&P 500 Equal Weight
|
Statement of Assets and Liabilities
|
ASSETS:
|
||||
Investments, at value
|
$
|
4,194,328
|
||
Receivable for shares sold
|
1,000
|
|||
Receivable due from adviser
|
28,657
|
|||
Interest and dividends receivable
|
5,083
|
|||
Prepaid expenses and other assets
|
27,553
|
|||
Total Assets
|
4,256,621
|
|||
LIABILITIES:
|
||||
Investment advisory fees payable
|
819
|
|||
Payable to fund accounting and administration
|
22,052
|
|||
Payable for trustee fees and expenses
|
40
|
|||
Payable for transfer agency fees
|
5,299
|
|||
Payable for chief compliance officer fee
|
3,357
|
|||
Payable for professional fees
|
18,233
|
|||
Accrued expenses and other liabilities
|
8,640
|
|||
Total Liabilities
|
58,440
|
|||
NET ASSETS
|
$
|
4,198,181
|
||
NET ASSETS CONSIST OF:
|
||||
Paid-in capital
|
$
|
4,148,804
|
||
Accumulated net investment income
|
42,690
|
|||
Accumulated net realized gain on investments
|
103,637
|
|||
Net unrealized depreciation on investments
|
(96,950
|
)
|
||
NET ASSETS
|
$
|
4,198,181
|
||
INVESTMENTS, AT COST
|
$
|
4,291,278
|
||
PRICING OF SHARES
|
||||
Net Asset Value, offering and redemption price per share
|
$
|
25.70
|
||
Net Assets
|
$
|
4,198,181
|
||
Shares of beneficial interest outstanding, without par value
|
163,358
|
Semi-Annual Report | September 30, 2016
|
11
|
Index Funds S&P 500 Equal Weight
|
Statement of Operations
|
INVESTMENT INCOME:
|
||||
Dividends
|
$
|
32,655
|
||
Total Investment Income
|
32,655
|
|||
EXPENSES:
|
||||
Investment advisory fee (Note 3)
|
3,944
|
|||
Administration fee
|
90,447
|
|||
Custodian fee
|
2,382
|
|||
Audit and tax fees
|
8,302
|
|||
Legal fees
|
19,411
|
|||
Transfer agent fee
|
19,914
|
|||
Trustee fees and expenses
|
16
|
|||
Registration fees
|
14,897
|
|||
Printing fees
|
3,573
|
|||
Chief compliance officer fee
|
10,024
|
|||
Other
|
12,378
|
|||
Total expenses before waiver
|
185,288
|
|||
Less fees waived/reimbursed by investment adviser (Note 3)
|
(180,544
|
)
|
||
Total Net Expenses
|
4,744
|
|||
NET INVESTMENT INCOME:
|
27,911
|
|||
REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS:
|
||||
Net realized gain on investments
|
81,282
|
|||
Net change in unrealized appreciation on investments
|
86,642
|
|||
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS
|
167,924
|
|||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
|
$
|
195,835
|
12
|
www.Index.world
|
Index Funds S&P 500 Equal Weight
|
Statement of Changes in Net Assets
|
|
For the Six Months Ended September 30, 2016 (Unaudited)
|
For the Period May 1, 2015(Commencement of Operations) to March 31, 2016
|
||||||
OPERATIONS:
|
||||||||
Net investment income
|
$
|
27,911
|
$
|
49,602
|
||||
Net realized gain on investments
|
81,282
|
77,263
|
||||||
Net change in unrealized appreciation/(depreciation) on investments
|
86,642
|
(183,592
|
)
|
|||||
Net increase/(decrease) in net assets resulting from operations
|
195,835
|
(56,727
|
)
|
|||||
|
||||||||
DISTRIBUTIONS TO SHAREHOLDERS:
|
|
|
||||||
From net investment income
|
–
|
(34,953
|
)
|
|||||
From net realized gains on investments
|
–
|
(54,908
|
)
|
|||||
Net decrease in net assets from distributions
|
–
|
(89,861
|
)
|
|||||
SHARE TRANSACTIONS:
|
||||||||
Proceeds from sale of shares
|
1,426,919
|
3,683,435
|
||||||
Issued to shareholders in reinvestment of distributions
|
–
|
89,861
|
||||||
Cost of shares redeemed
|
(498,691
|
)
|
(552,690
|
)
|
||||
Redemption fees
|
100
|
–
|
||||||
Net increase from share transactions
|
928,328
|
3,220,606
|
||||||
Net increase in net assets
|
$
|
1,124,163
|
$
|
3,074,018
|
||||
NET ASSETS:
|
||||||||
Beginning of period
|
3,074,018
|
0
|
||||||
End of period (including accumulated net investment income of $42,690 and $14,779)
|
$
|
4,198,181
|
$
|
3,074,018
|
||||
|
||||||||
Other Information:
|
||||||||
SHARE TRANSACTIONS:
|
||||||||
Sold
|
55,608
|
147,123
|
||||||
Distributions reinvested
|
–
|
3,875
|
||||||
Redeemed
|
(20,286
|
)
|
(22,962
|
)
|
||||
Net increase in shares outstanding
|
35,322
|
128,036
|
Semi-Annual Report | September 30, 2016
|
13
|
Index Funds S&P 500 Equal Weight
|
Financial Highlights
|
|
For the Six Months Ended September 30, 2016 (Unaudited)
|
For the Period May 1, 2015(Commencement of Operations) to March 31, 2016
|
||||||
Net asset value, beginning of period
|
$
|
24.01
|
$
|
25.00
|
||||
|
||||||||
INCOME FROM INVESTMENT OPERATIONS:
|
||||||||
Net investment income(a)
|
0.22
|
0.44
|
||||||
Net realized and unrealized gain/(loss)
|
1.47
|
(0.71
|
)
|
|||||
Total from investment operations
|
1.69
|
(0.27
|
)
|
|||||
|
||||||||
DISTRIBUTIONS:
|
||||||||
From net investment income
|
–
|
(0.28
|
)
|
|||||
From net realized gains
|
–
|
(0.44
|
)
|
|||||
Total distributions
|
–
|
(0.72
|
)
|
|||||
|
||||||||
Net increase/(decrease) in net asset value
|
1.69
|
(0.99
|
)
|
|||||
Net asset value, end of period
|
$
|
25.70
|
$
|
24.01
|
||||
|
||||||||
TOTAL RETURN
|
7.04
|
%(b)
|
(1.00
|
)%(b)
|
||||
|
||||||||
SUPPLEMENTAL DATA:
|
||||||||
Net assets, end of period (000s)
|
$
|
4,198
|
$
|
3,074
|
||||
|
||||||||
RATIOS TO AVERAGE NET ASSETS:
|
||||||||
Ratio of expenses to average net assets excluding fee waivers and reimbursements
|
11.72
|
%(c)
|
13.50
|
%(c)
|
||||
Ratio of expenses to average net assets including fee waivers and reimbursements
|
0.30
|
%(c)
|
0.30
|
%(c)
|
||||
Ratio of net investment income to average net assets
|
1.76
|
%(c)
|
2.02
|
%(c)
|
||||
|
||||||||
PORTFOLIO TURNOVER RATE
|
27
|
%(b)
|
81
|
%(b)
|
(a)
|
Calculated using the average shares method.
|
(b)
|
Not Annualized.
|
(c)
|
Annualized.
|
14
|
www.Index.world
|
Index Funds S&P 500 Equal Weight
|
Notes to Financial Statements
|
Level 1 —
|
Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Fund has the ability to access at the measurement date;
|
Level 2 —
|
Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and |
Semi-Annual Report | September 30, 2016
|
15
|
Index Funds S&P 500 Equal Weight
|
Notes to Financial Statements
|
Level 3 —
|
Significant unobservable prices or inputs (including the Fund’s own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.
|
Investments in Securities at Value*
|
Level 1 - Quoted Prices
|
Level 2 - Other Significant Observable Inputs
|
Level 3 - Significant Unobservable Inputs
|
Total
|
||||||||||||
Index Funds S&P 500 Equal Weight
|
||||||||||||||||
Common Stocks
|
$
|
4,100,491
|
$
|
–
|
$
|
–
|
$
|
4,100,491
|
||||||||
Short Term Investments
|
93,837
|
–
|
–
|
93,837
|
||||||||||||
TOTAL
|
$
|
4,194,328
|
$
|
–
|
$
|
–
|
$
|
4,194,328
|
*
|
See Schedule of Investments for industry classification.
|
16 |
www.Index.world
|
Index Funds S&P 500 Equal Weight
|
Notes to Financial Statements
|
Funds
|
Cost of Investments Purchased
|
Proceeds from Investments Sold
|
||||||
Index Funds S&P 500 Equal Weight
|
$
|
1,697,102
|
$
|
858,642
|
Semi-Annual Report | September 30, 2016
|
17
|
Index Funds S&P 500 Equal Weight
|
Notes to Financial Statements
|
Ordinary Income
|
Long-Term
Capital Gain
|
|||||||
Index Funds S&P 500 Equal Weight
|
$
|
89,396
|
$ | 465 |
Gross Appreciation (excess of value over tax cost)
|
Gross Depreciation (excess of tax cost over value)
|
Net Unrealized Depreciation
|
Cost of Investments for Income Tax Purposes
|
|||||||||||||
Index Funds S&P 500 Equal Weight
|
$
|
185,345
|
$
|
(296,429
|
)
|
$
|
(111,084
|
)
|
$
|
4,305,412
|
18 |
www.Index.world
|
Index Funds S&P 500 Equal Weight
|
Additional Information
|
Semi-Annual Report | September 30, 2016
|
19
|
Item 2.
|
Code of Ethics.
|
Item 3.
|
Audit Committee Financial Expert.
|
Item 4.
|
Principal Accountant Fees and Services.
|
Item 5.
|
Audit Committee of Listed Registrants.
|
Item 6.
|
Schedule of Investments.
|
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Companies. |
Item 10.
|
Submission of Matters to Vote of Security Holders.
|
Item 11.
|
Controls and Procedures.
|
(a)
|
The registrant’s principal executive officer and principal financial officer 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) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.
|
(b) | There was no change in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting. |
Item 12.
|
Exhibits.
|
(a)(1) | Not applicable. |
(a)(2) | The certifications required by Rule 30a-2(a) of the Investment Company Act of 1940, as amended, and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto as Ex99.Cert. |
(a)(3)
|
Not applicable.
|
(b) | The certifications by the registrant’s Principal Executive Officer and Principal Financial Officer, as required by Rule 30a-2(b) of the Investment Company Act of 1940, as amended, and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as Ex99.906Cert. |
Index Funds | ||
By:
|
/s/ Michael G. Willis
|
|
Michael G. Willis, President
|
||
(Principal Executive Officer)
|
||
Date:
|
December 8, 2016
|
By:
|
/s/ Michael G. Willis
|
|
Michael G. Willis, President
|
||
(Principal Executive Officer)
|
||
Date:
|
December 8, 2016
|
By:
|
/s/ Michael G. Willis
|
|
Michael G. Willis, President
|
||
(Principal Financial Officer)
|
||
Date:
|
December 8, 2016
|