N-CSRS 1 fp0029466_ncsrs.htm
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM N-CSR
 
811-21836
(Investment Company Act file number)
 
Index Funds
(Exact name of registrant as specified in charter)

1155 Kelly Johnson Boulevard, Suite 111
Colorado Springs, Colorado 80920
(Address of principal executive offices) (Zip code)

(800) 788-5680
(Registrant's telephone number)

Michael G. Willis
1155 Kelly Johnson Boulevard, Suite 111
Colorado Springs, Colorado 80920
(Name and Address of Agent for Service)
 
Date of fiscal year end:  March 31

Date of reporting period:  April 1, 2017 – September 30, 2017


Item 1. Reports to Stockholders.
 
(FRONT COVER)
 

TABLE OF CONTENTS
  
Shareholder Letter
1
Manager Commentary
3
Disclosure of Fund Expenses
5
Schedule of Investments
6
Statement of Assets and Liabilities
12
Statement of Operations
13
Statements of Changes in Net Assets
14
Financial Highlights
15
Notes to Financial Statements
16
Additional Information
20
 
(INDEX FUNDS LOGO)

Index Funds S&P 500 Equal Weight
Shareholder Letter

September 30, 2017 (Unaudited)

Dear Shareholders,

The Fund’s underlying index, the S&P 500 Equal Weight Index, outperformed 98% of all large cap mutual fund managers over the past 10 years and outperformed 100% of all large cap mutual fund managers over the past 15 years*.

This striking fact is magnified when you consider that this performance was achieved by utilizing 500 leading US companies, not a narrowly focused technology index or the like. This index comprises a who’s who list of the most recognized companies in the world, making it a strong contender as a core holding for many portfolio managers and index models.

Since its inception in January of 2003, the S&P 500 Equal Weight Index* has outperformed the S&P 500 Index 10 out of the past 14 calendar years. That is notable, considering that the S&P 500 Index itself beats most large cap managers, most of the time. According to the year‐end 2016 SPIVA (S&P Indices Versus Active) report released by Standard & Poor’s, the S&P 500 Index outperformed 85% of all large‐cap fund managers over the past 10 years.

So, if it is so difficult to beat the S&P 500 Index, how has the S&P 500 Equal Weight Index been able to outperform it so consistently, while at the same time also beating 98% of all Large Cap Fund Managers over the past 10 years?

The answer, for us, is simple. We believe that the S&P 500 Equal Weight Index methodology corrects an inherent “buy‐high‐sell‐low” trading flaw buried within the market‐cap methodology that powers the S&P 500 Index and many other active manager strategies. To illustrate, an index fund seeking to track the S&P 500 Index must continuously adjust its portfolio to mirror the underlying index as the 500 stocks fluctuate in price. For example, if 250 index constituents move higher in price and 250 index constituents move lower in price, the market‐cap methodology requires the portfolio manager to purchase more of the 250 stocks that went higher in price and to sell a portion of the 250 stocks that fell in price. This effectively forces the manager to “buy high and sell low”.

In our view, the methodology behind the construction of the Equal Weight Index corrects the market‐cap “buy‐high‐sell‐low” trading methodology and replaces it with a “buy‐low‐sell‐high” trading methodology. How? Using the same 500 companies, the portfolio manager of the Equal Weight S&P 500 Index fund is required to rebalance the portfolio periodically. Using the example above, the equal weight methodology requires that the manager sell a portion of the 250 stocks that went higher in price and to purchase a portion of the 250 stocks that fell in price, until the 500 holdings are equal in value again. We believe this creates the very positive effect of forcing the manager to “buy low and sell high”, thus creating a simple solution to a traditionally complex problem. Here lies the “secret sauce”, in our opinion, and why we believe the alpha that has historically been achieved is sustainable over long periods of time.

The U.S. equity markets have posted solid returns during the first 3 quarters of 2017, with the S&P 500 Equal Weight Index achieving +11.94% and the S&P 500 Index achieving +14.24% returns.

During the 12‐months ending 09/30/2017, our INDEX FUNDS S&P 500 EQUAL WEIGHT Fund (ticker symbol INDEX) returned +16.10%, while the underlying index grew by +16.23%. During the same period, the S&P 500 Index strongly outperformed both, growing by +18.61% (see Fund Performance Chart on page 3).

The underperformance of our Fund relative to the S&P 500 Equal Weight Index is consistent with the expenses and trading costs of the Fund. The underperformance of our Fund relative to the market capitalization version of the S&P 500 Index normally occurs when the largest 50 companies within the S&P 500 Index materially outperform the other 450 stocks within the index. This is because the S&P 500 Market‐Cap Index overweight’s the top 50 companies within the index to over 50% of the index, whereas the Equal‐Weight methodology seeks to hold all 500 companies equal over time.

Looking forward, we see the $16 trillion‐dollar Mutual Fund Industry very much in transition, as low cost index modelling seeks to replace traditional, higher‐cost alternatives. Another positive development in the industry is the creation of what many are now calling “Clean Shares”. This is a no‐load mutual fund share class which contain no 12b‐1 fees, providing one uniform price across the board. We believe that Clean Shares will lead to higher transparency with fewer conflicts of interest, and could offer big savings for investors.
 

Semi-Annual Report | September 30, 2017
1


Index Funds S&P 500 Equal Weight
Shareholder Letter

September 30, 2017 (Unaudited)

The good news is that INDEX is already a “no‐load”, low cost index fund with no 12b‐1 fees and therefore stands to potentially benefit from these significant changes in the mutual fund industry. We believe that these are all exciting developments and that, depending on how things progress in the near future; low cost index funds may have a significant role to play in the reconfigured Wall Street.

Best Regards,

Michael G. Willis
President
INDEX FUNDS

The foregoing reflects the thoughts and opinions of Index Funds exclusively and is subject to change without notice. Cannot invest directly in an index. Subject to investment risks, including possible loss of principal amount invested.

*
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.
 
S&P 500 Market Cap Index: The headline market cap indices, the S&P 500®, S&P MidCap 400®, and S&P SmallCap 600®, are widely recognized as leading indicators of U.S. equity market performance. The S&P 500 is the world's most-tracked index by AUM.


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www.Index.world


Index Funds S&P 500 Equal Weight
Manager Commentary

September 30, 2017 (Unaudited)

Growth of $10,000 Initial Investment (for the period ended September 30, 2017)
 
(LINE GRAPH)
  
The graph shown above represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Past performance does not guarantee future results. All returns reflect reinvested dividends, but do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Performance (for the period ended September 30, 2017)

 
1 Month
Quarter
1 Year
Since Inception*
Index Funds S&P 500 Equal Weight
2.92%
3.54%
16.10%
8.95%
S&P 500 Total Return Index
2.06%
4.48%
18.61%
10.47%
S&P 500 Equal Weight Net Total Return
2.92%
3.60%
16.23%
8.92%

The performance data quoted above represents past performance. Past performance is not a guarantee of future results. Investment return and value of the Fund shares will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance data may be lower or higher than actual performance data quoted. Fund performance current to the most recent month-end is available by calling (844) 464-6339 or by visiting www.Index.world.

Returns of less than 1 year are cumulative.

Indices are not actively managed and do not reflect deduction for fees, expenses or taxes. An investor cannot invest directly in an index.

The returns shown above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or redemption of Fund shares.

The total annual operating expenses and total annual operating expenses after fee waivers and/or reimbursement you may pay as an investor in the Fund (as reported in the July 28, 2017 Prospectus) are 6.83% and 0.25%, respectively. The Fund’s investment adviser has contractually agreed to limit expenses through July 31, 2018.

*
The Fund’s inception date is April 30, 2015.

The S&P 500® is widely regarded as the best single gauge of large-cap U.S. equities. There is over USD 7.8 trillion benchmarked to the index, with index assets comprising approximately USD 2.2 trillion of this total. The index includes 500 leading companies and captures approximately 80% coverage of available market capitalization.


Semi-Annual Report | September 30, 2017
3


Index Funds S&P 500 Equal Weight
Manager Commentary

September 30, 2017 (Unaudited)

Sector Allocation (as a % of Net Assets)*
 
(BAR CHART)
 
*
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.

The S&P 500 Equal Weight Index (the “Index”) is a product of S&P Dow Jones Indices LLC (“SPDJI”), and has been licensed for use by The Index Group, Inc. S&P® is a registered trademark of S&P Global (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); Standard & Poor’s® and S&P® are trademarks of the Standard & Poor’s Financial Services LLC (“S&P”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by The Index Group, Inc. The Index Funds S&P 500 Equal Weight is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, any of their respective affiliates (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices makes no representation or warranty, express or implied, to the owners of the Index Funds S&P 500 Equal Weight or any member of the public regarding the advisability of investing in securities generally or in Index Funds S&P 500 Equal Weight particularly or the ability of the S&P 500 Equal Weight Index to track general market performance. S&P Dow Jones Indices’ only relationship to The Index Group, Inc. with respect to the S&P 500 Equal Weight Index is the licensing of the Index and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The S&P 500 Equal Weight Index is determined, composed and calculated by S&P Dow Jones Indices without regard to The Index Group, Inc. or the Index Funds S&P 500 Equal Weight. S&P Dow Jones Indices have no obligation to take the needs of The Index Group, Inc. or the owners of the Index Funds S&P 500 Equal Weight into consideration in determining, composing or calculating the S&P 500 Equal Weight Index. S&P Dow Jones Indices are not responsible for and have not participated in the determination of the prices, and amount of the Index Funds S&P 500 Equal Weight or the timing of the issuance or sale of the Index Funds S&P 500 Equal Weight or in the determination or calculation of the equation by which the Index Funds S&P 500 Equal Weight is to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices have no obligation or liability in connection with the administration, marketing or trading of the Index Funds S&P 500 Equal Weight. There is no assurance that investment products based on the S&P 500 Equal Weight Index will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment advisor. Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice.

S&P DOW JONES INDICES DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE (INCLUDING, WITHOUT LIMITATION, COMPLIANCE WITH SHARIAH LAW) OR AS TO RESULTS TO BE OBTAINED BY THE INDEX GROUP, INC., OWNERS OF THE INDEX FUNDS S&P 500 EQUAL WEIGHT, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBLITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND THE INDEX GROUP, INC., OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.
 

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Index Funds S&P 500 Equal Weight
Disclosure of Fund Expenses

September 30, 2017 (Unaudited)

As a shareholder of the Index Funds S&P 500 Equal Weight (the “Fund”), you will incur two types of costs: (1) transaction costs, including applicable redemption fees; and (2) ongoing costs, including management fees and other Fund expenses. The following examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 invested on April 1, 2017 and held until September 30, 2017.

Actual Expenses. The first line of each table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes. The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The expenses shown in the table are meant to highlight ongoing Fund costs only and do not reflect transaction fees, such as redemption fees or exchange fees. Therefore, the second line of each table below is useful in comparing ongoing costs only, and may not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Index Funds S&P 500 Equal Weight
Beginning
Account Value
4/1/2017
Ending
Account Value
09/30/17
Expense
Ratio(a)
Expenses Paid
During Period
4/1/2017- 9/30/17(b)
Actual
$1,000.00
$1,060.50
0.25%
$1.29
Hypothetical (5% return before expenses)
$1,000.00
$1,023.82
0.25%
$1.27

(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.


Semi-Annual Report | September 30, 2017
5

Index Funds S&P 500 Equal Weight
Schedule of Investments

September 30, 2017 (Unaudited)
 
 
 
Shares
   
Value
 
COMMON STOCKS: 99.91%
           
Consumer Discretionary: 15.77%
           
Advance Auto Parts, Inc.
   
435
   
$
43,152
 
Amazon.com, Inc.(a)
   
42
     
40,377
 
AutoZone, Inc.(a)
   
76
     
45,228
 
Best Buy Co., Inc.
   
739
     
42,093
 
BorgWarner, Inc.
   
887
     
45,441
 
CarMax, Inc.(a)
   
599
     
45,410
 
Carnival Corp.
   
625
     
40,356
 
CBS Corp., Class B Non‐Voting
   
689
     
39,962
 
Charter Communications, Inc., Class A(a)
   
104
     
37,796
 
Chipotle Mexican Grill, Inc.(a)
   
137
     
42,173
 
Coach, Inc.
   
1,014
     
40,844
 
Comcast Corp., Class A
   
1,072
     
41,251
 
Darden Restaurants, Inc.
   
521
     
41,044
 
Delphi Automotive PLC
   
424
     
41,722
 
Discovery Communications, Inc., Class A(a)
   
840
     
17,884
 
Discovery Communications, Inc., Class C(a)
   
1,152
     
23,340
 
DISH Network Corp., Class A(a)
   
751
     
40,727
 
Dollar General Corp.
   
543
     
44,010
 
Dollar Tree, Inc.(a)
   
495
     
42,976
 
DR Horton, Inc.
   
1,131
     
45,161
 
Expedia, Inc.
   
289
     
41,599
 
Foot Locker, Inc.
   
1,147
     
40,397
 
Ford Motor Co.
   
3,608
     
43,188
 
Gap, Inc.
   
1,595
     
47,100
 
Garmin, Ltd.
   
785
     
42,366
 
General Motors Co.
   
1,107
     
44,701
 
Genuine Parts Co.
   
480
     
45,912
 
Goodyear Tire & Rubber Co.
   
1,351
     
44,921
 
H&R Block, Inc.
   
1,571
     
41,600
 
Hanesbrands, Inc.
   
1,632
     
40,212
 
Harley‐Davidson, Inc.
   
865
     
41,702
 
Hasbro, Inc.
   
435
     
42,486
 
Hilton Worldwide Holdings, Inc.
   
629
     
43,684
 
Home Depot, Inc.
   
257
     
42,035
 
Interpublic Group of Cos., Inc.
   
2,011
     
41,809
 
Kohl's Corp.
   
976
     
44,554
 
L Brands, Inc.
   
1,104
     
45,937
 
Leggett & Platt, Inc.
   
905
     
43,196
 
Lennar Corp., Class A
   
811
     
42,821
 
LKQ Corp.(a)
   
1,178
     
42,396
 
Lowe's Cos., Inc.
   
521
     
41,649
 
Macy's, Inc.
   
1,923
     
41,960
 
Marriott International, Inc., Class A
   
396
     
43,663
 
Mattel, Inc.
   
2,683
     
41,533
 
McDonald's Corp.
   
256
     
40,110
 
MGM Resorts International
   
1,232
     
40,151
 
Michael Kors Holdings, Ltd.(a)
   
972
     
46,510
 
Mohawk Industries, Inc.(a)
   
159
     
39,354
 
Netflix, Inc.(a)
   
232
     
42,073
 
Newell Brands, Inc.
   
930
     
39,683
 
 
 
Shares
   
Value
 
Consumer Discretionary (continued)
           
News Corp., Class A
   
2,363
   
$
31,333
 
News Corp., Class B
   
742
     
10,128
 
NIKE, Inc., Class B
   
785
     
40,702
 
Nordstrom, Inc.
   
889
     
41,916
 
Omnicom Group, Inc.
   
563
     
41,701
 
O'Reilly Automotive, Inc.(a)
   
206
     
44,366
 
Priceline Group, Inc.(a)
   
22
     
40,278
 
PulteGroup, Inc.
   
1,591
     
43,482
 
PVH Corp.
   
321
     
40,465
 
Ralph Lauren Corp.
   
451
     
39,819
 
Ross Stores, Inc.
   
700
     
45,199
 
Royal Caribbean Cruises, Ltd.
   
350
     
41,489
 
Scripps Networks Interactive, Inc., Class A
   
480
     
41,227
 
Signet Jewelers, Ltd.
   
626
     
41,660
 
Starbucks Corp.
   
767
     
41,196
 
Target Corp.
   
715
     
42,192
 
Tiffany & Co.
   
439
     
40,291
 
Time Warner, Inc.
   
409
     
41,902
 
TJX Cos., Inc.
   
566
     
41,731
 
Tractor Supply Co.
   
679
     
42,974
 
TripAdvisor, Inc.(a)
   
909
     
36,842
 
Twenty‐First Century Fox, Inc., Class A
   
1,091
     
28,781
 
Twenty‐First Century Fox, Inc., Class B
   
505
     
13,024
 
Ulta Beauty, Inc.(a)
   
180
     
40,691
 
Under Armour, Inc., Class A(a)
   
1,223
     
20,155
 
Under Armour, Inc., Class C(a)
   
1,221
     
18,339
 
VF Corp.
   
656
     
41,702
 
Viacom, Inc., Class B
   
1,503
     
41,844
 
Walt Disney Co.
   
422
     
41,597
 
Whirlpool Corp.
   
238
     
43,897
 
Wyndham Worldwide Corp.
   
416
     
43,851
 
Wynn Resorts, Ltd.
   
283
     
42,144
 
Yum! Brands, Inc.
   
536
     
39,455
 
 
           
3,326,622
 
 
               
Consumer Staples: 6.53%
               
Altria Group, Inc.
   
658
     
41,730
 
Archer‐Daniels‐Midland Co.
   
967
     
41,107
 
Brown‐Forman Corp., Class B
   
755
     
40,996
 
Campbell Soup Co.
   
856
     
40,078
 
Church & Dwight Co., Inc.
   
834
     
40,407
 
Clorox Co.
   
305
     
40,233
 
Coca‐Cola Co.
   
885
     
39,834
 
Colgate‐Palmolive Co.
   
571
     
41,597
 
Conagra Brands, Inc.
   
1,188
     
40,083
 
Constellation Brands, Inc., Class A
   
203
     
40,488
 
Costco Wholesale Corp.
   
260
     
42,715
 
Coty, Inc., Class A
   
2,489
     
41,143
 
CVS Health Corp.
   
514
     
41,798
 
Dr. Pepper Snapple Group, Inc.
   
447
     
39,546
 
Estee Lauder Cos., Inc., Class A
   
377
     
40,656
 
General Mills, Inc.
   
741
     
38,354
 
Hershey Co.
   
379
     
41,375
 
 
See Notes to Financial Statements.

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Index Funds S&P 500 Equal Weight
Schedule of Investments

September 30, 2017 (Unaudited)
 
 
 
Shares
   
Value
 
Consumer Staples (continued)
           
Hormel Foods Corp.
   
1,297
   
$
41,686
 
JM Smucker Co.
   
383
     
40,188
 
Kellogg Co.
   
599
     
37,360
 
Kimberly‐Clark Corp.
   
348
     
40,953
 
Kraft Heinz Co.
   
501
     
38,853
 
Kroger Co.
   
1,946
     
39,037
 
McCormick & Co., Inc., Non‐Voting Shares
   
420
     
43,109
 
Molson Coors Brewing Co., Class B
   
465
     
37,963
 
Mondelez International, Inc., Class A
   
1,009
     
41,026
 
Monster Beverage Corp.(a)
   
728
     
40,222
 
PepsiCo, Inc.
   
357
     
39,780
 
Philip Morris International, Inc.
   
351
     
38,965
 
Procter & Gamble Co.
   
441
     
40,122
 
Sysco Corp.
   
775
     
41,811
 
Tyson Foods, Inc., Class A
   
627
     
44,172
 
Walgreens Boots Alliance, Inc.
   
503
     
38,842
 
Wal‐Mart Stores, Inc.
   
519
     
40,555
 
 
           
1,376,784
 
 
               
Energy: 6.90%
               
Anadarko Petroleum Corp.
   
1,002
     
48,948
 
Andeavor
   
404
     
41,673
 
Apache Corp.
   
1,043
     
47,769
 
Baker Hughes a GE Co.
   
1,191
     
43,614
 
Cabot Oil & Gas Corp.
   
1,579
     
42,238
 
Chesapeake Energy Corp.(a)
   
11,260
     
48,418
 
Chevron Corp.
   
370
     
43,475
 
Cimarex Energy Co.
   
412
     
46,832
 
Concho Resources, Inc.(a)
   
366
     
48,210
 
ConocoPhillips
   
921
     
46,096
 
Devon Energy Corp.
   
1,302
     
47,796
 
EOG Resources, Inc.
   
472
     
45,661
 
EQT Corp.
   
675
     
44,037
 
Exxon Mobil Corp.
   
520
     
42,630
 
Halliburton Co.
   
1,018
     
46,859
 
Helmerich & Payne, Inc.
   
901
     
46,951
 
Hess Corp.
   
1,018
     
47,734
 
Kinder Morgan, Inc.
   
2,141
     
41,064
 
Marathon Oil Corp.
   
3,624
     
49,142
 
Marathon Petroleum Corp.
   
768
     
43,070
 
National Oilwell Varco, Inc.
   
1,291
     
46,127
 
Newfield Exploration Co.(a)
   
1,653
     
49,045
 
Noble Energy, Inc.
   
1,665
     
47,219
 
Occidental Petroleum Corp.
   
680
     
43,663
 
ONEOK, Inc.
   
729
     
40,394
 
Phillips 66
   
484
     
44,339
 
Pioneer Natural Resources Co.
   
319
     
47,065
 
Range Resources Corp.
   
2,472
     
48,377
 
Schlumberger, Ltd.
   
632
     
44,088
 
TechnipFMC PLC(a)
   
1,607
     
44,867
 
Valero Energy Corp.
   
590
     
45,389
 
 
 
Shares
   
Value
 
Energy (continued)
           
Williams Cos., Inc.
   
1,381
   
$
41,444
 
 
           
1,454,234
 
 
               
Financials: 14.03%
               
Affiliated Managers Group, Inc.
   
237
     
44,990
 
Aflac, Inc.
   
505
     
41,102
 
Allstate Corp.
   
458
     
42,095
 
American Express Co.
   
486
     
43,964
 
American International Group, Inc.
   
685
     
42,052
 
Ameriprise Financial, Inc.
   
308
     
45,741
 
Aon PLC
   
287
     
41,931
 
Arthur J Gallagher & Co.
   
686
     
42,223
 
Assurant, Inc.
   
451
     
43,080
 
Bank of America Corp.
   
1,791
     
45,384
 
Bank of New York Mellon Corp.
   
813
     
43,105
 
BB&T Corp.
   
932
     
43,748
 
Berkshire Hathaway, Inc., Class B(a)
   
234
     
42,897
 
BlackRock, Inc.
   
98
     
43,815
 
Brighthouse Financial, Inc.(a)
   
752
     
45,722
 
Capital One Financial Corp.
   
524
     
44,362
 
CBOE Holdings, Inc.
   
391
     
42,083
 
Charles Schwab Corp.
   
1,059
     
46,321
 
Chubb, Ltd.
   
290
     
41,340
 
Cincinnati Financial Corp.
   
541
     
41,424
 
Citigroup, Inc.
   
620
     
45,099
 
Citizens Financial Group, Inc.
   
1,250
     
47,337
 
CME Group, Inc.
   
320
     
43,418
 
Comerica, Inc.
   
633
     
48,273
 
Discover Financial Services
   
710
     
45,781
 
E*Trade Financial Corp.(a)
   
1,034
     
45,093
 
Everest Re Group, Ltd.
   
184
     
42,024
 
Fifth Third Bancorp
   
1,634
     
45,719
 
Franklin Resources, Inc.
   
999
     
44,465
 
Goldman Sachs Group, Inc.
   
188
     
44,592
 
Hartford Financial Services Group, Inc.
   
771
     
42,737
 
Huntington Bancshares, Inc.
   
3,327
     
46,445
 
Intercontinental Exchange, Inc.
   
627
     
43,075
 
Invesco, Ltd.
   
1,293
     
45,307
 
JPMorgan Chase & Co.
   
464
     
44,317
 
KeyCorp
   
2,466
     
46,410
 
Leucadia National Corp.
   
1,833
     
46,283
 
Lincoln National Corp.
   
623
     
45,778
 
Loews Corp.
   
891
     
42,643
 
M&T Bank Corp.
   
284
     
45,735
 
Marsh & McLennan Cos., Inc.
   
500
     
41,905
 
MetLife, Inc.
   
870
     
45,196
 
Moody's Corp.
   
302
     
42,041
 
Morgan Stanley
   
931
     
44,846
 
NASDAQ, Inc.
   
551
     
42,741
 
Navient Corp.
   
3,033
     
45,556
 
Northern Trust Corp.
   
464
     
42,656
 
People's United Financial, Inc.
   
2,522
     
45,749
 
PNC Financial Services Group, Inc.
   
338
     
45,552
 
Principal Financial Group, Inc.
   
675
     
43,429
 
 
See Notes to Financial Statements.

Semi-Annual Report | September 30, 2017
7

Index Funds S&P 500 Equal Weight
Schedule of Investments

September 30, 2017 (Unaudited)
 
 
 
Shares
   
Value
 
Financials (continued)
           
Progressive Corp.
   
902
   
$
43,675
 
Prudential Financial, Inc.
   
414
     
44,016
 
Raymond James Financial, Inc.
   
544
     
45,876
 
Regions Financial Corp.
   
3,092
     
47,091
 
S&P Global, Inc.
   
269
     
42,047
 
State Street Corp.
   
443
     
42,324
 
SunTrust Banks, Inc.
   
783
     
46,800
 
Synchrony Financial
   
1,436
     
44,588
 
T Rowe Price Group, Inc.
   
499
     
45,234
 
Torchmark Corp.
   
539
     
43,169
 
Travelers Cos., Inc.
   
343
     
42,024
 
Unum Group
   
870
     
44,483
 
US Bancorp
   
820
     
43,944
 
Wells Fargo & Co.
   
826
     
45,554
 
Willis Towers Watson PLC
   
270
     
41,642
 
XL Group, Ltd.
   
1,061
     
41,856
 
Zions Bancorporation
   
985
     
46,472
 
 
           
2,958,376
 
 
               
Health Care: 11.88%
               
Abbott Laboratories
   
788
     
42,048
 
AbbVie, Inc.
   
480
     
42,653
 
Aetna, Inc.
   
252
     
40,070
 
Agilent Technologies, Inc.
   
631
     
40,510
 
Alexion Pharmaceuticals, Inc.(a)
   
290
     
40,684
 
Align Technology, Inc.(a)
   
226
     
42,097
 
Allergan PLC
   
175
     
35,866
 
AmerisourceBergen Corp.
   
497
     
41,127
 
Amgen, Inc.
   
227
     
42,324
 
Anthem, Inc.
   
212
     
40,255
 
Baxter International, Inc.
   
648
     
40,662
 
Becton Dickinson and Co.
   
202
     
39,582
 
Biogen, Inc.(a)
   
126
     
39,453
 
Boston Scientific Corp.(a)
   
1,424
     
41,538
 
Bristol‐Myers Squibb Co.
   
654
     
41,686
 
Cardinal Health, Inc.
   
600
     
40,152
 
Celgene Corp.(a)
   
291
     
42,434
 
Centene Corp.(a)
   
458
     
44,321
 
Cerner Corp.(a)
   
592
     
42,221
 
Cigna Corp.
   
222
     
41,501
 
Cooper Cos., Inc.
   
163
     
38,649
 
CR Bard, Inc.
   
127
     
40,703
 
Danaher Corp.
   
473
     
40,574
 
DaVita, Inc.(a)
   
702
     
41,692
 
DENTSPLY SIRONA, Inc.
   
701
     
41,927
 
Edwards Lifesciences Corp.(a)
   
363
     
39,679
 
Eli Lilly & Co.
   
494
     
42,257
 
Envision Healthcare Corp.(a)
   
832
     
37,398
 
Express Scripts Holding Co.(a)
   
652
     
41,285
 
Gilead Sciences, Inc.
   
482
     
39,052
 
HCA Healthcare, Inc.(a)
   
532
     
42,342
 
Henry Schein, Inc.(a)
   
468
     
38,371
 
Hologic, Inc.(a)
   
1,056
     
38,745
 
Humana, Inc.
   
160
     
38,981
 
 
 
Shares
   
Value
 
Health Care (continued)
           
IDEXX Laboratories, Inc.(a)
   
260
   
$
40,427
 
Illumina, Inc.(a)
   
195
     
38,844
 
Incyte Corp.(a)
   
317
     
37,007
 
Intuitive Surgical, Inc.(a)
   
39
     
40,789
 
Johnson & Johnson
   
312
     
40,563
 
Laboratory Corp. of America Holdings(a)
   
260
     
39,252
 
McKesson Corp.
   
261
     
40,092
 
Medtronic PLC
   
499
     
38,807
 
Merck & Co., Inc.
   
638
     
40,851
 
Mettler‐Toledo International, Inc.(a)
   
67
     
41,953
 
Mylan NV(a)
   
1,277
     
40,059
 
Patterson Cos., Inc.
   
1,041
     
40,235
 
PerkinElmer, Inc.
   
606
     
41,796
 
Perrigo Co. PLC
   
495
     
41,902
 
Pfizer, Inc.
   
1,202
     
42,911
 
Quest Diagnostics, Inc.
   
381
     
35,677
 
Quintiles IMS Holdings, Inc.(a)
   
422
     
40,120
 
Regeneron Pharmaceuticals, Inc.(a)
   
87
     
38,899
 
ResMed, Inc.
   
513
     
39,480
 
Stryker Corp.
   
287
     
40,760
 
Thermo Fisher Scientific, Inc.
   
214
     
40,489
 
UnitedHealth Group, Inc.
   
208
     
40,737
 
Universal Health Services, Inc., Class B
   
371
     
41,159
 
Varian Medical Systems, Inc.(a)
   
385
     
38,523
 
Vertex Pharmaceuticals, Inc.(a)
   
258
     
39,226
 
Waters Corp.(a)
   
220
     
39,494
 
Zimmer Biomet Holdings, Inc.
   
355
     
41,567
 
Zoetis, Inc.
   
634
     
40,424
 
 
           
2,504,882
 
 
               
Industrials: 13.79%
               
3M Co.
   
200
     
41,980
 
Acuity Brands, Inc.
   
228
     
39,052
 
Alaska Air Group, Inc.
   
552
     
42,101
 
Allegion PLC
   
507
     
43,840
 
American Airlines Group, Inc.
   
939
     
44,593
 
AMETEK, Inc.
   
640
     
42,266
 
AO Smith Corp.
   
725
     
43,087
 
Arconic, Inc.
   
1,679
     
41,773
 
Boeing Co.
   
172
     
43,724
 
Caterpillar, Inc.
   
349
     
43,524
 
CH Robinson Worldwide, Inc.
   
556
     
42,312
 
Cintas Corp.
   
306
     
44,150
 
CSX Corp.
   
801
     
43,462
 
Cummins, Inc.
   
252
     
42,344
 
Deere & Co.
   
350
     
43,956
 
Delta Air Lines, Inc.
   
864
     
41,662
 
Dover Corp.
   
470
     
42,953
 
Eaton Corp. PLC
   
568
     
43,617
 
Emerson Electric Co.
   
678
     
42,605
 
Equifax, Inc.
   
333
     
35,295
 
Expeditors International of Washington, Inc.
   
719
     
43,039
 
 
See Notes to Financial Statements.

8
www.Index.world

Index Funds S&P 500 Equal Weight
Schedule of Investments

September 30, 2017 (Unaudited)
 
   
Shares
   
Value
 
Industrials (continued)
           
Fastenal Co.
   
960
   
$
43,757
 
FedEx Corp.
   
194
     
43,763
 
Flowserve Corp.
   
1,038
     
44,208
 
Fluor Corp.
   
1,048
     
44,121
 
Fortive Corp.
   
617
     
43,677
 
Fortune Brands Home & Security, Inc.
   
636
     
42,758
 
General Dynamics Corp.
   
208
     
42,761
 
General Electric Co.
   
1,720
     
41,590
 
Honeywell International, Inc.
   
297
     
42,097
 
IHS Markit, Ltd.(a)
   
863
     
38,041
 
Illinois Tool Works, Inc.
   
292
     
43,204
 
Ingersoll‐Rand PLC
   
469
     
41,821
 
Jacobs Engineering Group, Inc.
   
751
     
43,761
 
JB Hunt Transport Services, Inc.
   
402
     
44,654
 
Johnson Controls International PLC
   
1,047
     
42,184
 
Kansas City Southern
   
393
     
42,711
 
L3 Technologies, Inc.
   
225
     
42,397
 
Lockheed Martin Corp.
   
136
     
42,199
 
Masco Corp.
   
1,090
     
42,521
 
Nielsen Holdings PLC
   
1,065
     
44,144
 
Norfolk Southern Corp.
   
332
     
43,904
 
Northrop Grumman Corp.
   
153
     
44,021
 
PACCAR, Inc.
   
607
     
43,910
 
Parker‐Hannifin Corp.
   
254
     
44,455
 
Pentair PLC
   
661
     
44,922
 
Quanta Services, Inc.(a)
   
1,134
     
42,378
 
Raytheon Co.
   
226
     
42,167
 
Republic Services, Inc.
   
626
     
41,354
 
Robert Half International, Inc.
   
901
     
45,356
 
Rockwell Automation, Inc.
   
250
     
44,552
 
Rockwell Collins, Inc.
   
312
     
40,782
 
Roper Technologies, Inc.
   
175
     
42,595
 
Snap‐on, Inc.
   
278
     
41,425
 
Southwest Airlines Co.
   
776
     
43,440
 
Stanley Black & Decker, Inc.
   
278
     
41,970
 
Stericycle, Inc.(a)
   
583
     
41,754
 
Textron, Inc.
   
832
     
44,828
 
TransDigm Group, Inc.
   
161
     
41,160
 
Union Pacific Corp.
   
383
     
44,416
 
United Continental Holdings, Inc.(a)
   
701
     
42,677
 
United Parcel Service, Inc., Class B
   
357
     
42,872
 
United Rentals, Inc.(a)
   
323
     
44,813
 
United Technologies Corp.
   
374
     
43,414
 
Verisk Analytics, Inc.(a)
   
497
     
41,345
 
Waste Management, Inc.
   
532
     
41,640
 
WW Grainger, Inc.
   
248
     
44,578
 
Xylem, Inc.
   
653
     
40,897
 
             
2,909,329
 
                 
Information Technology: 13.66%
               
Accenture PLC, Class A
   
306
     
41,331
 
Activision Blizzard, Inc.
   
631
     
40,706
 
Adobe Systems, Inc.(a)
   
264
     
39,384
 
Advanced Micro Devices, Inc.(a)
   
3,346
     
42,661
 
 
 
Shares
   
Value
 
Information Technology (continued)
           
Akamai Technologies, Inc.(a)
   
891
   
$
43,410
 
Alliance Data Systems Corp.
   
191
     
42,316
 
Alphabet, Inc., Class A(a)
   
22
     
21,422
 
Alphabet, Inc., Class C(a)
   
22
     
21,100
 
Amphenol Corp., Class A
   
509
     
43,082
 
Analog Devices, Inc.
   
509
     
43,861
 
ANSYS, Inc.(a)
   
319
     
39,151
 
Apple, Inc.
   
258
     
39,763
 
Applied Materials, Inc.
   
924
     
48,131
 
Autodesk, Inc.(a)
   
359
     
40,301
 
Automatic Data Processing, Inc.
   
378
     
41,323
 
Broadcom, Ltd.
   
168
     
40,747
 
CA, Inc.
   
1,236
     
41,258
 
Cadence Design Systems, Inc.(a)
   
1,071
     
42,272
 
Cisco Systems, Inc.
   
1,302
     
43,786
 
Citrix Systems, Inc.(a)
   
546
     
41,944
 
Cognizant Technology Solutions Corp., Class A
   
576
     
41,783
 
Corning, Inc.
   
1,436
     
42,965
 
CSRA, Inc.
   
1,273
     
41,080
 
DXC Technology Co.
   
487
     
41,824
 
eBay, Inc.(a)
   
1,084
     
41,691
 
Electronic Arts, Inc.(a)
   
347
     
40,967
 
F5 Networks, Inc.(a)
   
355
     
42,799
 
Facebook, Inc., Class A(a)
   
240
     
41,009
 
Fidelity National Information Services, Inc.
   
444
     
41,465
 
Fiserv, Inc.(a)
   
335
     
43,202
 
FLIR Systems, Inc.
   
1,076
     
41,867
 
Gartner, Inc.(a)
   
330
     
41,055
 
Global Payments, Inc.
   
431
     
40,958
 
Harris Corp.
   
335
     
44,113
 
Hewlett Packard Enterprise Co.
   
3,124
     
45,954
 
HP, Inc.
   
2,143
     
42,774
 
Intel Corp.
   
1,165
     
44,363
 
International Business Machines Corp.
   
287
     
41,638
 
Intuit, Inc.
   
289
     
41,078
 
Juniper Networks, Inc.
   
1,540
     
42,858
 
KLA‐Tencor Corp.
   
434
     
46,004
 
Lam Research Corp.
   
247
     
45,705
 
MasterCard, Inc., Class A
   
298
     
42,078
 
Microchip Technology, Inc.
   
474
     
42,556
 
Micron Technology, Inc.(a)
   
1,263
     
49,674
 
Microsoft Corp.
   
554
     
41,267
 
Motorola Solutions, Inc.
   
482
     
40,907
 
NetApp, Inc.
   
1,061
     
46,429
 
NVIDIA Corp.
   
250
     
44,692
 
Oracle Corp.
   
795
     
38,438
 
Paychex, Inc.
   
720
     
43,171
 
PayPal Holdings, Inc.(a)
   
670
     
42,900
 
Qorvo, Inc.(a)
   
572
     
40,429
 
QUALCOMM, Inc.
   
825
     
42,768
 
Red Hat, Inc.(a)
   
383
     
42,459
 
salesforce.com, Inc.(a)
   
425
     
39,703
 
 
See Notes to Financial Statements.

Semi-Annual Report  |  September 30, 2017
9

Index Funds S&P 500 Equal Weight
Schedule of Investments

September 30, 2017 (Unaudited)
 
 
 
Shares
   
Value
 
Information Technology (continued)
           
Seagate Technology PLC
   
1,281
   
$
42,491
 
Skyworks Solutions, Inc.
   
392
     
39,945
 
Symantec Corp.
   
1,296
     
42,522
 
Synopsys, Inc.(a)
   
515
     
41,473
 
TE Connectivity, Ltd.
   
519
     
43,108
 
Texas Instruments, Inc.
   
503
     
45,089
 
Total System Services, Inc.
   
591
     
38,710
 
VeriSign, Inc.(a)
   
397
     
42,237
 
Visa, Inc., Class A
   
393
     
41,359
 
Western Digital Corp.
   
471
     
40,694
 
Western Union Co.
   
2,193
     
42,106
 
Xerox Corp.
   
1,299
     
43,244
 
Xilinx, Inc.
   
644
     
45,615
 
 
           
2,881,165
 
 
               
Materials: 5.02%
               
Air Products & Chemicals, Inc.
   
282
     
42,644
 
Albemarle Corp.
   
347
     
47,300
 
Avery Dennison Corp.
   
439
     
43,171
 
Ball Corp.
   
1,018
     
42,043
 
CF Industries Holdings, Inc.
   
1,279
     
44,970
 
DowDuPont, Inc.
   
632
     
43,753
 
Eastman Chemical Co.
   
483
     
43,707
 
Ecolab, Inc.
   
312
     
40,126
 
FMC Corp.
   
470
     
41,976
 
Freeport‐McMoRan, Inc.(a)
   
2,878
     
40,407
 
International Flavors & Fragrances, Inc.
   
288
     
41,158
 
International Paper Co.
   
749
     
42,558
 
LyondellBasell Industries NV, Class A
   
447
     
44,275
 
Martin Marietta Materials, Inc.
   
193
     
39,802
 
Monsanto Co.
   
350
     
41,937
 
Mosaic Co.
   
2,113
     
45,620
 
Newmont Mining Corp.
   
1,043
     
39,123
 
Nucor Corp.
   
752
     
42,142
 
Packaging Corp. of America
   
361
     
41,400
 
PPG Industries, Inc.
   
396
     
43,029
 
Praxair, Inc.
   
309
     
43,180
 
Sealed Air Corp.
   
953
     
40,712
 
Sherwin‐Williams Co.
   
119
     
42,607
 
Vulcan Materials Co.
   
338
     
40,425
 
WestRock Co.
   
726
     
41,186
 
 
           
1,059,251
 
 
               
Real Estate: 6.28%
               
Alexandria Real Estate Equities, Inc., REIT
   
344
     
40,926
 
American Tower Corp., REIT
   
282
     
38,544
 
Apartment Investment & Management Co., REIT, Class A
   
882
     
38,684
 
AvalonBay Communities, Inc., REIT
   
220
     
39,252
 
Boston Properties, Inc., REIT
   
342
     
42,025
 
CBRE Group, Inc., Class A(a)
   
1,131
     
42,842
 
Crown Castle International Corp., REIT
   
385
     
38,492
 
 
 
Shares
   
Value
 
Real Estate (continued)
           
Digital Realty Trust, Inc., REIT
   
341
   
$
40,351
 
Duke Realty Corp., REIT
   
1,398
     
40,290
 
Equinix, Inc., REIT
   
89
     
39,721
 
Equity Residential, REIT
   
602
     
39,690
 
Essex Property Trust, Inc., REIT
   
154
     
39,121
 
Extra Space Storage, Inc., REIT
   
498
     
39,800
 
Federal Realty Investment Trust, REIT
   
317
     
39,375
 
GGP, Inc., REIT
   
1,926
     
40,003
 
HCP, Inc., REIT
   
1,356
     
37,737
 
Host Hotels & Resorts, Inc., REIT
   
2,258
     
41,750
 
Iron Mountain, Inc., REIT
   
1,024
     
39,834
 
Kimco Realty Corp., REIT
   
2,033
     
39,745
 
Macerich Co., REIT
   
756
     
41,557
 
Mid‐America Apartment Communities, Inc., REIT
   
380
     
40,614
 
Prologis, Inc., REIT
   
641
     
40,678
 
Public Storage, REIT
   
187
     
40,016
 
Realty Income Corp., REIT
   
690
     
39,461
 
Regency Centers Corp., REIT
   
639
     
39,644
 
SBA Communications Corp., REIT(a)
   
274
     
39,470
 
Simon Property Group, Inc., REIT
   
257
     
41,380
 
SL Green Realty Corp., REIT
   
429
     
43,466
 
UDR, Inc., REIT
   
1,036
     
39,399
 
Ventas, Inc., REIT
   
591
     
38,492
 
Vornado Realty Trust, REIT
   
555
     
42,668
 
Welltower, Inc., REIT
   
549
     
38,584
 
Weyerhaeuser Co., REIT
   
1,220
     
41,517
 
 
           
1,325,128
 
 
               
Telecommunication Services: 0.82%
               
AT&T, Inc.
   
1,151
     
45,085
 
CenturyLink, Inc.
   
2,211
     
41,788
 
Level 3 Communications, Inc.(a)
   
776
     
41,353
 
Verizon Communications, Inc.
   
889
     
43,996
 
 
           
172,222
 
 
               
Utilities: 5.23%
               
AES Corp.
   
3,656
     
40,289
 
Alliant Energy Corp.
   
949
     
39,450
 
Ameren Corp.
   
682
     
39,447
 
American Electric Power Co., Inc.
   
553
     
38,843
 
American Water Works Co., Inc.
   
500
     
40,455
 
CenterPoint Energy, Inc.
   
1,366
     
39,901
 
CMS Energy Corp.
   
842
     
39,001
 
Consolidated Edison, Inc.
   
479
     
38,646
 
Dominion Energy, Inc.
   
517
     
39,773
 
DTE Energy Co.
   
364
     
39,079
 
Duke Energy Corp.
   
467
     
39,191
 
Edison International
   
507
     
39,125
 
Entergy Corp.
   
513
     
39,173
 
Eversource Energy
   
646
     
39,044
 
Exelon Corp.
   
1,073
     
40,420
 
FirstEnergy Corp.
   
1,273
     
39,246
 
NextEra Energy, Inc.
   
276
     
40,448
 
 
See Notes to Financial Statements.

10
www.Index.world

Index Funds S&P 500 Equal Weight
Schedule of Investments

September 30, 2017 (Unaudited)
 
 
 
Shares
   
Value
 
Utilities (continued)
           
NiSource, Inc.
   
1,512
   
$
38,692
 
NRG Energy, Inc.
   
1,713
     
43,836
 
PG&E Corp.
   
580
     
39,492
 
Pinnacle West Capital Corp.
   
455
     
38,475
 
PPL Corp.
   
1,036
     
39,316
 
Public Service Enterprise Group, Inc.
   
882
     
40,792
 
SCANA Corp.
   
691
     
33,507
 
Sempra Energy
   
345
     
39,375
 
Southern Co.
   
816
     
40,098
 
WEC Energy Group, Inc.
   
615
     
38,610
 
Xcel Energy, Inc.
   
816
     
38,613
 
 
           
1,102,337
 
Total Common Stocks (Cost $19,387,869)
           
21,070,330
 
 
               
SHORT TERM INVESTMENTS: 0.32%
               
Fidelity® Institutional Money Market Government Portfolio, Class I (0.91% 7‐day yield)
   
66,540
     
66,540
 
 
               
Total Short Term Investments
(Cost $66,540)
           
66,540
 
 
               
Total Investments: 100.23%
(Cost $19,454,409)
           
21,136,870
 
 
               
Liabilities In Excess Of Other Assets: (0.23)%
           
(47,979
)
 
               
Net Assets: 100.00%
         
$
21,088,891
 
 
(a)
Non-income producing security.
 
 
See Notes to Financial Statements.

Semi-Annual Report  |  September 30, 2017
11

Index Funds S&P 500 Equal Weight
Statement of Assets and Liabilities

September 30, 2017 (Unaudited)
 
ASSETS:
     
Investments, at value
 
$
21,136,870
 
Receivable for shares sold
   
13,380
 
Receivable due from adviser
   
56,159
 
Interest and dividends receivable
   
23,085
 
Prepaid expenses and other assets
   
26,328
 
Total Assets
   
21,255,822
 
LIABILITIES:
       
Payable for investments purchased
   
97,898
 
Payable for shares redeemed
   
5,360
 
Payable to fund accounting and administration
   
27,040
 
Payable for trustee fees and expenses
   
120
 
Payable for transfer agency fees
   
7,183
 
Payable for chief compliance officer fee
   
3,479
 
Payable for professional fees
   
17,086
 
Accrued expenses and other liabilities
   
8,765
 
Total Liabilities
   
166,931
 
NET ASSETS
 
$
21,088,891
 
NET ASSETS CONSIST OF:
       
Paid‐in capital
 
$
19,459,113
 
Accumulated undistributed net investment income
   
203,934
 
Accumulated net realized loss on investments
   
(256,617
)
Net unrealized appreciation on investments
   
1,682,461
 
NET ASSETS
 
$
21,088,891
 
INVESTMENTS, AT COST
 
$
19,454,409
 
PRICING OF SHARES
       
Net Asset Value, offering and redemption price per share
 
$
28.92
 
Net Assets
 
$
21,088,891
 
Shares of beneficial interest outstanding, without par value
   
729,103
 
 
See Notes to Financial Statements.

12
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Index Funds S&P 500 Equal Weight
Statement of Operations

For the Six Months Ended September 30, 2017 (Unaudited)
 
INVESTMENT INCOME:
     
Dividends
 
$
182,915
 
Interest
   
491
 
Total Investment Income
   
183,406
 
         
EXPENSES:
       
Investment advisory fees (Note 3)
   
22,131
 
Administration fees
   
95,235
 
Custodian fees
   
2,370
 
Audit and tax fees
   
8,462
 
Legal fees
   
18,381
 
Transfer agent fees
   
22,317
 
Trustee fees and expenses
   
89
 
Registration fees
   
11,659
 
Printing fees
   
3,540
 
Chief compliance officer fees
   
10,333
 
Insurance expense
   
9,383
 
Other
   
3,868
 
Total expenses before waiver
   
207,768
 
Less fees waived/reimbursed by investment adviser (Note 3)
   
(185,637
)
Total Net Expenses
   
22,131
 
NET INVESTMENT INCOME:
   
161,275
 
         
REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS:
       
Net realized loss on investments
   
(190,781
)
Net change in unrealized appreciation on investments
   
1,104,576
 
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS
   
913,795
 
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
 
$
1,075,070
 
 
See Notes to Financial Statements.

Semi-Annual Report | September 30, 2017
13

Index Funds S&P 500 Equal Weight
Statement of Changes in Net Assets

 
   
For the
Six Months Ended
September 30, 2017 (Unaudited)
   
Year Ended
March 31, 2017
 
OPERATIONS:
           
Net investment income
 
$
161,275
   
$
92,102
 
Net realized gain/(loss) on investments
   
(190,781
)
   
27,690
 
Net change in unrealized appreciation on investments
   
1,104,576
     
761,477
 
Net increase in net assets resulting from operations
   
1,075,070
     
881,269
 
                 
DISTRIBUTIONS TO SHAREHOLDERS:
   
 
     
 
 
From net investment income
   
     
(64,222
)
From net realized gains on investments
   
     
(115,881
)
Net decrease in net assets from distributions
   
     
(180,103
)
SHARE TRANSACTIONS:
               
Proceeds from sale of shares
   
8,905,742
     
10,695,494
 
Issued to shareholders in reinvestment of distributions
   
     
180,103
 
Cost of shares redeemed
   
(1,930,463
)
   
(1,615,021
)
Redemption fees
   
541
     
2,241
 
Net increase from share transactions
   
6,975,820
     
9,262,817
 
Net increase in net assets
 
$
8,050,890
   
$
9,963,983
 
NET ASSETS:
               
Beginning of period
   
13,038,001
     
3,074,018
 
End of period (including accumulated undistributed net investment income of 203,934 and 42,659)
 
$
21,088,891
   
$
13,038,001
 
                 
Other Information:
               
SHARE TRANSACTIONS:
               
Sold
   
320,198
     
405,525
 
Distributions reinvested
   
     
6,861
 
Redeemed
   
(69,231
)
   
(62,286
)
Net increase in shares outstanding
   
250,967
     
350,100
 
 
See Notes to Financial Statements.

14
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Index Funds S&P 500 Equal Weight
Financial Highlights

For a Share Outstanding Throughout the Periods Presented

   
For the
Six Months Ended
September 30, 2017 (Unaudited)
   
For the Year
Ended
 March 31, 2017
   
For the Period
May 1, 2015
 (Commencement
of Operations) to
March 31, 2016
 
Net asset value, beginning of period
 
$
27.27
   
$
24.01
   
$
25.00
 
                         
INCOME FROM INVESTMENT OPERATIONS:
                       
Net investment income(a)
   
0.26
     
0.43
     
0.44
 
Net realized and unrealized gain/(loss)
   
1.39
     
3.66
     
(0.71
)
Total from investment operations
   
1.65
     
4.09
     
(0.27
)
                         
DISTRIBUTIONS:
                       
From net investment income
   
     
(0.30
)
   
(0.28
)
From net realized gains
   
     
(0.54
)
   
(0.44
)
Total distributions
   
     
(0.84
)
   
(0.72
)
                         
REDEMPTION FEES ADDED TO PAID‐IN CAPITAL (NOTE 2)
   
0.00
(b) 
   
0.01
     
 
Net increase/(decrease) in net asset value
   
1.65
     
3.26
     
(0.99
)
Net asset value, end of period
 
$
28.92
   
$
27.27
   
$
24.01
 
                         
TOTAL RETURN
   
6.05
%(c)
   
17.19
%
   
(1.00
)%(c)
                         
SUPPLEMENTAL DATA:
                       
Net assets, end of period (000s)
 
$
21,089
   
$
13,038
   
$
3,074
 
                         
RATIOS TO AVERAGE NET ASSETS:
                       
Ratio of expenses to average net assets excluding fee waivers and reimbursements
   
2.35
%(d)
   
6.83
%
   
13.50
%(d)
Ratio of expenses to average net assets including fee waivers and reimbursements
   
0.25
%(d)
   
0.27
%
   
0.30
%(d)
Ratio of net investment income ‐ to average net assets
   
1.82
%(d)
   
1.66
%
   
2.02
%(d)
                         
PORTFOLIO TURNOVER RATE
   
21
%(c)
   
32
%
   
81
%(c)
 
(a)
Calculated using the average shares method.
(b)
Less than $(0.005) per share.
(c)
Not Annualized.
(d)
Annualized.
 
See Notes to Financial Statements.

Semi-Annual Report | September 30, 2017
15


Index Funds S&P 500 Equal Weight
Notes to Financial Statements

 
September 30, 2017 (Unaudited)
 
1. ORGANIZATION


The Index Funds S&P 500 Equal Weight (the “Fund”) is a separate series of Index Funds, an open-end management investment company that was organized as a trust under the laws of the State of Delaware on November 9, 2005 (the “Trust”). The Trust was previously known as “Giant 5 Funds”, and changed its name to “Index Funds” in February 2014. The Fund currently offers one class of shares: No Load Shares. The Fund is diversified, as that term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”).

The Fund seeks to achieve its investment objective by investing in a portfolio of assets whose performance, before fees and expenses, is expected to match approximately the performance of the Standard & Poor’s 500 Equal Weight Index (the “Index”). The Fund expects that its portfolio will consist primarily of securities of issuers included in the Index. The Index is designed to measure the performance of approximately 500 U.S. issuers chosen for market size, liquidity and industry grouping, among other factors.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Fund. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Fund is considered an investment company for financial reporting purposes under GAAP.

Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. 

Investment Transactions Investment security transactions are accounted for on trade date. Gains and losses on securities sold are determined on a specific identification basis. Realized gains and losses from investment transactions are determined using the identified cost basis. 

Investment Income Dividend income is recorded on the ex-dividend date. Withholding taxes on foreign dividends have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. Interest income, which includes amortization of premium and accretion of discount, is recorded on the accrual basis. 

Investment Valuation The Fund’s portfolio securities are valued as of the close of trading of the New York Stock Exchange (“NYSE”) (normally 4:00 p.m., Eastern Time). Each security, excluding short-term investments, is valued at the last sale price reported by the principal security exchange on which the issue is traded. Money market funds, representing short-term investments, are valued at their daily net asset value. Securities that are traded on the Nasdaq Stock Market, Inc. are valued at the Nasdaq Official Closing Price or if no sale is reported, the mean between the bid and the ask. Securities which are traded over-the-counter are valued at the last sale price or, if no sale, at the mean between the bid and the ask. Securities for which quotations are not readily available are valued at fair value as determined by the investment adviser in accordance with procedures approved by the Board of Trustees (the “Board”). The fair value of a security is the amount which the Fund might reasonably expect to receive upon a current sale. The fair value of a security may differ from the last quoted price and the Fund may not be able to sell a security at the fair value. Market quotations may not be available, for example, if trading in particular securities was halted during the day and not resumed prior to the close of trading on the New York Stock Exchange. As of September 30, 2017, there were no securities that were internally fair valued. 

Fair Value Measurements A three-tier hierarchy has been established to classify fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability that are 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 that are developed based on the best information available. In accordance with the authoritative guidance on fair value measurements and disclosure under GAAP, the Fund discloses fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. 

Various inputs are used in determining the value of the Fund’s investments as of the reporting period end. These inputs are categorized in the following hierarchy under applicable financial accounting standards:
 
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;
 

16
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Index Funds S&P 500 Equal Weight
Notes to Financial Statements

 
September 30, 2017 (Unaudited)
 
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
 
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.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

An investment level within the fair value hierarchy is based on the lowest level input, individually or in the aggregate, that is significant to fair value measurement. The valuation techniques used by the Fund to measure fair value during the period ended September 30, 2017, maximized the use of observable inputs and minimized the use of unobservable inputs.

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk or liquidity associated with investing in those securities. The following is a summary of the inputs used in valuing the Fund’s investments as of September 30, 2017:

Investments in Securities at Value*
 
Level 1 -
Quoted Prices
   
Level 2 -
Other Significant
Observable Inputs
   
Level 3 -
Significant
Unobservable
Inputs
   
Total
 
Common Stocks
 
$
21,070,330
   
$
   
$
   
$
21,070,330
 
Short Term Investments
   
66,540
     
     
     
66,540
 
TOTAL
 
$
21,136,870
   
$
   
$
   
$
21,136,870
 

*
See Schedule of Investments for industry classification.

It is the Fund’s policy to recognize transfers between levels at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended September 30, 2017.

For the period ended September 30, 2017, the Fund did not have any unobservable inputs (Level 3) used in determining fair value.
 
Expenses
The Fund bears expenses incurred specifically for the Fund and general Trust expenses.
 
Distributions to Shareholders — Dividends from net investment income and distributions of net realized capital gains, if any, will be declared and paid at least annually. Income and capital gains distributions are determined in accordance with income tax regulations, which may differ from GAAP. Distributions to shareholders are recorded on the ex-dividend date.
 
Fees on Redemptions
The Fund charges a redemption fee of 0.25% on redemptions of the Fund’s shares occurring within 30 days following the issuance of such shares. The redemption fee is not a fee to finance sales or sales promotion expenses, but is paid to the Fund to defray the costs of liquidating an investor and discouraging short-term trading of the Fund’s shares. No redemption fee will be imposed on the redemption of shares representing dividends or capital gains distributions, or on amounts representing capital appreciation of shares.
 
Income Taxes As of and during the period ended September 30, 2017, the Fund did not have a liability for any unrecognized tax benefits. The Fund files U.S. federal, state, and local tax returns as required. The Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations which is generally three years after the filing of the tax return for federal purposes and four years for most state returns. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes. The Fund intends to continue to qualify each year as a “regulated investment company” under Subchapter M of the Internal Revenue Code of 1986, as amended. By so qualifying, the Fund will not be subject to Federal income taxes to the extent that it distributes substantially all of its taxable or tax-exempt income, if any, for its tax year ended March 31, 2018. In addition, by distributing in each calendar year substantially all of its net investment income, capital gains and certain other amounts, if any, the Fund will not be subject to a Federal excise tax. Therefore, no provision is made by the Fund for Federal income or excise taxes.
 

Semi-Annual Report  |  September 30, 2017
17


Index Funds S&P 500 Equal Weight
Notes to Financial Statements

 
September 30, 2017 (Unaudited)
 
3. ADVISORY FEES, ADMINISTRATION FEES AND OTHER AGREEMENTS

 
The Index Group, Inc., is the Investment Adviser for the Fund (the “Adviser”). The Adviser currently provides investment advisory services for individuals, trusts, estates and institutions. The Adviser commenced operations in 2004, and is registered as an investment adviser with the Securities and Exchange Commission. The Adviser is entitled to an investment advisory fee, computed daily and payable monthly, of 0.25% of the average daily net assets of the Fund.
 
The Adviser has agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement (excluding acquired fund fees and expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses) to 0.25% of the Fund’s average daily net assets for No Load Shares. This agreement is in effect through July 31, 2018 and may not be terminated or modified prior to this date except with the approval of the Fund’s Board. Prior to December 23, 2016, the Adviser agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement (excluding acquired fund fees and expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses) to 0.30% of the Fund’s average daily net assets for No Load Shares.
 
The Adviser may request a reimbursement from the Fund to recapture any reduced management fees or reimbursed Fund expenses within three years following the fee reduction or expense reimbursement, but only to the extent the Fund’s Total Annual Fund Operating Expenses, plus any requested reimbursement amount, are less than the above limit at the time of the request. Any such reimbursement is subject to review by the Board.
 
As of September 30, 2017 reimbursements that may potentially be made by the Fund to the Adviser total $873,443 and expire as follows:
   
March 31, 2019
 
$
323,356
 
March 31, 2020
   
364,450
 
March 31, 2021
   
185,637
 
   
$
873,443
 

Fund Accounting Fees and Expenses
ALPS Fund Services, Inc. (“ALPS” or the “Administrator”) provides administrative, fund accounting and other services to the Fund under the Administration, Bookkeeping and Pricing Services Agreement (the “Administration Agreement”) with the Trust. Under the Administration Agreement, ALPS is paid fees, accrued on a daily basis and paid on a monthly basis following the end of the month. Administrator fees paid by the Fund for the period ended September 30, 2017, are disclosed in the Statement of Operations.
 
The Administrator is also reimbursed by the Fund for certain out of pocket expenses.
 
Transfer Agent and Shareholder Services Agreement
ALPS serves as transfer, dividend paying and shareholder servicing agent for the Fund (the “Transfer Agent”) under a Transfer Agency and Services Agreement with the Trust. Transfer Agent fees paid by the Fund for the six months ended September 30, 2017, are disclosed in the Statement of Operations.
 
Compliance Services
ALPS provides Chief Compliance Officer services to the Fund. Additionally, ALPS provides services in monitoring and testing the policies and procedures of the Trust in conjunction with requirements under Rule 38a-1 under the 1940 Act. ALPS is compensated under the Chief Compliance Officer Services Agreement. Compliance services fees paid by the Fund for the six months ended September 30, 2017, are disclosed in the Statement of Operations.
 
Distributor
The Fund has entered into a Distribution Agreement with ALPS Distributors, Inc. (“the Distributor”) to provide distribution services to the Fund. The Distributor serves as underwriter/distributor of shares of the Fund. Distribution services fees paid by the Fund for the six months ended September 30, 2017, are disclosed in the Statement of Operations.
 

18
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Index Funds S&P 500 Equal Weight
Notes to Financial Statements

 
September 30, 2017 (Unaudited)
 
4. PURCHASES AND SALES OF INVESTMENT SECURITIES

 
The aggregate cost of purchases and proceeds from sales of investment securities, excluding short-term securities, are shown below for the six months ended September 30, 2017.
 
Funds
 
Cost of Investments Purchased
   
Proceeds from
Investments Sold
 
Index Funds S&P 500 Equal Weight
 
$
10,710,578
   
$
3,611,020
 

5. TAX BASIS INFORMATION
 
Distributions are determined in accordance with federal income tax regulations, which differ from GAAP, and, therefore, may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character but are not adjusted for temporary differences. The amounts and characteristics of tax basis distributions and composition of distributable earnings/(accumulated losses) are finalized at fiscal year-end.

The tax character of distributions paid during the year ended March 31, 2017, were as follows:
             
   
Ordinary
Income
 
Long-Term
Capital Gain
 
Index Funds S&P 500 Equal Weight
 
$
160,229
   
$
19,874
 

As of September 30, 2017, net unrealized appreciation/(depreciation) of investments based on the federal tax cost were as follows:
 
   
Gross Appreciation
(excess of value
over tax cost)
   
Gross Depreciation
(excess of tax cost
over value)
   
Net Unrealized
Appreciation
   
Cost of Investments for Income Tax Purposes
 
Index Funds S&P 500 Equal Weight
 
$
2,039,350
   
$
(617,663
)
 
$
1,421,687
   
$
19,715,183
 
 
The difference between book basis and tax basis is primarily attributable to wash sales.
 
6. BENEFICIAL OWNERSHIP
 
At September 30, 2017, a shareholder is the record owner of approximately 68% of the Fund’s shares.
 
7. COMMITMENTS AND CONTINGENCIES
 
Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Trust entered into contracts with its service providers, on behalf of the Fund, and others that provide for general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund. The Fund expects the risk of loss to be remote.
 

Semi-Annual Report  |  September 30, 2017
19


Index Funds S&P 500 Equal Weight
Additional Information

 
September 30, 2017 (Unaudited)
 
1. PROXY VOTING POLICIES AND VOTING RECORD

 
A copy of the Trust’s Proxy Voting and Disclosure Policy and the Advisor’s Proxy Voting and Disclosure Policy are included as Appendix B to the Fund’s Statement of Additional Information and are available, (1) without charge, upon request, by calling (1-888-544-2685) and (2) on the SEC’s website at http://ww.sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 will be available (1) without charge, upon request, by calling the Fund at the number above and (2) on the SEC’s website at http://www.sec.gov.
 
2. QUARTERLY PORTFOLIO HOLDINGS
 
The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the SEC’s website at http://www.sec.gov. You may review and make copies at the SEC’s Public Reference Room in Washington, D.C. You may also obtain copies after paying a duplicating fee by writing the SEC’s Public Reference Section, Washington, D.C. 20549-0102 or by electronic request to publicinfo@sec.gov, or is available without charge, upon request, by calling the Funds at 1-888-544-2685. Information on the operation of the Public Reference Room may be obtained by calling the SEC at 1-800-SEC-0330, (1-800-732-0330).
 

20
www.Index.world


(BACK COVER)

Item 2.          Code of Ethics.

Not applicable to this report.

Item 3.          Audit Committee Financial Expert.

Not applicable to this report.

Item 4.          Principal Accountant Fees and Services.

Not applicable to this report.

Item 5.          Audit Committee of Listed Registrants.

Not applicable.

Item 6.          Schedule of Investments.

Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.

Item 7.          Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8.          Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.          Purchases of Equity Securities by Closed-End Management Investment Companies.

Not applicable.

Item 10.        Submission of Matters to Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

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.


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.

 
Index Funds
 
     
 
By:
/s/ Michael G. Willis
 
   
Michael G. Willis, President
 
   
(Principal Executive Officer)
 
 
Date:
December 6, 2017
 

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

 
By:
/s/ Michael G. Willis
 
   
Michael G. Willis, President
 
   
(Principal Executive Officer)
 
 
Date:
December 6, 2017
 

 
By:
/s/ Michael G. Willis
 
   
Michael G. Willis, President
 
   
(Principal Financial Officer)
 
 
Date:
December 6, 2017