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 S&P 500 Equal Weight
|
Shareholder Letter
|
Semi-Annual Report | September 30, 2017
|
1
|
Index Funds S&P 500 Equal Weight
|
Shareholder Letter
|
*
|
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
|
www.Index.world
|
Index Funds S&P 500 Equal Weight
|
Manager Commentary
|
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 Fund’s inception date is April 30, 2015.
|
Semi-Annual Report | September 30, 2017
|
3
|
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.
|
4
|
www.Index.world
|
Index Funds S&P 500 Equal Weight
|
Disclosure of Fund Expenses
|
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
|
|
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
|
6
|
www.Index.world
|
Index Funds S&P 500 Equal Weight
|
Schedule of Investments
|
|
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
|
Semi-Annual Report | September 30, 2017
|
7
|
Index Funds S&P 500 Equal Weight
|
Schedule of Investments
|
|
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
|
8
|
www.Index.world
|
Index Funds S&P 500 Equal Weight
|
Schedule of Investments
|
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
|
Semi-Annual Report | September 30, 2017
|
9
|
Index Funds S&P 500 Equal Weight
|
Schedule of Investments
|
|
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
|
10
|
www.Index.world
|
Index Funds S&P 500 Equal Weight
|
Schedule of Investments
|
|
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.
|
Semi-Annual Report | September 30, 2017
|
11
|
Index Funds S&P 500 Equal Weight
|
Statement of Assets and Liabilities
|
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
|
12
|
www.Index.world
|
Index Funds S&P 500 Equal Weight
|
Statement of Operations
|
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
|
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
|
14
|
www.Index.world
|
Index Funds S&P 500 Equal Weight
|
Financial Highlights
|
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.
|
Semi-Annual Report | September 30, 2017
|
15
|
Index Funds S&P 500 Equal Weight
|
Notes to Financial Statements
|
September 30, 2017 (Unaudited)
|
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
|
www.Index.world
|
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.
|
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.
|
Semi-Annual Report | September 30, 2017
|
17
|
Index Funds S&P 500 Equal Weight
|
Notes to Financial Statements
|
September 30, 2017 (Unaudited)
|
March 31, 2019
|
$
|
323,356
|
||
March 31, 2020
|
364,450
|
|||
March 31, 2021
|
185,637
|
|||
$
|
873,443
|
18
|
www.Index.world
|
Index Funds S&P 500 Equal Weight
|
Notes to Financial Statements
|
September 30, 2017 (Unaudited)
|
Funds
|
Cost of Investments Purchased
|
Proceeds from
Investments Sold
|
||||||
Index Funds S&P 500 Equal Weight
|
$
|
10,710,578
|
$
|
3,611,020
|
Ordinary
Income
|
Long-Term
Capital Gain
|
|||||||
Index Funds S&P 500 Equal Weight
|
$
|
160,229
|
$
|
19,874
|
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
|
Semi-Annual Report | September 30, 2017
|
19
|
Index Funds S&P 500 Equal Weight
|
Additional Information
|
September 30, 2017 (Unaudited)
|
20
|
www.Index.world
|
(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.
|
(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 6, 2017
|
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
|