The Index Group, Inc.

1155 Kelly Johnson Boulevard

Colorado Springs, Colorado 80920

April 17, 2015

Mr. Michael Willis

President

Index Funds

1155 Kelly Johnson Boulevard

Colorado Springs, Colorado 80920

Re:	Index Funds (the “Trust”) – S&P 500 Equal Weight (the “Fund”)

Dear Mr. Willis:

This letter confirms the agreement between The Index Group, Inc. (the “Adviser”) and the Trust to contractually limit the total amount of the “Management Fees” and “Other Expenses” that the Adviser is entitled to receive from the Fund.

The Adviser agrees to limit the Total Annual Fund Operating Expenses (as defined in Item 3 of Form N-1A) of the Fund (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 Class shares through July 31, 2016. The Adviser will reduce the fee payable with respect to the Fund to the extent of such excess and/or shall reimburse the Fund (or class as applicable) by the amount of such excess. If applicable, the waiver or reimbursement shall be allocated to each class of the Fund in the same manner as the underlying expenses or fees were allocated. The Adviser further agrees that such fee waivers and reimbursements for the Fund are effective as of the date hereof and shall continue at least through July 31, 2016.

The Adviser will be permitted to recover, on a class-by-class basis, expenses it has borne through this letter agreement to the extent that the Fund’s expenses in later periods fall below the annual rates set forth in this agreement or in previous letter agreements. Notwithstanding the foregoing, the Fund will not be obligated to pay any such deferred fees and expenses more than three years after the end of the fiscal year in which the fee and expenses were deferred.

(signature page follows)

THE INDEX GROUP, INC.

By: /s/ S. Todd Johnson

Name: S. Todd Johnson

Title: Secretary

Your signature below acknowledges acceptance of this letter agreement:

INDEX FUNDS

By: /s/ Michael Willis

Name: Michael Willis

Title: President