UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number : 811-21836

Index Funds

(Exact name of registrant as specified in charter)

737 Bishop Street

Honolulu, HI 96813

(Address of principal executive offices) (Zip code)

Michael G. Willis

737 Bishop Street

Mauka Tower, Suite 2850

Honolulu, HI 96813

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-808-600-5366

Date of fiscal year end: March 31

Date of reporting period: September 30, 2021

Item 1. Reports to Stockholders.

(a)

TABLE OF CONTENTS

Shareholder Letter	1
Investment Results	3
Portfolio Illustration	4
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
Liquidity Risk Management Program	21
Summary of Fund Expenses	22
Additional Information	23
Privacy Policy	24

Index Funds S&P 500® Equal Weight	Shareholder Letter
	September 30, 2021 (Unaudited)

Dear Shareholders,

Discussion of the Fund:

The Index Funds S&P 500^® Equal Weight (the “Fund”) is a “no-load” index fund with no commissions and no 12b-1 fee. The Fund’s ticker symbol is INDEX. The Fund portfolio holds approximately 500 of the largest publicly traded companies in the US, as selected by Standard & Poor’s. This puts the Fund in the “Large Cap Blend” category.

The Fund seeks to track the S&P 500^® Equal Weight Index (the “Equal Weight Index”). The Equal Weight Index uses the same 500 constituents as the S&P 500^® Market Cap Index (the “Market Cap Index”). The primary difference is that the Equal Weight Index rebalances its holdings periodically so that, over time, they remain substantially equal.* In our view, this even distribution of holdings leads to better diversification of your portfolio and a broader exposure to the growth cycles of all 500 companies instead of overweighting the largest companies.

Discussion of Fund Performance:

During the six months ended September 30, 2021, the Fund returned +6.48% while the Equal Weight Index grew by +6.66%. The performance of the Fund relative to the Equal Weight Index showed tracking error due to cash drag, our cash management process, expenses and trading costs of the Fund. A historical chart of tracking error for the Fund is provided below.

HISTORICAL TRACKING ERROR FOR INDEX
	2016	2017	2018	2019	2020	2021 YTD
INDEX	14.41%	18.79%	-7.82%	28.98%	12.76%	18.47%
S&P 500® EQUAL WEIGHT INDEX	14.80%	18.90%	-7.64%	29.24%	12.83%	18.92%
TRACKING ERROR	-0.39%	-0.11%	-0.18%	-0.26%	-0.07%	-0.45%

During the twelve months ended September 30, 2021, the Fund returned +40.14% while the Market Cap Index grew by +30.00%. As noted above, the Fund seeks to track the Equal Weight Index, which is not the same as the Market Cap Index. The better performance of the Fund relative to the market capitalization version of the S&P 500^® Index generally occurs when the largest 50 companies within the S&P 500 Index underperform the other 450 companies within the index. This is because the Market Cap Index overweight’s the top 50 companies within the index to approximately half of the index, whereas the Equal Weight Index methodology seeks to hold all 500 companies equally over time. This data is provided for informational purposes only, and you should not regard the Market Cap Index as a benchmark for the Fund.

Semi-Annual Report  | September 30, 2021 1

Index Funds S&P 500® Equal Weight	Shareholder Letter
	September 30, 2021 (Unaudited)

Looking forward, the Federal Reserve continues to print trillions of US dollars and inject them into the US market. This has caused a historic increase in the M1 money supply (see chart above). We believe this dilution of US fiat currency may also lead to a sharp increase in inflation. Historically, S&P 500^® Index strategies have given investors the potential to keep up with inflation and grow their portfolios over time. We created the Fund to simplify investing for retail investors. With one simple purchase, you gain access to the potential growth of Americas’ 500 leading companies according to Standard & Poor’s.

Warm Regards,

Michael G. Willis 

President, ONEFUND, LLC

The foregoing reflects the thoughts and opinions of ONEFUND, LLC exclusively and is subject to change without notice. Investors 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 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.

Past performance is not indicative of future results, ordinary brokerage commissions apply, brokerage commissions will reduce returns.

2 www.INDEX.fund

Index Funds S&P 500® Equal Weight	Investment Results
	September 30, 2021 (Unaudited)

Average Annual Total Returns^(a) (for the periods ended September 30, 2021) 

				Since Inception
	Six Months	One Year	Five Year	(4/30/15)
Index Funds S&P 500® Equal Weight	6.48%	40.14%	14.40%	12.06%
S&P 500® Equal Weight Index	6.66%	40.87%	14.61%	12.19%

	Expense Ratios (b)
Gross	0.86%
With Applicable Waivers	0.25%

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.fund.

(a) Return figures reflect any change in price per share and assume the reinvestment of all distributions. The Fund’s returns reflect any fee reductions during the applicable period. If such fee reductions had not occurred, the quoted performances would have been lower. Total returns for less than one year are not annualized.

(b) The expense ratios are from the Fund’s prospectus dated July 29, 2021. ONEFUND, LLC (the “Adviser”) has contractually 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 not more than 0.25% of the Fund’s average daily net assets for No Load Class shares. This agreement is in effect through July 31, 2022. This agreement may not be terminated or modified by the Adviser prior to this date except with the approval of the Fund’s Board of Trustees. Additional information pertaining to the Fund’s expense ratios as of September 30, 2021, can be found in the financial highlights.

You should consider the Fund’s investment objectives, risks, charges and expenses carefully before you invest. The Fund’s prospectus contains important information about the Fund’s investment objectives, potential risks, management fees, charges and expenses, and other information and should be read carefully before investing. You may obtain a current copy of the Fund’s prospectus or performance data current to the most recent month by calling (844) 464-6339.

The Fund is distributed by Ultimus Fund Distributors, LLC, member FINRA/SIPC.

Semi-Annual Report  | September 30, 2021 3

Index Funds S&P 500® Equal Weight	Portfolio Illustration
	September 30, 2021 (Unaudited)

Sector Allocation (as a % of Net Assets)*

Index Funds S&P 500^® Equal Weight 

Holdings as of September 30, 2021^(a)

 

(a) As a percentage of net assets.

* 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 or its affiliates (“SPDJI”) and their Third Party Licensors, and has been licensed for use by ONEFUND, LLC (the “Adviser”). Standard & Poor’s^® and S&P^® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); Third Party Licensor Trademarks are trademarks of the Third Party Licensor and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by the Adviser. It is not possible to invest directly in an index. The Index Funds S&P 500^® Equal Weight (the “Fund”) is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, any of their respective affiliates (collectively, “S&P Dow Jones Indices”) or their Third Party Licensors. Neither S&P Dow Jones Indices nor its Third Party Licensors make any representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly or the ability of the Index to track general market performance. Past performance of an index is not an indication or guarantee of future results. S&P Dow Jones Indices’ and its Third Party Licensors’ only relationship to the Adviser with respect to the 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 Index is determined, composed and calculated by S&P Dow Jones Indices or its Third Party Licensors without regard to the Adviser or the Fund. S&P Dow Jones Indices and its Third Party Licensors have no obligation to take the needs of the Adviser or the owners of the Fund into consideration in determining, composing or calculating the Index. Neither S&P Dow Jones Indices nor its Third Party Licensors are responsible for and have not participated in the determination of the prices, and amount of the Fund or the timing of the issuance or sale of the Fund or in the determination or calculation of the equation by which the Fund is to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices and its Third Party Licensors have no obligation or liability in connection with the administration, marketing or trading of the Fund. There is no assurance that investment products based on the Index will accurately track index performance or provide positive investment returns. S&P 

4 www.INDEX.fund

Index Funds S&P 500® Equal Weight	Portfolio Illustration
	September 30, 2021 (Unaudited)

Dow Jones Indices LLC is not an investment or tax advisor. A tax advisor should be consulted to evaluate the impact of any tax-exempt securities on portfolios and the tax consequences of making any particular investment decision. 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.

NEITHER S&P DOW JONES INDICES NOR ITS THIRD PARTY LICENSORS 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 AND ITS THIRD PARTY LICENSORS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES AND ITS THIRD PARTY LICENSORS MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIM ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY ONEFUND, LLC, OWNERS OF THE FUND, 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 OR ITS THIRD PARTY LICENSORS 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 ARRANG JONES INDICES AND ONEFUND, LLC, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.

Semi-Annual Report  | September 30, 2021 5

Index Funds S&P 500® Equal Weight	Schedule of Investments
	September 30, 2021 (Unaudited)

	Shares		Fair Value
COMMON STOCKS — 99.19%
Communications — 5.03%
Activision Blizzard, Inc.		2,286	$	176,914
Alphabet, Inc., Class A(a)		33		88,226
Alphabet, Inc., Class C(a)		31		82,625
AT&T, Inc.		6,699		180,940
Booking Holdings, Inc.(a)		79		187,536
Charter Communications, Inc., Class A(a)		231		168,066
Comcast Corp., Class A		3,071		171,761
Discovery Communications, Inc., Series C(a)		4,571		110,938
Discovery, Inc., Series A(a)		2,566		65,125
DISH Network Corp., Class A(a)		4,259		185,097
Electronic Arts, Inc.		1,255		178,524
Expedia Group, Inc.		1,252		205,202
Facebook, Inc., Class A(a)		481		163,247
Fox Corp., Class A		3,541		142,030
Fox Corp., Class B		1,646		61,100
Interpublic Group of Cos., Inc.		5,036		184,670
Lumen Technologies, Inc.		15,212		188,476
Match Group, Inc.(a)		1,108		173,945
Netflix, Inc.(a)		304		185,543
News Corp., Class A		6,375		150,004
News Corp., Class B		1,984		46,088
Omnicom Group, Inc.		2,541		184,121
Take-Two Interactive Software, Inc.(a)		1,183		182,264
T-Mobile US, Inc. (a)		1,392		177,842
Twitter, Inc.(a)		2,958		178,634
VeriSign, Inc.(a)		823		168,723
Verizon Communications, Inc.		3,358		181,366
ViacomCBS, Inc., Class B		4,592		181,429
Walt Disney Co. (The)(a)		989		167,309
				4,517,745
Consumer Discretionary — 11.88%
Advance Auto Parts, Inc.		910		190,090
Amazon.com, Inc.(a)		52		170,822
Aptiv PLC		1,243		185,170
AutoZone, Inc.(a)		117		198,665
Bath & Body Works, Inc.		2,861		180,329
Best Buy Co., Inc.		1,635		172,836
BorgWarner, Inc.		4,248		183,556
Caesars Entertainment, Inc.(a)		1,748		196,265
CarMax, Inc.(a)		1,354		173,258
Carnival Corp.		8,004		200,179
Chipotle Mexican Grill, Inc.(a)		96		174,482
Copart, Inc.(a)		1,271		176,313
D.R. Horton, Inc.		2,032		170,627
Darden Restaurants, Inc.		1,225		185,551
Domino’s Pizza, Inc.		356		169,798
eBay, Inc.		2,510		174,872
Etsy, Inc.(a)		839		174,478
Ford Motor Co.		14,360		203,337

	Shares		Fair Value
Consumer Discretionary (Continued)
Fortune Brands Home & Security, Inc.		1,903	$	170,166
Gap, Inc. (The)		7,632		173,246
General Motors Co.		3,679		193,920
Genuine Parts Co.		1,538		186,452
Hanesbrands, Inc.		9,727		166,915
Hasbro, Inc.		1,858		165,771
Hilton Worldwide Holdings, Inc.		1,429		188,785
Home Depot, Inc. (The)		549		180,215
Las Vegas Sands Corp.		4,352		159,283
Leggett & Platt, Inc.		3,901		174,921
Lennar Corp., Class A		1,826		171,060
Live Nation Entertainment, Inc.(a)		2,115		192,740
LKQ Corp.(a)		3,592		180,750
Lowe’s Cos., Inc.		891		180,748
Marriott International, Inc., Class A		1,342		198,737
Masco Corp.		3,058		169,872
McDonald’s Corp.		761		183,485
MGM Resorts International		4,306		185,804
Mohawk Industries, Inc.(a)		971		172,255
Newell Brands, Inc.		7,316		161,976
NIKE, Inc., Class B		1,113		161,641
Norwegian Cruise Lines Holdings Ltd.(a)		7,405		197,788
NVR, Inc.(a)		35		167,793
O’Reilly Automotive, Inc.(a)		307		187,595
Penn National Gaming, Inc.(a)		2,282		165,354
Pool Corp.		369		160,297
PulteGroup, Inc.		3,799		174,450
PVH Corp.		1,669		171,557
Ralph Lauren Corp.		1,617		179,552
Ross Stores, Inc.		1,614		175,684
Royal Caribbean Cruises Ltd.		2,233		198,625
Starbucks Corp.		1,526		168,333
Tapestry, Inc.		4,499		166,553
Tesla, Inc.(a)		247		191,544
TJX Cos., Inc. (The)		2,644		174,451
Tractor Supply Co.		889		180,120
Ulta Beauty, Inc.(a)		486		175,407
Under Armour, Inc., Class A(a)		4,205		84,857
Under Armour, Inc., Class C(a)		4,381		76,755
VF Corp.		2,566		171,896
Whirlpool Corp.		844		172,058
Wynn Resorts Ltd.		1,793		151,957
Yum! Brands, Inc.		1,402		171,479
				10,663,475
Consumer Staples — 6.93%
Altria Group, Inc.		3,599		163,826
Archer-Daniels - Midland Co.		3,040		182,430
Brown-Forman Corp., Class B		2,545		170,540
Campbell Soup Co.		4,220		176,438
Church & Dwight Co., Inc.		2,202		181,819
Clorox Co. (The)		1,073		177,700

See Notes to Financial Statements.

6 www.INDEX.fund

Index Funds S&P 500® Equal Weight	Schedule of Investments
	September 30, 2021 (Unaudited)

	Shares		Fair Value
Consumer Staples (Continued)
Coca-Cola Co. (The)		3,274	$	171,787
Colgate-Palmolive Co.		2,364		178,671
Conagra Brands, Inc.		5,503		186,387
Constellation Brands, Inc., Class A		851		179,297
Costco Wholesale Corp.		391		175,696
Dollar General Corp.		835		177,137
Dollar Tree, Inc.(a)		2,019		193,259
Estee Lauder Cos., Inc. (The), Class A		542		162,562
General Mills, Inc.		3,116		186,399
Hershey Co. (The)		1,040		176,020
Hormel Foods Corp.		4,304		176,464
J.M. Smucker Co. (The)		1,504		180,525
Kellogg Co.		2,902		185,496
Kimberly-Clark Corp.		1,329		176,013
Kraft Heinz Co. (The)		5,012		184,542
Kroger Co. (The)		4,267		172,515
Lamb Weston Holdings, Inc.		3,010		184,724
McCormick & Co., Inc., Non-Voting Shares		2,128		172,432
Molson Coors Brewing Co., Class B		3,996		185,335
Mondelez International, Inc., Class A		3,023		175,878
Monster Beverage Corp.(a)		1,898		168,599
PepsiCo, Inc.		1,171		176,130
Philip Morris International, Inc.		1,758		166,641
Procter & Gamble Co. (The)		1,263		176,567
Sysco Corp.		2,378		186,673
Target Corp.		745		170,434
Tyson Foods, Inc., Class A		2,434		192,140
Walgreens Boots Alliance, Inc.		3,682		173,238
Wal-Mart Stores, Inc.		1,248		173,946
				6,218,260
Energy — 5.02%
APA Corp.		9,743		208,792
Baker Hughes Co.		7,632		188,739
Cabot Oil & Gas Corp.		9,939		216,273
Chevron Corp.		1,895		192,248
ConocoPhillips		3,267		221,405
Devon Energy Corp.		6,487		230,353
Diamondback Energy, Inc.		2,427		229,764
Enphase Energy, Inc.(a)		1,151		172,615
EOG Resources, Inc.		2,712		217,692
Exxon Mobil Corp.		3,373		198,400
Halliburton Co.		9,324		201,586
Hess Corp.		2,687		209,882
Kinder Morgan, Inc.		11,402		190,755
Marathon Oil Corp.		16,157		220,866
Marathon Petroleum Corp.		3,202		197,916
Occidental Petroleum Corp.		7,289		215,609
ONEOK, Inc.		3,469		201,167
Phillips 66		2,743		192,092
Pioneer Natural Resources Co.		1,205		200,645
Schlumberger Ltd.		6,799		201,522

	Shares		Fair Value
Energy (Continued)
Valero Energy Corp.		2,872	$	202,677
Williams Cos., Inc. (The)		7,500		194,550
				4,505,548
Financials — 12.61%
Aflac, Inc.		3,331		173,645
Allstate Corp. (The)		1,384		176,197
American Express Co.		1,147		192,157
American International Group, Inc.		3,345		183,607
Ameriprise Financial, Inc.		683		180,394
Aon PLC, Class A		623		178,035
Arthur J Gallagher & Co.		1,264		187,894
Assurant, Inc.		1,084		171,001
Bank of America Corp.		4,522		191,959
Bank of New York Mellon Corp. (The)		3,508		181,854
Berkshire Hathaway, Inc., Class B(a)		656		179,049
BlackRock, Inc.		199		166,893
Brown & Brown, Inc.		3,152		174,778
Capital One Financial Corp.		1,171		189,667
Cboe Global Markets, Inc.		1,444		178,854
Charles Schwab Corp. (The)		2,549		185,670
Chubb Ltd.		1,010		175,215
Cincinnati Financial Corp.		1,551		177,155
Citigroup, Inc.		2,617		183,661
Citizens Financial Group, Inc.		4,249		199,618
CME Group, Inc.		962		186,031
Coinbase Global, Inc., Class A(a)		500		113,740
Comerica, Inc.		2,501		201,332
Discover Financial Services		1,511		185,626
Everest Re Group Ltd.		713		178,806
Fifth Third Bancorp		4,710		199,892
First Republic Bank		922		177,835
Franklin Resources, Inc.		5,814		172,792
Globe Life, Inc.		1,979		176,190
Goldman Sachs Group, Inc. (The)		451		170,492
Hartford Financial Services Group, Inc. (The)		2,641		185,530
Huntington Bancshares, Inc.		11,863		183,402
Intercontinental Exchange, Inc.		1,532		175,904
Invesco Ltd.		7,402		178,462
JPMorgan Chase & Co.		1,157		189,389
KeyCorp		9,164		198,126
Lincoln National Corp.		2,783		191,332
Loews Corp.		3,404		183,578
M&T Bank Corp.		1,341		200,265
Marsh & McLennan Cos., Inc.		1,135		171,873
MetLife, Inc.		2,996		184,943
Morgan Stanley		1,757		170,974
Nasdaq, Inc.		929		179,315
Northern Trust Corp.		1,618		174,437
People’s United Financial, Inc.		11,388		198,948
PNC Financial Services Group, Inc. (The)		950		185,858

See Notes to Financial Statements.

Semi-Annual Report   |   September 30, 2021 7

Index Funds S&P 500® Equal Weight	Schedule of Investments
	September 30, 2021 (Unaudited)

	Shares		Fair Value
Financials (Continued)
Principal Financial Group, Inc.		2,807	$	180,771
Progressive Corp. (The)		1,955		176,712
Prudential Financial, Inc.		1,755		184,626
Raymond James Financial, Inc.		2,012		185,621
Regions Financial Corp.		9,338		198,993
State Street Corp.		2,080		176,218
SVB Financial Group(a)		308		199,239
Synchrony Financial		3,848		188,090
T. Rowe Price Group, Inc.		841		165,425
Travelers Cos., Inc. (The)		1,165		177,092
Truist Financial Corp.		3,299		193,486
U.S. Bancorp		3,284		195,201
W.R. Berkley Corp.		2,539		185,804
Wells Fargo & Co.		4,108		190,652
Willis Towers Watson PLC		770		178,994
Zions Bancorporation		3,173		196,377
				11,315,676
Health Care — 12.17%
Abbott Laboratories		1,414		167,036
AbbVie, Inc.		1,707		184,134
ABIOMED, Inc.(a)		504		164,062
Agilent Technologies, Inc.		1,027		161,783
Align Technology, Inc.(a)		253		168,354
AmerisourceBergen Corp.		1,483		177,144
Amgen, Inc.		852		181,178
Anthem, Inc.		509		189,755
Baxter International, Inc.		2,250		180,968
Becton, Dickinson and Co.		705		173,303
Biogen, Inc.(a)		607		171,775
Bio-Rad Laboratories, Inc., Class A(a)		222		165,601
Bio-Techne Corp.		352		170,569
Boston Scientific Corp.(a)		4,096		177,725
Bristol-Myers Squibb Co.		2,884		170,646
Cardinal Health, Inc.		3,447		170,489
Catalent, Inc.(a)		1,323		176,052
Centene Corp.(a)		3,049		189,983
Charles River Laboratories International, Inc.(a)		413		170,433
Cigna Corp.		890		178,142
Cooper Cos., Inc. (The)		403		166,564
CVS Health Corp.		2,173		184,401
Danaher Corp.		552		168,051
DaVita, Inc.(a)		1,480		172,065
Dentsply Sirona, Inc.		2,990		173,570
DexCom, Inc.(a)		331		181,011
Edwards LifeSciences Corp.(a)		1,506		170,494
Eli Lilly & Co.		760		175,598
Gilead Sciences, Inc.		2,565		179,165
HCA Healthcare, Inc.		709		172,088
Henry Schein, Inc.(a)		2,372		180,652
Hologic, Inc.(a)		2,276		167,992
Humana, Inc.		453		176,285

	Shares		Fair Value
Health Care (Continued)
IDEXX Laboratories, Inc.(a)		267	$	166,047
Illumina, Inc.(a)		397		161,027
Incyte Corp.(a)		2,560		176,077
Intuitive Surgical, Inc.(a)		178		176,959
IQVIA Holdings, Inc.(a)		699		167,438
Johnson & Johnson		1,091		176,197
Laboratory Corp of America Holdings(a)		605		170,271
McKesson Corp.		898		179,043
Medtronic PLC		1,389		174,111
Merck & Co., Inc.		2,479		186,198
Mettler-Toledo International, Inc.(a)		114		157,019
Moderna, Inc.(a)		405		155,868
Organon & Co.		5,375		176,246
PerkinElmer, Inc.		973		168,611
Pfizer, Inc.		3,994		171,782
Quest Diagnostics, Inc.		1,175		170,739
Regeneron Pharmaceuticals, Inc.(a)		280		169,450
ResMed, Inc.		616		162,347
STERIS PLC		868		177,315
Stryker Corp.		665		175,374
Teleflex, Inc.		489		184,133
Thermo Fisher Scientific, Inc.		318		181,683
UnitedHealth Group, Inc.		451		176,224
Universal Health Services, Inc., Class B		1,235		170,887
Vertex Pharmaceuticals, Inc.(a)		966		175,223
Viatris, Inc.		13,195		178,792
Waters Corp.(a)		433		154,711
West Pharmaceutical Services, Inc.		397		168,542
Zimmer Biomet Holdings, Inc.		1,297		189,829
Zoetis, Inc.		880		170,843
				10,926,054
Industrials — 13.66%
3M Co.		987		173,140
A.O. Smith Corp.		2,597		158,599
Alaska Air Group, Inc.		3,246		190,216
Allegion PLC		1,260		166,547
American Airlines Group, Inc.		9,609		197,176
AMETEK, Inc.		1,396		173,118
Amphenol Corp., Class A		2,416		176,924
Boeing Co. (The)		866		190,468
Carrier Global Corp.		3,227		167,030
Caterpillar, Inc.		888		170,469
CH Robinson Worldwide, Inc.		2,060		179,220
Cintas Corp.		451		171,678
CSX Corp.		5,883		174,960
Cummins, Inc.		780		175,157
Deere & Co.		502		168,205
Delta Air Lines, Inc.		4,626		197,114
Dover Corp.		1,049		163,120
Eaton Corp. PLC		1,135		169,467

See Notes to Financial Statements.

8 www.INDEX.fund

Index Funds S&P 500® Equal Weight	Schedule of Investments
	September 30, 2021 (Unaudited)

	Shares		Fair Value
Industrials (Continued)
Emerson Electric Co.		1,819	$	171,350
Expeditors International of Washington, Inc.		1,448		172,500
Fastenal Co.		3,398		175,371
FedEx Corp.		707		155,038
Fortive Corp.		2,418		170,638
Generac Holdings, Inc.(a)		403		164,694
General Dynamics Corp.		903		177,015
General Electric, Co.		1,785		183,908
Honeywell International, Inc.		819		173,856
Howmet Aerospace Inc.		5,832		181,958
Huntington Ingalls Industries, Inc.		919		177,422
IDEX Corp.		839		173,631
Illinois Tool Works, Inc.		832		171,916
Ingersoll Rand, Inc.(a)		3,327		167,714
Jacobs Engineering Group, Inc.		1,366		181,036
JB Hunt Transport Services, Inc.		1,048		175,247
Johnson Controls International PLC		2,426		165,162
Kansas City Southern		650		175,916
Keysight Technologies, Inc.(a)		1,011		166,097
L3 Harris Technologies, Inc.		786		173,109
Lockheed Martin Corp.		526		181,523
Norfolk Southern Corp.		737		176,327
Northrop Grumman Corp.		514		185,117
Old Dominion Freight Line, Inc.		625		178,738
Otis Worldwide Corp.		2,011		165,465
PACCAR, Inc.		2,178		171,888
Parker-Hannifin Corp.		641		179,237
Pentair PLC		2,379		172,787
Quanta Services, Inc.		1,572		178,925
Raytheon Technologies Corp.		2,194		188,596
Republic Services, Inc.		1,466		176,008
Robert Half International, Inc.		1,774		177,985
Rockwell Automation, Inc.		580		170,543
Rollins, Inc.		4,675		165,168
Roper Technologies, Inc.		384		171,314
Snap-on, Inc.		833		174,056
Southwest Airlines Co.		3,801		195,485
Stanley Black & Decker, Inc.		977		171,278
TE Connectivity Ltd.		1,252		171,799
Teledyne Technologies, Inc.(a)		421		180,853
Textron, Inc.		2,581		180,180
Trane Technologies PLC		958		165,399
Transdigm Group, Inc.		304		189,869
Trimble, Inc.(a)		1,940		159,565
Union Pacific Corp.		876		171,705
United Airlines Holdings, Inc.(a)		4,107		195,370
United Parcel Service, Inc., Class B		942		171,538
United Rentals, Inc.(a)		534		187,397
W.W. Grainger, Inc.		439		172,553
Wabtec Corp.		2,037		175,609
Waste Management, Inc.		1,179		176,095
Xylem, Inc.		1,355		167,586
				12,262,144

	Shares		Fair Value
Materials — 5.44%
Air Products & Chemicals, Inc.		679	$	173,899
Albemarle Corp.		755		165,322
Amcor PLC		14,804		171,578
Avery Dennison Corp.		812		168,255
Ball Corp.		1,920		172,742
Celanese Corp.		1,188		178,960
CF Industries Holdings, Inc.		3,990		222,722
Corteva, Inc.		4,194		176,484
Dow, Inc.		3,014		173,486
DuPont de Nemours, Inc.		2,583		175,618
Eastman Chemical Co.		1,663		167,531
Ecolab, Inc.		806		168,148
FMC Corp.		1,856		169,935
Freeport-McMoRan, Inc.		5,132		166,944
International Flavors & Fragrances, Inc.		1,234		165,010
International Paper Co.		3,121		174,526
Linde PLC		587		172,214
LyondellBasell Industries N.V., Class A		1,961		184,040
Martin Marietta Materials, Inc.		493		168,448
Mosaic Co. (The)		5,730		204,676
Newmont Goldcorp Corp.		3,195		173,488
Nucor Corp.		1,622		159,751
Packaging Corp. of America		1,199		164,791
PPG Industries, Inc.		1,190		170,182
Sealed Air Corp.		3,135		171,767
Sherwin-Williams Co. (The)		606		169,516
Vulcan Materials Co.		1,025		173,389
WestRock Co.		3,511		174,953
				4,878,375
Real Estate — 5.71%
Alexandria Real Estate Equities, Inc.		912		174,256
American Tower Corp., Class A		620		164,554
AvalonBay Communities, Inc.		815		180,637
Boston Properties, Inc.		1,684		182,461
CBRE Group, Inc., Class A(a)		1,879		182,939
Crown Castle International Corp.		967		167,600
Digital Realty Trust, Inc.		1,172		169,295
Duke Realty Corp.		3,588		171,758
Equinix, Inc.		216		170,668
Equity Residential		2,237		181,018
Essex Property Trust, Inc.		566		180,973
Extra Space Storage, Inc.		973		163,454
Federal Realty Investment Trust		1,546		182,413
Healthpeak Properties, Inc.		5,151		172,455
Host Hotels & Resorts, Inc.		11,388		185,966
Iron Mountain, Inc.		3,873		168,282
Kimco Realty Corp.		8,622		178,907
Mid-America Apartment Communities, Inc.		961		179,467
Prologis, Inc.		1,363		170,961

See Notes to Financial Statements.

Semi-Annual Report   |   September 30, 2021 9

Index Funds S&P 500® Equal Weight	Schedule of Investments
	September 30, 2021 (Unaudited)

	Shares		Fair Value
Real Estate (Continued)
Public Storage		563	$	167,267
Realty Income Corp.		2,681		173,890
Regency Centers Corp.		2,749		185,090
SBA Communications Corp., Class A		516		170,574
Simon Property Group, Inc.		1,424		185,078
UDR, Inc.		3,452		182,887
Ventas, Inc.		3,241		178,936
Vornado Realty Trust		4,522		189,970
Welltower, Inc.		2,101		173,122
Weyerhaeuser Co.		5,246		186,599
				5,121,477
Technology — 15.39%
Accenture PLC, Class A		533		170,517
Adobe Systems, Inc.(a)		276		158,899
Advanced Micro Devices, Inc.(a)		1,731		178,120
Akamai Technologies, Inc.(a)		1,627		170,168
Analog Devices, Inc.		1,071		179,371
ANSYS, Inc.(a)		487		165,799
Apple, Inc.		1,222		172,913
Applied Materials, Inc.		1,331		171,340
Arista Networks, Inc.(a)		519		178,349
Autodesk, Inc.(a)		640		182,509
Automatic Data Processing, Inc.		907		181,327
Broadcom, Inc.		366		177,484
Broadridge Financial Solutions, Inc.		1,071		178,471
Cadence Design Systems, Inc.(a)		1,091		165,221
CDW Corp.		920		167,458
Ceridian HCM Holding, Inc.(a)		1,658		186,724
Cerner Corp.		2,446		172,492
Cisco Systems, Inc.		3,145		171,182
Citrix Systems, Inc.		1,693		181,777
Cognizant Technology Solutions Corp., Class A		2,388		177,213
Corning, Inc.		4,689		171,102
DXC Technology Co.		5,298		178,066
Equifax, Inc.		667		169,031
F5 Networks, Inc.(a)		897		178,306
Fidelity National Information Services, Inc.		1,471		178,991
Fiserv, Inc.(a)		1,645		178,483
FleetCor Technologies, Inc.(a)		698		182,367
Fortinet, Inc.(a)		586		171,135
Garmin Ltd.		1,055		164,010
Gartner, Inc.(a)		581		176,554
Global Payments, Inc.		1,094		172,393
Hewlett Packard Enterprise Co.		12,725		181,332
HP, Inc.		6,503		177,922
IHS Markit Ltd.		1,507		175,746
Intel Corp.		3,382		180,193
International Business Machines Corp.		1,329		184,639
Intuit, Inc.		321		173,183
IPG Photonics Corp.(a)		1,056		167,270

	Shares		Fair Value
Technology (Continued)
Jack Henry & Associates, Inc.		1,077	$	176,693
Juniper Networks, Inc.		6,543		180,063
KLA Corp.		519		173,611
Lam Research Corp.		304		173,022
Leidos Holdings, Inc.		1,873		180,051
MarketAxess Holdings, Inc.		415		174,586
MasterCard, Inc., Class A		524		182,184
Microchip Technology, Inc.		1,156		177,434
Micron Technology, Inc.		2,477		175,817
Microsoft Corp.		616		173,663
Monolithic Power Systems, Inc.		369		178,847
Moody’s Corp.		476		169,032
Motorola Solutions, Inc.		750		174,240
MSCI, Inc.		280		170,335
NetApp, Inc.		1,972		177,007
Nielsen Holdings PLC		9,155		175,684
NortonLifeLock, Inc.		6,680		169,004
NVIDIA Corp.		810		167,800
NXP Semiconductors NV		858		168,056
Oracle Corp.		2,030		176,874
Paychex, Inc.		1,651		185,656
Paycom Software, Inc.(a)		383		189,872
PayPal Holdings, Inc.(a)		640		166,534
PTC, Inc.(a)		1,450		173,696
Qorvo, Inc.(a)		1,016		169,865
QUALCOMM, Inc.		1,276		164,578
S&P Global, Inc.		404		171,656
salesforce.com, Inc.(a)		708		192,023
Seagate Technology PLC		2,170		179,068
ServiceNow, Inc.(a)		281		174,858
Skyworks Solutions, Inc.		1,027		169,229
Synopsys, Inc.(a)		548		164,077
Teradyne, Inc.		1,505		164,301
Texas Instruments, Inc.		955		183,562
Tyler Technologies, Inc.(a)		386		177,039
Verisk Analytics, Inc.		886		177,439
Visa, Inc., Class A		810		180,428
Western Digital Corp.		3,141		177,278
Western Union Co. (The)		8,634		174,579
Xilinx, Inc.		1,174		177,262
Zebra Technologies Corp., Class A(a)		314		161,842
				13,816,902
Utilities — 5.35%
AES Corp.		7,660		174,878
Alliant Energy Corp.		3,047		170,571
Ameren Corp.		2,093		169,533
American Electric Power Co., Inc.		2,050		166,419
American Water Works Co., Inc.		985		166,504
Atmos Energy Corp.		1,955		172,431
CenterPoint Energy, Inc.		6,945		170,847
CMS Energy Corp.		2,863		171,007
Consolidated Edison, Inc.		2,438		176,974

See Notes to Financial Statements.

10 www.INDEX.fund

Index Funds S&P 500® Equal Weight	Schedule of Investments
	September 30, 2021 (Unaudited)

	Shares		Fair Value
Utilities (Continued)
Dominion Energy, Inc.		2,356	$	172,035
DTE Energy Co.		1,533		171,251
Duke Energy Corp.		1,764		172,149
Edison International		3,132		173,732
Entergy Corp.		1,628		161,677
Evergy, Inc.		2,730		169,806
Eversource Energy		2,061		168,507
Exelon Corp.		3,648		176,344
FirstEnergy Corp.		4,831		172,080
NextEra Energy, Inc.		2,144		168,347
Nisource, Inc.		7,399		179,278
NRG Energy, Inc.		4,189		171,037
Pinnacle West Capital Corp.		2,443		176,775
PPL Corp.		6,150		171,462
Public Service Enterprise Group, Inc.		2,930		178,437
Sempra Energy		1,374		173,811
Southern Co. (The)		2,750		170,418
WEC Energy Group, Inc.		1,919		169,256
Xcel Energy, Inc.		2,687		167,938
				4,803,504
Total Common Stocks
(Cost $63,367,154)				89,029,160

	Shares		Fair Value
EXCHANGE-TRADED FUNDS — 0.62%
SPDR S&P 500 ETF Trust		1,290	$	553,591
Total Exchange-Traded Funds
(Cost $564,332)				553,591
Total Investments — 99.81%
(Cost $63,931,486)				89,582,751
Other Assets in Excess of Liabilities — 0.19%				172,665
NET ASSETS — 100.00%			$	89,755,416

^(a) Non-income producing security.

See Notes to Financial Statements.

Semi-Annual Report   |   September 30, 2021 11

Index Funds S&P 500® Equal Weight	Statement of Assets and Liabilities
	September 30, 2021 (Unaudited)

ASSETS:
Investments in securities at fair value (cost $63,931,486)	$	89,582,751
Cash and cash equivalents		59,022
Receivable for fund shares sold		189,197
Receivable for investments sold		86,889
Dividends receivable		91,992
Tax reclaims receivable		800
Receivable from Adviser		11,869
Prepaid expenses		28,595
Total Assets		90,051,115
LIABILITIES:
Payable for fund shares redeemed		5,730
Payable for investments purchased		243,072
Payable to Administrator		13,345
Payable to trustees		422
Other accrued expenses		33,130
Total Liabilities		295,699
NET ASSETS	$	89,755,416
NET ASSETS CONSIST OF:
Paid-in capital	$	65,184,696
Accumulated earnings		24,570,720
NET ASSETS	$	89,755,416
Shares of beneficial interest outstanding, without par value		1,979,612
Net asset value, offering and redemption price per share(a)	$	45.34

^(a) The Fund charges a 0.25% redemption fee on shares redeemed within 30 calendar days of purchase. Shares are redeemed at the Net Asset Value if held longer than 30 calendar days.

See Notes to Financial Statements.

12 www.INDEX.fund

Index Funds S&P 500® Equal Weight	Statement of Operations
For the six months ended September 30, 2021 (Unaudited)

INVESTMENT INCOME:
Dividend income (net of foreign taxes withheld of $422)	$	692,603
Total investment income		692,203
EXPENSES:
Investment Adviser fees (Note 3)		105,572
Fund accounting and administration fees		55,151
Registration expenses		24,258
Legal fees		16,671
Chief compliance officer fees		15,041
Printing and postage expenses		14,099
Insurance expense		9,434
Audit and tax preparation fees		9,175
Transfer agent fees		9,163
Custodian fees		5,356
Pricing fees		4,905
Trustee fees and expenses		422
Miscellaneous expenses		26,051
Total expenses		295,298
Fees waived/reimbursed by Investment Adviser (Note 3)		(189,684	)
Net operating expenses		105,614
NET INVESTMENT INCOME:		586,589
NET REALIZED AND CHANGE IN UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments		893,831
Net change in unrealized appreciation (depreciation) on investments		3,133,693
NET REALIZED AND CHANGE IN UNREALIZED GAIN ON INVESTMENTS		4,027,524
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	4,614,113

See Notes to Financial Statements.

Semi-Annual Report   |   September 30, 2021 13

Index Funds S&P 500^® Equal Weight Statements of Changes in Net Assets

	For the
	Six Months			For the
	Ended			Year
	September 30,			Ended
	2021			March 31,
	(Unaudited)			2021
INCREASE (DECREASE) IN NET ASSETS DUE TO:
OPERATIONS:
Net investment income	$	586,589		$	819,655
Net realized gain (loss) on investments		893,831			(766,625	)
Net change in unrealized appreciation on investments		3,133,693			26,328,818
Net increase in net assets resulting from operations		4,614,113			26,381,848
DISTRIBUTIONS TO SHAREHOLDERS
From earnings		—			(812,594	)
Total distributions		—			(812,594	)
CAPITAL TRANSACTIONS
Proceeds from shares sold		23,392,616			28,999,075
Reinvestment of distributions		—			812,567
Amount paid for shares redeemed		(8,454,866	)		(24,511,331	)
Proceeds from redemption fees(a)		1,754			10,545
Net increase in net assets resulting from capital transactions		14,939,504			5,310,856
Total Increase in Net Assets		19,553,617			30,880,110
NET ASSETS
Beginning of period		70,201,799			39,321,689
End of period	$	89,755,416		$	70,201,799
SHARE TRANSACTIONS
Shares sold		517,286			820,444
Shares issued in reinvestment of distributions		—			21,785
Shares redeemed		(186,236	)		(745,262	)
Net increase in shares outstanding		331,050			96,967

^(a) The Fund charges a 0.25% redemption fee on shares redeemed within 30 calendar days of purchase. Shares are redeemed at the Net Asset Value if held longer than 30 calendar days.

See Notes to Financial Statements.

14 www.INDEX.fund

Index Funds S&P 500® Equal Weight	Financial Highlights
(For a share outstanding during each period)

	For the
	Six Months
	Ended
	September 30,			For the Year			For the Year			For the Year			For the Year			For the Year
	2021			Ended			Ended			Ended			Ended			Ended
	(Unaudited)			March 31, 2021			March 31, 2020			March 31, 2019			March 31, 2018			March 31, 2017
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	42.58		$	25.34		$	31.19		$	30.04		$	27.27		$	24.01
Investment operations:
Net investment income(a)		0.32			0.56			0.60			0.57			0.49			0.43
Net realized and unrealized gain (loss) on investments		2.44			17.25			(5.90	)		1.42			2.65			3.66
Total from investment operations		2.76			17.81			(5.30	)		1.99			3.14			4.09
Less distributions to shareholders from:
Net investment income		—			(0.58	)		(0.55	)		(0.49	)		(0.35	)		(0.30	)
Net realized gains		—			—			—			(0.35	)		(0.02	)		(0.54	)
Total distributions		—			(0.58	)		(0.55	)		(0.84	)		(0.37	)		(0.84	)
Paid in capital from redemption fees		—	(b)		0.01			—	(b)		—	(b)		—	(b)		0.01
Net asset value, end of period	$	45.34		$	42.58		$	25.34		$	31.19		$	30.04		$	27.27
Total Return(c)		6.48	% (d)		70.67	%		(17.44	)%		7.02	%		11.50	%		17.19	%
Ratios and Supplemental Data:
Net assets, end of period (000 omitted)	$	89,755		$	70,202		$	39,322		$	39,258		$	32,746		$	13,038
Ratio of expenses to average net assets after expense waiver		0.25	% (e)		0.25	%		0.25	%		0.25	%		0.25	%		0.27	%
Ratio of expenses to average net assets before expense waiver		0.70	% (e)		0.86	%		1.12	%		1.34	%		1.98	%		6.83	%
Ratio of net investment income to average net assets after expense waiver		1.39	% (e)		1.61	%		1.87	%		1.85	%		1.68	%		1.66	%
PORTFOLIO TURNOVER RATE		27	% (d)		96	%		76	%		83	%		64	%		32	%

^(a) Calculated using the average shares method.

^(b) Rounds to less than $0.005 per share.

^(c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions.

^(d) Not annualized.

^(e) Annualized.

See Notes to Financial Statements.

Semi-Annual Report   |   September 30, 2021 15

Index Funds S&P 500® Equal Weight	Notes to Financial Statements
	September 30, 2021 (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 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 S&P 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 an investment company and accordingly follows the Investment Company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, “Financial Services-Investment Companies.”

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.

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 NYSE. As of September 30, 2021, 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;

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.

16 www.INDEX.fund

Index Funds S&P 500® Equal Weight	Notes to Financial Statements
	September 30, 2021 (Unaudited)

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 six months ended September 30, 2021 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, 2021:

Investments in Securities at Value	Level 1		Level 2		Level 3		Total
Assets
Common Stocks*	$	89,029,160	$	—	$	—	$	89,029,160
Exchange-Traded Funds		553,591		—		—		553,591
TOTAL	$	89,582,751	$	—	$	—	$	89,582,751

* See Schedule of Investments for sector classifications.

The Fund did not hold any investments at the end of the reporting period for which significant unobservable inputs (Level 3) were used in determining fair value; therefore, no reconciliation of Level 3 securities is included for this reporting period.

Cash and Cash Equivalents

Idle cash may be swept into various interest bearing overnight demand deposits and is classified as a cash equivalent on the Statement of Assets and Liabilities. The Fund maintains cash in bank deposit accounts which, at times, may exceed United States federally insure limit of $250,000. Amounts swept overnight are available on the next business day.

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 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.

Federal Income Taxes — As of and during the six months ended September 30, 2021, 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. Therefore, no provision is made by the Fund for federal income or excise 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 ending March 31, 2022. 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. Interest or penalties, if any, will be recorded in the Statement of Operations when incurred.

COVID-19 Risks — The COVID-19 pandemic has caused financial markets to experience periods of increased volatility due to uncertainty that exists around its long-term effects. COVID-19 has resulted in varying levels of travel restrictions, quarantines, disruptions to supply chains and customer activity, leading to general concern and economic uncertainty. The full impact and duration of the pandemic cannot necessarily be foreseen. Management continues to monitor developments and navigate accordingly, further evaluating the anticipated impact to financial markets.

Semi-Annual Report   |   September 30, 2021 17

Index Funds S&P 500® Equal Weight	Notes to Financial Statements
	September 30, 2021 (Unaudited)

3. ADVISORY FEES, ADMINISTRATION FEES AND OTHER AGREEMENTS

Investment Advisory Agreement

ONEFUND, LLC (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. An officer of the Trust is also an officer of the Adviser.

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. The Adviser intends to reimburse fund expenses no less frequently than on a quarterly basis, but there have been and there may continue to be instances where the Adviser reimburses fund expenses on a less frequent basis. This agreement is in effect through July 31, 2022, and may not be terminated or modified by the Adviser prior to this date except with the approval of the Fund’s Board. Amounts previously waived or reimbursed by the Adviser under this agreement are not subject to subsequent recapture by the Adviser.

Fund Accounting and Administration Fees and Expenses

Ultimus Fund Solutions, LLC (“Ultimus” or the “Administrator”) provides administrative, fund accounting and other services to the Fund under a Master Services Agreement with the Trust (the “Master Services Agreement”). Under the Master Services Agreement, Ultimus is paid fees for its services and is reimbursed for certain out-of-pocket expenses. Administrator fees paid by the Fund for the six months ended September 30, 2021 are disclosed in the Statement of Operations.

Transfer Agent and Shareholder Services Agreement

Ultimus serves as transfer, dividend paying and shareholder servicing agent for the Fund (the “Transfer Agent”) under the Master Services Agreement. Transfer Agent fees paid by the Fund for the six months ended September 30, 2021 are disclosed in the Statement of Operations.

Compliance Services

Ultimus provides Chief Compliance Officer services to the Fund. Additionally, Ultimus 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. Ultimus is compensated under the Master Services Agreement. Compliance services fees paid by the Fund for the six months ended September 30, 2021 are disclosed in the Statement of Operations.

Distributor

The Fund has entered into a Distribution Agreement with Ultimus Fund Distributors, LLC (the “Distributor”) to provide distribution services to the Fund. The Distributor serves as underwriter/distributor of shares of the Fund. Distribution services fees are paid by the Adviser pursuant to the terms set forth in the Distribution Agreement.

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, 2021.

	Cost of Investments		Proceeds from
	Purchased		Investments Sold
Index Funds S&P 500® Equal Weight	$	37,967,991	$	22,539,051

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.

18 www.INDEX.fund

Index Funds S&P 500® Equal Weight	Notes to Financial Statements
	September 30, 2021 (Unaudited)

The tax character of distributions paid during the fiscal year ended March 31, 2021, were as follows:

			Long-Term
	Ordinary Income		Capital Gains
Index Funds S&P 500® Equal Weight	$	812,594	$	—

As of September 30, 2021, net unrealized appreciation/(depreciation) of investments based on the federal tax cost were as follows:

	Gross Appreciation		Gross Depreciation					Cost of Investments
	(excess of value over		(excess of tax cost			Net Unrealized		for Income Tax
	tax cost)		over value)			Appreciation		Purposes
Index Funds S&P 500® Equal Weight	$	23,480,639	$	(445,705	)	$	23,034,934	$	66,547,817

The difference between book basis and tax basis is primarily attributable to wash sales.

At March 31, 2021, components of distributable earnings/(accumulated loss) on a tax basis were as follows:

	Index Funds S&P 500®
	Equal Weight
Accumulated ordinary income	$	207,947
Accumulated capital losses		(152,581	)
Net unrealized appreciation on investments		19,901,241
Total	$	19,956,607

Capital Losses

As of March 31, 2021, the Fund had capital loss carryforwards which may reduce the Fund’s taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Code and thus may reduce the amount of the distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal tax pursuant to the Code. The capital loss carryforwards may be carried forward indefinitely.

Capital losses carried forward were as follows:

	Short-Term		Long-Term
Index Funds S&P 500® Equal Weight	$	—	$	152,581

6. BENEFICIAL OWNERSHIP

As of September 30, 2021, the following entities owned beneficially 25% or greater of the Fund’s outstanding shares. The shares are held under omnibus accounts (whereby the transactions of two or more shareholders are combined and carried in the name of the origination broker rather than designated separately).

Index Funds S&P 500® Equal Weight	Percentage
Charles Schwab & Co.	64%
TD Ameritrade, Inc.	30%

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, 2021 19

Index Funds S&P 500® Equal Weight	Notes to Financial Statements
	September 30, 2021 (Unaudited)

8. SUBSEQUENT EVENTS

Management of the Fund has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date at which these financial statements were issued. Based upon this evaluation, management has determined there were no items requiring adjustment of the financial statements or additional disclosure.

20 www.INDEX.fund

Index Funds S&P 500® Equal Weight	Liquidity Risk Management Program
	September 30, 2021 (Unaudited)

The Fund has adopted and implemented a written liquidity risk management program (the “Program”) as required by Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act of 1940, as amended. The Program is reasonably designed to assess and manage the Fund’s liquidity risk, taking into consideration, among other factors, the Fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its short and long-term cash flow projections; and its cash holdings and access to other funding sources. The Board of Trustees (the “Board”) of the Fund appointed the Adviser as the liquidity program administrator of the Fund’s Liquidity Risk Management Policies and Procedures (“LRM Procedures”). The LRM Procedures require that the Board review an annual written report that addresses the operation of the LRM Procedures and assesses its adequacy and effectiveness of implementation, including the operation of any applicable highly liquid investment minimum, and any material changes to the LRM Procedures. The annual report, covering the period from June 1, 2020 through May 31, 2021 (the “Report”), was presented to the Board for consideration at its meeting held on September 10, 2021. During the review period, (i) there were no changes to the Program; (ii) the Fund invested primarily in highly liquid investments and, therefore, was not required to establish, and did not establish, a highly liquid investment minimum; (iii) the Fund did not invest more than 15% of its net assets in illiquid investments; (iv) the Fund held adequate levels of cash and highly liquid investments to meet shareholder redemption activities in accordance with applicable requirements; and (v) the Fund did not experience unusual stress or disruption to its operations related to purchase and redemption activity. The Report concluded that the LRM Procedures are operating effectively to assess and manage the Fund’s liquidity risk and that the LRM Procedures have been and continue to be adequately and effectively implemented to monitor and, as applicable, respond to the Fund’s liquidity developments.

Semi-Annual Report   |   September 30, 2021 21

Index Funds S&P 500® Equal Weight	Summary of Fund Expenses
	September 30, 2021 (Unaudited)

As a shareholder of the Index Funds S&P 500^® Equal Weight (the “Fund”), you may 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, 2021 and held until September 30, 2021.

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.

	Beginning	Ending	Expenses	Annualized
	Account Value	Account Value	Paid During	Expense
Index Funds S&P 500® Equal Weight	April 1, 2021	September 30, 2021	Period(a)	Ratio
Actual	$1,000.00	$ 1,064.80	$ 1.29	0.25%
Hypothetical (b)	$1,000.00	$ 1,023.82	$ 1.27	0.25%

^(a) Expenses are equal to the Fund’s annualized expense ratios, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

^(b) Hypothetical assumes 5% annual return before expenses.

22 www.INDEX.fund

Index Funds S&P 500® Equal Weight	Additional Information
	September 30, 2021 (Unaudited)

1. PROXY VOTING POLICIES AND VOTING RECORD

A copy of the Trust’s Proxy Voting and Disclosure Policy and the Adviser’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 (1-844-464-6339) and (2) on the SEC’s website at http://www.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 Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year as an exhibit to its report on Form N-PORT. These filings are available on the SEC’s website at http://www.sec.gov or on the Fund’s website at www.INDEX.fund.

Semi-Annual Report   |   September 30, 2021 23

Index Funds S&P 500® Equal Weight	Privacy Policy
	September 30, 2021 (Unaudited)

FACTS	WHAT DOES INDEX FUNDS S&P 500® EQUAL WEIGHT (THE “FUND”) DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: ●   Social Security number and name and address ●   Account balances and transaction history ●   Wire transfer instructions When you are no longer our investor, we continue to share your information as described in this notice.
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons the Fund chooses to share; and whether you can limit this sharing.
Reasons we can share your personal information		Does the Fund share?	Can you limit this sharing?
For our everyday business purposes— such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus		Yes	No
For our marketing purposes— to offer our products and services to you		No	We don’t share
For joint marketing with other financial companies		No	We don’t share
For our affiliates’ everyday business purposes— information about your transactions and experiences		Yes	No
For our affiliates’ everyday business purposes— information about your creditworthiness		No	We don’t share
For nonaffiliates to market to you		No	We don’t share
Questions?

24 www.INDEX.fund

Index Funds S&P 500® Equal Weight	Privacy Policy
	September 30, 2021 (Unaudited)

Who We Are
Who is providing this notice?	Index Funds S&P 500® Equal Weight (the “Fund”)
What We Do
How does the Fund protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that seek to comply with federal law. These measures include computer safeguards and secured files and buildings.
How does the Fund collect my personal information?	We collect your personal information, for example, when you ●   Open an account ●   Provide account information or give us your contact information ●   Make a wire transfer or deposit money
Why can’t I limit all sharing?	Federal law gives you the right to limit only ●   sharing for affiliates’ everyday business purposes — information about your creditworthiness ●   affiliates from using your information to market to you ●   sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ●   Nonaffiliates can include third parties who perform services on our behalf, such as accounting, legal or data processing services.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ●  The Fund doesn’t jointly market

Semi-Annual Report   |   September 30, 2021 25

Must be accompanied or preceded by a Prospectus. Index

Funds is distributed by Ultimus Fund Distributors, LLC. Index

Funds and Ultimus Fund Distributors, LLC are not affiliated.

Index Funds-SAR-21

(b) Not applicable.

Item 2. Code of Ethics.

Not applicable to semiannual reports.

Item 3. Audit Committee Financial Expert.

Not applicable to semiannual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable to semiannual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

(a) Included as part of the report to Stockholders filed under Item 1 of this Form.

(b) Not applicable.

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 Company and Affiliated Purchasers.

Not applicable.

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

None.

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 Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-2 under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing of this report on Form N-CSR.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1) Not applicable.

(a)(2) Certifications pursuant to Rule 30a-2(a) are attached hereto.

(a)(3) Not applicable.

(a)(4) Not applicable.

(b) Certifications pursuant to Rule 30a-2(b) are furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Index Funds.

By (Signature and Title)	/s/ Michael G. Willis
	Michael G. Willis, President and Principal Executive Officer

Date 12/02/2021

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 (Signature and Title)	/s/ Michael G. Willis
	Michael G. Willis, President and Principal Executive Officer

Date 12/02/2021

By (Signature and Title)	/s/ Michael G. Willis
	Michael G. Willis, Treasurer and Principal Financial Officer

Date 12/02/2021