N-CSRS 1 fp0059592_ncsrs.htm

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, 2020  

 

 

 

Item 1. Reports to Stockholders.

 

 

 

TABLE OF CONTENTS

 

 

   

Shareholder Letter

1

Manager Commentary

2

Disclosure of Fund Expenses

4

Schedule of Investments

5

Statement of Assets and Liabilities

11

Statement of Operations

12

Statements of Changes in Net Assets

13

Financial Highlights

14

Notes to Financial Statements

15

Additional Information

20

Privacy Policy

21

 

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website at www.index.fund, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

 

You may, notwithstanding the availability of shareholder reports online, elect to receive all future shareholder reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-844-464-6339 to let the Fund know you wish to continue receiving paper copies of your shareholder reports.

 

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at www.index.fund.

 

 

Index Funds S&P 500® Equal Weight

Shareholder Letter

 

September 30, 2020 (Unaudited)

 

Special Note to Shareholders:

 

In the first calendar quarter of 2020, the outbreak and spread of a new coronavirus (also referred to as COVID-19) emerged as a public health emergency that had a major influence on financial markets. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The outbreak of COVID-19 prompted various measures by governments across the globe to limit the spread, including travel restrictions, quarantines, restricting public gatherings, and requiring business closures. These measures led to lower consumer activity, diminished demand for a wide range of products and services, and disruption in manufacturing and supply chains. The wide variability in outcomes regarding the outbreak has created significant market uncertainty and volatility. The extent and duration of the public health situation’s impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.

 

Discussion of the Fund:

 

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

 

The Fund seeks to track the S&P 500® Equal Weight Index. The S&P 500® Equal Weight Index uses the same 500 constituents as the S&P 500® Market Cap Index. The primary difference is that the S&P 500® Equal Weight Index rebalances its holdings periodically so that, over time, they remain substantially equal.* In our view, this unbiased 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, 2020, the Fund returned +29.68%, while the S&P 500® Equal Weight Index grew by +29.98%. The performance of the Fund relative to the S&P 500® Equal Weight Index showed tracking error consistent with the performance of the index plus or minus the expenses, cash drag, and trading costs of the Fund.

 

Looking forward, we believe low-cost index strategies are the future of investing. We created INDEX to simplify investing for retail investors. With one simple purchase, you gain access to the potential growth of America’s 500 leading companies according to Standard & Poor’s.

 

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.

 

   

Semi-Annual Report | September 30, 2020

1

 

 

Index Funds S&P 500® Equal Weight

Manager Commentary

 

September 30, 2020 (Unaudited)

 

Average Annual Total Returns(a) (for the periods ended September 30, 2020)

 

 

Six Months

One Year

Five Year

Since Inception
(4/30/15)

Index Funds S&P 500® Equal Weight

29.68%

2.53%

10.08%

7.52%

S&P 500® Equal Weight Index (Total Return)

29.98%

2.49%

10.27%

7.57%

 

 

Expense Ratios (b)

Gross

1.12%

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 28, 2020. 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, 2021. 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, 2020 can be found in the financial highlights, which do not include acquired fund fees and expenses.

 

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.

 

   

2

www.INDEX.fund

 

 

Index Funds S&P 500® Equal Weight

Manager Commentary

 

September 30, 2020 (Unaudited)

 

Sector Allocation (as a % 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 Funds 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”); any 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 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 ARRANGENTS BETWEEN S&P DOW JONES INDICES AND ONEFUND, LLC, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.

 

   

Semi-Annual Report | September 30, 2020

3

 

 

Index Funds S&P 500® Equal Weight

Disclosure of Fund Expenses

 

September 30, 2020 (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, 2020 and held until September 30, 2020.

 

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

 

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

 

Index Funds S&P 500® Equal Weight

Beginning
Account Value
April 1, 2020

Ending
Account Value
September 30, 2020

Expenses
Paid During
Period
(a)

Annualized
Expense
Ratio

Actual

$ 1,000.00

$ 1,296.80

$ 1.44

0.25%

Hypothetical (b)

$ 1,000.00

$ 1,023.81

$ 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.

 

   

4

www.INDEX.fund

 

 

Index Funds S&P 500® Equal Weight

Schedule of Investments

 

September 30, 2020 (Unaudited)

 

 

 

Shares

   

Fair Value

 

Common Stocks — 99.42%

Communications — 4.75%

               

Activision Blizzard, Inc.

    1,167     $ 94,469  

Alphabet, Inc., Class A(a)

    30       43,968  

Alphabet, Inc., Class C(a)

    30       44,088  

AT&T, Inc.

    3,137       89,436  

Booking Holdings, Inc.(a)

    51       87,245  

CenturyLink, Inc.

    8,541       86,179  

Charter Communications, Inc., Class A(a)

    151       94,276  

Comcast Corp., Class A

    2,036       94,185  

Discovery Communications, Inc. - Series C(a)

    2,821       55,292  

Discovery, Inc. - Series A(a)

    1,427       31,066  

DISH Network Corp., Class A(a)

    2,833       82,242  

Electronic Arts, Inc.(a)

    722       94,156  

Expedia, Inc.(a)

    960       88,022  

Facebook, Inc., Class A(a)

    341       89,308  

Fox Corp., Class A

    2,207       61,421  

Fox Corp., Class B

    1,026       28,697  

Interpublic Group of Cos., Inc.

    5,258       87,650  

Netflix, Inc.(a)

    189       94,506  

News Corp., Class A

    4,600       64,492  

News Corp., Class B

    1,441       20,145  

Omnicom Group, Inc.

    1,739       86,081  

Take-Two Interactive Software, Inc.(a)

    592       97,810  

T-Mobile US, Inc.(a)

    815       93,203  

Twitter, Inc.(a)

    2,336       103,952  

VeriSign, Inc.(a)

    459       94,026  

Verizon Communications, Inc.

    1,521       90,484  

ViacomCBS, Inc., Class B

    3,107       87,027  

Walt Disney Co. (The)

    690       85,615  
              2,169,041  
                 

Consumer Discretionary — 11.27%

               

Advance Auto Parts, Inc.

    588       90,258  

Amazon.com, Inc.(a)

    29       91,313  

Aptiv PLC

    1,076       98,647  

AutoZone, Inc.(a)

    74       87,145  

Best Buy Co., Inc.

    849       94,485  

BorgWarner, Inc.

    2,147       83,175  

CarMax, Inc.(a)

    895       82,259  

Carnival Corp.

    5,142       78,056  

Chipotle Mexican Grill, Inc.(a)

    70       87,060  

Copart, Inc.(a)

    892       93,803  

D.R. Horton, Inc.

    1,274       96,353  

Darden Restaurants, Inc.

    1,048       105,576  

Domino’s Pizza, Inc.

    230       97,814  

eBay, Inc.

    1,724       89,820  

Etsy, Inc.(a)

    821       99,859  

Ford Motor Co.

    12,994       86,540  

Fortune Brands Home & Security, Inc.

    1,101       95,259  

Gap, Inc. (The)

    5,466       93,086  

General Motors Co.

    2,986       88,356  

 

 

 

 

Shares

   

Fair Value

 

Consumer Discretionary (continued)

               

Genuine Parts Co.

    905     $ 86,129  

Hanesbrands, Inc.

    5,910       93,083  

Hasbro, Inc.

    1,157       95,707  

Hilton Worldwide Holdings, Inc.

    1,041       88,818  

Home Depot, Inc. (The)

    329       91,367  

L Brands, Inc.

    3,249       103,352  

Las Vegas Sands Corp.

    1,752       81,748  

Leggett & Platt, Inc.

    2,041       84,028  

Lennar Corp., Class A

    1,174       95,892  

Live Nation Entertainment, Inc.(a)

    1,592       85,777  

LKQ Corp.(a)

    2,828       78,420  

Lowe’s Cos., Inc.

    562       93,213  

Marriott International, Inc., Class A

    916       84,803  

Masco Corp.

    1,554       85,672  

McDonald’s Corp.

    417       91,527  

MGM Resorts International

    4,002       87,044  

Mohawk Industries, Inc.(a)

    938       91,539  

Newell Brands, Inc.

    5,213       89,455  

NIKE, Inc., Class B

    771       96,790  

Norwegian Cruise Lines Holdings Ltd.(a)

    5,195       88,886  

NVR, Inc.(a)

    22       89,829  

O’Reilly Automotive, Inc.(a)

    192       88,527  

PulteGroup, Inc.

    2,008       92,950  

PVH Corp.

    1,356       80,872  

Ralph Lauren Corp.

    1,194       81,156  

Ross Stores, Inc.

    1,008       94,067  

Royal Caribbean Cruises Ltd.

    1,312       84,926  

Starbucks Corp.

    1,067       91,677  

Tapestry, Inc.

    5,632       88,028  

Tiffany & Co.

    799       92,564  

TJX Cos., Inc. (The)

    1,680       93,492  

Tractor Supply Co.

    661       94,748  

Ulta Beauty, Inc.(a)

    397       88,920  

Under Amour, Inc., Class A(a)

    4,203       47,200  

Under Armour Inc, Class C(a)

    4,382       43,119  

VF Corp.

    1,299       91,255  

Whirlpool Corp.

    526       96,726  

Wynn Resorts Ltd.

    1,108       79,565  

Yum! Brands, Inc.

    986       90,022  
              5,141,757  
                 

Consumer Staples — 6.97%

               

Altria Group, Inc.

    2,087       80,642  

Archer-Daniels-Midland Co.

    1,940       90,191  

Brown-Forman Corp., Class B

    1,146       86,317  

Campbell Soup Co.

    1,999       96,691  

Church & Dwight Co., Inc.

    979       91,742  

Clorox Co. (The)

    425       89,322  

Coca-Cola Co. (The)

    1,781       87,928  

Colgate-Palmolive Co.

    1,185       91,423  

ConAgra Foods, Inc.

    2,639       94,239  

Constellation Brands, Inc., Class A

    482       91,344  

 


See Notes to Financial Statements.

Semi-Annual Report | September 30, 2020

5

 

 

Index Funds S&P 500® Equal Weight

Schedule of Investments

 

September 30, 2020 (Unaudited)

 

 

 

Shares

   

Fair Value

 

Consumer Staples (continued)

               

Costco Wholesale Corp.

    268     $ 95,140  

Dollar General Corp.

    454       95,167  

Dollar Tree, Inc.(a)

    1,010       92,253  

Estee Lauder Cos., Inc. (The), Class A

    424       92,538  

General Mills, Inc.

    1,554       95,850  

Hershey Co. (The)

    625       89,588  

Hormel Foods Corp.

    1,825       89,224  

J.M. Smucker Co. (The)

    803       92,763  

Kellogg Co.

    1,390       89,780  

Kimberly-Clark Corp.

    613       90,516  

Kraft Heinz Co. (The)

    2,868       85,897  

Kroger Co. (The)

    2,646       89,726  

Lamb Weston Holdings, Inc.

    1,436       95,164  

McCormick & Co., Inc., Non-Voting Shares

    458       88,898  

Molson Coors Brewing Co., Class B

    2,592       86,988  

Mondelez International, Inc., Class A

    1,581       90,828  

Monster Beverage Corp.(a)

    1,118       89,664  

PepsiCo, Inc.

    670       92,861  

Philip Morris International, Inc.

    1,120       83,988  

Procter & Gamble Company (The)

    658       91,455  

Sysco Corp.

    1,460       90,841  

Target Corp.

    616       96,972  

Tyson Foods, Inc., Class A

    1,427       84,878  

Walgreens Boots Alliance, Inc.

    2,621       94,146  

Wal-Mart Stores, Inc.

    665       93,040  
              3,178,004  
                 

Energy — 4.85%

               

Apache Corp.

    7,653       72,474  

Baker Hughes Co.

    6,520       86,651  

Cabot Oil & Gas Corp.

    4,987       86,574  

Chevron Corp.

    1,171       84,312  

Concho Resources, Inc.

    2,008       88,593  

ConocoPhillips

    2,747       90,211  

Devon Energy Corp.

    10,140       95,925  

Diamondback Energy, Inc.

    3,071       92,499  

EOG Resources, Inc.

    2,329       83,704  

Exxon Mobil Corp.

    2,465       84,623  

Halliburton Co.

    6,374       76,807  

Hess Corp.

    2,103       86,076  

HollyFrontier Corp.

    4,342       85,581  

Kinder Morgan, Inc.

    7,095       87,481  

Marathon Oil Corp.

    20,349       83,227  

Marathon Petroleum Corp.

    2,911       85,409  

National Oilwell Varco, Inc.

    8,114       73,513  

Noble Energy, Inc.

    9,919       84,807  

Occidental Petroleum Corp.

    8,900       89,089  

ONEOK, Inc.

    3,453       89,709  

Phillips 66

    1,594       82,633  

Pioneer Natural Resources Co.

    988       84,958  

Schlumberger Ltd.

    5,090       79,200  

TechnipFMC PLC

    13,396       84,529  

 

 

 

 

Shares

   

Fair Value

 

Energy (continued)

               

Valero Energy Corp.

    1,961     $ 84,951  

Williams Cos., Inc. (The)

    4,496       88,346  
              2,211,882  
                 

Financials — 12.13%

               

Aflac, Inc.

    2,500       90,875  

Allstate Corp.

    970       91,316  

American Express Co.

    880       88,220  

American International Group, Inc.

    3,203       88,179  

Ameriprise Financial, Inc.

    598       92,158  

Aon PLC, Class A

    451       93,042  

Arthur J Gallagher & Co.

    894       94,390  

Assurant, Inc.

    766       92,923  

Bank of America Corp.

    3,567       85,929  

Bank of New York Mellon Corp. (The)

    2,527       86,777  

Berkshire Hathaway, Inc., Class B(a)

    417       88,796  

BlackRock, Inc.

    168       94,676  

Capital One Financial Corp.

    1,280       91,981  

Cboe Global Markets, Inc.

    1,024       89,846  

Charles Schwab Corp. (The)

    2,581       93,510  

Chubb Ltd.

    754       87,554  

Cincinnati Financial Corp.

    1,183       92,239  

Citigroup, Inc.

    1,784       76,908  

Citizens Financial Group, Inc.

    3,355       84,814  

CME Group, Inc.

    557       93,193  

Comerica, Inc.

    2,296       87,822  

Discover Financial Services

    1,662       96,030  

E*TRADE Financial Corp.

    1,741       87,137  

Everest Re Group Ltd.

    441       87,115  

Fifth Third Bancorp

    4,322       92,145  

First Republic Bank

    850       92,701  

Franklin Resources, Inc.

    4,496       91,494  

Globe Life, Inc.

    1,116       89,168  

Goldman Sachs Group, Inc. (The)

    453       91,039  

Hartford Financial Services Group, Inc. (The)

    2,354       86,768  

Huntington Bancshares, Inc.

    9,397       86,170  

Intercontinental Exchange, Inc.

    926       92,646  

Invesco Ltd.

    8,501       96,996  

JPMorgan Chase & Co.

    900       86,643  

KeyCorp

    7,359       87,793  

Lincoln National Corp.

    2,642       82,774  

Loews Corp.

    2,579       89,620  

M&T Bank Corp.

    895       82,421  

Marsh & McLennan Cos., Inc.

    786       90,154  

MetLife, Inc.

    2,379       88,427  

Morgan Stanley

    1,807       87,368  

Nasdaq, Inc.

    724       88,842  

Northern Trust Corp.

    1,139       88,808  

People’s United Financial, Inc.

    8,935       92,120  

PNC Financial Services Group, Inc.

    821       90,236  

Principal Financial Group, Inc.

    2,215       89,198  

Progressive Corp. (The)

    958       90,694  

 

 

See Notes to Financial Statements.

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Financials (continued)

               

Prudential Financial, Inc.

    1,335     $ 84,799  

Raymond James Financial, Inc.

    1,236       89,931  

Regions Financial Corp.

    7,896       91,041  

State Street Corp.

    1,401       83,121  

SVB Financial Group(a)

    366       88,067  

Synchrony Financial

    3,527       92,302  

T. Rowe Price Group, Inc.

    723       92,703  

Travelers Cos., Inc. (The)

    802       86,768  

Truist Financial Corp.

    2,379       90,521  

U.S. Bancorp

    2,480       88,908  

Unum Group

    4,933       83,022  

W.R. Berkley Corp.

    1,447       88,484  

Wells Fargo & Co.

    3,748       88,115  

Willis Towers Watson PLC

    441       92,090  

Zions Bancorporation

    2,889       84,417  
              5,533,944  
                 

Health Care — 12.46%

               

Abbott Laboratories

    869       94,573  

AbbVie, Inc.

    1,014       88,816  

ABIOMED, Inc.(a)

    337       93,369  

Agilent Technologies, Inc.

    923       93,168  

Alexion Pharmaceuticals, Inc.(a)

    863       98,754  

Align Technology, Inc.(a)

    286       93,625  

AmerisourceBergen Corp.

    967       93,722  

Amgen, Inc.

    374       95,056  

Anthem, Inc.

    353       94,812  

Baxter International, Inc.

    1,095       88,060  

Becton, Dickinson and Co.

    386       89,814  

Biogen, Inc.(a)

    337       95,600  

Bio-Rad Laboratories, Inc., Class A(a)

    180       92,783  

Boston Scientific Corp.(a)

    2,258       86,278  

Bristol-Myers Squibb Co.

    1,542       92,967  

Cardinal Health, Inc.

    1,880       88,266  

Catalent, Inc.(a)

    1,100       94,226  

Centene Corp.(a)

    1,612       94,028  

Cigna Corp.

    537       90,973  

Cooper Cos., Inc. (The)

    278       93,719  

CVS Health Corp.

    1,585       92,564  

Danaher Corp.

    444       95,607  

DaVita, Inc.(a)

    1,033       88,476  

Dentsply Sirona, Inc.

    2,060       90,084  

DexCom, Inc.(a)

    237       97,699  

Edwards LifeSciences Corp.(a)

    1,112       88,760  

Eli Lilly & Co.

    614       90,884  

Gilead Sciences, Inc.

    1,387       87,645  

HCA Healthcare, Inc.

    679       84,658  

Henry Schein, Inc.(a)

    1,413       83,056  

Hologic Inc(a)

    1,466       97,445  

Humana, Inc.

    232       96,022  

IDEXX Laboratories, Inc.(a)

    249       97,884  

Illumina, Inc.(a)

    260       80,361  

 

 

 

 

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Health Care (continued)

               

Incyte Corp.(a)

    1,034     $ 92,791  

Intuitive Surgical, Inc.(a)

    129       91,531  

IQVIA Holdings, Inc.(a)

    570       89,849  

Johnson & Johnson

    616       91,710  

Laboratory Corp of America Holdings(a)

    501       94,323  

McKesson Corp.

    605       90,103  

Medtronic PLC

    868       90,203  

Merck & Co., Inc.

    1,077       89,337  

Mettler-Toledo International, Inc.(a)

    93       89,815  

Mylan N.V.(a)

    5,933       87,986  

PerkinElmer, Inc.

    773       97,019  

Perrigo Co. PLC

    1,871       85,898  

Pfizer, Inc.

    2,522       92,557  

Quest Diagnostics, Inc.

    824       94,340  

Regeneron Pharmaceuticals, Inc.(a)

    167       93,483  

ResMed, Inc.

    529       90,686  

STERIS PLC

    561       98,842  

Stryker Corp.

    450       93,767  

Teleflex, Inc.

    245       83,403  

Thermo Fisher Scientific, Inc.

    211       93,161  

UnitedHealth Group, Inc.

    302       94,155  

Universal Health Services, Inc., Class B

    804       86,044  

Varian Medical Systems, Inc.(a)

    525       90,300  

Vertex Pharmaceuticals, Inc.(a)

    353       96,059  

Waters Corp.(a)

    446       87,273  

West Pharmaceutical Services, Inc.

    334       91,817  

Zimmer Biomet Holdings, Inc.

    653       88,899  

Zoetis, Inc.

    574       94,922  
              5,684,027  
                 

Industrials — 13.66%

               

3M Co.

    547       87,618  

A.O. Smith Corp.

    1,865       98,473  

Alaska Air Group, Inc.

    2,255       82,601  

Allegion PLC

    928       91,788  

American Airlines Group, Inc.

    7,024       86,325  

AMETEK, Inc.

    910       90,454  

Amphenol Corp., Class A

    872       94,411  

Boeing Co. (The)

    568       93,867  

Carrier Global Corp.

    3,111       95,010  

Caterpillar, Inc.

    591       88,148  

CH Robinson Worldwide, Inc.

    922       94,218  

Cintas Corp.

    283       94,190  

CSX Corp.

    1,179       91,573  

Cummins, Inc.

    437       92,277  

Deere & Co.

    421       93,306  

Delta Air Lines, Inc.

    2,869       87,734  

Dover Corp.

    806       87,322  

Eaton Corp. PLC

    887       90,501  

Emerson Electric Co.

    1,339       87,798  

 

 

See Notes to Financial Statements.

Semi-Annual Report | September 30, 2020

7

 

 

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Schedule of Investments

 

September 30, 2020 (Unaudited)

 

 

 

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Industrials (continued)

               

Expeditors International of Washington, Inc.

    1,007     $ 91,154  

Fastenal Co.

    2,066       93,156  

FedEx Corp.

    391       98,343  

Flowserve Corp.

    3,232       88,201  

Fortive Corp.

    1,176       89,623  

General Dynamics Corp.

    626       86,657  

General Electric Co.

    15,287       95,238  

Honeywell International, Inc.

    546       89,877  

Howmet Aerospace Inc.(a)

    5,110       85,439  

Huntington Ingalls Industries, Inc.

    617       86,843  

IDEX Corp.

    502       91,570  

Illinois Tool Works, Inc.

    465       89,843  

Ingersoll Rand, Inc.(a)

    2,528       89,997  

Jacobs Engineering Group, Inc.

    980       90,915  

JB Hunt Transport Services, Inc.

    673       85,054  

Johnson Controls International PLC

    2,183       89,176  

Kansas City Southern

    489       88,426  

Keysight Technologies, Inc.(a)

    985       97,298  

L3 Harris Technologies, Inc.

    502       85,260  

Lockheed Martin Corp.

    234       89,688  

Norfolk Southern Corp.

    418       89,448  

Northrop Grumman Corp.

    268       84,551  

Old Dominion Freight Line, Inc.

    465       84,128  

Otis Worldwide Corp.

    1,512       94,379  

PACCAR, Inc.

    1,084       92,444  

Parker-Hannifin Corp.

    435       88,018  

Pentair PLC

    2,081       95,247  

Quanta Services, Inc.

    1,764       93,245  

Raytheon Technologies Corp.

    1,500       86,310  

Republic Services, Inc.

    950       88,683  

Robert Half International, Inc.

    1,758       93,069  

Rockwell Automation, Inc.

    409       90,258  

Rollins, Inc.

    1,681       91,093  

Roper Technologies, Inc.

    228       90,085  

Snap-on, Inc.

    615       90,485  

Southwest Airlines Co.

    2,335       87,563  

Stanley Black & Decker, Inc.

    572       92,778  

TE Connectivity Ltd.

    930       90,898  

Teledyne Technologies, Inc.(a)

    290       89,961  

Textron, Inc.

    2,348       84,739  

Trane Technologies PLC

    778       94,333  

Transdigm Group, Inc.

    180       85,522  

Union Pacific Corp.

    464       91,348  

United Airlines Holdings, Inc.(a)

    2,522       87,640  

United Parcel Service, Inc., Class B

    573       95,478  

United Rentals, Inc.(a)

    521       90,915  

W.W. Grainger, Inc.

    256       91,333  

Wabtec Corp.

    1,348       83,414  

Waste Management, Inc.

    804       90,989  

Xylem, Inc.

    1,076       90,513  
              6,228,239  

 

 

 

 

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Materials — 5.55%

               

Air Products & Chemicals, Inc.

    303     $ 90,252  

Albemarle Corp.

    958       85,530  

Amcor PLC

    8,224       90,875  

Avery Dennison Corp.

    759       97,031  

Ball Corp.

    1,114       92,596  

Celanese Corp.

    853       91,655  

CF Industries Holdings, Inc.

    2,726       83,715  

Corteva, Inc.

    3,134       90,291  

Dow, Inc.

    1,825       85,866  

DuPont de Nemours, Inc.

    1,553       86,160  

Eastman Chemical Co.

    1,137       88,822  

Ecolab, Inc.

    447       89,328  

FMC Corp.

    838       88,753  

Freeport-McMoRan, Inc.

    5,591       87,444  

International Flavors & Fragrances, Inc.

    752       92,082  

International Paper Co.

    2,337       94,742  

Linde PLC

    364       86,679  

Lyondellbasell Industries N.V., Class A

    1,224       86,280  

Martin Marietta Materials, Inc.

    433       101,911  

Mosaic Co. (The)

    4,968       90,765  

Newmont Goldcorp Corp.

    1,374       87,180  

Nucor Corp.

    1,980       88,823  

Packaging Corp. of America

    870       94,874  

PPG Industries, Inc.

    716       87,409  

Sealed Air Corp.

    2,319       90,000  

Sherwin-Williams Co. (The)

    128       89,183  

Vulcan Materials Co.

    722       97,860  

WestRock Co.

    2,799       97,237  
              2,533,343  
                 

Real Estate — 6.08%

               

Alexandria Real Estate Equities, Inc.

    574       91,840  

American Tower Corp., Class A

    364       87,990  

Apartment Investment & Management Co., Class A

    2,600       87,672  

AvalonBay Communities, Inc.

    607       90,649  

Boston Properties, Inc.

    1,093       87,768  

CBRE Group, Inc., Class A(a)

    1,939       91,075  

Crown Castle International Corp.

    574       95,571  

Digital Realty Trust, Inc.

    625       91,725  

Duke Realy Corp.

    2,448       90,331  

Equinix, Inc.

    122       92,736  

Equity Residential

    1,664       85,413  

Essex Property Trust, Inc.

    427       85,737  

Extra Space Storage, Inc.

    818       87,518  

Federal Realty Investment Trust

    1,179       86,586  

Healthpeak Properties, Inc.

    3,261       88,536  

Host Hotels & Resorts, Inc.

    8,172       88,176  

Iron Mountain, Inc.

    3,050       81,710  

Kimco Realty Corp.

    7,801       87,839  

Mid-America Apartment Communities, Inc.

    785       91,021  

 

 

See Notes to Financial Statements.

8

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Real Estate (continued)

               

Prologis, Inc.

    908     $ 91,363  

Public Storage

    412       91,761  

Realty Income Corp.

    1,436       87,237  

Regency Centers Corp.

    2,356       89,575  

SBA Communications Corp., Class A

    299       95,226  

Simon Property Group, Inc.

    1,418       91,716  

SL Green Realty Corp.

    2,033       94,270  

UDR, Inc.

    2,702       88,112  

Ventas, Inc.

    2,076       87,109  

Vornado Realty Trust

    2,706       91,219  

Welltower, Inc.

    1,545       85,114  

Weyerhaeuser Co.

    3,199       91,235  
              2,773,830  
                 

Technology — 16.05%

               

Accenture PLC, Class A

    387       87,458  

Adobe Systems, Inc.(a)

    193       94,653  

Advanced Micro Devices, Inc.(a)

    1,192       97,732  

Akamai Technologies, Inc.(a)

    854       94,401  

Analog Devices, Inc.

    799       93,275  

ANSYS, Inc.(a)

    290       94,897  

Apple, Inc.

    812       94,038  

Applied Materials, Inc.

    1,654       98,330  

Arista Networks, Inc.(a)

    446       92,291  

Autodesk, Inc.(a)

    400       92,404  

Automatic Data Processing, Inc.

    682       95,132  

Broadcom, Inc.

    253       92,173  

Broadridge Financial Solutions, Inc.

    677       89,364  

Cadence Design Systems, Inc.(a)

    896       95,540  

CDW Corp.

    817       97,656  

Cerner Corp.

    1,282       92,676  

Cisco Systems, Inc.

    2,281       89,849  

Citrix Systems, Inc.

    687       94,607  

Cognizant Technology Solutions Corp., Class A

    1,334       92,606  

Corning, Inc.

    2,848       92,304  

DXC Technology Co.

    4,653       83,056  

Equifax, Inc.

    560       87,864  

F5 Networks, Inc.(a)

    758       93,060  

Fidelity National Information Services, Inc.

    631       92,890  

Fiserv, Inc.(a)

    977       100,680  

FleetCor Technologies, Inc.(a)

    394       93,811  

FLIR Systems, Inc.

    2,658       95,288  

Fortinet, Inc.(a)

    790       93,070  

Garmin Ltd.

    909       86,228  

Gartner, Inc.(a)

    718       89,714  

Global Payments, Inc.

    547       97,136  

Hewlett Packard Enterprise Co.

    9,844       92,238  

HP, Inc.

    4,715       89,538  

IHS Markit Ltd.

    1,179       92,563  

Intel Corp.

    1,846       95,586  

 

 

 

 

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Technology (continued)

               

International Business Machines Corp.

    749     $ 91,131  

Intuit, Inc.

    289       94,275  

IPG Photonics Corp.(a)

    574       97,563  

Jack Henry & Associates, Inc.

    584       94,953  

Juniper Networks, Inc.

    3,934       84,581  

KLA-Tencor Corp.

    529       102,489  

Lam Research Corp.

    309       102,512  

Leidos Holdings, Inc.

    1,043       92,983  

MarketAxess Holdings, Inc.

    201       96,800  

MasterCard, Inc., Class A

    276       93,335  

Maxim Integrated Products, Inc.

    1,378       93,167  

Microchip Technology, Inc.

    903       92,792  

Micron Technology, Inc.(a)

    1,974       92,699  

Microsoft Corp.

    446       93,807  

Moody’s Corp.

    319       92,462  

Motorola Solutions, Inc.

    591       92,675  

MSCI, Inc.

    268       95,617  

NetApp, Inc.

    2,063       90,442  

Nielsen Holdings PLC

    6,277       89,008  

NortonLifeLock, Inc.

    4,305       89,716  

NVIDIA Corp.

    187       101,208  

Oracle Corp.

    1,596       95,281  

Paychex, Inc.

    1,213       96,761  

Paycom Software, Inc.(a)

    343       106,775  

PayPal Holdings, Inc.(a)

    494       97,333  

Qorvo, Inc.(a)

    740       95,467  

QUALCOMM, Inc.

    802       94,379  

S&P Global, Inc.

    261       94,117  

salesforce.com, Inc.(a)

    374       93,994  

Seagate Technology PLC

    1,954       96,273  

ServiceNow, Inc.(a)

    204       98,940  

Skyworks Solutions, Inc.

    668       97,194  

Synopsys, Inc.(a)

    454       97,147  

Teradyne, Inc.

    1,214       96,464  

Texas Instruments, Inc.

    667       95,241  

Tyler Technologies, Inc.(a)

    280       97,597  

Verisk Analytics, Inc.

    501       92,840  

Visa, Inc., Class A

    453       90,586  

Western Digital Corp.

    2,434       88,963  

Western Union Co. (The)

    4,112       88,120  

Xerox Holdings Corporation

    4,765       89,439  

Xilinx, Inc.

    922       96,109  

Zebra Technologies Corp., Class A(a)

    364       91,895  
              7,319,238  
                 

Utilities — 5.65%

               

AES Corp.

    5,110       92,542  

Alliant Energy Corp.

    1,754       90,594  

Ameren Corp.

    1,187       93,868  

American Electric Power Co., Inc.

    1,149       93,908  

American Water Works Co., Inc.

    645       93,447  

Atmos Energy Corp.

    976       93,296  

 

 

See Notes to Financial Statements.

Semi-Annual Report | September 30, 2020

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Schedule of Investments

 

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Utilities (continued)

               

CenterPoint Energy, Inc.

    4,677     $ 90,500  

CMS Energy Corp.

    1,493       91,685  

Consolidated Edison, Inc.

    1,250       97,249  

Dominion Resources, Inc.

    1,142       90,138  

DTE Energy Co.

    768       88,351  

Duke Energy Corp.

    1,096       97,062  

Edison International

    1,797       91,359  

Entergy Corp.

    953       93,899  

Evergy, Inc.

    1,751       88,986  

Eversource Energy

    1,107       92,490  

Exelon Corp.

    2,539       90,795  

FirstEnergy Corp.

    3,101       89,030  

NextEra Energy, Inc.

    327       90,762  

Nisource, Inc.

    4,127       90,794  

NRG Energy, Inc.

    2,878       88,470  

Pinnacle West Capital Corp.

    1,283       95,648  

PPL Corp.

    3,304       89,902  

Public Service Enterprise Group, Inc.

    1,736       95,324  

Sempra Energy

    772       91,374  

Southern Co. (The)

    1,757       95,265  

WEC Energy Group, Inc.

    948       91,861  

Xcel Energy, Inc.

    1,321       91,162  
              2,579,761  
                 

Total Common Stocks (Cost $36,349,720)

            45,353,066  

 

 

 

 

Shares

   

Fair Value

 

Exchange-Traded Funds — 0.28%

               

Equity — 0.28%

               

SPDR S&P 500 ETF Trust

    375     $ 125,584  
                 

Total Exchange-Traded Funds (Cost $123,880)

            125,584  
                 

Warrant — 0.00%

               

Occidental Petroleum Corp. expiring 8/3/27

    617       1,851  
                 

Total Warrant (Cost $4,800)

            1,851  
                 

Total Investments — 99.70% (Cost $36,478,400)

            45,480,501  
                 

Other Assets in Excess of Liabilities — 0.30%

            138,912  
                 

NET ASSETS — 100.00%

          $ 45,619,413  

 

(a)

Non-income producing security.

 

 

See Notes to Financial Statements.

10

www.INDEX.fund

 

 

Index Funds S&P 500® Equal Weight

Statement of Assets and Liabilities

 

September 30, 2020 (Unaudited)

 

ASSETS:

       

Investments in securities at fair value (cost $36,478,400)

  $ 45,480,501  

Cash and cash equivalents

    8,058  

Receivable for fund shares sold

    40,086  

Receivable for investments sold

    54,839  

Dividends receivable

    62,954  

Tax reclaims receivable

    238  

Receivable from Adviser

    141,605  

Prepaid expenses

    33,415  

Total Assets

    45,821,696  

LIABILITIES:

       

Payable for fund shares redeemed

    9,044  

Payable for investments purchased

    113,625  

Payable to Administrator

    38,919  

Payable to trustees

    533  

Other accrued expenses

    40,162  

Total Liabilities

    202,283  

NET ASSETS

  $ 45,619,413  

NET ASSETS CONSIST OF:

       

Paid-in capital

    39,823,496  

Accumulated earnings

    5,795,917  

NET ASSETS

  $ 45,619,413  

Shares of beneficial interest outstanding, without par value

    1,388,301  

Net asset value, offering and redemption price per share

  $ 32.86  

 

See Notes to Financial Statements.

Semi-Annual Report | September 30, 2020

11

 

 

Index Funds S&P 500® Equal Weight

Statement of Operations

 

For the Six Months Ended September 30, 2020 (Unaudited)

 

INVESTMENT INCOME:

       

Dividend income

  $ 482,375  

Total investment income

    482,375  
         

EXPENSES:

       

Investment Adviser fees (Note 3)

    56,936  

Fund accounting and administration fees

    55,164  

Chief compliance officer fees

    16,012  

Registration expenses

    12,897  

Legal fees

    12,208  

Audit and tax preparation fees

    9,427  

Transfer agent fees

    8,813  

Insurance expense

    8,116  

Printing and postage expenses

    6,202  

Pricing fees

    5,767  

Custodian fees

    5,085  

Trustee fees and expenses

    533  

Miscellaneous expenses

    24,465  

Total expenses

    221,625  

Fees waived/reimbursed by investment adviser (Note 3)

    (164,393 )

Net operating expenses

    57,232  

NET INVESTMENT INCOME:

    425,143  
         

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:

       

Net realized loss on Investments

    (1,829,926 )

Net change in unrealized gain on investments

    12,813,347  

NET REALIZED AND CHANGE IN UNREALIZED GAIN ON INVESTMENTS

    10,983,421  

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS

  $ 11,408,564  

 

See Notes to Financial Statements.

12

www.INDEX.fund

 

 

Index Funds S&P 500® Equal Weight

Statements of Changes in Net Assets

   

 

 

 

For the
Six Months
Ended
September 30,
2020
(Unaudited)

   

For the
Year
Ended
March 31,
2020

 

INCREASE (DECREASE) IN NET ASSETS DUE TO:

               

OPERATIONS:

               

Net investment income

  $ 425,143     $ 831,454  

Net realized loss on investments

    (1,829,926 )     (842,713 )

Net change in unrealized appreciation (depreciation) on investments

    12,813,347       (8,577,984 )

Net increase (decrease) in net assets resulting from operations

    11,408,564       (8,589,243 )
                 

Distributions to shareholders from earnings

          (775,521 )
                 

CAPITAL TRANSACTIONS:

               

Proceeds from shares sold

    10,525,704       31,019,988  

Reinvestment of distributions

          770,062  

Amount paid for shares redeemed

    (15,645,209 )     (22,363,732 )

Proceeds from redemption fees(a)

    8,665       1,803  

Net increase (decrease) in net assets resulting from capital transactions

    (5,110,840 )     9,428,121  

Total Increase in Net Assets

    6,297,724       63,357  
                 

NET ASSETS:

               

Beginning of period

    39,321,689       39,258,332  

End of period

  $ 45,619,413     $ 39,321,689  
                 

SHARE TRANSACTIONS:

               

Shares sold

    346,097       996,570  

Shares issued in reinvestment of distributions

          22,616  

Shares redeemed

    (509,391 )     (726,073 )

Net increase (decrease) in shares outstanding

    (163,294 )     293,113  

 

(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.

Semi-Annual Report | September 30, 2020

13

 

 

Index Funds S&P 500® Equal Weight

Financial Highlights

 

(For a share outstanding during each period)

 

   

For the
Six Months
Ended
September 30,
2020
(Unaudited)

   

For the Year
Ended
March 31, 2020

   

For the Year
Ended
March 31, 2019

   

For the Year
Ended
March 31, 2018

   

For the Year
Ended
March 31, 2017

   

For the Period
Ended
March 31, 2016(a)

 

SELECTED PER SHARE DATA

                                               

Net asset value, beginning of period

  $ 25.34     $ 31.19     $ 30.04     $ 27.27     $ 24.01     $ 25.00  
                                                 

INVESTMENT OPERATIONS:

                                               

Net investment income(b)

    0.29       0.60       0.57       0.49       0.43       0.44  

Net realized and unrealized gain (loss) on investments

    7.23       (5.90 )     1.42       2.65       3.66       (0.71 )

Total from investment operations

    7.52       (5.30 )     1.99       3.14       4.09       (0.27 )
                                                 

LESS DISTRIBUTIONS TO SHAREHOLDERS FROM:

                                               

Net investment income

          (0.55 )     (0.49 )     (0.35 )     (0.30 )     (0.28 )

Net realized gains

                (0.35 )     (0.02 )     (0.54 )     (0.44 )

Total distributions

          (0.55 )     (0.84 )     (0.37 )     (0.84 )     (0.72 )
                                                 

Paid in capital from redemption fees

    (c)      (c)      (c)      (c)      0.01        

Net asset value, end of period

  $ 32.86     $ 25.34     $ 31.19     $ 30.04     $ 27.27     $ 24.01  
                                                 

TOTAL RETURN(d)

    29.68 %(e)     (17.44 )%     7.02 %     11.50 %     17.19 %     (1.00 )%(e)
                                                 

RATIOS AND SUPPLEMENTAL DATA:

                                               

Net assets, end of period (000 omitted)

  $ 45,620     $ 39,322     $ 39,258     $ 32,746     $ 13,038     $ 3,074  

Ratio of expenses to average net assets after expense waiver

    0.25 %(f)     0.25 %     0.25 %     0.25 %     0.27 %     0.30 %(f)

Ratio of expenses to average net assets before expense waiver

    0.97 %(f)     1.12 %     1.34 %     1.98 %     6.83 %     13.50 %(f)

Ratio of net investment income to average net assets after expense waiver

    1.87 %(f)     1.87 %     1.85 %     1.68 %     1.66 %     2.02 %(f)
                                                 

PORTFOLIO TURNOVER RATE

    50 %(e)     76 %     83 %     64 %     32 %     81 %(e)

 

(a)

For the period April 30, 2015(commencement of operations) to March 31, 2016.

 

(b)

Calculated using the average shares method.

 

(c)

Rounds to less than $0.005 per share.

 

(d)

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

 

(e)

Not annualized.

 

(f)

Annualized.

 

See Notes to Financial Statements.

14

www.INDEX.fund

 

 

Index Funds S&P 500® Equal Weight

Notes to Financial Statements

 

September 30, 2020 (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, 2020, 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.

 

   

Semi-Annual Report | September 30, 2020

15

 

 

Index Funds S&P 500® Equal Weight

Notes to Financial Statements

 

September 30, 2020 (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, 2020, 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, 2020:

 

Investments in Securities at Value

 

Level 1

   

Level 2

   

Level 3

   

Total

 

Assets

                               

Common Stocks*

  $ 45,480,501     $     $     $ 45,480,501  

TOTAL

  $ 45,480,501     $     $     $ 45,480,501  

 

*

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.

 

Expenses

The Fund bears expenses incurred specifically for the Fund and general Trust expenses.

 

Distributions to ShareholdersDividends 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.

 

Income TaxesAs of and during the six months ended September 30, 2020, 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, 2021. 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 RisksA recent outbreak of respiratory disease caused by a novel coronavirus was first detected in China in December 2019 and has now been detected internationally. This coronavirus has resulted in closing borders, enhanced health screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this coronavirus, and other epidemics and pandemics that may arise in the future, could affect the economies of many nations, individual companies, their securities (including equity and debt), and the market in general in ways that cannot necessarily be foreseen at the present time. In addition, the impact of infectious diseases in developing or emerging market countries may be greater due to less established health care systems. Health crises caused by the recent coronavirus outbreak may exacerbate other preexisting political, social and economic risks in certain countries. The impact of the outbreak may be short term or may last for an extended period of time.

 

   

16

www.INDEX.fund

 

 

Index Funds S&P 500® Equal Weight

Notes to Financial Statements

 

September 30, 2020 (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, 2021, and may not be terminated or modified by the Adviser prior to this date except with the approval of the Fund’s Board.

 

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, 2020 are disclosed in the Statement of Operations. Prior to May 4, 2020, ALPS Fund Services, Inc. provided these services.

 

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, 2020 are disclosed in the Statement of Operations. Prior to May 4, 2020, ALPS Fund Services, Inc. provided these services.

 

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, 2020 are disclosed in the Statement of Operations. Prior to May 2, 2020, ALPS Fund Services, Inc. provided these services.

 

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. Prior to May 4, 2020, ALPS Distributors, Inc. provided these services.

 

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, 2020.

 

 

Cost of Investments
Purchased

   

Proceeds from
Investments Sold

 

Index Funds S&P 500® Equal Weight

  $ 22,390,550     $ 27,140,464  

 

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.

 

   

Semi-Annual Report | September 30, 2020

17

 

 

Index Funds S&P 500® Equal Weight

Notes to Financial Statements

 

September 30, 2020 (Unaudited)

 

The tax character of distributions paid during the most recent fiscal year ended March 31, 2020, were as follows:

 

 

 

Ordinary Income

   

Long-Term
Capital Gain

 

Index Funds S&P 500® Equal Weight

  $ 775,521     $  

 

As of September 30, 2020, net unrealized appreciation/(depreciation) of investments based on the federal tax cost were as follows:

 

 

 

Gross Appreciation
(excess of value over
tax cost)

   

Gross Depreciation
(excess of tax cost
over value)

   

Net Unrealized
Appreciation

   

Cost of Investments
for Income Tax
Purposes

 

Index Funds S&P 500® Equal Weight

  $ 8,916,857     $ (1,795,061 )   $ 7,121,796     $ 38,358,705  

 

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

 

At March 31, 2020, components of distributable earnings/(accumulated loss) on a tax basis were as follows:

 

 

 

Index Funds S&P 500®
Equal Weight

 

Accumulated ordinary income

  $ 200,886  

Accumulated capital losses

    (121,982 )

Net unrealized depreciation on investments

    (5,691,551 )

Total

  $ (5,612,647 )

 

Capital Losses

As of March 31, 2020, 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 Funds 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

  $     $ 93,521  

 

The Fund has elected to defer to the year ending March 31, 2021, capital losses recognized during the period November 1, 2019 to March 31, 2020, in the amount of $28,461.

 

6. BENEFICIAL OWNERSHIP

 

 

As of March 31, 2020, 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.

    71%

 

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.

 

   

18

www.INDEX.fund

 

 

Index Funds S&P 500® Equal Weight

Notes to Financial Statements

 

September 30, 2020 (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.

 

9. LIQUIDITY RISK MANAGEMENT PROGRAM

 

 

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 1940 Act. 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 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, 2019 through May 31, 2020 (the “Report”), was presented to the Board for consideration at its meeting held on September 25, 2020. During the review period, the Fund did not experience unusual stress or disruption to its operations related to purchase and redemption activity. Also, during the review period, the Fund held adequate levels of cash and highly liquid investments to meet shareholder redemption activities in accordance with applicable requirements. The Report concluded that the Program is reasonably designed to prevent violation of the Liquidity Rule and has been effectively implemented.

 

   

Semi-Annual Report | September 30, 2020

19

 

 

Index Funds S&P 500® Equal Weight

Additional Information

 

September 30, 2020 (Unaudited)

 

1. PROXY VOTING POLICIES AND VOTING RECORD

 

 

A copy of the Trust’s Proxy Voting and Disclosure Policy and the Advisor’s Proxy Voting and Disclosure Policy are included as Appendix B to the Fund’s Statement of Additional Information and are available, (1) without charge, upon request, by calling (1-844-464-6339) 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 as an exhibit to its report on Form N-PORT. These filings are available on the SEC’s website at http://www.sec.gov.

 

   

20

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Index Funds S&P 500® Equal Weight

Privacy Policy

 

September 30, 2020 (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?

 

 

   

Semi-Annual Report | September 30, 2020

21

 

 

Index Funds S&P 500® Equal Weight

Privacy Policy

 

September 30, 2020 (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

 

   

22

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Page Intentionally Left Blank.

 

 

Page Intentionally Left Blank.

 

 

 

 

 

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. 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 12/1/2020  

  

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 12/1/2020  

 

By (Signature and Title) /s/ Michael G. Willis  
 

Michael G. Willis, Treasurer and Principal Financial Officer 

 

 

Date 12/1/2020