バンガード・インデックス・ファンズーバンガード・トータル・ストック・マーケット・インデックス・ファンド 有価証券報告書（外国投資信託受益証券） 第27期(平成30年1月1日－平成30年12月31日)

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                                                 有価証券報告書（外国投資信託受益証券）
     【表紙】
     【提出書類】                  有価証券報告書

     【提出先】                  関東財務局長

     【提出日】                  令和元   年６月   28 日

     【計算期間】                  第 27 期（自　平成       30 年１月１日　至　平成           30 年 12 月 31 日）

     【ファンド名】                  バンガード・インデックス・ファンズ－バンガード・トータル・

                       ストック・マーケット・インデックス・ファンド
                       (VANGUARD      INDEX   FUNDS   － VANGUARD     TOTAL   STOCK   MARKET    INDEX   FUND)
     【発行者名】                  バンガード・インデックス・ファンズ

                       (VANGUARD      INDEX   FUNDS)
     【代表者の役職氏名】                  会長兼最高経営責任者　　              モーティマー・Ｊ．バックリー

                       （ Mortimer     J.  Buckley    , Chairman     and  Chief   Executive      Officer    ）
     【本店の所在の場所】                  アメリカ合衆国        19355   　ペンシルバニア州           マルバーン市

                       バンガード・ブルーヴァード               100
                       (100   Vanguard     Boulevard,      Malvern,     Pennsylvania       19355   U.S.A.)
     【代理人の氏名又は名称】                  弁護士　　三浦　健

     【代理人の住所又は所在地】                  東京都千代田区丸の内二丁目６番１号　丸の内パークビルディング

                       森・濱田松本法律事務所
     【事務連絡者氏名】                  弁護士　　三浦　健

                       　同　　　大西　信治
     【連絡場所】                  東京都千代田区丸の内二丁目６番１号　丸の内パークビルディング

                       森・濱田松本法律事務所
     【電話番号】                  03  (6212)    8316

     【縦覧に供する場所】                  該当事項なし

     （注１）米ドルの円貨換算は、便宜上、                 201 9年４月   26 日現在の株式会社三菱ＵＦＪ銀行の対顧客電信売買相場の仲値（１米ド

         ル＝  111.85   円）による。以後、別段の記載がない限り同様とする。
     （注２）ファンド証券は米ドル建てのため、以下の金額表示は別段の記載がない限り、米ドルをもって行う。
     （注３）本書の中で金額および比率を表示する場合、四捨五入してある。したがって、合計の数字が一致しない場合がある。
         また、円貨への換算は、本書の中でそれに対応する数字につき所定の換算率で単純計算のうえ、必要な場合四捨五入
         してある。したがって、本書中の同一情報につき異なった円貨表示がなされている場合もある。
     （注４）本書の中で、計算期間（以下「会計年度」ともいう。）とは毎年１月１日に始まり                                      12 月 31 日に終わる一年を指す。
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                                                 有価証券報告書（外国投資信託受益証券）
     第一部【ファンド情報】

     第１【ファンドの状況】

     １【ファンドの性格】

      （１）【ファンドの目的及び基本的性格】
              Ⓡ
        バンガード       ・インデックス・ファンズ－バンガード・トータル・ストック・マーケット・インデッ
                     Ⓡ
       クス・ファンド（         VANGUARD      INDEX   FUNDS   - VANGUARD     TOTAL   STOCK   MARKET    INDEX   FUND  ）（以下「ファ
       ンド」という。）は、米国の株式市場全体の投資収益を測る目標となるインデックスのパフォーマンス
       への一致を目指して運用を行う。
        ファンドは、バンガード・インデックス・ファンズ（以下「トラスト」という。）のシリーズ（また
       はサブ・ファンド）である。トラストは、                      1975  年にペンシルバニア州ビジネス・トラストとして設立さ
       れ、  1998  年にデラウェア籍法定トラストとして再編された。トラストは                                 1940  年投資会社法（以下「            1940
       年法」という。）に基づき米国証券取引委員会（以下「                             SEC  」という。）にオープン・エンド分散型の運
       用投資会社として登録されている。トラストの有する全てのサブ･ファンドは                                        1940  年法における分散型に
                                                 （注）
       分類される。トラストが             2017  年 11 月 30 日以前に日本においてインベスター受益証券                          （以下「ファン
       ド証券」ともいう。）を募集していたのは以下のファンドである。
        バンガード・トータル・ストック・マーケット・インデックス・ファンド
        バンガード・スモールキャップ・インデックス・ファンド
        トラストは、追加的なファンドまたはファンド証券のクラスを募集することがある。ファンドがファ
       ンド証券の特定のファンドやクラスのために発行するファンド証券の総数および端数について制限は設
       けていない。
       （注）インベスター受益証券は             2019  年５月   24 日をもって、アドミラル受益証券に強制転換された。したがって、本書はアドミラル
          受益証券の状況について記載されている。
      （２）【ファンドの沿革】

        1975  年 12 月 31 日　　トラストの信託宣言締結
                  トラストは、ペンシルバニア州ビジネス・トラストとして設立された。
        1998  年１月   23 日　　契約および信託宣言の締結
        1998  年１月   28 日　　トラストは、デラウェア籍法定トラストとして再編された。
        2002  年７月   19 日　　修正・再録済契約および信託宣言の締結
        2008  年 11 月 19 日　　修正・再録済契約および信託宣言の締結
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      （３）【ファンドの仕組み】

       ①　ファンドの仕組み
                            ファンドの仕組み
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       ②　投資運用会社とファンドの関係法人との契約関係

     ファンドの運営上の役割                     会社名                契約および委託内容
     ① 投資運用会社、             ザ・バンガード・グループ・インク                    2009  年６月８日付で締結された
                   （ The  Vanguard     Group,    Inc.  ）     ファンド・サービス契約第５修正
      投資顧問会社、
                                                  （注１）
                   （以下「バンガード」という。）
      名義書換および
                                       契約（随時修正済）               に基づ
      配当支払代行会社
                                       き、バンガードは、ファンドの運
                                       用、管理、名義書換代行、配当支
                                       払代行および投資顧問業務を行
                                       う。
     ② 保管銀行             JP  モルガン・チェース・バンク                  2017  年８月    14 日付で締結された修
                                       正・再録包括保管契約（随時修正
                   （ JP  Morgan    Chase   Bank  ）
                                         （注２）
                                       済）      に基づき、ファンド資
                                       産の保管業務を行う。
     ③ 代行協会員             バンガード・インベストメンツ・                    2005  年９月    26 日付で締結された代
                                                       （注
                   ジャパン株式会社
                                       行協会員契約（随時修正済）
                   （ Vanguard     Investments       Japan,
                                       ３）
                                         に基づき、日本における代行協
                   Ltd.  ）
                                       会員業務を行う。
     ④日本における              マネックス証券株式会社                    2005  年５月１日付で締結された受
                   （ Monex,    Inc.)               益証券販売・買戻契約（随時修正
      販売会社
                                         （注４）
                                       済）      に基づき、日本におけ
                                       る受益証券の販売・買戻しの取扱
                                       業務を行う。
        （注１）    ファンド・サービス契約第５修正契約とは、トラストとバンガードとの間で締結された、トラストがファンド
            の運営・事務代行業務等に関する権限をバンガードに付与することを約する契約である。
        （注２）    修正・再録済包括保管契約とは、保管銀行とトラストの間で締結された、保管銀行がファンド資産について保
            管業務を行うことを約する契約である。
        （注３）    代行協会員契約とは、日本における代行協会員がファンドの受益証券に関する目論見書の配布、ファンド受益
            証券１口当りの純資産価格の公表ならびに日本の法令および日本証券業協会規則により作成を要する運用報告
            書等の文書の配布等を行うことを約する契約である。
        （注４）    受益証券販売・買戻契約とは、受益証券の日本における募集の目的でトラストから交付を受けた受益証券を販
            売会社が日本の法令・規則および目論見書に準拠して販売することを約する契約である。
       ③ 　トラストの概要

                 バンガード・インデックス・ファンズ（                     Vanguard     Index   Funds   ）
     トラスト
     ① 設立準拠法           トラストは、ペンシルバニア州ビジネス・トラストとして                                1975  年に設立さ
                 れ、  1998  年７月にデラウェア籍法定トラストとして再編された。
                 トラストは、       1940  年法に基づき、        SEC  に登録されている、オープン・エンド分
                 散型運用投資会社である。
     ② 事業の目的           トラストは主として有価証券に投資する１もしくはそれ以上のシリーズ（ま
                 たはサブ・ファンド）を通じて                1940  年法に基づき登録された投資会社の事業
                 の遂行、運営および実行を行うために設立された。
     ③ 資本の額           該当なし。
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                                                 有価証券報告書（外国投資信託受益証券）
     ④ 沿革           1975  年 12 月 31 日　　ペンシルバニア州ビジネス・トラストとして設立
                 1998  年１月   23 日　　契約および信託宣言の締結
                 1998  年１月   28 日　　デラウェア籍法定トラストとして再編
                 2002  年７月   19 日　　修正・再録済契約および信託宣言の締結
                 2008  年 11 月 19 日　　修正・再録済契約および信託宣言の締結
     ⑤ 大株主の状況           2019  年３月    31 日現在のファンドのアドミラル受益証券の発行済受益証券の
                 ５％以上を保有する株主
                 該当なし。
     ⑥代表者の役職氏名            会長兼最高経営責任者
                 モーティマー・Ｊ．バックリー
                 （ Mortimer     J.  Buckley    , Chairman     and  Chief   Executive      Officer    ）
      （４）【ファンドに係る法制度の概要】

        トラストは、デラウェア州一般法およびコモン・ローに基づいて設立され、かつ同法の規制を受け
       る。ファンドの運営に関して、ファンドは、さらに                           1940  年法（改訂済）、アメリカ合衆国                 1986  年内国歳
       入法（改訂済）（以下「内国歳入法」という。）、および各法規の下で制定された規則の規制を受け
       る。ファンドの受益証券の販売に関して、ファンドは、                             1933  年証券法（以下「         1933  年法」という。）、
       1934  年証券取引所法、ブルー・スカイ・ロー（アメリカ合衆国の様々な州における証券州法、以下「ブ
       ルー・スカイ・ロー」という。）およびかかる法規の下で制定された規則の規制を受ける。かかる準拠
       法の内容は以下のとおりである。
       （イ）デラウェア籍法定トラスト法（デラウェア州法第                             38 章以降参照）（「デラウェア籍法定トラスト
          の取扱い」）（以下「法定トラスト法」という。）
         1988  年 10 月１日以降、デラウェア州では、デラウェア籍法定トラストを明確に承認した法定トラス
        ト法を採用している。法定トラスト法の主要な目的は、コモン・ローの近代化およびデラウェア法の
        体系化により商業活動におけるトラストの利用に関して確実性をもたらすことである。
         法定トラスト法は、法定トラストのトラスト契約に対して、あらゆる適切な、受託者および受益者
        の権利義務の設定を許可している。法定トラストに関連する文字どおり全ての事象に関して、受託者
        および受益者の議決権ならびに全ての該当クラスまたはシリーズは、拡大、制限または削減すること
        ができる。かかる融通性は、義務的条項に制限されることの多い、非主流的な商業組織およびコモ
        ン・ロー・トラストに対して有利となる。
         法定トラスト法のもとでは、デラウェア籍法定トラストの受益者は、デラウェア州企業の株主と同
        様の個人的責任の制限を受ける。信託約款に別途の規定がない限り、法定トラストは、法定トラスト
        またはいかなる受益者に対して、当該法定トラストの責務を負わない受託者に運営されるか、または
        かかる受託者の指導下におかれる。法定トラストは、受託者の最低１名がデラウェア州に在住してい
        ることを規定している。ただし、登録された投資会社であるかまたは将来的に登録された投資会社に
        なるトラストについてはこの規定の適用は除外される。受託者の義務は信託約款に規定される。さら
        に信託約款は、かかる信託約款が規定する権利、権限および義務を有して当該法定トラストを運営す
        る役員、従業員またはその他の人物の任命を規定することもできる。
         法定トラストの運営に責任を有する受託者またはその他の人物が、当該法定トラストまたは受益者
        に関連して有する義務（忠実義務も含む。）および責務に関しては、かかる人物の責任はトラスト契
        約により拡大または縮小することができる。加えて、かかる人物につき、法定トラスト、いかなる受
        益者またはいかなる受託者に対してもトラスト契約の条項に対する善意の依拠に対しての責務は有さ
        ない。
       （ロ）デラウェア州コモン・ロー
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                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
         コモン・ローは裁判所の判例によって形成された不文法の体系である。デラウェア州裁判所により
        なされた判断を通じて形成された一定の法理論は、デラウェア州の法定トラストおよびかかるトラス
        トの受託者に適用される。
       （ハ）   1940  年法
         1940  年法は   SEC  に対し、同法の規定の遵守を強制させるため権限を付与している。同法は、（                                        ⅰ ）投
        資会社の財務内容およびその基本方針の開示、（                          ⅱ ） SEC  に対する登録届出書の提出、（                ⅲ ） SEC  およ
        び受益者に対する特定の報告書の提出および交付を要求し、投資会社が業務の性格その他の基本方針
        を受益者の承認なく変更することを一般的に禁止し、また信託資産の保管およびより一般的に、投資
        信託の業務および運営に関して規制している。
       （ニ）   1933  年法
         1933  年法は、証券の販売に関する規制を定める。同法は、登録届出書（目論見書を含む。）により
        当該発行もしくは販売に係わる当該証券についての情報の開示を要求し、当該証券の発行もしくは販
        売に係わる詐欺行為を違法としている。
       （ホ）   1934  年証券取引所法
         1934  年証券取引所法は、受益証券の売買を規制し、継続的開示義務、委任状、企業内部情報の不当
        な利用その他の詐欺的行為に関しても規定している。また、証券市場に関する規制および証券業者に
        関する広範な規制を行っている。
       （ヘ）内国歳入法
         内国歳入法は、投資信託が規制を受けた投資会社としての取扱いを受ける資格を定める。
      （５）【開示制度の概要】

       （１）米国における開示
        ①　  SEC  に対する開示
          1933  年法および      1940  年法の規定により、ファンドは                SEC  に対して、定期的に届出書（書式                 N-1A  ）を
         提出しファンドの情報を更新する。
        ②　受益者に対する開示
          1940  年法の規定により、ファンドは受益者に対して、財務情報を含む年次有価証券報告書および
         半期報告書を送付する。
       （２）日本における開示
        ａ．監督官庁に対する開示
         ① 　金融商品取引法上の開示
            受託者は日本における１億円以上のファンドの受益証券の募集をする場合、有価証券届出書を
          財務省関東財務局長に提出する。投資者およびその他希望する者は、金融商品取引法に基づく有
          価証券報告書等の開示書類に関する電子開示システム（                             EDINET   ）等においてかかる書面を閲覧す
          ることができる。
            受益証券の販売取扱会社は、交付目論見書（金融商品取引法の規定により、あらかじめまたは
          同時に交付しなければならない目論見書をいう。）を投資者に交付する。また、投資者から請求
          があった場合は、請求目論見書（金融商品取引法の規定により、投資者から請求された場合に交
          付しなければならない目論見書をいう。）を交付する。受託者は、ファンドの財務状況等を開示
          するために、各事業年度終了後６カ月以内に有価証券報告書を、各半期終了後３カ月以内に半期
          報告書を、さらに、ファンドに関する重要な事項について変更があった場合にはそのつど臨時報
          告書を、それぞれ財務省関東財務局長に提出する。投資者およびその他希望する者は、                                             EDINET   等
          においてかかる書面を閲覧することができる。
         ② 　投資信託及び投資法人に関する法律に従う開示
                                   6/562


                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
            トラストがファンド受益証券の募集の取扱いを行う場合、あらかじめ、投資信託及び投資法人
          に関する法律（昭和          26 年法律第     198  号）（以下「投信法」という。）に従い、ファンドにかかる一
          定の事項を金融庁長官に届け出なければならない。また、トラストは、契約および信託宣言を変
          更 しようとするとき等においては、あらかじめ変更の内容および理由等を金融庁長官に届け出な
          ければならない。
            さらに、受託者は、投信法に基づき、ファンドの資産について、ファンドの各計算期間終了後
          遅滞なく一定の事項について交付運用報告書および運用報告書（全体版）を作成し、金融庁長官
          に提出しなければならない。
        ｂ．日本の受益者に対する開示
          トラストは、ファンドの契約および信託宣言を変更しようとする場合であってその変更の内容が
         重大なものである場合等においては、あらかじめ、日本の知れている受益者に対し、変更の内容お
         よび理由等を書面をもって通知しなければならない。
          受益者の地位に重大な影響を及ぼす重要事項および受託者からの通知は販売会社および販売取扱
         会社を通じて日本の受益者に通知される。
          上記のファンドの交付運用報告書は、日本の知れている受益者に送付され、運用報告書（全体
         版）は電磁的方法により、ファンドの代行協会員または販売会社のホームページにおいて掲載され
         る。
      （６）【監督官庁の概要】

        ファンドは、       SEC  およびアメリカ合衆国諸州の証券監督当局の監督に服する。
       （イ）   SEC
        ⅰ）登録申請の受理（           1940  年法　第７条および第８条）
          投資会社は      SEC  が規定する様式に従い、登録通知を提出して登録をしなければならない。
          投資会社は、当該通知書が              SEC  に提出されたときに登録されたものとみなされ、その後                             SEC  に登録
          届出書を提出しなければならない。
        ⅱ）登録投資会社の登録の停止または取消し（                        1940  年法　第８条）
          投資会社が登録届出書または報告書の提出を怠った場合に、もしくは完全に虚偽の記載がある場
          合は、   SEC  の命令により登録会社としての登録資格を停止または取消されることがある。
        ⅲ）受託者および役員に対する監督（                   1940  年法　第９条（ｂ））
          SEC  は受託者や役員が故意に連邦証券法に違反する行為を行った時は、その在職を禁止することが
          できる。
        ⅳ）登録届出書の審査（             1933  年法　第５条、第８条および第                10 条）
          投資信託は、受益証券を公衆に販売するために、ファンドは登録届出書を                                      SEC  に提出し、その届出
          書が効力を発していなければならない。
          登録届出書は様式         N-1A  に従い、同様式、およびさらに一般的には                      1933  年法および同法規則で定め
          る事項を記載しなければならない。                  SEC  は登録届出書を審査し、不備等があった場合は補正命令を
          発しまたは効力停止処分に付することができる。登録届出書様式                                  N-1A  のＡ項およびＢ項の記載は
          それぞれ投資会社の目論見書および追加情報説明書からなる。
        ⅴ）事業活動の監督（           1940  年法　第     12 条）
          SEC  は、証券の信用取引、空売り、引受、他の投資会社発行証券の取得、額面株式発行会社の設
          立、保険会社の議決権株式の取得等の投資会社による事業活動を規制している。
        ⅵ）定期報告書の受理（             1940  年法　第     30 条）
          SEC  は、年次報告書等の提出を要求する。また、かかる報告書の内容に関する規制を制定し、監督
          権限を行使している。
       （ロ）州の証券監督当局
                                   7/562


                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
        ⅰ ）免許制に関する規定
          ブローカー、ディーラー、証券販売外務員およびある種の投資顧問に対し、州の免許の取得、ま
          たは少なくとも州機関における登録がほとんどの州において要求されている。
        ⅱ ）証券の登録に関する規定
          米国内   50 州の各州において、合法的に受益証券を販売または募集する前に、                                  SEC  に受益証券を登録
          し、受益証券の有効性を通知しなければならない。
        ⅲ ）詐欺的行為の防止に関する規定
          一般的に、受益証券の発行および販売を規定する州法である通称ブルー・スカイ・ローは、証券
          販売に関する詐欺的行為に関し、罰金刑および／もしくは自由刑の課せられる起訴、差止命令、
          供託金支払命令、免許または登録の一時停止または取消、民事上の損害賠償責任等の制裁に関し
          規定している。
                                   8/562
















                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
     ２【投資方針】

      （１）【投資方針】
       投資目的
        ファンドは、米国の株式市場全体の投資収益を測る目標となるインデックスのパフォーマンスへの一
       致を目指して運用を行う。
       主要な投資戦略

        ファンドは、ニューヨーク証券取引所およびナスダックにおいて通常取引される大型株、中型株、小
       型株、超小型株を含む投資可能な米国市場で取引される株式のほぼ                                   100  ％から構成される         CRSP   US トータ
       ル・マーケット・インデックス（以下「インデックス」という。）のパフォーマンスに一致するよう設
       計されたインデックス投資手法を用いる。ファンドはインデックスを参照し、主要な特性について、全
       体としてインデックス総体に類似する広範囲に分散された証券を保有する。かかる主要特性には、産業
       別比重と時価総額、および価格／収益率、分配利回り等の一定の財務数値が含まれる。
       インデックス・ファンドの特徴

        インデックス・ファンドは、典型的に以下の特性を有する。
       投資対象の多様性

        インデックス・ファンドは、一般的に多様な会社および産業の株式に投資する。
       パフォーマンスの相対的一貫性

        市場のベンチマークへの追従を目指すため、インデックス・ファンドはベンチマークよりも劇的に良
       い、または悪いパフォーマンスを通常示さない。
       低コスト

        インデックス・ファンドは、一般的に積極運用ファンドと比べて運用に費用がかからない。調査費用
       は少なく、またはかけず、概して取引活動、仲介手数料およびその他の取引費用を積極運営ファンドと
       比べて最小限にとどめる。
       証券選別

        ファンドは、米国の株式市場全体の収益率を測るベンチマーク・インデックスのパフォーマンスに追
       随することを意図している。ファンドは通常インデックス追従のサンプリング手法を用いて、コン
       ピューター・プログラムを使用し主要な特徴の観点から目標インデックスに類似した証券を選択する。
       これらは産業、時価総額別比率、およびその他証券の特性の調整を含む。
        ファンドは、株式市場リスクに服する。株式市場リスクとは、株価全体が下降する可能性をいう。株
       式市場は、価格上昇期と下降期とが周期的に変動する傾向がある。さらに、ファンドの目標インデック
       スは時に、特定の市場セクターの株式に焦点を合わせることがあり、ファンドは、そのセクターにおい
       て、その割合に比例したより高いリスクに服する。
                                   9/562




                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
        株式公開企業の株式は、企業の発行済株式の時価である時価総額によって分類される。かかる分類に

       は一般的に、小型株、中型株および大型株が含まれる。バンガード・ファンドの投資顧問の間でも、小
       型株、中型株、大型株の公式な定義は存在せず、時価総額の幅は時とともに変化することを理解するこ
       とが重要である。ファンドの株式保有高の                      2018  年 12 月 31 日現在の資産加重平均時価総額は、                  668  億米ドル
       であった。
        ファンドはまた、サンプリング手法のリスクに服する。ファンドのために選別された証券が全体とし
       てファンドの目標インデックスと合致するパフォーマンスを残さないこともある。ファンドにおけるサ
       ンプリング手法のリスクは低いと思われる。
       回転率

        ファンドは通常、長期の投資を追求するが、保有期間に関らず証券を売買することがある。インデッ
       クス・ファンドは一般に、従来型（取引所で取引されていない）ファンド証券の受益者による買戻し請
       求に対応するため、または目標指数の構成を変更するために証券を売買する。大型株の株式インデック
       スは長期間にわたり大きな変動をしないため、その回転率は著しく低い傾向がある。中小規模の株式イ
       ンデックス・ファンドの回転率は、その追跡する指数が企業の合併、成長、または破綻の結果変化する
       可能性が大きいため、大規模株式インデックス・ファンドに比べ高い傾向にある（ただし、活発に運用
       される株式ファンドと比較すると依然として相対的に低い。）。例えば、回転率が                                          100  ％とすると、１年
       間でファンドの総資産の             100  ％の有価証券が売却され、別の有価証券に                       100  ％入れ替わることを意味す
       る。今期において、ファンドのポートフォリオの平均回転率は、ポートフォリオの平均価格の４％で
       あった。
       その他の投資方針およびリスク

        現行インデックスが中止される場合、ファンドとその目標インデックスの出資者との契約が終了した
       場合、またはファンドの受託者会が誠実に決定するその他の理由がある場合、ファンドは現行インデッ
       クスを他のインデックスと入れ替える権利を留保している。どのような場合においても、代替インデッ
       クスは、現行インデックスと同様の市場分野を表示する。
        ファンドは、その一致を目指すインデックスを構成する、保有する全ての、もしくは実質的に全ての
       株式または代表銘柄株式の投資戦略を実行するために必要な範囲で、非米国証券に投資することが出来
       る。ファンドがその資産の５％を超えて非米国証券に投資することは予定されていない。
        その目標とするインデックスにできる限り忠実に一致させるために、ファンドは常に、株式への完全
       投資を企図する。完全投資を維持し、かつ取引経費を削減するために、ファンドは限られた範囲でエク
       イティ先物取引を含むデリバティブに投資することが出来る。株式、株式バスケット取引および指数に
       対するエクスポージャーを得るために、ファンドはまた、トータル・リターン・スワップのようなデリ
       バティブを採用することができる。一般に、デリバティブは、金融資産（株式、債券または通貨等）、
       物的資産（金、石油または小麦等）、市場指数または基準相場等の価額にその価額が基づいている金融
       契約をいう。デリバティブへの投資により、ファンドは対象証券または資産への直接投資とは異なる、
       場合によってはより大きなリスクに服することがある。ファンドは、投機目的または投資リターンをレ
       バレッジ（拡大）する目的でデリバティブを用いることはないものとする。
       キャッシュ・マネジメント

        ファンドの日次現金残高は、コストの低いマネー・マーケット・ファンドであるバンガード・マー
       ケット・リクイディティ・ファンドおよび／またはバンガード・ミュニシパル・キャッシュ・マネジメ
       ント・ファンド（以下「             CMT  ファンド」という。）に投資することができる。                          CMT  ファンドに投資する
                                  10/562


                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
       際、ファンドは、その投資する                CMT  ファンドの費用の比例負担分を負うものとする。バンガードは、                                  CMT
       ファンドに投資されたファンド資産から追加の収入を受け取らない。
       買戻請求に応じるために使用される手法

        通常の状況では、ファンドは一般的に、他のキャッシュ・フローがプラスであれば買戻しに応じるこ
       とを想定している。この選択ができない場合、ファンドは、取引コストも計算に入れながら、買戻しに
       応じるために持ち分を部分的に売却することによって、リスク・エクスポージャーを維持しようと努め
       る。さらにファンドは、ポートフォリオを可能な限り維持する方法で買戻しを履行するために、より大
       きなクライアントと共同する場合がある。
        市場がストレス状態にある場合を含む特定の状況では、受益者への買戻し金の支払いと合わせるため
       に相手方との市場取引の決済を繰上げること、または規制上の要件内で、取引の決済と合わせるために
       受益者の取引の決済を延期することを含め、ファンドが買戻しに応じるために使用できる追加的な手段
       がある。ファンドはまた、７日を上限として買戻し金の支払いを延期することができる。さらに、この
       ような通常とは異なる状況においては、ファンドは、一定の規制条件に従い、かつ受益者集会において
       認められた手続きを得られた場合、インターファンド貸付制度または共同契約与信枠を含む銀行の信用
       供与を通じて、買戻し請求に応じるために借り入れを行うことができる。
       一時的な運用手段

        採用される戦略または方針がファンドの投資目的に一致する限り、アドバイザーがファンドが最善の
       策であると考える場合に、通常の投資方針および投資戦略から一時的に離れて運用を行うことが可能で
       ある。例えば、ファンドが多額のキャッシュフローを受け取り、直ちに慎重な投資を行えないような場
       合、デリバティブまたは上場投資信託（                     ETF  ）などの金融商品がより有利な値を付けているか、または必
       要とされる流動性を有する場合、ファンドはその通常の限度額を超えて、ファンドの投資目的に整合し
       ているデリバティブまたは              ETF  に投資することができる。
       頻繁な取引またはマーケット・タイミング

       背景
        投資者の中には、マーケット・タイミング等のミューチュアル・ファンドの受益証券の頻繁な取引を
       含む戦略により利益を得ようとする者もいる。非米国証券を保有しているファンドについて、投資者は
       ファンドの受益証券の価格と海外市場の価格の変動との間の予想される差額を利用するよう試みること
       （タイム・ゾーン裁定取引としても知られている。）ができる。投資者は、また、小型株および高利回
       り債等の投資証券を有するファンドの頻繁な取引を行うこともできる。頻繁な取引を行う受益者により
       ファンドへの資金の出し入れが行われるため、ファンドには、証券の売買費用が生じ、よって売買委託
       手数料および管理事務費用が増加する。かかる費用は、ファンドの全受益者（費用を発生させない長期
       的投資者を含む。）が負担することになる。さらに、頻繁な取引により投資顧問会社によるファンドの
       効率的な運用が妨げられる可能性がある。
                                  11/562





                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
       頻繁な取引に対応するための方針

        バンガード・ファンド（マネー・マーケット・ファンドおよび短期公社債投信を除くが、バンガー
       ド・ショート・ターム・インフレーション・プロテクテッド・セキュリティーズ・インデックス・ファ
       ンドを含む。）は、企図して頻繁な取引を受け入れていない。各バンガード・ファンド（マネー・マー
       ケット・ファンドおよび短期公社債投信を除くが、バンガード・ショート・ターム・インフレーショ
       ン・プロテクテッド・セキュリティーズ・インデックス・ファンドを含む。）の受託者会は、頻繁な取
       引を発見しかつ自粛させるために、また、場合によっては、かかる取引に関連する費用をファンドに補
                                                 Ⓡ         TM
       填するために合理的に策定された方針および手続を採用した。バンガード                                         ETF   （ Vanguard     ETF   ）
       （注）
          受益証券の頻繁な取引は、通常、ポートフォリオの管理を妨げず、また、ファンドの受益者に損害
       をもたらさないため、これらの方針および手続は                          ETF  受益証券には適用されない。あらゆる場合におい
       て、バンガードが頻繁な取引またはマーケット・タイミングを発見または防止することができるという
       保証はないものの、かかる問題に対応すべく以下の方針が採用された。
       ・各バンガード・ファンドは、通知することなく、また、その金額にかかわらず、購入申込（他のバン
        ガード・ファンドからの乗換えを含む。）を拒否する権利を有する。例えば、購入申込は、投資者が
        過去に頻繁な取引を行ったことがあるという理由により、またはバンガードがかかる購入がファンド
        の運用もしくはパフォーマンスに悪影響を及ぼす可能性があると判断した場合、拒否され得る。
       ・各バンガード・ファンド（マネー・マーケット・ファンドおよび短期公社債投信を除くが、バンガー
        ド・ショート・ターム・インフレーション・プロテクテッド・セキュリティーズ・インデックス・
        ファンドを含む。）は、通常、一定の場合を除き、投資者がいずれかのファンド勘定から買戻しまた
        は乗換えを行ってから            30 暦日は当該ファンド勘定への当該投資者の購入または乗換えを禁止してい
        る。
       ・特定のバンガード・ファンドは、取引の際の買取手数料および／または買戻手数料を請求している。
        各バンガード・ファンド（リテールおよび政府マネー・マーケット・ファンドを除く。）は、その純
       資産額の決定に際して、適切な場合、「第一部　ファンド情報－第２　管理及び運営－３　資産管理等
       の概要－（１）資産の評価」に記載された公正価値による値付けを使用する。公正価値による価格決定
       により特定の頻繁な取引戦略の収益性が減少しまたは排斥されることがある。
        マーケット・タイミング取引を行う投資者は、バンガード・ファンドに投資してはならない。
       （注）米国特許取得番号          6,879,964     7,337,138     7,720,749     7,925,573     8,090,646     8,417,623
      （２）【投資対象】

        ファンドは、米国の株式市場全体の投資収益を測る目標となるインデックスのパフォーマンスへの一
       致を目指して運用を行う。
        以下および前項に記載されている投資戦略および投資方針の中には、特定の有価証券またはその他の
       資産についてファンドの投資または所有に関する制限を定めているものもある。法律により異なる要求
       がなされている場合を除き、かかる戦略および方針の遵守は、ファンドがかかる有価証券または資産を
       取得後、直ちに決定されるものとする。価額、純資産またはその他の状況のその後の変動は、投資が
       ファンドの投資戦略および投資方針を遵守しているか否かを決定される際、考慮されないものとする。
        以下の投資戦略、リスクおよび投資方針は、前項のファンドの投資戦略、リスクおよび投資方針を補
       足するものである。以下に記載された異なる種類の投資に関して、マネー・マーケット・ファンド以外
       のファンドは、その投資戦略および投資方針に一致する範囲で、当該投資対象を取得することができ
       る。
       借入

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                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
        ファンドによる資金の借入能力は、その投資方針と投資制限、                                1940  年法、   SEC  とそのスタッフおよびそ
       の他管轄権を有する監督当局により発せられる時々の適用免除、禁止行為通達書、解釈、その他公告事
       項によって制限される。             1940  年法の下では、ファンドは、暫定目的または緊急目的でのファンドの総資
       産 の５％を超えない借入を除き、借入額の                     300  ％の連続資産補填率（すなわち、借入金を除いた負債控除
       後の借入金を含む総資産）を維持しなければならない。ファンドの総資産（借入時点）の５％を超える
       暫定目的の借入については連続資産補填率が維持されなければならない。市場変動の結果またはその他
       の理由で     300  ％の資産補填率が低下した場合は、ファンドは、投資の見地からは当該時に証券を売却する
       ことがたとえ不利であっても、債務を縮小して                        300  ％の資産補填率を回復するために、３日（日曜日と休
       日を除く。）以内にそのポートフォリオ保有分の一部を売却しなければならないことがある。
        借入は、ファンドのポートフォリオの市場価格の値上がりまたは値下がりの純資産価額への影響を増
       幅させる傾向がある。借入金は、当該借入による資金で買付けた証券の利益により回収できるか、回収
       できない金利負担を被ることになる。ファンドはまた、借入に関連して最低平均残高を維持すること、
       または与信限度の維持のための約定手数料等の手数料を支払うことを要求されることがあり、これら要
       件のいずれも表示金利以上に借入費用を増大させることになりうる。
        あるファンドの資本構成へのレバレッジ効果があるか、または経済上借入に相当する取引は、                                                 1940  年
       法の趣旨上ファンドによる借入の形態を成すとみなされるとの立場を                                    SEC  は取っている。かかる取引に
       は、逆買戻し特約付売買契約の締結、モーゲージ・ダラー・ロール取引の執行、証券の空売り（既に保
       有している証券の空売り（売りつなぎを除く。））、一部デリバティブ（先物契約等）の売買、プット
       オプションやコールオプションの売り（または買い）、セール・バイバックの執行、確定コミットメン
       トやスタンドバイ・コミットメント契約の締結、発行日取引、受渡し繰延取引または先物予約取引の執
       行およびその他の類似の取引への参加（これら一連の取引についてのさらなる記述は、請求によりその
       英語版を入手することができる追加情報説明書に記載される。）が含まれうる。借入取引は、                                                 1940  年法
       の第  18 条（ｇ）項に定義される「優先証券」のファンドによる発行になるとはみなされず、したがっ
       て、かかる取引は、当該ファンドが相殺資金高を維持する場合、当該借入取引に基づくファンドの潜在
       的経済エクスポージャーに等しい価値（毎日の市場マーク・ベースで決定されるところによる。）の流
       動資産（かかる流動性については、受託者会によって確立された手続きに従いアドバイザーが決定す
       る。）を分離している場合、または適用                     SEC  指針に従い当該取引を別途「カバー」する（当該取引を「カ
       バーする」と総称する。）場合は、ファンドによる借入に本来適用される                                      300  ％資産補填率要件の対象と
       ならない。ファンドは借入取引をカバーするために不利な時期または価格で証券を売買しなければなら
       ないことがある。そのほか、買戻しの充足のためまたはその他の債務を履行するために分離資産が充当
       できないことがある。
       普通株式

        普通株式は発行体に対する持分権または所有権を表示する。普通株式により、その所有者は、取締役
       の選任とその他重要事項に関する議決を行う権利および当該株式の配当を受け取る権利を付与される。
       発行体が清算される場合または破産を宣言した場合は、社債所有者、その他債権所持人、および優先株
       式所有者の請求権は、普通株式を保有する者の請求権に優先する。
       転換証券

        転換証券は、債券と普通株式の投資上の特徴を組み合わせたハイブリッド証券である。転換証券は概
       して、指定期間内（通常、当該証券の存続期間）に事前の確定価格で同一または異なる発行体の一定額
       の株式またはその他持分証券に（任意または強制ベースで）転換される債務証券または優先株式で構成
       される。転換証券には、ワラント付または普通株式付債務証券および債務証券や持分証券の特徴を組入
       れたデリバティブも含まれる。本書に明示されていない特徴やリスクを持つその他の転換証券が今後利
       用されることがありうる。転換証券は確定利付き証券や持分証券に係るリスクと同様なリスクを伴う。
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                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
       会社の資本構成において、転換証券は普通株式より上位に位置付けられるが、通常、発行体の債務証券
       より下位に位置付けられる。
        転換証券の市場価格は、その「投資価格」と「転換価格」との関数である。証券の「投資価格」は、
       その転換上の特徴のない場合の当該証券（すなわち、非転換性債務証券）の価値を表示する。投資価格
       は、その信用性を基準にして決定され、またその利回りの時価は満期または予想償還日を基準にして決
       定される。ある時点の投資価格は、全般的な金利水準、類似する非転換性証券の利回り、発行体の財務
       力、発行体の資本構成上の当該証券の優先順位等の要素による。証券の「転換価格」は、転換時または
       交換時に所持人が受け取ることができる株式数を、原証券の時価で乗じて決定される。転換証券の転換
       価格が投資価格を大幅に下回る場合、転換証券は非転換性債務または優先株式と同様に取引され、その
       市場価格は原証券の市場価格の変動によって大きく影響されない。かかる場合、当該転換証券は債券の
       特徴を帯び、その価格は金利と反対方向に動く。逆に、転換証券の転換価格が投資価格に近いか、それ
       を上回る場合、当該転換証券の市場価格は、原証券の市場価格の変動によって大きく影響される。かか
       る場合、当該転換証券の価格は、普通株式と同様に乱高下することがある。金利と市場のいずれの動き
       もその価格に影響するため、転換証券は一般に、類似する債務証券ほどには金利に対し敏感ではなく、
       またその原持分証券ほどには株価変動に対し敏感ではない。転換証券は往々にして投資適格級以下に格
       付けされたり、格付けされないことがあり、一般に高度の信用リスクを被る。
        あらゆる市場は時間的経過に応じて変化するものであるが、転換証券が消却され（発行体による強制
       転換もしくは予定の転換によるか、または所持人による任意償還による。）、新規発行の転換証券と取
       り替えられる割合が一般に高いことは、他の市場よりも転換証券市場を急激に変動させることがある。
       例えば、取得される転換証券の一部経済セクターへの集中は、株式市場のボラティリティやかかるセク
       ター特有のリスクに対する転換証券市場の敏感性を高めることになりうる。さらに、強制転換証券や株
       式連動証券のような革新的構造を持つ転換証券は、株式市場のボラティリティやかかる革新的特徴固有
       のリスク（従来型の転換証券に伴うリスクとは異なるリスクやそれを上回るリスクを含む。）に対する
       転換証券市場の敏感性を増大させている。転換証券は発行体の選択により、転換証券の構成書面に定め
       られる価格で償還される。ファンドの保有する転換証券が償還の対象となり、償還が請求された場合、
       ファンドは、発行体が証券を償還し、転換対象である普通株式に転換し、または第三者に売却すること
       を認めなければならない。
       預託証券

        預託証券（参加証券としても売られる。）とは、ある証券または「預託機関」に預託された証券プー
       ルに対する所有権を証する証券である。預託証券は、保証付または無保証のことがあり、米国預託証券
       （ ADR  ）、欧州預託証券（          EDR  ）およびグローバル預託証券（                GDR  ）が含まれる。        ADR  については、その預
       託機関は往々にして米国の金融機関であり、原証券は米国以外の国の発行体によって発行される。その
       他の預託証券については、その預託機関は米国以外の国のまたは米国の機関のことがあり、その原証券
       は米国以外の国のまたは米国の発行体のことがある。預託証券は必ずしも原証券と同一の通貨建てでは
       ない。   ADR  は一般に、記名式で発行され、米ドル建てであって、米国証券市場での使用のためのものであ
       る。  GDR  や EDR  のようなその他の預託証券は、無記名式で発行されることがあり、その他の通貨建てで
       あって、一般に米国以外の証券市場での使用のためのものである。かかる２種類の預託証書のファシリ
       ティ（無保証または保証付）は類似しているが、所有者の権利と義務および市場参入者の取引慣行に関
       しては相違点がある。預託機関は、原発行体による参加（またはその承諾）なしに無保証のファシリ
       ティを設定することができる。ただし、預託機関は往々にして、当該ファシリティの設定前に原発行体
       からの異議申立不可書を請求する。無保証預託証書の所持人は原則として、当該ファシリティに係る全
       コストを負担する。預託機関は通常、原証券の預託時と回収時、配当金の米ドルまたはその他通貨への
       換算時、現金以外の分配の処分時、およびその他サービスの履行時に手数料を請求する。無保証ファシ
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                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
       リティの預託機関は往々にして、原発行体から受け取った通信連絡を株主に伝える義務、または原証券
       に関る議決権を預託証券所持人に移譲する義務を負っていない。
        保証付預託証券のファシリティは、保証付預託証券のファシリティが預託契約を通じて預託機関と原
       発行体とによって共同で設定されること以外、原則として無保証ファシリティと同じ方法で設定され
       る。預託契約には、原発行体、預託機関、および預託証券所持人の権利と責務が定められる。保証付
       ファシリティについては、原発行体は概して、預託証券に係る費用（預託機関の配当支払手数料等）の
       一部を負担するが、ほとんどの保証付預託証券所持人は預託手数料や回収手数料等の費用を負担するこ
       とになろう。大方の保証付預託証券の預託機関は、原発行体の要請に応じ、株主総会通知、議決指図
       書、その他預託証券所持人への株主通信連絡や情報を配布することを承諾している。
        ファンドの投資目的の趣旨上、預託証券への投資は原証券への投資とみなされる。したがって、普通
       株式の所有権を表示する預託証券は普通株式として取り扱われる。預託証券は、米国以外の国の発行体
       の証券への直接投資に伴うリスクのすべてを取り除くものではない。
       デリバティブ

        デリバティブとは、他の資産、基準レート、もしくは指数の価値に基づくまたは由来する価格を持つ
       金融商品である。デリバティブは、商品、株式、債券、金利、為替レート、関連指数等の多様な対象基
       準項目に関係していることがある。デリバティブには、先物契約、先物契約オプション、一部の先約取
       引、証券オプション、キャップ、フロア、カラー、スワップ契約、およびその他の一部の金融商品が含
       まれる。先物契約や一部オプション等の一定のデリバティブは、米国商品および証券取引所において取
       引され、一方、スワップ契約等のその他のデリバティブは直接相対取引され、店頭（                                            OTC  ）市場で非公開
       に取引の実施ができ、また、決済機関を通じての清算（「清算されるデリバティブ」）も取引所または
       スワップ執行機関においての取引も可能である。ドッド・フランク・ウォール街改革及び消費者保護に
       関する法律（以下「ドッド・フランク法」という。）により、かかる一部の標準的なクレジット・デ
       フォルト・スワップおよび金利スワップ取引のようなスワップ契約は決済機関で決済されなければなら
       ず、また、取引所またはスワップ取引システムで取引しなければならない。当該規定により、取引の全
       体的な費用が増加することがある。デリバティブ規則改革の遵守は、デリバティブ市場に関連し発生す
       るリスクを低減する。一方で、新規則は、なかでも、より標準的な商品の流動性を増加させ、その価値
       を低下させる、一方で、より標準的でない商品に関しての流動性を減少させ、その価値を上昇させう
       る。デリバティブの利用に伴うリスクは、デリバティブの元である証券または資産への直接投資に伴う
       リスクとは異なり、それよりも大きいであろう。
        デリバティブはヘッジ、リスク管理、全額投資の維持の追求、取引費用の軽減の追求、株式または債
       務証券またはその他投資対象への投資を刺激することの追求および株式または債務証券またはその他投
       資対象と比較してデリバティブが有利に価格設定されている時にポートフォリオ・ポジションをより効
       果的に利用するためにデリバティブを用いての付加価値の追求を含むがこれらに限定されない様々な目
       的のために使用されることがある。一部の投資者は、デリバティブを主に投機目的で使用しうるが、他
       のデリバティブの使用は投機的でないこともある。ファンドのアドバイザーによって採用されるデリバ
       ティブ戦略が成果を上げるとの保証はない。ファンドの                             OTC  デリバティブ取引のその他当事者（通常、
       「取引相手」と称される。）は、                 1940  年法と内国歳入法の特定条項の目的のため、当該                         OTC  デリバティブ
       が同法の下で証券または投資としての資格を得る可能性があるとしても、その発行人とみなされない。
       ファンドのアドバイザーは              OTC  デリバティブ取引相手への資金の信用リスクを適宜調整監視する。
        デリバティブは、株式、債券、その他従来の投資対象とは異なる投資手法やリスク分析を必要とする
       高度に専門化された商品である。デリバティブの使用には原商品についての理解だけではなく、起こり
       うるあらゆる市況下でデリバティブの推移を見守ることの恩恵がない場合であってもデリバティブ自体
       についての理解も必要とする。
                                  15/562


                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
        ファンドが清算されるデリバティブ取引を行う場合、先物取次業者（                                     Futures     Commission      Merchant
       （ FCM  ））へ当初証拠金の預け入れが要される。当初証拠金は、一定期間における清算されるデリバティ
       ブの市場価値値動きと同額として一般的に計算される。ファンドの清算されるデリバティブの価値が減
       少 した場合、ファンドは、価値変動の清算のため、                          FCM  への「変動証拠金」の追加支払いを要される。
       ファンドの清算されるデリバティブの価値が上昇した場合、                               FCM  は、価値変動の清算のため、ファンドへ
       の「変動証拠金」の追加支払いを要される。本プロセスは、「値洗い」として知られており、日次で計
       算される。
        OTC  デリバティブについて、ファンドは、取引相手の支払不能もしくは破産の結果、または取引相手に
       よる所定の支払の履行不能もしくはその他契約条件の順守不履行の結果、損失を被りうるというリスク
       にさらされる。さらに、信用デリバティブの使用は、信用デリバティブの元となる発行体の信用性を
       ファンドのアドバイザーが正確に評価していない場合は損失となることがある。
        デリバティブは、特定のデリバティブの売買が困難である時に発生する流動性リスクを被ることがあ
       る。デリバティブ取引が特に大規模である場合、または関係市場が（一部の                                       OTC  デリバティブの場合のよ
       うに）非流動的である場合、有利な時期もしくは価格で取引を開始することまたはポジションを清算す
       ることはできなくなるであろう。
        デリバティブは、特定のデリバティブが過去の価格もしくは対応する資金市場商品の価格と比較して
       異常に高くなる時に発生する価格設定リスク（「ベーシス」リスク）を被ることがある。一定の市況下
       では、損失の回避もしくは機会の利用のために適時に取引を開始すること、またはポジションを清算す
       ることが経済効果的にできなくなることがある。
        一部のデリバティブはレバレッジ構成要素であるため、原資産、基準レート、もしくは指数の価値ま
       たは水準の不利な変動は、デリバティブ自体への投資額を大幅に上回る損失をもたらすことがある。一
       部のデリバティブは、当初投資の規模に関らず、無限の損失の可能性を内包している。デリバティブ取
       引は、   1940  年法の第     18 条（ｇ）項に定義される「優先証券」のファンドによる発行になるとはみなされ
       ず、したがって、かかる取引は、ファンドが前述の「借入」の見出しの項に記載される要件に従うこと
       を条件として当該取引をカバーする場合は、ファンドによる借入に本来適用される                                          300  ％資産補填率要件
       の対象とはならない。
        その他大方の投資対象と同様に、デリバティブは、当該商品の市場価格がファンドの利益を損なう形
       で変動するというリスクを被る。ファンドは、そのアドバイザーがファンドのために派生ポジションを
       設定する際に将来の市場動向または資産、基準レート、指数もしくはその他金融経済要素の評価値を不
       正確に予測するかもしれないというリスクを負う。アドバイザーがポートフォリオ投資に対するヘッジ
       として、またはその代替物としてデリバティブを利用しようとする場合、ファンドは、当該デリバティ
       ブがポートフォリオ投資との不完全な連関性または無連関性を維持または展開するというリスクに晒さ
       れる。このことは、ファンドに大きな損失をもたらしうる。デリバティブを含んだヘッジ戦略は、損失
       リスクを軽減しうる一方、利益の機会を低減したり、ファンドのその他投資対象の有利な価格動向を相
       殺することによって損失さえもたらすことがある。多くのデリバティブ、特に                                         OTC  デリバティブは複雑
       で、往々にして主観的に評価される。不適切な評価は取引相手への支払金の必要の増大またはファンド
       に対する価値の喪失をもたらしうる。
       取引所で取引されるファンド

        ファンドは、取引所で取引されるファンド（                       ETF  ）の受益証券を取得することがある。ファンドは概し
       て、ファンドが先物契約を取得する（しかも購入の代替として取得する）場合と同じ理由で                                               ETF  受益証券
       を取得するであろう。すなわち、株式市場または債券市場の全体または一部に対するエクスポージャー
       を得るために       ETF  受益証券を取得するであろう。                ETF  受益証券は先物に勝る幾つかの利点を有している。
       市場、保有期間、その他要素の如何によっては、                         ETF  受益証券は先物よりもコストが低く、税効果がより
                                  16/562


                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
       高いことがある。そのほか、               ETF  受益証券は、小額で取得でき、適格なまたは流動的な先物契約がない市
       場セクターや市場形態に対するエクスポージャーを提供し、またレバレッジを伴っていない。
        ETF  への投資は一般に、同一の投資目的、投資戦略、投資方針を有する従来型ファンド（すなわち、取
       引所で取引されていないファンド）への投資と同様な主要リスクを示す。                                       ETF  の価格は幅広く変動し、
       ファンドは、       ETF  によって保有される証券の価格が下がった場合には                           ETF  への投資金を喪失することがあ
       りうる。さらに、         ETF  は、従来型ファンドには該当しない下記のリスクを被る。（１）                                  ETF  受益証券の市
       場価格は、その純資産価額に対する割引価格またはプレミアムで取引されることがある。（２）                                                 ETF  受益
       証券の活発な取引市場は発達しなかったり、維持されないことがある。（３）                                        ETF  受益証券の取引は、個
       別のまたは市場全体の取引停止（特定の受益証券の価格または全ての市場価格が一定の割合下がった場
       合、一定期間取引を停止する。）により停止される場合がある。                                 ETF  受益証券の取引はまた、受益証券が
       別の取引市場で上場されずに取引市場で上場が廃止された場合、上場取引所の担当者が以下の取引停止
       が公正で秩序ある市場であるため、または投資者を保護するために適切であると決定した場合にも、停
       止されることがある。
        大部分の     ETF  は投資会社である。したがって、ファンドの                       ETF  の購入は「その他の投資会社」の見出し
       の下に記述されているファンドの他の投資会社に対する投資に関する一般的制限およびリスクの対象と
       なる。バンガード         ETF  受益証券はバンガード・ファンドが保有するポートフォリオの収益を反映する、取
       引所で取引されるファンドである。ファンドのバンガードの                                ETF  への投資もまた下記「その他の投資会
       社」の見出しの下に記述されているファンドの他の投資会社に対する投資に関する一般的制限およびリ
       スクの対象となる。ただし特定の条件を満たすことを前提に                               1940  年法の第     12 条（ｄ）（１）に定義され
       る制限を越えて        SEC  が登録済投資会社に          ETF  受益証券を発行するバンガード・ファンドに対する投資を許
       可する場合を除く。
       米国以外の国の証券

        米国以外の国の証券は、米国以外の国の法人や米国以外の国の政府等、米国外で設立された、米国外
       を所在地とする、または米国外に主たる営業所を有する主体によって発行された株式または債務証券で
       ある。ある証券が米国外で組織された会社の発行する証券だとしても、その会社の主要な運営が米国内
       から行なわれている、またはその会社の株式が主に米国の証券取引所で取引されている場合は、米国以
       外の国の証券とは看做されない。米国以外の国の証券は米国または米国以外の国の証券市場で取引され
       る。ファンドは、米国以外の国の証券を直接取得するか、または預託証券もしくは米国以外の国の証券
       に替わる同様な商品の預託持分（預託証券）を間接的に取得することによって（前述を参照）米国以外
       の国の投資を行う。米国以外の国の証券への直接投資は米国以外の国の証券取引所または店頭（                                                 OTC  ）市
       場で行われる。米国以外の国の証券への投資は、米国企業または米国政府の証券への投資には概して伴
       わない一定の特殊なリスク勘案事項を伴っている。
        米国以外の国の発行体は一般に、米国の発行体に適用されるものに相応する統一的な会計監査・財務
       報告基準の対象となっていないため、一部の米国以外の国の発行体については、米国の発行体よりも公
       開入手できる情報が少ないことがある。多くの米国以外の諸国では証券の所有権の証拠が不確実なこと
       がある。その結果、ファンドが損失を被る複数のリスクが存在し、ファンドによる取引明細が取引時に
       不正確または不正に記入されるというリスクを含むが、これに限られない。米国以外の国の発行体の証
       券は一般に、対応する米国発行体の証券よりも値動きが大きく流動性が低く、また米国以外への投資は
       複雑で不明確性をかかえた構成を通じて行われることがある。一部の国々では、米国におけるよりも証
       券取引所、ブローカー、上場企業に対する政府の監督規制が少ない。米国以外の証券市場において取引
       される有価証券が、発行体、証券取引所もしくは政府当局によって停止されうるリスクもまた高い。さ
       らに、一部の米国以外の諸国に関しては、押収もしくは没収的課税、政治社会的不安定、戦争、テロ事
       件、国有化、資金もしくはその他資産の移動制限、またはかかる国々への米国投資に影響しうる外交的
       展開が起こりうる。さらに、外国により米国に課せられた、もしくは米国により外国に課せられた経済
                                  17/562


                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
       的またはその他の制裁は、一定の投資証券にかかるファンドの購入、販売、保持、受領、引渡またはそ
       の他の取引能力を阻害しうる。また、制裁は、米国以外の国の証券の価値および／または流動性にも影
       響 しうる。
        アドバイザーは当該状況下でファンドによる米国以外の国の証券のポートフォリオ取引に関し最も有
       利な執行コストを得ようと努めるであろうが、手数料およびその他の取引費用は一般に、米国証券に関
       るものよりも高額である。そのほか、主として米国以外の国の証券についての保管取決めに関る費用
       は、主として米国内証券に投資するファンドの費用よりも幾分高くなることが予想される。さらに、破
       産法は管轄により異なり、現金預金は保管銀行の債権者によって左右されうる。一部の米国以外の国の
       政府は、米国以外の国の証券の売却にかかるキャピタル・ゲインからの、または証券取引からの配当や
       利息収入に対し源泉徴収税またはその他の税を課す。一部の国々ではかかる税金の一部はファンドに
       よって回収可能であるが、米国以外の国の源泉徴収税の非回収部分は、かかる証券からの受取収入を低
       減することになる。
        ファンドによって保有される非米ドル建ての米国以外の国の証券の価格は、為替レートの変動によっ
       て大きく影響されることがある。米国以外の国の証券の米ドル価格は一般に、当該証券の指定米国以外
       の国の通貨に対する米ドル価値の上昇時には値下がりし、また当該通貨に対する米ドル価値の下落時に
       は値上がりする傾向がある（「米国以外の国の証券－米国以外の国の通貨取引」の項で指摘されるよう
       に、ファンドはその通貨リスクをヘッジしようとすることがある。）。さらに、ファンド資産の価額
       は、米国以外の国の証券の売買のための様々な通貨間の換算において生じる損失やその他費用、通貨規
       制、取引管理規制、通貨切下げ、政治経済動向によって影響されることがある。
       米国以外の国の証券－米国以外の国の通貨取引

        ファンドの非米ドル建て米国以外の国の証券の米ドル価格は、米国以外の国の為替レートの変動や取
       引管理規制の変更によって有利または不利に影響されることがあり、またファンドは様々な通貨間の換
       算に関連する費用を負担することがある。かかる要素の純資産価額への影響を最小限に留めるために、
       ファンドは、米国以外の国の証券への投資に関連して米国以外の国の通貨取引を行うことがある。ファ
       ンドは、米国以外の国の証券への投資に伴う通貨リスクをヘッジするためにのみ米国以外の国の通貨取
       引を実施する。かかる取引は、ヘッジ対象通貨の価値の下落による損失リスクを最小限に留める傾向は
       あるが、当該通貨の価値が値上がりした場合に起こりうる利益の可能性をも限定することになりうる。
        為替取引は、為替市場の実勢レートによる現物（すなわち、現金）ベースで、または米国以外の国の
       通貨の先渡契約により行われる。通貨予約は、当該契約の期日に指定された価格で、将来のある期日
       （両当事者が合意した契約期日からある確定日数の期日）に特定の通貨を売買する義務を伴う。かかる
       契約は大手商業銀行との間または銀行間市場への参加者であるその他の通貨トレーダーとの間で結ばれ
       る。為替取引は、スワップ契約またはその他デリバティブの利用によっても行われることがある。為替
       取引は借入とみなされうる。為替取引は、                      1940  年法の第     18 条（ｇ）項に定義される「優先証券」のファ
       ンドによる発行となるものとはみなされず、したがって、かかる取引は、ファンドが前述の「借入」の
       見出しの項に記載される要件に従うことを条件として当該取引をカバーする場合は、ファンドによる借
       入に本来適用される          300  ％資産補填率要件の対象とはならない。
        原証券の取引に含まれる米国以外の国の通貨の先渡契約を締結することによって、ファンドは、米ド
       ルと当該米国以外の国の通貨との関係上の不利な変動に起因する、取引日と決済日との間に起こりうる
       損失の一部または全部に対し自らを防護することができるであろう。かかる取引慣行は、「取引のヘッ
       ジ」と呼ばれることがある。そのほか、ある米国以外の国の通貨が米ドルに対し大幅な値下がりを被る
       とアドバイザーが合理的にみなす時は、ファンドは、当該米国以外の国の通貨建てのポートフォリオ証
       券の一部または全部の価額に近似する米国以外の国の通貨額の売却予約を締結することがある。かかる
       取引慣行は、「ポートフォリオのヘッジ」と呼ばれることがある。同様に、米ドルがある米国以外の国
                                  18/562


                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
       の通貨に対し大幅な値下がりを被るとアドバイザーが合理的にみなす時は、ファンドは、固定米ドル額
       に対する当該米国以外の国の通貨の買付予約を締結することがある。
        ファンドはまた、通貨先物取引、オプション取引、「クロスヘッジ」取引を行うことによって米国以
       外の国の為替レート・リスクをヘッジしようとすることがある。クロスヘッジ取引では、ある米国以外
       の国の通貨建ての証券を保有するファンドは、別の米国以外の国の通貨（価格動向に関し、一般にヘッ
       ジ対象通貨を追跡するとアドバイザーが合理的にみなす通貨）の売買のための通貨予約を締結する。ア
       ドバイザーは、価格設定もしくは追跡通貨により提示されるその他の機会を利用するため、またはより
       流動的なもしくは効率的な追跡通貨の市場を利用するため、当該証券の指定通貨よりもむしろ追跡（ま
       たは代替）通貨を選定することがある。かかるクロスヘッジ取引は、一部米国以外の国の通貨に対する
       米ドル価値の値上がりまたは値下がりに対しファンドを防護するために役立つと予想される。
        ファンドは、米国以外の国の証券への投資に資するため、また通貨変動に対する防護および当該資産
       を米ドルに変換する必要性のために（結果的には取引費用の軽減のために）、米国以外の国の通貨建て
       銀行預金としてその資産の一部を保有することがある。かかる資産が米ドルに再変換される範囲内で、
       そのように維持される資産の価値は、米国以外の国の為替レートの変動や取引管理規制の変更によって
       有利または不利に影響される。
        通貨市場の動きを予測することは極めて困難であり、ヘッジ戦略が成果を上げるか否かは非常に不確
       実である。さらに、通貨予約の期限満了時のポートフォリオ証券の市場価格を正確に予測することは不
       可能である。したがって、ファンドは、米国以外の国の通貨市場または証券市場の動きに関するアドバ
       イザーの予測が不正確であると判明した場合は、スポット市場で追加の通貨を売買（かつ当該取引の費
       用を負担）しなければならないことがある。さらに、クロスヘッジ取引の利用は、特殊なリスクを伴う
       ことがあり、ヘッジが設定されなかった場合よりも不利な状況にファンドを貶めることがある。通貨予
       約は直接的な相対取引であるため、ファンドがその旨希望する場合は通貨予約をその期限満了に応じて
       ロールオーバーする柔軟性を維持するとの保証はない。さらに、当該契約の他方当事者が同契約に基づ
       くその役務を履行するとの保証もない。
       先物契約および先物オプション

        先物契約および先物オプションは、デリバティブである。先物契約は、将来の特定時点にいずれかの
       商品の特定数量を特定価格で購入し、または売却するという二当事者間の標準化された契約である。か
       かる商品は、資産、参照レート、または指数から構成することができる。証券先物契約は、単一の持分
       証券または対象証券の狭い証券指数の特定数量の売却に関係する。先物契約の価格は、対象となる商品
       の価値と平行的に増減する傾向がある。先物契約の買い手は、決済日に対象商品を購入する契約の当事
       者となり、先物契約を「ロング（買建て）する」といわれる。先物契約の売り手は、決算日に対象商品
       を売却する契約の当事者となり、先物契約を「ショート（売建て）する」といわれる。先物契約が売買
       される価格は、電子的市場または取引所の場でトレーダー（自己売買主体）またはブローカー（委託売
       買主体）として行為する取引所会員間の公開気配売買（オープン・アウトクライ）により決定される。
       未決済の先物契約は、当該契約の条件に応じて、決済日における対象商品の現物受渡しまたは現金決済
       額の支払によりこれを清算し、またはクローズすることができる。（証券先物などの）一部の金融先物
       契約では、満期日における現物決済が規定されている。その他の（金利、非米国通貨および広範囲の証
       券指数などの）金融先物契約では、一般に、満期日における現金決済が規定されている。現金決済され
       る先物契約の場合、現金決済額は、当該契約の最終取引日における最終清算価格または関連する商品の
       市場価値と当該契約開始時の関連する商品の価格の差額に等しい。ただし、大半の先物契約は期日まで
       保有されることはなく、その代わり、同一の先物契約の反対ポジションの設定により、決済日前に反対
       売買により相殺される。
        先物契約の買い手または売り手は、決済日まで当該契約を保有しない限り、対象商品を引き渡し、ま
       たは原商品の対価を支払う必要はない。しかし、買い手も売り手も、先物契約の約定時に                                              FCM  に「当初証
                                  19/562


                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
       拠金」を預託しなければならない。当初証拠金は、多くの場合、一定期間における当該先物契約の市場
       価値値動きと同額として計算される。先物契約のファンドのポジションの価値が下落した場合、当該
       ファ  ンドは、追加の「変動証拠金」を                 FCM  に支払い、価値の変動を清算しなければならない。先物契約の
       ファンドのポジションの価値が上昇した場合、                        FCM  は、当該ファンドに対して追加の「変動証拠金」を支
       払い、価値の変動を清算しなければならない。このプロセスを「値洗い」といい、日次で計算される。
       先物取引は、       1940  年法の第     18 条（ｇ）項に定義される「優先証券」のファンドによる発行となるものと
       はみなされず、したがって、かかる取引は、ファンドが前述の「借入」の見出しの項に記載される要件
       に従うことを条件として当該取引をカバーする場合は、ファンドによる借入に本来適用される                                                300  ％資産
       補填率要件の対象とはならない。
        先物契約を対象とするオプション（または先物オプション）は、当該オプションの満期を迎える前の
       いずれかの時点に特定の先物契約を特定の価格（行使価格またはストライク・プライスという。）で購
       入（コール・オプションの場合）し、または売却（プット・オプションの場合）する権利（義務ではな
       い）を伴う。オプションの売り手は、オプション・ライターと呼ばれる。オプションの価格は「プレミ
       アム（オプション料）」という。オプションの買い手に生じうる損失は、プレミアムの金額に取引費用
       を加算した額に限定される。これは、たとえば、オプションがその満期日前に保有され、行使されない
       場合に発生しうる。一般にオプションの売り手（オプション・ライター）は、オプションの買い手が支
       払うプレミアムを得ることを目的としてオプションを売却する。オプションの売り手が売却したオプ
       ションが行使されずに満期を迎えた場合、オプションの売り手はプレミアムの全額を留保する。しか
       し、オプションの売り手は無制限の金銭的リスクを負う。これは、オプションの売り手に生じうる損失
       が、オプションが売られたときに受領したプレミアムにより相殺される部分を除き、満期日に当該オプ
       ションが「イン・ザ・マネー」である金額に等しいからである。コール・オプションは、対象資産の先
       物契約の価格が当該オプションの行使価格を上回る場合に「イン・ザ・マネー」である。プット・オプ
       ションは、当該オプションの行使価格が対象資産の先物契約の価格を上回る場合に「イン・ザ・マ
       ネー」である。一般に、オプションの買い手が実現する利益は、オプションの売り手にとっての損失を
       表す。
        先物オプションの売り手のポジションをとるファンドは、先物契約の場合において上記に記載されて
       いるように、当該オプションに関して当初証拠金および変動証拠金を預託しなければならない。先物オ
       プション取引は、         1940  年法の第     18 条（ｇ）項に定義される「優先証券」のファンドによる発行となるも
       のとはみなされず、したがって、かかる取引は、ファンドが前述の「借入」の見出しの項に記載される
       要件に従うことを条件として当該取引をカバーする場合は、ファンドによる借入に本来適用される                                                   300  ％
       資産補填率要件の対象とはならない。
        ファンドは、商品取引法のルール                  4.5  に従う意向であり、同ルールに基づき、あるミューチュアル・
       ファンドは、当該ファンドが特定の商品取引法に規制された金融商品（先物商品、オプションまたはス
       ワップ等）への投資の制限および特定の販促規制への準拠等、特定の条件を充足する場合に、「コモ
       ディティ・プール・オペレーター（                  CPO  ）」の定義より除外されうる。したがって、バンガードは、ファ
       ンドに関して証券取引法に基づく                 CPO  として登録されておらず、また規制も受けていない。ファンドは、
       標準化され、また、米国もしくは米国外の取引所、商品取引所または類似の団体において取引されてい
       るか、または自動相場表示システム上に上場されている先物契約および先物オプションのみを締結する
       ものとする。
       先物契約および先物契約についてのオプションにおけるリスク

        先物契約上および先物契約についてのオプション取引上の損失のリスクは、必要預託証拠金の額が低
       い反面、先物およびオプションの価格決定に包含されるレバレッジの度合いが極めて高いこと、および
       潜在的に先物市場の変動性が高いことという理由によって重大なものとなる可能性がある。その結果、
       先物ポジションにおける比較的小さな価格変動も投資者に直ちに重大な損失（または収益）を与える可
                                  20/562


                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
       能性がある。例えば、購入時に先物契約の価額の                          10 ％に相当する証拠金を預託した場合、その後先物契
       約の価額が      10 ％下落すれば、その時点で口座を閉鎖した場合、取引経費控除前でも預託証拠金の全額が
       損 失となる。      15 ％の下落の場合、その時点で契約を終了すれば、当初預託証拠金の                                  150  ％相当の損害が発
       生することとなる。このように、先物契約の売買および先物オプション取引はそれに投資された金額を
       超える損失を招くおそれがある。不利な価格変動が生じた場合、ファンドは引き続き必要な証拠金を維
       持するための日々の現金の支払いを行うことを要求される。かかる状況において、ファンドが十分な現
       金を有していない場合、ファンドは売却が不利な時期であっても、日々の証拠金要件（適用があれば離
       散要件）を充足させるためにポートフォリオ証券を売却しなくてはならない可能性がある。さらに、
       ファンドは、決済日にその保有する先物ポジションの対象となる証券の交付を要求される可能性もあ
       る。
        二次市場（流通市場）における流動性の不足によりファンドが先物契約または先物オプションを手仕
       舞うことができない場合、ファンドは損失を被りうる。先物契約および先物オプションは、かかる先物
       の二次市場を提供する取引所においてのみこれを手仕舞うことができる。しかしながら、いずれの特定
       の時点でも、特定の先物商品に流動性のある二次市場が存在しているという保証はない。さらに、大半
       の先物取引所は、一日の間の先物契約の許容される値幅を制限している。日々の値幅制限により、先物
       契約の価格について、前日の取引終了時点の清算価格からの最大の許容上昇幅および許容下落幅が設定
       される。特定の種別の契約でいったん値幅制限に価格が到達すると、当該日にはその制限を超える価格
       での取引はできなくなる。日々の値幅制限は、特定の取引日の間の値幅のみを律するものであり、した
       がって、生じうる損失を限定するものではない。これは、値幅制限により不利なポジションの清算がで
       きなくなる可能性があるためである。先物契約の価格は、時に、何取引日か連続して値幅制限に到達す
       る場合があり、これにより先物契約の迅速な清算ができず、先物トレーダーが相当な損失を被る場合も
       ある。先物またはオプションのポジションの手仕舞い不能は、ポートフォリオ投資対象をヘッジし、ま
       たはポートフォリオ投資対象の代替ポジションを設定する能力にも悪影響を及ぼしうる。米国債先物に
       ついては、このような日々の値幅制限はない。
        ファンドは、投資運用会社が将来の相場動向を不正確に予測するリスクを負う。投資運用会社が先物
       契約または先物オプションをポートフォリオ投資対象のヘッジ手段または代替的投資として使用するこ
       とを意図する場合、ファンドは、当該先物ポジションとポートフォリオ投資対象との間に相関関係が生
       じないリスクまたは不完全な相関関係が形成されるリスクにさらされる。これはファンドに相当な損失
       を生じさせる可能性がある。先物商品を使用するヘッジ戦略は、損失のリスクを低減させうるが、一方
       で、利益の機会を低減させる可能性があり、他のファンド投資対象の有利な価格変動を相殺することに
       より損失を生じさせる場合もある。
        先物取次業者（        FCM  ）がファンドとの間の契約に違反し、または支払不能、もしくは破産に陥った場
       合、ファンドは、当該先物取次業者に預託した証拠金を失う可能性がある。このような場合、ファンド
       は、当該先物取次業者の他の顧客が受領する金額に比例する程度でのみ、ファンドに支払われるべき証
       拠金の返却を受ける権利を与えられる可能性があり、これによりファンドに損失が生じる可能性があ
       る。
       ファンド間借入およびファンド間貸付

        SEC  は、登録されたオープン・エンド型バンガード・ファンドがバンガードのインターファンド・レン
       ディング・プログラムに参加することを許容する免除を与えている。このプログラムはバンガード・
       ファンドが、一時的または緊急の目的のために相互に資金の借入れおよび貸付を行うことを許容してい
       る。プログラムは、（１）通常の銀行との間での同種の取引におけるよりもより有利な利息を得られる
       ものでない限りファンドはプログラムを通じて借入れまたは貸付を行ってはならない（２）ファンド
       は、借入によって、プログラムによる借入残高総額が借入時の当該ファンドの純資産の                                             15 ％を超えるこ
       とになる場合は資金を借り入れることはできず、また（３）あるファンドによる一ファンドに対する
                                  21/562


                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
       ファンド間借入は貸手側ファンドの純資産の５％を超えてはならないとする要件を含む、多くの条件に
       服する。さらに、バンガード・ファンドは、かかる参加がファンドの投資目的および投資方針と両立す
       る 場合で、かつ両立する範囲でしかプログラムに参加することはできない。バンガード・ファンドの受
       託者会はインターファンド・レンディング・プログラムを監視する責任を負う。貸手側ファンドへの返
       済の遅滞は、投資の機会の喪失または追加借入コストをもたらしうる。
       支配権獲得のための投資

        各バンガード・ファンドは、特定の投資目標を達成する目的でのみ、証券およびその他の証書に投資
       を行う。したがって、バンガード・ファンドは、個別または集合的に経営に関する決定に支配権を持つ
       ために企業の発行済議決権付株式を取得することを目的とはしていない。バンガード・ファンドは、経
       営権を支配する目的で企業への投資を行わない。
       オプション

        オプションはデリバティブである。証券（または指数）オプションは、「プレミアム」の支払の見返
       りとして、当該オプションの失効日前に特定の行使価格で当該オプションの原証券（または当該指数の
       現金価額）を当該オプションのライターから買い取る（コールオプションの場合）または当該オプショ
       ンのライターに売り付ける（プットオプションの場合）権利（ただし、義務ではない）を当該オプショ
       ン所有者に付与する契約である。証券オプションのライターは、当該オプションの行使時に、行使価格
       の支払に応じ原証券を引き渡す義務（コールオプションの場合）、または原証券の受渡しに応じ行使価
       格を支払う義務（プットオプションの場合）を負う。指数オプションのライターは、当該オプションの
       行使時に、当該指数オプションに係る特定の乗数で乗じた行使価格差引き後の当該指数の現金価額に等
       しい金額を支払う義務を負う。指数オプションの乗数は、当該オプションが表示する投資ポジションの
       規模を決定する。原商品、失効期日、契約規模およびストライク価格に関し標準化されている取引所で
       取引されるオプションとは異なり、                   OTC  オプション（取引所で取引されないオプション）の条件は一般
       に、オプション契約の他方当事者との交渉により設定される。この種の取決めは、買取人またはライ
       ターの必要に応じてオプションを適応させる大きな柔軟性を買取人またはライターに対し認めるもので
       あるが、     OTC  オプションは一般的に、取引所で取引される決済されたオプションについてではなく取引当
       事者に対する信用リスクを伴い、信用リスクは適用ある決済期間の関与を通して相互化される。
        オプションの買い手（または所持人）は、オプションを「ロング」すると言われ、またオプションの
       売り手（またはライター）は、オプションを「ショート」すると言われる。コールオプションは、あら
       かじめ決定された当該オプションの権利行使価格であるストライク価格で原証券を買い取る権利を所持
       人に対し認める（またライターに対し原証券の売付を義務付ける。）。プットオプションは、ストライ
       ク価格で原証券を売り付ける権利を所持人に対し認める（またライターに対し原証券の買取を義務付け
       る。）。オプションの買取価格は「プレミアム」と呼ばれる。オプションの買い手にとって潜在する損
       失は、プレミアムに取引費用を加算した金額に限定される。これは、オプションが失効日まで保有さ
       れ、行使されない場合に該当する。一般に、オプションのライターは、オプションの買い手が支払うプ
       レミアムを獲得する目的でオプションを売り付けるが、予想されるオプション価格の上昇または下落に
       よる利益を求めることもある。オプションのライターにより売り付けられたオプションが行使されるこ
       となく期限切れとなった場合、ライターは当該プレミアムの全額を確保する。ただし、オプションのラ
       イターは、当該オプションの引受時に受領したプレミアムで相殺される範囲内を除いた発生しうる損失
       が失効日現在の「イン・ザ・マネー」のオプションの金額に等しいために、無限の経済的リスクを負っ
       ている。原ポジションの価額が当該オプションの行使価格を超える場合にコールオプションは「イン・
       ザ・マネー」とされる。当該オプションの行使価格が原ポジションの価額を超える場合にプットオプ
       ションは「イン・ザ・マネー」とされる。一般に、オプションの買い手によって実現される利益は、オ
       プションのライターの損失を表示する。オプションの引受は、                                 1940  年法の第     18 条（ｇ）項に定義される
                                  22/562


                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
       「優先証券」のファンドによる発行になるとはみなされず、またかかる取引は、ファンドが前述の「借
       入」の見出しの項に記載される要件に従うことを条件として当該取引をカバーする場合は、ファンドに
       よ る借入に本来適用される             300  ％の資産補填率要件の対象とはならない。
        特定オプションの取引市場が利用できなくなった場合、かかるオプションへの投資者（ファンド等）
       は、取引の再開までそのポジションを決済できなくなり、また対象持分の価格がかかる期間中に不利に
       動いた場合は多額の損失に直面することになりうる。市場が依然利用可能であったとしても、オプショ
       ン価格が対象持分や関連権益の価格に対し通常の関係または予想される関係を維持しない期間が生じう
       る。投資者の関心の欠如、ボラティリティの変化、またはその他の要素もしくは条件が、特定オプショ
       ンの市場の流動性、効率性、継続性、または秩序にさえ不利に影響しうる。
        ファンドは、そのアドバイザーが将来の市場動向を正確に予測しないかもしれないというリスクを負
       う。アドバイザーがポートフォリオ投資に対するヘッジとして、またはその代替としてオプションを利
       用しようとする場合、ファンドは、当該オプションがポートフォリオ投資との不完全な連関性または無
       連関性を維持または展開するというリスクに晒され、ファンドに大きな損失をもたらしうる。オプショ
       ンを含んだヘッジ戦略は、損失リスクを軽減しうる一方、利益の機会を低減したり、ファンドのその他
       投資対象の有利な価格動向を相殺することによって損失さえもたらすことがある。多くのオプション、
       特に  OTC  オプションは複雑で、往々にして主観的要素に基づき評価される。不適切な評価は取引相手への
       支払金の必要の増大またはファンドに対する価値の喪失をもたらしうる。
       OTC  スワップ契約

        OTC  スワップ契約はデリバティブの一種で、特定の資産、基準レート、または指数を参照して計算され
       る支払金を伴う指定額（概念上の金額）に基づき指定日（定期的支払日）に支払を交換する両当事者
       （取引当事者）間の契約である。
        OTC  スワップ契約の例には、金利スワップ、クレジット・デフォルト・スワップ、エクイティ・スワッ
       プ、商品スワップ、非米国為替スワップ、指数スワップ、エクセス・リターン・スワップおよびトータ
       ル・リターン・スワップが含まれるが、それらに限らない。ほとんどの                                     OTC  スワップ契約には、両当事者
       の定期的支払日が同日の時は、支払は純額計算され、純額のみが純支払金の受取資格のある相手方当事
       者に対し支払われる旨規定されている。したがって、あるスワップ契約に基づくファンドの当座の債務
       （または権利）は原則として、各当事者によって保有されるポジションの相対的価額を基準として、当
       該契約に基づき支払われるまたは受け取られる純額に等しくなる。                                  OTC  スワップ契約は多様な取引を可能
       にする。例えば、確定利付きの支払は変動利付きの支払と交換することができ、米ドル建ての支払は異
       なる通貨建ての支払と交換することができ、またある資産、基準レートまたは指数の価格に連動した支
       払は別の資産、基準レート、または指数の価格に連動した支払と交換することができる。
        「スワップション」とも呼ばれる                 OTC  スワップ契約       OTC  オプションは、市場ベースの「プレミアム」の
       支払と引き換えに、ある将来の期日にスワップを結ぶ権利（ただし、義務ではない）を買手に付与する
       オプションである。受取勘定スワップションは、特定の資産、基準レート、または指数に係るトータ
       ル・リターンを受け取る権利を所有者に付与する。支払勘定スワップションは、特定の資産、基準レー
       ト、または指数に係るトータル・リターンを支払う権利を所有者に付与する。スワップションには、一
       方取引当事者による既存のスワップの解約または延長を認めるオプションも含まれる。
        ファンドによる        OTC  スワップ契約の利用は一定のリスクを伴っており、かかるリスクは、スワップ契約
       の対象資産である証券やその他投資対象に直接投資することに伴うリスクとは異なることがあり、また
       それを上回ることがある。              OTC  スワップは、株式、債券、その他従来型投資対象に伴うものとは異なる投
       資手法、リスク分析および税務計画を要する高度に専門化された商品である。                                        OTC  スワップの使用には、
       対象となる資産、基準レート、または指数についての理解だけではなく、起こりうるあらゆる市況下で
       スワップの推移を見守ることの恩恵がない場合であってもスワップ自体についての理解を必要とする。
                                  23/562


                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
        OTC  スワップ契約は、特定のスワップの売買が困難である時に発生する流動性リスクを被ることがあ
       る。  OTC  スワップ取引が特に大規模である場合、または関係市場が（                               OTC  スワップの場合のように）非流
       動的である場合、有利な時期もしくは価格で取引を開始することまたはポジションを清算することがで
       き なくなることがあり、そのことが大きな損失をもたらすことになりうる。そのほか、                                            OTC  スワップ取引
       はファンドの非流動性証券への投資制限の対象となることがある。
        OTC  スワップ契約は、特定のスワップが過去の価格または対応する資金市場商品の価格と比較して異常
       に高く（または安く）なる時に発生する価格設定リスクを被ることがある。一定の市況下では、損失の
       回避もしくは機会の活用のために、またはスワップ契約の本来の価値を実現するために適時に取引を開
       始すること、またはポジションを清算することが経済的にできなくなることがある。
        特定の   OTC  スワップ契約はレバレッジ構成要素を含んでいるため、対象の資産、基準レート、もしくは
       指数の価値または水準の不利な変動は、スワップ自体への投資額を大幅に上回る損失をもたらすことが
       ある。特定      OTC  スワップは、当初投資の規模に関らず、無限の損失の可能性を内包している。レバレッジ
       された   OTC  スワップ取引は、         1940  年法の第     18 条（ｇ）項に定義される「優先証券」のファンドによる発行
       になるとはみなされず、またかかる取引は、ファンドが前述の「借入」の見出しの項に記載される要件
       に従うことを条件として当該取引をカバーする場合は、ファンドによる借入に本来適用される                                                300  ％資産
       補填率要件の対象とはならない。
        その他大方の投資対象と同様に、                 OTC  スワップ契約は、当該商品の市場価格がファンドの利益を損なう
       形で変動するというリスクを被る。ファンドは、そのアドバイザーがファンドのために                                             OTC  スワップポジ
       ションを設定する際に将来の市場動向または資産、基準レート、指数もしくはその他金融経済要素の評
       価値を不正確に予測するかもしれないというリスクを負う。アドバイザーがポートフォリオ投資に対す
       るヘッジとして、またはその代替物として                      OTC  スワップを利用しようとする場合、ファンドは、当該                            OTC
       スワップがポートフォリオ投資との不完全な連関性または無連関性を維持または展開するというリスク
       に晒される。このことは、当ファンドに大きな損失をもたらしうる。スワップ商品を含んだヘッジ戦略
       は、損失リスクを軽減しうる一方、利益の機会をも低減したり、ファンドのその他投資対象の有利な価
       格動向を相殺することによって損失さえもたらすことがある。多くの                                    OTC  スワップは複雑で、往々にして
       主観的に評価される。不適切な評価は取引相手への支払金の必要の増大またはファンドに対する価値の
       喪失をもたらしうる。
        OTC  スワップ契約の使用は、他方当事者の支払不能もしくは破産の結果、または取引相手による所定の
       支払の履行不能もしくはその他契約条件の順守不履行の結果、損失を被りうるというリスクを伴う。さ
       らに、クレジット・デフォルト・スワップの使用は、クレジット・スワップのベースである発行体の信
       用性をファンドのアドバイザーが正確に評価していない場合は損失をもたらしうる。
        OTC  スワップとスワップションのための市場は比較的新しい市場である。市場の動向は、ファンドが既
       存の  OTC  スワップ契約を解約したり、当該契約に基づき受け取られる金額を実現したりすることができる
       ことを含め、悪影響を及ぼしうる。「デリバティブ」の項目において既に記載したとおり、ドッド・フ
       ランク法の下でファンドに使用されるスワップは、決済機関で決済できることができ、また取引所また
       はスワップ取引システムで取引されることができる。
       米国以外の国の証券          - 米国以外の国の投資会社

        ファンドが投資する国々の一部は、国外投資者による直接投資を容認しないか、経済的制限を課すこ
       とがある。かかる国々へのファンドの投資は、他の投資会社を含む米国以外の国の政府承認または認可
       の投資機関を介してのみ認められることがある。かかる投資は、米国以外の国の証券に投資する登録ま
       たは未登録のクローズド・エンド型投資会社を通じて行われる。かかる機関を介しての投資は、重複的
       な手数料または費用を伴うことがあり、また「その他の投資会社」の見出しの下に記載されるとおり、
       ファンドによる他の投資会社への投資に対する制限およびそのリスクを被ることがある。
                                  24/562


                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
       その他の投資会社
        ファンドは、適用法または              SEC  免除の認める範囲内でその他の投資会社に投資することがある。                                 1940  年
       法の第   12 条（ｄ）（１）に基づき、ファンドは原則として、その資産の                                10 ％までを投資会社の株式に投
       資することができ、また当該投資が取得投資会社の議決権付株式の３％以上を表象しない限りは、その
       資産の５％までを一投資会社に投資することができる。なお、バンガードがアドバイザーを務めるファ
       ンドは、クローズド・エンド型投資会社の議決権付株式を全体として                                    10 ％を超えて保有しない。             1940  年
       法およびそれに関する定めは、例えば、投資会社の同じグループの中でほかのファンドに投資するファ
       ンドなど、これら制限の一定の免除を規定している。ファンドがその他の投資会社に投資する場合、株
       主はファンドの費用（営業費やアドバイザー報酬を含む）中の比例応分の負担分だけではなく、間接的
       には対象投資会社に係る同様な費用をも負担することになる。投資開発事業法人（                                           BDCs  ）のような投資
       会社は会社の経営と類似しており、発生する費用はファンドの受益者より直接支払われず、ファンドの
       純資産価格に計算されることがない。しかし                       SEC  の規定は投資開発事業法人で発生するいかなる費用も、
       「ファンド取得手数料および費用」としてファンドの経費率に含むよう要求している。そのため投資開
       発事業法人のファンドの経費率は、ファンド取得手数料および費用と同様に、ファンドがポートフォリ
       オマネジメント、管理サービスおよび他の受益者サービスに実際に何を費やしたかを誇張する。ファン
       ド取得手数料および費用はファンドの実際の費用をはっきりと示すファンドの財務書類に含まれない。
       株主はまた、ファンドの投資に伴うリスクだけではなく、対象投資会社のポートフォリオに伴うリスク
       にも晒されることになろう。クローズド・エンド型投資会社等一部のタイプの投資会社は、その純資産
       価額に対するプレミアムでまたはディスカウントで証券取引所または店頭において取引される一定数の
       株式を発行する。その他の株式は純資産価格で継続して募集されるが、流通市場で取引されることもあ
       る。
       優先株式

        優先株式はある発行体に対する持分権または所有権を表示する。優先株式は通常、一定の割合で配当
       を支払い、発行体の清算または破産宣言の場合には普通株式に優先する。ただし、発行体が清算される
       場合または破産宣言する場合、社債所有者の請求権は優先株式や普通株式を保有する者の請求権に優先
       する。優先株式には概して、普通株式とは異なり、当該企業の収益から支払われる表示配当率が示され
       ている。優先株式の配当は累積的または非累積的なものであったり、参加型であったり、または競売率
       のことがある。「累積的」配当規定では、発行体の普通株式に対する配当金が支払われる前に、事前の
       未払い配当金の全部または一部が支払われるべきとしている。「参加型」優先株式は、一定の場合には
       表示配当を超える配当を受けることができる。金利が上昇した場合、優先株式に対する固定配当は魅力
       が少なく、かかる株式の価格の下落を生じることがある。優先株式は強制的な減債基金規定および株式
       の償却または償還を認める規定を有することがあり、このことは金利の低下に係る利益を制限すること
       になりうる。優先株式は普通株式や債務証券が受けるリスクの多くを被る。また優先株式は、頻繁に取
       引されず、限られた数量で取引されるため、普通株式や債務証券より突然のまたは不安定な価格変動と
       なることがある。
       不動産投資信託（         REIT  ）

        エクイティ      REIT  は、直接不動産を所有し賃貸借収入により収益をあげる。エクイティ                                    REIT  はまた、財
       産を売却することで利益を得、キャピタル・ゲインを創出する可能性がある。モーゲージ                                              REIT  は、商業
       不動産デベロッパーに対して、建設、開発および長期モーゲージ・ローンの貸出しを行い、これらの
       ローンに付される金利収入を得る。ハイブリッド                          REIT  は、物件およびモーゲージの双方を所有する。法
       人レベルにおける課税回避のため、                   REIT  は、その収益のほとんどを株主に配当しなければならない。
       REIT  への投資は、不動産への直接投資と同様のリスクの多くに服する。一般的に、不動産価値は、物件
       の需要・供給、経済全般または地域経済状況および物件を利用する特定商業の経済状況等を含むがこれ
                                  25/562


                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
       らに限られないさまざまな要因に影響される。結局のところ、                                 REIT  のパフォーマンスは、所有する物件
       の種類や立地および           REIT  がどれだけうまくその物件を管理できるかどうかによる。例えば、賃料収入
       は、  空室の長期化、近隣物件との競争の激化、テナントの賃料滞納、賃貸の規則規定、賃料収入の変
       動、市場における賃貸相場のばらつきまたは管理能力不足によって、減少しうる。物件価値は、同一地
       域における建設の過剰、環境責任、自然災害による無保険損害、近隣の全体的な価値減少、事故や不良
       による損害、固定資産税の上昇または土地区画法の変更によって、減少しうる。
        REIT  の価値はまた、金利の変動によっても影響を受ける可能性がある。金利の上昇は、一般的に、不
       動産計画の調達コストを上昇させ、当該上昇はエクイティ                              REIT  の価値の減少を引き起こしうる。金利の
       低下局面では、抵当権設定者は、モーゲージ                       REIT  に所有されるモーゲージの期限前返済を選択すること
       ができ、当該期限前返済は、               REIT  の利益の減少を引き起こしうる。                 REIT  はまた、キャッシュ・フローへ
       の重度の依存、借り手による不履行および税ならびに法律上の要請の変更にも服する。加えて、                                                   REIT
       は、内国歳入法（         Internal     Revenue     Code  ）上の免税者として非適格となる可能性および／または、                              1940
       年法からの免除を保てなくなる可能性を有する。
       レポ契約

        レポ契約とは、それに基づいてファンドが銀行、ブローカーまたはディーラーから債務証券（一般的
       には、米国政府またはその機関が発行した証券、銀行預り手形または譲渡性預金証書（                                              CD ））を取得
       し、同時に予め合意された価格で合意された日（通常、翌営業日）に売主が買い戻すことを承認する契
       約をいう。購入された証券は買戻し債務の担保を構成するため、レポ契約は、購入された証券によって
       担保された貸付と考えることができる。転売価格は証券がファンドに保有されている期間有効で、かつ
       対象となる証券の利率とは関連のない合意された利率を反映する。これらの取引においては、ファンド
       によって取得された証券（その経過利息を含む。）は、レポ契約の価額を超える総価額を有していなく
       てはならず、買い戻されるまでファンドの保管銀行に保有される。さらに、投資運用会社は、ファンド
       のレポ契約を一般的に監視するとともに、ファンドに関するレポ契約の当事者である銀行、ブローカー
       またはディーラーの信用度を評価する。かかる契約の総額は、法律により必要とされる限度内以外、制
       限されていない。
        レポ契約の利用には一定のリスクが伴う。リスクの一つとして、買戻日に合意されている買戻価格を
       支払う契約の相手方当事者の能力がある。契約の相手方当事者が不履行に陥った場合、ファンドは担保
       の処分において費用の負担を被る可能性があり、このような費用は担保の換金額を減少させると考えら
       れる。契約の相手方当事者が破産法に基づく救済を求めた場合、担保の処分は、遅れる可能性があり、
       または制限される可能性がある。例えば、契約の相手方当事者が支払不能に陥り、破産法その他の法律
       に基づいて清算または再編が行われた場合、裁判所は、対象証券はファンドの支配の及ばないファンド
       による貸付債権の担保であり、したがって、ファンドによるかかる担保の現金化は自動的に留保され、
       ファンドは対象証券の利息を取得することはできず、契約相手方の無担保の債権者とみなす旨の決定を
       する可能性がある。
       制限付証券および非流動性証券

        非流動性証券とは、ファンドが合理的に予想する投資対象であり、投資対象の市場価値を著しく変動
       させる売却または処分を行わない限り、現在の市場状況において７暦日以内に売却または処分すること
       ができない投資対象をいう。               SEC  は一般に、ミューチュアル・ファンドの非流動性証券の保有持分の総額
       を純資産の      15 ％（マネー・マーケット・ファンドの場合は５％）までに制限している。非流動性証券の
       値付けおよび売却には困難が生ずる場合があり、終了時を特定できないある期間、非流動性証券の値付
       けおよび売却を行なうことができないこともある。非流動性証券には、（１）７日後よりも後に期限を
       迎えるレポ契約（その契約に請求／買戻しに関する定めのない場合）、（２）店頭オプション、その他
       のデリバティブ（一定のスワップ契約を含む。）、（３）期限前支払いの対象とならず、または期限前
                                  26/562


                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
       支払時の引出しペナルティのない定期預金（オーバーナイト預金を除く。）、（４）特定の貸付金の利
       子および債務証書、（５）特定の地方リース債務、（６）未公開株式投資、（７）                                           1933  年法のセクショ
       ン ４（ａ）（２）に従い発行されたコマーシャル・ペーパーおよび（８）連邦証券法規の下で売却が制
       限されている証券等、広範な投資対象が含まれうる。非流動性証券には、連邦証券法規の下で一般に適
       格機関投資家である購入者に対してのみ再売却することができる制限付私募証券が含まれる。
        ファンドが保有する制限付証券に関して大きく市場が発展した場合には、ファンドの受託者会の承認
       した手続およびガイドラインに基づき、流動証券として取り扱われることがある。これには一般に                                                   1933
       年法のルール       144A  にしたがって適格機関投資家に売却することができる未登録の証券または、コマー
       シャル・ペーパーのような              1933  年法への登録が免除されている証券が含まれる。ファンドの投資運用会
       社は制限付証券の流動性を監視するが、ファンドの受託者会は投資運用会社の決定を監視しこれに対す
       る最終的な責任を負う。受託者会が流動性の決定を監視する際に考慮する要素の中には、証券の評価、
       証券の取引を行っている適格機関投資家、ブローカーおよびディーラーの存否、証券発行体の情報の利
       用可能性が含まれる。
       逆買戻し特約付売買契約

        逆買戻し特約付売買契約では、ファンドは、資金の見返りとして銀行またはブローカー／ディーラー
       等の他者に対し証券を売却し、合意された価格と時期により当該証券を買い戻すことを承諾する。逆買
       戻し特約付売買契約に基づき、ファンドは契約期間中継続して原証券に対する元本と利息の支払を受け
       る。逆買戻し特約付売買契約は、ファンドに買戻し義務があるファンドが売却した証券の買戻し価格以
       下にファンドの保有する証券の市場価格が値下がりするというリスクを伴う。かかる損失に加えて、
       ファンドの費用は、逆買戻し特約付売買契約から受け取った資金の投資によってファンドが得た利益を
       超えることがある。逆買戻し特約付売買契約は                        1940  年法の趣旨上借入取引とみなされうる。逆買戻し特
       約付売買契約の取引は、             1940  年法の第     18 条（ｇ）項に定義される「優先証券」のファンドによる発行と
       なるものとはみなされず、またかかる取引は、前述の「借入」の見出しの項に記載される要件に従うこ
       とを条件としてファンドが当該取引をカバーする場合は、ファンドによる借入に本来適用される                                                 300  ％資
       産補填率要件の対象とはならない。ファンドは、アドバイザーによって信用性が精査され満足すべきと
       される者とのみ逆買戻し特約付売買契約を締結する。逆買戻し特約付売買契約における購入者が破産し
       た場合、または破産申立をした場合、他の関係者、受託者または受信者が証券の買戻しの権利の履行を
       決定するまでの間、ファンドの販売による収益の使途は制限される。ファンドが逆買戻し特約付売買契
       約により売却された証券を買い戻せない場合、ファンドは証券の価格とファンドが証券について受領し
       た支払額の差額を損失として認識する。
       証券貸付

        ファンドは、取引を完結するため、例えば、空売りを行うため、証券の交付義務の不履行を回避する
       ため、または裁定取引を行うため、などの理由で証券を借り入れる必要のある適格機関投資家（典型的
       にはブローカー、ディーラー、銀行等の他の金融機関）に対して、投資証券を貸し付けることができ
       る。投資証券を貸し付けることによって、ファンドは、貸付債権の利息を受領して、投資純収益の増加
       を図る。貸付期間中に生じる貸付証券の市場価格による損益はファンドに帰属する。借主が債務超過そ
       の他の理由により借り入れた証券を返却する義務を履行しない場合、ファンドは貸し付けた証券の回収
       または担保の利用において遅延または費用の負担を被る可能性がある。このような遅延および費用の負
       担は、非米国証券の場合、より大きくなりうる。ファンドが貸し付けた証券を回収することができない
       場合、ファンドは担保を売却し、市場で代替の証券を購入する場合がある。担保の価額は、代替証券の
       購入時点までに代替証券の価額未満に減少している場合がある。担保として受領された現金は、他の適
       格証券に投資されうる。この現金の投資は、当該投資対象を、市場価格の上昇または下落の影響下に置
                                  27/562


                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
       く。現在、証券貸付を行うバンガード・ファンドは、                            CMT  ファンドが受領する現金担保に投資している。
       CMT  ファンドは、コストの低いマネー・マーケット・ファンドである。
        貸付契約の条件ならびに貸付証券の方式および総額は                            1940  年法および同法に基づく             SEC  規則またはその
       解釈と両立しなくてはならない。これらの条項は、ファンドが貸し付けることのできる証券の数量を
       ファンドの総資産の          33 と１／３％に制限しており、次の点を要求している。すなわち、（１）借主は、
       常時、貸出証券の価値の             100  ％を下回らない価値を有する、現金、変更不可能な信用状、または米国政府
       の発行もしくは保証する証券からなる担保を設定しかつ維持しなくてはならないこと、（２）借主は貸
       付証券の価格が上昇した場合は（つまり、借主は毎日値洗いを行う。）、いつでも担保を追加しなくて
       はならないこと、（３）貸付はいつでもファンドによって解約されうるものでなくてはならないこと、
       および（４）ファンドが合理的な額の利息（ファンドによる現金担保の短期利付投資証券への投資を含
       む。）、貸出証券の配当およびその市場価値の上昇利益を受領するものでなくてはならない。ファンド
       によって締結された貸付契約は、関連取引市場に適用される標準決済時間以内の証券の再交付要請を含
       むその他の適用規制要件を遵守する。ファンドのアドバイザーは、証券貸借に関して決定を行う際、何
       よりもまずブローカー、ディーラーまたは金融機関の信用度を、受託者会の見解に従い考慮する。
        現在、    SEC  は、それが書面の契約によるものでありかつ投資会社の受託者によって承認されている限
       り、投資会社が貸出証券に関して交渉により定められた合理的な報酬を支払うことに異議を述べていな
       い。さらに、貸付証券と共に議決権が譲渡されるものとするが、貸付証券に影響を及ぼす重大な事由が
       発生したことをファンドが認識しており、かつこれに関し、証券の保有者が議決権を行使するまたは同
       意する権限を有する場合、貸し手は、議決権の行使または同意までに貸付証券を回収する権限を有さな
       ければならない。ファンドは証券の回収に遅れが生じ、ファンドの議決権を行使する権限に影響が出る
       リスクを負担する。
        バンガードの証券貸付方針に従って、バンガードの債券ファンドおよびマネー・マーケット・ファン
       ドはその投資証券の貸付を認められておらず、貸付を行わない。
       租税に関する事項          －  デリバティブ、ヘッジおよび関連取引にかかる米国連邦税制措置

        デリバティブ商品（オプション、先物、先物契約およびスワップ契約を含むがそれらに限られな
       い。）におけるファンドの取引は、ファンドのヘッジ、空売り、証券ローンまたは同様の取引のいずれ
       と同じように、１もしくはそれ以上の特別な税制ルールに服する可能性がある。当該ルールは、ファン
       ドの収益を加速計上させ、損失を繰り延べさせ、ファンド証券の保有期間の調整を必要とさせ、長期
       キャピタルゲインを短期キャピタルゲインに転換させ、または短期キャピタルロスを長期キャピタルロ
       スに転換させる。したがって、これらのルールは、株主配当の金額、タイミングおよび性質に影響しう
       る。当該およびこれらの取引に適用されるその他の税制は、場合によっては現在の法律上、不確実な場
       合があるため、当該ルールに関して、米国内国歳入庁（                             Internal     Revenue     Service    ）による否定的な決
       定または将来的な指針（決定や指針は遡求可能である可能性がある。）がなされ、ファンドが十分な配
       当を実行したかどうか、さもなければ、適格投資法人としての要件を維持しファンドレベルでの課税を
       避けるための関連要件を充足したかどうかに影響するおそれがある。
       定期預金

        定期預金は、米国の短期金融商品の発行体に関連するものと同様のリスク、特に、信用リスクにさら
       される（また、その次に挙げられるリスクとしては、収益リスク、市場リスクや流動性リスクがあ
       る。）。さらに、米国の銀行の米国外支店および米国以外の国の銀行の米国外支店の定期預金は、一定
       のソブリンリスクにさらされることがある。かかるリスクの一つに、国家が米ドル建て資本の海外流出
       を禁止する可能性が挙げられる。その他にも、政治および経済の不利な動向、金融市場および金融機関
       に対する政府規制の程度および性質、米国以外の国の源泉徴収税の課税や、米国以外の発行体の公用収
       用および国有化のリスクがある。しかしながら、これらの発行体の定期預金は、バンガード・ファンド
                                  28/562


                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
       の投資先である米国の発行体と同種の信用分析を受けることになっており、少なくとも、かかるファン
       ドについて承認された米国の発行体と同等の財務力を有するものである。
       ワラント

        ワラントとは、指定期間中に指定価格で持分証券を買い取る権利（ただし、義務ではない。）を所持
       人に付与する商品である。ワラント価格の変動は必ずしも原証券の価格の変動に対応するものではな
       い。ワラントの価格は原証券の価格よりも乱高下し、またワラントは原資の損失と共に原資の値上がり
       のより大きな可能性をも提示する。ワラントは、原証券に関わる配当または議決権を所持人に付与する
       ものではなく、また発行会社の資産に対する権利を表示するものではない。ワラントは、その失効日ま
       でに行使されない場合は価値を喪失する。これらの要素は、他の種類の投資対象よりもワラントを一層
       投機的なものにすることがある。
                                  29/562
















                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
       発行日取引、受渡し繰延取引および先物予約取引

        発行日取引、受渡し繰延取引および先物予約取引は、事前に決定された価格または利回りで特定証券
       を売買する約定を伴うもので、かかる約定では支払および受渡しは当該種類の証券の通常の決済期間の
       後に行われる。概して、証券が受け渡されるまでは買手には利息は発生しない。かかる取引のいずれか
       に基づき証券を買い付ける場合、当該証券に関わる支払は受渡し日まで必要とされない。ただし、買い
       手は、所有権を得ると共に、価格と利回りの変動リスクや証券が予定通り発行されないリスク等所有に
       係るリスクを負う。ファンドがかかる取引のいずれかに基づき証券を売却した場合は、ファンドは当該
       証券に関し更なる利益または損失には参加しない。受渡し繰延取引の他方当事者が証券に関わる受渡し
       または支払を行わない場合、ファンドは有利な価格もしくは利回りの機会を逃すか、または損失を被る
       ことになりうる。ファンドは発行日取引または先物予約取引を再取決めし、受渡し前に原証券を売り付
       けることができるが、このことはファンドにとって原資の値上がりまたは損失となりうる。発行日取
       引、受渡し繰延取引および先約取引は、前述の「借入」の見出しの項に記載される要件に従い、かつリ
       スクを条件としてファンドが当該取引をカバーする場合は、ファンドによる借入に本来適用される                                                   300  ％
       資産補填率要件の対象とはならない。
      （３）【運用体制】

       （ｉ）投資運用体制
         バンガードは、バンガードのエクイティー・インデックス・グループ（以下「                                        EIG  」という。）を通
        し、ファンドの投資顧問会社として投資顧問業務を行っている。                                  2018  年 12 月末日現在、バンガードは
        約 3.9  兆米ドルの資産を運用している。同社はファンドの受託者および役員の監督の下で、ファンド・
        サービス契約に従ってファンドに投資顧問業務を提供している。
         ポートフォリオ・マネジャーは、下記（ⅲ）項記載のとおり、主にファンドの日々の運用について
        責任を負う。
       （ⅱ）投資運用方針の意思決定過程
         ファンドは投資目的のみならずその目的を追求するために使用する主要な投資戦略および投資方針
        を有している。投資戦略または投資方針が基本事項と指定されていない場合は、ファンドの運用を監
        督するファンドの受託者会は、受益者のために、受益者の議決なしにかかる投資戦略または投資方針
        を変更することができる。通常の状況下では、ファンドは目標インデックスによって構成された株式
        に少なくとも資産の          80 ％を投資する。ファンドは受益者への                    60 日前までの通知を行った時のみ、かか
        る 80 ％方針を変更することができる。
         ファンドは、インデックス投資手法を用い、株式市場全体の収益率を測るベンチマーク・インデッ
        クスのパフォーマンスに追随することを意図している。ファンドは通常インデックス追従のサンプリ
        ング手法を用いて、コンピューター・プログラムを使用し主要な特徴の観点から目標インデックスに
        類似した証券を目標インデックスから選択する。これらは産業、時価総額別比率、およびその他証券
        の特性の調整を含む。
         SEC  の免責規則の条項に基づき、ファンドの受託者会は、受益者による事前の同意がなくとも、第三
        者投資顧問との顧問契約の諸条項の変更あるいは新たな第三者投資顧問の採用－現在の顧問の後任と
        してあるいは追加の顧問として－を行うことができる。ファンドの顧問の枠組みにおける重要な変更
        は書面により受益者に通知される。ファンドのスポンサーおよび全般的な管理者として、バンガード
        は、常に、追加的な投資顧問サービスをファンドに対して提供することができる。バンガードはま
        た、受託者会に対し、顧問の雇用、退職または交替の際には、現行の顧問契約の条項を修正すること
        を奨励する。ファンドは、バンガードの完全所有子会社である投資顧問に関し、類似する                                              SEC  免除を求
        める申請を行った。免除が認可されれば、ファンドは新たな                               SEC  救済措置に依拠することができる。
       （ⅲ）任務と権限
                                  30/562


                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
         前述のとおり、バンガードは               EIG  を通し、ファンドの投資顧問会社として投資顧問業務を行ってお
        り、以下のポートフォリオ・マネジャーが主にファンドの日々の運用について責任を負う。
         ウォルター      ネジュマン（       Walter    Nejman   ）、バンガードのポートフォリオ・マネジャー。                          2016  年よ
        り、ファンドを共用運用している。
         ジェラルド      C. オライリー（       Gerard    C.  O'Reilly     ）、バンガード社プリンシパル。                 1994  年以来、ファ
        ンドの運用を行っている（              2016  年以来、共同運用）。
         上述のとおり、ファンドの受託者および役員がファンドの運用を監督することを前提として、バン
        ガードは投資顧問業務を行っている。
      （４）【分配方針】

        ファンドは、受益者に対して、全ての純所得（利息、配当から費用を控除した額）を、保有する資産
       の売却によって実現した短期または長期のネット・キャピタル・ゲイン同様分配する。所得の分配は通
       常年に４回、３月、６月、９月および                    12 月に行われる。キャピタル・ゲインの分配があれば、通常年に
       １回、   12 月に行われる。さらに、ファンドは、随時、追加配当を年度の一定時点で行うことがある。
        日本の投資者は所得またはキャピタル・ゲインの分配を現金で受領する。
        上記は、将来の分配金の支払およびその金額について保証するものではない。
      （５）【投資制限】

        ファンドは、以下の基本的投資制限に従わなくてはならない。基本的投資制限はファンドの株式の過
       半数にあたる受益者の承諾がなければ、いかなる方法によっても変更することはできない。かかる目的
       上、「過半数」の株式とは、（                ⅰ ）ファンドの純資産の            50 ％以上に相当する受益証券を有する受益者ま
       たは委任状を有する代理人が出席した上でのファンドの純資産の                                  67 ％以上の賛成投票を表象する株式、
       または（     ⅱ ）ファンドの純資産の           50 ％以上を表象する株式のいずれか少ない方をいう。
       （１）借入れ
         ファンドは、       1940  年法またはその他の準拠法、その規則、もしくは                         SEC  またはファンドに対する権限
        を有するその他の規制当局が認める範囲内でのみ、借り入れを行うことができる。
       （２）商品
         ファンドは、       1940  年法またはその他の準拠法、その規則、もしくは                         SEC  またはファンドに対する権限
        を有するその他の規制当局が認める範囲内でのみ、商品に投資することができる。
       （３）分散
         総資産の     75 ％について、ファンドは（１）単一発行体の発行済議決権付証券の                                   10 ％以上を購入し、
        または（２）その結果、ファンドの総資産の５％以上が当該証券の発行体に投資されることとなるよ
        うな場合に証券を購入することはできない。本制限は米国政府またはその機関、または下部機構の債
        務には適用されない。
       （４）産業への集中投資
         ファンドは、インデックスの構成を目標インデックスに近似させるために必要な場合を除き、同じ
        部門で主要な事業活動を行う発行者の証券に集中して投資をしてはならない。
       （５）投資目的
         ファンドの投資目的は株主決議なく変更できない。
       （６）貸付
         ファンドは、       1940  年法またはその他の準拠法、その規則、もしくは                         SEC  またはファンドに対する権限
        を有するその他の規制当局が認める範囲内でのみ、他者への貸付を行うことができる。
       （７）不動産
         ファンドは、証券またはその他の証書を保有した結果として取得した場合を除き、不動産に直接投
        資をしてはならない。本制限は、ファンドが（１）不動産の投資、取引を行うか、または不動産取引
                                  31/562


                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
        に従事する企業により発行されるか、もしくは（２）不動産またはその利益により担保または保証さ
        れる証券またはその他の証書への投資を妨げるものではない。
       （８）優先返済証券
         ファンドは、       1940  年法またはその他の準拠法、その規則、もしくは                         SEC  またはファンドに対する権限
        を有するその他の規制当局が認めた場合を除き、優先返済証券へ投資をしてはならない。
       （９）引受
         ファンドが      1933  年法に規定される証券の販売に関する引受会社とみなされる場合を除き、ファンド
        は他の発行者の証券の引受会社としての業務を行うことはできない。
        前述の基本方針の準拠性は、通常証券が購入された時点に評価される。借入れについて                                             1940  年法に別

       段の規定がある場合を除き、割合についての規則は投資の時点で遵守されていれば、後に資産の市場価
       値の変化の結果割合が変動してもかかる規則違反にはならない。全ての基本方針は、該当する規制基準
       に準拠していなければならない。
        これらの方針により、ファンドがバンガードの所有者利益を得ることを妨げられることはない。ファ
       ンドはバンガードの共同所有者として、バンガードの発行する証券を所有し、バンガードに対して貸付
       を行い、バンガードの経費またはその他の金融上の必要資金を分担することができる。
       ファンドのインベスター受益証券の日本における販売

        日本におけるファンドのインベスター受益証券の募集に関しファンドは、日本証券業協会に従い、以
                             （注）
       下の事項を行わないことを保証している。
       （１）ファンドの純資産の              10 ％を超える借入れ。ただし一時的または緊急の目的のための借入れを除
          く。
       （２）バンガードが運営する他のミューチュアル・ファンドとともに、あらゆる発行会社の発行済株式
          総数の   50 ％以上の購入。
       （３）ファンドの純資産の              15 ％以上を非流動証券（受託者会によって設定された手続きに従って市場性
          があると決定された場合を除き、転売が制限された証券を含む。）に投資すること。
       （４）あらゆる場合におけるファンドの純資産価額を超えた証券の空売り。
        かかる投資制限に違反する場合、ファンドは、その判明後速やかに、その違反を終了させるために必

       要な行動を行う。これはファンドの唯一の義務であり、かつかかる違反に関しての唯一の改善手段であ
       る。かかる投資制限は、（１）ファンド証券の日本国内における募集または販売が適する限り、また
       （２）日本証券業協会の外国証券の取引に関する規則において設定されている「外国投資信託受益証券
       の選別基準」によって必要とされる限り、効力を有する。
       （注）インベスター受益証券の募集は                2017  年 11 月 30 日に終了した。インベスター受益証券は                 2019  年５月   24 日をもって、アドミラル
          受益証券に強制転換された。
                                  32/562






                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
     ３【投資リスク】

       （１）主要なリスク
         ファンドへの投資により、短期間にまたは長期間において資金を失う可能性がある。投資者は、
        ファンドの受益証券の価格および総収益が広い幅で振幅することを予期しなければならない。ファン
        ドは、ファンドのパフォーマンスに影響を及ぼしうる以下のようなリスクにさらされている。
         －ファンドは株式市場リスクに服する。株式市場リスクとは、株価が下落する可能性をいう。株式
        市場は、価格上昇期と下降期とが周期的に変動する傾向がある。さらに、ファンドの目標インデック
        スは時に特定の市場セクターの株式に焦点を合わせることがあり、ファンドは、そのセクターにおい
        て、その割合に比例したより高いリスクに服する。
         －ファンドは、サンプリング手法のリスクに服する。サンプリング手法のリスクは、ファンドのた
        めに選別された証券が全体としてファンドの目標インデックスと合致するパフォーマンスを残さない
        こともあるというリスクである。ファンドにおけるサンプリング手法のリスクは低いと思われる。
         リスクに関する詳細な情報については、前記「２　投資方針－（２）投資対象」を参照のこと。
       サイバーセキュリティ・リスク

        事業遂行におけるテクノロジーの利用が増えたことに伴い、ファンドおよびその第三者サービス・プ
       ロバイダー（投資顧問および保管会社を含むが、これらに限られない。）はサイバーセキュリティに関
       するリスクにさらされる。一般に、サイバーセキュリティに関する事件は、デジタル・システムへの違
       法アクセスを得ることを企図した意図的な攻撃の結果発生する。攻撃が成功した場合、権限のない者が
       資産または機密の情報を悪用し、データを破壊し、または営業妨害を引き起こす場合がある。サイバー
       セキュリティに関する事件は、意図せず発生することもある。例えば、権限を有している者が、占有の
       または機密の情報を不注意で漏えいしてしまう場合である。バンガードは、潜在的なサイバーセキュリ
       ティに関する事件を防止するためまたはその影響を軽減するために強固な技術上の安全策および事業継
       続計画を発展させてきた。さらに、バンガードは、ファンドの第三者のサービス・プロバイダーが実施
       する情報セキュリティおよび／またはサイバーセキュリティ・プログラムを評価するプロセスを有して
       おり、これは、潜在的な事件のリスクを最小化するのに役立つ。これらの措置にかかわらず、サイバー
       セキュリティに関する事件は依然として事業運営を妨害する可能性があり、これによりファンドおよ
       び／またはその受益者に悪影響が及ぶおそれがある。サイバーセキュリティに関する事件の結果発生す
       るおそれがある悪影響は例えば、ファンドがその純資産価格（                                NAV  ）の計算ができなくなること、ファン
       ドの受益者が取引を行うことができなくなること、ファンドが、受益者のために取引の処理を行うこと
       ができなくなることまたはファンドが自らのデータまたは受益者の個人情報を安全に保護することがで
       きなくなることを含むが、これらに限られない。
       先物契約の合衆国連邦租税上の取扱い

        ファンドは、米国連邦所得税の目的で、一定の先物契約における未実現純損益は、当該年度に実現し
       た損益と同様、各課税年度において通常認識するべきである。これらの場合、先物契約に関して認識さ
       れた損益は契約の保有期間に関わりなく、長期資本損益の                               60 ％および短期資本損益の             40 ％とみなされ
       る。その他の先物取引（主に非米国先物取引）における損益は、契約が終了するまでは認識されず、契
       約の保有期間に応じて長期または短期として取り扱われる。ファンドが保有する証券の価格変動をヘッ
       ジすることを意図した先物の売却はかかる証券の保有期間に影響する可能性があり、その結果、処分時
       におけるかかる証券の損益の性質にも影響しうる。ファンドが保有する、損失を相殺する関連ポジショ
       ンの未認識収益の範囲において、先物取引のようなあるポジションにおける損失の認識の変更を要求さ
       れる可能性がある。
                                  33/562


                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
        ファンドは、米国連邦所得税の目的で、認識された先物取引におけるキャピタル・ゲイン純額を毎年
       株主に分配する。かかる分配はファンドの他の投資対象の実現キャピタル・ゲインの分配と一括して行
       われ、受益者には分配の性格が知らされる。
       非米国人との通貨取引の合衆国連邦租税上の取扱い

        ファンドの米ドル以外の通貨取引、米ドル以外の通貨建債務および一定の米ドル以外の通貨オプショ
       ン取引、先物契約、先渡契約ならびに同様の金融商品に関する合衆国連邦所得税法上の取扱いは、通
       常、特別のルールが規律している。それに応じて、ファンドがこの種の取引を行う場合、利益または損
       失が米国以外の通貨の価値変動の結果である範囲において経常利益または損失を生じることがある。か
       かる経常利益は、ファンドの受益者への分配を早め、受益者への課税所得分配が増えることがある。ま
       た同様に生じたいかなる経常損失も、一般に、経常所得分配を減少させ、時に、過去の経常所得分配の
       再評価を必要とする場合がある。ファンドが純経常損失を繰越し、翌課税年度以降の実現利益と相殺す
       ることはできない。
        ファンドによって行われるこれらの特別通貨ルールに服しない取引（例えば、一定の優先株式を除く
       外国エクイティ投資証券など）の米国外通貨に関する部分に帰せられる損益は通常、キャピタル・ゲイ
       ンまたはロスとして取り扱われ、基礎となる取引の損益からは区別される。
        ファンドが米国以外の通貨についてヘッジ取引を行う範囲において、ファンドは、ファンドの損益の
       特徴、タイミングまたは額に影響を与えるその他の規則の適用を選択するかまたは求められることがあ
       る。
       非米国投資者の合衆国連邦租税上の考察

        米国の源泉徴収および遺産税は、バンガード・ファンドの非米国投資者による投資に適用される。
       （２）リスクに対する管理体制

         ファンドの投資運用会社であるバンガードは定期的にファンドの投資および取引の状況を検査し、
        ファンドが要求されている規則に服しているかどうかの決定を下す。
         ファンドは、本書に記載のとおり、ヘッジ目的および／またはヘッジ目的以外の目的でデリバティ
        ブを利用している。ファンドは、デリバティブについて、ファンドに適用される                                         UCITS   にかかる     EU 指令
        の準拠に基づくリスク管理方法を採用している。
                                  34/562








                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
     ４【手数料等及び税金】

      （１）【申込手数料】
       （１）海外における申込手数料
         米国における申込手数料は、課されない。
       （２）日本国内における申込手数料
         該当事項なし。
      （２）【買戻し手数料】

       （１）海外における買戻し手数料
         米国における買戻し手数料は、課されない。
       （２）日本国内における買戻し手数料
         日本における買戻し手数料は、課されない。
      （３）【管理報酬等】

        受託者報酬
         バンガード・ファンドすべてについて下記の受託者報酬表に記載された個人が受託者として行為
        し、各ファンドは受託者報酬を比例的に分担して支払う。ファンドは役員も分担して雇用する。ただ
        し、役員の報酬はファンドではなくザ・バンガード・グループ・インクによって支払われる。
         独立受託者
         ファンドは独立受託者（ファンドの役員ではない役員）の報酬を下記３項目に従って支払う。
        ＊　独立受託者は、ファンドへのサービスについて年次報酬を受領する。これは予定された受託者会
          に欠席した場合減額される。
        ＊　独立受託者は、受託者会への出席のための旅費その他の費用の払戻しを受けることができる。
        ＊　退任時、（        65 歳に達し、かつ５年間業務を遂行した後に）に、                          2001  年１月１日以前に業務を開始
          していた独立受託者は別口座に退職給付金を受領する。                             2001  年１月１日現在、各有資格受託者の
          別口座の初期残高は、従前の退職計画に従い各有資格受託者が取得した給付の現在額合計に等し
          いものであった。受託者が最後の配当を受けるまで、各有資格受託者の別口座に毎年                                            7.5  ％の利子
          が振り込まれる。         2001  年１月１日またはそれ以後に業務を開始した独立受託者は、かかる計画に
          参加する資格を有しない。
         「関係」受託者
         バックリー氏が受託者となっているが、かかる受託者としては報酬を受領せず、バンガードの役員
        として報酬を受領する。
         報酬表
         下記の表は各受託者の報酬明細を記載したものである。各受託者についてトラストによる報酬およ
        び退職給付金として支払われる額を記載した。また、表は、各受託者が退職時にバンガード・ファン
        ドの全てから受領すると想定される給付の全額および各受託者がバンガード・ファンドの全てから支
        払いを受ける報酬の全額を示している。
                                  35/562





                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
                   バンガード・インデックス・ファンズ受託者報酬表

                                               受託者に支払われ
                          ファンドの費用の一           2019  年１月１日に
                 ファンドからの                               るバンガード・
                          部として生じる年金           生じた年次退職給
     受託者の氏名
                 報酬総額（１）                               ファンド全ての報
                          退職給付（１）           付金（２）
                                               酬総額（３）
     Ｆ．ウィリアム・マ
                    なし          なし           なし          なし
     クナブⅢ（４）
     モーティマー・Ｊ．
                    なし          なし           なし          なし
     バックリー（５）
     エマソン・Ｕ．フル
                 80,091   米ドル         なし           なし        287,500    米ドル
     ウッド
     エイミー・グートマ
                 80,091   米ドル         なし           なし        287,500    米ドル
     ン
     ジョアン・ヘファー
     ナン・ヘイセン            85,663   米ドル       1,701   米ドル        8,678   米ドル       307,500    米ドル
     （４）
     Ｆ．ジョセフ・ロー
                 85,663   米ドル         なし           なし        307,500    米ドル
     リー
     マーク・ラフリッジ            99,592   米ドル         なし           なし        357,500    米ドル
     スコット・Ｃ．マル
                 80,091   米ドル         なし           なし        280,530    米ドル
     パス
     ディアナ・マリガン
                 80,091   米ドル         なし           なし        287,500    米ドル
     （５）
     アンドレ・Ｆ．ペロ
                 80,091   米ドル         なし           なし        287,500    米ドル
     ルド
     サラ・ブルーム・ラ
                 85,663   米ドル         なし           なし        307,500    米ドル
     スキン（５）
     ピーター・Ｆ．ヴォ
                 85,663   米ドル         なし           なし        307,500    米ドル
     ラナキス
       （１）本表に示される金額は、                2018  年 12 月 31 日に終了したトラストの会計年度に基づくものである。ト
          ラスト傘下の各ファンドは株式数に応じた責任がある。
       （２）各受託者は、バンガード・ファンドの受託者として少なくとも５年間（連続した                                             60 か月）の業務
          を終えて初めて退職給付金を受領する資格を得る。年次退職給付金は、月毎に分割で支払われ、
          受託者退職の翌月から始まり               10 年間の支払（       120  か月の支払）の後終了する。               2001  年１月１日以降
          に業務を開始した受託者は退職給付計画に参加する資格がない。
       （３）本表に記載される金額は、                 2018  年暦年について        212  のバンガード・ファンドの受託者としての業務
          に対して各受託者に支払われる報酬総額を反映する。
       （４）マクナブ氏およびヘイセン氏は、                     2018  年 12 月 31 日付で退任した。
       （５）バックリー氏、マリガン氏およびラスキン氏は、                              2018  年１月１日付でトラストの受託者会メン
          バーとなった。
        管理費用

         2018  年 12 月 31 日現在、ファンドのアドミラル受益証券に対する経費率（ファンドの合計年間運営費
        用の平均純資産額における割合）は、平均純資産額の                            0.04  ％であった。
        （注１）経費率は管理費用（投資顧問費用、会社運営、運用、マーケティングおよび分配業務に関する費用）ならびに投資先
            ファンドの費用・報酬（ファンドが他の投資先ファンドの受益証券の取得を通じて間接的に負担する費用）を含む。
        （注２）投資先ファンドの費用・報酬は米国の法令の下で開示が要求されており、これによって経費率は増加するが、ファンド
            の投資者が直接負担するものではなく、ファンドの純資産価額の算出の際にも考慮されない。
                                  36/562


                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
         バンガードは、修正・再録済ファンド・サービス契約に基づき設立され、運営される。修正・再録
        済ファンド・サービス契約は、各バンガード・ファンドはその純資産価額の最大                                          0.40  ％をバンガード
        に投資するよう要請されうることを定めている。各バンガード・ファンドが出資した金額は、各バン
        ガー  ド・ファンドの相対的純資産価額と当該ファンドのバンガードへの出資の割合的関係を保つため
        に随時調整される。          2018  年 12 月 31 日現在、ファンドは純資産価額の                 0.01  ％を表象する額をバンガード
        に対して出資している。
         ファンドは、       200  を超えるファンドを有するザ・バンガード・グループ・インクのメンバーである。
        ザ・バンガード・グループのすべてのファンド（ファンズ・オブ・ファンズを除く。）は、人事、オ
        フィススペースおよび設備等の管理業務ならびに営業活動に関連する費用を分担して負担する。バン
        ガード・マーケティング・コーポレーション（以下「                            VMC  」という。）は、ファンドにマーケティング
        業務を提供する。各ファンド（ファンド・オブ・ファンズを除く。）またはファンドの各受益証券ク
        ラス（複数の受益証券クラスを有するファンドの場合）は、バンガード・ファンドのマーケティング
        費用の割当分を支払う。             2018  年 12 月 31 日終了年度において、ファンドにより生じたバンガードの費用
        および   VMC  の費用は、ファンドの平均月次純資産価額における割合として示すと、運営業務、管理業務
        および名義書換業務については                0.04  ％、マーケティング業務および販売業務については                           0.01  ％であっ
        た。
         ファンドは、バンガードからの全ての投資顧問サービスをそのエクイティー・インデックス・グ
        ループを通して受け取る。これらのサービスはバンガードが直接雇用する熟練したアドバイザリー・
        スタッフにより提供される。アドバイザリー・スタッフの報酬およびその他の費用はこれらのサービ
        スを利用する複数のファンド間で配分される。                          2018  年 12 月 31 日終了年度において、ファンドは約
        24,218,000      米ドルの投資顧問費用を負担した。
      （４）【その他の手数料等】

       口座管理手数料
        日本においては、各受益者の平均保有残高に年率                         0.648   ％（税抜     0.60  ％）の比率を乗じた口座管理手数
       料が四半期毎に課され後払いされる。各四半期最終日前に一部または全額償還された受益者について
       は、口座管理手数料は当該受益者の保有期間に比例して課され、各償還時に徴収される。四半期毎の徴
       収は、当該四半期中の部分償還について課された口座管理手数料を差し引いて行われる。
        口座管理手数料は、以下の方法で計算され、各受益者から徴収されるものとする。
       １．各暦四半期の最終日に、ファンドにおける受益者の日々の平均口座残高を計算する。この計算は日
         本円で行う。
       ２．かように計算された日々の平均口座残高を基礎として、年間手数料                                     64.8  ベーシス・ポイントのうち
         ４分の１の手数料を計算する（各四半期最終日前に一部または全額償還された受益者については、
         口座管理手数料は当該受益者の保有期間に比例して課され、各償還時に徴収されることに注意され
         たい。四半期毎の徴収は、当該四半期中の部分償還について課された口座管理手数料を差し引いて
         行われる。）。
       ３．販売会社の口座管理手数料の徴収方法については、代行協会員または販売会社にご確認願いたい。
      （５）【課税上の取扱い】

         本書の日付現在、日本の受益者に対する課税については、以下のような取扱いとなる。
       Ⅰ　ファンドが税法上公募外国公社債投資信託である場合
        （１）受益証券は、特定口座を取り扱う金融商品取引業者の特定口座において取り扱うことができ
            る。
        （２）国内における支払の取扱者を通じて支払いを受ける場合、ファンドの分配金は、公募国内公社
            債投資信託の普通分配金と同じ取扱いとなる。
                                  37/562


                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
        （３）国内における支払の取扱者を通じて支払いを受ける場合、日本の個人受益者が支払いを受ける
            ファンドの分配金については、                20.315   ％（所得税      15.315   ％、住民税５％）（          2038  年１月１日以
            後 は 20 ％（所得税      15 ％、住民税５％））の税率による源泉徴収が日本国内で行われる。
            日本の個人受益者は、申告分離課税が適用されるため原則として確定申告をすることになる
            が、確定申告不要を選択することにより、源泉徴収された税額のみで課税関係を終了させるこ
            ともできる。
            確定申告不要を選択しない場合、一定の上場株式等（租税特別措置法に定める上場株式等をい
            う。以下同じ。）の譲渡損失（繰越損失を含む。）との損益通算が可能である。
        （４）日本の法人受益者が支払いを受けるファンドの分配金（表示通貨ベースの償還金額と元本相当
            額との差益を含む。）については、国内における支払の取扱者を通じて支払いを受ける場合、
            所得税のみ      15.315   ％の税率による源泉徴収が日本国内で行われ（一定の公共法人等（所得税法
            別表第一に掲げる内国法人をいう。以下同じ。）または金融機関等を除く。）、一定の場合、
            支払調書が税務署長に提出される（                  2038  年１月１日以後は         15 ％の税率となる。）。
        （５）日本の個人受益者が、受益証券を買戻請求等により譲渡した場合（他のクラスの受益証券に転
            換した場合を含む。）は、上場株式等に係る譲渡益課税の対象とされ、受益証券の譲渡損益
            （譲渡価額から取得価額等を控除した金額（邦貨換算額）をいう。以下同じ。）に対して、源
            泉徴収選択口座において、              20.315   ％（所得税      15.315   ％、住民税５％）（          2038  年１月１日以後は
            20 ％（所得税      15 ％、住民税５％））の税率による源泉徴収が日本国内で行われる。受益証券の
            譲渡損益は申告分離課税の対象となり、税率は源泉徴収税率と同一だが、確定申告不要を選択
            した場合は源泉徴収された税額のみで課税関係は終了する。
            譲渡損益は、一定の他の上場株式等の譲渡損益および一定の上場株式等の配当所得等との損益
            通算が可能である。確定申告を行う場合、一定の譲渡損失の翌年以降３年間の繰越も可能であ
            る。
        （６）日本の個人受益者の場合、ファンドの償還についても譲渡があったものとみなされ、（５）と
            同様の取扱いとなる。
        （７）日本の個人受益者についての分配金ならびに譲渡および買戻しの対価については、一定の場
            合、支払調書が税務署長に提出される。
        （注）日本の受益者は、個人であるか法人であるかにかかわらず、アメリカ合衆国デラウェア州に住所または登記上の営業所も
           しくは恒久的施設を有しない場合、受益証券への投資に対しアメリカ合衆国税務当局により課税されることは一切ない。
       Ⅱ　ファンドが税法上公募外国株式投資信託である場合

        （１）受益証券は、特定口座を取り扱う金融商品取引業者の特定口座において取り扱うことができ
            る。
        （２）国内における支払の取扱者を通じて支払いを受ける場合、ファンドの分配金は、公募国内株式
            投資信託の普通分配金と同じ取扱いとなる。
        （３）国内における支払の取扱者を通じて支払いを受ける場合、日本の個人受益者が支払いを受ける
            ファンドの分配金については、                20.315   ％（所得税      15.315   ％、住民税５％）（          2038  年１月１日以
            後は  20 ％（所得税      15 ％、住民税５％））の税率による源泉徴収が行われる。
            日本の個人受益者は、総合課税または申告分離課税のいずれかを選択して確定申告をすること
            もできるが、確定申告不要を選択することにより、源泉徴収された税額のみで課税関係を終了
            させることもできる。
            申告分離課税を選択した場合、一定の上場株式等の譲渡損失（繰越損失を含む。）との損益通
            算が可能である。
        （４）日本の法人受益者が支払いを受けるファンドの分配金（表示通貨ベースの償還金額と元本相当
            額との差益を含む。）については、国内における支払の取扱者を通じて支払いを受ける場合、
                                  38/562


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            所得税のみ      15.315   ％の税率による源泉徴収が日本国内で行われ（一定の公共法人等を除
            く。）、一定の場合、支払調書が税務署長に提出される（                              2038  年１月１日以後は         15 ％の税率と
            な る。）。
        （５）配当等純投資収益および短期純実現売買益の分配金には、原則として現行                                          10 ％のアメリカ合衆
            国連邦所得税が源泉徴収され、控除後の金額が日本国内において支払われる。長期純実現売買
            益の分配金については、アメリカ合衆国連邦所得税は源泉徴収されず、その全額が日本国内に
            おいて支払われる。連邦所得税源泉徴収額については、外国税額控除の適用が可能である。
        （６）日本の個人受益者が、受益証券を買戻請求等により譲渡した場合（他のクラスの受益証券に転
            換した場合を含む。）は、上場株式等に係る譲渡益課税の対象とされ、受益証券の譲渡損益に
            対して、源泉徴収選択口座において、                    20.315   ％（所得税      15.315   ％、住民税５％）（          2038  年１月
            １日以後は      20 ％（所得税      15 ％、住民税５％））の税率による源泉徴収が行われる。受益証券の
            譲渡損益は申告分離課税の対象となり、税率は源泉徴収税率と同一であるが、確定申告不要を
            選択した場合は源泉徴収された税額のみで課税関係は終了する。
            譲渡損益は、一定の他の上場株式等の譲渡損益および一定の上場株式等の配当所得等との損益
            通算が可能である。確定申告を行う場合、一定の譲渡損失の翌年以降３年間の繰越も可能であ
            る。
        （７）日本の個人受益者の場合、ファンドの償還についても譲渡があったものとみなされ、（６）と
            同様の取扱いとなる。
        （８）日本の個人受益者についての分配金ならびに譲渡および買戻しの対価については、一定の場
            合、支払調書が税務署長に提出される。
        （注）日本の受益者は、個人であるか法人であるかにかかわらず、アメリカ合衆国デラウェア州に住所または登記上の営業所も
           しくは恒久的施設を有しない場合、受益証券への投資に対しアメリカ合衆国デラウェア州税務当局により課税されること
           は一切ない。
       Ⅲ　本書の日付現在では、ファンドは、税法上、公募外国株式投資信託として取り扱われる。ただし、
        将来における税務当局の判断によりこれと異なる取扱いがなされる可能性もある。
       Ⅳ　税制等の変更により上記ⅠないしⅢに記載されている取扱いは変更されることがある。税金の取扱
        いの詳細については、税務専門家等に確認することを推奨する。
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     ５【運用状況】

      （１）【投資状況】
     資産別および地域別の投資状況
     （全受益証券クラス）                                        （ 2019  年４月末日現在）
                                                    （注２）
                                    時価合計
                                               投資比率
          資産の種類               国名
                                    （米ドル）
                                                  （％）
          普通株式              米国         800,082,151,303                   99.44
                 小計                 800,082,151,303                   99.44
          現金・預金およびその他の資産
                                   4,528,656,105                  0.56
              （負債控除後）
                 合計                 804,610,807,407                  100.00
              （純資産総額）                    （ 89,995,719      百万円）
       （注１）    2019  年４月末日現在、アドミラル受益証券の純資産総額は                      222,973,266,889.34        米ドルである。
       （注２）投資比率とは、ファンドの純資産総額に対する当該資産の時価の比率をいう。以下同じ。
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      （２）【投資資産】

       ① 【投資有価証券の主要銘柄】（上位                  30 銘柄）
     （アドミラル受益証券）                                        （ 2019  年４月末日現在）
                                                       投資
                                    取得金額（米ドル）           時価（米ドル）
     順位       銘柄       国名     業種      株数                        比率
                                   単価     金額     単価     金額
                                                       （％）
        Microsoft   Corp.
     １ .             米国   情報技術        208,852,399     49.22    10,279,869,264      130.60    27,276,123,309       3.39
        Apple  Inc.
     ２ .             米国   情報技術        115,539,753     74.17    8,569,453,566      200.67    23,185,362,235       2.88
        Amazon.com    Inc.
     ３ .             米国   一般消費財・サービス        11,367,990     575.75     6,545,125,247     1,926.52     21,900,660,095       2.72
        Facebook   Inc.  Class  A
     ４ .             米国   情報技術        64,951,041     87.13    5,658,981,010      193.40    12,561,531,329       1.56
        Berkshire   Hathaway   Inc.  Class  B
     ５ .             米国   金融        51,674,730     134.22     6,935,930,653      216.71    11,198,430,738       1.39
        JPMorgan   Chase  & Co.
     ６ .             米国   金融        89,848,950     57.42    5,159,517,718      116.05    10,426,970,648       1.30
        Johnson   & Johnson
     ７ .             米国   ヘルスケア        72,505,803     90.10    6,532,640,448      141.20    10,237,819,384       1.27
        Alphabet   Inc.  Class  A
     ８ .             米国   情報技術        8,152,308    579.99     4,728,275,462     1,198.96     9,774,291,200      1.21
        Alphabet   Inc.  Class  C
     ９ .             米国   情報技術        8,084,263    568.33     4,594,523,803     1,188.48     9,607,984,890      1.19
        Exxon  Mobil  Corp.
     10.              米国   エネルギー        115,260,633     77.65    8,950,186,999      80.28    9,253,123,617      1.15
     11.  Visa  Inc.  Class  A      米国   情報技術        47,639,806     49.80    2,372,371,968      164.43    7,833,413,301      0.97
     12.  Procter   & Gamble  Co.      米国   生活必需品        68,092,492     73.37    4,995,747,994      106.48    7,250,488,548      0.90
        Bank  of America   Corp.
     13.              米国   金融        237,017,560     19.40    4,598,452,480      30.58    7,247,996,985      0.90
     14.  Cisco  Systems   Inc.       米国   情報技術        119,905,678     25.99    3,116,400,318      55.95    6,708,722,684      0.83
        Verizon   Communications     Inc.
     15.              米国   情報技術        112,489,370     45.67    5,137,622,079      57.19    6,433,267,070      0.80
        Pfizer  Inc.
     16.              米国   ヘルスケア        157,441,369     28.80    4,533,573,775      40.61    6,393,693,995      0.79
        Walt  Disney  Co.
     17.              米国   情報技術        46,580,662     67.61    3,149,269,974      136.97    6,380,153,323      0.79
        Mastercard    Inc.  Class  A
     18.              米国   情報技術        24,850,748     65.36    1,624,303,901      254.24    6,318,054,172      0.79
     19.  Home  Depot  Inc.        米国   一般消費財・サービス        30,747,678     77.56    2,384,937,042      203.70    6,263,302,009      0.78
        Intel  Corp.
     20.              米国   情報技術        122,433,777     29.44    3,604,222,543      51.04    6,249,019,978      0.78
        Chevron   Corp.
     21.              米国   エネルギー        52,020,694     96.23    5,005,818,468      120.06    6,245,604,522      0.78
        AT&T  Inc.
     22.              米国   情報技術        199,241,705     32.37    6,449,569,800      30.96    6,168,523,187      0.77
        UnitedHealth    Group  Inc.
     23.              米国   ヘルスケア        25,194,800     95.24    2,399,599,805      233.07    5,872,152,036      0.73
        Merck  & Co. Inc.
     24.              米国   ヘルスケア        70,802,473     50.85    3,600,640,851      78.71    5,572,862,650      0.69
        Boeing  Co.
     25.              米国   資本財・サービス        14,617,165     118.73     1,735,533,546      377.69    5,520,757,049      0.69
     26.  Wells  Fargo  & Co.       米国   金融        112,276,726     39.35    4,417,540,415      48.41    5,435,316,306      0.68
        Comcast   Corp.  Class  A
     27.              米国   情報技術        123,008,053     21.01    2,583,933,665      43.53    5,354,540,547      0.67
        Coca-Cola   Co.
     28.              米国   生活必需品        104,254,263     36.62    3,817,294,406      49.06    5,114,714,143      0.64
     29.  PepsiCo   Inc.         米国   生活必需品        38,219,094     82.36    3,147,599,711      128.05    4,893,954,987      0.61
        Citigroup   Inc.
     30.              米国   金融        66,516,873     45.71    3,040,520,785      70.70    4,702,742,921      0.58
       ② 【投資不動産物件】

         該当なし（      2019  年４月末日現在）。
       ③ 【その他投資資産の主要なもの】

         該当なし（      2019  年４月末日現在）。
                                  41/562






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      （３）【運用実績】

       ① 【純資産の推移】
         下記会計年度末および            2018  年５月から      2019  年４月までの期間における各月末の純資産の推移は次の
        とおりである。
     （アドミラル受益証券）

                            純資産総額               １口当りの純資産価格
                        百万米ドル          百万円         米ドル          円
         第 25 会計年度末
                        151,612        16,957,802           56.08          6,273
        （ 2016  年 12 月 31 日）
         第 26 会計年度末
                        190,099        21,262,573           66.72          7,463
        （ 2017  年 12 月 31 日）
         第 27 会計年度末
                        185,102        20,703,659           62.09          6,945
        （ 2018  年 12 月 31 日）
            2018  年５月          197,084        22,043,845           68.17          7,625
               ６月         199,004        22,258,597           68.34          7,644
               ７月         206,115        23,053,963           70.63          7,900
               ８月         213,705        23,902,904           73.07          8,173
               ９月         214,061        23,942,723           72.84          8,147
               10 月        199,057        22,264,525           67.45          7,544
               11 月        203,889        22,804,985           68.85          7,701
               12 月        185,102        20,703,659           62.09          6,945
            2019  年１月          202,154        22,610,925           67.43          7,542
               ２月         209,797        23,465,794           69.80          7,807
               ３月         213,565        23,887,245           70.43          7,878
               ４月         222,973        24,939,530           73.23          8,191
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       ② 【分配の推移】

         下記会計年度における１口当り分配金の額および                          2018  年５月から      2019  年４月までの期間における各
        月の１口当り分配金の額は次のとおりである。
     （アドミラル受益証券）

                                          配当総額
                                    米ドル              円
        第 25 会計年度     (16  ／１／１－      16 ／ 12 ／ 31)          1.078            120.574
        第 26 会計年度     (17  ／１／１－      17 ／ 12 ／ 31)          1.141            127.621
        第 27 会計年度     (18  ／１／１－      18 ／ 12 ／ 31)          1.263            141.267
               2018  年５月                     －             －
                   ６月                  0.294             32.884
                   ７月                    －             －
                   ８月                    －             －
                   ９月                  0.348             38.924
                   10 月                  －             －
                   11 月                  －             －
                   12 月                 0.346             38.700
               2019  年１月                     －             －
                   ２月                    －             －
                   ３月                  0.374             41.832
                   ４月                    －             －
                                  43/562











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                                                 有価証券報告書（外国投資信託受益証券）
       ③ 【収益率の推移】

     （アドミラル受益証券）
                 期間                  収益率（％）
       第 25 会計年度（      16 ／１／１－      16 ／ 12 ／ 31 ）          12.54
       第 26 会計年度（      17 ／１／１－      17 ／ 12 ／ 31 ）          21.01
       第 27 会計年度（      18 ／１／１－      18 ／ 12 ／ 31 ）         － 5.05
        （注）収益率（％）＝         100  ×（ａ－ｂ）／ｂ
               ａ＝会計年度末の１口当り純資産価格＋当該会計年度の分配金の合計額
               ｂ＝当該会計年度の直前の会計年度末の１口当り純資産価格（分配落の額）
       ④ 【その他】

        （ⅰ）トータル・リターン
          トータル・リターンは、過去の運用実績を表すものであって、将来の実績を保証するものではな
         い。受益証券価格、リターンは大きく変動することに留意しなければならない。投資者の保有する
         株式は、償還された時、取得時の価格より高くまたは低くなることがある。年次平均リターンは受
         益証券価格の変動、分配およびキャピタル・ゲインの再投資を含む。ただし、リターンには受益者
         がファンドの分配金またはファンドの受益証券の買戻しに関して支払う税金は反映されていない。
     （アドミラル受益証券）                                        （ 2019  年４月末日現在）
                                                      *
      過去１か月         過去１年         過去３年         過去５年         過去  10 年
                                                   設定来
       3.98  ％      18.58   ％      14.75   ％      11.18   ％      15.34   ％      6.87  ％
         ＊ 設定日は、     2000  年 11 月 13 日である。
        （ⅱ）年次運用実績

     （アドミラル受益証券）
               キャピタル・リターン               インカム・リターン               トータル・リターン
         年
                   （％）               （％）               （％）
        2018           － 6.94               1.77             － 5.17
        2017            18.97               2.20              21.17
        2016            10.42               2.24              12.66
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                                                           EDINET提出書類
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                                                 有価証券報告書（外国投資信託受益証券）
        （ⅲ）月次運用実績

     （アドミラル受益証券）
            トータル・             トータル・             トータル・             トータル・
           リターン（％）             リターン（％）             リターン（％）             リターン（％）
     2016  年５月       1.77    2017  年２月       3.71    2017  年 11 月     3.04    2018  年８月       3.45
     2016  年６月       0.25    2017  年３月       0.08    2017  年 12 月     1.01    2018  年９月       0.16
     2016  年７月       3.95    2017  年４月       1.05    2018  年１月       5.32    2018  年 10 月    － 7.40
     2016  年８月       0.28    2017  年５月       1.02    2018  年２月      － 3.71    2018  年 11 月     2.08
     2016  年９月       0.15    2017  年６月       0.93    2018  年３月      － 1.98    2018  年 12 月    － 9.30
     2016  年 10 月    － 2.21    2017  年７月       1.87    2018  年４月       0.38    2019  年１月       8.60
     2016  年 11 月     4.45    2017  年８月       0.16    2018  年５月       2.82    2019  年２月       3.51
     2016  年 12 月     1.93    2017  年９月       2.46    2018  年６月       0.67    2019  年３月       1.45
     2017  年１月       1.93    2017  年 10 月     2.17    2018  年７月       3.35    2019  年４月       3.98
        （ⅳ）ポートフォリオの内容（                2019  年４月末日現在）

         （全受益証券クラス）
           ファンドアセットアロケーション
                短期準備金                   0 ％
                  株式                100  ％
        株式の特徴
         組入れ銘柄数                                      3,607
         メジアン・マーケット・キャピタリゼーショ
                                           760  億米ドル
         ン
         PER  （株価収益率）                                   20.5  倍
         PBR  （株価純資産倍率）                                    3.1  倍
         ROE  （株主資本利益率）                                   15.6  ％
         利益成長率                                      9.1  ％
         米国以外の保有率                                     0.01  ％
         回転率（年）（        2018  年 12 月末現在）                         3.4  ％
         現金等比率                                       0 ％
                                  45/562







                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
        （ⅴ）歴史的変動率（米ドルベース実績値）（                        2019  年４月末日現在）

     （アドミラル受益証券）
                 参考指数                   Ｒスクウェア              ベータ
     スプライスト・トータル・ストック・マーケット・
                                           1.00            1.00
     インデックス
     ダウ・ジョーンズ米国トータル・ストック・
                                           1.00            1.00
     マーケット・インデックス
         （注１）Ｒスクウェアおよびベータは、ベンチマーク・インデックス（スプライスト･トータル・ストック・マーケット・イ
             ンデックス）および市場全体のインデックス（ダウ・ジョーンズ米国トータル・ストック・マーケット・インデッ
             クス）に相関するファンドのリターンを                 36 か月間遡ることにより算出されている。スプライスト・トータル・ス
             トック・マーケット・インデックスは、                 2005  年４月   22 日までダウ・ジョーンズ米国トータル・ストック・マーケッ
             ト・インデックス（旧名称ダウ・ジョーンズ・ウィルシャー                          5000  インデックス）に、その後           2013  年６月２日まで
             MSCI  US ブロード・マーケット・インデックスに、その後は                     CRSP  US トータル・マーケット・インデックスに連動し
             ている。
         （注２）「Ｒスクウェア」とは、一般的にファンドの過去のリターンが市場からのリターンによってどの程度説明できるか
             の指標であり、ベンチマーク・インデックスまたは市場全体のインデックスによって計測される。ファンドのトー
             タル・リターンがインデックスのリターンと正確に一致している場合、Ｒスクウェアは                                    1.00  となる。ファンドのリ
             ターンがインデックスのリターンと無関係である場合、Ｒスクウェアは０となる。
         （注３）「ベータ」とは、ベンチマーク・インデックスおよび市場全体のインデックスの変動に関連するファンドの過去の
             受益証券価格の変動の規模を計測する指標である。各インデックスはベータ                                1.00  を付与される。インデックスが
             10 ％上昇または下降した場合、従前のインデックスと比較すると、ベータ                              1.20  であるファンドは、受益証券価格が
             12 ％上昇または下降したことになる。しかし、ファンドのベータはＲスクウェアと関連して精査されなくてはなら
             ない。Ｒスクウェアが低下すると、ファンドとベンチマークの相関関係は弱まり、ベータの変動の指標としての信
             頼性はより低くなる。
      （４）【販売及び買戻しの実績】

        各会計年度末現在の販売および買戻しの実績および各会計年度末現在の発行済口数は次のとおりであ
       る。
     （アドミラル受益証券）

                   販売口数             買戻し口数             発行済口数

                        本邦内におけ             本邦内におけ             本邦内におけ
                   （千口）             （千口）             （千口）
                        る販売口数             る買戻し口数             る発行済口数
        第 25 会計年度
                    489,149          0    273,567          0   2,703,472           0
     （ 16 ／１／１－     16 ／ 12 ／ 31 ）
        第 26 会計年度
                    486,970          0    341,277          0   2,849,166           0
     （ 17 ／１／１－     17 ／ 12 ／ 31 ）
        第 27 会計年度
                    480,085          0    348,197          0   2,981,054           0
     （ 18 ／１／１－     18 ／ 12 ／ 31 ）
                                  46/562






                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
     第２【管理及び運営】

     １【申込（販売）手続等】

      ａ．米国における申込手続等
        投資者は、取引日に純資産価格において受益証券を購入する。全てのバンガード・ファンドについ
       て、買付請求がニューヨーク証券取引所の取引終了（通常は米国東部標準時間の午後４時）前に受領さ
       れた場合には、同日を取引日として受領されるものとし、それ以後に受領された買付請求は、受領日の
       翌営業日を取引日として受領されるものとする。
      ｂ．日本における申込手続等
        該当事項なし。
     ２【買戻し手続等】

      ａ．米国における買戻し手続等
        投資者は以下の３つの方法のいずれかによって、そのファンドの口座からの受益証券の買戻しを請求
       することができる。すなわち、オンライン、電話または郵便である。受益証券は、バンガードが、状況
       により必要とされる特別な文書作成を含めて買戻請求を受領した後、新たに決定されるファンドの純資
       産価格で買戻される。ニューヨーク証券取引所の普通取引終了（通常は米国東部標準時間の午後４時）
       前に適切に受領された場合には、受益証券は同日の純資産価格で買戻される。同日が取引日とされる。
       買戻しに関してファンドの手数料は課されない。ファンドが保有する証券の市場価格によって、買戻金
       額は取得価格より多くなることも少なくなることもある。
      ｂ．日本における買戻し手続き等
        日本における受益者は、いつでも受益証券の買戻しを請求することが出来る。
        日本における買戻しは、ファンド営業日（ニューヨーク証券取引所の開かれる日）でかつ日本におけ
       る販売取扱会社の営業日（日本における国民の休日の前日を除く。）に販売取扱会社に対して行うこと
       ができる。販売取扱会社はかかる買戻請求をザ・バンガード・グループ・インクに送付する。買戻しの
       最小単位は１口である。
        日本における受益者が受領する価格は、ファンドが販売取扱会社から買戻し請求を受領した後に初め
       て計算される純資産価格である。当該価格の支払いは、「外国証券取引口座約款」の定めに従って販売
       取扱会社を通じて日本円でなされる。販売取扱会社が同意する場合には米ドルで支払われる。買戻代金
       の支払は、約定日を含めて起算して日本における販売取扱会社の４営業日目に行われる。
        口座管理手数料について、販売会社は口座管理手数料が徴収されるファンドの受益証券を買い戻す権
       利を有する。受益証券の買戻しの手続きの詳細については、各販売会社にお問い合わせ願いたい。
      ｃ．買戻しの停止
        ファンドは、最大で７暦日、買戻し金の支払いを延期することができる。さらに、ファンドは、                                                   ①
       ニューヨーク証券取引所が閉鎖されている期間または証券取引所での取引が                                       SEC  の決定により制限されて
       いる期間、      ②SEC   により定義される緊急事態が存在し、その結果ファンドがその保有する証券を処分する
       ことまたはその資産価値を公正に決定することを合理的に実行できない期間、または                                            ③SEC   が認めるその
       他の期間、買戻しの停止および／または買戻し金の支払いの延期を７暦日を超えて行うことができる。
        トラストは、いずれの登録受益者に関しても、当該受益者により請求されたすべての買戻しにつき、
       いずれか     90 日間の期間において          250,000    米ドルまたは当該期間の期首におけるファンドの純資産の１％の
       いずれか少ない額を上限金額として現金で支払う旨の申告を                               SEC  に対して行っている。
        クローズド期間、大口解約等の制限はない。
     ３【資産管理等の概要】

      （１）【資産の評価】
                                  47/562

                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
        受益証券の価格、すなわち「純資産価格」または「                          NAV  」は、ニューヨーク証券取引所の通常取引終了
       時、通常米国東部標準時間時午後４時に各営業日に計算される。各受益証券クラスは個有の純資産価格
       を 有しており、各受益証券クラスに配分された純資産を各クラスの発行済ファンド受益証券口数で除
       し、負債の額を差し引くことにより計算される。純資産価格はニューヨーク証券取引所が閉鎖する米国
       の休日またはその他の日については計算されず、ファンドは受益証券の販売または買戻しを行わない。
       ただし、ファンドが当該日において価値が変動する有価証券（当該日が取引日である米国外の市場にお
       いて取引される非米国証券等）を保有する限り、当該日においても、ファンド資産の価値が影響を受け
       ることがある。
        バンガード・ファンドにより保有される株式は、信頼のおける相場価格が、当該株式が取引されてい
       る主要な取引所または市場から容易に利用できる場合、「時価」によって評価される。当該有価証券
       は、通常、公式終値、最終報告売値で評価されるか、当該日に売買がなかった場合は、最終買呼値と売
       呼値の中間値で評価される。市場相場が容易に利用できないか、または正確に証券の価値を反映できな
       いとファンドが判断した場合、株式は公正価格（その所有者が現時点で当該証券を売却した場合に受領
       すると合理的に予想される金額）により値付けされる。ファンドによって保有される非米国証券は、独
       立した第三者機関より取得したニューヨーク証券取引所の通常取引終了時の為替レートを使用して米ド
       ルに換算される。インスティチューショナル・マネー・マーケット・ファンド受益証券を含む、ファン
       ドにより保有されているいずれのミューチュアル・ファンドの受益証券の価額についても、受益証券の
       純資産価格を基準とする。ファンドが保有する                        ETF  受益証券またはクローズド・エンド型ファンドの受益
       証券の価額は、受益証券の市場価額を基準とする。
        ファンドによる価格設定時の前であるが、当該証券が売買される主要取引所または市場の終了後に発
       生する事由によってファンドが保有する証券の価格が大きく影響された場合も、ファンドは適正価値で
       の価格設定を採用する。このようなことは、ファンドによる価格設定時前の長時間閉じられている非米
       国取引所で売買される非米国証券には通常よく発生する。障害事由は、企業固有のもの（例えば、収益
       報告、合併発表）、当該国固有のものまたはグローバルなもの（例えば、自然災害、経済政治ニュー
       ス、テロ事件、金利変更）でありうる。障害事由には、特定のしきい値を超えるかその他非米国証券の
       価格に影響するとされる米国市場の価格動向も含まれる。
        稀ではあるが、適正価値による価格設定は、例えば、（１）証券の取引が停止され、ファンドによる
       価格設定時前に再開されない場合、または一日の途上で証券が売買されていない場合、および（２）あ
       る証券の価格が        NAV  に影響しうるような証券をファンドが十分に保有している場合は、米国内証券につい
       ても採用されることがある。
        適正価値による価格は、受託者会によって採択された手続きに従いバンガードが決定する。適正価値
       での価格設定が採用される場合、ファンドが                       NAV  を算出するために採用する証券価格は、当該証券の相場
       価格または公表価格とは異なることがある。
      （２）【受益証券の転換】
        日本においては、受益証券をトラストの他のクラスまたはシリーズの証券に転換することができな
       い。
      （３）【保管】
        保管の必要を省くため、ファンドは受益証券について券面を発行しない。
      （４）【信託期間】
        契約および信託宣言中で規定される方式により終了されない限り、トラストは期限の定めなく存続す
       る。
      （５）【計算期間】
        ファンドの決算期は毎年             12 月 31 日である。
      （６）【その他】
       （１）解散
                                  48/562


                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
         受益者への      60 日前の事前の書面による通知によって受託者会はいつでもトラストを終了させること
        ができる。いずれのシリーズもそのシリーズの受益者への                              60 日前の事前の書面による通知によって受
        託 者会はいつでも当該シリーズを終了させることができる。
       （２）関係法人との契約の更改等に関する手続
        ⅰ 　契約および信託宣言
          契約および信託宣言の原本または写しは、トラストの事務所に保管され受益者の閲覧に供され
         る。契約および信託宣言の写しは、アメリカ合衆国において                               SEC  に届け出られる。契約および信託宣
         言は、現職の受託者の過半数が署名をした文書により再録および／または修正をすることができ
         る。かかる再録および／または修正は文書の作成および承認により直ちに効力を生ずる。トラスト
         の証明書は同様の手続により再録および／または修正されるが、かかる再録および／または修正は
         デラウエア州の州務長官事務所への届出後直ちに、または証明書に規定される将来の日付において
         効力を生じる。
          日本においては、契約および信託宣言の重要な変更は、公告するか日本の受益者に通知される。
        ⅱ 　代行協会員契約
          代行協会員契約は、他の契約当事者に対し、３か月前の書面による終了通知をなすことにより終
         了できる。同契約は日本の法律に準拠し、それに従い解釈される。
        ⅲ 　受益証券販売・買戻契約
          受益証券販売・買戻契約は、一方の当事者が他の当事者に対し、書面による通知を３ヶ月前にな
         すことにより解約できる。同契約は、日本国の法律に準拠し、同法により解釈されるものとする。
         本契約に基づき提起される補償およびその他の訴訟は、東京地方裁判所が管轄を有するものとし、
         ザ・バンガード・グループ・インクは、かかる東京地方裁判所の管轄に服する。
        ⅳ 　包括保管契約
          包括保管契約は、相手方当事者に、契約終了の                        60 日以上前に、書面による通知を交付または送付
         することにより、包括保管契約を終了することができる。
          同契約は、ニューヨーク州の法律に準拠し、同法に従い解釈されるものとする。
        ⅴ 　ファンド・サービス契約
          ファンド・サービス契約第５修正契約（随時修正済）は、すべての当事者の相互の合意によって
         終了または修正されるまで、すべての当事者に関して十分な効力を維持するものとする。ファンド
         の構成ファンドは、本契約の各当事者に少なくとも                           90 日の書面の予告をして、いずれかの月の最終
         日に本契約から撤退することを選択することができる。
     ４【受益者の権利等】

      （１）【受益者の権利等】
        日本の受益者は、通常、その受益権を直接行使するためには、受益証券名義人としてその名義を登録
       しなければならない。したがって、販売取扱会社に受益証券の保管を委託している日本の受益者は、受
       益証券を販売取扱会社の名義で登録しているため、直接受益権を行使することは出来ない。日本の受益
       者は販売取扱会社との間の約定に基づき販売取扱会社をして受益権を自己のために行使させることがで
       きる。
        受益証券の保管を販売取扱会社に委託しない日本の受益者は、自己の責任において権利行使を行う。
        受益者の有する主な権利は次のとおりである。
       ①　議決権
         受益者は、①受益権の権限および優先性に重大な不利益を及ぼす契約および信託宣言の変更に関わ
        る事項の場合、②受託者が受益者に議決権を与えることが必要または望ましいと決定した場合、③統
        合または合併、証券の転換、証券の交換、資産の売却が提案された場合および取引を承認するために
        1940  年法により受益者の議決が要求されている場合、④                           1940  年法の下で議決権が要求されている場
                                  49/562


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        合、には議決権が与えられる。                1940  年法は、ファンドの純資産の               10 ％以上を代表する受益者の書面に
        よる請求にしたがって受託者を選任解任する場合、ファンドの基本的方針を変更する場合および何ら
        か の統合を行う場合を含む様々な状況の下で、受益者の議決を要求している。法律上の要求がない限
        り、ファンドの受益者は、基準日に保有される純資産価額の１米ドルにつき１議決権を与えられ、基
        準日に保有される純資産価額の１米ドルの端数につき端数議決権を与えられる。しかし、特定の事項
        に影響を受けるファンドまたはクラスの受益権は、当該事項について議決権を与えられる。さらに、
        各クラスは、受益者に提示される事項のうち当該クラスのみに関わる事項に関しては絶対的議決権を
        有し、当該クラスが他のクラスとは異なる利害関係をもつ事項に関しては独立した議決権を有する。
        累積投票はできず、株主の過半数による議決のない限り修正できない。
       ②　買戻請求権
         受益者は受益権を純資産価額で買い戻すことを請求する権利を有する。
       ③　配当金請求権
         ファンドの受益者は、ファンドが各クラスについて宣言する配当またはその他の分配金を受領する
        権利を有する。配当に関しては、ファンドの他の受益権に優先権を有する受益権は存在しない。配当
        はファンドの資産からなされ、基準日に受益者が保有するクラスの受益権数にしたがって特定のクラ
        スの受益者のすべてに比例的に支払われる。１口当りの所得の分配は、クラス別の純資産価格および
        多角的クラス・プランに基づく費用の割当て方によって同じファンドの独立クラス間で異なることが
        ある。
       ④　残余財産分配請求権
         ファンドの解散の場合、受益者は持株数に応じた額をファンドの純資産額から受領する権利を有す
        る。受益証券のクラスが精算される場合、かかるクラスの受益者は、持株数に応じた額をかかるクラ
        スに配分されるファンドの純資産額から受領する権利を有する。受益者は、現金、証券またはその組
        み合わせにより受領することができる。
       ⑤　会計帳簿等閲覧請求権
         受益者は、信託宣言の閲覧権、裁判所の決定に応じた会計帳簿閲覧権、および受益者集会の議事録
        の閲覧権を有する。
       ⑥　受益権を譲渡する権利
         受益権は、法律による制限を除いて、譲渡制限はなく、日本において日本の投資者に自由に譲渡す
        ることが出来る。
      （２）【為替管理上の取扱い】
        日本の受益者に対する受益証券の分配金、買戻代金等の送金に関して、アメリカ合衆国における外国
       為替管理上の制限はない。
      （３）【本邦における代理人】
        森・濱田松本法律事務所　東京都千代田区丸の内二丁目６番１号　丸の内パークビルディング
        上記法律事務所は、日本においてファンドを代表しそのために行動する真実かつ法律上の代理人であ
       り、以下の行為を委任されている。
        ①　法律上および日本証券業協会の規則上の問題について一切の通信、請求、訴状その他の訴訟関係
          書類を受領すること、
        ②　日本におけるファンドの受益証券の募集、販売および買戻しの取引に関する一切の紛争、見解の
          相違に関する一切の裁判上、裁判外の行為を行うこと、
          日本国財務省関東財務局長に対する募集、継続開示等に関する届出ならびに金融庁長官に対する
          届出に関する代理人は、
             弁護士　三浦　健
             森・濱田松本法律事務所　
             東京都千代田区丸の内二丁目６番１号　丸の内パークビルディング
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          である。
      （４）【裁判管轄等】
        日本の投資者が取得したファンド証券の取引に関連する訴訟の裁判管轄権は下記の裁判所が有するこ
       とをファンドは承認している。
        東京地方裁判所　東京都千代田区霞が関一丁目１番４号
        確定した判決の執行手続は、関連する法域の適用法律に従って行われる。
                                  51/562


















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     第３【ファンドの経理状況】

     １【財務諸表】

      ａ．ファンドの直近２会計年度の日本文の財務書類は、米国における諸法令及び一般に公正妥当と認めら
        れる会計原則に準拠して作成された原文の監査済財務書類を翻訳したものである（ただし円換算部分
        を除く。）。これは、「特定有価証券の内容等の開示に関する内閣府令」（平成５年大蔵省令第                                                   22
        号）に基づき、「財務諸表等の用語、様式及び作成方法に関する規則」（昭和                                         38 年大蔵省令第       59 号）
        第 131  条第５項ただし書きの規定の適用を受けている。
         ファンドの原文の財務書類は、外国監査法人等（公認会計士法（昭和                                    23 年法律第     103  号）第１条の３

        第７項に規定する外国監査法人等をいう。）であるプライスウォーターハウスクーパース　エルエル
        ピーから監査証明に相当すると認められる証明を受けており、当該監査証明に相当すると認められる
        証明に係る監査報告書に相当するもの（訳文を含む。）が当該財務書類に添付されている。
      ｂ．ファンドの原文の財務書類は米ドルで表示されている。日本文の財務書類には、主要な金額について

        円換算額が併記されている。日本円による金額は、                           2019  年４月   26 日現在における株式会社三菱ＵＦＪ
        銀行の対顧客電信売買相場の仲値（１米ドル＝                        111.85   円）で換算されている。なお、百万円未満の金
        額は四捨五入されている。日本円に換算された金額は、四捨五入のため合計欄の数値が総数と一致し
        ない場合がある。
                                  52/562












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      （１）【貸借対照表】

     トータル・ストック・マーケット・インデックス・ファンド

     財務書類
     純資産計算書

     2018  年 12 月 31 日現在
     当ファンドは、各計算期間に４回、四半期末現在の投資有価証券を網羅した表を規制当局に報告して

     いる。第２四半期および第４四半期では、当ファンドが保有する投資有価証券を網羅した表は
     vanguard.com       および米国証券取引委員会のウェブサイト（                        sec.gov    ）でコンピュータ上入手可能で、
     800-662-7447       に電話して無料で郵送してもらうこともできる（訳注：日本の受益者については、適用
     されない。）。第１四半期および第３四半期では、当ファンドはこの表を様式                                         N-Q  により    SEC  に提出し
     ている。受益者は当ファンドの様式                  N-Q  を SEC  のウェブサイトで検索することができる。
                                                         •

                                                    市場価格
                                              株数     ( 千米ドル     )
              1
     普通株式     (99.4   ％ )
     素材   (2.4  ％ )
        DowDuPont      Inc.
                                          61,298,118         3,278,223
        Linde   plc
                                          14,721,784         2,297,187
        Ecolab    Inc.
                                           6,944,048         1,023,205
        Air  Products     & Chemicals      Inc.
                                           5,864,451          938,605
        LyondellBasell         Industries      NV  Class   A
                                           8,200,223          681,931
        PPG  Industries      Inc.
                                           6,409,288          655,222
        Newmont     Mining    Corp.
                                          14,232,898          493,170
        International        Paper   Co.
                                          10,824,039          436,858
        Nucor   Corp.
                                           8,387,958          434,580
        International        Flavors     & Fragrances      Inc.
                                           2,849,172          382,558
        Freeport-McMoRan          Inc.
                                          36,741,874          378,809
        Celanese     Corp.   Class   A
                                           3,567,741          320,990
        Mosaic    Co.
                                           9,237,661          269,832
        CF  Industries      Holdings     Inc.
                                           6,145,506          267,391
        FMC  Corp.
                                           3,586,719          265,274
        Eastman     Chemical     Co.
                                           3,351,873          245,055
        Albemarle      Corp.
                                           2,829,069          218,036
        Avery   Dennison     Corp.
                                           2,311,806          207,670
        RPM  International        Inc.
                                           3,531,561          207,585
        Steel   Dynamics     Inc.
                                           5,816,449          174,726
        Royal   Gold   Inc.
                                           1,747,958          149,713
     *
        Axalta    Coating     Systems     Ltd.
                                           5,739,583          134,421
     *
        Alcoa   Corp.
                                           4,967,764          132,043
        Chemours     Co.
                                           4,556,845          128,594
        Reliance     Steel   & Aluminum     Co.
                                           1,791,293          127,486
        Ashland     Global    Holdings     Inc.
                                           1,659,711          117,773
        WR  Grace   & Co.
                                           1,778,425          115,438
        Huntsman     Corp.
                                           5,442,880          104,993
        NewMarket      Corp.
                                            227,548         93,770
                                  53/562


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     *
        Ingevity     Corp.
                                           1,118,268          93,588
        Olin   Corp.
                                           4,434,033          89,168
        United    States    Steel   Corp.
                                           4,697,466          85,682
        Versum    Materials      Inc.
                                           2,908,154          80,614
        Peabody     Energy    Corp.
                                           2,373,351          72,340
        Westlake     Chemical     Corp.
                                           1,035,050          68,489
        Balchem     Corp.
                                            835,018         65,424
        Scotts    Miracle-Gro       Co.
                                           1,033,027          63,490
        Sensient     Technologies       Corp.
                                           1,123,438          62,744
        Cabot   Corp.
                                           1,442,065          61,922
     *
        Cleveland-Cliffs          Inc.
                                           7,969,060          61,282
        PolyOne     Corp.
                                           2,106,964          60,259
     *
        Platform     Specialty      Products     Corp.
                                           5,771,478          59,619
        Domtar    Corp.
                                           1,686,688          59,253
        Quaker    Chemical     Corp.
                                            330,469         58,728
        HB  Fuller    Co.
                                           1,352,226          57,700
     *
        Univar    Inc.
                                           3,026,608          53,692
        Minerals     Technologies       Inc.
                                            912,356         46,840
        Commercial      Metals    Co.
                                           2,902,687          46,501
        Carpenter      Technology      Corp.
                                           1,241,169          44,198
     *
        GCP  Applied     Technologies       Inc.
                                           1,773,379          43,536
                                  54/562













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                                                    市場価格
                                              株数     ( 千米ドル     )
        Innospec     Inc.
                                            633,075         39,099
        Worthington       Industries      Inc.
                                           1,101,564          38,379
        Stepan    Co.
                                            514,484         38,072
        Arch   Coal   Inc.   Class   A
                                            455,279         37,784
        Compass     Minerals     International        Inc.
                                            899,338         37,493
        Kaiser    Aluminum     Corp.
                                            407,069         36,347
     *
        Ferro   Corp.
                                           2,192,650          34,381
     *
        Contura     Energy    Inc.
                                            488,188         32,093
        Warrior     Met  Coal   Inc.
                                           1,257,944          30,329
        Hecla   Mining    Co.
                                          12,652,227           29,859
        Neenah    Inc.
                                            434,910         25,625
     *
        Coeur   Mining    Inc.
                                           5,342,201          23,880
        Materion     Corp.
                                            520,873         23,434
     *
        Codexis     Inc.
                                           1,351,787          22,575
        US  Silica    Holdings     Inc.
                                           2,068,768          21,060
     *
        CONSOL    Energy    Inc.
                                            661,195         20,967
     *
        Verso   Corp.
                                            897,447         20,103
     *
        CSW  Industrials       Inc.
                                            409,872         19,817
        Schweitzer-Mauduit           International        Inc.
                                            779,149         19,518
        Tronox    Ltd.   Class   A
                                           2,418,494          18,816
     *,^
        AK  Steel   Holding     Corp.
                                           8,323,817          18,729
     *
        AdvanSix     Inc.
                                            739,939         18,010
        Chase   Corp.
                                            179,600         17,969
     *
        Kraton    Corp.
                                            817,855         17,862
     *
        PQ  Group   Holdings     Inc.
                                           1,030,089          15,256
        Rayonier     Advanced     Materials      Inc.
                                           1,319,642          14,054
        Schnitzer      Steel   Industries      Inc.
                                            651,464         14,039
     *
        SunCoke     Energy    Inc.
                                           1,601,558          13,693
        Tredegar     Corp.
                                            766,806         12,162
        Innophos     Holdings     Inc.
                                            494,050         12,119
        Resolute     Forest    Products     Inc.
                                           1,492,846          11,838
        Hawkins     Inc.
                                            270,451         11,075
        American     Vanguard     Corp.
                                            718,769         10,918
        FutureFuel      Corp.
                                            686,758         10,892
     *
        Clearwater      Paper   Corp.
                                            439,873         10,720
     *
        OMNOVA    Solutions      Inc.
                                           1,143,302           8,380
     *
        TimkenSteel       Corp.
                                            904,096          7,902
     *
        Nexeo   Solutions      Inc.
                                            811,968          6,975
        Gold   Resource     Corp.
                                           1,591,636           6,367
     *
        Energy    Fuels   Inc.
                                           2,145,316           6,114
     *
        Intrepid     Potash    Inc.
                                           2,297,802           5,974
        Olympic     Steel   Inc.
                                            365,116          5,210
     *,^
        Uranium     Energy    Corp.
                                           4,045,072           5,056
        Synalloy     Corp.
                                            264,123          4,382
     *
        Universal      Stainless      & Alloy   Products     Inc.
                                            266,099          4,313
     *
        Century     Aluminum     Co.
                                            504,112          3,685
     *
        AgroFresh      Solutions      Inc.
                                            957,008          3,627
     *
        LSB  Industries      Inc.
                                            643,806          3,554
     *,^
        ChromaDex      Corp.
                                           1,023,365           3,510
                                  55/562

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     *
        Ryerson     Holding     Corp.
                                            491,768          3,118
        Northern     Technologies       International        Corp.
                                            101,863          3,014
     *,^
        Marrone     Bio  Innovations       Inc.
                                           1,867,466           2,745
     *,^
        Ur-Energy      Inc.
                                           4,085,598           2,656
        PH  Glatfelter      Co.
                                            213,622          2,085
     *
        Veritiv     Corp.
                                             82,814         2,068
     *,^
        Ramaco    Resources      Inc.
                                            243,225          1,204
        United-Guardian         Inc.
                                             52,121          956
        Hallador     Energy    Co.
                                            179,929           912
        Friedman     Industries      Inc.
                                            125,449           884
        Haynes    International        Inc.
                                             30,937          817
        Kronos    Worldwide      Inc.
                                             38,291          441
     *
        General     Moly   Inc.
                                           1,379,582            310
     *
        US  Antimony     Corp.
                                            359,147           208
     *
        Koppers     Holdings     Inc.
                                             9,399          160
     *
        Dynasil     Corp.   of  America
                                            158,073           141
                                  56/562















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                                                 有価証券報告書（外国投資信託受益証券）
                                                    市場価格
                                              株数     ( 千米ドル     )
     *
        Ampco-Pittsburgh          Corp.
                                             39,711          123
     *
        Pershing     Gold   Corp.
                                            100,868           107
     *
        Solitario      Zinc   Corp.
                                            101,668           24
     *
        Ikonics     Corp.
                                             1,996          16
     *,^
        Golden    Minerals     Co.
                                             67,011           15
     *,^
        Paramount      Gold   Nevada    Corp.
                                             9,731           8
     *
        Centrus     Energy    Corp.   Class   A
                                             2,700           5
     *,^
        US  Gold   Corp.
                                                        1
                                              900
                                                   16,492,241
     消費財    (7.9  ％ )
        Procter     & Gamble    Co.
                                          66,548,734         6,117,160
        Coca-Cola      Co.
                                          102,283,588          4,843,128
        PepsiCo     Inc.
                                          37,706,704         4,165,837
        Philip    Morris    International        Inc.
                                          41,505,319         2,770,895
        NIKE   Inc.   Class   B
                                          34,010,881         2,521,567
        Altria    Group   Inc.
                                          50,197,580         2,479,258
        Mondelez     International        Inc.   Class   A
                                          38,817,875         1,553,880
        Colgate-Palmolive          Co.
                                          23,166,319         1,378,859
     *,^
        Tesla   Inc.
                                           3,441,048         1,145,181
        General     Motors    Co.
                                          33,937,358         1,135,205
        Kimberly-Clark         Corp.
                                           9,251,133         1,054,074
        Activision      Blizzard     Inc.
                                          19,366,240          901,886
        Ford   Motor   Co.
                                          104,331,772           798,138
        Estee   Lauder    Cos.   Inc.   Class   A
                                           5,874,211          764,235
        Kraft   Heinz   Co.
                                          16,283,887          700,858
        Constellation        Brands    Inc.   Class   A
                                           3,994,245          642,354
     *
        Electronic      Arts   Inc.
                                           8,071,336          636,909
        General     Mills   Inc.
                                          15,927,141          620,203
        Archer-Daniels-Midland             Co.
                                          14,963,128          613,039
        VF  Corp.
                                           8,478,880          604,883
     *
        Monster     Beverage     Corp.
                                          11,077,420          545,231
        Clorox    Co.
                                           3,409,743          525,578
        McCormick      & Co.  Inc.
                                           3,251,015          452,671
        Aptiv   plc
                                           7,042,045          433,579
        Church    & Dwight    Co.  Inc.
                                           6,578,546          432,605
        Kellogg     Co.
                                           7,416,654          422,823
        Tyson   Foods   Inc.   Class   A
                                           7,886,385          421,133
        Hershey     Co.
                                           3,786,100          405,794
        Brown-Forman       Corp.   Class   B
                                           7,925,403          377,091
        Genuine     Parts   Co.
                                           3,727,739          357,937
     *
        Lululemon      Athletica      Inc.
                                           2,780,186          338,098
        DR  Horton    Inc.
                                           9,532,736          330,405
     *
        Take-Two     Interactive       Software     Inc.
                                           3,038,685          312,802
        Lennar    Corp.   Class   A
                                           7,795,507          305,194
        Hormel    Foods   Corp.
                                           7,106,806          303,318
        Lamb   Weston    Holdings     Inc.
                                           3,903,224          287,121
        Conagra     Brands    Inc.
                                          12,925,923          276,098
        JM  Smucker     Co.
                                           2,875,806          268,859
        Molson    Coors   Brewing     Co.  Class   B
                                           4,687,002          263,222
                                  57/562

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                                                 有価証券報告書（外国投資信託受益証券）
        Tapestry     Inc.
                                           7,710,012          260,213
        Hasbro    Inc.
                                           3,036,543          246,719
     *
        NVR  Inc.
                                             91,712        223,501
        Lear   Corp.
                                           1,711,878          210,321
        Newell    Brands    Inc.
                                          11,199,976          208,208
        Garmin    Ltd.
                                           3,274,791          207,360
        BorgWarner      Inc.
                                           5,547,494          192,720
     *
        LKQ  Corp.
                                           8,052,341          191,082
        Bunge   Ltd.
                                           3,565,490          190,540
        PVH  Corp.
                                           2,039,024          189,527
     *
        Mohawk    Industries      Inc.
                                           1,579,566          184,746
     *
        US  Foods   Holding     Corp.
                                           5,787,005          183,101
        Whirlpool      Corp.
                                           1,700,131          181,693
        PulteGroup      Inc.
                                           6,740,557          175,187
        Ingredion      Inc.
                                           1,883,111          172,116
     *
        Campbell     Soup   Co.
                                           5,201,587          171,600
     *
        Herbalife      Nutrition      Ltd.
                                           2,702,303          159,301
                                  58/562














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                                                 有価証券報告書（外国投資信託受益証券）
                                                    市場価格
                                              株数     ( 千米ドル     )
     *
        Middleby     Corp.
                                           1,492,130          153,287
        Pool   Corp.
                                           1,017,798          151,296
        Ralph   Lauren    Corp.   Class   A
                                           1,454,289          150,461
     *
        Post   Holdings     Inc.
                                           1,678,504          149,605
     *
        WABCO   Holdings     Inc.
                                           1,388,770          149,071
        Harley-Davidson         Inc.
                                           4,339,617          148,068
     *
        Michael     Kors   Holdings     Ltd.
                                           3,804,897          144,282
        Fortune     Brands    Home   & Security     Inc.
                                           3,774,736          143,402
        Keurig    Dr  Pepper    Inc.
                                           5,562,050          142,611
     *,^
        Wayfair     Inc.
                                           1,567,649          141,214
        Gentex    Corp.
                                           6,978,007          141,026
        Goodyear     Tire   & Rubber    Co.
                                           6,213,291          126,813
        Jefferies      Financial      Group   Inc.
                                           7,299,741          126,724
        Leggett     & Platt   Inc.
                                           3,471,823          124,430
        Hanesbrands       Inc.
                                           9,623,025          120,576
        Polaris     Industries      Inc.
                                           1,563,689          119,904
        Toll   Brothers     Inc.
                                           3,541,830          116,632
        Brunswick      Corp.
                                           2,314,531          107,510
        Carter's     Inc.
                                           1,220,873          99,648
     *
        Deckers     Outdoor     Corp.
                                            772,689         98,866
        Valvoline      Inc.
                                           5,007,734          96,900
     *
        Helen   of  Troy   Ltd.
                                            701,710         92,050
     *,^
        Mattel    Inc.
                                           9,188,524          91,793
        Lancaster      Colony    Corp.
                                            512,735         90,682
        Flowers     Foods   Inc.
                                           4,775,678          88,207
     *,^
        Under   Armour    Inc.   Class   A
                                           4,874,058          86,125
        Nu  Skin   Enterprises       Inc.   Class   A
                                           1,403,196          86,058
     *,^
        Under   Armour    Inc.
                                           5,263,730          85,115
     *
        Darling     Ingredients       Inc.
                                           4,375,939          84,193
     *
        Skechers     U.S.A.    Inc.   Class   A
                                           3,581,501          81,981
     *
        Zynga   Inc.   Class   A
                                          20,744,299           81,525
        Coty   Inc.   Class   A
                                          12,024,349           78,880
        Wolverine      World   Wide   Inc.
                                           2,390,761          76,241
     *
        TreeHouse      Foods   Inc.
                                           1,495,578          75,841
        Energizer      Holdings     Inc.
                                           1,581,999          71,427
        Thor   Industries      Inc.
                                           1,334,416          69,390
        Columbia     Sportswear      Co.
                                            778,700         65,481
        WD-40   Co.
                                            349,024         63,962
        Steven    Madden    Ltd.
                                           2,094,308          63,374
     *
        Dorman    Products     Inc.
                                            703,655         63,343
     *
        Elanco    Animal    Health    Inc.
                                           1,951,866          61,542
     *,^
        iRobot    Corp.
                                            705,705         59,096
        J&J  Snack   Foods   Corp.
                                            395,829         57,233
     *
        Fox  Factory     Holding     Corp.
                                            956,740         56,323
        Sanderson      Farms   Inc.
                                            549,158         54,526
     *
        Edgewell     Personal     Care   Co.
                                           1,438,537          53,729
        Dana   Inc.
                                           3,847,002          52,435
     *
        Boston    Beer   Co.  Inc.   Class   A
                                            216,747         52,201
     *,^
        Tempur    Sealy   International        Inc.
                                           1,233,824          51,080
                                  59/562

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     ^
        B&G  Foods   Inc.
                                           1,753,456          50,692
     *
        Taylor    Morrison     Home   Corp.   Class   A
                                           3,141,082          49,943
        Herman    Miller    Inc.
                                           1,569,324          47,472
     *
        Visteon     Corp.
                                            771,429         46,502
        Spectrum     Brands    Holdings     Inc.
                                           1,064,106          44,958
        KB  Home
                                           2,348,046          44,848
     *
        Crocs   Inc.
                                           1,691,279          43,939
        LCI  Industries
                                            642,576         42,924
     *
        TRI  Pointe    Group   Inc.
                                           3,926,408          42,916
        Cooper    Tire   & Rubber    Co.
                                           1,327,294          42,911
     *
        Welbilt     Inc.
                                           3,740,241          41,554
     *
        USANA   Health    Sciences     Inc.
                                            348,598         41,040
        HNI  Corp.
                                           1,139,316          40,366
        Callaway     Golf   Co.
                                           2,520,504          38,564
     *
        Meritor     Inc.
                                           2,271,086          38,404
     *
        Gentherm     Inc.
                                            953,036         38,102
                                  60/562















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                                                 有価証券報告書（外国投資信託受益証券）
                                                    市場価格
                                              株数     ( 千米ドル     )
        Tenneco     Inc.   Class   A
                                           1,386,284          37,970
        Medifast     Inc.
                                            300,837         37,611
     *
        Hain   Celestial      Group   Inc.
                                           2,357,450          37,389
     *
        Meritage     Homes   Corp.
                                           1,001,565          36,777
        Universal      Corp.
                                            656,874         35,570
        Tupperware      Brands    Corp.
                                           1,108,469          34,994
        Nutrisystem       Inc.
                                            782,259         34,326
        La-Z-Boy     Inc.
                                           1,234,923          34,220
        Delphi    Technologies       plc
                                           2,352,442          33,687
        MDC  Holdings     Inc.
                                           1,192,698          33,527
     *
        American     Axle   & Manufacturing        Holdings     Inc.
                                           2,938,349          32,616
        Cal-Maine      Foods   Inc.
                                            759,204         32,114
        Steelcase      Inc.   Class   A
                                           2,125,501          31,521
     *
        G-III   Apparel     Group   Ltd.
                                           1,108,785          30,924
        Calavo    Growers     Inc.
                                            417,628         30,470
        Oxford    Industries      Inc.
                                            422,954         30,047
     *
        Cooper-Standard         Holdings     Inc.
                                            474,865         29,499
     *
        Central     Garden    & Pet  Co.  Class   A
                                            943,089         29,472
     *
        Cavco   Industries      Inc.
                                            224,107         29,219
        Inter   Parfums     Inc.
                                            444,469         29,144
     *,^
        Fitbit    Inc.   Class   A
                                           5,759,027          28,622
     *
        Hostess     Brands    Inc.   Class   A
                                           2,589,432          28,328
        Vector    Group   Ltd.
                                           2,790,836          27,155
        Seaboard     Corp.
                                             7,661        27,105
     *
        Sleep   Number    Corp.
                                            842,759         26,741
     *
        Glu  Mobile    Inc.
                                           3,032,347          24,471
     *
        Garrett     Motion    Inc.
                                           1,947,220          24,029
        Standard     Motor   Products     Inc.
                                            481,114         23,300
     *
        American     Woodmark     Corp.
                                            417,487         23,246
        Fresh   Del  Monte   Produce     Inc.
                                            817,358         23,107
        Sturm   Ruger   & Co.  Inc.
                                            432,701         23,028
     ^
        National     Beverage     Corp.
                                            309,004         22,177
        Interface      Inc.   Class   A
                                           1,540,156          21,947
        Coca-Cola      Bottling     Co.  Consolidated
                                            123,089         21,834
     *,^
        LGI  Homes   Inc.
                                            477,605         21,597
     *
        Freshpet     Inc.
                                            658,351         21,173
     *
        Pilgrim's      Pride   Corp.
                                           1,343,655          20,840
        Knoll   Inc.
                                           1,232,030          20,304
        MGP  Ingredients       Inc.
                                            352,191         20,092
     *
        Malibu    Boats   Inc.   Class   A
                                            549,619         19,127
        Andersons      Inc.
                                            632,989         18,920
     *
        Fossil    Group   Inc.
                                           1,183,893          18,623
        Winnebago      Industries      Inc.
                                            759,002         18,375
        Acushnet     Holdings     Corp.
                                            868,389         18,297
        ACCO   Brands    Corp.
                                           2,675,099          18,137
     *
        American     Outdoor     Brands    Corp.
                                           1,351,099          17,375
     *
        Stoneridge      Inc.
                                            703,841         17,350
        Phibro    Animal    Health    Corp.   Class   A
                                            525,784         16,909
     *
        Vista   Outdoor     Inc.
                                           1,462,740          16,602
                                  61/562

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        National     Presto    Industries      Inc.
                                            137,240         16,046
     ^
        Tootsie     Roll   Industries      Inc.
                                            461,425         15,412
     *
        M/I  Homes   Inc.
                                            716,313         15,057
     *
        Central     Garden    & Pet  Co.
                                            409,355         14,102
        Skyline     Champion     Corp.
                                            954,421         14,020
     *
        Modine    Manufacturing        Co.
                                           1,209,255          13,072
        Lennar    Corp.   Class   B
                                            415,047         13,003
     *
        Primo   Water   Corp.
                                            919,049         12,876
        Movado    Group   Inc.
                                            404,066         12,777
     *,^
        GoPro   Inc.   Class   A
                                           2,991,568          12,684
        John   B Sanfilippo      & Son  Inc.
                                            218,710         12,173
        Tower   International        Inc.
                                            488,432         11,625
     *
        Century     Communities       Inc.
                                            657,636         11,351
     ^
        Camping     World   Holdings     Inc.   Class   A
                                            825,272          9,466
        Dean   Foods   Co.
                                           2,360,833           8,995
     *
        Beazer    Homes   USA  Inc.
                                            936,420          8,877
     *
        Motorcar     Parts   of  America     Inc.
                                            525,930          8,751
                                  62/562














                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
                                                    市場価格
                                              株数     ( 千米ドル     )
     *
        Unifi   Inc.
                                            382,109          8,727
     *
        MasterCraft       Boat   Holdings     Inc.
                                            451,609          8,445
     *
        Nautilus     Inc.
                                            749,720          8,172
        Limoneira      Co.
                                            406,752          7,952
        Hooker    Furniture      Corp.
                                            292,319          7,700
     *,^
        22nd   Century     Group   Inc.
                                           3,034,920           7,557
     *
        ZAGG   Inc.
                                            769,717          7,528
     *,^
        New  Age  Beverages      Corp.
                                           1,331,052           6,921
     *
        Farmer    Brothers     Co.
                                            292,855          6,832
        Johnson     Outdoors     Inc.   Class   A
                                            110,155          6,471
        Clarus    Corp.
                                            638,712          6,464
     *
        YETI   Holdings     Inc.
                                            429,469          6,373
     *
        Seneca    Foods   Corp.   Class   A
                                            218,253          6,159
        Bassett     Furniture      Industries      Inc.
                                            295,682          5,925
        Turning     Point   Brands    Inc.
                                            210,429          5,728
        Culp   Inc.
                                            302,422          5,716
     *
        Craft   Brew   Alliance     Inc.
                                            394,664          5,648
        Hamilton     Beach   Brands    Holding     Co.  Class   A
                                            226,804          5,321
     *,^
        Revlon    Inc.   Class   A
                                            209,831          5,286
     *,^
        elf  Beauty    Inc.
                                            604,205          5,232
     *,^
        Sonos   Inc.
                                            518,489          5,092
        Rocky   Brands    Inc.
                                            193,275          5,025
        Weyco   Group   Inc.
                                            169,895          4,956
     *
        Lifevantage       Corp.
                                            374,459          4,939
     *
        Universal      Electronics       Inc.
                                            194,573          4,919
        Oil-Dri     Corp.   of  America
                                            161,061          4,268
        Superior     Group   of  Cos.   Inc.
                                            240,917          4,252
     *
        Lovesac     Co.
                                            165,142          3,788
        Lifetime     Brands    Inc.
                                            338,870          3,399
        Marine    Products     Corp.
                                            194,459          3,288
     *,^
        Vuzix   Corp.
                                            625,024          3,006
        Strattec     Security     Corp.
                                            101,820          2,932
        Flexsteel      Industries      Inc.
                                            130,005          2,871
     *,^
        Pyxus   International        Inc.
                                            238,753          2,832
     *,^
        Akoustis     Technologies       Inc.
                                            561,823          2,792
     *
        Shiloh    Industries      Inc.
                                            434,285          2,532
     *,^
        Funko   Inc.   Class   A
                                            192,360          2,530
        Alico   Inc.
                                             82,474         2,433
     *
        Delta   Apparel     Inc.
                                            139,331          2,401
        Escalade     Inc.
                                            203,028          2,325
     *,^
        Castle    Brands    Inc.
                                           2,715,417           2,309
     *
        RiceBran     Technologies
                                            767,288          2,302
        Titan   International        Inc.
                                            484,549          2,258
     *,^
        Eastman     Kodak   Co.
                                            882,600          2,251
     *
        Lakeland     Industries      Inc.
                                            201,320          2,102
        Kewaunee     Scientific      Corp.
                                             57,081         1,897
     *
        Nature's     Sunshine     Products     Inc.
                                            224,632          1,831
     *
        Natural     Alternatives       International        Inc.
                                            181,845          1,788
        Core   Molding     Technologies       Inc.
                                            228,649          1,626
                                  63/562

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     *,^
        Celsius     Holdings     Inc.
                                            447,606          1,553
        Crown   Crafts    Inc.
                                            274,576          1,483
        Rocky   Mountain     Chocolate      Factory     Inc.
                                            173,764          1,461
        Ethan   Allen   Interiors      Inc.
                                             69,679         1,226
     *
        Centric     Brands    Inc.
                                            348,293          1,195
     *,^
        Veru   Inc.
                                            812,319          1,137
     *
        Alpha   Pro  Tech   Ltd.
                                            293,460          1,089
     *
        New  Home   Co.  Inc.
                                            181,777           951
        Acme   United    Corp.
                                             60,785          866
     *,^
        Blink   Charging     Co.
                                            470,258           809
     *
        Vera   Bradley     Inc.
                                             94,028          806
     *
        Reed's    Inc.
                                            375,034           776
     *,^
        S&W  Seed   Co.
                                            403,039           729
     *,^
        Level   Brands    Inc.
                                            231,989           717
     *,^
        Innovate     Biopharmaceuticals           Inc.
                                            251,340           581
     *
        Tandy   Leather     Factory     Inc.
                                             93,919          533
                                  64/562















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                                                    市場価格
                                              株数     ( 千米ドル     )
        Mannatech      Inc.
                                             25,551          480
     *
        Willamette      Valley    Vineyards      Inc.
                                             66,647          459
     *,^
        JAKKS   Pacific     Inc.
                                            306,686           451
     *
        LS  Starrett     Co.  Class   A
                                             75,368          394
     *
        Coffee    Holding     Co.  Inc.
                                            105,416           372
        Virco   Manufacturing        Corp.
                                             54,872          235
     *
        Bridgford      Foods   Corp.
                                             10,626          211
     *
        Zedge   Inc.   Class   B
                                             85,340          209
        Jerash    Holdings     US  Inc.
                                             34,954          204
        P&F  Industries      Inc.   Class   A
                                             19,303          149
     *
        Summer    Infant    Inc.
                                            133,100           140
     *,^
        Nova   Lifestyle      Inc.
                                            298,918           138
        CompX   International        Inc.
                                             7,411          101
     *
        Dixie   Group   Inc.
                                            141,943           100
        Ocean   Bio-Chem     Inc.
                                             24,282           80
     *
        William     Lyon   Homes   Class   A
                                             5,416          58
     *,^
        CTI  Industries      Corp.
                                             14,046           42
     *
        Lifeway     Foods   Inc.
                                             22,423           42
     *
        Cherokee     Inc.
                                             73,246           37
     *
        Koss   Corp.
                                             17,633           33
     *
        Emerson     Radio   Corp.
                                             17,781           26
     *
        US  Auto   Parts   Network     Inc.
                                             21,627           20
     *
        Charles     & Colvard     Ltd.
                                             20,203           17
     *
        Hovnanian      Enterprises       Inc.   Class   B
                                             19,300           13
     *
        Iconix    Brand   Group   Inc.
                                             53,800           ▶
     *,^
        Orchids     Paper   Products     Co.
                                              766          1
     *
        CCA  Industries      Inc.
                                                        -
                                              147
                                                   53,039,561
     消費者サービス         (13.5   ％ )
     *
        Amazon.com      Inc.
                                          11,103,329         16,676,867
        Home   Depot   Inc.
                                          30,177,998         5,185,184
        Walt   Disney    Co.
                                          37,777,614         4,142,315
        Comcast     Corp.   Class   A
                                          121,287,849          4,129,851
        McDonald's      Corp.
                                          20,593,963         3,656,870
        Walmart     Inc.
                                          39,123,470         3,644,351
     *
        Netflix     Inc.
                                          11,067,658         2,962,369
        Costco    Wholesale      Corp.
                                          11,708,026         2,385,042
        CVS  Health    Corp.
                                          34,546,444         2,263,483
     *
        Booking     Holdings     Inc.
                                           1,237,488         2,131,474
        Starbucks      Corp.
                                          31,484,054         2,027,573
        Lowe's    Cos.   Inc.
                                          20,517,406         1,894,988
        Walgreens      Boots   Alliance     Inc.
                                          21,511,605         1,469,888
        TJX  Cos.   Inc.
                                          31,414,950         1,405,505
        Twenty-First       Century     Fox  Inc.   Class   A
                                          27,700,428         1,332,945
     *
        Charter     Communications         Inc.   Class   A
                                           4,281,483         1,220,094
        Target    Corp.
                                          13,940,612          921,335
        Ross   Stores    Inc.
                                           9,979,765          830,316
        Sysco   Corp.
                                          13,195,902          826,855
        Delta   Air  Lines   Inc.
                                          16,485,992          822,651
                                  65/562

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        Dollar    General     Corp.
                                           7,093,022          766,614
        Yum!   Brands    Inc.
                                           8,335,272          766,178
        Marriott     International        Inc.   Class   A
                                           6,838,201          742,355
     *
        O'Reilly     Automotive      Inc.
                                           2,140,708          737,110
     *
        eBay   Inc.
                                          24,429,683          685,741
        Twenty-First       Century     Fox  Inc.
                                          13,324,343          636,637
        Southwest      Airlines     Co.
                                          13,522,093          628,507
        Kroger    Co.
                                          21,311,126          586,056
        McKesson     Corp.
                                           5,220,751          576,736
     *
        Dollar    Tree   Inc.
                                           6,357,061          574,170
     *
        AutoZone     Inc.
                                            682,918         572,517
        Hilton    Worldwide      Holdings     Inc.
                                           7,923,665          568,919
        Las  Vegas   Sands   Corp.
                                          10,472,601          545,099
        Carnival     Corp.
                                          10,558,853          520,551
     *
        United    Continental       Holdings     Inc.
                                           6,190,343          518,317
        Omnicom     Group   Inc.
                                           5,988,453          438,594
        Royal   Caribbean      Cruises     Ltd.
                                           4,470,215          437,142
                                  66/562














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                                                    市場価格
                                              株数     ( 千米ドル     )
        CBS  Corp.   Class   B
                                           9,186,710          401,643
     *
        Ulta   Beauty    Inc.
                                           1,515,610          371,082
        American     Airlines     Group   Inc.
                                          11,067,129          355,366
        Expedia     Group   Inc.
                                           3,094,179          348,559
        Darden    Restaurants       Inc.
                                           3,318,365          331,372
        Best   Buy  Co.  Inc.
                                           6,161,771          326,327
     *
        Chipotle     Mexican     Grill   Inc.   Class   A
                                            741,270         320,073
        AmerisourceBergen          Corp.   Class   A
                                           4,243,361          315,706
        MGM  Resorts     International
                                          12,636,082          306,551
        Kohl's    Corp.
                                           4,448,571          295,118
     *
        Burlington      Stores    Inc.
                                           1,799,111          292,661
     *
        CarMax    Inc.
                                           4,660,320          292,342
        Advance     Auto   Parts   Inc.
                                           1,847,635          290,929
        Domino's     Pizza   Inc.
                                           1,106,998          274,524
        Tractor     Supply    Co.
                                           3,252,579          271,395
     *
        Copart    Inc.
                                           5,626,440          268,831
        Viacom    Inc.   Class   B
                                           9,711,280          249,580
        Tiffany     & Co.
                                           3,086,197          248,470
     *
        Norwegian      Cruise    Line   Holdings     Ltd.
                                           5,857,004          248,278
        Wynn   Resorts     Ltd.
                                           2,462,903          243,606
        Macy's    Inc.
                                           8,179,692          243,591
     *
        Liberty     Broadband      Corp.
                                           3,287,371          236,789
        Vail   Resorts     Inc.
                                           1,077,257          227,107
        Nielsen     Holdings     plc
                                           9,463,119          220,775
     *
        Qurate    Retail    Group   Inc.   QVC  Group   Class   A
                                          11,210,596          218,831
        Interpublic       Group   of  Cos.   Inc.
                                          10,230,355          211,052
        FactSet     Research     Systems     Inc.
                                           1,012,656          202,663
        Alaska    Air  Group   Inc.
                                           3,283,615          199,808
        Gap  Inc.
                                           7,690,398          198,105
        Aramark
                                           6,566,441          190,230
     *
        GrubHub     Inc.
                                           2,415,298          185,519
     *
        Discovery      Communications         Inc.
                                           7,994,340          184,509
        Service     Corp.   International
                                           4,575,498          184,210
     *
        Live   Nation    Entertainment        Inc.
                                           3,628,692          178,713
     *
        Bright    Horizons     Family    Solutions      Inc.
                                           1,542,416          171,902
        KAR  Auction     Services     Inc.
                                           3,592,320          171,426
     *,^
        Sirius    XM  Holdings     Inc.
                                          29,650,220          169,303
        Foot   Locker    Inc.
                                           3,067,237          163,177
        L Brands    Inc.
                                           6,229,315          159,907
        Sabre   Corp.
                                           7,325,928          158,533
        Altice    USA  Inc.   Class   A
                                           9,374,075          154,860
     *
        Liberty     Media   Corp-Liberty       Formula     One
                                           4,995,296          153,356
     *
        TripAdvisor       Inc.
                                           2,830,721          152,689
     *
        Liberty     Media   Corp-Liberty       SiriusXM     Class   C
                                           4,111,706          152,051
     *
        Five   Below   Inc.
                                           1,485,067          151,952
        Nordstrom      Inc.
                                           3,158,156          147,202
        News   Corp.   Class   A
                                          12,938,905          146,857
     *
        Etsy   Inc.
                                           3,055,402          145,345
     *
        DISH   Network     Corp.   Class   A
                                           5,819,132          145,304
                                  67/562

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        Rollins     Inc.
                                           3,934,056          142,019
        Dunkin'     Brands    Group   Inc.
                                           2,192,313          140,571
        Dun  & Bradstreet      Corp.
                                            984,118         140,473
        H&R  Block   Inc.
                                           5,461,870          138,568
     *
        ServiceMaster        Global    Holdings     Inc.
                                           3,611,695          132,694
     *
        JetBlue     Airways     Corp.
                                           8,139,003          130,712
     *
        Madison     Square    Garden    Co.  Class   A
                                            486,335         130,192
     *
        Planet    Fitness     Inc.   Class   A
                                           2,351,401          126,082
        Casey's     General     Stores    Inc.
                                            975,422         124,991
     *,^
        Discovery      Communications         Inc.   Class   A
                                           4,993,438          123,538
     *
        Grand   Canyon    Education      Inc.
                                           1,281,556          123,209
        Wyndham     Hotels    & Resorts     Inc.
                                           2,640,153          119,784
        Texas   Roadhouse      Inc.   Class   A
                                           1,808,518          107,969
     ^
        Williams-Sonoma         Inc.
                                           2,139,769          107,951
        Six  Flags   Entertainment        Corp.
                                           1,912,308          106,382
     *,^
        Trade   Desk   Inc.   Class   A
                                            916,222         106,337
                                  68/562















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                                                    市場価格
                                              株数     ( 千米ドル     )
        Cable   One  Inc.
                                            128,983         105,779
     *
        Spirit    Airlines     Inc.
                                           1,815,166          105,134
     *,^
        Caesars     Entertainment        Corp.
                                          15,225,195          103,379
     ^
        Cracker     Barrel    Old  Country     Store   Inc.
                                            638,435         102,060
        Cinemark     Holdings     Inc.
                                           2,806,120          100,459
        Dolby   Laboratories       Inc.   Class   A
                                           1,619,838          100,171
        Tribune     Media   Co.  Class   A
                                           2,097,287          95,175
     *
        Ollie's     Bargain     Outlet    Holdings     Inc.
                                           1,418,020          94,313
        Nexstar     Media   Group   Inc.   Class   A
                                           1,156,081          90,914
        Wyndham     Destinations       Inc.
                                           2,466,076          88,384
        New  York   Times   Co.  Class   A
                                           3,946,686          87,972
     *
        Liberty     Media   Corp-Liberty       SiriusXM     Class   A
                                           2,385,676          87,793
        American     Eagle   Outfitters      Inc.
                                           4,495,215          86,893
     *
        Performance       Food   Group   Co.
                                           2,665,941          86,030
        Marriott     Vacations      Worldwide      Corp.
                                           1,126,556          79,433
        Wendy's     Co.
                                           5,058,642          78,965
     *
        Chegg   Inc.
                                           2,747,924          78,096
        Extended     Stay   America     Inc.
                                           5,009,948          77,654
        World   Wrestling      Entertainment        Inc.   Class   A
                                           1,037,572          77,527
        Aaron's     Inc.
                                           1,830,031          76,953
     *
        Sprouts     Farmers     Market    Inc.
                                           3,233,318          76,015
     *
        Adtalem     Global    Education      Inc.
                                           1,558,522          73,749
        Hyatt   Hotels    Corp.   Class   A
                                           1,089,151          73,627
     *
        Yelp   Inc.   Class   A
                                           2,094,429          73,284
     *
        Stamps.com      Inc.
                                            460,070         71,605
        Churchill      Downs   Inc.
                                            289,262         70,563
        Graham    Holdings     Co.  Class   B
                                            110,097         70,526
        AMERCO
                                            208,958         68,561
     *
        Hilton    Grand   Vacations      Inc.
                                           2,582,217          68,145
     *
        Urban   Outfitters      Inc.
                                           2,019,687          67,054
     *
        LiveRamp     Holdings     Inc.
                                           1,718,727          66,394
     *
        AMC  Networks     Inc.   Class   A
                                           1,198,004          65,746
     *,^
        RH
                                            534,618         64,058
        Choice    Hotels    International        Inc.
                                            893,194         63,935
        Strategic      Education      Inc.
                                            553,757         62,807
     *
        Murphy    USA  Inc.
                                            815,264         62,482
        TEGNA   Inc.
                                           5,739,825          62,392
        Dick's    Sporting     Goods   Inc.
                                           1,927,461          60,137
     *
        Belmond     Ltd.   Class   A
                                           2,323,456          58,156
        Monro   Inc.
                                            833,983         57,336
        SkyWest     Inc.
                                           1,283,865          57,093
        John   Wiley   & Sons   Inc.   Class   A
                                           1,208,249          56,751
     *
        Liberty     Expedia     Holdings     Inc.   Class   A
                                           1,440,525          56,339
     *
        Penn   National     Gaming    Inc.
                                           2,990,434          56,310
     *
        Eldorado     Resorts     Inc.
                                           1,548,774          56,081
        Hillenbrand       Inc.
                                           1,476,198          55,992
     *
        AutoNation      Inc.
                                           1,554,479          55,495
        Meredith     Corp.
                                           1,064,526          55,292
        Morningstar       Inc.
                                            503,212         55,273
                                  69/562

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     *
        Pandora     Media   Inc.
                                           6,811,876          55,108
     *
        Sally   Beauty    Holdings     Inc.
                                           3,197,197          54,512
     *,^
        Roku   Inc.
                                           1,741,310          53,354
     *
        Cargurus     Inc.
                                           1,537,995          51,877
        Jack   in  the  Box  Inc.
                                            654,882         50,839
        Wingstop     Inc.
                                            774,512         49,716
     *
        National     Vision    Holdings     Inc.
                                           1,751,963          49,353
        Sinclair     Broadcast      Group   Inc.   Class   A
                                           1,841,009          48,492
     *
        Weight    Watchers     International        Inc.
                                           1,252,881          48,299
     *
        frontdoor      Inc.
                                           1,787,587          47,568
        Cheesecake      Factory     Inc.
                                           1,087,050          47,298
        Dave   & Buster's     Entertainment        Inc.
                                           1,038,269          46,265
        Lithia    Motors    Inc.   Class   A
                                            601,944         45,946
        DSW  Inc.   Class   A
                                           1,850,632          45,711
        Brinker     International        Inc.
                                           1,028,198          45,220
                                  70/562















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                                                    市場価格
                                              株数     ( 千米ドル     )
     *
        Sotheby's
                                           1,122,248          44,598
        Signet    Jewelers     Ltd.
                                           1,390,867          44,188
     *
        BJ's   Wholesale      Club   Holdings     Inc.
                                           1,989,779          44,094
        Boyd   Gaming    Corp.
                                           2,090,967          43,450
        PriceSmart      Inc.
                                            682,602         40,342
        Bed  Bath   & Beyond    Inc.
                                           3,503,791          39,663
        Bloomin'     Brands    Inc.
                                           2,208,607          39,512
        Lions   Gate   Entertainment        Corp.   Class   B
                                           2,628,832          39,117
     *
        Cars.com     Inc.
                                           1,816,090          39,046
     *
        Groupon     Inc.   Class   A
                                          12,153,820           38,892
        Red  Rock   Resorts     Inc.   Class   A
                                           1,856,466          37,705
        Children's      Place   Inc.
                                            412,006         37,118
     *
        Avis   Budget    Group   Inc.
                                           1,640,668          36,882
        Penske    Automotive      Group   Inc.
                                            911,647         36,758
     *
        Floor   & Decor   Holdings     Inc.   Class   A
                                           1,416,356          36,684
     *
        Laureate     Education      Inc.   Class   A
                                           2,373,145          36,167
        Abercrombie       & Fitch   Co.
                                           1,793,668          35,963
     *
        Shutterfly      Inc.
                                            889,076         35,794
     *
        MSG  Networks     Inc.
                                           1,516,164          35,721
     *
        Asbury    Automotive      Group   Inc.
                                            529,978         35,328
     *,^
        Michaels     Cos.   Inc.
                                           2,509,182          33,974
     *
        Simply    Good   Foods   Co.
                                           1,771,453          33,480
        Hawaiian     Holdings     Inc.
                                           1,254,177          33,123
        GameStop     Corp.   Class   A
                                           2,572,313          32,463
        Matthews     International        Corp.   Class   A
                                            797,260         32,385
        Guess?    Inc.
                                           1,505,344          31,266
        Big  Lots   Inc.
                                           1,079,952          31,232
     *
        SeaWorld     Entertainment        Inc.
                                           1,390,837          30,724
     *,^
        ANGI   Homeservices       Inc.   Class   A
                                           1,910,688          30,705
        Dine   Brands    Global    Inc.
                                            450,645         30,346
        Allegiant      Travel    Co.  Class   A
                                            302,417         30,308
     *,^
        Carvana     Co.  Class   A
                                            926,227         30,297
     *
        Gray   Television      Inc.
                                           2,048,915          30,201
     *
        Liberty     TripAdvisor       Holdings     Inc.   Class   A
                                           1,891,202          30,051
     *
        Shake   Shack   Inc.   Class   A
                                            658,252         29,898
        Caleres     Inc.
                                           1,025,935          28,552
        BJ's   Restaurants       Inc.
                                            558,391         28,238
        Core-Mark      Holding     Co.  Inc.
                                           1,198,553          27,866
        Viad   Corp.
                                            525,662         26,330
     *
        Scientific      Games   Corp.
                                           1,469,503          26,275
        International        Speedway     Corp.   Class   A
                                            598,281         26,241
        Gannett     Co.  Inc.
                                           3,039,013          25,923
        Lions   Gate   Entertainment        Corp.   Class   A
                                           1,602,116          25,794
        Group   1 Automotive      Inc.
                                            488,023         25,729
     *
        Denny's     Corp.
                                           1,566,924          25,400
        Scholastic      Corp.
                                            630,074         25,367
     *
        Houghton     Mifflin     Harcourt     Co.
                                           2,780,142          24,632
     *
        K12  Inc.
                                            967,512         23,985
     *
        Liberty     Media   Corp-Liberty       Formula     One  Class   A
                                            799,896         23,773
                                  71/562

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        Papa   John's    International        Inc.
                                            587,653         23,394
     *
        Liberty     Media   Corp-Liberty       Braves    Class   C
                                            925,452         23,035
        EW  Scripps     Co.  Class   A
                                           1,445,947          22,745
     *
        Quotient     Technology      Inc.
                                           2,110,916          22,545
     *
        Genesco     Inc.
                                            505,442         22,391
     *
        Chefs'    Warehouse      Inc.
                                            675,534         21,604
     *
        Rent-A-Center        Inc.
                                           1,267,156          20,515
     *
        Diplomat     Pharmacy     Inc.
                                           1,474,123          19,842
     *
        Hertz   Global    Holdings     Inc.
                                           1,437,010          19,615
        Marcus    Corp.
                                            493,344         19,487
     ^
        Dillard's      Inc.   Class   A
                                            316,672         19,099
     *
        TrueCar     Inc.
                                           2,075,397          18,803
        Entercom     Communications         Corp.   Class   A
                                           3,243,547          18,521
     *,^
        Stitch    Fix  Inc.   Class   A
                                           1,073,618          18,348
        Weis   Markets     Inc.
                                            379,503         18,133
                                  72/562















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                                                    市場価格
                                              株数     ( 千米ドル     )
        Chico's     FAS  Inc.
                                           3,203,805          18,005
     *,^
        Trupanion      Inc.
                                            703,730         17,917
     *
        comScore     Inc.
                                           1,240,830          17,905
     *
        QuinStreet      Inc.
                                           1,100,702          17,864
     *
        Providence      Service     Corp.
                                            297,254         17,841
     *
        SP  Plus   Corp.
                                            574,305         16,965
        Tailored     Brands    Inc.
                                           1,243,081          16,956
        New  Media   Investment      Group   Inc.
                                           1,458,199          16,871
        Ruth's    Hospitality       Group   Inc.
                                            741,814         16,861
        AMC  Entertainment        Holdings     Inc.   Class   A
                                           1,359,183          16,691
     *
        Herc   Holdings     Inc.
                                            641,053         16,661
     *
        Liberty     Broadband      Corp.   Class   A
                                            223,832         16,073
     *
        Party   City   Holdco    Inc.
                                           1,533,160          15,301
     *
        Regis   Corp.
                                            880,203         14,919
        SpartanNash       Co.
                                            867,814         14,909
     ^
        Buckle    Inc.
                                            769,911         14,890
     *
        United    Natural     Foods   Inc.
                                           1,369,355          14,501
     *
        Care.com     Inc.
                                            716,002         13,826
     *
        PlayAGS     Inc.
                                            595,468         13,696
     *
        MarineMax      Inc.
                                            700,995         12,835
     *
        America's      Car-Mart     Inc.
                                            175,489         12,714
     *
        Boot   Barn   Holdings     Inc.
                                            746,272         12,709
     ^
        PetMed    Express     Inc.
                                            506,482         11,781
        National     CineMedia      Inc.
                                           1,803,937          11,690
     *
        American     Public    Education      Inc.
                                            390,828         11,123
     *
        Monarch     Casino    & Resort    Inc.
                                            284,298         10,843
     *
        Ascena    Retail    Group   Inc.
                                           4,295,186          10,781
        Shoe   Carnival     Inc.
                                            312,690         10,478
        Winmark     Corp.
                                             63,833         10,149
     *
        Career    Education      Corp.
                                            859,636          9,817
     *
        Zumiez    Inc.
                                            496,232          9,513
        Ingles    Markets     Inc.   Class   A
                                            348,858          9,496
     *
        Express     Inc.
                                           1,818,554           9,293
     *,^
        Conn's    Inc.
                                            489,045          9,223
     *
        Lindblad     Expeditions       Holdings     Inc.
                                            683,537          9,200
        Carriage     Services     Inc.   Class   A
                                            560,718          8,691
     *
        Carrols     Restaurant      Group   Inc.
                                            853,161          8,395
     *
        Fiesta    Restaurant      Group   Inc.
                                            532,247          8,255
        Haverty     Furniture      Cos.   Inc.
                                            437,988          8,225
     *
        El  Pollo   Loco   Holdings     Inc.
                                            540,963          8,206
        Cato   Corp.   Class   A
                                            561,140          8,007
     *,^
        Lumber    Liquidators       Holdings     Inc.
                                            797,105          7,588
     *
        Upwork    Inc.
                                            412,105          7,463
     *
        Hibbett     Sports    Inc.
                                            516,617          7,388
     *
        Titan   Machinery      Inc.
                                            560,175          7,366
     *,^
        Duluth    Holdings     Inc.
                                            291,583          7,357
     *
        1-800-Flowers.com          Inc.   Class   A
                                            600,047          7,339
     *
        Golden    Entertainment        Inc.
                                            455,869          7,303
     *
        Del  Taco   Restaurants       Inc.
                                            726,097          7,254
                                  73/562

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     *
        Bojangles'      Inc.
                                            435,698          7,006
     *
        Del  Frisco's     Restaurant      Group   Inc.
                                            950,191          6,794
        Citi   Trends    Inc.
                                            333,045          6,791
     *
        Liberty     Media   Corp-Liberty       Braves    Class   A
                                            266,340          6,643
        RCI  Hospitality       Holdings     Inc.
                                            295,309          6,594
     *
        Habit   Restaurants       Inc.   Class   A
                                            620,402          6,514
        News   Corp.   Class   B
                                            558,819          6,454
        Office    Depot   Inc.
                                           2,481,203           6,402
     *
        Drive   Shack   Inc.
                                           1,629,434           6,387
     *
        Century     Casinos     Inc.
                                            847,042          6,260
     *
        Clean   Energy    Fuels   Corp.
                                           3,446,186           5,927
        Nathan's     Famous    Inc.
                                             88,568         5,885
     *,^
        Daily   Journal     Corp.
                                             24,964         5,842
     *
        Potbelly     Corp.
                                            702,516          5,655
     *
        Reading     International        Inc.   Class   A
                                            386,999          5,627
                                  74/562















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                                                    市場価格
                                              株数     ( 千米ドル     )
        Tile   Shop   Holdings     Inc.
                                           1,013,318           5,553
        Tilly's     Inc.   Class   A
                                            510,057          5,539
     *
        TechTarget      Inc.
                                            450,373          5,499
        Clear   Channel     Outdoor     Holdings     Inc.   Class   A
                                           1,056,412           5,483
     *
        Bridgepoint       Education      Inc.   Class   A
                                            776,825          5,446
        Entravision       Communications         Corp.   Class   A
                                           1,828,760           5,322
     *
        Red  Lion   Hotels    Corp.
                                            640,254          5,250
     *
        Avid   Technology      Inc.
                                           1,085,188           5,155
     *,^
        Boston    Omaha   Corp.   Class   A
                                            218,549          5,114
        Village     Super   Market    Inc.   Class   A
                                            187,961          5,026
     *,^
        GNC  Holdings     Inc.   Class   A
                                           2,114,623           5,012
     *
        Hemisphere      Media   Group   Inc.   Class   A
                                            410,074          4,978
     *
        Tribune     Publishing      Co.
                                            436,424          4,949
     *
        PCM  Inc.
                                            278,137          4,898
        Sonic   Automotive      Inc.   Class   A
                                            344,780          4,744
     *
        Sportsman's       Warehouse      Holdings     Inc.
                                           1,019,460           4,465
        Speedway     Motorsports       Inc.
                                            271,158          4,412
     ^
        Natural     Health    Trends    Corp.
                                            238,051          4,402
     *
        At  Home   Group   Inc.
                                            231,762          4,325
     *,^
        Noodles     & Co.  Class   A
                                            608,247          4,252
     *
        Natural     Grocers     by  Vitamin     Cottage     Inc.
                                            276,338          4,236
     *
        MDC  Partners     Inc.   Class   A
                                           1,600,204           4,177
     *
        Kirkland's      Inc.
                                            420,434          4,007
        Saga   Communications         Inc.   Class   A
                                            117,114          3,892
     *
        Red  Robin   Gourmet     Burgers     Inc.
                                            136,465          3,646
     *,^
        Digital     Turbine     Inc.
                                           1,961,674           3,590
     *,^
        Overstock.com        Inc.
                                            258,584          3,512
     *,^
        Lands'    End  Inc.
                                            239,935          3,409
     *
        J Alexander's       Holdings     Inc.
                                            404,654          3,330
     *
        Gaia   Inc.   Class   A
                                            318,477          3,299
     *,^
        HF  Foods   Group   Inc.
                                            245,871          3,270
     *
        Leaf   Group   Ltd.
                                            470,537          3,223
     *
        Rubicon     Project     Inc.
                                            832,277          3,104
     *,^
        Fluent    Inc.
                                            851,887          3,067
     *
        Lee  Enterprises       Inc.
                                           1,404,374           2,963
     *,^
        Global    Eagle   Entertainment        Inc.
                                           1,236,770           2,758
     *
        Liquidity      Services     Inc.
                                            418,992          2,585
     *
        TheStreet      Inc.
                                           1,209,974           2,456
     *
        Mesa   Air  Group   Inc.
                                            314,455          2,424
     *
        Biglari     Holdings     Inc.
                                             3,736         2,196
     *
        Container      Store   Group   Inc.
                                            459,557          2,192
     *
        RTW  RetailWinds       Inc.
                                            742,939          2,103
     *
        Town   Sports    International        Holdings     Inc.
                                            297,132          1,902
     *
        Destination       XL  Group   Inc.
                                            789,746          1,714
     *
        Biglari     Holdings     Inc.   Class   B
                                             15,063         1,711
        A-Mark    Precious     Metals    Inc.
                                            140,198          1,653
        Peak   Resorts     Inc.
                                            339,567          1,589
     *
        RealNetworks       Inc.
                                            662,352          1,530
     *
        Vitamin     Shoppe    Inc.
                                            316,832          1,502
                                  75/562

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     *
        Full   House   Resorts     Inc.
                                            633,724          1,280
     *,^
        Papa   Murphy's     Holdings     Inc.
                                            266,958          1,268
     *,^
        Dover   Downs   Gaming    & Entertainment        Inc.
                                            434,538          1,204
     *
        J.  Jill   Inc.
                                            197,755          1,054
        Educational       Development       Corp.
                                            121,378          1,035
     *
        Eastside     Distilling      Inc.
                                            167,117          1,033
     *,^
        Fred's    Inc.   Class   A
                                            536,413          1,014
     *
        Travelzoo
                                            100,611           989
        Gaming    Partners     International        Corp.
                                             74,546          969
     *
        Urban   One  Inc.
                                            584,263           941
     ^
        Chicken     Soup   For  The  Soul   Entertainment        Inc.
                                            117,602           884
     *
        Good   Times   Restaurants       Inc.
                                            350,979           877
     *
        ONE  Group   Hospitality       Inc.
                                            280,313           861
        Dover   Motorsports       Inc.
                                            442,500           832
        Marchex     Inc.   Class   B
                                            301,676           799
                                  76/562















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                                                    市場価格
                                              株数     ( 千米ドル     )
     *,^
        Select    Interior     Concepts     Inc.   Class   A
                                            105,442           793
     *,^
        McClatchy      Co.  Class   A
                                            101,542           777
        Ark  Restaurants       Corp.
                                             42,303          777
        AH  Belo   Corp.   Class   A
                                            227,017           765
     *,^
        Remark    Holdings     Inc.
                                            625,505           757
     *
        Nevada    Gold   & Casinos     Inc.
                                            316,555           753
        CSS  Industries      Inc.
                                             77,281          693
     *,^
        VistaGen     Therapeutics       Inc.
                                            382,270           573
     *
        Smart   & Final   Stores    Inc.
                                            117,503           557
     *,^
        JC  Penney    Co.  Inc.
                                            524,500           545
     *,^
        Famous    Dave's    of  America     Inc.
                                            117,953           541
     *,^
        Interpace      Diagnostics       Group   Inc.
                                            622,538           498
     *
        Waitr   Holdings     Inc.
                                             43,849          489
     *,^
        Net  Element     Inc.
                                             84,460          483
     *
        Chuy's    Holdings     Inc.
                                             25,839          458
        Salem   Media   Group   Inc.   Class   A
                                            215,388           450
     *,^
        Valeritas      Holdings     Inc.
                                           1,380,580            449
     *
        Emmis   Communications         Corp.   Class   A
                                            139,651           446
        Canterbury      Park   Holding     Corp.
                                             31,705          441
     *
        Destination       Maternity      Corp.
                                            135,486           385
        Barnes    & Noble   Inc.
                                             54,038          383
        Collectors      Universe     Inc.
                                             30,516          347
     *,^
        Youngevity      International        Inc.
                                             59,632          341
     *
        Build-A-Bear       Workshop     Inc.
                                             82,050          324
     *,^
        Tuesday     Morning     Corp.
                                            190,533           324
        Townsquare      Media   Inc.   Class   A
                                             78,884          322
     *,^
        Sears   Hometown     and  Outlet    Stores    Inc.
                                            143,195           305
     *,^
        Social    Reality     Inc.
                                            148,260           302
        Value   Line   Inc.
                                             9,238          240
     *,^
        Stein   Mart   Inc.
                                            193,531           207
     *
        Diversified       Restaurant      Holdings     Inc.
                                            188,200           183
     *,^
        Purple    Innovation      Inc.
                                             27,138          160
     *,^
        Genius    Brands    International        Inc.
                                             68,896          148
     *
        Cumulus     Media   Inc.   Class   A
                                             12,241          132
     *
        Profire     Energy    Inc.
                                             80,670          117
     ^
        Stage   Stores    Inc.
                                            130,030           96
     *
        BioHiTech      Global    Inc.
                                             41,922           68
     *,^
        Kona   Grill   Inc.
                                             61,343           64
     ^
        FAT  Brands    Inc.
                                             12,218           57
     *
        EVINE   Live   Inc.
                                            136,245           54
        Harte-Hanks       Inc.
                                             12,046           29
     *
        Dolphin     Entertainment        Inc.
                                             37,619           29
        Haverty     Furniture      Cos.   Inc.   Class   A
                                             1,375          26
     *
        SG  Blocks    Inc.
                                             8,584          23
     *
        Inspired     Entertainment        Inc.
                                             4,644          22
     *,^
        LiveXLive      Media   Inc.
                                             4,009          20
     *
        Insignia     Systems     Inc.
                                             9,210          14
     *,^
        National     American     University      Holdings     Inc.
                                             69,425           13
     *,^
        Spark   Networks     SE  ADR
                                             1,099           9
                                  77/562

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        Viacom    Inc.   Class   A
                                              300          8
     *,§
        Universal      Travel    Group
                                             42,843           7
     *
        Live   Ventures     Inc.
                                              812          5
     *
        Urban   One  Inc.   Class   A
                                              950          2
     *
        YogaWorks      Inc.
                                             3,300           2
     *
        DGSE   Cos.   Inc.
                                             2,900           1
     *
        Ascent    Capital     Group   Inc.   Class   A
                                                        1
                                             2,801
                                                   90,710,181
     金融   (19.3   ％ )
     *
        Berkshire      Hathaway     Inc.   Class   B
                                          50,508,373         10,312,800
        JPMorgan     Chase   & Co.
                                          88,872,039         8,675,688
        Visa   Inc.   Class   A
                                          47,014,765         6,203,128
        Bank   of  America     Corp.
                                          236,065,255          5,816,648
        Wells   Fargo   & Co.
                                          113,207,525          5,216,603
        Mastercard      Inc.   Class   A
                                          24,548,873         4,631,145
                                  78/562















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                                                    市場価格
                                              株数     ( 千米ドル     )
        Citigroup      Inc.
                                          65,271,677         3,398,044
        American     Tower   Corp.
                                          11,767,132         1,861,443
        CME  Group   Inc.
                                           9,556,227         1,797,717
        US  Bancorp
                                          38,911,037         1,778,234
        American     Express     Co.
                                          18,261,147         1,740,653
        Chubb   Ltd.
                                          11,698,938         1,511,269
        Goldman     Sachs   Group   Inc.
                                           8,942,253         1,493,803
        Simon   Property     Group   Inc.
                                           8,262,497         1,388,017
        Morgan    Stanley
                                          34,464,743         1,366,527
        Charles     Schwab    Corp.
                                          32,482,855         1,349,013
        PNC  Financial      Services     Group   Inc.
                                          11,116,783         1,299,663
        Crown   Castle    International        Corp.
                                          11,081,733         1,203,809
        BlackRock      Inc.
                                           2,950,064         1,158,844
        Intercontinental          Exchange     Inc.
                                          15,214,805         1,146,131
        S&P  Global    Inc.
                                           6,703,499         1,139,193
        Bank   of  New  York   Mellon    Corp.
                                          23,771,507         1,118,925
        Marsh   & McLennan     Cos.   Inc.
                                          13,460,764         1,073,496
        Prologis     Inc.
                                          16,825,574          987,998
        Capital     One  Financial      Corp.
                                          12,655,544          956,633
        Progressive       Corp.
                                          15,585,809          940,292
        Aon  plc
                                           6,437,938          935,819
        American     International        Group   Inc.
                                          23,638,813          931,606
        Aflac   Inc.
                                          20,342,560          926,807
        Prudential      Financial      Inc.
                                          11,040,115          900,321
        BB&T   Corp.
                                          20,643,623          894,282
        Travelers      Cos.   Inc.
                                           7,076,477          847,408
        MetLife     Inc.
                                          19,780,238          812,177
        Public    Storage
                                           3,959,722          801,487
        Allstate     Corp.
                                           9,204,293          760,551
        Equinix     Inc.
                                           2,147,782          757,222
        Welltower      Inc.
                                          10,035,012          696,530
        Equity    Residential
                                           9,838,544          649,442
        AvalonBay      Communities       Inc.
                                           3,691,741          642,548
        Moody's     Corp.
                                           4,352,054          609,462
        State   Street    Corp.
                                           9,634,615          607,655
        SunTrust     Banks   Inc.
                                          12,042,206          607,409
        Digital     Realty    Trust   Inc.
                                           5,511,180          587,216
        T.  Rowe   Price   Group   Inc.
                                           6,113,127          564,364
        Ventas    Inc.
                                           9,521,907          557,889
        Discover     Financial      Services
                                           8,981,964          529,756
        Realty    Income    Corp.
                                           7,873,536          496,348
     *
        SBA  Communications         Corp.   Class   A
                                           3,026,443          489,951
        M&T  Bank   Corp.
                                           3,394,585          485,867
        Northern     Trust   Corp.
                                           5,623,070          470,032
        Boston    Properties      Inc.
                                           4,128,446          464,657
     *
        IHS  Markit    Ltd.
                                           9,472,664          454,404
        Weyerhaeuser       Co.
                                          20,028,509          437,823
        Essex   Property     Trust   Inc.
                                           1,764,407          432,650
        Hartford     Financial      Services     Group   Inc.
                                           9,594,955          426,496
                                  79/562

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        Fifth   Third   Bancorp
                                          17,622,562          414,659
        KeyCorp
                                          27,736,874          409,951
        Synchrony      Financial
                                          17,296,864          405,784
        Ameriprise      Financial      Inc.
                                           3,722,859          388,555
     *
        First   Republic     Bank
                                           4,419,133          384,023
        Citizens     Financial      Group   Inc.
                                          12,566,128          373,591
        Regions     Financial      Corp.
                                          27,719,617          370,888
        TD  Ameritrade      Holding     Corp.
                                           7,527,371          368,540
     *
        Markel    Corp.
                                            352,708         366,129
        Arthur    J Gallagher      & Co.
                                           4,909,929          361,862
        HCP  Inc.
                                          12,555,001          350,661
     *
        CBRE   Group   Inc.   Class   A
                                           8,634,713          345,734
        Annaly    Capital     Management      Inc.
                                          34,966,461          343,371
        Huntington      Bancshares      Inc.
                                          28,533,672          340,121
        Principal      Financial      Group   Inc.
                                           7,560,379          333,942
                                  80/562















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                                                    市場価格
                                              株数     ( 千米ドル     )
        Alexandria      Real   Estate    Equities     Inc.
                                           2,874,902          331,304
        Host   Hotels    & Resorts     Inc.
                                          19,795,220          329,986
        MSCI   Inc.   Class   A
                                           2,231,938          329,055
        Cincinnati      Financial      Corp.
                                           4,138,669          320,416
     *
        Berkshire      Hathaway     Inc.   Class   A
                                             1,034       316,404
        Loews   Corp.
                                           6,733,676          306,517
        Equifax     Inc.
                                           3,223,623          300,216
        Comerica     Inc.
                                           4,355,109          299,152
        E*TRADE     Financial      Corp.
                                           6,786,071          297,773
        Cboe   Global    Markets     Inc.
                                           2,993,922          292,895
        Lincoln     National     Corp.
                                           5,706,649          292,808
        Mid-America       Apartment      Communities       Inc.
                                           3,039,549          290,885
        UDR  Inc.
                                           7,338,767          290,762
        Extra   Space   Storage     Inc.
                                           3,203,870          289,886
        Vornado     Realty    Trust
                                           4,583,164          284,294
        WP  Carey   Inc.
                                           4,282,862          279,842
     *
        Arch   Capital     Group   Ltd.
                                          10,274,873          274,545
     *
        SVB  Financial      Group
                                           1,422,106          270,086
        KKR  & Co.  Inc.   Class   A
                                          13,394,309          262,930
        Raymond     James   Financial      Inc.
                                           3,435,383          255,627
        Regency     Centers     Corp.
                                           4,294,881          252,024
        Nasdaq    Inc.
                                           3,062,951          249,845
        Ally   Financial      Inc.
                                          10,988,664          249,003
        Duke   Realty    Corp.
                                           9,553,632          247,439
        Iron   Mountain     Inc.
                                           7,623,179          247,067
        AGNC   Investment      Corp.
                                          13,997,697          245,520
        Everest     Re  Group   Ltd.
                                           1,082,637          235,755
        Alleghany      Corp.
                                            376,736         234,827
        Reinsurance       Group   of  America     Inc.   Class   A
                                           1,674,537          234,820
        Federal     Realty    Investment      Trust
                                           1,971,226          232,684
        Franklin     Resources      Inc.
                                           7,519,550          223,030
        Sun  Communities       Inc.
                                           2,185,010          222,237
        Fidelity     National     Financial      Inc.
                                           6,975,126          219,298
        Camden    Property     Trust
                                           2,474,396          217,871
        Zions   Bancorp     NA
                                           5,162,224          210,309
        Equity    LifeStyle      Properties      Inc.
                                           2,155,119          209,327
        National     Retail    Properties      Inc.
                                           4,220,276          204,726
        MarketAxess       Holdings     Inc.
                                            953,862         201,561
        Western     Union   Co.
                                          11,772,763          200,843
        Torchmark      Corp.
                                           2,690,220          200,502
        Omega   Healthcare      Investors      Inc.
                                           5,331,748          187,411
        VEREIT    Inc.
                                          25,647,463          183,379
        Invesco     Ltd.
                                          10,949,349          183,292
        SL  Green   Realty    Corp.
                                           2,315,568          183,115
        WR  Berkley     Corp.
                                           2,451,565          181,195
        Apartment      Investment      & Management      Co.
                                           4,128,767          181,170
        Brown   & Brown   Inc.
                                           6,343,043          174,814
        Gaming    and  Leisure     Properties      Inc.
                                           5,405,229          174,643
        Kilroy    Realty    Corp.
                                           2,749,841          172,910
                                  81/562

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        SEI  Investments       Co.
                                           3,738,465          172,717
        Unum   Group
                                           5,831,434          171,328
        East   West   Bancorp     Inc.
                                           3,924,260          170,823
     *
        Black   Knight    Inc.
                                           3,788,035          170,689
        Voya   Financial      Inc.
                                           4,145,388          166,396
     *
        Athene    Holding     Ltd.   Class   A
                                           4,174,883          166,286
        Liberty     Property     Trust
                                           3,928,282          164,516
        Macerich     Co.
                                           3,756,259          162,571
        American     Financial      Group   Inc.
                                           1,790,027          162,051
        Old  Republic     International        Corp.
                                           7,679,716          157,972
        Lamar   Advertising       Co.  Class   A
                                           2,265,390          156,720
        Kimco   Realty    Corp.
                                          10,659,151          156,157
        Medical     Properties      Trust   Inc.
                                           9,674,348          155,564
        Invitation      Homes   Inc.
                                           7,656,328          153,739
        Jones   Lang   LaSalle     Inc.
                                           1,212,308          153,478
                                  82/562















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                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
                                                    市場価格
                                              株数     ( 千米ドル     )
        Commerce     Bancshares      Inc.
                                           2,705,003          152,481
        American     Campus    Communities       Inc.
                                           3,651,196          151,123
        CyrusOne     Inc.
                                           2,820,968          149,173
        People's     United    Financial      Inc.
                                          10,294,052          148,543
        Douglas     Emmett    Inc.
                                           4,311,756          147,160
        VICI   Properties      Inc.
                                           7,820,577          146,870
        RenaissanceRe        Holdings     Ltd.
                                           1,076,431          143,919
        STORE   Capital     Corp.
                                           5,071,543          143,575
        CubeSmart
                                           4,958,530          142,260
        Signature      Bank
                                           1,363,407          140,172
        Healthcare      Trust   of  America     Inc.   Class   A
                                           5,518,689          139,678
        Park   Hotels    & Resorts     Inc.
                                           5,348,655          138,958
        Cullen/Frost       Bankers     Inc.
                                           1,567,127          137,813
        New  Residential       Investment      Corp.
                                           9,687,978          137,666
        Affiliated      Managers     Group   Inc.
                                           1,406,739          137,073
        Starwood     Property     Trust   Inc.
                                           6,940,996          136,807
        LPL  Financial      Holdings     Inc.
                                           2,197,158          134,202
        American     Homes   ▶ Rent   Class   A
                                           6,677,704          132,552
        Hanover     Insurance      Group   Inc.
                                           1,131,738          132,153
     *
        Credit    Acceptance      Corp.
                                            335,533         128,093
        Lazard    Ltd.   Class   A
                                           3,452,586          127,435
        Popular     Inc.
                                           2,695,858          127,298
        First   American     Financial      Corp.
                                           2,828,918          126,283
        EPR  Properties
                                           1,968,188          126,023
        Assurant     Inc.
                                           1,406,416          125,790
        Webster     Financial      Corp.
                                           2,497,931          123,123
        Hudson    Pacific     Properties      Inc.
                                           4,167,705          121,114
        Brixmor     Property     Group   Inc.
                                           7,986,589          117,323
        New  York   Community      Bancorp     Inc.
                                          12,439,089          117,052
        First   Horizon     National     Corp.
                                           8,799,075          115,796
        Life   Storage     Inc.
                                           1,238,394          115,158
        Prosperity      Bancshares      Inc.
                                           1,821,700          113,492
        Primerica      Inc.
                                           1,146,902          112,064
        PacWest     Bancorp
                                           3,293,140          109,596
        CIT  Group   Inc.
                                           2,856,739          109,327
        Axis   Capital     Holdings     Ltd.
                                           2,113,911          109,162
     *
        GCI  Liberty     Inc.   Class   A
                                           2,615,041          107,635
        Highwoods      Properties      Inc.
                                           2,742,684          106,114
     *
        Howard    Hughes    Corp.
                                           1,078,901          105,322
        Interactive       Brokers     Group   Inc.
                                           1,907,551          104,248
        Eaton   Vance   Corp.
                                           2,956,508          104,010
        Assured     Guaranty     Ltd.
                                           2,693,231          103,097
        Wintrust     Financial      Corp.
                                           1,544,673          102,705
     *
        Western     Alliance     Bancorp
                                           2,588,074          102,203
     *
        MGIC   Investment      Corp.
                                           9,694,361          101,403
     ^
        First   Financial      Bankshares      Inc.
                                           1,753,151          101,139
        JBG  SMITH   Properties
                                           2,896,303          100,820
     *
        Green   Dot  Corp.   Class   A
                                           1,261,550          100,318
        Sterling     Bancorp
                                           6,041,480          99,745
                                  83/562

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                                                 有価証券報告書（外国投資信託受益証券）
        Hospitality       Properties      Trust
                                           4,157,694          99,286
        Pebblebrook       Hotel   Trust
                                           3,503,683          99,189
     *
        Brighthouse       Financial      Inc.
                                           3,173,589          96,731
        Blackstone      Mortgage     Trust   Inc.   Class   A
                                           3,012,233          95,970
        First   Industrial      Realty    Trust   Inc.
                                           3,316,269          95,708
        Umpqua    Holdings     Corp.
                                           5,989,758          95,237
        Healthcare      Realty    Trust   Inc.
                                           3,335,446          94,860
        Rayonier     Inc.
                                           3,403,494          94,243
        Selective      Insurance      Group   Inc.
                                           1,536,887          93,658
        IBERIABANK      Corp.
                                           1,456,092          93,598
        Radian    Group   Inc.
                                           5,717,991          93,546
        AXA  Equitable      Holdings     Inc.
                                           5,616,247          93,398
        Janus   Henderson      Group   plc
                                           4,496,295          93,163
        Synovus     Financial      Corp.
                                           2,890,102          92,454
        Equity    Commonwealth
                                           3,055,359          91,691
                                  84/562















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                                                    市場価格
                                              株数     ( 千米ドル     )
        Kemper    Corp.
                                           1,379,100          91,545
        Pinnacle     Financial      Partners     Inc.
                                           1,964,539          90,565
        Associated      Banc-Corp
                                           4,528,389          89,617
        FNB  Corp.
                                           8,963,502          88,201
        Cousins     Properties      Inc.
                                          11,090,943           87,618
        Erie   Indemnity      Co.  Class   A
                                            643,555         85,792
     *
        Essent    Group   Ltd.
                                           2,496,961          85,346
        CoreSite     Realty    Corp.
                                            975,731         85,113
        Glacier     Bancorp     Inc.
                                           2,147,769          85,095
        Two  Harbors     Investment      Corp.
                                           6,568,457          84,339
        EastGroup      Properties      Inc.
                                            916,200         84,043
        MB  Financial      Inc.
                                           2,115,187          83,825
     *,^
        Zillow    Group   Inc.
                                           2,653,133          83,786
        BankUnited      Inc.
                                           2,791,482          83,577
        Chimera     Investment      Corp.
                                           4,680,216          83,401
        United    Bankshares      Inc.
                                           2,654,042          82,567
        Apple   Hospitality       REIT   Inc.
                                           5,766,668          82,233
        Ryman   Hospitality       Properties      Inc.
                                           1,228,598          81,935
        National     Health    Investors      Inc.
                                           1,066,541          80,567
        Weingarten      Realty    Investors
                                           3,234,714          80,253
        Spirit    Realty    Capital     Inc.
                                           2,273,985          80,158
        FirstCash      Inc.
                                           1,107,896          80,156
        TCF  Financial      Corp.
                                           4,090,535          79,725
        Community      Bank   System    Inc.
                                           1,359,878          79,281
        MFA  Financial      Inc.
                                          11,863,564           79,249
        Hancock     Whitney     Corp.
                                           2,282,968          79,105
        Sunstone     Hotel   Investors      Inc.
                                           6,064,451          78,899
        Sabra   Health    Care   REIT   Inc.
                                           4,726,543          77,893
        Physicians      Realty    Trust
                                           4,835,677          77,516
        Bank   of  Hawaii    Corp.
                                           1,140,504          76,779
        RLJ  Lodging     Trust
                                           4,658,890          76,406
        Valley    National     Bancorp
                                           8,569,268          76,095
        Bank   OZK
                                           3,287,283          75,049
        RLI  Corp.
                                           1,087,121          75,000
        Fulton    Financial      Corp.
                                           4,829,812          74,765
        UMB  Financial      Corp.
                                           1,215,226          74,092
        Senior    Housing     Properties      Trust
                                           6,304,534          73,889
        Stifel    Financial      Corp.
                                           1,777,851          73,639
        Rexford     Industrial      Realty    Inc.
                                           2,461,319          72,535
        STAG   Industrial      Inc.
                                           2,878,977          71,629
        Cathay    General     Bancorp
                                           2,116,004          70,950
        Paramount      Group   Inc.
                                           5,611,958          70,486
        Columbia     Banking     System    Inc.
                                           1,940,264          70,412
        Uniti   Group   Inc.
                                           4,516,529          70,322
        Taubman     Centers     Inc.
                                           1,541,219          70,110
        Chemical     Financial      Corp.
                                           1,910,059          69,927
     *
        Texas   Capital     Bancshares      Inc.
                                           1,354,364          69,194
        Home   BancShares      Inc.
                                           4,220,120          68,957
        Investors      Bancorp     Inc.
                                           6,569,047          68,318
                                  85/562

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        BancorpSouth       Bank
                                           2,594,962          67,832
     *
        Zillow    Group   Inc.   Class   A
                                           2,149,800          67,568
        Outfront     Media   Inc.
                                           3,720,999          67,425
        First   Hawaiian     Inc.
                                           2,973,726          66,939
        Aspen   Insurance      Holdings     Ltd.
                                           1,583,410          66,487
        PS  Business     Parks   Inc.
                                            506,727         66,381
        CNO  Financial      Group   Inc.
                                           4,398,178          65,445
        Evercore     Inc.   Class   A
                                            913,987         65,405
        Empire    State   Realty    Trust   Inc.
                                           4,590,678          65,325
        White   Mountains      Insurance      Group   Ltd.
                                             75,921         65,117
        Americold      Realty    Trust
                                           2,541,984          64,922
        Federated      Investors      Inc.   Class   B
                                           2,402,666          63,791
        American     Equity    Investment      Life   Holding     Co.
                                           2,276,532          63,606
        Old  National     Bancorp
                                           4,051,838          62,398
     *
        SLM  Corp.
                                           7,490,119          62,243
                                  86/562















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                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
                                                    市場価格
                                              株数     ( 千米ドル     )
        CVB  Financial      Corp.
                                           3,068,595          62,078
     *
        Genworth     Financial      Inc.   Class   A
                                          13,316,927           62,057
        Retail    Properties      of  America     Inc.
                                           5,718,205          62,043
        Corporate      Office    Properties      Trust
                                           2,896,215          60,907
        GEO  Group   Inc.
                                           3,088,094          60,835
        Brandywine      Realty    Trust
                                           4,707,895          60,591
        BOK  Financial      Corp.
                                            826,095         60,578
        Piedmont     Office    Realty    Trust   Inc.   Class   A
                                           3,548,577          60,468
        Navient     Corp.
                                           6,846,902          60,321
        Washington      Federal     Inc.
                                           2,252,960          60,177
        Kennedy-Wilson         Holdings     Inc.
                                           3,298,677          59,937
        First   Citizens     BancShares      Inc.   Class   A
                                            158,917         59,920
        Columbia     Property     Trust   Inc.
                                           3,079,602          59,590
        South   State   Corp.
                                            986,294         59,128
        Apollo    Commercial      Real   Estate    Finance     Inc.
                                           3,523,469          58,701
        First   Financial      Bancorp
                                           2,456,549          58,269
        Legg   Mason   Inc.
                                           2,277,568          58,101
        Colony    Capital     Inc.
                                          12,368,946           57,887
        Brookfield      Property     REIT   Inc.   Class   A
                                           3,503,648          56,409
        Argo   Group   International        Holdings     Ltd.
                                            838,709         56,403
        ProAssurance       Corp.
                                           1,388,892          56,333
        CoreCivic      Inc.
                                           3,155,625          56,265
        Terreno     Realty    Corp.
                                           1,571,005          55,252
        First   Midwest     Bancorp     Inc.
                                           2,767,871          54,832
        PotlatchDeltic         Corp.
                                           1,711,986          54,167
        Simmons     First   National     Corp.   Class   A
                                           2,244,504          54,160
        Acadia    Realty    Trust
                                           2,168,556          51,525
        CenterState       Bank   Corp.
                                           2,435,121          51,235
        International        Bancshares      Corp.
                                           1,486,462          51,134
        Xenia   Hotels    & Resorts     Inc.
                                           2,966,857          51,030
        Agree   Realty    Corp.
                                            862,302         50,979
        Santander      Consumer     USA  Holdings     Inc.
                                           2,896,954          50,957
        First   BanCorp
                                           5,871,087          50,491
        QTS  Realty    Trust   Inc.   Class   A
                                           1,356,968          50,276
        Tanger    Factory     Outlet    Centers     Inc.
                                           2,476,338          50,072
        DiamondRock       Hospitality       Co.
                                           5,464,242          49,615
        Great   Western     Bancorp     Inc.
                                           1,583,239          49,476
        Independent       Bank   Corp.
                                            701,594         49,329
     *
        OneMain     Holdings     Inc.
                                           2,006,609          48,741
        Trustmark      Corp.
                                           1,711,688          48,663
        WesBanco     Inc.
                                           1,324,828          48,608
        Washington      REIT
                                           2,105,002          48,415
        Urban   Edge   Properties
                                           2,896,238          48,135
        Four   Corners     Property     Trust   Inc.
                                           1,823,570          47,778
        Union   Bankshares      Corp.
                                           1,690,089          47,711
        Retail    Opportunity       Investments       Corp.
                                           2,994,187          47,548
        Navigators      Group   Inc.
                                            679,411         47,212
        Lexington      Realty    Trust
                                           5,666,525          46,522
     ^
        Realogy     Holdings     Corp.
                                           3,156,803          46,342
                                  87/562

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                                                 有価証券報告書（外国投資信託受益証券）
        Banner    Corp.
                                            864,965         46,258
     *,^
        LendingTree       Inc.
                                            206,515         45,345
        Mack-Cali      Realty    Corp.
                                           2,270,447          44,478
     *
        Eagle   Bancorp     Inc.
                                            898,518         43,767
        United    Community      Banks   Inc.
                                           2,023,002          43,414
        Virtu   Financial      Inc.   Class   A
                                           1,684,529          43,393
        LTC  Properties      Inc.
                                           1,040,001          43,347
        First   Merchants      Corp.
                                           1,258,999          43,146
        Invesco     Mortgage     Capital     Inc.
                                           2,905,926          42,078
        Moelis    & Co.  Class   A
                                           1,214,021          41,738
     *
        Enstar    Group   Ltd.
                                            247,912         41,543
        SITE   Centers     Corp.
                                           3,751,130          41,525
     *
        FCB  Financial      Holdings     Inc.   Class   A
                                           1,230,864          41,332
        Northwest      Bancshares      Inc.
                                           2,433,551          41,224
        CareTrust      REIT   Inc.
                                           2,218,950          40,962
                                  88/562















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                                                    市場価格
                                              株数     ( 千米ドル     )
        Capitol     Federal     Financial      Inc.
                                           3,180,231          40,612
        Hope   Bancorp     Inc.
                                           3,394,979          40,264
        National     Storage     Affiliates      Trust
                                           1,502,218          39,749
        National     General     Holdings     Corp.
                                           1,638,542          39,669
     *
        Pacific     Premier     Bancorp     Inc.
                                           1,554,159          39,662
        LegacyTexas       Financial      Group   Inc.
                                           1,232,263          39,543
        Chesapeake      Lodging     Trust
                                           1,607,829          39,151
        Towne   Bank
                                           1,625,892          38,940
        American     Assets    Trust   Inc.
                                            963,867         38,719
        Horace    Mann   Educators      Corp.
                                           1,024,132          38,354
        Mercury     General     Corp.
                                            737,736         38,148
        Renasant     Corp.
                                           1,257,880          37,963
        Ladder    Capital     Corp.   Class   A
                                           2,450,821          37,914
        ServisFirst       Bancshares      Inc.
                                           1,174,768          37,440
        Westamerica       Bancorporation
                                            672,288         37,433
        BGC  Partners     Inc.   Class   A
                                           7,156,912          37,001
     *
        Axos   Financial      Inc.
                                           1,467,554          36,953
        NBT  Bancorp     Inc.
                                           1,047,300          36,226
        Ameris    Bancorp
                                           1,132,497          35,866
        Provident      Financial      Services     Inc.
                                           1,486,039          35,858
        Waddell     & Reed   Financial      Inc.   Class   A
                                           1,980,960          35,816
        Heartland      Financial      USA  Inc.
                                            804,597         35,362
        Global    Net  Lease   Inc.
                                           1,999,516          35,231
        Cadence     BanCorp     Class   A
                                           2,091,215          35,091
        Ares   Management      Corp.
                                           1,951,115          34,691
        Colony    Credit    Real   Estate    Inc.
                                           2,147,454          33,908
     ^
        Industrial      Logistics      Properties      Trust
                                           1,714,265          33,720
        Employers      Holdings     Inc.
                                            799,874         33,571
        Walker    & Dunlop    Inc.
                                            774,072         33,479
        Hilltop     Holdings     Inc.
                                           1,877,119          33,469
     *
        PennyMac     Financial      Services     Inc.
                                           1,542,073          32,784
     *
        Alexander      & Baldwin     Inc.
                                           1,775,193          32,628
        First   Commonwealth       Financial      Corp.
                                           2,699,557          32,611
        Redwood     Trust   Inc.
                                           2,144,819          32,322
        Houlihan     Lokey   Inc.   Class   A
                                            869,858         32,011
        S&T  Bancorp     Inc.
                                            841,135         31,829
        First   Interstate      BancSystem      Inc.   Class   A
                                            866,707         31,687
        HFF  Inc.   Class   A
                                            946,781         31,395
        WSFS   Financial      Corp.
                                            827,969         31,388
     *
        Seacoast     Banking     Corp.   of  Florida
                                           1,204,699          31,346
        Newmark     Group   Inc.   Class   A
                                           3,896,210          31,248
        Clearway     Energy    Inc.
                                           1,793,789          30,943
     *
        NMI  Holdings     Inc.   Class   A
                                           1,729,880          30,878
        Universal      Insurance      Holdings     Inc.
                                            808,354         30,653
        Kite   Realty    Group   Trust
                                           2,162,014          30,463
        Kearny    Financial      Corp.
                                           2,372,114          30,411
        United    Fire   Group   Inc.
                                            538,827         29,878
        Hannon    Armstrong      Sustainable       Infrastructure         Capital     Inc.
                                           1,564,396          29,802
     *
        Cannae    Holdings     Inc.
                                           1,729,439          29,608
                                  89/562

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        Artisan     Partners     Asset   Management      Inc.   Class   A
                                           1,327,743          29,356
        Tier   REIT   Inc.
                                           1,422,108          29,338
        Safety    Insurance      Group   Inc.
                                            356,620         29,175
        Park   National     Corp.
                                            337,344         28,657
        PennyMac     Mortgage     Investment      Trust
                                           1,527,296          28,438
        Monmouth     Real   Estate    Investment      Corp.
                                           2,290,363          28,401
        City   Holding     Co.
                                            410,240         27,728
     *
        LendingClub       Corp.
                                          10,506,764           27,633
        American     National     Insurance      Co.
                                            217,119         27,626
     *
        PRA  Group   Inc.
                                           1,129,523          27,526
     ^
        American     Finance     Trust   Inc.
                                           2,064,094          27,494
        AMERISAFE      Inc.
                                            481,971         27,323
        Tompkins     Financial      Corp.
                                            364,055         27,308
     ^
        Seritage     Growth    Properties      Class   A
                                            837,465         27,075
        Kinsale     Capital     Group   Inc.
                                            486,748         27,044
                                  90/562















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                                                    市場価格
                                              株数     ( 千米ドル     )
        Berkshire      Hills   Bancorp     Inc.
                                            995,476         26,848
        First   Busey   Corp.
                                           1,082,806          26,572
        James   River   Group   Holdings     Ltd.
                                            714,694         26,115
        Summit    Hotel   Properties      Inc.
                                           2,674,055          26,019
        Heritage     Financial      Corp.
                                            868,083         25,799
        Getty   Realty    Corp.
                                            873,351         25,685
        Sandy   Spring    Bancorp     Inc.
                                            818,984         25,667
        Easterly     Government      Properties      Inc.
                                           1,629,223          25,546
        Brookline      Bancorp     Inc.
                                           1,837,756          25,398
     *
        Cushman     & Wakefield      plc
                                           1,740,911          25,191
        Investment      Technology      Group   Inc.
                                            825,024         24,949
        Beneficial      Bancorp     Inc.
                                           1,711,563          24,458
        TFS  Financial      Corp.
                                           1,510,619          24,366
        Southside      Bancshares      Inc.
                                            766,872         24,348
        Lakeland     Financial      Corp.
                                            604,133         24,262
        First   Bancorp
                                            741,741         24,225
        Piper   Jaffray     Cos.
                                            365,127         24,040
     *,^
        Redfin    Corp.
                                           1,647,740          23,727
     *
        FGL  Holdings
                                           3,558,951          23,703
        RPT  Realty
                                           1,981,988          23,685
        Washington      Prime   Group   Inc.
                                           4,868,688          23,662
        Stewart     Information       Services     Corp.
                                            566,785         23,465
        New  York   Mortgage     Trust   Inc.
                                           3,964,674          23,352
        TPG  RE  Finance     Trust   Inc.
                                           1,262,700          23,082
        Boston    Private     Financial      Holdings     Inc.
                                           2,163,262          22,866
        TriCo   Bancshares
                                            673,886         22,771
        OceanFirst      Financial      Corp.
                                            988,702         22,256
        WisdomTree      Investments       Inc.
                                           3,345,205          22,246
        Independent       Bank   Group   Inc.
                                            485,735         22,232
     *
        Mr  Cooper    Group   Inc.
                                           1,899,690          22,169
        National     Bank   Holdings     Corp.   Class   A
                                            714,991         22,072
        BancFirst      Corp.
                                            438,680         21,890
        Independence       Realty    Trust   Inc.
                                           2,363,367          21,696
        Chatham     Lodging     Trust
                                           1,217,811          21,531
        State   Bank   Financial      Corp.
                                            997,262         21,531
        OFG  Bancorp
                                           1,306,532          21,506
        InfraREIT      Inc.
                                           1,022,899          21,501
     *
        Third   Point   Reinsurance       Ltd.
                                           2,220,374          21,404
        ARMOUR    Residential       REIT   Inc.
                                           1,032,618          21,169
        Enterprise      Financial      Services     Corp.
                                            544,461         20,488
     *
        Ambac   Financial      Group   Inc.
                                           1,184,413          20,419
     *
        Flagstar     Bancorp     Inc.
                                            770,112         20,331
     *,^
        MBIA   Inc.
                                           2,272,557          20,271
        Universal      Health    Realty    Income    Trust
                                            324,715         19,928
        Granite     Point   Mortgage     Trust   Inc.
                                           1,079,663          19,466
        PJT  Partners     Inc.
                                            487,972         18,914
        Armada    Hoffler     Properties      Inc.
                                           1,339,711          18,836
        Arbor   Realty    Trust   Inc.
                                           1,866,357          18,794
     *
        World   Acceptance      Corp.
                                            182,351         18,647
                                  91/562

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     *
        Marcus    & Millichap      Inc.
                                            540,305         18,549
        United    Financial      Bancorp     Inc.
                                           1,256,563          18,471
     *
        eHealth     Inc.
                                            480,153         18,447
     *,^
        Encore    Capital     Group   Inc.
                                            770,303         18,102
        Cohen   & Steers    Inc.
                                            526,316         18,063
        Nelnet    Inc.   Class   A
                                            337,635         17,672
        Central     Pacific     Financial      Corp.
                                            724,000         17,629
        NexPoint     Residential       Trust   Inc.
                                            502,471         17,612
        Meta   Financial      Group   Inc.
                                            901,297         17,476
     *
        Triumph     Bancorp     Inc.
                                            586,990         17,434
        Meridian     Bancorp     Inc.
                                           1,211,930          17,355
        Select    Income    REIT
                                           2,357,859          17,354
        Hersha    Hospitality       Trust   Class   A
                                            979,960         17,189
        Alexander's       Inc.
                                             55,943         17,048
        Lakeland     Bancorp     Inc.
                                           1,148,531          17,010
                                  92/562















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                                                    市場価格
                                              株数     ( 千米ドル     )
        Clearway     Energy    Inc.   Class   A
                                            997,692         16,881
        Stock   Yards   Bancorp     Inc.
                                            511,307         16,771
        Washington      Trust   Bancorp     Inc.
                                            352,140         16,737
        National     Western     Life   Group   Inc.   Class   A
                                             55,028         16,547
        Bryn   Mawr   Bank   Corp.
                                            478,581         16,463
        FBL  Financial      Group   Inc.   Class   A
                                            249,643         16,389
        Carolina     Financial      Corp.
                                            545,284         16,135
     *
        Columbia     Financial      Inc.
                                           1,054,952          16,130
        Amalgamated       Bank   Class   A
                                            826,909         16,125
        Hamilton     Lane   Inc.   Class   A
                                            430,049         15,912
        Capstead     Mortgage     Corp.
                                           2,385,028          15,908
        TrustCo     Bank   Corp.   NY
                                           2,303,079          15,799
        Investors      Real   Estate    Trust
                                            319,112         15,659
     *
        National     Commerce     Corp.
                                            431,113         15,520
        Saul   Centers     Inc.
                                            325,533         15,372
        Urstadt     Biddle    Properties      Inc.   Class   A
                                            796,328         15,305
        Banc   of  California      Inc.
                                           1,144,952          15,239
     *
        Enova   International        Inc.
                                            782,084         15,219
        Hanmi   Financial      Corp.
                                            766,901         15,108
        Preferred      Apartment      Communities       Inc.   Class   A
                                           1,054,708          14,829
        Univest     Corp.   of  Pennsylvania
                                            686,652         14,811
        Community      Trust   Bancorp     Inc.
                                            373,578         14,797
     *
        Allegiance      Bancshares      Inc.
                                            456,248         14,769
        iStar   Inc.
                                           1,609,964          14,763
        State   Auto   Financial      Corp.
                                            430,615         14,658
        Gladstone      Commercial      Corp.
                                            809,849         14,513
        Oritani     Financial      Corp.
                                            982,982         14,499
        Community      Healthcare      Trust   Inc.
                                            500,584         14,432
        Fidelity     Southern     Corp.
                                            552,164         14,367
        Flushing     Financial      Corp.
                                            658,776         14,183
        Virtus    Investment      Partners     Inc.
                                            177,557         14,103
        Dynex   Capital     Inc.
                                           2,462,819          14,087
        ConnectOne      Bancorp     Inc.
                                            762,036         14,075
        Northfield      Bancorp     Inc.
                                           1,036,121          14,039
        Horizon     Bancorp     Inc.
                                            888,504         14,021
        German    American     Bancorp     Inc.
                                            492,994         13,690
        KKR  Real   Estate    Finance     Trust   Inc.
                                            712,122         13,637
        Cherry    Hill   Mortgage     Investment      Corp.
                                            776,802         13,625
        RE/MAX    Holdings     Inc.   Class   A
                                            442,364         13,603
     *
        Customers      Bancorp     Inc.
                                            744,019         13,541
        FB  Financial      Corp.
                                            385,596         13,504
     *
        INTL.   FCStone     Inc.
                                            368,484         13,479
     *
        HomeStreet      Inc.
                                            634,778         13,476
     *
        Focus   Financial      Partners     Inc.   Class   A
                                            507,971         13,375
        Camden    National     Corp.
                                            368,066         13,239
     *
        St.  Joe  Co.
                                            972,227         12,804
        Bank   of  Marin   Bancorp
                                            308,750         12,733
        Blue   Hills   Bancorp     Inc.
                                            590,770         12,607
        Great   Southern     Bancorp     Inc.
                                            273,528         12,591
                                  93/562

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        Dime   Community      Bancshares      Inc.
                                            739,946         12,564
        Whitestone      REIT
                                           1,020,362          12,510
        Peoples     Bancorp     Inc.
                                            412,804         12,425
     *
        TriState     Capital     Holdings     Inc.
                                            637,142         12,399
     *
        Veritex     Holdings     Inc.
                                            575,911         12,313
        Essential      Properties      Realty    Trust   Inc.
                                            881,248         12,196
        Jernigan     Capital     Inc.
                                            611,049         12,111
        People's     Utah   Bancorp
                                            400,875         12,086
        Diamond     Hill   Investment      Group   Inc.
                                             80,537         12,036
     ^
        CBTX   Inc.
                                            408,356         12,006
     *
        Willscot     Corp.   Class   A
                                           1,270,417          11,967
        Guaranty     Bancorp
                                            573,556         11,901
     *
        Equity    Bancshares      Inc.   Class   A
                                            336,170         11,850
        First   Community      Bankshares      Inc.
                                            368,033         11,586
        Exantas     Capital     Corp.
                                           1,141,934          11,442
                                  94/562















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                                                    市場価格
                                              株数     ( 千米ドル     )
     ^
        Innovative      Industrial      Properties      Inc.
                                            251,136         11,399
        Federal     Agricultural       Mortgage     Corp.
                                            188,345         11,384
     *
        First   Foundation      Inc.
                                            876,479         11,272
        Western     New  England     Bancorp     Inc.
                                           1,112,193          11,166
        Bridge    Bancorp     Inc.
                                            436,514         11,127
        RMR  Group   Inc.   Class   A
                                            207,064         10,991
        AG  Mortgage     Investment      Trust   Inc.
                                            687,937         10,959
        Green   Bancorp     Inc.
                                            638,053         10,936
        First   Defiance     Financial      Corp.
                                            442,359         10,842
        Opus   Bank
                                            553,005         10,833
        Independent       Bank   Corp.
                                            512,551         10,774
        First   of  Long   Island    Corp.
                                            538,407         10,741
        Heritage     Commerce     Corp.
                                            942,902         10,693
        Mercantile      Bank   Corp.
                                            378,059         10,684
        HomeTrust      Bancshares      Inc.
                                            406,983         10,655
        HCI  Group   Inc.
                                            208,584         10,598
        CorEnergy      Infrastructure         Trust   Inc.
                                            320,047         10,587
        City   Office    REIT   Inc.
                                           1,031,536          10,573
        First   Financial      Corp.
                                            261,780         10,510
        QCR  Holdings     Inc.
                                            327,012         10,494
        UMH  Properties      Inc.
                                            886,061         10,491
        Waterstone      Financial      Inc.
                                            624,171         10,461
        Retail    Value   Inc.
                                            405,762         10,383
        Ashford     Hospitality       Trust   Inc.
                                           2,534,507          10,138
        Arrow   Financial      Corp.
                                            316,211         10,125
        Preferred      Bank
                                            231,072         10,017
     *
        Bancorp     Inc.
                                           1,252,482           9,970
        United    Community      Financial      Corp.
                                           1,125,899           9,964
     *
        BSB  Bancorp     Inc.
                                            351,369          9,859
        Anworth     Mortgage     Asset   Corp.
                                           2,436,383           9,843
     ^
        Orchid    Island    Capital     Inc.
                                           1,539,246           9,836
        Peapack     Gladstone      Financial      Corp.
                                            389,882          9,817
        Midland     States    Bancorp     Inc.
                                            437,049          9,764
        One  Liberty     Properties      Inc.
                                            401,408          9,722
        United    Insurance      Holdings     Corp.
                                            584,456          9,714
     ^
        Cambridge      Bancorp
                                            115,395          9,607
     *
        Southern     First   Bancshares      Inc.
                                            296,967          9,524
        Republic     Bancorp     Inc.   Class   A
                                            245,355          9,500
     *
        Nicolet     Bankshares      Inc.
                                            192,766          9,407
        First   Mid-Illinois       Bancshares      Inc.
                                            294,415          9,398
        PCSB   Financial      Corp.
                                            480,397          9,397
     *
        Atlantic     Capital     Bancshares      Inc.
                                            573,091          9,382
     *
        EZCORP    Inc.   Class   A
                                           1,197,858           9,259
        Ares   Commercial      Real   Estate    Corp.
                                            708,994          9,245
        Live   Oak  Bancshares      Inc.
                                            623,479          9,234
        Old  Second    Bancorp     Inc.
                                            709,190          9,219
        Braemar     Hotels    & Resorts     Inc.
                                           1,015,681           9,070
        CatchMark      Timber    Trust   Inc.   Class   A
                                           1,269,530           9,014
        Financial      Institutions       Inc.
                                            347,800          8,938
                                  95/562

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        Territorial       Bancorp     Inc.
                                            341,380          8,869
        Southern     Missouri     Bancorp     Inc.
                                            258,149          8,751
     *
        Cowen   Inc.   Class   A
                                            655,726          8,747
        First   Bancshares      Inc.
                                            286,724          8,673
        BBX  Capital     Corp.   Class   A
                                           1,513,491           8,672
        BankFinancial        Corp.
                                            575,378          8,602
        Old  Line   Bancshares      Inc.
                                            326,703          8,599
        Spirit    MTA  REIT
                                           1,197,115           8,535
        Consolidated-Tomoka           Land   Co.
                                            162,227          8,517
     *,^
        Citizens     Inc.   Class   A
                                           1,116,397           8,395
     *
        On  Deck   Capital     Inc.
                                           1,413,073           8,337
        Farmers     & Merchants      Bancorp     Inc.
                                            216,124          8,319
        Heritage     Insurance      Holdings     Inc.
                                            553,840          8,153
     ^
        CBL  & Associates      Properties      Inc.
                                           4,212,984           8,089
     *
        Franklin     Financial      Network     Inc.
                                            306,056          8,071
                                  96/562















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                                                    市場価格
                                              株数     ( 千米ドル     )
     *
        Byline    Bancorp     Inc.
                                            483,477          8,055
     *
        Baycom    Corp.
                                            348,485          8,047
        Global    Indemnity      Ltd.
                                            220,630          7,993
        Merchants      Bancorp
                                            399,396          7,972
        CNB  Financial      Corp.
                                            346,111          7,943
     *
        FRP  Holdings     Inc.
                                            171,184          7,876
        Bar  Harbor    Bankshares
                                            346,732          7,777
        Farmers     National     Banc   Corp.
                                            597,818          7,616
        Oppenheimer       Holdings     Inc.   Class   A
                                            297,174          7,593
        EMC  Insurance      Group   Inc.
                                            233,713          7,444
        FedNat    Holding     Co.
                                            373,411          7,438
        Civista     Bancshares      Inc.
                                            418,560          7,291
     *
        Republic     First   Bancorp     Inc.
                                           1,211,736           7,234
        Bluerock     Residential       Growth    REIT   Inc.   Class   A
                                            799,024          7,207
        Northrim     BanCorp     Inc.
                                            218,280          7,175
        1st  Source    Corp.
                                            175,467          7,078
        Access    National     Corp.
                                            331,100          7,062
     *,^
        Health    Insurance      Innovations       Inc.   Class   A
                                            264,035          7,058
        Sierra    Bancorp
                                            293,688          7,057
        Peoples     Financial      Services     Corp.
                                            159,880          7,044
        Citizens     & Northern     Corp.
                                            264,000          6,978
        MedEquities       Realty    Trust   Inc.
                                           1,019,784           6,975
     *,^
        Goosehead      Insurance      Inc.   Class   A
                                            262,558          6,903
        Arlington      Asset   Investment      Corp.   Class   A
                                            952,620          6,897
        Shore   Bancshares      Inc.
                                            465,697          6,771
        Gladstone      Land   Corp.
                                            588,497          6,756
        Bankwell     Financial      Group   Inc.
                                            234,973          6,746
        MidWestOne      Financial      Group   Inc.
                                            270,149          6,708
        Hingham     Institution       for  Savings
                                             33,805         6,685
        Westwood     Holdings     Group   Inc.
                                            194,695          6,620
        First   Internet     Bancorp
                                            320,945          6,560
        SB  One  Bancorp
                                            319,900          6,539
     *
        Select    Bancorp     Inc.
                                            522,733          6,471
        Enterprise      Bancorp     Inc.
                                            200,848          6,459
        Business     First   Bancshares      Inc.
                                            264,332          6,405
     *
        SmartFinancial         Inc.
                                            349,521          6,386
     *
        Regional     Management      Corp.
                                            264,565          6,363
        Home   Bancorp     Inc.
                                            179,670          6,360
        ACNB   Corp.
                                            161,936          6,356
        Ready   Capital     Corp.
                                            454,902          6,291
        First   Bancorp     Inc.
                                            238,426          6,271
        Global    Medical     REIT   Inc.
                                            705,290          6,270
        Marlin    Business     Services     Corp.
                                            280,788          6,270
        West   Bancorporation         Inc.
                                            328,083          6,263
        Investar     Holding     Corp.
                                            251,947          6,248
        Guaranty     Bancshares      Inc.
                                            208,525          6,218
        Great   Ajax   Corp.
                                            514,449          6,199
        Reliant     Bancorp     Inc.
                                            268,083          6,177
        Origin    Bancorp     Inc.
                                            179,690          6,124
                                  97/562

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     *
        Howard    Bancorp     Inc.
                                            427,766          6,117
        American     National     Bankshares      Inc.
                                            208,585          6,114
        Capital     City   Bank   Group   Inc.
                                            261,754          6,075
        Safety    Income    & Growth    Inc.
                                            317,882          5,979
        First   Choice    Bancorp
                                            264,120          5,969
        Protective      Insurance      Corp.   Class   B
                                            345,870          5,759
        National     Bankshares      Inc.
                                            157,368          5,733
        Southern     National     Bancorp     of  Virginia     Inc.
                                            433,287          5,728
        Ladenburg      Thalmann     Financial      Services     Inc.
                                           2,456,137           5,723
        SI  Financial      Group   Inc.
                                            448,844          5,714
     *
        HarborOne      Bancorp     Inc.
                                            357,784          5,685
     *
        Safeguard      Scientifics       Inc.
                                            655,108          5,647
     *,^
        Spirit    of  Texas   Bancshares      Inc.
                                            245,117          5,584
        First   Bank
                                            459,654          5,571
        Clipper     Realty    Inc.
                                            425,846          5,566
                                  98/562















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                                                    市場価格
                                              株数     ( 千米ドル     )
     *
        Bridgewater       Bancshares      Inc.
                                            524,934          5,538
        Macatawa     Bank   Corp.
                                            573,928          5,521
        Investors      Title   Co.
                                             31,018         5,480
        Kingstone      Cos.   Inc.
                                            309,465          5,474
        FS  Bancorp     Inc.
                                            125,760          5,393
        Central     Valley    Community      Bancorp
                                            284,721          5,373
     *,^
        National     Energy    Services     Reunited     Corp.
                                            612,134          5,301
        Bank   of  Commerce     Holdings
                                            459,361          5,035
        MidSouth     Bancorp     Inc.
                                            472,475          5,008
        First   Business     Financial      Services     Inc.
                                            256,678          5,008
        Ellington      Residential       Mortgage     REIT
                                            489,405          5,007
        Bank   of  Princeton
                                            177,186          4,943
        Owens   Realty    Mortgage     Inc.
                                            260,122          4,888
        Tiptree     Inc.
                                            870,801          4,868
        Codorus     Valley    Bancorp     Inc.
                                            227,696          4,839
        Century     Bancorp     Inc.   Class   A
                                             70,240         4,757
        Riverview      Bancorp     Inc.
                                            646,850          4,709
        Summit    Financial      Group   Inc.
                                            242,956          4,691
        Penns   Woods   Bancorp     Inc.
                                            113,486          4,567
        RBB  Bancorp
                                            258,037          4,534
        MBT  Financial      Corp.
                                            486,591          4,525
        First   Northwest      Bancorp
                                            305,012          4,523
     *
        Metropolitan       Bank   Holding     Corp.
                                            143,434          4,425
        Independence       Holding     Co.
                                            123,853          4,360
     *,^
        Altisource      Portfolio      Solutions      SA
                                            193,772          4,358
        Unity   Bancorp     Inc.
                                            207,745          4,313
        MutualFirst       Financial      Inc.
                                            161,725          4,297
        LCNB   Corp.
                                            282,576          4,281
     *
        Ocwen   Financial      Corp.
                                           3,166,342           4,243
     *
        NI  Holdings     Inc.
                                            268,788          4,228
        C&F  Financial      Corp.
                                             79,292         4,219
     *
        Hallmark     Financial      Services     Inc.
                                            391,289          4,183
     *
        Elevate     Credit    Inc.
                                            930,380          4,168
        Timberland      Bancorp     Inc.
                                            184,382          4,112
        ESSA   Bancorp     Inc.
                                            262,351          4,095
     *
        Entegra     Financial      Corp.
                                            194,247          4,031
     ^
        GAIN   Capital     Holdings     Inc.
                                            651,798          4,015
     *
        Community      Bankers     Trust   Corp.
                                            550,711          3,976
        Orrstown     Financial      Services     Inc.
                                            218,245          3,974
        Norwood     Financial      Corp.
                                            118,780          3,920
        MVB  Financial      Corp.
                                            216,592          3,907
        Evans   Bancorp     Inc.
                                            119,309          3,879
     *
        Stratus     Properties      Inc.
                                            160,875          3,858
        Premier     Financial      Bancorp     Inc.
                                            257,163          3,834
        Capstar     Financial      Holdings     Inc.
                                            254,210          3,745
        Parke   Bancorp     Inc.
                                            199,568          3,735
     ^
        CB  Financial      Services     Inc.
                                            149,258          3,699
        Fidelity     D&D  Bancorp     Inc.
                                             57,373         3,682
     *
        Malvern     Bancorp     Inc.
                                            183,699          3,624
                                  99/562

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        Chemung     Financial      Corp.
                                             87,097         3,598
        Community      Financial      Corp.
                                            123,044          3,598
     *
        Forestar     Group   Inc.
                                            259,719          3,597
        BCB  Bancorp     Inc.
                                            341,862          3,579
        Pzena   Investment      Management      Inc.   Class   A
                                            408,696          3,535
        Northeast      Bancorp
                                            210,446          3,521
        Donegal     Group   Inc.   Class   A
                                            257,465          3,513
        First   Community      Corp.
                                            178,613          3,470
     *
        PICO   Holdings     Inc.
                                            373,096          3,410
     *
        Pacific     Mercantile      Bancorp
                                            474,007          3,389
        Silvercrest       Asset   Management      Group   Inc.   Class   A
                                            255,027          3,374
        First   Financial      Northwest      Inc.
                                            212,473          3,287
        Prudential      Bancorp     Inc.
                                            185,091          3,258
        Western     Asset   Mortgage     Capital     Corp.
                                            389,847          3,251
        Union   Bankshares      Inc.
                                             66,943         3,197
                                100/562















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                                                    市場価格
                                              株数     ( 千米ドル     )
        Mackinac     Financial      Corp.
                                            230,769          3,150
     *
        Victory     Capital     Holdings     Inc.   Class   A
                                            297,907          3,045
        Standard     AVB  Financial      Corp.
                                            101,063          3,020
        1st  Constitution       Bancorp
                                            149,612          2,982
        Middlefield       Banc   Corp.
                                             68,882         2,923
        First   Guaranty     Bancshares      Inc.
                                            124,659          2,893
        Ohio   Valley    Banc   Corp.
                                             78,843         2,790
        United    Security     Bancshares
                                            290,105          2,779
     *
        Esquire     Financial      Holdings     Inc.
                                            127,152          2,759
        Peoples     Bancorp     of  North   Carolina     Inc.
                                            108,980          2,666
        BRT  Apartments      Corp.
                                            232,769          2,663
     ^
        Greene    County    Bancorp     Inc.
                                             84,740         2,637
        Griffin     Industrial      Realty    Inc.
                                             82,237         2,623
     *
        Trinity     Place   Holdings     Inc.
                                            588,293          2,553
        Provident      Financial      Holdings     Inc.
                                            161,855          2,509
        GAMCO   Investors      Inc.   Class   A
                                            142,988          2,415
        Federal     Agricultural       Mortgage     Corp.   Class   A
                                             41,769         2,380
     *
        Ashford     Inc.
                                             45,407         2,357
     *
        International        Money   Express     Inc.
                                            194,144          2,322
        First   United    Corp.
                                            145,173          2,311
     *
        Provident      Bancorp     Inc.
                                            106,602          2,311
        Hawthorn     Bancshares      Inc.
                                            109,873          2,311
        SB  Financial      Group   Inc.
                                            137,713          2,265
     *
        MoneyGram      International        Inc.
                                           1,115,485           2,231
        Sotherly     Hotels    Inc.
                                            395,197          2,217
        Two  River   Bancorp
                                            140,881          2,150
        Associated      Capital     Group   Inc.   Class   A
                                             60,841         2,143
     *
        Aspen   Group   Inc.
                                            380,422          2,085
        DNB  Financial      Corp.
                                             75,391         2,036
        Luther    Burbank     Corp.
                                            221,229          1,995
     *
        Rafael    Holdings     Inc.   Class   B
                                            251,529          1,995
     *
        PDL  Community      Bancorp
                                            156,180          1,990
        Old  Point   Financial      Corp.
                                             91,136         1,990
        Plumas    Bancorp
                                             85,785         1,948
     *
        Tejon   Ranch   Co.
                                            117,405          1,947
     *
        Maui   Land   & Pineapple      Co.  Inc.
                                            192,941          1,914
     *
        Randolph     Bancorp     Inc.
                                            134,594          1,905
        Level   One  Bancorp     Inc.
                                             84,245         1,890
        Greenhill      & Co.  Inc.
                                             74,717         1,823
        American     River   Bankshares
                                            131,277          1,812
     *
        OP  Bancorp
                                            198,037          1,757
        MSB  Financial      Corp.
                                             96,420         1,721
     *
        Coastal     Financial      Corp.
                                            111,724          1,702
        AmeriServ      Financial      Inc.
                                            417,649          1,683
     *
        Greenlight      Capital     Re  Ltd.   Class   A
                                            193,563          1,669
        First   Savings     Financial      Group   Inc.
                                             29,281         1,521
     *
        Atlas   Financial      Holdings     Inc.
                                            179,526          1,452
        PB  Bancorp     Inc.
                                            131,822          1,437
        Global    Self   Storage     Inc.
                                            353,584          1,386
                                101/562

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        Plymouth     Industrial      REIT   Inc.
                                            107,097          1,351
     *
        Nicholas     Financial      Inc.
                                            124,786          1,298
        Pacific     City   Financial      Corp.
                                             82,828         1,296
        Hunt   Cos.   Finance     Trust   Inc.
                                            444,984          1,273
     *
        Intersections        Inc.
                                            341,144          1,259
        Severn    Bancorp     Inc.
                                            154,641          1,234
        IF  Bancorp     Inc.
                                             60,847         1,224
        Sterling     Bancorp     Inc.
                                            173,902          1,209
        Hennessy     Advisors     Inc.
                                            116,940          1,171
        Manhattan      Bridge    Capital     Inc.
                                            203,559          1,146
     *
        Consumer     Portfolio      Services     Inc.
                                            380,395          1,145
        County    Bancorp     Inc.
                                             64,508         1,121
     *,^
        Siebert     Financial      Corp.
                                             74,860         1,082
        Sound   Financial      Bancorp     Inc.
                                             32,075         1,044
        Condor    Hospitality       Trust   Inc.
                                            142,071           979
                                102/562















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                                                    市場価格
                                              株数     ( 千米ドル     )
        Urstadt     Biddle    Properties      Inc.
                                             64,362          972
        Summit    State   Bank
                                             78,215          921
        Elmira    Savings     Bank
                                             51,975          907
     *
        Transcontinental          Realty    Investors      Inc.
                                             30,783          872
     ^
        Manning     & Napier    Inc.
                                            483,786           851
     *
        Security     National     Financial      Corp.   Class   A
                                            161,655           834
        Cedar   Realty    Trust   Inc.
                                            255,503           802
        Bank   of  South   Carolina     Corp.
                                             42,728          778
        United    Bancorp     Inc.
                                             68,932          769
        Eagle   Bancorp     Montana     Inc.
                                             47,123          762
     *
        Bank7   Corp.
                                             56,400          753
     *
        FVCBankcorp       Inc.
                                             41,458          730
     *
        Limestone      Bancorp     Inc.
                                             52,082          717
     *,^
        Tremont     Mortgage     Trust
                                             78,746          713
     *
        Meridian     Corp.
                                             42,029          700
        Sachem    Capital     Corp.
                                            174,987           684
        Pathfinder      Bancorp     Inc.
                                             48,152          681
     ^
        Pennsylvania       REIT
                                            112,447           668
        Bancorp     34  Inc.
                                             44,556          642
     *
        Jason   Industries      Inc.
                                            457,558           627
     §
        Winthrop     Realty    Trust
                                            562,609           613
        Citizens     Community      Bancorp     Inc.
                                             53,090          579
        Ames   National     Corp.
                                             22,078          561
     *
        FFBW   Inc.
                                             55,772          559
        Bank   of  the  James   Financial      Group   Inc.
                                             39,730          516
        Citizens     First   Corp.
                                             23,929          513
        Central     Federal     Corp.
                                             39,191          458
     *
        Community      First   Bancshares      Inc.
                                             38,486          448
     ^
        HV  Bancorp     Inc.
                                             25,024          375
        Ottawa    Bancorp     Inc.
                                             27,075          361
        Blue   Capital     Reinsurance       Holdings     Ltd.
                                             59,170          325
     *
        Altisource      Asset   Management      Corp.
                                             10,419          309
     *
        Broadway     Financial      Corp.
                                            291,623           306
     *
        Eagle   Financial      Bancorp     Inc.
                                             19,339          293
     §
        New  York   REIT   Liquidating       LLC
                                             19,100          267
     *
        National     Holdings     Corp.
                                             94,636          256
     *
        Carolina     Trust   Bancshares      Inc.
                                             33,555          254
     *
        First   Western     Financial      Inc.
                                             20,324          238
        First   US  Bancshares      Inc.
                                             28,987          230
     *
        Capital     Bancorp     Inc.
                                             16,948          193
        WVS  Financial      Corp.
                                             11,313          167
        HopFed    Bancorp     Inc.
                                             12,079          161
     *
        HMN  Financial      Inc.
                                             8,012          157
        Front   Yard   Residential       Corp.
                                             16,487          144
     *
        JW  Mays   Inc.
                                             3,714          144
     *
        Income    Opportunity       Realty    Investors      Inc.
                                             12,550          134
     *
        InterGroup      Corp.
                                             4,086          131
     *
        1347   Property     Insurance      Holdings     Inc.
                                             32,428          130
        Southwest      Georgia     Financial      Corp.
                                             6,366          129
                                103/562

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        HomeTown     Bankshares      Corp.
                                             10,388          123
     *
        ICC  Holdings     Inc.
                                             8,802          120
     *
        FSB  Bancorp     Inc.
                                             3,139          53
     *
        CBM  Bancorp     Inc.
                                             3,789          47
     *
        National     Holdings     Corp.   Warrants     Exp.   01/18/2022
                                             92,151           46
        Asta   Funding     Inc.
                                             9,729          41
     *,^
        CPI  Card   Group   Inc.
                                             16,009           37
     *
        FlexShopper       Inc.
                                             41,840           32
        Reven   Housing     REIT   Inc.
                                             8,896          29
        Glen   Burnie    Bancorp
                                              857          9
     *
        Novume    Solutions      Inc.
                                             5,300           3
        GWG  Holdings     Inc.
                                              300          3
     *
        Unico   American     Corp.
                                                2         -
     *,^
        Ditech    Holding     Corp.   Warrants     01/31/2028
                                             43,103           -
     *,^,§
        Ditech    Holding     Corp.   Series    B Warrants     01/31/2028
                                                        -
                                             34,201
                                                  129,920,412
                                104/562















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                                                    市場価格
                                              株数     ( 千米ドル     )
     ヘルスケア      (13.8   ％ )
        Johnson     & Johnson
                                          71,605,522         9,240,693
        Pfizer    Inc.
                                          154,420,822          6,740,469
        UnitedHealth       Group   Inc.
                                          25,701,378         6,402,727
        Merck   & Co.  Inc.
                                          69,465,748         5,307,878
        AbbVie    Inc.
                                          40,166,516         3,702,951
        Abbott    Laboratories
                                          46,919,307         3,393,673
        Amgen   Inc.
                                          17,024,650         3,314,189
        Medtronic      plc
                                          35,956,531         3,270,606
        Eli  Lilly   & Co.
                                          25,470,396         2,947,434
        Thermo    Fisher    Scientific      Inc.
                                          10,751,926         2,406,174
        Bristol-Myers        Squibb    Co.
                                          43,606,623         2,266,672
        Gilead    Sciences     Inc.
                                          34,562,485         2,161,883
     *
        Cigna   Corp.
                                          10,172,353         1,931,933
        Anthem    Inc.
                                           6,908,853         1,814,472
     *
        Biogen    Inc.
                                           5,383,717         1,620,068
        Becton    Dickinson      and  Co.
                                           7,164,357         1,614,273
     *
        Intuitive      Surgical     Inc.
                                           3,051,625         1,461,484
     *
        Boston    Scientific      Corp.
                                          36,970,544         1,306,539
        Stryker     Corp.
                                           7,997,316         1,253,579
        Allergan     plc
                                           9,010,592         1,204,356
     *
        Celgene     Corp.
                                          18,686,460         1,197,615
     *
        Illumina     Inc.
                                           3,978,369         1,193,232
     *
        Vertex    Pharmaceuticals         Inc.
                                           6,830,221         1,131,836
        Zoetis    Inc.
                                          12,837,361         1,098,108
        Humana    Inc.
                                           3,664,849         1,049,906
        HCA  Healthcare      Inc.
                                           7,354,905          915,318
        Baxter    International        Inc.
                                          13,501,401          888,662
     *
        Edwards     Lifesciences       Corp.
                                           5,585,591          855,545
     *
        Regeneron      Pharmaceuticals         Inc.
                                           2,131,171          795,992
     *
        Centene     Corp.
                                           5,212,611          601,014
        Zimmer    Biomet    Holdings     Inc.
                                           5,447,613          565,026
     *
        Alexion     Pharmaceuticals         Inc.
                                           5,666,022          551,644
     *
        IQVIA   Holdings     Inc.
                                           4,546,838          528,206
        ResMed    Inc.
                                           3,800,873          432,805
     *
        IDEXX   Laboratories       Inc.
                                           2,304,463          428,676
     *
        Align   Technology      Inc.
                                           2,028,317          424,790
     *
        BioMarin     Pharmaceutical         Inc.
                                           4,762,145          405,497
     *
        ABIOMED     Inc.
                                           1,142,019          371,202
     *
        Mylan   NV
                                          13,073,647          358,218
        Cardinal     Health    Inc.
                                           7,956,181          354,846
     *
        Laboratory      Corp.   of  America     Holdings
                                           2,696,555          340,737
        Cooper    Cos.   Inc.
                                           1,310,589          333,545
     *
        Henry   Schein    Inc.
                                           4,066,395          319,293
        Teleflex     Inc.
                                           1,228,601          317,569
     *
        Hologic     Inc.
                                           7,712,857          316,998
     *
        WellCare     Health    Plans   Inc.
                                           1,333,573          314,843
     *
        Incyte    Corp.
                                           4,831,281          307,221
        Quest   Diagnostics       Inc.
                                           3,636,150          302,782
                                105/562

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     *
        DexCom    Inc.
                                           2,370,916          284,036
     *
        Varian    Medical     Systems     Inc.
                                           2,425,028          274,780
        Universal      Health    Services     Inc.   Class   B
                                           2,268,892          264,462
        STERIS    plc
                                           2,250,941          240,513
        Dentsply     Sirona    Inc.
                                           5,925,357          220,483
     *
        Exact   Sciences     Corp.
                                           3,280,796          207,018
     *
        Sarepta     Therapeutics       Inc.
                                           1,787,400          195,059
        West   Pharmaceutical         Services     Inc.
                                           1,973,102          193,423
     *
        Jazz   Pharmaceuticals         plc
                                           1,525,406          189,089
     *
        Molina    Healthcare      Inc.
                                           1,582,038          183,864
     *
        Ionis   Pharmaceuticals         Inc.
                                           3,295,568          178,158
     *
        Alnylam     Pharmaceuticals         Inc.
                                           2,421,355          176,541
     *
        Neurocrine      Biosciences       Inc.
                                           2,417,791          172,654
                                106/562
















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                                                    市場価格
                                              株数     ( 千米ドル     )
     *
        DaVita    Inc.
                                           3,316,773          170,681
        Hill-Rom     Holdings     Inc.
                                           1,790,045          158,508
     *
        Seattle     Genetics     Inc.
                                           2,774,935          157,228
     *
        Exelixis     Inc.
                                           7,983,594          157,037
        Encompass      Health    Corp.
                                           2,500,834          154,301
     *
        Nektar    Therapeutics       Class   A
                                           4,615,075          151,698
        Bio-Techne      Corp.
                                           1,003,939          145,290
     *
        Charles     River   Laboratories       International        Inc.
                                           1,282,751          145,182
     *
        Bluebird     Bio  Inc.
                                           1,460,355          144,867
     *
        PRA  Health    Sciences     Inc.
                                           1,558,010          143,275
     *
        Haemonetics       Corp.
                                           1,376,653          137,734
     *
        Masimo    Corp.
                                           1,269,076          136,261
     *
        Bio-Rad     Laboratories       Inc.   Class   A
                                            563,021         130,745
        Perrigo     Co.  plc
                                           3,261,057          126,366
     *
        Insulet     Corp.
                                           1,577,098          125,095
     *
        Alkermes     plc
                                           4,145,299          122,328
        Chemed    Corp.
                                            426,039         120,688
     *
        United    Therapeutics       Corp.
                                           1,107,490          120,606
     *
        Catalent     Inc.
                                           3,867,110          120,576
     *
        ICU  Medical     Inc.
                                            519,622         119,321
     *
        Sage   Therapeutics       Inc.
                                           1,187,102          113,712
     *
        Loxo   Oncology     Inc.
                                            733,031         102,676
     *
        Penumbra     Inc.
                                            825,478         100,873
     *
        Amedisys     Inc.
                                            852,491         99,835
     *
        FibroGen     Inc.
                                           2,033,470          94,109
     *
        HealthEquity       Inc.
                                           1,577,603          94,104
     *
        Wright    Medical     Group   NV
                                           3,335,471          90,792
     *,^
        Teladoc     Health    Inc.
                                           1,775,225          87,998
     *
        Globus    Medical     Inc.
                                           2,017,623          87,323
     *
        Horizon     Pharma    plc
                                           4,465,780          87,261
     *
        Syneos    Health    Inc.
                                           2,194,211          86,342
     *
        Integra     LifeSciences       Holdings     Corp.
                                           1,813,280          81,779
     *
        Array   BioPharma      Inc.
                                           5,676,501          80,890
        Bruker    Corp.
                                           2,713,121          80,770
     ^
        Healthcare      Services     Group   Inc.
                                           1,965,716          78,982
     *
        Merit   Medical     Systems     Inc.
                                           1,385,806          77,342
     *,^
        TESARO    Inc.
                                           1,023,522          75,997
     *
        MEDNAX    Inc.
                                           2,274,266          75,051
     *
        LHC  Group   Inc.
                                            790,662         74,227
     *
        Neogen    Corp.
                                           1,298,761          74,029
     *,^
        Ligand    Pharmaceuticals         Inc.
                                            539,705         73,238
        Cantel    Medical     Corp.
                                            946,748         70,485
     *
        Emergent     BioSolutions       Inc.
                                           1,153,015          68,351
     *
        NuVasive     Inc.
                                           1,363,090          67,555
     *
        Novocure     Ltd.
                                           1,980,786          66,317
     *
        HMS  Holdings     Corp.
                                           2,229,576          62,718
     *
        Immunomedics       Inc.
                                           4,300,482          61,368
     *
        Omnicell     Inc.
                                            999,239         61,193
     *
        Agios   Pharmaceuticals         Inc.
                                           1,319,458          60,840
                                107/562

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     *,^
        Inogen    Inc.
                                            484,765         60,193
     *
        Acadia    Healthcare      Co.  Inc.
                                           2,337,952          60,109
     *
        Blueprint      Medicines      Corp.
                                           1,112,494          59,975
     *
        Intercept      Pharmaceuticals         Inc.
                                            590,185         59,485
     *
        Myriad    Genetics     Inc.
                                           1,993,178          57,942
     *
        Avanos    Medical     Inc.
                                           1,258,848          56,384
     *
        Repligen     Corp.
                                           1,046,206          55,177
     *
        Global    Blood   Therapeutics       Inc.
                                           1,335,655          54,829
     *
        Ultragenyx      Pharmaceutical         Inc.
                                           1,215,699          52,859
     *
        Tandem    Diabetes     Care   Inc.
                                           1,376,852          52,279
     *
        Glaukos     Corp.
                                            911,108         51,177
     *
        Arena   Pharmaceuticals         Inc.
                                           1,312,509          51,122
        Ensign    Group   Inc.
                                           1,312,664          50,918
     *
        Halozyme     Therapeutics       Inc.
                                           3,439,206          50,316
     *
        NxStage     Medical     Inc.
                                           1,752,275          50,150
                                108/562















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                                                    市場価格
                                              株数     ( 千米ドル     )
     *
        BioTelemetry       Inc.
                                            838,416         50,070
     *
        Heron   Therapeutics       Inc.
                                           1,877,691          48,707
     *
        ACADIA    Pharmaceuticals         Inc.
                                           3,006,124          48,609
     *
        Amicus    Therapeutics       Inc.
                                           5,054,788          48,425
     *
        Tenet   Healthcare      Corp.
                                           2,731,936          46,825
     *
        Acceleron      Pharma    Inc.
                                           1,045,281          45,522
     *
        Xencor    Inc.
                                           1,253,822          45,338
     *
        Pacira    Pharmaceuticals         Inc.
                                           1,046,125          45,004
        CONMED    Corp.
                                            699,434         44,904
     *
        Aerie   Pharmaceuticals         Inc.
                                           1,213,794          43,818
     *
        Supernus     Pharmaceuticals         Inc.
                                           1,314,378          43,664
     *
        MyoKardia      Inc.
                                            892,480         43,607
     *
        PTC  Therapeutics       Inc.
                                           1,270,262          43,595
     *
        Quidel    Corp.
                                            885,117         43,211
     *
        Select    Medical     Holdings     Corp.
                                           2,799,775          42,977
        Patterson      Cos.   Inc.
                                           2,153,418          42,336
     *
        Prestige     Consumer     Healthcare      Inc.
                                           1,365,134          42,155
     *
        iRhythm     Technologies       Inc.
                                            575,688         39,999
     *
        Endo   International        plc
                                           5,393,029          39,369
     *
        Ironwood     Pharmaceuticals         Inc.   Class   A
                                           3,755,123          38,903
     *,^
        Zogenix     Inc.
                                           1,064,486          38,811
     *
        Amneal    Pharmaceuticals         Inc.
                                           2,851,013          38,574
     *
        Medpace     Holdings     Inc.
                                            704,306         37,279
     *
        STAAR   Surgical     Co.
                                           1,161,134          37,052
     *
        Genomic     Health    Inc.
                                            574,945         37,032
     *,^
        Corcept     Therapeutics       Inc.
                                           2,766,950          36,966
     *
        Magellan     Health    Inc.
                                            646,685         36,790
     *
        REGENXBIO      Inc.
                                            863,173         36,210
     *
        Atara   Biotherapeutics         Inc.
                                           1,032,865          35,882
     *
        Mallinckrodt       plc
                                           2,221,839          35,105
     *
        Vanda   Pharmaceuticals         Inc.
                                           1,319,418          34,476
     *
        Medicines      Co.
                                           1,775,874          33,990
     *
        AnaptysBio      Inc.
                                            532,673         33,979
        US  Physical     Therapy     Inc.
                                            330,515         33,828
     *,^
        Denali    Therapeutics       Inc.
                                           1,637,147          33,823
     *
        Cambrex     Corp.
                                            892,400         33,697
     *
        Spark   Therapeutics       Inc.
                                            854,648         33,451
     *
        Brookdale      Senior    Living    Inc.
                                           4,973,654          33,323
     *,^
        Portola     Pharmaceuticals         Inc.
                                           1,695,900          33,104
     *
        Mirati    Therapeutics       Inc.
                                            775,681         32,904
     *
        Sangamo     Therapeutics       Inc.
                                           2,694,131          30,929
     *
        Innoviva     Inc.
                                           1,771,272          30,909
     *,^
        Theravance      Biopharma      Inc.
                                           1,172,832          30,013
     *
        NeoGenomics       Inc.
                                           2,338,951          29,494
     *
        AtriCure     Inc.
                                            963,248         29,475
     *
        Nevro   Corp.
                                            757,908         29,475
     *,^
        Esperion     Therapeutics       Inc.
                                            639,839         29,433
     *
        Natus   Medical     Inc.
                                            842,426         28,668
     *
        WageWorks      Inc.
                                           1,044,706          28,374
                                109/562

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     *
        Momenta     Pharmaceuticals         Inc.
                                           2,517,257          27,791
     *
        Pacific     Biosciences       of  California      Inc.
                                           3,723,343          27,553
     *
        Enanta    Pharmaceuticals         Inc.
                                            383,667         27,175
     *
        Iovance     Biotherapeutics         Inc.
                                           3,062,190          27,100
        Atrion    Corp.
                                             36,501         27,050
     *
        Insmed    Inc.
                                           2,016,978          26,463
     *
        Tivity    Health    Inc.
                                           1,063,706          26,391
     *
        Reata   Pharmaceuticals         Inc.   Class   A
                                            467,977         26,254
     *,^
        Arrowhead      Pharmaceuticals         Inc.
                                           2,097,105          26,046
     *
        Aimmune     Therapeutics       Inc.
                                           1,087,990          26,025
     *
        Editas    Medicine     Inc.
                                           1,134,307          25,805
        Luminex     Corp.
                                           1,115,973          25,790
     *
        Madrigal     Pharmaceuticals         Inc.
                                            226,838         25,569
     *
        Orthofix     Medical     Inc.
                                            474,284         24,895
     *
        Cardiovascular         Systems     Inc.
                                            868,081         24,732
                                110/562















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                                                    市場価格
                                              株数     ( 千米ドル     )
     *,^
        OPKO   Health    Inc.
                                           8,166,325          24,581
     *
        Retrophin      Inc.
                                           1,082,347          24,494
     *
        CryoLife     Inc.
                                            861,936         24,462
     *,^
        Clovis    Oncology     Inc.
                                           1,340,670          24,078
     *
        Varex   Imaging     Corp.
                                            994,260         23,544
     *
        BioCryst     Pharmaceuticals         Inc.
                                           2,865,749          23,127
     *
        Spectrum     Pharmaceuticals         Inc.
                                           2,508,536          21,950
     *
        CareDx    Inc.
                                            868,091         21,824
     *
        Intersect      ENT  Inc.
                                            760,126         21,420
     *
        Invitae     Corp.
                                           1,853,293          20,497
     *
        Vericel     Corp.
                                           1,136,862          19,781
     *,^
        Radius    Health    Inc.
                                           1,198,216          19,759
        National     HealthCare      Corp.
                                            249,103         19,542
     *
        AngioDynamics        Inc.
                                            968,801         19,502
     *
        Revance     Therapeutics       Inc.
                                            966,975         19,465
     *
        Acorda    Therapeutics       Inc.
                                           1,247,713          19,439
     *
        Audentes     Therapeutics       Inc.
                                            907,372         19,345
     *
        OraSure     Technologies       Inc.
                                           1,605,501          18,752
     *
        ImmunoGen      Inc.
                                           3,896,604          18,704
     *
        Tactile     Systems     Technology      Inc.
                                            409,526         18,654
        Meridian     Bioscience      Inc.
                                           1,067,715          18,536
     *,^
        TherapeuticsMD         Inc.
                                           4,856,609          18,504
     *,^
        Novavax     Inc.
                                          10,014,525           18,427
     *
        R1  RCM  Inc.
                                           2,307,869          18,348
     *
        Cerus   Corp.
                                           3,567,573          18,088
     *
        Amphastar      Pharmaceuticals         Inc.
                                            905,151         18,013
     *
        Puma   Biotechnology        Inc.
                                            875,767         17,822
     *
        AxoGen    Inc.
                                            861,207         17,594
     *
        Addus   HomeCare     Corp.
                                            258,595         17,553
     *,^
        Allogene     Therapeutics       Inc.
                                            636,393         17,138
     *
        Hanger    Inc.
                                            878,938         16,656
     *
        Rhythm    Pharmaceuticals         Inc.
                                            615,839         16,554
     *
        Inspire     Medical     Systems     Inc.
                                            388,653         16,421
        HealthStream       Inc.
                                            666,662         16,100
     *
        Natera    Inc.
                                           1,145,560          15,992
     *
        Surmodics      Inc.
                                            336,417         15,899
     *
        Heska   Corp.
                                            180,506         15,542
     *
        Fate   Therapeutics       Inc.
                                           1,201,647          15,417
     *
        Alder   Biopharmaceuticals           Inc.
                                           1,501,172          15,387
     *,^
        Dynavax     Technologies       Corp.
                                           1,659,735          15,187
     *
        Lantheus     Holdings     Inc.
                                            962,664         15,066
     *
        CorVel    Corp.
                                            238,067         14,693
     *
        Dicerna     Pharmaceuticals         Inc.
                                           1,317,647          14,086
     *,^
        Omeros    Corp.
                                           1,251,908          13,946
     *
        MacroGenics       Inc.
                                           1,072,034          13,615
     *,^
        Athenex     Inc.
                                           1,069,068          13,566
     *
        Coherus     Biosciences       Inc.
                                           1,486,189          13,450
     *
        Guardant     Health    Inc.
                                            354,325         13,319
     *
        Intra-Cellular         Therapies      Inc.
                                           1,152,383          13,126
                                111/562

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     *
        AMAG   Pharmaceuticals         Inc.
                                            842,524         12,798
     *
        BioScrip     Inc.
                                           3,537,123          12,628
     *
        Collegium      Pharmaceutical         Inc.
                                            728,760         12,513
     *
        Cymabay     Therapeutics       Inc.
                                           1,584,195          12,468
     *
        Eagle   Pharmaceuticals         Inc.
                                            308,516         12,430
     *,^
        ViewRay     Inc.
                                           2,008,559          12,192
     *,^
        Akebia    Therapeutics       Inc.
                                           2,203,476          12,185
     *
        Anika   Therapeutics       Inc.
                                            361,395         12,146
     *
        Kura   Oncology     Inc.
                                            855,015         12,004
     *,^
        Intrexon     Corp.
                                           1,806,499          11,815
     *
        Ra  Pharmaceuticals         Inc.
                                            636,790         11,590
     *,^
        Apollo    Medical     Holdings     Inc.
                                            581,536         11,543
     *
        Veracyte     Inc.
                                            913,280         11,489
     *,^
        Allakos     Inc.
                                            219,089         11,452
     *,^
        Cara   Therapeutics       Inc.
                                            871,372         11,328
                                112/562















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                                                    市場価格
                                              株数     ( 千米ドル     )
     *
        PDL  BioPharma      Inc.
                                           3,859,491          11,193
     *
        Intellia     Therapeutics       Inc.
                                            802,918         10,960
     *,^
        SIGA   Technologies       Inc.
                                           1,381,634          10,915
     *,^
        Akcea   Therapeutics       Inc.
                                            350,053         10,551
     *
        G1  Therapeutics       Inc.
                                            542,256         10,384
     *
        PetIQ   Inc.   Class   A
                                            442,206         10,379
     *
        RadNet    Inc.
                                           1,008,011          10,251
     *
        NanoString      Technologies       Inc.
                                            688,635         10,212
        Owens   & Minor   Inc.
                                           1,592,040          10,078
     *
        Triple-S     Management      Corp.   Class   B
                                            573,946          9,981
     *
        Antares     Pharma    Inc.
                                           3,624,936           9,860
        LeMaitre     Vascular     Inc.
                                            412,954          9,762
     *
        BioSpecifics       Technologies       Corp.
                                            160,625          9,734
        Utah   Medical     Products     Inc.
                                            116,705          9,696
     *
        ANI  Pharmaceuticals         Inc.
                                            211,204          9,508
     *,^
        Flexion     Therapeutics       Inc.
                                            837,678          9,483
     *
        ChemoCentryx       Inc.
                                            859,605          9,378
     *,^
        Rocket    Pharmaceuticals         Inc.
                                            631,991          9,366
     *
        Inovio    Pharmaceuticals         Inc.
                                           2,333,947           9,336
     *
        OrthoPediatrics         Corp.
                                            259,351          9,046
     *
        Kindred     Biosciences       Inc.
                                            815,382          8,928
     *,^
        Viking    Therapeutics       Inc.
                                           1,157,904           8,858
     *
        GlycoMimetics        Inc.
                                            921,551          8,727
     *
        Apellis     Pharmaceuticals         Inc.
                                            648,906          8,559
     *
        Fluidigm     Corp.
                                            991,696          8,548
     *,^
        Accelerate      Diagnostics       Inc.
                                            729,004          8,384
     *
        Akorn   Inc.
                                           2,447,255           8,296
     *
        Cytokinetics       Inc.
                                           1,295,539           8,188
     *
        Aratana     Therapeutics       Inc.
                                           1,335,173           8,185
     *
        Deciphera      Pharmaceuticals         Inc.
                                            389,636          8,178
     *
        Kiniksa     Pharmaceuticals         Ltd.   Class   A
                                            289,216          8,124
     *,^
        UNITY   Biotechnology        Inc.
                                            499,394          8,120
     *
        Tricida     Inc.
                                            339,342          8,002
     *,^
        Corbus    Pharmaceuticals         Holdings     Inc.
                                           1,326,754           7,748
     *,^
        Senseonics      Holdings     Inc.
                                           2,979,621           7,717
     *
        Assembly     Biosciences       Inc.
                                            338,933          7,667
     *
        GenMark     Diagnostics       Inc.
                                           1,562,781           7,595
     *,^
        Arcus   Biosciences       Inc.
                                            704,031          7,582
     *
        Sientra     Inc.
                                            586,573          7,455
     *
        Civitas     Solutions      Inc.
                                            418,033          7,320
     *
        SeaSpine     Holdings     Corp.
                                            398,127          7,262
     *
        Concert     Pharmaceuticals         Inc.
                                            575,573          7,223
     *,^
        Osiris    Therapeutics       Inc.
                                            528,043          7,129
     *
        Stemline     Therapeutics       Inc.
                                            739,542          7,026
     *
        Cutera    Inc.
                                            408,450          6,952
     *
        RTI  Surgical     Inc.
                                           1,867,810           6,911
     *,^
        MediciNova      Inc.
                                            831,085          6,790
     *,^
        Homology     Medicines      Inc.
                                            296,849          6,638
     *
        Assertio     Therapeutics       Inc.
                                           1,762,414           6,362
                                113/562

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     *,^
        CytoSorbents       Corp.
                                            763,056          6,165
     *
        Kadmon    Holdings     Inc.
                                           2,916,260           6,066
     *
        Voyager     Therapeutics       Inc.
                                            643,742          6,051
     *,^
        Verastem     Inc.
                                           1,768,068           5,941
     *
        BioDelivery       Sciences     International        Inc.
                                           1,599,854           5,919
     *
        Minerva     Neurosciences        Inc.
                                            877,166          5,912
     *,^
        Eloxx   Pharmaceuticals         Inc.
                                            483,525          5,807
     *
        ArQule    Inc.
                                           2,091,210           5,793
     *
        Avid   Bioservices       Inc.
                                           1,407,602           5,771
     *,^
        Scholar     Rock   Holding     Corp.
                                            245,953          5,650
     *
        Bovie   Medical     Corp.
                                            847,416          5,491
     *
        Aldeyra     Therapeutics       Inc.
                                            659,883          5,477
     *,^
        Adamas    Pharmaceuticals         Inc.
                                            630,847          5,387
     *
        Catalyst     Pharmaceuticals         Inc.
                                           2,759,205           5,298
     *
        Capital     Senior    Living    Corp.
                                            778,459          5,294
                                114/562















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                                                    市場価格
                                              株数     ( 千米ドル     )
     *
        Savara    Inc.
                                            699,205          5,293
     *,^
        Surgery     Partners     Inc.
                                            527,837          5,168
     *,^
        AVEO   Pharmaceuticals         Inc.
                                           3,173,033           5,077
     *
        MEI  Pharma    Inc.
                                           1,882,379           4,969
     *
        Eiger   BioPharmaceuticals           Inc.
                                            479,978          4,877
     *,^
        Rubius    Therapeutics       Inc.
                                            302,654          4,867
     *,^
        MannKind     Corp.
                                           4,576,191           4,851
     *,^
        CASI   Pharmaceuticals         Inc.
                                           1,169,325           4,701
     *,^
        Athersys     Inc.
                                           3,197,519           4,604
     *
        Karyopharm      Therapeutics       Inc.
                                            490,070          4,592
     *,^
        Quanterix      Corp.
                                            247,992          4,541
     *,^
        Solid   Biosciences       Inc.
                                            167,543          4,490
     *,^
        Crinetics      Pharmaceuticals         Inc.
                                            146,505          4,394
     *
        Zafgen    Inc.
                                            870,696          4,310
     *
        Tocagen     Inc.
                                            522,588          4,290
        Invacare     Corp.
                                            997,707          4,290
     *
        BioLife     Solutions      Inc.
                                            355,892          4,281
     *,^
        iRadimed     Corp.
                                            172,166          4,211
     *
        Krystal     Biotech     Inc.
                                            201,532          4,188
     *,^
        AcelRx    Pharmaceuticals         Inc.
                                           1,810,242           4,182
     *,^
        Tyme   Technologies       Inc.
                                           1,132,311           4,178
     *,^
        Abeona    Therapeutics       Inc.
                                            578,165          4,128
     *
        American     Renal   Associates      Holdings     Inc.
                                            352,593          4,062
     *,^
        Helius    Medical     Technologies       Inc.   Class   A
                                            424,314          3,887
     *,^
        Palatin     Technologies       Inc.
                                           5,467,412           3,873
     *,^
        Marinus     Pharmaceuticals         Inc.
                                           1,298,222           3,726
     *
        KalVista     Pharmaceuticals         Inc.
                                            186,785          3,689
     *
        FONAR   Corp.
                                            175,855          3,559
     *
        Harvard     Bioscience      Inc.
                                           1,111,685           3,535
     *
        Ocular    Therapeutix       Inc.
                                            885,023          3,522
     *
        Celcuity     Inc.
                                            145,249          3,485
     *
        Aeglea    BioTherapeutics         Inc.
                                            462,631          3,465
     *
        Acer   Therapeutics       Inc.
                                            171,875          3,458
     *
        Principia      Biopharma      Inc.
                                            123,505          3,383
     *
        Imprimis     Pharmaceuticals         Inc.
                                            588,605          3,349
     *
        Neuronetics       Inc.
                                            172,213          3,332
     *,^
        Xeris   Pharmaceuticals         Inc.
                                            194,322          3,303
     *
        SI-BONE     Inc.
                                            157,259          3,285
     *
        Aduro   Biotech     Inc.
                                           1,241,088           3,276
     *
        Synlogic     Inc.
                                            465,764          3,265
     *
        Proteostasis       Therapeutics       Inc.
                                            994,884          3,223
     *
        Recro   Pharma    Inc.
                                            452,913          3,216
     *,^
        PolarityTE      Inc.
                                            238,053          3,211
     *,^
        EyePoint     Pharmaceuticals         Inc.
                                           1,692,820           3,199
     *
        Spring    Bank   Pharmaceuticals         Inc.
                                            307,487          3,195
     *,^
        CorMedix     Inc.
                                           2,470,211           3,187
     *
        Bellicum     Pharmaceuticals         Inc.
                                           1,088,148           3,177
     *,^
        Galectin     Therapeutics       Inc.
                                            915,093          3,139
     *,^
        Optinose     Inc.
                                            492,665          3,055
                                115/562

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     *,^
        Marker    Therapeutics       Inc.
                                            549,528          3,050
     *
        Calithera      Biosciences       Inc.
                                            749,087          3,004
     *,^
        Amyris    Inc.
                                            894,783          2,989
     *,^
        Gritstone      Oncology     Inc.
                                            192,414          2,973
     *
        Kala   Pharmaceuticals         Inc.
                                            605,169          2,959
     *
        Protagonist       Therapeutics       Inc.
                                            434,340          2,923
     *,^
        Aptinyx     Inc.
                                            172,817          2,858
     *
        Misonix     Inc.
                                            173,618          2,780
     *
        Y-mAbs    Therapeutics       Inc.
                                            135,814          2,762
     *,^
        Evelo   Biosciences       Inc.
                                            211,239          2,748
     *,^
        XOMA   Corp.
                                            216,177          2,735
     *
        Arvinas     Inc.
                                            209,205          2,688
     *
        Liquidia     Technologies       Inc.
                                            123,671          2,679
     *
        ContraFect      Corp.
                                           1,678,529           2,568
     *,^
        Organovo     Holdings     Inc.
                                           2,645,999           2,532
                                116/562















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                                                    市場価格
                                              株数     ( 千米ドル     )
     *
        Twist   Bioscience      Corp.
                                            108,304          2,501
     *,^
        Sesen   Bio  Inc.
                                           1,729,774           2,456
     *
        Chembio     Diagnostics       Inc.
                                            429,204          2,429
     *
        Verrica     Pharmaceuticals         Inc.
                                            289,364          2,358
     *
        Axonics     Modulation      Technologies       Inc.
                                            152,300          2,301
     *,^
        Pulse   Biosciences       Inc.
                                            195,729          2,243
     *
        Syndax    Pharmaceuticals         Inc.
                                            496,673          2,210
     *
        Sensus    Healthcare      Inc.
                                            291,443          2,160
     *,^
        Eidos   Therapeutics       Inc.
                                            154,566          2,127
        Psychemedics       Corp.
                                            133,274          2,115
     *
        Ardelyx     Inc.
                                           1,166,408           2,088
     *
        Translate      Bio  Inc.
                                            272,842          2,046
     *
        Joint   Corp.
                                            245,068          2,039
     *,^
        ADMA   Biologics      Inc.
                                            841,538          2,011
     *,^
        Replimune      Group   Inc.
                                            195,662          1,957
     *
        Forty   Seven   Inc.
                                            122,975          1,933
     *
        Adverum     Biotechnologies         Inc.
                                            613,546          1,933
     *
        Endologix      Inc.
                                           2,671,901           1,913
     *
        Rigel   Pharmaceuticals         Inc.
                                            808,634          1,860
     *
        CytomX    Therapeutics       Inc.
                                            120,727          1,823
     *
        Progenics      Pharmaceuticals         Inc.
                                            427,645          1,796
     *,^
        Kezar   Life   Sciences     Inc.
                                             76,019         1,794
     *,^
        Sorrento     Therapeutics       Inc.
                                            743,332          1,784
     *,^
        Community      Health    Systems     Inc.
                                            630,643          1,778
     *,^
        Seres   Therapeutics       Inc.
                                            386,810          1,748
     *,^
        HTG  Molecular      Diagnostics       Inc.
                                            684,696          1,739
     *,^
        La  Jolla   Pharmaceutical         Co.
                                            183,499          1,730
     *,^
        Moderna     Inc.
                                            112,563          1,719
     *,^
        Cohbar    Inc.
                                            528,170          1,643
     *,^
        CEL-SCI     Corp.
                                            571,200          1,639
     *
        Molecular      Templates      Inc.
                                            396,021          1,600
     *
        Aquestive      Therapeutics       Inc.
                                            253,890          1,600
     *,^
        Anixa   Biosciences       Inc.
                                            395,301          1,557
     *,^
        Infinity     Pharmaceuticals         Inc.
                                           1,310,605           1,547
     *,^
        resTORbio      Inc.
                                            178,693          1,540
     *
        Pfenex    Inc.
                                            481,944          1,537
     *
        Cidara    Therapeutics       Inc.
                                            638,301          1,500
     *
        Durect    Corp.
                                           3,064,822           1,481
     *,^
        BrainStorm      Cell   Therapeutics       Inc.
                                            415,593          1,475
     *,^
        TG  Therapeutics       Inc.
                                            351,572          1,441
     *
        Allena    Pharmaceuticals         Inc.
                                            261,352          1,424
     *
        Champions      Oncology     Inc.
                                            175,385          1,370
     *,^
        Genesis     Healthcare      Inc.
                                           1,133,847           1,338
     *,^
        Rockwell     Medical     Inc.
                                            587,579          1,328
     *
        Alphatec     Holdings     Inc.
                                            578,466          1,325
     *
        InfuSystem      Holdings     Inc.
                                            378,907          1,303
     *
        Strata    Skin   Sciences     Inc.
                                            484,735          1,260
     *
        Cumberland      Pharmaceuticals         Inc.
                                            198,124          1,248
     *,^
        Catasys     Inc.
                                            132,873          1,245
                                117/562

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     *,^
        RA  Medical     Systems     Inc.
                                            141,588          1,126
     *,^
        Lexicon     Pharmaceuticals         Inc.
                                            166,208          1,104
     *,^
        Opiant    Pharmaceuticals         Inc.
                                             76,262         1,102
     *,^
        Viveve    Medical     Inc.
                                           1,048,461           1,101
     *
        Achillion      Pharmaceuticals         Inc.
                                            685,471          1,090
     *
        Dermira     Inc.
                                            145,810          1,048
     *
        Chiasma     Inc.
                                            327,524          1,019
     *
        Kodiak    Sciences     Inc.
                                            142,615          1,013
     *
        Electromed      Inc.
                                            191,336           974
     *,^
        Ampio   Pharmaceuticals         Inc.
                                           2,382,232            941
     *,^
        Adamis    Pharmaceuticals         Corp.
                                            410,505           924
     *,^
        Actinium     Pharmaceuticals         Inc.
                                           2,318,153            897
     *,^
        Rexahn    Pharmaceuticals         Inc.
                                            954,334           888
     *
        Cocrystal      Pharma    Inc.
                                            246,168           886
     *
        NantKwest      Inc.
                                            745,549           865
                                118/562















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                                                    市場価格
                                              株数     ( 千米ドル     )
     *,^
        Equillium      Inc.
                                            104,447           852
     *,^
        Matinas     BioPharma      Holdings     Inc.
                                           1,428,048            850
     *
        Syros   Pharmaceuticals         Inc.
                                            150,406           838
     *
        LogicBio     Therapeutics       Inc.
                                             78,230          814
     *
        AgeX   Therapeutics       Inc.
                                            271,093           811
     *,^
        Evoke   Pharma    Inc.
                                            324,399           805
     *,^
        Insys   Therapeutics       Inc.
                                            227,514           796
     *
        Applied     Genetic     Technologies       Corp.
                                            310,344           773
     *
        Celldex     Therapeutics       Inc.
                                           3,866,873            765
     *,^
        Evofem    Biosciences       Inc.
                                            181,644           761
     *,^
        Ekso   Bionics     Holdings     Inc.
                                            574,330           712
     *,^
        Alimera     Sciences     Inc.
                                            984,969           707
     *,^
        Second    Sight   Medical     Products     Inc.
                                            796,734           706
     *
        Catabasis      Pharmaceuticals         Inc.
                                            157,546           688
     *
        Enzo   Biochem     Inc.
                                            246,742           686
     *
        Sutro   Biopharma      Inc.
                                             75,677          683
     *
        CAS  Medical     Systems     Inc.
                                            424,399           679
     *
        Orgenesis      Inc.
                                            143,507           672
     *
        Pro-Dex     Inc.
                                             53,314          644
     *
        Evolus    Inc.
                                             52,845          629
     *,^
        VIVUS   Inc.
                                            281,422           628
     *,^
        Heat   Biologics      Inc.
                                            628,229           616
     *,^
        Sophiris     Bio  Inc.
                                            725,699           602
     *
        BioSig    Technologies       Inc.
                                            140,393           599
     *
        Aptevo    Therapeutics       Inc.
                                            451,771           574
     *,^
        Corindus     Vascular     Robotics     Inc.
                                            604,138           507
     *
        Vapotherm      Inc.
                                             25,409          507
     *
        Aerpio    Pharmaceuticals         Inc.
                                            296,248           504
     *
        Tracon    Pharmaceuticals         Inc.
                                            779,786           491
     *
        Avrobio     Inc.
                                             29,363          489
     *,^
        Arsanis     Inc.
                                            204,842           475
     *,^
        SELLAS    Life   Sciences     Group   Inc.
                                            376,042           463
     *
        Cerecor     Inc.
                                            140,306           453
     *,^
        Moleculin      Biotech     Inc.
                                            431,314           449
     *
        ImmuCell     Corp.
                                             65,054          444
     *,^
        BioPharmX      Corp.
                                           4,086,853            441
     *,^
        Xtant   Medical     Holdings     Inc.
                                            271,844           438
     *
        Fortress     Biotech     Inc.
                                            496,613           427
     *,^
        ZIOPHARM     Oncology     Inc.
                                            223,238           417
     *,^
        Curis   Inc.
                                            576,377           398
     *,^
        Celsion     Corp.
                                            274,103           386
     *
        CTI  BioPharma      Corp.
                                            512,182           376
     *,^
        KemPharm     Inc.
                                            207,600           370
     *,^
        Titan   Pharmaceuticals         Inc.
                                           1,614,133            360
     *
        PhaseBio     Pharmaceuticals         Inc.
                                            114,517           354
     *
        Caladrius      Biosciences       Inc.
                                             97,507          347
     *
        Vical   Inc.
                                            292,178           345
     *,^
        Oncocyte     Corp.
                                            247,018           341
     *,^
        Fulgent     Genetics     Inc.
                                            107,237           340
                                119/562

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     *,^
        SCYNEXIS     Inc.
                                            705,187           340
     *
        Provention      Bio  Inc.
                                            189,923           336
     *,^
        Lannett     Co.  Inc.
                                             65,361          324
     *
        Quorum    Health    Corp.
                                            108,392           313
     *
        Bellerophon       Therapeutics       Inc.
                                            387,969           311
     *
        Accuray     Inc.
                                             90,051          307
     *
        Mustang     Bio  Inc.
                                            104,424           307
     *,^
        Aethlon     Medical     Inc.
                                            184,467           306
     *,^
        T2  Biosystems      Inc.
                                             99,177          299
     *
        Proteon     Therapeutics       Inc.
                                            127,689           290
     *
        Alpine    Immune    Sciences     Inc.
                                             72,695          268
     *
        Agile   Therapeutics       Inc.
                                            362,750           209
     *,^
        scPharmaceuticals          Inc.
                                             55,200          208
     *,^
        Hancock     Jaffe   Laboratories       Inc.
                                            143,398           202
     *
        Avenue    Therapeutics       Inc.
                                             36,127          195
                                120/562















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                                                    市場価格
                                              株数     ( 千米ドル     )
     *
        Vaccinex     Inc.
                                             51,814          195
     *
        IsoRay    Inc.
                                            597,951           179
     *,^
        Navidea     Biopharmaceuticals           Inc.
                                           1,699,516            174
     *
        ENDRA   Life   Sciences     Inc.
                                            114,676           172
     *,^
        Checkpoint      Therapeutics       Inc.
                                             94,345          172
     *
        Advaxis     Inc.
                                            887,326           169
     *
        Soleno    Therapeutics       Inc.
                                             94,777          162
     *,^
        Regulus     Therapeutics       Inc.
                                            173,709           162
     *
        Standard     Diversified       Inc.
                                             10,576          157
     ^
        Altimmune      Inc.
                                             73,246          151
     *,^
        PAVmed    Inc.
                                            151,390           146
     *
        Catalyst     Biosciences       Inc.
                                             18,087          143
     *
        Ovid   therapeutics       Inc.
                                             53,281          129
     *
        Constellation        Pharmaceuticals         Inc.
                                             31,790          127
     *
        PLx  Pharma    Inc.
                                             80,502          123
     *
        Soligenix      Inc.
                                            140,021           120
     *,^
        Genocea     Biosciences       Inc.
                                            412,724           118
     *
        Eyenovia     Inc.
                                             38,852          111
     *,^
        Myomo   Inc.
                                             76,279          110
     *
        Synthorx     Inc.
                                             5,764          100
     *,^
        Histogenics       Corp.
                                           1,113,347             98
     *
        Aravive     Inc.
                                             26,500           93
     *,^
        Cleveland      BioLabs     Inc.
                                             91,596           93
     *
        Axsome    Therapeutics       Inc.
                                             30,500           86
        ProPhase     Labs   Inc.
                                             25,381           80
     *
        Dynatronics       Corp.
                                             27,747           76
     *
        Fibrocell      Science     Inc.
                                             47,901           72
     *,^
        Akers   Biosciences       Inc.
                                             59,629           67
     *
        aTyr   Pharma    Inc.
                                            119,600           59
     *,^
        Trovagene      Inc.
                                            112,756           59
     *
        Outlook     Therapeutics       Inc.
                                            117,453           59
     *
        Retractable       Technologies       Inc.
                                             98,504           59
     *
        Idera   Pharmaceuticals         Inc.
                                             19,628           54
     *
        Agenus    Inc.
                                             22,449           53
     *,^
        Vermillion      Inc.
                                            177,741           53
     *
        NanoViricides        Inc.
                                            254,789           51
     *
        Bioanalytical        Systems     Inc.
                                             36,675           47
     *
        Aridis    Pharmaceuticals         Inc.
                                             4,070          45
     *
        Millendo     Therapeutics       Inc.
                                             5,676          45
     *
        Aileron     Therapeutics       Inc.
                                             53,500           45
     *
        Diffusion      Pharmaceuticals         Inc.
                                             21,707           43
     *,^
        Pulmatrix      Inc.
                                            178,611           43
     *
        Adial   Pharmaceuticals         Inc.
                                             8,150          42
     *
        Leap   Therapeutics       Inc.
                                             15,286           31
     *,^
        Cue  Biopharma      Inc.
                                             6,352          30
     *
        NanoVibronix       Inc.
                                             7,510          26
     *,^
        XBiotech     Inc.
                                             4,768          24
     *,^
        Selecta     Biosciences       Inc.
                                             8,686          23
     *
        Citius    Pharmaceuticals         Inc.
                                             22,052           23
                                121/562

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     *
        Precision      Therapeutics       Inc.
                                             37,306           23
     *
        Milestone      Scientific      Inc.
                                             69,031           23
     *
        AquaBounty      Technologies       Inc.
                                             8,850          18
     *
        Biomerica      Inc.
                                             10,523           18
     *
        Pain   Therapeutics       Inc.
                                             20,219           17
     *
        Xenetic     Biosciences       Inc.
                                             10,312           17
     *,^
        Teligent     Inc.
                                             11,824           16
     *
        Genprex     Inc.
                                             14,698           16
     *
        Gemphire     Therapeutics       Inc.
                                             18,400           14
     *,^
        Achieve     Life   Sciences     Inc.
                                             11,135           13
     *
        Hemispherx      Biopharma      Inc.
                                             68,925           12
     *
        American     Shared    Hospital     Services
                                             4,591          11
     *
        Synergy     Pharmaceuticals         Inc.
                                             86,515           10
     *
        NovaBay     Pharmaceuticals         Inc.
                                             11,471           9
     *
        Synthetic      Biologics      Inc.
                                             13,386           7
                                122/562















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                                                    市場価格
                                              株数     ( 千米ドル     )
     *,^
        Novan   Inc.
                                             8,672           7
     *,^
        Neuralstem      Inc.
                                             18,234           6
     *
        Geron   Corp.
                                             5,685           6
        Vaxart    Inc.
                                             2,300           ▶
        Diversicare       Healthcare      Services     Inc.
                                             1,605           ▶
     ^
        Wright    Medical     Group   Inc.   CVR
                                            288,011            ▶
     *
        Bio-Path     Holdings     Inc.
                                             19,033           3
        Biolase     Inc.
                                               45         -
     *
        Onconova     Therapeutics       Inc.
                                               14         -
     *,^
        Microbot     Medical     Inc.
                                                2         -
     *
        Galena    Biopharma      Inc  Warrants     Exp.   03/18/2020
                                            157,500            -
     *
        Sunesis     Pharmaceuticals         Inc.
                                                2         -
     *
        CytRx   Corp.
                                                        -
                                                1
                                                   92,996,696
     資本財・サービス          (12.9   ％ )
        Boeing    Co.
                                          14,412,662         4,648,083
        3M  Co.
                                          15,557,202         2,964,269
        Union   Pacific     Corp.
                                          19,683,934         2,720,910
        Honeywell      International        Inc.
                                          19,774,557         2,612,614
     *
        PayPal    Holdings     Inc.
                                          29,900,604         2,514,342
        Accenture      plc  Class   A
                                          17,053,344         2,404,692
        United    Technologies       Corp.
                                          21,889,917         2,330,838
        Caterpillar       Inc.
                                          15,767,358         2,003,558
        United    Parcel    Service     Inc.   Class   B
                                          18,574,212         1,811,543
        General     Electric     Co.
                                          232,375,831          1,759,085
        Danaher     Corp.
                                          16,847,463         1,737,310
        Lockheed     Martin    Corp.
                                           6,458,184         1,691,011
        Automatic      Data   Processing      Inc.
                                          11,109,023         1,456,615
        CSX  Corp.
                                          21,430,832         1,331,498
        Deere   & Co.
                                           8,594,443         1,282,033
        Raytheon     Co.
                                           7,600,390         1,165,520
        Northrop     Grumman     Corp.
                                           4,637,571         1,135,741
     *
        Norfolk     Southern     Corp.
                                           7,275,842         1,088,029
        General     Dynamics     Corp.
                                           6,723,468         1,056,996
        FedEx   Corp.
                                           6,336,498         1,022,267
        Waste   Management      Inc.
                                          11,388,584         1,013,470
        Illinois     Tool   Works   Inc.
                                           7,979,144         1,010,878
        Emerson     Electric     Co.
                                          16,724,825          999,308
        Fidelity     National     Information       Services     Inc.
                                           8,744,822          896,781
        Sherwin-Williams          Co.
                                           2,250,887          885,634
        Eaton   Corp.   plc
                                          11,570,475          794,429
     *
        Fiserv    Inc.
                                          10,641,615          782,052
        Roper   Technologies       Inc.
                                           2,763,673          736,574
        Johnson     Controls     International        plc
                                          24,709,735          732,644
        TE  Connectivity       Ltd.
                                           9,161,876          692,913
        Amphenol     Corp.   Class   A
                                           8,048,560          652,094
     *
        Worldpay     Inc.   Class   A
                                           8,064,710          616,386
        Ingersoll-Rand         plc
                                           6,562,921          598,735
        Agilent     Technologies       Inc.
                                           8,490,865          572,794
                                123/562

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        Paychex     Inc.
                                           8,634,549          562,541
        Cummins     Inc.
                                           4,075,989          544,715
        Fortive     Corp.
                                           8,028,485          543,207
        PACCAR    Inc.
                                           9,338,173          533,583
        Parker-Hannifin         Corp.
                                           3,537,283          527,550
        Willis    Towers    Watson    plc
                                           3,473,568          527,496
        Waste   Connections       Inc.
                                           7,044,101          523,024
        Rockwell     Automation      Inc.
                                           3,226,016          485,451
        Stanley     Black   & Decker    Inc.
                                           4,038,439          483,563
     *
        Verisk    Analytics      Inc.   Class   A
                                           4,174,899          455,231
     *
        FleetCor     Technologies       Inc.
                                           2,370,245          440,202
     *
        Square    Inc.
                                           7,818,971          438,566
        Global    Payments     Inc.
                                           4,228,031          436,037
     *
        TransDigm      Group   Inc.
                                           1,265,716          430,419
        AMETEK    Inc.
                                           6,203,481          419,976
                                124/562















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                                                    市場価格
                                              株数     ( 千米ドル     )
        Ball   Corp.
                                           9,057,387          416,459
        Republic     Services     Inc.   Class   A
                                           5,638,801          406,501
        Fastenal     Co.
                                           7,663,568          400,728
        Cintas    Corp.
                                           2,284,107          383,707
     *
        Mettler-Toledo         International        Inc.
                                            669,357         378,575
        L3  Technologies       Inc.
                                           2,098,968          364,507
     *
        Waters    Corp.
                                           1,921,642          362,518
        WW  Grainger     Inc.
                                           1,277,442          360,699
        Total   System    Services     Inc.
                                           4,387,381          356,650
        Vulcan    Materials      Co.
                                           3,524,950          348,265
     *
        CoStar    Group   Inc.
                                            972,140         327,942
        Xylem   Inc.
                                           4,797,042          320,059
        Expeditors      International        of  Washington      Inc.
                                           4,616,823          314,359
        CH  Robinson     Worldwide      Inc.
                                           3,675,570          309,079
     *
        Keysight     Technologies       Inc.
                                           4,974,712          308,830
        Broadridge      Financial      Solutions      Inc.
                                           3,114,266          299,748
        Martin    Marietta     Materials      Inc.
                                           1,672,959          287,531
        TransUnion
                                           4,933,847          280,243
        Dover   Corp.
                                           3,891,920          276,132
        Textron     Inc.
                                           5,829,068          268,079
        Jack   Henry   & Associates      Inc.
                                           2,059,746          260,599
        IDEX   Corp.
                                           2,045,942          258,321
        Kansas    City   Southern
                                           2,706,019          258,290
        Westrock     Co.
                                           6,828,915          257,860
        Old  Dominion     Freight     Line   Inc.
                                           1,965,687          242,743
     *
        First   Data   Corp.   Class   A
                                          14,280,131          241,477
        Masco   Corp.
                                           8,141,551          238,059
        PerkinElmer       Inc.
                                           2,966,960          233,055
     *
        Zebra   Technologies       Corp.
                                           1,432,521          228,100
        Lennox    International        Inc.
                                           1,021,975          223,669
     *
        United    Rentals     Inc.
                                           2,164,074          221,882
        Jacobs    Engineering       Group   Inc.
                                           3,787,769          221,433
     *
        Trimble     Inc.
                                           6,696,129          220,370
        Huntington      Ingalls     Industries      Inc.
                                           1,144,117          217,737
        Snap-on     Inc.
                                           1,496,539          217,432
        JB  Hunt   Transport      Services     Inc.
                                           2,325,677          216,381
        Packaging      Corp.   of  America
                                           2,515,838          209,972
        Spirit    AeroSystems       Holdings     Inc.   Class   A
                                           2,836,259          204,466
        Allegion     plc
                                           2,539,492          202,423
     *
        Sensata     Technologies       Holding     plc
                                           4,376,624          196,248
        Arconic     Inc.
                                          11,599,507          195,568
     *
        XPO  Logistics      Inc.
                                           3,383,451          192,992
     *
        Teledyne     Technologies       Inc.
                                            912,887         189,032
        Graco   Inc.
                                           4,445,938          186,062
        Alliance     Data   Systems     Corp.
                                           1,232,840          185,025
        Robert    Half   International        Inc.
                                           3,071,672          175,700
        Pentair     plc
                                           4,623,753          174,685
     *
        HD  Supply    Holdings     Inc.
                                           4,654,585          174,640
        Cognex    Corp.
                                           4,363,178          168,724
                                125/562

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     *
        Berry   Global    Group   Inc.
                                           3,486,272          165,702
        AO  Smith   Corp.
                                           3,846,557          164,248
        Wabtec    Corp.
                                           2,319,434          162,940
        Booz   Allen   Hamilton     Holding     Corp.   Class   A
                                           3,599,810          162,243
     *
        WEX  Inc.
                                           1,147,751          160,754
        HEICO   Corp.   Class   A
                                           2,548,378          160,548
        FLIR   Systems     Inc.
                                           3,683,637          160,386
     *
        Arrow   Electronics       Inc.
                                           2,320,385          159,991
        Carlisle     Cos.   Inc.
                                           1,588,465          159,672
        Nordson     Corp.
                                           1,325,418          158,189
        AptarGroup      Inc.
                                           1,673,612          157,437
        National     Instruments       Corp.
                                           3,352,887          152,154
        Allison     Transmission       Holdings     Inc.
                                           3,458,355          151,856
     *
        Crown   Holdings     Inc.
                                           3,604,595          149,843
        Toro   Co.
                                           2,674,007          149,424
                                126/562















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                                                    市場価格
                                              株数     ( 千米ドル     )
        Donaldson      Co.  Inc.
                                           3,414,666          148,162
        Sealed    Air  Corp.
                                           4,175,857          145,487
        Hubbell     Inc.   Class   B
                                           1,456,543          144,693
        Sonoco    Products     Co.
                                           2,659,002          141,273
     *
        Fair   Isaac   Corp.
                                            732,930         137,058
     *
        Euronet     Worldwide      Inc.
                                           1,305,639          133,671
        Flowserve      Corp.
                                           3,498,466          133,012
        Hexcel    Corp.
                                           2,293,822          131,528
        Lincoln     Electric     Holdings     Inc.
                                           1,632,586          128,729
        Owens   Corning
                                           2,925,079          128,645
        MDU  Resources      Group   Inc.
                                           5,227,316          124,619
        Acuity    Brands    Inc.
                                           1,069,518          122,941
        Fluor   Corp.
                                           3,755,152          120,916
        Watsco    Inc.
                                            854,894         118,950
        Oshkosh     Corp.
                                           1,914,228          117,361
        Quanta    Services     Inc.
                                           3,894,232          117,216
     *
        Genesee     & Wyoming     Inc.   Class   A
                                           1,552,846          114,942
        ITT  Inc.
                                           2,334,894          112,705
     *
        AECOM
                                           4,207,608          111,502
        MAXIMUS     Inc.
                                           1,708,524          111,208
        Bemis   Co.  Inc.
                                           2,417,588          110,967
        Woodward     Inc.
                                           1,484,055          110,250
        Littelfuse      Inc.
                                            636,508         109,148
        Avnet   Inc.
                                           2,988,487          107,884
        ManpowerGroup        Inc.
                                           1,661,308          107,653
        Curtiss-Wright         Corp.
                                           1,050,381          107,265
        Xerox   Corp.
                                           5,394,124          106,588
     ^
        Universal      Display     Corp.
                                           1,131,465          105,871
     *
        IPG  Photonics      Corp.
                                            926,630         104,978
        Landstar     System    Inc.
                                           1,095,122          104,770
        Genpact     Ltd.
                                           3,804,037          102,671
        BWX  Technologies       Inc.
                                           2,641,570          100,987
        Jabil   Inc.
                                           3,948,398          97,881
        Crane   Co.
                                           1,345,917          97,148
        nVent   Electric     plc
                                           4,301,823          96,619
     *
        Kirby   Corp.
                                           1,430,657          96,369
        USG  Corp.
                                           2,235,637          95,372
     *
        Esterline      Technologies       Corp.
                                            780,192         94,754
        AGCO   Corp.
                                           1,683,863          93,741
        Insperity      Inc.
                                           1,003,200          93,659
        MSC  Industrial      Direct    Co.  Inc.   Class   A
                                           1,209,050          93,000
     *
        Trex   Co.  Inc.
                                           1,565,194          92,910
        EMCOR   Group   Inc.
                                           1,531,960          91,443
     *
        Stericycle      Inc.
                                           2,407,180          88,319
        Graphic     Packaging      Holding     Co.
                                           8,263,233          87,921
        EnerSys
                                           1,124,484          87,271
        MSA  Safety    Inc.
                                            915,899         86,342
     *
        RBC  Bearings     Inc.
                                            644,004         84,429
        Louisiana-Pacific          Corp.
                                           3,750,175          83,329
                                127/562

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        Brink's     Co.
                                           1,283,602          82,985
     *
        Generac     Holdings     Inc.
                                           1,653,604          82,184
        Knight-Swift       Transportation         Holdings     Inc.
                                           3,244,643          81,343
        Regal   Beloit    Corp.
                                           1,151,058          80,632
        Air  Lease   Corp.   Class   A
                                           2,625,886          79,328
     *
        Proto   Labs   Inc.
                                            688,072         77,608
        Tetra   Tech   Inc.
                                           1,477,683          76,500
        Armstrong      World   Industries      Inc.
                                           1,260,753          73,388
        Kennametal      Inc.
                                           2,187,554          72,802
     *
        Owens-Illinois         Inc.
                                           4,217,043          72,702
     *
        Allegheny      Technologies       Inc.
                                           3,338,446          72,678
        Eagle   Materials      Inc.
                                           1,188,238          72,518
     *
        ASGN   Inc.
                                           1,323,591          72,136
     *
        CoreLogic      Inc.
                                           2,141,928          71,583
        Macquarie      Infrastructure         Corp.
                                           1,930,900          70,594
                                128/562















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                                                    市場価格
                                              株数     ( 千米ドル     )
     *
        Gardner     Denver    Holdings     Inc.
                                           3,446,468          70,480
     *
        AMN  Healthcare      Services     Inc.
                                           1,243,372          70,449
        GATX   Corp.
                                            984,848         69,737
        Barnes    Group   Inc.
                                           1,288,232          69,075
        Exponent     Inc.
                                           1,361,329          69,033
     *
        Coherent     Inc.
                                            649,462         68,655
        Timken    Co.
                                           1,838,217          68,602
     *
        FTI  Consulting      Inc.
                                           1,020,998          68,039
        Trinity     Industries      Inc.
                                           3,301,933          67,987
     *
        MasTec    Inc.
                                           1,673,546          67,879
        Ryder   System    Inc.
                                           1,404,880          67,645
     *
        Resideo     Technologies       Inc.
                                           3,276,926          67,341
     *
        Clean   Harbors     Inc.
                                           1,347,226          66,486
     *
        Aerojet     Rocketdyne      Holdings     Inc.
                                           1,874,459          66,037
        Moog   Inc.   Class   A
                                            850,530         65,899
     *
        Integer     Holdings     Corp.
                                            861,931         65,731
     *
        Axon   Enterprise      Inc.
                                           1,472,652          64,429
        Vishay    Intertechnology         Inc.
                                           3,528,357          63,546
     *
        Rexnord     Corp.
                                           2,764,897          63,454
        Valmont     Industries      Inc.
                                            559,021         62,023
        John   Bean   Technologies       Corp.
                                            843,772         60,591
        Simpson     Manufacturing        Co.  Inc.
                                           1,118,608          60,550
     *
        Cimpress     NV
                                            579,523         59,934
     *
        SiteOne     Landscape      Supply    Inc.
                                           1,083,744          59,899
     *
        WESCO   International        Inc.
                                           1,241,222          59,579
        UniFirst     Corp.
                                            403,530         57,733
     *
        Beacon    Roofing     Supply    Inc.
                                           1,814,837          57,567
     *
        Mercury     Systems     Inc.
                                           1,209,898          57,216
        Korn/Ferry      International
                                           1,441,890          57,012
        KBR  Inc.
                                           3,730,178          56,624
        ABM  Industries      Inc.
                                           1,751,145          56,229
     *
        Novanta     Inc.
                                            867,011         54,622
        Applied     Industrial      Technologies       Inc.
                                           1,009,736          54,465
        Brady   Corp.   Class   A
                                           1,234,554          53,654
        Otter   Tail   Corp.
                                           1,060,380          52,637
     *
        II-VI   Inc.
                                           1,619,273          52,562
     *
        Paylocity      Holding     Corp.
                                            851,065         51,243
     *
        Conduent     Inc.
                                           4,818,160          51,217
        Granite     Construction       Inc.
                                           1,253,224          50,480
     *
        Imperva     Inc.
                                            888,960         49,506
        Terex   Corp.
                                           1,792,334          49,415
        Silgan    Holdings     Inc.
                                           2,037,204          48,119
        Deluxe    Corp.
                                           1,244,482          47,838
     *
        TriNet    Group   Inc.
                                           1,138,217          47,748
     *
        Rogers    Corp.
                                            479,477         47,497
     *
        Fabrinet
                                            923,989         47,410
        Watts   Water   Technologies       Inc.   Class   A
                                            731,188         47,184
        Albany    International        Corp.
                                            752,815         46,998
     *
        Advanced     Disposal     Services     Inc.
                                           1,883,239          45,085
                                129/562

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        Belden    Inc.
                                           1,074,293          44,873
     *
        ExlService      Holdings     Inc.
                                            852,221         44,844
        EVERTEC     Inc.
                                           1,552,357          44,553
     *
        Plexus    Corp.
                                            855,183         43,683
        Franklin     Electric     Co.  Inc.
                                           1,011,717          43,382
        Altra   Industrial      Motion    Corp.
                                           1,717,530          43,196
        Triton    International        Ltd.
                                           1,385,415          43,045
        Comfort     Systems     USA  Inc.
                                            975,502         42,610
     *
        Dycom   Industries      Inc.
                                            787,929         42,580
     *
        Harsco    Corp.
                                           2,139,270          42,486
     *
        Colfax    Corp.
                                           2,026,939          42,363
     *
        TopBuild     Corp.
                                            933,250         41,996
        Covanta     Holding     Corp.
                                           3,127,482          41,971
        ESCO   Technologies       Inc.
                                            632,884         41,739
        Forward     Air  Corp.
                                            759,820         41,676
                                130/562















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                                                    市場価格
                                              株数     ( 千米ドル     )
        Cubic   Corp.
                                            774,637         41,629
     *
        Itron   Inc.
                                            877,045         41,475
     *
        Sanmina     Corp.
                                           1,715,022          41,263
        Kaman   Corp.
                                            724,085         40,614
        Universal      Forest    Products     Inc.
                                           1,558,440          40,457
     *
        Anixter     International        Inc.
                                            732,146         39,763
        HEICO   Corp.
                                            508,953         39,434
     *
        MINDBODY     Inc.   Class   A
                                           1,083,292          39,432
     *
        Aerovironment        Inc.
                                            569,090         38,670
        Mueller     Water   Products     Inc.   Class   A
                                           4,186,606          38,098
     *
        Saia   Inc.
                                            675,834         37,725
        Badger    Meter   Inc.
                                            753,717         37,090
        Mobile    Mini   Inc.
                                           1,164,443          36,971
     *
        Summit    Materials      Inc.   Class   A
                                           2,977,386          36,920
        Werner    Enterprises       Inc.
                                           1,242,265          36,696
        World   Fuel   Services     Corp.
                                           1,694,212          36,273
        US  Ecology     Inc.
                                            574,402         36,176
        AAON   Inc.
                                           1,025,331          35,948
        Matson    Inc.
                                           1,107,225          35,453
        Schneider      National     Inc.   Class   B
                                           1,893,676          35,355
        ManTech     International        Corp.   Class   A
                                            675,356         35,318
     *
        Evolent     Health    Inc.   Class   A
                                           1,753,398          34,980
     *
        Navistar     International        Corp.
                                           1,324,129          34,361
        Greenbrier      Cos.   Inc.
                                            865,938         34,239
        Raven   Industries      Inc.
                                            939,653         34,006
        Mueller     Industries      Inc.
                                           1,432,745          33,469
     *
        Builders     FirstSource       Inc.
                                           3,060,768          33,393
     *
        Air  Transport      Services     Group   Inc.
                                           1,457,990          33,257
        Actuant     Corp.   Class   A
                                           1,577,741          33,117
        Rush   Enterprises       Inc.   Class   A
                                            955,821         32,957
     *
        Masonite     International        Corp.
                                            731,057         32,773
        EnPro   Industries      Inc.
                                            543,251         32,649
     *
        SPX  FLOW   Inc.
                                           1,069,507          32,534
        AAR  Corp.
                                            868,649         32,435
     *
        Knowles     Corp.
                                           2,414,681          32,139
     *
        TriMas    Corp.
                                           1,166,900          31,845
     *
        OSI  Systems     Inc.
                                            433,541         31,779
     *
        Hub  Group   Inc.   Class   A
                                            839,822         31,132
        McGrath     RentCorp
                                            604,383         31,114
        Federal     Signal    Corp.
                                           1,533,613          30,519
        ICF  International        Inc.
                                            470,548         30,482
     *
        Kratos    Defense     & Security     Solutions      Inc.
                                           2,155,316          30,368
     *
        SPX  Corp.
                                           1,082,250          30,314
     *
        Huron   Consulting      Group   Inc.
                                            586,973         30,118
     *
        Gibraltar      Industries      Inc.
                                            843,143         30,007
     *
        Casella     Waste   Systems     Inc.   Class   A
                                           1,048,009          29,858
        Greif   Inc.   Class   A
                                            789,980         29,316
     *,^
        Ambarella      Inc.
                                            823,403         28,803
        Navigant     Consulting      Inc.
                                           1,167,886          28,088
                                131/562

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        AZZ  Inc.
                                            671,303         27,094
        Lindsay     Corp.
                                            281,044         27,050
     *
        CBIZ   Inc.
                                           1,370,127          26,991
        Benchmark      Electronics       Inc.
                                           1,231,518          26,084
     *
        BMC  Stock   Holdings     Inc.
                                           1,683,867          26,066
     *
        Pluralsight       Inc.   Class   A
                                           1,091,991          25,716
     *
        Electro     Scientific      Industries      Inc.
                                            858,248         25,713
     *
        Sykes   Enterprises       Inc.
                                           1,035,291          25,603
     *
        Atlas   Air  Worldwide      Holdings     Inc.
                                            604,951         25,523
     *
        JELD-WEN     Holding     Inc.
                                           1,793,480          25,485
     *,^
        Inovalon     Holdings     Inc.   Class   A
                                           1,796,859          25,479
     *
        Cardtronics       plc  Class   A
                                            977,419         25,413
        Encore    Wire   Corp.
                                            504,762         25,329
        Boise   Cascade     Co.
                                           1,042,310          24,859
     *
        Continental       Building     Products     Inc.
                                            976,578         24,854
                                132/562















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                                                    市場価格
                                              株数     ( 千米ドル     )
        Sun  Hydraulics      Corp.
                                            737,075         24,464
     *
        Atkore    International        Group   Inc.
                                           1,228,299          24,369
        Aircastle      Ltd.
                                           1,400,193          24,139
        KEMET   Corp.
                                           1,371,997          24,065
     *
        Verra   Mobility     Corp.
                                           2,439,800          23,812
        Advanced     Drainage     Systems     Inc.
                                            978,901         23,738
     *
        TTM  Technologies       Inc.
                                           2,414,417          23,492
     *
        PGT  Innovations       Inc.
                                           1,457,305          23,098
     *
        TrueBlue     Inc.
                                           1,030,124          22,920
        Kadant    Inc.
                                            280,234         22,828
        Tennant     Co.
                                            431,615         22,491
        Heartland      Express     Inc.
                                           1,200,076          21,961
        ArcBest     Corp.
                                            640,406         21,940
        Apogee    Enterprises       Inc.
                                            725,282         21,650
     *
        Milacron     Holdings     Corp.
                                           1,819,072          21,629
        Standex     International        Corp.
                                            318,261         21,381
        Methode     Electronics       Inc.
                                            916,338         21,342
        Primoris     Services     Corp.
                                           1,065,872          20,390
        AVX  Corp.
                                           1,325,010          20,206
     *
        Installed      Building     Products     Inc.
                                            580,126         19,544
        Douglas     Dynamics     Inc.
                                            533,862         19,160
        Kforce    Inc.
                                            615,060         19,018
        CTS  Corp.
                                            718,354         18,598
        Wabash    National     Corp.
                                           1,420,648          18,582
        Maxar   Technologies       Ltd.
                                           1,547,928          18,513
        GrafTech     International        Ltd.
                                           1,610,669          18,426
        Mesa   Laboratories       Inc.
                                             87,324         18,197
     *
        Astronics      Corp.
                                            597,165         18,184
     *
        Vicor   Corp.
                                            480,517         18,159
        MTS  Systems     Corp.
                                            452,070         18,142
     *
        FARO   Technologies       Inc.
                                            439,263         17,852
        Alamo   Group   Inc.
                                            230,635         17,833
        Cass   Information       Systems     Inc.
                                            335,547         17,757
     *,^
        MACOM   Technology      Solutions      Holdings     Inc.
                                           1,204,795          17,482
        Gorman-Rupp       Co.
                                            528,589         17,132
        H&E  Equipment      Services     Inc.
                                            837,846         17,109
     *
        Patrick     Industries      Inc.
                                            572,818         16,961
     *
        Tutor   Perini    Corp.
                                           1,052,195          16,804
        Columbus     McKinnon     Corp.
                                            552,359         16,648
        Astec   Industries      Inc.
                                            551,052         16,636
     *
        Thermon     Group   Holdings     Inc.
                                            817,108         16,571
        Kelly   Services     Inc.   Class   A
                                            804,273         16,472
     *
        SEACOR    Holdings     Inc.
                                            420,248         15,549
     *
        NV5  Global    Inc.
                                            256,442         15,528
     *
        Gates   Industrial      Corp.   plc
                                           1,169,306          15,482
        Marten    Transport      Ltd.
                                            950,214         15,384
     *
        Evo  Payments     Inc.   Class   A
                                            623,366         15,378
        Hyster-Yale       Materials      Handling     Inc.
                                            244,576         15,154
     *,^
        US  Concrete     Inc.
                                            419,838         14,812
                                133/562

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        Argan   Inc.
                                            388,590         14,704
        Heidrick     & Struggles      International        Inc.
                                            470,577         14,677
        Triumph     Group   Inc.
                                           1,236,161          14,216
     *
        Echo   Global    Logistics      Inc.
                                            694,980         14,129
     *
        Engility     Holdings     Inc.
                                            485,605         13,820
     *
        Manitowoc      Co.  Inc.
                                            923,440         13,639
        Briggs    & Stratton     Corp.
                                           1,023,156          13,383
        Global    Brass   & Copper    Holdings     Inc.
                                            526,608         13,244
        DMC  Global    Inc.
                                            370,109         12,998
        Kimball     International        Inc.   Class   B
                                            915,360         12,989
     *
        Aegion    Corp.   Class   A
                                            772,491         12,607
        Quanex    Building     Products     Corp.
                                            925,744         12,581
        Ennis   Inc.
                                            651,478         12,541
        Myers   Industries      Inc.
                                            804,543         12,157
     *
        Control4     Corp.
                                            677,747         11,928
                                134/562















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                                                    市場価格
                                              株数     ( 千米ドル     )
        Insteel     Industries      Inc.
                                            490,926         11,920
     *
        Donnelley      Financial      Solutions      Inc.
                                            841,113         11,801
     *,^
        Team   Inc.
                                            792,619         11,612
     *
        DXP  Enterprises       Inc.
                                            401,573         11,180
        National     Research     Corp.
                                            289,778         11,052
     *
        CAI  International        Inc.
                                            474,091         11,013
     *
        Ducommun     Inc.
                                            303,154         11,011
     *
        MYR  Group   Inc.
                                            390,071         10,988
        Resources      Connection      Inc.
                                            761,653         10,815
        Essendant      Inc.
                                            851,883         10,717
        Park   Electrochemical         Corp.
                                            586,069         10,590
        NVE  Corp.
                                            119,611         10,471
     *
        Great   Lakes   Dredge    & Dock   Corp.
                                           1,577,589          10,444
        Barrett     Business     Services     Inc.
                                            182,268         10,435
        TTEC   Holdings     Inc.
                                            359,368         10,267
        Quad/Graphics        Inc.
                                            808,240          9,958
     *
        Heritage-Crystal          Clean   Inc.
                                            423,201          9,738
     *
        Kimball     Electronics       Inc.
                                            626,636          9,707
     *
        Willdan     Group   Inc.
                                            273,086          9,553
     *
        International        Seaways     Inc.
                                            541,935          9,126
        Miller    Industries      Inc.
                                            336,376          9,082
        Daktronics      Inc.
                                           1,216,874           9,005
     *
        Veeco   Instruments       Inc.
                                           1,213,128           8,989
     *,^
        CryoPort     Inc.
                                            807,045          8,902
        Allied    Motion    Technologies       Inc.
                                            199,138          8,899
     *
        Sterling     Construction       Co.  Inc.
                                            797,204          8,682
     *
        Landec    Corp.
                                            719,371          8,517
        CRA  International        Inc.
                                            195,182          8,305
        Graham    Corp.
                                            351,213          8,022
     *
        UFP  Technologies       Inc.
                                            261,648          7,860
     *,^
        Livent    Corp.
                                            567,839          7,836
     *
        Vishay    Precision      Group   Inc.
                                            258,080          7,802
        NN  Inc.
                                           1,152,697           7,735
     *
        Cross   Country     Healthcare      Inc.
                                           1,036,334           7,596
     *
        Nuvectra     Corp.
                                            445,301          7,276
        B.  Riley   Financial      Inc.
                                            508,674          7,223
     *
        Armstrong      Flooring     Inc.
                                            606,011          7,175
        Multi-Color       Corp.
                                            200,788          7,046
        Hurco   Cos.   Inc.
                                            194,786          6,954
     *
        Franklin     Covey   Co.
                                            303,613          6,780
        Powell    Industries      Inc.
                                            269,908          6,750
     *,^
        Energy    Recovery     Inc.
                                            999,797          6,729
        VSE  Corp.
                                            222,438          6,653
     *
        Blue   Bird   Corp.
                                            364,293          6,626
     *
        Eagle   Bulk   Shipping     Inc.
                                           1,428,322           6,585
        Advanced     Emissions      Solutions      Inc.
                                            622,187          6,564
     *
        PRGX   Global    Inc.
                                            685,615          6,493
     *
        Northwest      Pipe   Co.
                                            273,289          6,365
        Park-Ohio      Holdings     Corp.
                                            206,719          6,344
                                135/562

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     *
        IntriCon     Corp.
                                            239,580          6,320
     *,^
        BlueLinx     Holdings     Inc.
                                            253,321          6,260
        Spartan     Motors    Inc.
                                            857,118          6,197
     *
        Information       Services     Group   Inc.
                                           1,427,047           6,051
     *
        Mistras     Group   Inc.
                                            420,304          6,044
     *
        Covenant     Transportation         Group   Inc.   Class   A
                                            302,080          5,800
     *
        CECO   Environmental        Corp.
                                            840,101          5,671
     *
        Twin   Disc   Inc.
                                            380,026          5,605
     *
        Era  Group   Inc.
                                            632,959          5,532
        BG  Staffing     Inc.
                                            267,691          5,528
     *
        InnerWorkings        Inc.
                                           1,431,173           5,353
     *
        GP  Strategies      Corp.
                                            421,245          5,312
     *
        Napco   Security     Technologies       Inc.
                                            336,052          5,293
     *
        Sparton     Corp.
                                            280,551          5,103
     *
        Lydall    Inc.
                                            243,505          4,946
                                136/562















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                                                    市場価格
                                              株数     ( 千米ドル     )
        Omega   Flex   Inc.
                                             91,330         4,938
        Bel  Fuse   Inc.   Class   B
                                            266,476          4,908
     *
        ShotSpotter       Inc.
                                            154,978          4,832
     *
        Commercial      Vehicle     Group   Inc.
                                            817,175          4,658
     *
        Everi   Holdings     Inc.
                                            893,033          4,599
        Griffon     Corp.
                                            439,398          4,592
     *
        Radiant     Logistics      Inc.
                                           1,061,854           4,513
        EVI  Industries      Inc.
                                            134,817          4,496
     *
        Willis    Lease   Finance     Corp.
                                            128,860          4,459
     *
        LB  Foster    Co.  Class   A
                                            278,605          4,430
     *
        Daseke    Inc.
                                           1,202,357           4,425
        Eastern     Co.
                                            180,832          4,373
     *
        Acacia    Research     Corp.
                                           1,435,005           4,276
     *
        Intevac     Inc.
                                            751,302          3,929
     *
        Lawson    Products     Inc.
                                            120,622          3,812
     *,^
        Energous     Corp.
                                            652,950          3,781
     *
        CyberOptics       Corp.
                                            212,407          3,745
     *
        USA  Truck   Inc.
                                            249,697          3,738
     *
        Gencor    Industries      Inc.
                                            332,187          3,644
     *
        Orion   Group   Holdings     Inc.
                                            841,239          3,609
     *,^
        Turtle    Beach   Corp.
                                            248,034          3,539
        NACCO   Industries      Inc.   Class   A
                                            101,152          3,429
        Universal      Logistics      Holdings     Inc.
                                            187,298          3,388
     *
        Transcat     Inc.
                                            176,375          3,355
     *,^
        Cardlytics      Inc.
                                            309,483          3,352
        United    States    Lime   & Minerals     Inc.
                                             47,159         3,348
        Crawford     & Co.  Class   A
                                            367,479          3,271
     *
        IES  Holdings     Inc.
                                            209,645          3,260
     *
        Foundation      Building     Materials      Inc.
                                            381,771          3,173
        Crawford     & Co.  Class   B
                                            350,182          3,152
     *
        General     Finance     Corp.
                                            305,932          3,093
        Global    Water   Resources      Inc.
                                            295,043          2,992
     *
        Iteris    Inc.
                                            792,279          2,955
        Richardson      Electronics       Ltd.
                                            339,072          2,947
     *
        ServiceSource        International        Inc.
                                           2,650,656           2,863
     *
        OptimizeRx      Corp.
                                            258,343          2,834
     *
        PAM  Transportation         Services     Inc.
                                             65,281         2,573
     *,^
        Maxwell     Technologies       Inc.
                                           1,219,253           2,524
     *
        Houston     Wire   & Cable   Co.
                                            465,712          2,356
     *,^
        Asure   Software     Inc.
                                            452,640          2,299
     *
        StarTek     Inc.
                                            338,150          2,249
     *
        Luna   Innovations       Inc.
                                            659,902          2,211
     *
        Ultralife      Corp.
                                            324,252          2,189
     *,^
        Forterra     Inc.
                                            565,451          2,126
     *
        Universal      Technical      Institute      Inc.
                                            564,724          2,061
     *
        Frequency      Electronics       Inc.
                                            191,069          2,025
     *,^
        ExOne   Co.
                                            303,438          2,009
     *
        3PEA   International        Inc.
                                            564,546          1,987
     *
        DHI  Group   Inc.
                                           1,254,116           1,906
                                137/562

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     *
        Arotech     Corp.
                                            717,564          1,880
     *
        Perceptron      Inc.
                                            207,487          1,672
     *
        CIRCOR    International        Inc.
                                             73,933         1,575
     *
        Patriot     Transportation         Holding     Inc.
                                             80,602         1,571
     *,^
        Aqua   Metals    Inc.
                                            841,348          1,531
     *,^
        MicroVision       Inc.
                                           2,514,638           1,519
        RF  Industries      Ltd.
                                            201,049          1,460
        Steel   Connect     Inc.
                                            822,121          1,422
     *
        CPI  Aerostructures         Inc.
                                            222,135          1,415
     *
        NCI  Building     Systems     Inc.
                                            191,859          1,391
     *
        Goldfield      Corp.
                                            599,302          1,354
     *
        Lincoln     Educational       Services     Corp.
                                            420,738          1,346
     *
        Wesco   Aircraft     Holdings     Inc.
                                            156,685          1,238
     *
        Perma-Pipe      International        Holdings     Inc.
                                            139,330          1,219
     *
        Sharps    Compliance      Corp.
                                            345,073          1,132
                                138/562















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                                                    市場価格
                                              株数     ( 千米ドル     )
     *
        IEC  Electronics       Corp.
                                            195,868          1,120
        LSI  Industries      Inc.
                                            337,386          1,070
     *,^
        Horizon     Global    Corp.
                                            692,184           990
     *,^
        eMagin    Corp.
                                            941,638           970
     *
        FreightCar      America     Inc.
                                            136,294           912
        Espey   Manufacturing        & Electronics       Corp.
                                             36,513          910
     *
        NRC  Group   Holdings     Corp.
                                            115,588           884
     *
        Hudson    Global    Inc.
                                            612,530           827
     *
        Taylor    Devices     Inc.
                                             67,427          809
        Issuer    Direct    Corp.
                                             68,008          772
     *
        Charah    Solutions      Inc.
                                             91,860          767
        RR  Donnelley      & Sons   Co.
                                            189,623           751
     *,^
        LightPath      Technologies       Inc.   Class   A
                                            479,513           714
     *
        Tecogen     Inc.
                                            168,227           611
        AMCON   Distributing       Co.
                                             6,102          609
     *,^
        Medical     Transcription        Billing     Corp.
                                            158,438           602
     ^
        ADT  Inc.
                                            100,100           602
     *
        PFSweb    Inc.
                                            110,737           568
     *
        Wireless     Telecom     Group   Inc.
                                            316,572           560
     *,^
        Odyssey     Marine    Exploration       Inc.
                                            166,648           555
     *
        Air  T Inc.
                                             21,726          532
     *
        SIFCO   Industries      Inc.
                                            152,452           526
        Greif   Inc.   Class   B
                                             11,156          495
     *,^
        Lightbridge       Corp.
                                            754,234           411
     *
        ARC  Document     Solutions      Inc.
                                            193,400           396
        Ecology     and  Environment       Inc.
                                             34,432          390
     *
        ALJ  Regional     Holdings     Inc.
                                            287,886           377
        Chicago     Rivet   & Machine     Co.
                                             11,328          357
     *
        Image   Sensing     Systems     Inc.
                                             78,888          355
     *
        UQM  Technologies       Inc.
                                            411,473           350
     *
        Manitex     International        Inc.
                                             60,530          344
     *
        Perma-Fix      Environmental        Services
                                            140,143           329
     *
        CUI  Global    Inc.
                                            250,700           308
        Rush   Enterprises       Inc.   Class   B
                                             7,149          254
     *
        DLH  Holdings     Corp.
                                             52,984          251
     *,^
        Digital     Ally   Inc.
                                             92,198          247
     *
        AMREP   Corp.
                                             41,229          245
     *
        Fuel   Tech   Inc.
                                            195,916           233
     *
        Ballantyne      Strong    Inc.
                                            174,184           200
     *,^
        Workhorse      Group   Inc.
                                            376,786           199
     *
        Rubicon     Technology      Inc.
                                             24,849          196
     *
        Command     Security     Corp.
                                             69,851          196
     *,^
        Capstone     Turbine     Corp.
                                            312,203           187
     *
        Vertex    Energy    Inc.
                                            175,910           179
     *
        Broadwind      Energy    Inc.
                                            134,882           175
     *
        Black   Box  Corp.
                                            161,725           175
     *,^
        Applied     DNA  Sciences     Inc.
                                            423,983           170
     *
        Coda   Octopus     Group   Inc.
                                             28,445          166
     *
        Jewett-Cameron         Trading     Co.  Ltd.
                                             21,200          151
                                139/562

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     *
        Summit    Wireless     Technologies       Inc.
                                             40,430          138
        LSC  Communications         Inc.
                                             17,799          125
     *,^
        Revolution      Lighting     Technologies       Inc.
                                            294,100           116
     *
        Pioneer     Power   Solutions      Inc.
                                             19,717          104
     *
        Continental       Materials      Corp.
                                             8,941          97
     *
        US  Xpress    Enterprises       Inc.   Class   A
                                             15,500           87
     *,^
        DPW  Holdings     Inc.
                                            643,967           66
     *,^
        Research     Frontiers      Inc.
                                             41,627           65
     *
        AeroCentury       Corp.
                                             6,716          64
     *,^
        Marathon     Patent    Group   Inc.
                                            165,563           60
     *
        Huttig    Building     Products     Inc.
                                             32,919           59
     *
        Volt   Information       Sciences     Inc.
                                             27,105           58
     *
        Payment     Data   Systems     Inc.
                                             30,184           50
        Servotronics       Inc.
                                             4,914          49
     *
        LGL  Group   Inc.
                                             7,908          48
                                140/562















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                                                    市場価格
                                              株数     ( 千米ドル     )
     *
        ENGlobal     Corp.
                                             79,627           45
     *
        Bio-key     International        Inc.
                                             54,321           41
        Bel  Fuse   Inc.   Class   A
                                             2,773          38
     *
        ASV  Holdings     Inc.
                                             15,986           32
     *
        Energy    Focus   Inc.
                                             40,994           25
     *
        Industrial      Services     of  America     Inc.
                                             22,612           25
     *
        Sypris    Solutions      Inc.
                                             31,729           25
     *
        Air  Industries      Group
                                             30,824           22
     *
        EnSync    Inc.
                                            102,372           18
     *
        Professional       Diversity      Network     Inc.
                                             17,285           17
     *,^
        Boxlight     Corp.   Class   A
                                             12,500           15
     *,^
        Hudson    Technologies       Inc.
                                             8,677           8
     *
        Quest   Resource     Holding     Corp.
                                             2,760           ▶
     *
        Polar   Power   Inc.
                                              700          3
     *,§
        Patriot     National     Inc.
                                            129,819            3
     *
        Cemtrex     Inc.
                                              820          -
     *
        Dorian    LPG  Ltd.
                                                        -
                                               20
                                                   86,436,752
     石油・ガス      (5.0  ％ )
        Exxon   Mobil   Corp.
                                          113,056,417          7,709,317
        Chevron     Corp.
                                          51,040,764         5,552,725
        ConocoPhillips
                                          30,760,203         1,917,899
        EOG  Resources      Inc.
                                          15,497,769         1,351,560
        Schlumberger       Ltd.
                                          36,975,353         1,334,071
        Occidental      Petroleum      Corp.
                                          20,171,504         1,238,127
        Marathon     Petroleum      Corp.
                                          18,457,340         1,089,168
        Phillips     66
                                          11,703,920         1,008,293
        Valero    Energy    Corp.
                                          11,335,926          849,854
        Kinder    Morgan    Inc.
                                          50,105,568          770,624
        Williams     Cos.   Inc.
                                          32,337,588          713,044
        Pioneer     Natural     Resources      Co.
                                           4,556,092          599,217
        ONEOK   Inc.
                                          10,991,047          592,967
        Anadarko     Petroleum      Corp.
                                          13,476,858          590,825
        Halliburton       Co.
                                          22,199,445          590,061
     *
        Concho    Resources      Inc.
                                           5,352,480          550,181
        Diamondback       Energy    Inc.
                                           4,378,462          405,883
     *
        Cheniere     Energy    Inc.
                                           6,170,562          365,236
        Marathon     Oil  Corp.
                                          22,197,527          318,313
        Hess   Corp.
                                           7,519,580          304,543
        Baker   Hughes    ▶ GE  Co.  Class   A
                                          13,693,897          294,419
        Devon   Energy    Corp.
                                          11,848,957          267,075
        Apache    Corp.
                                          10,109,289          265,369
        National     Oilwell     Varco   Inc.
                                          10,202,203          262,197
        Cabot   Oil  & Gas  Corp.
                                          11,481,265          256,606
        Noble   Energy    Inc.
                                          12,791,605          239,971
        HollyFrontier        Corp.
                                           4,617,898          236,067
        Targa   Resources      Corp.
                                           6,105,872          219,934
        OGE  Energy    Corp.
                                           5,318,413          208,429
        Cimarex     Energy    Co.
                                           2,547,695          157,065
                                141/562

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        Helmerich      & Payne   Inc.
                                           2,760,341          132,331
        EQT  Corp.
                                           6,787,163          128,210
     *
        WPX  Energy    Inc.
                                          11,203,775          127,163
     *
        Parsley     Energy    Inc.   Class   A
                                           7,071,139          112,997
     *
        Equitrans      Midstream      Corp.
                                           5,440,902          108,927
        Murphy    Oil  Corp.
                                           4,387,074          102,614
     *,^
        Transocean      Ltd.
                                          14,642,727          101,621
     *
        Continental       Resources      Inc.
                                           2,514,265          101,048
        PBF  Energy    Inc.   Class   A
                                           3,042,241          99,390
     *
        First   Solar   Inc.
                                           1,948,143          82,708
     *
        Newfield     Exploration       Co.
                                           5,324,204          78,053
        Delek   US  Holdings     Inc.
                                           2,177,124          70,778
     ^
        Core   Laboratories       NV
                                           1,179,549          70,372
        Range   Resources      Corp.
                                           6,658,366          63,721
     *
        Antero    Resources      Corp.
                                           6,736,496          63,256
                                142/562















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                                                    市場価格
                                              株数     ( 千米ドル     )
        Patterson-UTI        Energy    Inc.
                                           5,507,827          57,006
     *
        Apergy    Corp.
                                           2,057,251          55,710
     *
        Whiting     Petroleum      Corp.
                                           2,438,185          55,322
     *
        Centennial      Resource     Development       Inc.   Class   A
                                           4,922,809          54,249
     *
        Chart   Industries      Inc.
                                            830,226         53,990
     *
        Southwestern       Energy    Co.
                                          15,412,202           52,556
     *
        PDC  Energy    Inc.
                                           1,750,731          52,102
     *,^
        Chesapeake      Energy    Corp.
                                          23,229,804           48,783
     *
        Oasis   Petroleum      Inc.
                                           8,455,703          46,760
        SM  Energy    Co.
                                           2,982,827          46,174
     *
        Matador     Resources      Co.
                                           2,804,401          43,552
     ^
        Ensco   plc  Class   A
                                          11,629,243           41,400
     *
        CNX  Resources      Corp.
                                           3,547,881          40,517
     *
        Callon    Petroleum      Co.
                                           6,009,298          39,000
     *
        QEP  Resources      Inc.
                                           6,246,965          35,170
     *
        NOW  Inc.
                                           2,883,349          33,562
     *
        Oceaneering       International        Inc.
                                           2,597,896          31,435
     *
        Arcosa    Inc.
                                           1,116,144          30,906
     *
        SRC  Energy    Inc.
                                           6,445,257          30,293
        McDermott      International        Inc.
                                           4,578,887          29,946
     *
        Magnolia     Oil  & Gas  Corp.
                                           2,648,968          29,695
     *
        Dril-Quip      Inc.
                                            983,182         29,525
        SemGroup     Corp.   Class   A
                                           2,082,876          28,702
     *
        Rowan   Cos.   plc  Class   A
                                           3,369,041          28,266
        CVR  Energy    Inc.
                                            808,421         27,874
     *
        MRC  Global    Inc.
                                           2,274,688          27,819
     *
        ProPetro     Holding     Corp.
                                           2,203,673          27,149
     *
        Cactus    Inc.   Class   A
                                            989,173         27,113
     *
        Gulfport     Energy    Corp.
                                           3,916,155          25,651
        Archrock     Inc.
                                           3,419,375          25,611
     *
        Carrizo     Oil  & Gas  Inc.
                                           2,213,803          24,994
     *
        Renewable      Energy    Group   Inc.
                                            899,589         23,119
     *
        C&J  Energy    Services     Inc.
                                           1,596,149          21,548
     *
        Denbury     Resources      Inc.
                                          12,273,735           20,988
     *
        Oil  States    International        Inc.
                                           1,422,310          20,311
     *
        Helix   Energy    Solutions      Group   Inc.
                                           3,694,700          19,988
     *
        Unit   Corp.
                                           1,319,209          18,838
     *
        Penn   Virginia     Corp.
                                            338,966         18,325
     *
        Northern     Oil  and  Gas  Inc.
                                           8,059,585          18,215
        Nabors    Industries      Ltd.
                                           8,967,801          17,936
     *,^
        Tellurian      Inc.
                                           2,544,628          17,685
     *
        California      Resources      Corp.
                                           1,003,419          17,098
     *
        Laredo    Petroleum      Inc.
                                           4,689,527          16,976
     *
        Noble   Corp.   plc
                                           6,424,982          16,833
     *
        TPI  Composites      Inc.
                                            639,958         15,730
     *
        Tidewater      Inc.
                                            813,318         15,559
     *
        Newpark     Resources      Inc.
                                           2,242,222          15,404
     *,^
        Diamond     Offshore     Drilling     Inc.
                                           1,618,029          15,274
     *
        Exterran     Corp.
                                            850,875         15,060
                                143/562

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        RPC  Inc.
                                           1,430,113          14,115
     *
        Superior     Energy    Services     Inc.
                                           4,184,455          14,018
        Green   Plains    Inc.
                                           1,032,886          13,541
     *
        WildHorse      Resource     Development       Corp.
                                            945,861         13,346
     *,^
        Resolute     Energy    Corp.
                                            457,673         13,263
     *,^
        Jagged    Peak   Energy    Inc.
                                           1,429,558          13,038
     *
        Par  Pacific     Holdings     Inc.
                                            845,220         11,985
     *
        KLX  Energy    Services     Holdings     Inc.
                                            509,580         11,950
     *
        Matrix    Service     Co.
                                            658,160         11,807
        Liberty     Oilfield     Services     Inc.   Class   A
                                            908,424         11,764
     *,^
        Enphase     Energy    Inc.
                                           2,166,590          10,248
     *
        REX  American     Resources      Corp.
                                            145,927          9,939
     *
        Keane   Group   Inc.
                                           1,203,078           9,841
     *
        Bonanza     Creek   Energy    Inc.
                                            469,584          9,706
     *
        W&T  Offshore     Inc.
                                           2,333,453           9,614
                                144/562















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                                                    市場価格
                                              株数     ( 千米ドル     )
     *
        Nine   Energy    Service     Inc.
                                            392,059          8,837
     *
        Forum   Energy    Technologies       Inc.
                                           2,128,461           8,791
     *,^
        SunPower     Corp.   Class   A
                                           1,633,340           8,118
     *
        Roan   Resources      Inc.
                                            954,515          7,999
     *
        Talos   Energy    Inc.
                                            487,490          7,956
     ^
        Solaris     Oilfield     Infrastructure         Inc.   Class   A
                                            655,269          7,922
     *
        HighPoint      Resources      Corp.
                                           2,836,688           7,063
     *
        Natural     Gas  Services     Group   Inc.
                                            408,122          6,710
     *
        Ameresco     Inc.   Class   A
                                            472,549          6,663
        Panhandle      Oil  and  Gas  Inc.   Class   A
                                            420,425          6,517
        Mammoth     Energy    Services     Inc.
                                            341,448          6,139
     *
        TETRA   Technologies       Inc.
                                           3,516,988           5,909
     *
        FTS  International        Inc.
                                            828,010          5,887
        Evolution      Petroleum      Corp.
                                            850,210          5,798
     *
        Abraxas     Petroleum      Corp.
                                           4,689,560           5,112
     *,^
        American     Superconductor         Corp.
                                            424,134          4,729
     *
        Trecora     Resources
                                            598,320          4,667
     *
        SilverBow      Resources      Inc.
                                            195,058          4,611
     *
        Green   Brick   Partners     Inc.
                                            624,917          4,524
     *
        Independence       Contract     Drilling     Inc.
                                           1,382,906           4,315
     *
        SEACOR    Marine    Holdings     Inc.
                                            336,561          3,958
     *,^
        Legacy    Reserves     Inc.
                                           2,558,847           3,941
     *
        Chaparral      Energy    Inc.   Class   A
                                            763,888          3,758
     *
        Goodrich     Petroleum      Corp.
                                            265,176          3,580
     *,^
        Plug   Power   Inc.
                                           2,389,426           2,963
     *
        Geospace     Technologies       Corp.
                                            271,004          2,794
        Berry   Petroleum      Corp.
                                            319,148          2,793
     *,^
        Bristow     Group   Inc.
                                           1,026,587           2,495
     *
        Gulf   Island    Fabrication       Inc.
                                            342,749          2,475
     *
        Infrastructure         and  Energy    Alternatives       Inc.
                                            296,274          2,426
     *
        Contango     Oil  & Gas  Co.
                                            694,493          2,257
     *,^
        Comstock     Resources      Inc.
                                            469,715          2,128
        Adams   Resources      & Energy    Inc.
                                             52,702         2,040
     *
        Isramco     Inc.
                                             17,203         2,039
     *
        Earthstone      Energy    Inc.   Class   A
                                            446,981          2,020
     *
        Dawson    Geophysical       Co.
                                            580,779          1,963
     *
        Altus   Midstream      Co.  Class   A
                                            240,505          1,859
     *
        NCS  Multistage      Holdings     Inc.
                                            323,026          1,644
     *
        Lonestar     Resources      US  Inc.   Class   A
                                            442,746          1,616
     *,^
        FuelCell     Energy    Inc.
                                           2,644,061           1,456
     *,^
        EP  Energy    Corp.   Class   A
                                           1,635,435           1,145
     *
        Ring   Energy    Inc.
                                            188,279           956
     *,^
        US  Well   Services     Inc.
                                            139,200           905
     *
        Ranger    Energy    Services     Inc.
                                            174,110           900
     *
        Quintana     Energy    Services     Inc.
                                            240,859           833
     *
        SandRidge      Energy    Inc.
                                            107,291           816
     *
        VAALCO    Energy    Inc.
                                            518,252           762
     *,^
        Approach     Resources      Inc.
                                            543,177           474
     *
        Hornbeck     Offshore     Services     Inc.
                                            304,438           438
                                145/562

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     *
        Superior     Drilling     Products     Inc.
                                            341,897           400
     *
        Pioneer     Energy    Services     Corp.
                                            322,269           396
     *
        ION  Geophysical       Corp.
                                             71,876          372
     *,^
        Torchlight      Energy    Resources      Inc.
                                            496,202           280
     *
        Mitcham     Industries      Inc.
                                            103,443           265
     *
        Rosehill     Resources      Inc.   Class   A
                                             83,245          186
     *,^
        Talos   Energy    Inc.   Warrants     Exp.   02/28/2021
                                            116,107           131
     *,^
        Zion   Oil  & Gas  Inc.
                                            264,857           111
     *,^
        Enservco     Corp.
                                            243,940           90
     *,^
        PHI  Inc.
                                             38,724           87
     *,^
        Ideal   Power   Inc.
                                             94,214           23
     *
        Flotek    Industries      Inc.
                                             16,578           18
     *
        Tidewater      Inc.   Warrants     Series    A
                                             8,839          15
     *
        Tidewater      Inc.   Warrants     Series    B
                                             9,555          13
     *
        PEDEVCO     Corp.
                                             8,400           6
                                146/562















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                                                    市場価格
                                              株数     ( 千米ドル     )
     *,^
        SAExploration        Holdings     Inc.
                                             1,505           3
     *
        PrimeEnergy       Corp.
                                               17         1
     *,^
        Bonanza     Creek   Energy    Inc.   Warrants     Exp.   04/28/2020
                                             33,839           1
     *
        Jones   Energy    Inc.   Class   A
                                              782          -
     *
        Basic   Energy    Services     Inc.   Warrants     Exp.   12/23/2023
                                             4,640           -
     *,§
        Rex  Energy    Corp.
                                              302          -
     *,^
        Covia   Holdings     Corp.
                                                1         -
     *,^,§
        Harvest     Natural     Resources      Inc.
                                                        -
                                             51,829
                                                   33,574,222
             2
     その他    (0.0  ％ )
     *,§
        Herbalife      Ltd.   CVR
                                            234,057          2,270
     *,§
        A Schulman     Inc.   CVR
                                            659,182          1,259
     *,^,§
        Tobira    Therapeutics       CVR  Exp.   12/31/2028
                                            201,001           911
     *,^,§
        Ocera   Therapeutics       CVR  Line
                                            653,477           176
     *,§
        NewStar     Financial      Inc.   CVR
                                            551,185           143
     *
        Corium    CVR
                                            782,067           141
     *,§
        Ambit   Biosciences       Corp.   CVR
                                            201,330           121
     *,§
        Media   General     Inc.   CVR
                                           2,351,934             91
     *,§
        Omthera     Pharmaceuticals         Inc.   CVR
                                            121,311           73
     *,§
        Social    Reality     Inc.   Rights    Exp.   12/31/2019
                                            148,260           27
     *,§
        Alexza    Pharmaceuticals         Inc.   CVR
                                            327,391           11
     *,§
        Seventy     Seven   Energy    Inc.   Escrow    Line
                                             7,222           1
     *,§
        Clinical     Data   CVR
                                            216,285            -
     *,§
        Adolor    Corp.   Rights    Exp.   07/01/2019
                                            592,629            -
     *,^,§
        Biosante     Pharmaceutical         Inc.   CVR
                                            253,823            -
     *
        Kadmon    Warrants     Exp.   09/29/2022
                                            169,257            -
     *,§
        NuPathe     Inc.   CVR
                                            158,681            -
     *
        Advaxis     Inc.   Warrants     Exp.   09/11/2024
                                                        -
                                            157,659
                                                      5,224
     テクノロジー       (19.3   ％ )
        Microsoft      Corp.
                                          206,471,453         20,971,305
        Apple   Inc.
                                          114,093,756         17,997,149
     *
        Facebook     Inc.   Class   A
                                          64,181,484         8,413,551
     *
        Alphabet     Inc.   Class   A
                                           7,987,157         8,346,260
     *
        Alphabet     Inc.   Class   C
                                           7,938,287         8,220,969
        Intel   Corp.
                                          121,924,450          5,721,914
        Cisco   Systems     Inc.
                                          120,089,777          5,203,490
        Oracle    Corp.
                                          70,840,246         3,198,437
     *
        Adobe   Inc.
                                          13,040,518         2,950,287
        International        Business     Machines     Corp.
                                          24,277,551         2,759,629
        Broadcom     Inc.
                                          10,493,014         2,668,164
     *
        salesforce.com         Inc.
                                          19,415,586         2,659,353
        Texas   Instruments       Inc.
                                          25,658,297         2,424,709
        NVIDIA    Corp.
                                          15,482,119         2,066,863
        QUALCOMM     Inc.
                                          32,379,778         1,842,733
        Intuit    Inc.
                                           6,585,915         1,296,437
        Cognizant      Technology      Solutions      Corp.   Class   A
                                          15,470,283          982,054
     *
        Micron    Technology      Inc.
                                          30,300,271          961,428
        HP  Inc.
                                          42,246,996          864,374
                                147/562

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        Applied     Materials      Inc.
                                          26,262,362          859,830
     *
        ServiceNow      Inc.
                                           4,790,815          853,005
        Analog    Devices     Inc.
                                           9,883,224          848,277
     *
        Red  Hat  Inc.
                                           4,715,235          828,184
     *
        Autodesk     Inc.
                                           5,840,730          751,176
        Corning     Inc.
                                          21,388,016          646,132
     *
        Workday     Inc.   Class   A
                                           3,981,782          635,811
        Xilinx    Inc.
                                           6,760,219          575,768
        Lam  Research     Corp.
                                           4,145,768          564,529
     *
        Twitter     Inc.
                                          18,308,384          526,183
        Hewlett     Packard     Enterprise      Co.
                                          39,301,372          519,171
        Motorola     Solutions      Inc.
                                           4,363,663          501,996
     *
        Advanced     Micro   Devices     Inc.
                                          25,377,737          468,473
     ^
        Microchip      Technology      Inc.
                                           6,319,140          454,473
     *
        Palo   Alto   Networks     Inc.
                                           2,394,181          450,944
                                148/562















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                                                    市場価格
                                              株数     ( 千米ドル     )
     *
        Cerner    Corp.
                                           8,366,529          438,741
     *
        VeriSign     Inc.
                                           2,907,099          431,094
        Harris    Corp.
                                           3,138,824          422,643
     *
        Splunk    Inc.
                                           3,913,358          410,316
        NetApp    Inc.
                                           6,716,627          400,781
        DXC  Technology      Co.
                                           7,486,678          398,067
     *
        IAC/InterActiveCorp
                                           2,073,642          379,559
        Maxim   Integrated      Products     Inc.
                                           7,400,696          376,325
        KLA-Tencor      Corp.
                                           4,084,860          365,554
        Citrix    Systems     Inc.
                                           3,415,481          349,950
     *
        Synopsys     Inc.
                                           3,971,071          334,523
     *
        Cadence     Design    Systems     Inc.
                                           7,546,303          328,113
        CDW  Corp.
                                           4,011,628          325,142
     *
        ANSYS   Inc.
                                           2,230,098          318,770
        Skyworks     Solutions      Inc.
                                           4,747,702          318,191
        Symantec     Corp.
                                          16,196,458          306,032
     *
        Arista    Networks     Inc.
                                           1,409,656          297,014
     *
        Gartner     Inc.
                                           2,302,312          294,328
     *
        Veeva   Systems     Inc.   Class   A
                                           3,253,391          290,593
        VMware    Inc.   Class   A
                                           2,027,441          278,023
     *
        GoDaddy     Inc.   Class   A
                                           4,231,820          277,692
     *
        Fortinet     Inc.
                                           3,854,252          271,455
        SS&C   Technologies       Holdings     Inc.
                                           5,999,489          270,637
        Western     Digital     Corp.
                                           7,317,660          270,534
        Marvell     Technology      Group   Ltd.
                                          16,647,560          269,524
        Seagate     Technology      plc
                                           6,854,022          264,497
     *
        F5  Networks     Inc.
                                           1,612,967          261,349
     *
        Akamai    Technologies       Inc.
                                           4,119,734          251,633
        Juniper     Networks     Inc.
                                           9,182,752          247,108
     *
        PTC  Inc.
                                           2,842,753          235,664
     *
        Tableau     Software     Inc.   Class   A
                                           1,905,859          228,703
        Leidos    Holdings     Inc.
                                           3,995,734          210,655
     *
        Qorvo   Inc.
                                           3,326,026          201,990
     *
        Ultimate     Software     Group   Inc.
                                            790,269         193,513
     *
        ON  Semiconductor        Corp.
                                          11,208,426          185,051
     *
        Tyler   Technologies       Inc.
                                            980,923         182,275
     *,^
        Twilio    Inc.   Class   A
                                           2,003,301          178,895
     *
        Guidewire      Software     Inc.
                                           2,157,588          173,103
     *
        Dell   Technologies       Inc.
                                           3,409,565          166,625
     *
        Integrated      Device    Technology      Inc.
                                           3,438,371          166,520
        CDK  Global    Inc.
                                           3,428,010          164,133
     *
        Paycom    Software     Inc.
                                           1,329,799          162,834
     *
        EPAM   Systems     Inc.
                                           1,369,194          158,840
     *
        Zendesk     Inc.
                                           2,714,375          158,438
     *
        Okta   Inc.
                                           2,463,128          157,148
     *
        Aspen   Technology      Inc.
                                           1,882,954          154,741
        Teradyne     Inc.
                                           4,764,000          149,494
     *
        Nutanix     Inc.
                                           3,580,677          148,920
     *
        RingCentral       Inc.   Class   A
                                           1,735,872          143,105
                                149/562

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     *
        athenahealth       Inc.
                                           1,079,610          142,433
     *
        ARRIS   International        plc
                                           4,390,261          134,210
     *
        Ciena   Corp.
                                           3,798,120          128,794
     *
        HubSpot     Inc.
                                            993,712         124,939
        Monolithic      Power   Systems     Inc.
                                           1,073,106          124,749
        Cypress     Semiconductor        Corp.
                                           9,655,741          122,821
     *
        Proofpoint      Inc.
                                           1,454,947          121,939
     *
        Teradata     Corp.
                                           3,160,109          121,222
     *
        Cree   Inc.
                                           2,737,593          117,101
        LogMeIn     Inc.
                                           1,363,275          111,202
        Entegris     Inc.
                                           3,763,959          104,996
     *
        Medidata     Solutions      Inc.
                                           1,548,084          104,372
     *
        Nuance    Communications         Inc.
                                           7,672,139          101,502
     *
        RealPage     Inc.
                                           1,998,908          96,327
     *
        CACI   International        Inc.   Class   A
                                            658,939         94,907
                                150/562















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                                                    市場価格
                                              株数     ( 千米ドル     )
        MKS  Instruments       Inc.
                                           1,438,555          92,945
     *
        Coupa   Software     Inc.
                                           1,470,969          92,465
     *
        New  Relic   Inc.
                                           1,138,300          92,168
     *
        DocuSign     Inc.   Class   A
                                           2,292,219          91,872
     *
        Silicon     Laboratories       Inc.
                                           1,148,594          90,521
     *,^
        ViaSat    Inc.
                                           1,509,327          88,975
        SYNNEX    Corp.
                                           1,090,506          88,156
     *
        Pure   Storage     Inc.   Class   A
                                           5,478,283          88,091
     *,^
        Snap   Inc.
                                          15,675,511           86,372
        j2  Global    Inc.
                                           1,243,142          86,249
     *
        CommScope      Holding     Co.  Inc.
                                           5,123,208          83,969
     *
        Lumentum     Holdings     Inc.
                                           1,987,966          83,514
     *
        Tech   Data   Corp.
                                           1,019,712          83,423
     *
        Dropbox     Inc.   Class   A
                                           4,032,912          82,392
        Blackbaud      Inc.
                                           1,296,397          81,543
     *
        ACI  Worldwide      Inc.
                                           2,926,934          80,988
     *
        FireEye     Inc.
                                           4,988,070          80,857
     *
        Semtech     Corp.
                                           1,752,484          80,386
     *
        Manhattan      Associates      Inc.
                                           1,742,409          73,826
     *
        Verint    Systems     Inc.
                                           1,728,595          73,137
     *
        2U  Inc.
                                           1,464,509          72,815
     *
        NCR  Corp.
                                           3,140,685          72,487
        Science     Applications       International        Corp.
                                           1,129,585          71,955
     *
        Cornerstone       OnDemand     Inc.
                                           1,399,426          70,573
        Cabot   Microelectronics          Corp.
                                            724,725         69,103
     *
        Finisar     Corp.
                                           3,135,149          67,719
     *
        Qualys    Inc.
                                            894,855         66,881
     *
        CommVault      Systems     Inc.
                                           1,113,345          65,788
     *
        Five9   Inc.
                                           1,482,752          64,826
        Perspecta      Inc.
                                           3,726,073          64,163
     *
        Premier     Inc.   Class   A
                                           1,696,211          63,353
        InterDigital       Inc.
                                            925,169         61,459
     *
        Viavi   Solutions      Inc.
                                           6,053,510          60,838
     *,^
        MongoDB     Inc.
                                            709,395         59,405
     *
        Ellie   Mae  Inc.
                                            929,898         58,425
     ^
        Match   Group   Inc.
                                           1,355,756          57,986
     *
        Box  Inc.
                                           3,403,874          57,457
     *
        Envestnet      Inc.
                                           1,158,002          56,962
     *
        Alteryx     Inc.   Class   A
                                            949,855         56,488
     *
        Bottomline      Technologies       DE  Inc.
                                           1,144,216          54,922
     *
        Cirrus    Logic   Inc.
                                           1,603,790          53,214
     *
        Zscaler     Inc.
                                           1,295,250          50,787
        Cogent    Communications         Holdings     Inc.
                                           1,112,411          50,292
        Pegasystems       Inc.
                                           1,047,138          50,085
     *
        Alarm.com      Holdings     Inc.
                                            955,378         49,555
        Brooks    Automation      Inc.
                                           1,880,571          49,233
     *
        Q2  Holdings     Inc.
                                            972,269         48,176
     *
        EchoStar     Corp.   Class   A
                                           1,297,555          47,646
     *
        NetScout     Systems     Inc.
                                           1,985,633          46,920
                                151/562

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     *
        SailPoint      Technologies       Holding     Inc.
                                           1,985,698          46,644
        Power   Integrations       Inc.
                                            737,494         44,972
     *
        Allscripts      Healthcare      Solutions      Inc.
                                           4,643,594          44,764
     *
        Advanced     Energy    Industries      Inc.
                                           1,028,729          44,163
     *
        Avaya   Holdings     Corp.
                                           2,911,682          42,394
        Progress     Software     Corp.
                                           1,182,936          41,982
     *
        NETGEAR     Inc.
                                            796,714         41,453
     *
        Everbridge      Inc.
                                            710,477         40,327
     *
        Varonis     Systems     Inc.
                                            747,796         39,558
     *
        Apptio    Inc.   Class   A
                                           1,022,286          38,806
     *
        Blackline      Inc.
                                            941,136         38,540
     *
        SPS  Commerce     Inc.
                                            465,388         38,339
     ^
        Ubiquiti     Networks     Inc.
                                            384,083         38,182
     *,^
        Ceridian     HCM  Holding     Inc.
                                           1,106,454          38,162
     *
        Insight     Enterprises       Inc.
                                            935,948         38,140
                                152/562















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                                                    市場価格
                                              株数     ( 千米ドル     )
     *
        Cloudera     Inc.
                                           3,279,391          36,270
     *,^
        Inphi   Corp.
                                           1,104,989          35,525
     *
        Synaptics      Inc.
                                            915,242         34,056
     *
        Diodes    Inc.
                                           1,034,307          33,367
     *
        SendGrid     Inc.
                                            761,723         32,884
     *
        Rapid7    Inc.
                                           1,027,744          32,024
     *
        Instructure       Inc.
                                            838,016         31,434
     *
        Blucora     Inc.
                                           1,172,050          31,223
     *
        MicroStrategy        Inc.   Class   A
                                            240,400         30,711
     *
        Acacia    Communications         Inc.
                                            799,153         30,368
     *
        Vocera    Communications         Inc.
                                            766,727         30,171
     *
        Virtusa     Corp.
                                            707,449         30,130
        Plantronics       Inc.
                                            900,208         29,797
     *,^
        3D  Systems     Corp.
                                           2,903,549          29,529
        Pitney    Bowes   Inc.
                                           4,964,771          29,342
        TiVo   Corp.
                                           3,084,039          29,021
     *
        Electronics       For  Imaging     Inc.
                                           1,159,795          28,763
     *
        LivePerson      Inc.
                                           1,503,108          28,349
     *
        MaxLinear      Inc.
                                           1,601,262          28,182
     *
        FormFactor      Inc.
                                           1,960,792          27,628
     *
        Hortonworks       Inc.
                                           1,895,500          27,333
     *
        Tabula    Rasa   HealthCare      Inc.
                                            428,501         27,321
        CSG  Systems     International        Inc.
                                            847,606         26,928
     *
        Zuora   Inc.   Class   A
                                           1,460,971          26,502
     *
        PROS   Holdings     Inc.
                                            838,957         26,343
     *
        Workiva     Inc.
                                            718,304         25,780
        Ebix   Inc.
                                            586,970         24,981
     *
        ePlus   Inc.
                                            349,545         24,877
     *
        Pivotal     Software     Inc.   Class   A
                                           1,521,496          24,876
     *
        Appfolio     Inc.
                                            404,016         23,926
     *,^
        Benefitfocus       Inc.
                                            518,045         23,685
        Xperi   Corp.
                                           1,273,879          23,427
     *
        Cray   Inc.
                                           1,068,029          23,059
     *
        Boingo    Wireless     Inc.
                                           1,115,106          22,938
     *
        Cision    Ltd.
                                           1,927,388          22,550
     *
        ScanSource      Inc.
                                            655,509         22,536
     *
        Altair    Engineering       Inc.   Class   A
                                            801,848         22,115
     *
        Lattice     Semiconductor        Corp.
                                           3,185,055          22,041
     *
        Carbonite      Inc.
                                            853,682         21,564
     *
        Yext   Inc.
                                           1,435,784          21,321
     *
        NextGen     Healthcare      Inc.
                                           1,368,007          20,725
        NIC  Inc.
                                           1,637,460          20,435
     *
        ForeScout      Technologies       Inc.
                                            780,249         20,279
     *
        Infinera     Corp.
                                           4,725,157          18,853
     *
        Extreme     Networks     Inc.
                                           3,059,283          18,662
     *
        Perficient      Inc.
                                            827,035         18,410
     *,^
        Appian    Corp.   Class   A
                                            677,843         18,105
        Shutterstock       Inc.
                                            500,507         18,023
     *
        Photronics      Inc.
                                           1,748,545          16,926
                                153/562

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     *
        Nanometrics       Inc.
                                            617,655         16,880
        Monotype     Imaging     Holdings     Inc.
                                           1,039,885          16,139
        Cohu   Inc.
                                           1,001,961          16,101
     *
        Unisys    Corp.
                                           1,331,348          15,484
     *
        Rudolph     Technologies       Inc.
                                            754,852         15,452
     *
        Amkor   Technology      Inc.
                                           2,353,828          15,441
     *
        Axcelis     Technologies       Inc.
                                            799,789         14,236
        Comtech     Telecommunications           Corp.
                                            563,804         13,723
     *,^
        Elastic     NV
                                            188,937         13,505
        ADTRAN    Inc.
                                           1,238,362          13,300
     *
        Anaplan     Inc.
                                            495,938         13,162
     *
        Calix   Inc.
                                           1,276,368          12,445
        Presidio     Inc.
                                            952,452         12,429
     *
        Upland    Software     Inc.
                                            454,865         12,363
     *
        CEVA   Inc.
                                            545,479         12,050
                                154/562















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                                                    市場価格
                                              株数     ( 千米ドル     )
     *
        Loral   Space   & Communications         Inc.
                                            322,342         12,007
        Forrester      Research     Inc.
                                            265,275         11,858
     *
        Bandwidth      Inc.   Class   A
                                            287,780         11,727
     *
        Endurance      International        Group   Holdings     Inc.
                                           1,692,086          11,252
     *
        Mitek   Systems     Inc.
                                           1,023,377          11,063
     *
        CalAmp    Corp.
                                            844,747         10,990
     *
        OneSpan     Inc.
                                            842,468         10,910
     *
        Rosetta     Stone   Inc.
                                            640,427         10,503
     *
        Harmonic     Inc.
                                           2,173,682          10,260
        Computer     Programs     & Systems     Inc.
                                            401,466         10,077
        QAD  Inc.   Class   A
                                            255,442         10,047
     *,^
        Ichor   Holdings     Ltd.
                                            607,864          9,908
        Hackett     Group   Inc.
                                            614,538          9,839
     ^
        ConvergeOne       Holdings     Inc.
                                            783,126          9,695
        Systemax     Inc.
                                            392,738          9,382
     *
        ChannelAdvisor         Corp.
                                            816,737          9,270
     *
        Quantenna      Communications         Inc.
                                            634,332          9,103
        PC  Connection      Inc.
                                            302,975          9,007
     *
        Casa   Systems     Inc.
                                            684,167          8,983
     *
        Zix  Corp.
                                           1,526,903           8,749
     *
        Meet   Group   Inc.
                                           1,845,370           8,544
     *
        KeyW   Holding     Corp.
                                           1,268,967           8,489
        Switch    Inc.
                                           1,212,436           8,487
     *
        Smartsheet      Inc.   Class   A
                                            334,021          8,304
     *,^
        Eventbrite      Inc.   Class   A
                                            298,372          8,298
     *
        Agilysys     Inc.
                                            578,517          8,296
     *
        Digi   International        Inc.
                                            816,590          8,239
     *
        Tenable     Holdings     Inc.
                                            363,299          8,062
     *
        Vectrus     Inc.
                                            369,581          7,976
     *
        Brightcove      Inc.
                                           1,127,529           7,938
     *,^
        TransEnterix       Inc.
                                           3,435,475           7,764
        American     Software     Inc.   Class   A
                                            734,558          7,676
     *
        DSP  Group   Inc.
                                            658,069          7,370
     *
        Ooma   Inc.
                                            523,409          7,265
     *
        NeoPhotonics       Corp.
                                           1,102,569           7,145
     *
        Immersion      Corp.
                                            780,419          6,993
        Simulations       Plus   Inc.
                                            344,555          6,857
     *
        Amber   Road   Inc.
                                            828,513          6,819
     *
        PDF  Solutions      Inc.
                                            796,508          6,715
     *
        Alpha   & Omega   Semiconductor        Ltd.
                                            647,896          6,602
     *
        Ribbon    Communications         Inc.
                                           1,344,720           6,482
     *
        Limelight      Networks     Inc.
                                           2,677,555           6,265
     *
        USA  Technologies       Inc.
                                           1,583,185           6,159
     *,^
        SVMK   Inc.
                                            491,275          6,028
     *
        PAR  Technology      Corp.
                                            271,140          5,897
     *
        Model   N Inc.
                                            445,201          5,890
     *
        KVH  Industries      Inc.
                                            533,364          5,488
     ^
        Diebold     Nixdorf     Inc.
                                           2,174,945           5,416
     *
        I3  Verticals      Inc.   Class   A
                                            224,048          5,400
                                155/562

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                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
     *,^
        Inseego     Corp.
                                           1,281,857           5,320
     *,^
        Domo   Inc.
                                            259,987          5,104
     *
        Aquantia     Corp.
                                            537,227          4,711
     *
        AXT  Inc.
                                           1,021,165           4,442
     *
        Telenav     Inc.
                                           1,064,501           4,322
     *
        Aerohive     Networks     Inc.
                                           1,301,751           4,244
        Preformed      Line   Products     Co.
                                             77,646         4,212
        AstroNova      Inc.
                                            221,491          4,153
     *
        SecureWorks       Corp.   Class   A
                                            236,021          3,986
     *
        MobileIron      Inc.
                                            856,575          3,932
     *
        A10  Networks     Inc.
                                            606,164          3,782
     *,^
        VirnetX     Holding     Corp.
                                           1,536,400           3,687
     *
        Ultra   Clean   Holdings     Inc.
                                            422,797          3,581
     *
        RigNet    Inc.
                                            260,354          3,291
     *
        eGain   Corp.
                                            486,960          3,199
                                156/562















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                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
                                                    市場価格
                                              株数     ( 千米ドル     )
     *,^
        Adesto    Technologies       Corp.
                                            716,531          3,153
     *
        EMCORE    Corp.
                                            727,792          3,057
     *
        Clearfield      Inc.
                                            305,057          3,026
     *
        Telaria     Inc.
                                           1,104,370           3,015
     *
        Tucows    Inc.   Class   A
                                             49,142         2,951
     *,^
        Internap     Corp.
                                            679,210          2,819
     *
        VOXX   International        Corp.   Class   A
                                            703,399          2,785
     *
        Rambus    Inc.
                                            362,634          2,781
     *
        Pixelworks      Inc.
                                            954,893          2,769
     *
        Exela   Technologies       Inc.
                                            711,591          2,768
     *
        DASAN   Zhone   Solutions      Inc.
                                            188,838          2,627
     *
        GSI  Technology      Inc.
                                            465,560          2,393
     *
        SharpSpring       Inc.
                                            185,762          2,365
     *
        ID  Systems     Inc.
                                            417,726          2,335
     *,^
        Airgain     Inc.
                                            223,147          2,211
     *,^
        Park   City   Group   Inc.
                                            368,561          2,200
     *
        Great   Elm  Capital     Group   Inc.
                                            624,106          2,109
     *
        ACM  Research     Inc.   Class   A
                                            193,846          2,109
     *,^
        Applied     Optoelectronics         Inc.
                                            132,326          2,042
        TESSCO    Technologies       Inc.
                                            159,219          1,911
        TransAct     Technologies       Inc.
                                            211,460          1,899
     *,^
        Everspin     Technologies       Inc.
                                            322,450          1,809
     *,^
        Fusion    Connect     Inc.
                                           1,071,837           1,801
     *
        Amtech    Systems     Inc.
                                            385,770          1,748
     *
        Key  Tronic    Corp.
                                            304,070          1,718
     *
        NetSol    Technologies       Inc.
                                            277,534          1,707
        GlobalSCAPE       Inc.
                                            378,890          1,697
     *
        Rimini    Street    Inc.
                                            325,063          1,674
     *
        Computer     Task   Group   Inc.
                                            407,746          1,664
     *
        LRAD   Corp.
                                            644,065          1,623
     *
        Aviat   Networks     Inc.
                                            122,447          1,622
     *
        Finjan    Holdings     Inc.
                                            639,801          1,606
     *
        RumbleON     Inc.   Class   B
                                            295,778          1,591
     *
        inTEST    Corp.
                                            241,044          1,478
     *
        Aware   Inc.
                                            406,847          1,469
     *
        Support.com       Inc.
                                            561,252          1,381
     *,^
        Impinj    Inc.
                                             90,225         1,313
     *
        Seachange      International        Inc.
                                           1,040,931           1,312
     *
        Synacor     Inc.
                                            885,396          1,310
     *,^
        QuickLogic      Corp.
                                           1,644,442           1,207
        QAD  Inc.   Class   B
                                             39,531         1,167
     *
        Majesco
                                            157,868          1,119
     *
        Identiv     Inc.
                                            308,510          1,111
     *,^
        Veritone     Inc.
                                            270,146          1,027
     *
        Innodata     Inc.
                                            643,214           965
     *
        Lantronix      Inc.
                                            311,918           917
     *
        WideOpenWest       Inc.
                                            125,680           896
     *
        Data   I/O  Corp.
                                            173,820           869
     *,^
        Smith   Micro   Software     Inc.
                                            471,123           848
                                157/562

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                                                 有価証券報告書（外国投資信託受益証券）
        Wayside     Technology      Group   Inc.
                                             83,158          832
     *,^
        Atomera     Inc.
                                            284,266           816
     *
        Alithya     Group   Inc.   Class   A
                                            326,419           774
     *,^
        nLight    Inc.
                                             41,105          731
     *
        Intelligent       Systems     Corp.
                                             52,948          684
     *
        Aehr   Test   Systems
                                            428,242           604
     *,^
        Red  Violet    Inc.
                                             87,451          589
     *
        CynergisTek       Inc.
                                            110,248           523
     *
        Mastech     Digital     Inc.
                                             82,130          517
     *
        RCM  Technologies       Inc.
                                            159,911           496
        BK  Technologies       Inc.
                                            131,368           493
     *
        WidePoint      Corp.
                                           1,141,609            476
     *
        Kopin   Corp.
                                            475,143           475
     *
        Neurotrope      Inc.
                                            132,689           474
        CSP  Inc.
                                             46,940          459
                                158/562















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                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
                                                    市場価格
                                              株数     ( 千米ドル     )
     *
        GSE  Systems     Inc.
                                            209,878           441
     *,^
        Intellicheck       Inc.
                                            196,842           421
     *,^
        SITO   Mobile    Ltd.
                                            442,391           398
     *
        Icad   Inc.
                                            102,068           378
     *
        Avalara     Inc.
                                             11,995          374
        Network-1      Technologies       Inc.
                                            160,430           358
     *
        BSQUARE     Corp.
                                            220,173           341
     *
        Inuvo   Inc.
                                            275,566           295
     *
        Intermolecular         Inc.
                                            237,326           240
        ClearOne     Inc.
                                            190,824           239
     *
        Optical     Cable   Corp.
                                             54,796          209
     *
        Castlight      Health    Inc.   Class   B
                                             94,575          205
     *,^
        Ominto    Inc.
                                            265,206           183
     *
        FTE  Networks     Inc.
                                             76,480          179
     *,^
        Gogo   Inc.
                                             53,600          160
     *
        One  Stop   Systems     Inc.
                                             82,010          159
     *
        Digimarc     Corp.
                                             9,978          145
     *
        AudioEye     Inc.
                                             14,532          124
     *,^
        NXT-ID    Inc.
                                            175,954           120
     *
        CVD  Equipment      Corp.
                                             21,000           75
     *
        Xcel   Brands    Inc.
                                             38,685           44
     *
        ADDvantage      Technologies       Group   Inc.
                                             29,519           41
     *
        Trio-Tech      International
                                             15,252           38
     *
        Qumu   Corp.
                                             15,217           29
     *
        BroadVision       Inc.
                                             20,868           24
     *
        Qualstar     Corp.
                                             4,300          23
     *
        Quantum     Corp.
                                             6,550          13
     *
        Streamline      Health    Solutions      Inc.
                                             16,133           12
     *
        SilverSun      Technologies       Inc.
                                             2,301           5
        Sigma   Designs     Inc.
                                             33,890           5
     *,^
        Neonode     Inc.
                                                        -
                                                1
                                                  129,856,855
     通信サービス       (2.0  ％ )
        Verizon     Communications         Inc.
                                          110,381,847          6,205,667
        AT&T   Inc.
                                          194,426,250          5,548,925
     *
        T-Mobile     US  Inc.
                                           7,923,046          503,985
        CenturyLink       Inc.
                                          25,951,362          393,163
     *
        Zayo   Group   Holdings     Inc.
                                           5,364,348          122,522
     *,^
        Sprint    Corp.
                                          16,251,487           94,584
        Telephone      & Data   Systems     Inc.
                                           2,527,027          82,229
        Shenandoah      Telecommunications           Co.
                                           1,240,394          54,887
     *
        Vonage    Holdings     Corp.
                                           5,774,774          50,414
     *
        Intelsat     SA
                                           2,197,609          47,007
     *
        Iridium     Communications         Inc.
                                           2,518,809          46,472
     *
        8x8  Inc.
                                           2,427,820          43,798
     *,^
        GTT  Communications         Inc.
                                           1,169,509          27,671
     *
        United    States    Cellular     Corp.
                                            418,682         21,759
        ATN  International        Inc.
                                            273,281         19,548
     *
        ORBCOMM     Inc.
                                           1,999,068          16,512
                                159/562

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     *
        pdvWireless       Inc.
                                            336,231         12,572
        Spok   Holdings     Inc.
                                            648,636          8,601
     *,^
        Pareteum     Corp.
                                           2,327,685           3,934
        Consolidated       Communications         Holdings     Inc.
                                            387,885          3,832
     *
        HC2  Holdings     Inc.
                                           1,293,005           3,414
        IDT  Corp.   Class   B
                                            458,358          2,837
     ^
        Windstream      Holdings     Inc.
                                           1,198,699           2,505
     *
        Alaska    Communications         Systems     Group   Inc.
                                           1,208,737           1,741
     *
        Otelco    Inc.   Class   A
                                             54,117          875
     *
        CPS  Technologies       Corp.
                                             97,017          115
     *
        Cincinnati      Bell   Inc.
                                                        21
                                             2,660
                                                   13,319,590
     公益事業     (3.3  ％ )
        NextEra     Energy    Inc.
                                          12,766,495         2,219,072
        Duke   Energy    Corp.
                                          19,038,397         1,643,014
                                160/562















                                                           EDINET提出書類
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                                                 有価証券報告書（外国投資信託受益証券）
                                                    市場価格
                                              株数     ( 千米ドル     )
        Dominion     Energy    Inc.
                                          17,543,347         1,253,648
        Southern     Co.
                                          27,095,393         1,190,030
        Exelon    Corp.
                                          25,778,869         1,162,627
        American     Electric     Power   Co.  Inc.
                                          13,165,344          983,978
        Sempra    Energy
                                           6,944,944          751,373
        Public    Service     Enterprise      Group   Inc.
                                          13,503,550          702,860
        Xcel   Energy    Inc.
                                          13,709,331          675,459
        Consolidated       Edison    Inc.
                                           8,685,562          664,098
        WEC  Energy    Group   Inc.
                                           8,426,412          583,613
        Eversource      Energy
                                           8,463,740          550,482
        PPL  Corp.
                                          19,227,679          544,720
        DTE  Energy    Co.
                                           4,855,381          535,548
        FirstEnergy       Corp.
                                          13,657,268          512,830
        Edison    International
                                           8,708,798          494,398
        American     Water   Works   Co.  Inc.
                                           4,823,296          437,811
        Ameren    Corp.
                                           6,515,787          425,025
        Entergy     Corp.
                                           4,824,531          415,247
        Evergy    Inc.
                                           7,100,082          403,072
        CenterPoint       Energy    Inc.
                                          13,389,768          377,993
        CMS  Energy    Corp.
                                           7,555,427          375,127
     *
        PG&E   Corp.
                                          13,844,520          328,807
        NRG  Energy    Inc.
                                           7,341,722          290,732
        Atmos   Energy    Corp.
                                           2,991,182          277,342
     *
        Alliant     Energy    Corp.
                                           6,280,486          265,351
        AES  Corp.
                                          17,613,693          254,694
        Pinnacle     West   Capital     Corp.
                                           2,977,580          253,690
        NiSource     Inc.
                                           9,849,815          249,693
        UGI  Corp.
                                           4,662,022          248,719
     *
        Vistra    Energy    Corp.
                                          10,751,315          246,098
        SCANA   Corp.
                                           3,735,180          178,467
        Aqua   America     Inc.
                                           4,742,100          162,132
        Vectren     Corp.
                                           2,207,935          158,927
        IDACORP     Inc.
                                           1,346,799          125,333
        ONE  Gas  Inc.
                                           1,399,718          111,418
        New  Jersey    Resources      Corp.
                                           2,388,996          109,105
        Portland     General     Electric     Co.
                                           2,373,720          108,835
        Hawaiian     Electric     Industries      Inc.
                                           2,908,845          106,522
        ALLETE    Inc.
                                           1,370,566          104,465
        National     Fuel   Gas  Co.
                                           2,010,727          102,909
        Southwest      Gas  Holdings     Inc.
                                           1,331,482          101,858
        Black   Hills   Corp.
                                           1,596,779          100,246
        Spire   Inc.
                                           1,301,899          96,445
        PNM  Resources      Inc.
                                           2,126,465          87,376
        Avangrid     Inc.
                                           1,683,599          84,331
        NorthWestern       Corp.
                                           1,339,214          79,603
        Avista    Corp.
                                           1,747,366          74,228
        American     States    Water   Co.
                                            966,006         64,761
        South   Jersey    Industries      Inc.
                                           2,288,870          63,631
        California      Water   Service     Group
                                           1,270,275          60,541
                                161/562

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        Ormat   Technologies       Inc.
                                           1,077,708          56,364
        MGE  Energy    Inc.
                                            932,888         55,936
        El  Paso   Electric     Co.
                                           1,088,153          54,549
        Pattern     Energy    Group   Inc.   Class   A
                                           2,615,141          48,694
        Northwest      Natural     Holding     Co.
                                            773,167         46,746
        SJW  Group
                                            650,990         36,208
        Chesapeake      Utilities      Corp.
                                            417,582         33,949
     *
        Sunrun    Inc.
                                           2,510,364          27,338
        Middlesex      Water   Co.
                                            412,408         22,002
        Connecticut       Water   Service     Inc.
                                            322,275         21,550
        Unitil    Corp.
                                            390,136         19,756
        TerraForm      Power   Inc.   Class   A
                                           1,676,182          18,807
     *
        Evoqua    Water   Technologies       Corp.
                                           1,810,184          17,378
        York   Water   Co.
                                            349,426         11,203
        Artesian     Resources      Corp.   Class   A
                                            240,336          8,380
                                162/562















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                                                    市場価格
                                              株数     ( 千米ドル     )
     *,^
        Cadiz   Inc.
                                            799,055          8,230
     *
        Atlantic     Power   Corp.
                                           3,317,157           7,198
     *
        AquaVenture       Holdings     Ltd.
                                            354,799          6,702
        RGC  Resources      Inc.
                                            176,687          5,294
     *
        Pure   Cycle   Corp.
                                            497,626          4,941
     *,^
        Bloom   Energy    Corp.   Class   A
                                            458,981          4,581
     *,^
        Vivint    Solar   Inc.
                                           1,081,504           4,121
        Spark   Energy    Inc.   Class   A
                                            334,801          2,488
        Genie   Energy    Ltd.   Class   B
                                                      2,310
                                            383,069
                                                   21,923,009
     普通株式総額       ( 原価   $473,160,255)
                                                  668,274,743
                            クーポン

                1
     短期現物投資       (0.9  ％ )
     マネー・マーケット・ファンド                 (0.9  ％ )
     3,4
        バンガード・マーケット・
        リクイディティ・ファンド                     2.530   ％           56,919,051         5,691,905
                                            額面金額

                                     満期日      ( 千米ドル     )
     米国政府機関債         (0.0  ％ )
     5
       米国財務省短期証券                  2.350   ％ -2.361   ％     3/21/19         80,000         79,598
     5
       米国財務省短期証券                  2.432   ％ -2.451   ％     4/18/19         70,000         69,509
       米国財務省短期証券                      2.077   ％     1/3/19        40,000         39,998
       米国財務省短期証券                      2.374   ％     3/7/19        35,000         34,853
     5
       米国財務省短期証券                      2.292   ％     2/28/19         30,000         29,888
     5
                                                      9,967
       米国財務省短期証券                      2.292   ％     2/21/19         10,000
                                                     263,813
     短期現物投資合計          ( 原価   $5,955,110)
                                                    5,955,718
     投資総額     (100.3   ％ ) ( 原価   $479,115,365)
                                                  674,230,461
                                                   ( 千米ドル     )

     その他の資産および負債             (-0.3   ％ )
     その他の資産
     バンガードに対する投資                                                 38,011
     売却投資有価証券に係る未収入金                                                115,408
     未収収益                                                816,954
     発行済資本持分に係る未収入金                                               1,587,383
     未収変動証拠金－先物契約                                                 30,362
            ６
     その他の資産                                                 53,289
     その他の資産合計         (0.5  ％ )                                  2,641,407
     負債

     購入投資有価証券に係る未払金                                              (1,230,335)
     貸付有価証券に係る担保                                              (2,633,559)
     資本持分の買戻しに係る未払金                                               (639,991)
     バンガードに対する未払金                                               (169,788)
     未払変動証拠金－先物契約                                                  (320)
     未実現損失－スワップ契約                                                 (2,211)
     負債合計     (-0.8   ％ )
                                                   (4,676,204)
                                                  672,195,664
     純資産    (100  ％ )
                                               (75,185,085      百万円   )
                                163/562


                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
     2018  年 12 月 31 日現在、純資産の内訳：
                                        ( 千米ドル     )       ( 百万円   )
     払込出資金                                   478,179,649           53,484,394
     分配可能利益（損失）合計                                   194,016,015           21,700,691
     純資産                                   672,195,664           75,185,085
     インベスター受益証券

     発行済受益証券        1,953,536,865       口に対する純資産
     （額面   0.001   米ドル：授権口数は無制限）                             121,265,869           13,563,587
     受益証券１口当たり純資産価額
     －インベスター受益証券                                   62.08   米ドル          6,944   円
     ETF  受益証券

     発行済受益証券        743,263,419      口に対する純資産
     （額面   0.001   米ドル：授権口数は無制限）                             94,809,421           10,604,434
     受益証券１口当たり純資産価額
     － ETF  受益証券                               127.56   米ドル          14,268   円
     アドミラル受益証券

     発行済受益証券        2,981,054,239       口に対する純資産
     （額面   0.001   米ドル：授権口数は無制限）                             185,101,915           20,703,649
     受益証券１口当たり純資産価額
     －アドミラル受益証券                                   62.09   米ドル          6,945   円
     インスティテューショナル受益証券

     発行済受益証券        1,853,585,521       口に対する純資産
     （額面   0.001   米ドル：授権口数は無制限）                             115,115,348           12,875,652
     受益証券１口当たり純資産価額
     －インスティテューショナル受益証券                                   62.10   米ドル          6,946   円
     インスティテューショナル・プラス受益証券

     発行済受益証券        1,164,655,630       口に対する純資産
     （額面   0.001   米ドル：授権口数は無制限）                             135,641,458           15,171,497
     受益証券１口当たり純資産価額
     －インスティテューショナル・プラス受益証券                                  116.46   米ドル          13,026   円
     インスティテューショナル・セレクト受益証券

     発行済受益証券        165,800,987      口に対する純資産
     （額面   0.001   米ドル：授権口数は無制限）                             20,261,653           2,266,266
     受益証券１口当たり純資産価額
     －インスティテューショナル・セレクト受益証券                                  122.20   米ドル          13,668   円
     •  財務書類注記の注記Ａを参照のこと。

     ＊  配当を出さない有価証券。
     ＾  ブローカー／ディーラーに貸し付けられている証券ポジションの一部を含む。貸付有価証券の価
       値総額は     2,480,929,000       米ドルである。
     §  重要な観察不能なインプットを用いて算定された有価証券の価値。
     １  当ファンドは、現金準備の一部をインデックス先物契約およびスワップ契約を用いて株式市場に
       投資している。先物およびスワップ投資の影響を考慮すれば、当ファンドの実際の普通株式投資
       および短期現物投資は、純資産のそれぞれ                      100.0   ％および     0.3  ％である。
     ２  「その他」は、ファンドのベンチマークにより分類されない有価証券を示している。
     ３  バンガード・ファンド並びにバンガードが管理する一部の信託および口座にのみ利用可能な関連
       会社のマネー・マーケット・ファンド。提示されているレートは７日間の利回りである。
     ４  貸付有価証券に係る担保受取額                2,633,559,000       米ドルを含む。
     ５  未決済先物契約の当初証拠金として分別管理された有価証券                               186,579,000      米ドル。
     ６  未決済店頭スワップ契約の担保として分別管理された現金                              2,650,000     米ドル。
     ADR  －米国預託証券         (American      Depositary      Receipt)
     CVR  －不確定価額受領権          (Contingent       Value   Rights)
     REIT  －不動産投資信託         (Real   Estate    Investment      Trust)
                                164/562


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                                                 有価証券報告書（外国投資信託受益証券）
     期末現在のデリバティブ金融商品残高

     先物契約

                                                 （単位：千米ドル）
                                         買建
                                                   契約額および
                                       （売建）             未実現利益
                                   限月      玉数    名目元本       （損失）
     買建の先物契約
     E-mini   S&P  500  インデックス
                                 2019  年３月      29,625     3,710,828        (106,471)
     E-mini   ラッセル    2000  インデックス                   2019  年３月      1,914     129,099        (6,420)
     E-mini   S&P  ミッド・キャップ       400 インデックス
                                 2019  年３月       240     39,893       (1,764)
                                                     (114,655)
     トータル・リターンスワップ                                            （単位：千米ドル）

                                                   契約額および
                                            受領（支払）
                                   契約                 未実現利益
                                                 1
     参照企業                         満期日     相手方     名目元本      変動金利        （損失）
     SLM  Corp.
                          2019  年２月４日        GSI    35,318      2.870  ％       (823)
     VICI  Properties     Inc.
                          2019  年２月４日        GSI    29,610      3.270  ％      (1,041)
     VICI  Properties     Inc.
                          2019  年２月４日        GSI     9,870     3.270  ％       (347)
                                                      (2,211)
     GSI-Goldman      Sachs   International

     1
      月次の支払に係る受取／支払金利
    次へ

                                165/562











                                                           EDINET提出書類
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     トータル・ストック・マーケット・インデックス・ファンド

     財務書類
     純資産計算書

     2017  年 12 月 31 日現在
     当ファンドは、各計算期間に４回、四半期末現在の投資有価証券を網羅した表を規制当局に報告して

     いる。第２四半期および第４四半期では、当ファンドが保有する投資有価証券を網羅した表は
     vanguard.com       および米国証券取引委員会のウェブサイト（                        sec.gov    ）でコンピュータ上入手可能で、
     800-662-7447       に電話して無料で郵送してもらうこともできる（訳注：日本の受益者については、適用
     されない。）。第１四半期および第３四半期では、当ファンドはこの表を様式                                         N-Q  により    SEC  に提出し
     ている。受益者は当ファンドの様式                  N-Q  を SEC  のウェブサイトで検索することができる。
                                                    市場価格

                                              株数     ( 千米ドル     )
              1
     普通株式     (99.8   ％ )
     素材   (2.7  ％ )
        DowDuPont      Inc.
                                          56,375,123         4,015,036
        Praxair     Inc.
                                           6,900,118         1,067,310
        Air  Products     & Chemicals      Inc.
                                           5,261,758          863,349
        Ecolab    Inc.
                                           6,269,263          841,210
        LyondellBasell         Industries      NV  Class   A
                                           7,606,024          839,097
        PPG  Industries      Inc.
                                           6,134,331          716,613
     *
        Freeport-McMoRan          Inc.
                                          33,149,327          628,511
        International        Paper   Co.
                                           9,955,894          576,844
        Nucor   Corp.
                                           7,663,601          487,252
        Newmont     Mining    Corp.
                                          12,857,363          482,408
        Celanese     Corp.   Class   A
                                           3,269,457          350,093
        Albemarle      Corp.
                                           2,661,967          340,439
        Arconic     Inc.
                                          11,596,174          315,996
        FMC  Corp.
                                           3,234,499          306,178
        International        Flavors     & Fragrances      Inc.
                                           1,903,789          290,537
        Eastman     Chemical     Co.
                                           3,115,997          288,666
        Avery   Dennison     Corp.
                                           2,127,475          244,362
        CF  Industries      Holdings     Inc.
                                           5,621,869          239,154
        Steel   Dynamics     Inc.
                                           5,427,475          234,087
     *
        Alcoa   Corp.
                                           4,236,667          228,229
        Chemours     Co.
                                           4,461,195          223,327
        Mosaic    Co.
                                           8,462,076          217,137
     *
        Axalta    Coating     Systems     Ltd.
                                           5,281,812          170,919
        RPM  International        Inc.
                                           3,211,547          168,349
        Huntsman     Corp.
                                           4,903,191          163,227
        United    States    Steel   Corp.
                                           4,215,987          148,361
        Reliance     Steel   & Aluminum     Co.
                                           1,663,234          142,689
        Olin   Corp.
                                           4,007,892          142,601
        Royal   Gold   Inc.
                                           1,575,871          129,411
        WR  Grace   & Co.
                                           1,636,989          114,802
        Scotts    Miracle-Gro       Co.
                                           1,055,050          112,880
        Ashland     Global    Holdings     Inc.
                                           1,495,810          106,502
                                166/562


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        Westlake     Chemical     Corp.
                                            932,249         99,312
        Versum    Materials      Inc.
                                           2,620,085          99,170
        NewMarket      Corp.
                                            228,644         90,861
     *
        Peabody     Energy    Corp.
                                           2,264,471          89,152
        PolyOne     Corp.
                                           1,964,355          85,449
     *
        Univar    Inc.
                                           2,715,599          84,075
        Cabot   Corp.
                                           1,276,994          78,650
        Sensient     Technologies       Corp.
                                           1,056,240          77,264
        Domtar    Corp.
                                           1,506,584          74,606
     *
        Allegheny      Technologies       Inc.
                                           3,030,205          73,149
     *
        Ingevity     Corp.
                                           1,015,382          71,554
        HB  Fuller    Co.
                                           1,209,823          65,173
        US  Silica    Holdings     Inc.
                                           1,959,506          63,802
        Balchem     Corp.
                                            770,333         62,089
     ^
        Compass     Minerals     International        Inc.
                                            812,259         58,686
        Minerals     Technologies       Inc.
                                            850,325         58,545
        Carpenter      Technology      Corp.
                                           1,128,672          57,551
                                167/562














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                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
                                                    市場価格

                                              株数     ( 千米ドル     )
        Commercial      Metals    Co.
                                           2,659,035          56,691
     *
        GCP  Applied     Technologies       Inc.
                                           1,642,965          52,411
     *
        Cleveland-Cliffs          Inc.
                                           7,138,322          51,467
     *
        Platform     Specialty      Products     Corp.
                                           4,848,194          48,094
        KapStone     Paper   and  Packaging      Corp.
                                           2,097,608          47,595
     *
        Ferro   Corp.
                                           2,007,611          47,360
        Worthington       Industries      Inc.
                                           1,064,082          46,883
        Quaker    Chemical     Corp.
                                            303,592         45,779
        Arch   Coal   Inc.   Class   A
                                            476,188         44,362
        Tronox    Ltd.   Class   A
                                           2,088,054          42,826
        Kaiser    Aluminum     Corp.
                                            386,499         41,297
        Innospec     Inc.
                                            582,333         41,113
     *,^
        AK  Steel   Holding     Corp.
                                           7,199,561          40,750
        Stepan    Co.
                                            487,969         38,535
        Hecla   Mining    Co.
                                           9,615,973          38,175
     *
        Cambrex     Corp.
                                            787,790         37,814
        Neenah    Paper   Inc.
                                            406,118         36,815
     *
        Kraton    Corp.
                                            751,531         36,201
     *
        Coeur   Mining    Inc.
                                           4,529,592          33,972
     *
        AdvanSix     Inc.
                                            694,461         29,216
        Calgon    Carbon    Corp.
                                           1,230,277          26,205
        Rayonier     Advanced     Materials      Inc.
                                           1,244,747          25,455
     *
        Koppers     Holdings     Inc.
                                            499,173         25,408
        Deltic    Timber    Corp.
                                            262,645         24,045
        A Schulman     Inc.
                                            643,454         23,969
     *
        Century     Aluminum     Co.
                                           1,158,118          22,745
        PH  Glatfelter      Co.
                                           1,055,031          22,620
        Innophos     Holdings     Inc.
                                            472,644         22,087
        KMG  Chemicals      Inc.
                                            320,123         21,154
        Chase   Corp.
                                            169,347         20,406
     *,^
        Fairmount      Santrol     Holdings     Inc.
                                           3,788,350          19,813
     *
        SunCoke     Energy    Inc.
                                           1,545,026          18,525
     *
        Clearwater      Paper   Corp.
                                            398,203         18,078
     *
        CONSOL    Energy    Inc.
                                            448,877         17,735
     *
        CSW  Industrials       Inc.
                                            378,757         17,404
        Warrior     Met  Coal   Inc.
                                            648,357         16,306
     *
        Resolute     Forest    Products     Inc.
                                           1,422,992          15,724
     *
        Verso   Corp.
                                            854,249         15,009
        Tredegar     Corp.
                                            757,763         14,549
        Kronos    Worldwide      Inc.
                                            557,794         14,374
     *
        PQ  Group   Holdings     Inc.
                                            830,720         13,665
        American     Vanguard     Corp.
                                            641,620         12,608
     *,^
        Intrepid     Potash    Inc.
                                           2,191,862          10,433
     *
        OMNOVA    Solutions      Inc.
                                           1,015,125          10,151
        Haynes    International        Inc.
                                            308,884          9,900
     *
        Codexis     Inc.
                                           1,067,547           8,914
        FutureFuel      Corp.
                                            626,058          8,821
     *
        Cloud   Peak   Energy    Inc.
                                           1,801,703           8,018
                                168/562


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        Hawkins     Inc.
                                            226,714          7,980
     *
        Veritiv     Corp.
                                            269,080          7,776
     *
        Nexeo   Solutions      Inc.
                                            803,457          7,311
        Aceto   Corp.
                                            704,722          7,280
     *,^
        Uranium     Energy    Corp.
                                           3,447,808           6,103
        Gold   Resource     Corp.
                                           1,343,123           5,910
        Olympic     Steel   Inc.
                                            257,987          5,544
     *
        AgroFresh      Solutions      Inc.
                                            683,772          5,060
     *
        Ryerson     Holding     Corp.
                                            411,943          4,284
     *,^
        LSB  Industries      Inc.
                                            465,930          4,082
     *,^
        ChromaDex      Corp.
                                            618,879          3,639
        Hallador     Energy    Co.
                                            551,796          3,360
        Ampco-Pittsburgh          Corp.
                                            266,121          3,300
     *
        Universal      Stainless      & Alloy   Products     Inc.
                                            153,551          3,289
     *,^
        Ur-Energy      Inc.
                                           3,848,666           2,631
        Synalloy     Corp.
                                            191,382          2,565
     *
        NL  Industries      Inc.
                                            140,449          2,001
                                169/562














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                                                 有価証券報告書（外国投資信託受益証券）
                                                    市場価格

                                              株数     ( 千米ドル     )
        Northern     Technologies       International        Corp.
                                             67,835         1,682
     *
        Senomyx     Inc.
                                           1,088,009           1,414
     *,^
        Ramaco    Resources      Inc.
                                            156,834          1,079
     *,^
        Pershing     Gold   Corp.
                                            421,254          1,011
        United-Guardian         Inc.
                                             41,621          770
        Friedman     Industries      Inc.
                                            106,118           603
     *,^
        Westwater      Resources      Inc.
                                            427,389           457
     *,^
        Marrone     Bio  Innovations       Inc.
                                            373,415           411
     *
        Centrus     Energy    Corp.   Class   A
                                             91,778          368
     *
        Solitario      Zinc   Corp.
                                            608,874           367
     *
        General     Moly   Inc.
                                           1,063,026            350
     *
        Westmoreland       Coal   Co.
                                            287,003           347
     ^
        US  Gold   Corp.
                                            165,447           270
     *,^
        Comstock     Mining    Inc.
                                            619,000           241
     *,^
        Golden    Minerals     Co.
                                            516,559           223
     *
        Dynasil     Corp.   of  America
                                            158,073           187
     *,^
        Paramount      Gold   Nevada    Corp.
                                             99,135          129
     *
        Ikonics     Corp.
                                             6,410          50
     *,^
        Senestech      Inc.
                                             60,808           44
     *,^
        US  Antimony     Corp.
                                             64,773           21
     *
        TOR  Minerals     International        Inc.
                                                        15
                                             2,580
                                                   17,918,295
     消費財    (9.0  ％ )
        Procter     & Gamble    Co.
                                          61,125,747         5,616,234
        Coca-Cola      Co.
                                          92,395,438         4,239,103
        PepsiCo     Inc.
                                          34,268,128         4,109,434
        Philip    Morris    International        Inc.
                                          37,427,463         3,954,211
        Altria    Group   Inc.
                                          46,001,334         3,284,955
        NIKE   Inc.   Class   B
                                          31,390,587         1,963,481
        Colgate-Palmolive          Co.
                                          21,164,517         1,596,863
        Mondelez     International        Inc.   Class   A
                                          34,215,437         1,464,421
        Monsanto     Co.
                                          10,600,770         1,237,958
        General     Motors    Co.
                                          29,092,915         1,192,519
        Ford   Motor   Co.
                                          94,000,372         1,174,065
        Kraft   Heinz   Co.
                                          14,686,536         1,142,025
        Activision      Blizzard     Inc.
                                          17,311,588         1,096,170
        Kimberly-Clark         Corp.
                                           8,479,005         1,023,077
     *,^
        Tesla   Inc.
                                           3,240,648         1,008,976
        Constellation        Brands    Inc.   Class   A
                                           3,944,175          901,520
        General     Mills   Inc.
                                          13,698,027          812,156
     *
        Electronic      Arts   Inc.
                                           7,422,094          779,765
        Estee   Lauder    Cos.   Inc.   Class   A
                                           5,418,562          689,458
     *
        Monster     Beverage     Corp.
                                          10,197,447          645,396
        Stanley     Black   & Decker    Inc.
                                           3,694,780          626,967
        Tyson   Foods   Inc.   Class   A
                                           7,171,444          581,389
        VF  Corp.
                                           7,617,091          563,665
     *
        Aptiv   plc
                                           6,408,603          543,642
        Archer-Daniels-Midland             Co.
                                          13,475,367          540,093
                                170/562


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                                                 有価証券報告書（外国投資信託受益証券）
        Clorox    Co.
                                           3,108,418          462,346
        Kellogg     Co.
                                           6,659,469          452,711
        DR  Horton    Inc.
                                           8,581,769          438,271
        Dr  Pepper    Snapple     Group   Inc.
                                           4,351,543          422,361
     *
        Mohawk    Industries      Inc.
                                           1,523,566          420,352
        Hershey     Co.
                                           3,430,130          389,354
        Conagra     Brands    Inc.
                                           9,845,370          370,875
        Newell    Brands    Inc.
                                          11,812,448          365,005
        Molson    Coors   Brewing     Co.  Class   B
                                           4,231,537          347,282
        JM  Smucker     Co.
                                           2,598,880          322,885
        Genuine     Parts   Co.
                                           3,358,051          319,048
        Lennar    Corp.   Class   A
                                           4,902,182          310,014
        Tapestry     Inc.
                                           6,851,937          303,061
        Brown-Forman       Corp.   Class   B
                                           4,410,136          302,844
        Church    & Dwight    Co.  Inc.
                                           6,013,942          301,719
     *
        Take-Two     Interactive       Software     Inc.
                                           2,748,216          301,699
     *
        NVR  Inc.
                                             85,689        300,616
                                171/562














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                                                 有価証券報告書（外国投資信託受益証券）
                                                    市場価格

                                              株数     ( 千米ドル     )
        McCormick      & Co.  Inc.
                                           2,884,241          293,933
        Whirlpool      Corp.
                                           1,732,234          292,124
        Lear   Corp.
                                           1,628,876          287,757
     *
        LKQ  Corp.
                                           7,069,497          287,516
        BorgWarner      Inc.
                                           5,083,390          259,710
        PVH  Corp.
                                           1,864,812          255,871
        Hasbro    Inc.
                                           2,700,847          245,480
        Ingredion      Inc.
                                           1,727,768          241,542
        Snap-on     Inc.
                                           1,373,963          239,482
        Hormel    Foods   Corp.
                                           6,361,616          231,499
        Bunge   Ltd.
                                           3,387,511          227,234
        Campbell     Soup   Co.
                                           4,709,331          226,566
     *
        Michael     Kors   Holdings     Ltd.
                                           3,481,279          219,147
        Coty   Inc.   Class   A
                                          10,836,998          215,548
        PulteGroup      Inc.
                                           6,388,555          212,419
        Harley-Davidson         Inc.
                                           4,056,267          206,383
        Leucadia     National     Corp.
                                           7,744,630          205,155
        Lamb   Weston    Holdings     Inc.
                                           3,522,154          198,826
        Goodyear     Tire   & Rubber    Co.
                                           5,933,721          191,719
     *
        WABCO   Holdings     Inc.
                                           1,291,685          185,357
        Hanesbrands       Inc.
                                           8,786,055          183,716
     *
        Middleby     Corp.
                                           1,347,279          181,815
        Thor   Industries      Inc.
                                           1,205,908          181,754
     *
        Lululemon      Athletica      Inc.
                                           2,270,705          178,455
        Polaris     Industries      Inc.
                                           1,431,113          177,444
        Toll   Brothers     Inc.
                                           3,631,406          174,380
        Pinnacle     Foods   Inc.
                                           2,863,219          170,276
     *
        US  Foods   Holding     Corp.
                                           5,168,989          165,046
        Leggett     & Platt   Inc.
                                           3,183,814          151,963
        Gentex    Corp.
                                           6,835,639          143,207
        Ralph   Lauren    Corp.   Class   A
                                           1,334,064          138,329
        Carter's     Inc.
                                           1,139,542          133,885
     ^
        Mattel    Inc.
                                           8,279,966          127,346
        Valvoline      Inc.
                                           4,879,777          122,287
     *
        Skechers     U.S.A.    Inc.   Class   A
                                           3,227,542          122,130
     *
        Post   Holdings     Inc.
                                           1,510,447          119,673
        Pool   Corp.
                                            920,387         119,328
        Brunswick      Corp.
                                           2,111,187          116,580
        CalAtlantic       Group   Inc.
                                           1,990,317          112,234
     *
        Delphi    Technologies       plc
                                           2,134,599          112,002
        Dana   Inc.
                                           3,486,818          111,613
     *,^
        Wayfair     Inc.
                                           1,293,982          103,868
     *
        Hain   Celestial      Group   Inc.
                                           2,374,950          100,674
     *,^
        Herbalife      Ltd.
                                           1,470,628          99,591
     *
        Visteon     Corp.
                                            749,811         93,831
        Snyder's-Lance         Inc.
                                           1,867,311          93,515
        Flowers     Foods   Inc.
                                           4,307,154          83,171
        Nu  Skin   Enterprises       Inc.   Class   A
                                           1,207,312          82,375
                                172/562


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                                                 有価証券報告書（外国投資信託受益証券）
     *
        Edgewell     Personal     Care   Co.
                                           1,348,441          80,084
     *
        Welbilt     Inc.
                                           3,350,301          78,766
     *
        Zynga   Inc.   Class   A
                                          18,890,348           75,561
        LCI  Industries
                                            571,113         74,245
        Tenneco     Inc.
                                           1,243,524          72,796
     *
        Darling     Ingredients       Inc.
                                           3,962,950          71,848
        Energizer      Holdings     Inc.
                                           1,464,200          70,252
        Wolverine      World   Wide   Inc.
                                           2,186,622          69,710
     *,^
        Blue   Buffalo     Pet  Products     Inc.
                                           2,121,973          69,580
     *,^
        Tempur    Sealy   International        Inc.
                                           1,109,546          69,557
     *,^
        TreeHouse      Foods   Inc.
                                           1,375,569          68,036
        KB  Home
                                           2,079,235          66,432
     *,^
        Under   Armour    Inc.   Class   A
                                           4,544,534          65,578
        Tupperware      Brands    Corp.
                                           1,043,114          65,403
     *
        TRI  Pointe    Group   Inc.
                                           3,616,892          64,815
        Sanderson      Farms   Inc.
                                            465,297         64,574
     *
        Helen   of  Troy   Ltd.
                                            657,337         63,334
                                173/562














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                                                 有価証券報告書（外国投資信託受益証券）
                                                    市場価格

                                              株数     ( 千米ドル     )
     *
        Deckers     Outdoor     Corp.
                                            776,861         62,343
        Spectrum     Brands    Holdings     Inc.
                                            554,453         62,321
     *
        Steven    Madden    Ltd.
                                           1,281,253          59,835
     *,^
        Under   Armour    Inc.
                                           4,459,416          59,399
        Herman    Miller    Inc.
                                           1,441,256          57,722
     ^
        B&G  Foods   Inc.
                                           1,607,471          56,503
        Lancaster      Colony    Corp.
                                            431,810         55,794
        Vector    Group   Ltd.
                                           2,448,392          54,795
        J&J  Snack   Foods   Corp.
                                            359,920         54,647
     *
        Cooper-Standard         Holdings     Inc.
                                            426,423         52,237
        Columbia     Sportswear      Co.
                                            684,270         49,185
     *,^
        iRobot    Corp.
                                            638,006         48,935
     *
        Taylor    Morrison     Home   Corp.   Class   A
                                           1,975,149          48,332
     *
        Meritage     Homes   Corp.
                                            921,095         47,160
     *
        Dorman    Products     Inc.
                                            767,274         46,911
        Cooper    Tire   & Rubber    Co.
                                           1,229,620          43,467
     *
        American     Axle   & Manufacturing        Holdings     Inc.
                                           2,408,577          41,018
        HNI  Corp.
                                           1,049,091          40,463
        Winnebago      Industries      Inc.
                                            691,391         38,441
     *,^
        Boston    Beer   Co.  Inc.   Class   A
                                            199,156         38,059
        WD-40   Co.
                                            321,814         37,974
        Nutrisystem       Inc.
                                            720,126         37,879
        Fresh   Del  Monte   Produce     Inc.
                                            789,957         37,657
     *
        Pilgrim's      Pride   Corp.
                                           1,200,947          37,301
        Interface      Inc.   Class   A
                                           1,450,028          36,468
        La-Z-Boy     Inc.
                                           1,159,114          36,164
     *
        G-III   Apparel     Group   Ltd.
                                            940,693         34,702
     *
        Sleep   Number    Corp.
                                            910,313         34,219
        MDC  Holdings     Inc.
                                           1,070,635          34,132
     *
        Hostess     Brands    Inc.   Class   A
                                           2,276,849          33,720
        Camping     World   Holdings     Inc.   Class   A
                                            753,387         33,699
        Schweitzer-Mauduit           International        Inc.
                                            740,894         33,607
     *
        Fox  Factory     Holding     Corp.
                                            852,564         33,122
        Universal      Corp.
                                            605,766         31,803
     *
        Cavco   Industries      Inc.
                                            206,460         31,506
        Callaway     Golf   Co.
                                           2,258,087          31,455
     *
        LGI  Homes   Inc.
                                            416,388         31,242
     *
        ACCO   Brands    Corp.
                                           2,551,783          31,132
        Seaboard     Corp.
                                             7,021        30,963
     ^
        Calavo    Growers     Inc.
                                            363,738         30,700
     *,^
        Cal-Maine      Foods   Inc.
                                            685,476         30,469
        Steelcase      Inc.   Class   A
                                           1,949,922          29,639
        Oxford    Industries      Inc.
                                            384,283         28,894
     *
        Gentherm     Inc.
                                            887,129         28,166
     ^
        National     Beverage     Corp.
                                            280,637         27,345
     *
        Central     Garden    & Pet  Co.  Class   A
                                            706,971         26,660
        Knoll   Inc.
                                           1,148,659          26,465
        Dean   Foods   Co.
                                           2,238,981          25,883
                                174/562


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                                                 有価証券報告書（外国投資信託受益証券）
     *,^
        Fitbit    Inc.   Class   A
                                           4,441,163          25,359
        Briggs    & Stratton     Corp.
                                            980,479         24,875
        Coca-Cola      Bottling     Co.  Consolidated
                                            111,889         24,085
     *
        Modine    Manufacturing        Co.
                                           1,150,131          23,233
     ^
        MGP  Ingredients       Inc.
                                            301,743         23,198
     *
        Avon   Products     Inc.
                                          10,767,665           23,150
     *
        M/I  Homes   Inc.
                                            659,624         22,691
     *
        USANA   Health    Sciences     Inc.
                                            293,705         21,749
        Standard     Motor   Products     Inc.
                                            469,564         21,088
     *
        Vista   Outdoor     Inc.
                                           1,408,773          20,526
     *
        Crocs   Inc.
                                           1,588,315          20,076
     *,^
        GoPro   Inc.   Class   A
                                           2,631,734          19,922
        Andersons      Inc.
                                            627,234         19,538
        Lennar    Corp.   Class   B
                                            374,882         19,374
     *
        William     Lyon   Homes   Class   A
                                            639,149         18,586
        Inter   Parfums     Inc.
                                            423,383         18,396
        Medifast     Inc.
                                            262,877         18,351
                                175/562














                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
                                                    市場価格

                                              株数     ( 千米ドル     )
     *
        Century     Communities       Inc.
                                            562,327         17,488
        Ethan   Allen   Interiors      Inc.
                                            604,630         17,292
        Acushnet     Holdings     Corp.
                                            804,719         16,963
        Titan   International        Inc.
                                           1,239,399          15,963
        Kimball     International        Inc.   Class   B
                                            849,767         15,865
     *,^
        Central     Garden    & Pet  Co.
                                            404,090         15,727
     *
        Universal      Electronics       Inc.
                                            329,625         15,575
        Phibro    Animal    Health    Corp.   Class   A
                                            464,508         15,561
     *
        Beazer    Homes   USA  Inc.
                                            771,034         14,812
     *
        Stoneridge      Inc.
                                            647,833         14,809
        Tower   International        Inc.
                                            473,340         14,461
     *
        Malibu    Boats   Inc.   Class   A
                                            481,686         14,321
     ^
        Tootsie     Roll   Industries      Inc.
                                            382,321         13,917
     *
        Unifi   Inc.
                                            372,400         13,358
        John   B Sanfilippo      & Son  Inc.
                                            197,899         12,517
        Movado    Group   Inc.
                                            381,687         12,290
     *,^
        elf  Beauty    Inc.
                                            524,376         11,699
        National     Presto    Industries      Inc.
                                            117,579         11,693
     *
        ZAGG   Inc.
                                            630,115         11,626
     *
        Motorcar     Parts   of  America     Inc.
                                            452,803         11,316
        Hooker    Furniture      Corp.
                                            265,751         11,281
     *,^
        Freshpet     Inc.
                                            581,618         11,022
     *
        Nautilus     Inc.
                                            740,255          9,882
     *
        Hovnanian      Enterprises       Inc.   Class   A
                                           2,900,638           9,717
     *
        MCBC   Holdings     Inc.
                                            426,346          9,473
     *,^
        Amplify     Snack   Brands    Inc.
                                            781,970          9,391
     *
        Glu  Mobile    Inc.
                                           2,519,517           9,171
        Bassett     Furniture      Industries      Inc.
                                            237,918          8,946
        Superior     Industries      International        Inc.
                                            585,406          8,693
        Flexsteel      Industries      Inc.
                                            178,968          8,372
        Culp   Inc.
                                            249,220          8,349
     *
        Primo   Water   Corp.
                                            663,967          8,346
     *
        Farmer    Brothers     Co.
                                            250,444          8,052
     *
        Perry   Ellis   International        Inc.
                                            308,561          7,726
        Johnson     Outdoors     Inc.   Class   A
                                            121,155          7,523
     *,^
        Fossil    Group   Inc.
                                            939,538          7,300
     *,^
        22nd   Century     Group   Inc.
                                           2,607,138           7,300
        Turning     Point   Brands    Inc.
                                            345,043          7,291
        Limoneira      Co.
                                            306,988          6,877
        Superior     Uniform     Group   Inc.
                                            231,336          6,179
     *
        Vera   Bradley     Inc.
                                            472,643          5,757
        Oil-Dri     Corp.   of  America
                                            126,337          5,243
     *
        Seneca    Foods   Corp.   Class   A
                                            169,208          5,203
        Lifetime     Brands    Inc.
                                            294,528          4,860
     *
        Craft   Brew   Alliance     Inc.
                                            251,775          4,834
     *,^
        Revlon    Inc.   Class   A
                                            207,651          4,527
        Libbey    Inc.
                                            578,775          4,352
        Weyco   Group   Inc.
                                            145,772          4,332
                                176/562


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     *
        Clarus    Corp.
                                            539,230          4,233
        Core   Molding     Technologies       Inc.
                                            187,022          4,058
     *
        New  Home   Co.  Inc.
                                            318,723          3,994
        Strattec     Security     Corp.
                                             88,294         3,845
        Hamilton     Beach   Brands    Holding     Co.  Class   A
                                            149,244          3,834
        Rocky   Brands    Inc.
                                            185,059          3,498
     *,^
        Castle    Brands    Inc.
                                           2,658,792           3,244
     *
        Lakeland     Industries      Inc.
                                            215,776          3,140
     *
        Shiloh    Industries      Inc.
                                            348,602          2,859
     *,^
        Eastman     Kodak   Co.
                                            906,645          2,811
     *
        Delta   Apparel     Inc.
                                            137,542          2,778
     *,^
        Vuzix   Corp.
                                            423,695          2,648
     ^
        Orchids     Paper   Products     Co.
                                            202,290          2,589
     *,^
        Jamba   Inc.
                                            316,850          2,554
     *
        Alliance     One  International        Inc.
                                            192,604          2,552
        Marine    Products     Corp.
                                            192,480          2,452
        Nature's     Sunshine     Products     Inc.
                                            209,302          2,417
                                177/562














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                                                    市場価格

                                              株数     ( 千米ドル     )
        Escalade     Inc.
                                            193,788          2,384
     *,^
        PolarityTE      Inc.
                                             94,928         2,203
     *,^
        S&W  Seed   Co.
                                            562,635          2,194
     *
        Skyline     Corp.
                                            159,664          2,052
     *,^
        Celsius     Holdings     Inc.
                                            387,737          2,036
        A-Mark    Precious     Metals    Inc.
                                            136,129          2,002
        Alico   Inc.
                                             67,447         1,990
        Crown   Crafts    Inc.
                                            274,576          1,771
        Kewaunee     Scientific      Corp.
                                             56,675         1,644
     *
        US  Auto   Parts   Network     Inc.
                                            640,827          1,615
     *,^
        Akoustis     Technologies       Inc.
                                            251,593          1,567
     *,^
        Lipocine     Inc.
                                            454,497          1,563
     *
        Natural     Alternatives       International        Inc.
                                            148,830          1,537
     *,^
        JAKKS   Pacific     Inc.
                                            619,016          1,455
     *,^
        Sequential      Brands    Group   Inc.
                                            816,861          1,454
     *,^
        Iconix    Brand   Group   Inc.
                                           1,103,201           1,423
        Acme   United    Corp.
                                             59,859         1,401
     *
        Lifevantage       Corp.
                                            292,255          1,391
     *
        Funko   Inc.   Class   A
                                            197,330          1,312
        Rocky   Mountain     Chocolate      Factory     Inc.
                                            107,748          1,271
        Unique    Fabricating       Inc.
                                            159,609          1,184
     *
        Alpha   Pro  Tech   Ltd.
                                            293,460          1,174
        Virco   Manufacturing        Corp.
                                            219,089          1,106
     *
        Dixie   Group   Inc.
                                            282,155          1,086
        LS  Starrett     Co.  Class   A
                                            105,296           906
     *,^
        Nova   Lifestyle      Inc.
                                            361,361           867
     *
        Lifeway     Foods   Inc.
                                            104,177           833
     *
        Tandy   Leather     Factory     Inc.
                                             93,919          723
     *
        Coffee    Holding     Co.  Inc.
                                            130,802           559
     *
        Willamette      Valley    Vineyards      Inc.
                                             63,497          529
     *
        Veru   Inc.
                                            439,774           506
        Mannatech      Inc.
                                             32,631          489
     *
        Cherokee     Inc.
                                            242,339           460
     *
        Zedge   Inc.   Class   B
                                            143,177           394
     *,^
        New  Age  Beverages      Corp.
                                            176,249           382
     *
        Charles     & Colvard     Ltd.
                                            212,413           287
     *,^
        Reed's    Inc.
                                            176,831           274
     *
        Differential       Brands    Group   Inc.
                                            284,075           273
     *
        Vince   Holding     Corp.
                                             39,303          243
     *
        Summer    Infant    Inc.
                                            149,701           225
     *
        Emerson     Radio   Corp.
                                            153,609           224
     *,^
        Long   Island    Iced   Tea  Corp.
                                             41,833          213
        P&F  Industries      Inc.   Class   A
                                             19,303          164
     *,^
        Clean   Diesel    Technologies       Inc.
                                            100,233           157
        Ocean   Bio-Chem     Inc.
                                             22,278           97
     *
        Cyanotech      Corp.
                                             23,496           93
        CompX   International        Inc.
                                             5,846          78
     *
        Hovnanian      Enterprises       Inc.   Class   B
                                             19,300           65
                                178/562


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     *
        CTI  Industries      Corp.
                                             14,046           60
     *
        Crystal     Rock   Holdings     Inc.
                                             60,050           50
     *
        Koss   Corp.
                                             12,072           37
     *
        Bridgford      Foods   Corp.
                                             1,914          24
     *
        Stanley     Furniture      Co.  Inc.
                                             4,400           ▶
     *
        JRjr33    Inc.
                                                        3
                                             18,431
                                                   59,415,835
     消費者サービス         (12.7   ％ )
     *
        Amazon.com      Inc.
                                           9,872,842        11,545,993
        Home   Depot   Inc.
                                          28,149,308         5,335,138
        Comcast     Corp.   Class   A
                                          112,431,166          4,502,868
        Walt   Disney    Co.
                                          34,585,185         3,718,253
        Wal-Mart     Stores    Inc.
                                          36,002,550         3,555,252
        McDonald's      Corp.
                                          19,210,798         3,306,563
     *
        Priceline      Group   Inc.
                                           1,175,358         2,042,467
        Costco    Wholesale      Corp.
                                          10,532,202         1,960,253
     *
        Netflix     Inc.
                                           9,908,095         1,901,958
                                179/562














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                                                    市場価格

                                              株数     ( 千米ドル     )
        Starbucks      Corp.
                                          32,582,996         1,871,241
        Lowe's    Cos.   Inc.
                                          20,074,723         1,865,745
        CVS  Health    Corp.
                                          24,425,430         1,770,844
        Time   Warner    Inc.
                                          17,827,942         1,630,722
     *
        Charter     Communications         Inc.   Class   A
                                           4,494,305         1,509,907
        Walgreens      Boots   Alliance     Inc.
                                          20,681,944         1,501,923
        TJX  Cos.   Inc.
                                          14,570,529         1,114,063
     *
        eBay   Inc.
                                          23,914,512          902,534
        Marriott     International        Inc.   Class   A
                                           6,591,334          894,642
        Twenty-First       Century     Fox  Inc.   Class   A
                                          25,209,809          870,495
        Delta   Air  Lines   Inc.
                                          15,467,890          866,202
        Target    Corp.
                                          13,100,561          854,812
        Southwest      Airlines     Co.
                                          12,875,851          842,724
        McKesson     Corp.
                                           5,024,684          783,599
        Ross   Stores    Inc.
                                           9,295,664          745,977
        Sysco   Corp.
                                          11,302,720          686,414
        Yum!   Brands    Inc.
                                           8,122,537          662,880
        Las  Vegas   Sands   Corp.
                                           9,527,318          662,053
        Carnival     Corp.
                                           9,644,246          640,089
        Dollar    General     Corp.
                                           6,586,460          612,607
        Kroger    Co.
                                          21,437,143          588,450
     *
        Dollar    Tree   Inc.
                                           5,427,344          582,408
        American     Airlines     Group   Inc.
                                          10,381,353          540,142
     *
        O'Reilly     Automotive      Inc.
                                           2,049,613          493,014
        Royal   Caribbean      Cruises     Ltd.
                                           4,127,865          492,372
        CBS  Corp.   Class   B
                                           8,297,866          489,574
     *
        AutoZone     Inc.
                                            662,580         471,340
        Cardinal     Health    Inc.
                                           7,581,816          464,538
     *
        United    Continental       Holdings     Inc.
                                           6,233,686          420,150
        Best   Buy  Co.  Inc.
                                           6,129,407          419,680
        MGM  Resorts     International
                                          12,280,048          410,031
        Omnicom     Group   Inc.
                                           5,555,873          404,634
        Hilton    Worldwide      Holdings     Inc.
                                           5,015,497          400,538
        Twenty-First       Century     Fox  Inc.
                                          10,779,848          367,808
        Expedia     Inc.
                                           3,022,748          362,035
        AmerisourceBergen          Corp.   Class   A
                                           3,942,216          361,974
        L Brands    Inc.
                                           5,814,363          350,141
        Wynn   Resorts     Ltd.
                                           1,981,287          334,025
     *
        Ulta   Beauty    Inc.
                                           1,406,856          314,657
        Nielsen     Holdings     plc
                                           8,585,311          312,505
        Tiffany     & Co.
                                           2,850,284          296,287
        Darden    Restaurants       Inc.
                                           2,981,432          286,277
     *
        CarMax    Inc.
                                           4,394,373          281,811
        Viacom    Inc.   Class   B
                                           8,779,880          270,508
        Wyndham     Worldwide      Corp.
                                           2,321,676          269,013
        Aramark
                                           5,895,386          251,969
     *
        DISH   Network     Corp.   Class   A
                                           5,221,233          249,314
     *
        Norwegian      Cruise    Line   Holdings     Ltd.
                                           4,403,284          234,475
                                180/562


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     *
        Liberty     Interactive       Corp.   QVC  Group   Class   A
                                           9,318,586          227,560
        Tractor     Supply    Co.
                                           3,026,436          226,226
        Kohl's    Corp.
                                           4,060,432          220,197
        Alaska    Air  Group   Inc.
                                           2,965,866          218,021
     *
        Copart    Inc.
                                           5,008,258          216,307
        Gap  Inc.
                                           6,089,856          207,420
        Vail   Resorts     Inc.
                                            973,302         206,797
     *
        Burlington      Stores    Inc.
                                           1,644,577          202,332
        Domino's     Pizza   Inc.
                                           1,055,073          199,367
     *
        Chipotle     Mexican     Grill   Inc.   Class   A
                                            680,507         196,687
        Interpublic       Group   of  Cos.   Inc.
                                           9,363,401          188,766
        News   Corp.   Class   A
                                          11,606,788          188,146
        Macy's    Inc.
                                           7,337,675          184,836
        FactSet     Research     Systems     Inc.
                                            943,118         181,795
     ^
        Sirius    XM  Holdings     Inc.
                                          33,234,606          178,137
        Scripps     Networks     Interactive       Inc.   Class   A
                                           2,083,711          177,907
     *
        JetBlue     Airways     Corp.
                                           7,727,350          172,629
                                181/562














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                                                    市場価格

                                              株数     ( 千米ドル     )
        Advance     Auto   Parts   Inc.
                                           1,691,660          168,642
     *
        ServiceMaster        Global    Holdings     Inc.
                                           3,250,520          166,654
        KAR  Auction     Services     Inc.
                                           3,263,899          164,860
     *
        Caesars     Entertainment        Corp.
                                          12,754,455          161,344
        Service     Corp.   International
                                           4,280,293          159,741
     *
        Liberty     Media   Corp-Liberty       Formula     One
                                           4,501,169          153,760
     *
        GrubHub     Inc.
                                           2,091,245          150,151
     *
        Liberty     Media   Corp-Liberty       SiriusXM
                                           3,719,359          147,510
        Foot   Locker    Inc.
                                           2,987,527          140,055
        Dunkin'     Brands    Group   Inc.
                                           2,171,136          139,973
     *
        Live   Nation    Entertainment        Inc.
                                           3,237,158          137,806
        Nordstrom      Inc.
                                           2,808,691          133,076
        H&R  Block   Inc.
                                           5,036,378          132,054
     *
        Bright    Horizons     Family    Solutions      Inc.
                                           1,284,187          120,714
        Rollins     Inc.
                                           2,371,103          110,327
        Six  Flags   Entertainment        Corp.
                                           1,617,815          107,698
        Dun  & Bradstreet      Corp.
                                            890,397         105,432
     *
        Discovery      Communications         Inc.
                                           4,965,324          105,116
     *
        Beacon    Roofing     Supply    Inc.
                                           1,630,633          103,969
     *
        Grand   Canyon    Education      Inc.
                                           1,156,590          103,549
        Casey's     General     Stores    Inc.
                                            912,919         102,192
        Sabre   Corp.
                                           4,636,672          95,052
     ^
        Williams-Sonoma         Inc.
                                           1,832,018          94,715
        Chemed    Corp.
                                            384,956         93,552
     ^
        Cracker     Barrel    Old  Country     Store   Inc.
                                            576,305         91,569
     *
        Liberty     Media   Corp-Liberty       SiriusXM
                                           2,306,891          91,491
     *
        TripAdvisor       Inc.
                                           2,583,482          89,027
     *
        Five   Below   Inc.
                                           1,329,851          88,196
        Cinemark     Holdings     Inc.
                                           2,523,895          87,882
        Extended     Stay   America     Inc.
                                           4,621,831          87,815
     *
        Madison     Square    Garden    Co.  Class   A
                                            412,599         86,996
        Dolby   Laboratories       Inc.   Class   A
                                           1,358,721          84,241
     *
        Discovery      Communications         Inc.   Class   A
                                           3,742,464          83,756
        Signet    Jewelers     Ltd.
                                           1,455,592          82,314
        Nexstar     Media   Group   Inc.   Class   A
                                           1,043,684          81,616
        Texas   Roadhouse      Inc.   Class   A
                                           1,536,634          80,950
        AMERCO
                                            212,704         80,383
        Tribune     Media   Co.  Class   A
                                           1,890,903          80,307
     *
        Yelp   Inc.   Class   A
                                           1,896,356          79,571
     *
        Performance       Food   Group   Co.
                                           2,393,305          79,218
        Cable   One  Inc.
                                            110,475         77,703
     *
        Avis   Budget    Group   Inc.
                                           1,764,954          77,446
     *
        Hyatt   Hotels    Corp.   Class   A
                                           1,029,053          75,677
     *,^
        Stamps.com      Inc.
                                            399,891         75,179
     *
        Hilton    Grand   Vacations      Inc.
                                           1,788,282          75,018
     *
        Spirit    Airlines     Inc.
                                           1,671,776          74,979
     *
        Sprouts     Farmers     Market    Inc.
                                           3,046,746          74,188
     *
        SiteOne     Landscape      Supply    Inc.
                                            956,228         73,343
                                182/562


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     *,^
        AutoNation      Inc.
                                           1,428,741          73,337
        TEGNA   Inc.
                                           5,174,401          72,856
        John   Wiley   & Sons   Inc.   Class   A
                                           1,099,711          72,306
        ILG  Inc.
                                           2,537,163          72,258
        American     Eagle   Outfitters      Inc.
                                           3,838,262          72,159
        Bed  Bath   & Beyond    Inc.
                                           3,275,352          72,025
        Wendy's     Co.
                                           4,371,935          71,787
     *
        Lions   Gate   Entertainment        Corp.   Class   B
                                           2,259,902          71,729
     *
        Planet    Fitness     Inc.   Class   A
                                           2,067,486          71,597
        Jack   in  the  Box  Inc.
                                            708,238         69,485
        Sinclair     Broadcast      Group   Inc.   Class   A
                                           1,832,772          69,370
        Marriott     Vacations      Worldwide      Corp.
                                            510,235         68,989
        Churchill      Downs   Inc.
                                            296,186         68,922
        Choice    Hotels    International        Inc.
                                            887,397         68,862
        Aaron's     Inc.
                                           1,703,566          67,887
     *
        Scientific      Games   Corp.   Class   A
                                           1,294,812          66,424
        Boyd   Gaming    Corp.
                                           1,893,497          66,367
                                183/562














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                                                 有価証券報告書（外国投資信託受益証券）
                                                    市場価格

                                              株数     ( 千米ドル     )
     *
        AMC  Networks     Inc.   Class   A
                                           1,214,333          65,671
        Lithia    Motors    Inc.   Class   A
                                            576,544         65,490
     *
        Murphy    USA  Inc.
                                            797,799         64,111
     *
        Michaels     Cos.   Inc.
                                           2,617,772          63,324
        SkyWest     Inc.
                                           1,187,982          63,082
        Meredith     Corp.
                                            950,396         62,774
        Regal   Entertainment        Group   Class   A
                                           2,727,885          62,769
     *
        Ollie's     Bargain     Outlet    Holdings     Inc.
                                           1,177,216          62,687
     *
        Penn   National     Gaming    Inc.
                                           1,972,113          61,786
        Children's      Place   Inc.
                                            422,929         61,473
        Hillenbrand       Inc.
                                           1,363,427          60,945
     *
        United    Natural     Foods   Inc.
                                           1,229,605          60,583
     *
        Urban   Outfitters      Inc.
                                           1,696,892          59,493
        Graham    Holdings     Co.  Class   B
                                            104,557         58,379
     *
        Sally   Beauty    Holdings     Inc.
                                           3,096,643          58,093
     *
        Liberty     Expedia     Holdings     Inc.   Class   A
                                           1,308,039          57,985
        Big  Lots   Inc.
                                           1,026,598          57,643
        New  York   Times   Co.  Class   A
                                           3,108,544          57,508
     *,^
        Altice    USA  Inc.   Class   A
                                           2,681,942          56,938
     *
        Sotheby's
                                           1,075,598          55,501
        Red  Rock   Resorts     Inc.   Class   A
                                           1,641,712          55,391
        Adtalem     Global    Education      Inc.
                                           1,316,678          55,366
     *
        Dave   & Buster's     Entertainment        Inc.
                                            993,020         54,785
        Dick's    Sporting     Goods   Inc.
                                           1,892,018          54,377
        PriceSmart      Inc.
                                            624,004         53,727
     *
        Buffalo     Wild   Wings   Inc.
                                            336,689         52,641
     *
        Groupon     Inc.   Class   A
                                          10,102,430           51,522
     *
        Etsy   Inc.
                                           2,493,428          50,991
     *,^
        Rite   Aid  Corp.
                                          25,616,542           50,465
     *
        Acxiom    Corp.
                                           1,830,370          50,445
        Hawaiian     Holdings     Inc.
                                           1,264,465          50,389
        Cheesecake      Factory     Inc.
                                            996,281         48,001
        Allegiant      Travel    Co.  Class   A
                                            310,032         47,977
     *
        Rush   Enterprises       Inc.   Class   A
                                            888,220         45,130
     *,^
        Cars.com     Inc.
                                           1,553,654          44,807
     *,^
        Lions   Gate   Entertainment        Corp.   Class   A
                                           1,324,648          44,786
        Time   Inc.
                                           2,423,456          44,713
        Office    Depot   Inc.
                                          12,543,095           44,403
        GameStop     Corp.   Class   A
                                           2,432,454          43,663
        Brinker     International        Inc.
                                           1,117,754          43,414
        Monro   Inc.
                                            758,610         43,203
     *
        Pinnacle     Entertainment        Inc.
                                           1,317,514          43,122
     *,^
        Eldorado     Resorts     Inc.
                                           1,290,857          42,792
        Bloomin'     Brands    Inc.
                                           1,984,055          42,340
        Morningstar       Inc.
                                            413,883         40,134
     *,^
        RH
                                            458,739         39,548
        Penske    Automotive      Group   Inc.
                                            822,867         39,374
     *
        Shutterfly      Inc.
                                            788,338         39,220
                                184/562


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        Matthews     International        Corp.   Class   A
                                            740,876         39,118
        Bob  Evans   Farms   Inc.
                                            480,570         37,879
     *
        La  Quinta    Holdings     Inc.
                                           1,967,610          36,322
     *
        Herc   Holdings     Inc.
                                            580,041         36,316
        DSW  Inc.   Class   A
                                           1,654,880          35,431
        Group   1 Automotive      Inc.
                                            477,609         33,896
     *,^
        Chegg   Inc.
                                           2,072,337          33,821
        Core-Mark      Holding     Co.  Inc.
                                           1,061,428          33,520
        Papa   John's    International        Inc.
                                            593,324         33,291
        Caleres     Inc.
                                            984,764         32,970
     *,^
        Trade   Desk   Inc.   Class   A
                                            710,978         32,513
        Gannett     Co.  Inc.
                                           2,694,627          31,231
     *
        Gray   Television      Inc.
                                           1,851,034          31,005
     *
        Weight    Watchers     International        Inc.
                                            698,484         30,929
        HSN  Inc.
                                            762,277         30,758
     *
        Asbury    Automotive      Group   Inc.
                                            452,201         28,941
     *,^
        Hertz   Global    Holdings     Inc.
                                           1,309,315          28,936
                                185/562














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                                                 有価証券報告書（外国投資信託受益証券）
                                                    市場価格

                                              株数     ( 千米ドル     )
     *
        MSG  Networks     Inc.
                                           1,415,242          28,659
        Abercrombie       & Fitch   Co.
                                           1,639,203          28,571
     *,^
        Pandora     Media   Inc.
                                           5,684,566          27,400
        Wingstop     Inc.
                                            698,618         27,232
     *,^
        Overstock.com        Inc.
                                            421,548         26,937
        World   Wrestling      Entertainment        Inc.   Class   A
                                            846,810         25,895
        Chico's     FAS  Inc.
                                           2,929,697          25,840
        Tailored     Brands    Inc.
                                           1,176,643          25,686
        Sonic   Corp.
                                            917,299         25,207
        Scholastic      Corp.
                                            614,333         24,641
     *
        Belmond     Ltd.   Class   A
                                           2,001,594          24,520
        Guess?    Inc.
                                           1,408,197          23,770
     *
        Houghton     Mifflin     Harcourt     Co.
                                           2,555,342          23,765
     *
        Diplomat     Pharmacy     Inc.
                                           1,158,855          23,258
     *
        Liberty     Media   Corp-Liberty       Formula     One  Class   A
                                            709,074         23,201
        International        Speedway     Corp.   Class   A
                                            576,676         22,981
        SpartanNash       Co.
                                            857,887         22,888
        Strayer     Education      Inc.
                                            254,425         22,791
     *,^
        Roku   Inc.
                                            436,054         22,579
     *,^
        JC  Penney    Co.  Inc.
                                           7,120,449          22,501
     *
        Quotient     Technology      Inc.
                                           1,896,457          22,283
     *,^
        Lumber    Liquidators       Holdings     Inc.
                                            682,273         21,417
        PetMed    Express     Inc.
                                            470,659         21,415
        DineEquity      Inc.
                                            420,621         21,338
     *
        EW  Scripps     Co.  Class   A
                                           1,364,904          21,333
        Capella     Education      Co.
                                            267,739         20,723
     *
        Simply    Good   Foods   Co.
                                           1,452,193          20,708
     *
        Denny's     Corp.
                                           1,541,520          20,410
        New  Media   Investment      Group   Inc.
                                           1,200,521          20,145
        SUPERVALU      Inc.
                                            923,880         19,956
     *
        SP  Plus   Corp.
                                            512,887         19,028
     *
        Career    Education      Corp.
                                           1,573,098          19,003
     *
        Liberty     Media   Corp-Liberty       Braves
                                            842,578         18,722
     *,^
        TrueCar     Inc.
                                           1,666,719          18,667
        Entercom     Communications         Corp.   Class   A
                                           1,728,119          18,664
     *
        Express     Inc.
                                           1,796,726          18,237
     ^
        Dillard's      Inc.   Class   A
                                            301,518         18,106
     *,^
        Shake   Shack   Inc.   Class   A
                                            413,354         17,857
     *,^
        SeaWorld     Entertainment        Inc.
                                           1,313,820          17,829
     *
        Red  Robin   Gourmet     Burgers     Inc.
                                            314,954         17,763
     ^
        AMC  Entertainment        Holdings     Inc.   Class   A
                                           1,150,191          17,368
     *
        Laureate     Education      Inc.   Class   A
                                           1,259,728          17,082
        BJ's   Restaurants       Inc.
                                            465,826         16,956
     ^
        Buckle    Inc.
                                            708,145         16,818
     *
        Liberty     TripAdvisor       Holdings     Inc.   Class   A
                                           1,771,628          16,698
     *
        Providence      Service     Corp.
                                            279,757         16,601
     *,^
        Trupanion      Inc.
                                            542,549         15,880
        Ruth's    Hospitality       Group   Inc.
                                            728,605         15,774
                                186/562


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                                                 有価証券報告書（外国投資信託受益証券）
     *
        K12  Inc.
                                            945,097         15,027
     *,^
        ANGI   Homeservices       Inc.   Class   A
                                           1,421,376          14,868
     *
        Genesco     Inc.
                                            447,870         14,556
     *
        National     Vision    Holdings     Inc.
                                            350,641         14,240
     *,^
        Party   City   Holdco    Inc.
                                            985,611         13,749
     *,^
        Conn's    Inc.
                                            378,970         13,472
     *
        Regis   Corp.
                                            854,710         13,128
     *
        MDC  Partners     Inc.   Class   A
                                           1,340,693          13,072
        Finish    Line   Inc.   Class   A
                                            882,946         12,829
     *
        Monarch     Casino    & Resort    Inc.
                                            278,648         12,489
        National     CineMedia      Inc.
                                           1,788,182          12,267
     *
        Golden    Entertainment        Inc.
                                            373,389         12,191
        Marcus    Corp.
                                            443,009         12,116
     *
        MarineMax      Inc.
                                            632,205         11,949
        Ingles    Markets     Inc.   Class   A
                                            344,382         11,916
        Entravision       Communications         Corp.   Class   A
                                           1,642,501          11,744
     *
        Chuy's    Holdings     Inc.
                                            415,327         11,650
                                187/562














                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
                                                    市場価格

                                              株数     ( 千米ドル     )
     *
        Biglari     Holdings     Inc.
                                             27,926         11,573
     ^
        Rent-A-Center        Inc.
                                           1,036,855          11,509
     *
        XO  Group   Inc.
                                            614,493         11,344
     *
        Chefs'    Warehouse      Inc.
                                            548,093         11,236
     *
        At  Home   Group   Inc.
                                            363,579         11,049
        Sonic   Automotive      Inc.   Class   A
                                            586,860         10,828
     *
        Carrols     Restaurant      Group   Inc.
                                            834,724         10,142
     *
        Hibbett     Sports    Inc.
                                            491,682         10,030
     *
        Zumiez    Inc.
                                            475,516          9,903
     *
        Care.com     Inc.
                                            545,824          9,847
     *
        Fiesta    Restaurant      Group   Inc.
                                            512,229          9,732
     *
        Titan   Machinery      Inc.
                                            453,316          9,597
     *
        Ascena    Retail    Group   Inc.
                                           4,028,247           9,466
        Haverty     Furniture      Cos.   Inc.
                                            415,765          9,417
        Weis   Markets     Inc.
                                            222,044          9,190
     *
        American     Public    Education      Inc.
                                            363,191          9,098
        Carriage     Services     Inc.   Class   A
                                            353,152          9,080
        News   Corp.   Class   B
                                            544,791          9,044
        Barnes    & Noble   Inc.
                                           1,349,297           9,040
        Emerald     Expositions       Events    Inc.
                                            432,165          8,790
        Tile   Shop   Holdings     Inc.
                                            911,446          8,750
     *
        Del  Taco   Restaurants       Inc.
                                            715,383          8,670
        Cato   Corp.   Class   A
                                            534,701          8,512
     *,^
        Cargurus     Inc.
                                            279,982          8,394
        Drive   Shack   Inc.
                                           1,479,661           8,183
        Winmark     Corp.
                                             62,878         8,136
        Citi   Trends    Inc.
                                            302,460          8,003
     *
        Del  Frisco's     Restaurant      Group   Inc.
                                            523,836          7,988
        Pier   1 Imports     Inc.
                                           1,924,117           7,966
     *,^
        Zoe's   Kitchen     Inc.
                                            475,563          7,951
     *
        America's      Car-Mart     Inc.
                                            167,380          7,474
     *
        Potbelly     Corp.
                                            585,492          7,202
        Shoe   Carnival     Inc.
                                            261,300          6,990
     *
        Clean   Energy    Fuels   Corp.
                                           3,319,737           6,739
     *,^
        Carvana     Co.
                                            350,630          6,704
     *
        QuinStreet      Inc.
                                            798,163          6,689
     *
        tronc   Inc.
                                            374,529          6,588
     *
        Barnes    & Noble   Education      Inc.
                                            786,662          6,482
     *
        Francesca's       Holdings     Corp.
                                            873,158          6,383
     *
        TechTarget      Inc.
                                            452,241          6,295
     *
        1-800-Flowers.com          Inc.   Class   A
                                            585,063          6,260
     *
        Reading     International        Inc.   Class   A
                                            372,750          6,225
        RCI  Hospitality       Holdings     Inc.
                                            220,371          6,166
        CSS  Industries      Inc.
                                            217,491          6,053
     *
        Century     Casinos     Inc.
                                            654,716          5,978
     *,^
        GNC  Holdings     Inc.   Class   A
                                           1,541,549           5,688
        Nathan's     Famous    Inc.
                                             73,372         5,540
     *,^
        Sportsman's       Warehouse      Holdings     Inc.
                                            822,116          5,434
                                188/562


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                                                 有価証券報告書（外国投資信託受益証券）
     *,^
        Daily   Journal     Corp.
                                             23,348         5,375
        Collectors      Universe     Inc.
                                            186,701          5,347
     *
        Smart   & Final   Stores    Inc.
                                            621,991          5,318
     *
        Bridgepoint       Education      Inc.   Class   A
                                            628,536          5,217
     *
        Lindblad     Expeditions       Holdings     Inc.
                                            528,911          5,178
     *,^
        Boot   Barn   Holdings     Inc.
                                            307,886          5,114
     *
        El  Pollo   Loco   Holdings     Inc.
                                            512,366          5,072
     *,^
        Stitch    Fix  Inc.   Class   A
                                            194,771          5,031
     *
        Bojangles'      Inc.
                                            424,423          5,008
        Speedway     Motorsports       Inc.
                                            265,017          5,001
        Tilly's     Inc.   Class   A
                                            331,331          4,890
     *
        Avid   Technology      Inc.
                                            902,451          4,864
     *,^
        Habit   Restaurants       Inc.   Class   A
                                            505,540          4,828
     *,^
        Remark    Holdings     Inc.
                                            492,206          4,789
     *
        Liberty     Media   Corp-Liberty       Braves
                                            217,055          4,786
     *
        Kirkland's      Inc.
                                            396,140          4,740
     *
        Hemisphere      Media   Group   Inc.   Class   A
                                            405,608          4,685
                                189/562














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                                                    市場価格

                                              株数     ( 千米ドル     )
        Saga   Communications         Inc.   Class   A
                                            115,556          4,674
     *,^
        Lands'    End  Inc.
                                            232,356          4,543
        Village     Super   Market    Inc.   Class   A
                                            185,350          4,250
     *,^
        Duluth    Holdings     Inc.
                                            229,548          4,097
        Clear   Channel     Outdoor     Holdings     Inc.   Class   A
                                            884,093          4,067
     *,^
        Boston    Omaha   Corp.
                                            118,618          3,842
     ^
        Big  5 Sporting     Goods   Corp.
                                            475,843          3,616
     ^
        Fred's    Inc.   Class   A
                                            870,223          3,524
     *
        Red  Lion   Hotels    Corp.
                                            352,425          3,471
     *
        Fogo   De  Chao   Inc.
                                            292,629          3,394
     *
        Liquidity      Services     Inc.
                                            697,626          3,383
     *
        J Alexander's       Holdings     Inc.
                                            329,314          3,194
     *,^
        Global    Eagle   Entertainment        Inc.
                                           1,375,392           3,150
     *
        Ascent    Capital     Group   Inc.   Class   A
                                            258,341          2,968
     *
        Build-A-Bear       Workshop     Inc.
                                            316,025          2,907
     *
        FTD  Cos.   Inc.
                                            402,549          2,894
     *,^
        Tuesday     Morning     Corp.
                                           1,034,055           2,844
     *
        RealNetworks       Inc.
                                            791,808          2,708
     ^
        Natural     Health    Trends    Corp.
                                            177,767          2,700
     *
        Full   House   Resorts     Inc.
                                            688,764          2,693
     *
        Marchex     Inc.   Class   B
                                            825,308          2,666
     *,^
        Lee  Enterprises       Inc.
                                           1,126,859           2,648
        Liberty     Tax  Inc.
                                            238,960          2,629
        YuMe   Inc.
                                            543,296          2,597
     *,^
        Noodles     & Co.  Class   A
                                            477,132          2,505
     *,^
        Blue   Apron   Holdings     Inc.   Class   A
                                            617,072          2,487
     *
        PCM  Inc.
                                            246,655          2,442
     *
        J.  Jill   Inc.
                                            307,091          2,395
     *,^
        Inspired     Entertainment        Inc.
                                            241,228          2,364
     *
        Vitamin     Shoppe    Inc.
                                            531,206          2,337
     *
        Leaf   Group   Ltd.
                                            228,866          2,266
     *
        AutoWeb     Inc.
                                            245,357          2,211
     *,^
        Natural     Grocers     by  Vitamin     Cottage     Inc.
                                            239,762          2,141
     *,^
        Sears   Holdings     Corp.
                                            592,695          2,122
     *
        Town   Sports    International        Holdings     Inc.
                                            380,413          2,111
     *
        Container      Store   Group   Inc.
                                            440,571          2,088
     *,^
        Cogint    Inc.
                                            474,404          2,087
        AH  Belo   Corp.   Class   A
                                            428,938          2,059
     *
        Gaia   Inc.   Class   A
                                            160,559          1,991
     *,^
        Digital     Turbine     Inc.
                                           1,085,631           1,943
     *
        Cambium     Learning     Group   Inc.
                                            333,388          1,894
        Peak   Resorts     Inc.
                                            336,921          1,819
     *
        Townsquare      Media   Inc.   Class   A
                                            226,296          1,738
     *
        EVINE   Live   Inc.
                                           1,240,696           1,737
     *
        Destination       XL  Group   Inc.
                                            740,016          1,628
     *
        Rubicon     Project     Inc.
                                            814,927          1,524
     *,^
        Papa   Murphy's     Holdings     Inc.
                                            261,858          1,409
     *
        New  York   & Co.  Inc.
                                            484,773          1,386
                                190/562


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        Wayside     Technology      Group   Inc.
                                             82,067         1,371
        Salem   Media   Group   Inc.   Class   A
                                            304,136          1,369
     *
        Chicken     Soup   For  The  Soul   Entertainment        Inc.
                                            116,305          1,047
        Beasley     Broadcast      Group   Inc.   Class   A
                                             76,851         1,030
     ^
        Stage   Stores    Inc.
                                            604,214          1,015
     *
        Urban   One  Inc.
                                            577,563          1,011
     *
        Travelzoo
                                            152,382           983
     *
        TheStreet      Inc.
                                            664,861           964
     ^
        Stein   Mart   Inc.
                                            781,770           907
     *,^
        Destination       Maternity      Corp.
                                            296,396           880
     *,^
        McClatchy      Co.  Class   A
                                             96,865          865
        Dover   Motorsports       Inc.
                                            442,500           863
     *
        Nevada    Gold   & Casinos     Inc.
                                            313,955           838
     *,^
        Social    Reality     Inc.
                                            147,420           833
     *
        Luby's    Inc.
                                            308,772           815
     *
        Harte-Hanks       Inc.
                                            789,630           749
     *
        Profire     Energy    Inc.
                                            385,509           740
                                191/562














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                                                    市場価格

                                              株数     ( 千米ドル     )
     *
        Bravo   Brio   Restaurant      Group   Inc.
                                            238,286           596
        Ark  Restaurants       Corp.
                                             21,310          576
     *,^
        Famous    Dave's    of  America     Inc.
                                             86,505          571
     *
        Christopher       & Banks   Corp.
                                            425,395           540
        Canterbury      Park   Holding     Corp.
                                             31,505          518
     *,^
        Interpace      Diagnostics       Group   Inc.
                                            493,138           503
     *
        Educational       Development       Corp.
                                             23,623          448
     *
        ONE  Group   Hospitality       Inc.
                                            184,852           442
     *,^
        Good   Times   Restaurants       Inc.
                                            154,244           409
     *
        Emmis   Communications         Corp.   Class   A
                                            112,373           398
     *
        Rush   Enterprises       Inc.   Class   B
                                             7,149          345
     *,^
        Kona   Grill   Inc.
                                            152,060           266
     ^
        National     American     University      Holdings     Inc.
                                            170,808           239
     *,^
        Ifresh    Inc.
                                             14,546          193
     *,^
        Genius    Brands    International        Inc.
                                             68,896          187
     *,^
        Sears   Hometown     and  Outlet    Stores    Inc.
                                             71,795          187
        Value   Line   Inc.
                                             9,438          183
     *
        Diversified       Restaurant      Holdings     Inc.
                                            102,027           163
     *
        Rave   Restaurant      Group   Inc.
                                            109,555           160
     *
        Spark   Networks     SE  ADR
                                             11,270          143
        Flanigan's      Enterprises       Inc.
                                             5,278          122
        Insignia     Systems     Inc.
                                             96,450          115
     *
        Dover   Downs   Gaming    & Entertainment        Inc.
                                             90,486           92
        Haverty     Furniture      Cos.   Inc.   Class   A
                                             1,375          31
     *
        SPAR   Group   Inc.
                                             19,446           24
     *
        NTN  Buzztime     Inc.
                                             4,842          20
        Viacom    Inc.   Class   A
                                              300         10
     *
        Youngevity      International        Inc.
                                             1,800           7
     *,2
        Universal      Travel    Group
                                             42,843           7
     *
        Eastside     Distilling      Inc.
                                             1,400           6
     *
        DGSE   Cos.   Inc.
                                             2,900           3
     *
        YogaWorks      Inc.
                                              800          2
     *
        Urban   One  Inc.   Class   A
                                              950          2
     *
        RLJ  Entertainment        Inc.
                                                        1
                                              300
                                                   84,504,922
     金融   (20.5   ％ )
     *
        Berkshire      Hathaway     Inc.   Class   B
                                          45,474,304         9,013,917
        JPMorgan     Chase   & Co.
                                          83,637,226         8,944,165
        Bank   of  America     Corp.
                                          238,841,012          7,050,587
        Wells   Fargo   & Co.
                                          106,828,251          6,481,270
        Visa   Inc.   Class   A
                                          43,714,213         4,984,295
        Citigroup      Inc.
                                          63,729,446         4,742,108
        Mastercard      Inc.   Class   A
                                          22,636,557         3,426,269
        Goldman     Sachs   Group   Inc.
                                           8,183,030         2,084,709
        US  Bancorp
                                          37,988,582         2,035,428
        Morgan    Stanley
                                          32,672,577         1,714,330
        American     Express     Co.
                                          16,775,218         1,665,947
        PNC  Financial      Services     Group   Inc.
                                          11,462,605         1,653,939
                                192/562


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        Chubb   Ltd.
                                          10,622,672         1,552,291
        Charles     Schwab    Corp.
                                          29,077,866         1,493,730
        American     Tower   Corp.
                                          10,338,098         1,474,936
        BlackRock      Inc.
                                           2,704,161         1,389,155
        American     International        Group   Inc.
                                          21,662,377         1,290,644
        Simon   Property     Group   Inc.
                                           7,492,974         1,286,843
        Bank   of  New  York   Mellon    Corp.
                                          23,440,821         1,262,523
        CME  Group   Inc.
                                           8,201,078         1,197,767
        Prudential      Financial      Inc.
                                          10,210,850         1,174,044
        Capital     One  Financial      Corp.
                                          11,686,096         1,163,701
        Crown   Castle    International        Corp.
                                           9,794,501         1,087,288
        S&P  Global    Inc.
                                           6,147,195         1,041,335
        MetLife     Inc.
                                          20,476,109         1,035,272
        Marsh   & McLennan     Cos.   Inc.
                                          12,297,229         1,000,871
        Intercontinental          Exchange     Inc.
                                          14,100,133          994,905
        BB&T   Corp.
                                          19,011,046          945,229
                                193/562















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                                                    市場価格

                                              株数     ( 千米ドル     )
        Allstate     Corp.
                                           8,673,887          908,243
        Travelers      Cos.   Inc.
                                           6,594,510          894,479
        Equinix     Inc.
                                           1,885,763          854,666
        Aflac   Inc.
                                           9,468,423          831,138
        State   Street    Corp.
                                           8,489,285          828,639
        Prologis     Inc.
                                          12,765,408          823,496
        Aon  plc
                                           6,023,157          807,103
        Progressive       Corp.
                                          14,016,509          789,410
        Public    Storage
                                           3,566,667          745,433
        SunTrust     Banks   Inc.
                                          11,468,379          740,743
        Synchrony      Financial
                                          17,942,304          692,752
        Discover     Financial      Services
                                           8,783,070          675,594
        Weyerhaeuser       Co.
                                          18,185,029          641,204
        Ameriprise      Financial      Inc.
                                           3,564,699          604,110
        AvalonBay      Communities       Inc.
                                           3,328,168          593,778
        T.  Rowe   Price   Group   Inc.
                                           5,546,582          582,003
        Moody's     Corp.
                                           3,915,465          577,962
        Welltower      Inc.
                                           8,922,518          568,989
        Equity    Residential
                                           8,853,320          564,576
        Digital     Realty    Trust   Inc.
                                           4,952,102          564,044
        M&T  Bank   Corp.
                                           3,265,286          558,331
        KeyCorp
                                          25,909,870          522,602
        Northern     Trust   Corp.
                                           5,207,104          520,138
        Fifth   Third   Bancorp
                                          16,998,580          515,737
        Ventas    Inc.
                                           8,584,688          515,167
        Citizens     Financial      Group   Inc.
                                          11,851,657          497,533
        Principal      Financial      Group   Inc.
                                           6,956,244          490,833
        Boston    Properties      Inc.
                                           3,719,963          483,707
        Hartford     Financial      Services     Group   Inc.
                                           8,592,025          483,559
        Regions     Financial      Corp.
                                          27,944,744          482,885
        Willis    Towers    Watson    plc
                                           3,177,033          478,747
     *
        SBA  Communications         Corp.   Class   A
                                           2,833,874          462,942
        Lincoln     National     Corp.
                                           5,268,365          404,979
        Realty    Income    Corp.
                                           6,787,899          387,046
        TD  Ameritrade      Holding     Corp.
                                           7,516,133          384,300
        Essex   Property     Trust   Inc.
                                           1,591,286          384,089
        Huntington      Bancshares      Inc.
                                          26,036,218          379,087
     *
        IHS  Markit    Ltd.
                                           8,172,189          368,974
        Comerica     Inc.
                                           4,189,415          363,683
     *
        Markel    Corp.
                                            318,785         363,138
        Loews   Corp.
                                           7,256,348          363,035
        Invesco     Ltd.
                                           9,800,233          358,101
        Host   Hotels    & Resorts     Inc.
                                          17,829,240          353,910
        Franklin     Resources      Inc.
                                           8,004,702          346,844
        GGP  Inc.
                                          14,820,717          346,657
        Equifax     Inc.
                                           2,893,257          341,173
        Cboe   Global    Markets     Inc.
                                           2,734,442          340,684
        First   Republic     Bank
                                           3,869,245          335,231
                                194/562


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        Annaly    Capital     Management      Inc.
                                          27,893,663          331,656
     *
        E*TRADE     Financial      Corp.
                                           6,497,404          322,076
        Vornado     Realty    Trust
                                           4,116,172          321,802
     *
        CBRE   Group   Inc.   Class   A
                                           7,352,042          318,417
        Ally   Financial      Inc.
                                          10,681,121          311,461
        Alexandria      Real   Estate    Equities     Inc.
                                           2,305,456          301,070
     *
        SVB  Financial      Group
                                           1,270,453          296,994
        Unum   Group
                                           5,400,739          296,447
        HCP  Inc.
                                          11,302,433          294,767
     *
        Berkshire      Hathaway     Inc.   Class   A
                                              984      292,838
        Cincinnati      Financial      Corp.
                                           3,754,653          281,486
        Raymond     James   Financial      Inc.
                                           3,123,091          278,892
        Mid-America       Apartment      Communities       Inc.
                                           2,735,416          275,073
        Arthur    J Gallagher      & Co.
                                           4,345,014          274,952
        Affiliated      Managers     Group   Inc.
                                           1,339,121          274,855
        MSCI   Inc.   Class   A
                                           2,171,822          274,822
                                195/562















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                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
                                                    市場価格

                                              株数     ( 千米ドル     )
     *
        Arch   Capital     Group   Ltd.
                                           2,992,487          271,628
        Regency     Centers     Corp.
                                           3,689,463          255,237
     *
        Liberty     Broadband      Corp.
                                           2,976,423          253,472
        Extra   Space   Storage     Inc.
                                           2,884,639          252,262
        UDR  Inc.
                                           6,442,939          248,182
        SEI  Investments       Co.
                                           3,426,255          246,211
        FNF  Group
                                           6,241,617          244,921
        Zions   Bancorporation
                                           4,812,214          244,605
        Iron   Mountain     Inc.
                                           6,443,775          243,124
        Reinsurance       Group   of  America     Inc.   Class   A
                                           1,550,433          241,759
        SL  Green   Realty    Corp.
                                           2,378,258          240,038
        Torchmark      Corp.
                                           2,639,570          239,435
        Duke   Realty    Corp.
                                           8,567,121          233,111
        Federal     Realty    Investment      Trust
                                           1,744,443          231,679
        Macerich     Co.
                                           3,392,259          222,804
        Everest     Re  Group   Ltd.
                                            988,824         218,787
        XL  Group   Ltd.
                                           6,165,648          216,784
        Nasdaq    Inc.
                                           2,807,526          215,702
        Voya   Financial      Inc.
                                           4,323,788          213,898
        East   West   Bancorp     Inc.
                                           3,480,464          211,717
        Western     Union   Co.
                                          11,067,279          210,389
     *
        Alleghany      Corp.
                                            352,550         210,152
        Camden    Property     Trust
                                           2,230,081          205,301
        AGNC   Investment      Corp.
                                           9,392,049          189,625
        American     Financial      Group   Inc.
                                           1,693,035          183,762
        VEREIT    Inc.
                                          23,442,496          182,617
        WP  Carey   Inc.
                                           2,571,891          177,203
        Kimco   Realty    Corp.
                                           9,744,757          176,867
        Kilroy    Realty    Corp.
                                           2,363,628          176,445
        MarketAxess       Holdings     Inc.
                                            859,485         173,401
     *
        Signature      Bank
                                           1,250,174          171,599
        Equity    LifeStyle      Properties      Inc.
                                           1,925,434          171,402
        Janus   Henderson      Group   plc
                                           4,346,021          166,279
        Apartment      Investment      & Management      Co.
                                           3,776,400          165,066
        Sun  Communities       Inc.
                                           1,775,794          164,758
        Lazard    Ltd.   Class   A
                                           3,123,731          163,996
        Gaming    and  Leisure     Properties      Inc.
                                           4,397,408          162,704
        Jones   Lang   LaSalle     Inc.
                                           1,091,449          162,550
        Invitation      Homes   Inc.
                                           6,870,607          161,940
        Douglas     Emmett    Inc.
                                           3,874,242          159,076
        National     Retail    Properties      Inc.
                                           3,657,503          157,748
        WR  Berkley     Corp.
                                           2,190,863          156,975
        PacWest     Bancorp
                                           3,104,091          156,446
     ^
        CIT  Group   Inc.
                                           3,163,252          155,727
        People's     United    Financial      Inc.
                                           8,260,777          154,477
        Liberty     Property     Trust
                                           3,535,539          152,064
        Eaton   Vance   Corp.
                                           2,689,122          151,640
        Lamar   Advertising       Co.  Class   A
                                           2,025,285          150,357
                                196/562


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                                                 有価証券報告書（外国投資信託受益証券）
        First   American     Financial      Corp.
                                           2,664,942          149,343
        Healthcare      Trust   of  America     Inc.   Class   A
                                           4,929,735          148,089
        Forest    City   Realty    Trust   Inc.   Class   A
                                           6,139,246          147,956
        Brown   & Brown   Inc.
                                           2,862,446          147,301
        New  York   Community      Bancorp     Inc.
                                          11,160,664          145,312
        Colony    NorthStar      Inc.   Class   A
                                          12,495,072          142,569
     *
        Athene    Holding     Ltd.   Class   A
                                           2,746,941          142,044
        Bank   of  the  Ozarks
                                           2,922,093          141,575
        First   Horizon     National     Corp.
                                           7,009,601          140,122
        Brixmor     Property     Group   Inc.
                                           7,350,318          137,157
        American     Homes   ▶ Rent   Class   A
                                           6,199,114          135,389
     *
        Brighthouse       Financial      Inc.
                                           2,306,109          135,230
        American     Campus    Communities       Inc.
                                           3,283,319          134,715
        Starwood     Property     Trust   Inc.
                                           6,263,020          133,715
        Synovus     Financial      Corp.
                                           2,764,307          132,521
        New  Residential       Investment      Corp.
                                           7,382,232          131,994
                                197/562















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                                                 有価証券報告書（外国投資信託受益証券）
                                                    市場価格

                                              株数     ( 千米ドル     )
     ^
        Omega   Healthcare      Investors      Inc.
                                           4,766,893          131,280
        DCT  Industrial      Trust   Inc.
                                           2,232,533          131,228
        Assurant     Inc.
                                           1,293,392          130,426
        Commerce     Bancshares      Inc.
                                           2,326,273          129,899
        Cullen/Frost       Bankers     Inc.
                                           1,371,901          129,850
     *
        Western     Alliance     Bancorp
                                           2,285,806          129,422
        Old  Republic     International        Corp.
                                           6,024,337          128,800
        Hudson    Pacific     Properties      Inc.
                                           3,756,905          128,674
        Sterling     Bancorp
                                           5,133,674          126,288
        CubeSmart
                                           4,363,608          126,196
     *
        MGIC   Investment      Corp.
                                           8,919,022          125,847
        Highwoods      Properties      Inc.
                                           2,470,390          125,768
        Webster     Financial      Corp.
                                           2,226,062          125,016
        CyrusOne     Inc.
                                           2,088,124          124,306
        RenaissanceRe        Holdings     Ltd.
                                            965,790         121,294
     *
        Black   Knight    Inc.
                                           2,733,286          120,675
        Medical     Properties      Trust   Inc.
                                           8,729,556          120,293
        LPL  Financial      Holdings     Inc.
                                           2,065,911          118,046
        Pinnacle     Financial      Partners     Inc.
                                           1,779,603          117,988
     *
        Howard    Hughes    Corp.
                                            881,422         115,704
        EPR  Properties
                                           1,765,451          115,566
        Hospitality       Properties      Trust
                                           3,768,416          112,487
        Prosperity      Bancshares      Inc.
                                           1,600,134          112,121
        Park   Hotels    & Resorts     Inc.
                                           3,880,676          111,569
        Wintrust     Financial      Corp.
                                           1,344,814          110,772
        Hanover     Insurance      Group   Inc.
                                           1,019,385          110,175
        Umpqua    Holdings     Corp.
                                           5,283,354          109,894
        Senior    Housing     Properties      Trust
                                           5,697,423          109,106
        Primerica      Inc.
                                           1,067,007          108,355
        FNB  Corp.
                                           7,788,390          107,636
        STORE   Capital     Corp.
                                           4,112,411          107,087
        Radian    Group   Inc.
                                           5,177,870          106,716
     *
        Texas   Capital     Bancshares      Inc.
                                           1,195,115          106,246
     *
        Liberty     Ventures     Class   A
                                           1,957,154          106,156
        BankUnited      Inc.
                                           2,570,404          104,667
     *
        Zillow    Group   Inc.
                                           2,536,143          103,779
        Gramercy     Property     Trust
                                           3,857,517          102,841
        Hancock     Holding     Co.
                                           2,048,033          101,378
        Axis   Capital     Holdings     Ltd.
                                           2,000,834          100,562
        CNO  Financial      Group   Inc.
                                           4,068,994          100,463
        IBERIABANK      Corp.
                                           1,291,227          100,070
        Life   Storage     Inc.
                                           1,120,084          99,766
        Apple   Hospitality       REIT   Inc.
                                           5,065,830          99,341
        Rayonier     Inc.
                                           3,106,926          98,272
     *,^
        Credit    Acceptance      Corp.
                                            303,498         98,176
        Weingarten      Realty    Investors
                                           2,942,749          96,728
        Interactive       Brokers     Group   Inc.
                                           1,631,532          96,603
        Healthcare      Realty    Trust   Inc.
                                           3,002,291          96,434
                                198/562


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                                                 有価証券報告書（外国投資信託受益証券）
        Assured     Guaranty     Ltd.
                                           2,823,432          95,630
        Spirit    Realty    Capital     Inc.
                                          11,077,584           95,046
        CoreSite     Realty    Corp.
                                            824,065         93,861
        Cousins     Properties      Inc.
                                          10,100,903           93,433
        Stifel    Financial      Corp.
                                           1,568,560          93,423
        Associated      Banc-Corp
                                           3,646,530          92,622
        RLJ  Lodging     Trust
                                           4,207,612          92,441
        Chemical     Financial      Corp.
                                           1,718,116          91,868
     *
        Equity    Commonwealth
                                           2,990,815          91,250
        Taubman     Centers     Inc.
                                           1,392,721          91,126
        First   Industrial      Realty    Trust   Inc.
                                           2,882,303          90,706
        Sunstone     Hotel   Investors      Inc.
                                           5,402,859          89,309
        Bank   of  Hawaii    Corp.
                                           1,036,453          88,824
        Legg   Mason   Inc.
                                           2,102,129          88,247
        JBG  SMITH   Properties
                                           2,538,511          88,162
        Popular     Inc.
                                           2,471,053          87,698
                                199/562















                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
                                                    市場価格

                                              株数     ( 千米ドル     )
        Investors      Bancorp     Inc.
                                           6,300,358          87,449
     *
        Essent    Group   Ltd.
                                           2,012,707          87,392
        Realogy     Holdings     Corp.
                                           3,276,396          86,824
        Home   BancShares      Inc.
                                           3,733,155          86,796
        MB  Financial      Inc.
                                           1,922,989          85,611
        Validus     Holdings     Ltd.
                                           1,816,319          85,222
        Navient     Corp.
                                           6,357,392          84,680
        United    Bankshares      Inc.
                                           2,413,937          83,884
        BGC  Partners     Inc.   Class   A
                                           5,498,188          83,078
        Selective      Insurance      Group   Inc.
                                           1,405,135          82,481
        Sabra   Health    Care   REIT   Inc.
                                           4,287,311          80,473
        Federated      Investors      Inc.   Class   B
                                           2,198,546          79,324
        Chimera     Investment      Corp.
                                           4,258,191          78,691
        Empire    State   Realty    Trust   Inc.
                                           3,818,992          78,404
        UMB  Financial      Corp.
                                           1,088,993          78,320
        Cathay    General     Bancorp
                                           1,853,397          78,158
        Physicians      Realty    Trust
                                           4,320,122          77,719
     ^
        Blackstone      Mortgage     Trust   Inc.   Class   A
                                           2,414,891          77,711
        Outfront     Media   Inc.
                                           3,338,712          77,458
        Paramount      Group   Inc.
                                           4,866,218          77,130
        Brandywine      Realty    Trust
                                           4,228,419          76,915
        Corporate      Office    Properties      Trust
                                           2,616,747          76,409
        LaSalle     Hotel   Properties
                                           2,719,238          76,329
        TCF  Financial      Corp.
                                           3,718,994          76,239
        Columbia     Banking     System    Inc.
                                           1,754,746          76,226
        Fulton    Financial      Corp.
                                           4,232,297          75,758
        MFA  Financial      Inc.
                                           9,466,399          74,974
        FirstCash      Inc.
                                           1,102,818          74,385
        Glacier     Bancorp     Inc.
                                           1,883,752          74,201
        Retail    Properties      of  America     Inc.
                                           5,507,784          74,025
        ProAssurance       Corp.
                                           1,287,453          73,578
        Erie   Indemnity      Co.  Class   A
                                            602,968         73,466
        South   State   Corp.
                                            839,766         73,186
        Washington      Federal     Inc.
                                           2,116,008          72,473
        Ryman   Hospitality       Properties      Inc.
                                           1,047,897          72,326
     ^
        Uniti   Group   Inc.
                                           4,035,443          71,791
        National     Health    Investors      Inc.
                                            947,476         71,421
        GEO  Group   Inc.
                                           2,987,455          70,504
        First   Financial      Bankshares      Inc.
                                           1,535,975          69,196
        EastGroup      Properties      Inc.
                                            781,201         69,043
        White   Mountains      Insurance      Group   Ltd.
                                             80,421         68,461
        DDR  Corp.
                                           7,613,430          68,216
        Piedmont     Office    Realty    Trust   Inc.   Class   A
                                           3,476,039          68,165
        Two  Harbors     Investment      Corp.
                                           4,173,658          67,864
        Valley    National     Bancorp
                                           6,012,640          67,462
        Evercore     Inc.   Class   A
                                            746,510         67,186
     *
        Green   Dot  Corp.   Class   A
                                           1,104,739          66,572
        Columbia     Property     Trust   Inc.
                                           2,892,171          66,375
                                200/562


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                                                 有価証券報告書（外国投資信託受益証券）
        Community      Bank   System    Inc.
                                           1,223,087          65,741
        CoreCivic      Inc.
                                           2,847,989          64,080
        Kemper    Corp.
                                            927,973         63,937
        Education      Realty    Trust   Inc.
                                           1,820,989          63,589
        Urban   Edge   Properties
                                           2,466,812          62,879
        American     Equity    Investment      Life   Holding     Co.
                                           2,029,595          62,369
        BancorpSouth       Bank
                                           1,973,810          62,076
        STAG   Industrial      Inc.
                                           2,261,076          61,795
        RLI  Corp.
                                           1,014,322          61,529
        Pebblebrook       Hotel   Trust
                                           1,652,095          61,408
     ^
        Tanger    Factory     Outlet    Centers     Inc.
                                           2,308,067          61,187
        American     National     Insurance      Co.
                                            474,684         60,878
        First   Midwest     Bancorp     Inc.
                                           2,512,675          60,329
        CVB  Financial      Corp.
                                           2,541,353          59,874
        First   Citizens     BancShares      Inc.   Class   A
                                            147,704         59,525
        PS  Business     Parks   Inc.
                                            473,358         59,212
                                201/562















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                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
                                                    市場価格

                                              株数     ( 千米ドル     )
     *
        LendingTree       Inc.
                                            172,797         58,829
        Aspen   Insurance      Holdings     Ltd.
                                           1,444,054          58,629
        Washington      REIT
                                           1,883,868          58,626
     *
        SLM  Corp.
                                           5,153,839          58,238
     *
        HealthEquity       Inc.
                                           1,235,033          57,627
        Old  National     Bancorp
                                           3,281,875          57,269
        Hope   Bancorp     Inc.
                                           3,127,928          57,085
        Great   Western     Bancorp     Inc.
                                           1,427,144          56,800
        Simmons     First   National     Corp.   Class   A
                                            986,920         56,353
        QTS  Realty    Trust   Inc.   Class   A
                                           1,030,143          55,793
        Acadia    Realty    Trust
                                           2,016,961          55,184
        Xenia   Hotels    & Resorts     Inc.
                                           2,552,213          55,102
        Rexford     Industrial      Realty    Inc.
                                           1,881,289          54,858
        International        Bancshares      Corp.
                                           1,378,507          54,727
     *
        Zillow    Group   Inc.   Class   A
                                           1,335,733          54,418
        DiamondRock       Hospitality       Co.
                                           4,804,435          54,242
        Kennedy-Wilson         Holdings     Inc.
                                           3,093,099          53,665
        Retail    Opportunity       Investments       Corp.
                                           2,634,661          52,561
        BOK  Financial      Corp.
                                            556,839         51,407
        Trustmark      Corp.
                                           1,582,638          50,423
     *
        FCB  Financial      Holdings     Inc.   Class   A
                                            991,298         50,358
        Lexington      Realty    Trust
                                           5,203,808          50,217
        First   Merchants      Corp.
                                           1,186,488          49,904
        Potlatch     Corp.
                                            986,120         49,207
     *
        HRG  Group   Inc.
                                           2,898,424          49,128
        Santander      Consumer     USA  Holdings     Inc.
                                           2,629,412          48,960
     *
        Blackhawk      Network     Holdings     Inc.
                                           1,368,265          48,779
        Invesco     Mortgage     Capital     Inc.
                                           2,677,377          47,738
        United    Community      Banks   Inc.
                                           1,680,045          47,276
        Apollo    Commercial      Real   Estate    Finance     Inc.
                                           2,540,153          46,866
        Financial      Engines     Inc.
                                           1,525,120          46,211
        Terreno     Realty    Corp.
                                           1,317,452          46,190
        LegacyTexas       Financial      Group   Inc.
                                           1,089,767          45,999
        Independent       Bank   Corp.
                                            657,705         45,941
        Renasant     Corp.
                                           1,111,452          45,447
        ServisFirst       Bancshares      Inc.
                                           1,091,789          45,309
     *
        Eagle   Bancorp     Inc.
                                            778,561         45,079
        Artisan     Partners     Asset   Management      Inc.   Class   A
                                           1,138,167          44,958
        Government      Properties      Income    Trust
                                           2,373,228          44,000
        Hilltop     Holdings     Inc.
                                           1,727,437          43,756
        Banner    Corp.
                                            791,996         43,655
        Horace    Mann   Educators      Corp.
                                            977,115         43,091
        HFF  Inc.   Class   A
                                            874,801         42,550
        Argo   Group   International        Holdings     Ltd.
                                            689,260         42,493
     *
        OneMain     Holdings     Inc.
                                           1,634,315          42,476
        Waddell     & Reed   Financial      Inc.   Class   A
                                           1,900,703          42,462
        Towne   Bank
                                           1,369,930          42,125
     *
        Pacific     Premier     Bancorp     Inc.
                                           1,051,552          42,062
                                202/562


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        Mack-Cali      Realty    Corp.
                                           1,944,724          41,928
        WesBanco     Inc.
                                           1,022,952          41,583
        LTC  Properties      Inc.
                                            948,268         41,297
     *,^
        BofI   Holding     Inc.
                                           1,376,152          41,147
        Ameris    Bancorp
                                            849,827         40,962
        Capitol     Federal     Financial      Inc.
                                           3,052,235          40,930
        Kite   Realty    Group   Trust
                                           2,052,736          40,234
     *
        Enstar    Group   Ltd.
                                            198,967         39,943
        First   Hawaiian     Inc.
                                           1,365,492          39,845
        Provident      Financial      Services     Inc.
                                           1,441,981          38,890
        Moelis    & Co.  Class   A
                                            793,641         38,492
        Four   Corners     Property     Trust   Inc.
                                           1,488,697          38,260
        Union   Bankshares      Corp.
                                           1,053,455          38,103
        Summit    Hotel   Properties      Inc.
                                           2,493,633          37,978
        NBT  Bancorp     Inc.
                                           1,028,193          37,838
        Select    Income    REIT
                                           1,504,368          37,805
                                203/562















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                                                    市場価格

                                              株数     ( 千米ドル     )
     *
        Genworth     Financial      Inc.   Class   A
                                          12,117,126           37,684
        First   Financial      Bancorp
                                           1,426,686          37,593
        Chesapeake      Lodging     Trust
                                           1,380,336          37,393
        Northwest      Bancshares      Inc.
                                           2,233,375          37,364
     *
        LendingClub       Corp.
                                           9,014,242          37,229
        Westamerica       Bancorporation
                                            617,484         36,771
        WSFS   Financial      Corp.
                                            763,643         36,540
        American     Assets    Trust   Inc.
                                            953,931         36,478
        Mercury     General     Corp.
                                            672,551         35,941
        WisdomTree      Investments       Inc.
                                           2,849,342          35,759
        CenterState       Bank   Corp.
                                           1,376,147          35,408
     *,^
        PRA  Group   Inc.
                                           1,040,939          34,559
        Heartland      Financial      USA  Inc.
                                            643,419         34,519
        Agree   Realty    Corp.
                                            668,356         34,380
        Park   National     Corp.
                                            322,391         33,529
        Berkshire      Hills   Bancorp     Inc.
                                            914,475         33,470
        Global    Net  Lease   Inc.
                                           1,615,438          33,246
        First   Commonwealth       Financial      Corp.
                                           2,317,453          33,186
        Employers      Holdings     Inc.
                                            736,149         32,685
        S&T  Bancorp     Inc.
                                            818,263         32,575
        National     Storage     Affiliates      Trust
                                           1,188,113          32,388
        Washington      Prime   Group   Inc.
                                           4,520,112          32,183
        Independent       Bank   Group   Inc.
                                            473,816         32,030
     *
        Walker    & Dunlop    Inc.
                                            672,729         31,955
     *
        Quality     Care   Properties      Inc.
                                           2,254,159          31,130
        Alexander      & Baldwin     Inc.
                                           1,116,876          30,982
        First   Busey   Corp.
                                           1,029,855          30,834
        Boston    Private     Financial      Holdings     Inc.
                                           1,965,748          30,371
        CYS  Investments       Inc.
                                           3,781,364          30,364
        CareTrust      REIT   Inc.
                                           1,809,222          30,323
     *
        Third   Point   Reinsurance       Ltd.
                                           2,053,573          30,085
        Piper   Jaffray     Cos.
                                            347,364         29,960
        Navigators      Group   Inc.
                                            609,419         29,679
        First   Interstate      BancSystem      Inc.   Class   A
                                            736,354         29,491
        Monmouth     Real   Estate    Investment      Corp.
                                           1,636,282          29,126
        Houlihan     Lokey   Inc.   Class   A
                                            634,370         28,819
        Hannon    Armstrong      Sustainable       Infrastructure         Capital     Inc.
                                           1,197,623          28,815
        Tompkins     Financial      Corp.
                                            351,682         28,609
        AMERISAFE      Inc.
                                            464,110         28,589
        Ramco-Gershenson          Properties      Trust
                                           1,927,608          28,394
        Lakeland     Financial      Corp.
                                            579,318         28,091
        Safety    Insurance      Group   Inc.
                                            348,354         28,008
        NRG  Yield   Inc.
                                           1,476,452          27,905
        National     General     Holdings     Corp.
                                           1,419,210          27,873
        Brookline      Bancorp     Inc.
                                           1,769,011          27,773
        Beneficial      Bancorp     Inc.
                                           1,674,276          27,542
        Redwood     Trust   Inc.
                                           1,835,711          27,205
     *
        Seacoast     Banking     Corp.   of  Florida
                                           1,064,702          26,841
                                204/562


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        Infinity     Property     & Casualty     Corp.
                                            252,598         26,775
        Franklin     Street    Properties      Corp.
                                           2,467,811          26,504
        State   Bank   Financial      Corp.
                                            883,145         26,353
     ^
        ARMOUR    Residential       REIT   Inc.
                                            997,212         25,648
     *
        Cannae    Holdings     Inc.
                                           1,499,093          25,530
        Kearny    Financial      Corp.
                                           1,763,451          25,482
     *
        First   BanCorp
                                           4,913,763          25,060
        First   Bancorp
                                            709,439         25,050
        City   Holding     Co.
                                            368,867         24,887
     ^
        Seritage     Growth    Properties      Class   A
                                            611,459         24,740
        Chatham     Lodging     Trust
                                           1,083,038          24,650
        Meridian     Bancorp     Inc.
                                           1,189,623          24,506
        James   River   Group   Holdings     Ltd.
                                            601,772         24,077
        Cohen   & Steers    Inc.
                                            507,310         23,991
        PennyMac     Mortgage     Investment      Trust
                                           1,491,188          23,963
        Enterprise      Financial      Services     Corp.
                                            528,322         23,854
                                205/562















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                                                    市場価格

                                              株数     ( 千米ドル     )
     ^
        CBL  & Associates      Properties      Inc.
                                           4,212,194          23,841
     *,^
        Encore    Capital     Group   Inc.
                                            564,561         23,768
        Ladder    Capital     Corp.   Class   A
                                           1,738,346          23,694
     ^
        AmTrust     Financial      Services     Inc.
                                           2,327,850          23,441
        Tier   REIT   Inc.
                                           1,138,739          23,219
     *
        NMI  Holdings     Inc.   Class   A
                                           1,364,829          23,202
        Stewart     Information       Services     Corp.
                                            543,740         23,000
        Universal      Health    Realty    Income    Trust
                                            306,057         22,988
        Southside      Bancshares      Inc.
                                            679,995         22,902
        Hanmi   Financial      Corp.
                                            747,384         22,683
        Easterly     Government      Properties      Inc.
                                           1,053,486          22,481
        United    Fire   Group   Inc.
                                            485,408         22,125
        Sandy   Spring    Bancorp     Inc.
                                            555,720         21,684
     ^
        Virtu   Financial      Inc.   Class   A
                                           1,175,714          21,516
        Banc   of  California      Inc.
                                           1,038,656          21,448
        MainSource      Financial      Group   Inc.
                                            590,048         21,425
        Heritage     Financial      Corp.
                                            691,834         21,308
        Lakeland     Bancorp     Inc.
                                           1,103,153          21,236
        United    Financial      Bancorp     Inc.
                                           1,200,388          21,175
        TFS  Financial      Corp.
                                           1,413,941          21,124
        Central     Pacific     Financial      Corp.
                                            707,265         21,098
        TrustCo     Bank   Corp.   NY
                                           2,262,947          20,819
        BancFirst      Corp.
                                            406,987         20,817
        National     Bank   Holdings     Corp.   Class   A
                                            635,922         20,623
        Independence       Realty    Trust   Inc.
                                           2,029,424          20,477
        Getty   Realty    Corp.
                                            753,543         20,466
        Universal      Insurance      Holdings     Inc.
                                            748,085         20,460
        Kinsale     Capital     Group   Inc.
                                            454,036         20,432
        RE/MAX    Holdings     Inc.   Class   A
                                            420,481         20,393
        Bryn   Mawr   Bank   Corp.
                                            455,984         20,154
        Meta   Financial      Group   Inc.
                                            217,463         20,148
        MTGE   Investment      Corp.
                                           1,087,645          20,121
        Capstead     Mortgage     Corp.
                                           2,325,417          20,115
        Alexander's       Inc.
                                             49,950         19,773
        Virtus    Investment      Partners     Inc.
                                            168,893         19,431
        Stock   Yards   Bancorp     Inc.
                                            501,994         18,925
     ^
        Pennsylvania       REIT
                                           1,581,431          18,803
        ConnectOne      Bancorp     Inc.
                                            729,765         18,791
     *
        Flagstar     Bancorp     Inc.
                                            500,771         18,739
        Preferred      Bank
                                            317,458         18,660
        PJT  Partners     Inc.
                                            405,522         18,492
        Nelnet    Inc.   Class   A
                                            336,867         18,454
        CoBiz   Financial      Inc.
                                            917,637         18,344
        Univest     Corp.   of  Pennsylvania
                                            653,576         18,333
        TriCo   Bancshares
                                            480,988         18,210
        Saul   Centers     Inc.
                                            294,199         18,167
     *
        Liberty     Broadband      Corp.   Class   A
                                            211,392         17,979
     *
        iStar   Inc.
                                           1,588,736          17,953
                                206/562


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        Preferred      Apartment      Communities       Inc.   Class   A
                                            883,244         17,886
        Washington      Trust   Bancorp     Inc.
                                            335,426         17,861
        Flushing     Financial      Corp.
                                            648,443         17,832
     *
        St.  Joe  Co.
                                            986,450         17,805
     *
        HomeStreet      Inc.
                                            614,196         17,781
        National     Western     Life   Group   Inc.   Class   A
                                             53,331         17,654
        OceanFirst      Financial      Corp.
                                            670,018         17,588
        Granite     Point   Mortgage     Trust   Inc.
                                            987,226         17,513
        Northfield      Bancorp     Inc.
                                           1,024,998          17,507
     *
        Customers      Bancorp     Inc.
                                            672,974         17,491
        InfraREIT      Inc.
                                            941,240         17,488
        Community      Trust   Bancorp     Inc.
                                            368,700         17,366
        German    American     Bancorp     Inc.
                                            484,996         17,135
        FBL  Financial      Group   Inc.   Class   A
                                            245,289         17,084
        NRG  Yield   Inc.   Class   A
                                            906,264         17,083
        Investors      Real   Estate    Trust
                                           3,002,255          17,053
                                207/562















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                                                    市場価格

                                              株数     ( 千米ドル     )
        Carolina     Financial      Corp.
                                            450,230         16,726
        Armada    Hoffler     Properties      Inc.
                                           1,076,246          16,714
        Hersha    Hospitality       Trust   Class   A
                                            948,706         16,507
        Diamond     Hill   Investment      Group   Inc.
                                             79,354         16,399
        Urstadt     Biddle    Properties      Inc.   Class   A
                                            748,556         16,274
        New  York   Mortgage     Trust   Inc.
                                           2,634,605          16,256
        Oritani     Financial      Corp.
                                            968,991         15,891
        Guaranty     Bancorp
                                            565,352         15,632
        New  York   REIT   Inc.
                                           3,956,394          15,549
     *
        INTL.   FCStone     Inc.
                                            364,656         15,509
        Horizon     Bancorp
                                            556,211         15,463
     *,^
        MBIA   Inc.
                                           2,102,363          15,389
        Camden    National     Corp.
                                            364,459         15,355
        Dime   Community      Bancshares      Inc.
                                            727,971         15,251
        First   of  Long   Island    Corp.
                                            530,627         15,123
        New  Senior    Investment      Group   Inc.
                                           1,999,495          15,116
        Bridge    Bancorp     Inc.
                                            431,408         15,099
     *,^
        Williams     Scotsman     Corp.
                                           1,159,589          14,727
        Investment      Technology      Group   Inc.
                                            751,901         14,474
        Ashford     Hospitality       Trust   Inc.
                                           2,135,784          14,374
     *
        Greenlight      Capital     Re  Ltd.   Class   A
                                            714,527         14,362
        Heritage     Commerce     Corp.
                                            932,251         14,282
     *
        Veritex     Holdings     Inc.
                                            513,684         14,173
        Live   Oak  Bancshares      Inc.
                                            592,651         14,135
     *
        Opus   Bank
                                            514,470         14,045
     *
        First   Foundation      Inc.
                                            750,437         13,913
        Great   Southern     Bancorp     Inc.
                                            268,852         13,886
     *
        EZCORP    Inc.   Class   A
                                           1,136,267          13,862
        Gladstone      Commercial      Corp.
                                            658,088         13,859
        Federal     Agricultural       Mortgage     Corp.
                                            173,799         13,598
        CatchMark      Timber    Trust   Inc.   Class   A
                                           1,025,344          13,463
     *
        Nationstar      Mortgage     Holdings     Inc.
                                            723,616         13,387
     *
        Triumph     Bancorp     Inc.
                                            422,753         13,317
        Peoples     Bancorp     Inc.
                                            408,058         13,311
        QCR  Holdings     Inc.
                                            309,849         13,277
     *
        Marcus    & Millichap      Inc.
                                            406,448         13,254
        Peapack     Gladstone      Financial      Corp.
                                            377,413         13,217
        Mercantile      Bank   Corp.
                                            373,272         13,203
        Anworth     Mortgage     Asset   Corp.
                                           2,402,741          13,071
        Altisource      Residential       Corp.
                                           1,087,520          12,898
        AG  Mortgage     Investment      Trust   Inc.
                                            671,785         12,771
        Cedar   Realty    Trust   Inc.
                                           2,079,341          12,642
     ^
        Whitestone      REIT
                                            872,349         12,571
     *
        Cadence     BanCorp     Class   A
                                            463,169         12,561
     *
        FB  Financial      Corp.
                                            298,701         12,542
        Westwood     Holdings     Group   Inc.
                                            189,360         12,538
        BBX  Capital     Corp.   Class   A
                                           1,557,869          12,416
     *
        TriState     Capital     Holdings     Inc.
                                            526,277         12,104
                                208/562


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     *
        Bancorp     Inc.
                                           1,218,738          12,041
        NexPoint     Residential       Trust   Inc.
                                            420,244         11,742
        KKR  Real   Estate    Finance     Trust   Inc.
                                            577,424         11,554
        State   Auto   Financial      Corp.
                                            396,051         11,533
     *
        Enova   International        Inc.
                                            758,131         11,524
        Midland     States    Bancorp     Inc.
                                            353,084         11,468
        Blue   Hills   Bancorp     Inc.
                                            570,252         11,462
        Community      Healthcare      Trust   Inc.
                                            405,984         11,408
        First   Defiance     Financial      Corp.
                                            217,942         11,326
     *
        PennyMac     Financial      Services     Inc.   Class   A
                                            504,628         11,278
        CorEnergy      Infrastructure         Trust   Inc.
                                            293,933         11,228
        Fidelity     Southern     Corp.
                                            514,578         11,218
        Independent       Bank   Corp.
                                            501,462         11,208
     *
        National     Commerce     Corp.
                                            276,321         11,122
        Maiden    Holdings     Ltd.
                                           1,678,845          11,080
        UMH  Properties      Inc.
                                            735,617         10,961
                                209/562















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                                                    市場価格

                                              株数     ( 千米ドル     )
        Bank   Mutual    Corp.
                                           1,027,692          10,945
        First   Financial      Corp.
                                            238,602         10,821
        Financial      Institutions       Inc.
                                            342,200         10,642
        Waterstone      Financial      Inc.
                                            616,491         10,511
        City   Office    REIT   Inc.
                                            806,299         10,490
        One  Liberty     Properties      Inc.
                                            403,751         10,465
     *
        Allegiance      Bancshares      Inc.
                                            275,959         10,390
     *
        HomeTrust      Bancshares      Inc.
                                            401,264         10,333
        OFG  Bancorp
                                           1,099,006          10,331
     *
        Nicolet     Bankshares      Inc.
                                            188,722         10,331
        Bank   of  Marin   Bancorp
                                            151,613         10,310
     *
        Franklin     Financial      Network     Inc.
                                            302,096         10,301
        Arbor   Realty    Trust   Inc.
                                           1,178,116          10,179
     *
        Green   Bancorp     Inc.
                                            500,347         10,157
        United    Community      Financial      Corp.
                                           1,108,871          10,124
     *,^
        Republic     First   Bancorp     Inc.
                                           1,196,992          10,115
        Arrow   Financial      Corp.
                                            296,230         10,057
        People's     Utah   Bancorp
                                            329,739          9,991
        Western     Asset   Mortgage     Capital     Corp.
                                            991,945          9,870
        RMR  Group   Inc.   Class   A
                                            165,508          9,815
     *
        Atlantic     Capital     Bancshares      Inc.
                                            556,566          9,796
        United    Insurance      Holdings     Corp.
                                            559,305          9,648
        Old  Second    Bancorp     Inc.
                                            699,050          9,542
     ^
        Orchid    Island    Capital     Inc.
                                           1,013,174           9,402
     *
        Equity    Bancshares      Inc.   Class   A
                                            263,078          9,316
     ^
        Greenhill      & Co.  Inc.
                                            473,983          9,243
     *
        Global    Indemnity      Ltd.
                                            218,460          9,180
     *
        World   Acceptance      Corp.
                                            113,647          9,174
     *,^
        Redfin    Corp.
                                            292,653          9,166
     *
        Ambac   Financial      Group   Inc.
                                            567,760          9,073
     *
        Xenith    Bankshares      Inc.
                                            268,141          9,071
        Access    National     Corp.
                                            325,804          9,070
        First   Community      Bancshares      Inc.
                                            315,304          9,059
     ^
        Heritage     Insurance      Holdings     Inc.
                                            502,565          9,056
        MidWestOne      Financial      Group   Inc.
                                            267,346          8,964
        First   Bancshares      Inc.
                                            260,943          8,924
        Dynex   Capital     Inc.
                                           1,269,218           8,897
        Bar  Harbor    Bankshares
                                            328,953          8,885
     *
        Tejon   Ranch   Co.
                                            422,030          8,761
        Clifton     Bancorp     Inc.
                                            504,436          8,626
     *
        Cowen   Inc.   Class   A
                                            624,779          8,528
     *
        MoneyGram      International        Inc.
                                            644,381          8,493
        CNB  Financial      Corp.
                                            323,543          8,490
        First   Mid-Illinois       Bancshares      Inc.
                                            217,797          8,394
        Farmers     National     Banc   Corp.
                                            560,600          8,269
        West   Bancorporation         Inc.
                                            323,143          8,127
     *
        PCSB   Financial      Corp.
                                            425,123          8,099
        First   Connecticut       Bancorp     Inc.
                                            308,980          8,080
                                210/562


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        Western     New  England     Bancorp     Inc.
                                            735,786          8,020
        WashingtonFirst         Bankshares      Inc.
                                            233,887          8,013
        1st  Source    Corp.
                                            160,405          7,932
        First   Internet     Bancorp
                                            205,008          7,821
        Ares   Commercial      Real   Estate    Corp.
                                            603,277          7,782
        MedEquities       Realty    Trust   Inc.
                                            693,192          7,778
     ^
        Farmers     & Merchants      Bancorp     Inc.
                                            186,678          7,616
        American     National     Bankshares      Inc.
                                            198,603          7,606
     ^
        Arlington      Asset   Investment      Corp.   Class   A
                                            640,865          7,549
     *
        eHealth     Inc.
                                            433,996          7,539
        Republic     Bancorp     Inc.   Class   A
                                            196,945          7,488
     *
        FRP  Holdings     Inc.
                                            169,193          7,487
     *,^
        Health    Insurance      Innovations       Inc.   Class   A
                                            298,311          7,443
        Resource     Capital     Corp.
                                            793,772          7,438
        Ashford     Hospitality       Prime   Inc.
                                            763,659          7,430
     *,^
        Citizens     Inc.   Class   A
                                            980,041          7,203
                                211/562















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                                                    市場価格

                                              株数     ( 千米ドル     )
     *
        Newmark     Group   Inc.   Class   A
                                            452,272          7,191
        GAIN   Capital     Holdings     Inc.
                                            716,275          7,163
        Sierra    Bancorp
                                            269,583          7,160
     *
        Ocwen   Financial      Corp.
                                           2,283,853           7,148
        Ladenburg      Thalmann     Financial      Services     Inc.
                                           2,173,795           6,869
        PICO   Holdings     Inc.
                                            532,971          6,822
        Southern     National     Bancorp     of  Virginia     Inc.
                                            424,693          6,808
        Sun  Bancorp     Inc.
                                            279,799          6,799
        Sutherland      Asset   Management      Corp.
                                            448,146          6,789
     *
        HarborOne      Bancorp     Inc.
                                            353,948          6,782
        Old  Line   Bancshares      Inc.
                                            228,063          6,714
     *
        On  Deck   Capital     Inc.
                                           1,166,478           6,696
        Home   Bancorp     Inc.
                                            154,792          6,690
        Baldwin     & Lyons   Inc.
                                            278,637          6,673
        EMC  Insurance      Group   Inc.
                                            231,149          6,632
        National     Bankshares      Inc.
                                            144,376          6,562
     *,^
        Altisource      Portfolio      Solutions      SA
                                            231,164          6,473
        Enterprise      Bancorp     Inc.
                                            190,031          6,471
        Peoples     Financial      Services     Corp.
                                            138,247          6,440
     *
        Regional     Management      Corp.
                                            244,002          6,420
     ^
        Farmland     Partners     Inc.
                                            738,565          6,411
        Territorial       Bancorp     Inc.
                                            207,365          6,401
        Bluerock     Residential       Growth    REIT   Inc.   Class   A
                                            626,503          6,334
        Farmers     Capital     Bank   Corp.
                                            164,292          6,325
        Jernigan     Capital     Inc.
                                            332,618          6,323
        Consolidated-Tomoka           Land   Co.
                                             98,378         6,247
        Hingham     Institution       for  Savings
                                             29,878         6,185
     *
        Southern     First   Bancshares      Inc.
                                            149,868          6,182
        First   Bancorp     Inc.
                                            223,397          6,083
        Hamilton     Lane   Inc.   Class   A
                                            169,548          6,000
        Great   Ajax   Corp.
                                            428,918          5,928
        MutualFirst       Financial      Inc.
                                            151,990          5,859
        Southern     Missouri     Bancorp     Inc.
                                            155,227          5,835
     *
        Safeguard      Scientifics       Inc.
                                            517,916          5,801
        Investors      Title   Co.
                                             28,898         5,732
        Citizens     & Northern     Corp.
                                            238,583          5,726
        Ames   National     Corp.
                                            205,571          5,725
     *
        BSB  Bancorp     Inc.
                                            195,317          5,713
        HCI  Group   Inc.
                                            190,689          5,702
        Summit    Financial      Group   Inc.
                                            216,441          5,697
        Capital     City   Bank   Group   Inc.
                                            248,283          5,696
     *
        Paragon     Commercial      Corp.
                                            106,707          5,678
        Charter     Financial      Corp.
                                            320,741          5,626
        Oppenheimer       Holdings     Inc.   Class   A
                                            207,957          5,573
        Guaranty     Bancshares      Inc.
                                            181,251          5,555
        Macatawa     Bank   Corp.
                                            555,517          5,555
        TPG  RE  Finance     Trust   Inc.
                                            289,667          5,518
     *,^
        Forestar     Group   Inc.
                                            249,255          5,484
                                212/562


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        Cherry    Hill   Mortgage     Investment      Corp.
                                            304,688          5,481
        BankFinancial        Corp.
                                            356,891          5,475
        Northrim     BanCorp     Inc.
                                            160,910          5,447
        Century     Bancorp     Inc.   Class   A
                                             68,932         5,394
        Orrstown     Financial      Services     Inc.
                                            210,135          5,306
     *
        Atlas   Financial      Holdings     Inc.
                                            255,506          5,251
        First   Bank
                                            376,460          5,214
        Penns   Woods   Bancorp     Inc.
                                            111,508          5,194
        Central     Valley    Community      Bancorp
                                            256,265          5,171
        Shore   Bancshares      Inc.
                                            305,032          5,094
        Codorus     Valley    Bancorp     Inc.
                                            181,094          4,986
        FNB  Bancorp
                                            135,854          4,957
     *
        First   Northwest      Bancorp
                                            302,712          4,934
        Civista     Bancshares      Inc.
                                            223,072          4,908
        Marlin    Business     Services     Corp.
                                            216,485          4,849
        Bank   of  Commerce     Holdings
                                            421,001          4,842
                                213/562















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                                                    市場価格

                                              株数     ( 千米ドル     )
        BCB  Bancorp     Inc.
                                            333,743          4,839
        Timberland      Bancorp     Inc.
                                            182,045          4,833
        FS  Bancorp     Inc.
                                             87,803         4,791
        MBT  Financial      Corp.
                                            446,297          4,731
     *
        Sunshine     Bancorp     Inc.
                                            206,193          4,730
     *
        Bank   of  Princeton
                                            136,045          4,672
        Stratus     Properties      Inc.
                                            154,834          4,599
        MidSouth     Bancorp     Inc.
                                            343,907          4,557
        First   Business     Financial      Services     Inc.
                                            205,692          4,550
        Prudential      Bancorp     Inc.
                                            257,175          4,526
        Riverview      Bancorp     Inc.
                                            520,425          4,512
        LCNB   Corp.
                                            218,549          4,469
     *
        NI  Holdings     Inc.
                                            262,967          4,465
        Federated      National     Holding     Co.
                                            263,498          4,366
        C&F  Financial      Corp.
                                             74,815         4,339
        Investar     Holding     Corp.
                                            179,695          4,331
        Northeast      Bancorp
                                            186,720          4,323
     ^
        Global    Medical     REIT   Inc.
                                            525,888          4,312
        SI  Financial      Group   Inc.
                                            293,277          4,311
        Pzena   Investment      Management      Inc.   Class   A
                                            401,065          4,279
        Kingstone      Cos.   Inc.
                                            227,528          4,278
        Commerce     Union   Bancshares      Inc.
                                            166,691          4,274
        Donegal     Group   Inc.   Class   A
                                            246,340          4,262
     *
        Entegra     Financial      Corp.
                                            144,122          4,216
        Bear   State   Financial      Inc.
                                            409,778          4,192
        Bankwell     Financial      Group   Inc.
                                            122,027          4,190
        Reis   Inc.
                                            199,775          4,125
        Gladstone      Land   Corp.
                                            303,136          4,071
     *
        Pacific     Mercantile      Bancorp
                                            465,099          4,070
        Owens   Realty    Mortgage     Inc.
                                            252,573          4,044
        Evans   Bancorp     Inc.
                                             96,328         4,036
     *
        Trinity     Place   Holdings     Inc.
                                            579,490          4,027
        ESSA   Bancorp     Inc.
                                            254,680          3,991
     *,^
        AV  Homes   Inc.
                                            239,422          3,986
        Safety    Income    and  Growth    Inc.
                                            226,295          3,983
        Unity   Bancorp     Inc.
                                            199,004          3,930
     *
        Community      Bankers     Trust   Corp.
                                            474,834          3,870
        ACNB   Corp.
                                            130,516          3,857
     *
        WMIH   Corp.
                                           4,468,924           3,795
        County    Bancorp     Inc.
                                            126,977          3,779
     2
        Winthrop     Realty    Trust
                                            562,609          3,768
        Silvercrest       Asset   Management      Group   Inc.   Class   A
                                            232,973          3,739
     *,^
        Elevate     Credit    Inc.
                                            479,983          3,614
     ^
        Clipper     Realty    Inc.
                                            356,927          3,566
     *
        Byline    Bancorp     Inc.
                                            154,752          3,555
        Chemung     Financial      Corp.
                                             73,538         3,537
     *
        SmartFinancial         Inc.
                                            160,139          3,475
        Premier     Financial      Bancorp     Inc.
                                            172,554          3,465
                                214/562


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     *
        Howard    Bancorp     Inc.
                                            157,068          3,455
        Community      Financial      Corp.
                                             90,165         3,453
        Ellington      Residential       Mortgage     REIT
                                            282,664          3,403
        Independence       Holding     Co.
                                            122,798          3,371
        Associated      Capital     Group   Inc.   Class   A
                                             98,430         3,356
        Parke   Bancorp     Inc.
                                            162,698          3,343
        Merchants      Bancorp
                                            166,700          3,281
        Peoples     Bancorp     of  North   Carolina     Inc.
                                            106,056          3,255
     *
        Malvern     Bancorp     Inc.
                                            122,028          3,197
        GAMCO   Investors      Inc.   Class   A
                                            107,805          3,196
        First   Guaranty     Bancshares      Inc.
                                            123,575          3,089
        Union   Bankshares      Inc.
                                             57,784         3,060
        Federal     Agricultural       Mortgage     Corp.   Class   A
                                             41,769         3,039
        Middlefield       Banc   Corp.
                                             62,863         3,030
        First   Financial      Northwest      Inc.
                                            195,218          3,028
     *
        Maui   Land   & Pineapple      Co.  Inc.
                                            174,732          3,023
                                215/562















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                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
                                                    市場価格

                                              株数     ( 千米ドル     )
        Tiptree     Inc.
                                            493,567          2,937
     *
        Hallmark     Financial      Services     Inc.
                                            273,785          2,856
     *
        Capstar     Financial      Holdings     Inc.
                                            134,266          2,789
     *
        Bay  Bancorp     Inc.
                                            226,029          2,780
     ^
        Greene    County    Bancorp     Inc.
                                             84,105         2,742
        Five   Oaks   Investment      Corp.
                                            676,213          2,705
     *,^
        Impac   Mortgage     Holdings     Inc.
                                            261,577          2,658
        Provident      Financial      Holdings     Inc.
                                            144,128          2,652
     *
        Ashford     Inc.
                                             28,292         2,631
        Sotherly     Hotels    Inc.
                                            392,483          2,532
     *,^
        Atlantic     Coast   Financial      Corp.
                                            258,634          2,439
        DNB  Financial      Corp.
                                             69,832         2,353
        1st  Constitution       Bancorp
                                            127,386          2,350
     ^
        Sussex    Bancorp
                                             87,059         2,342
        United    Bancorp     Inc.
                                            175,556          2,326
     ^
        Innovative      Industrial      Properties      Inc.
                                             70,542         2,279
     *,^
        Select    Bancorp     Inc.
                                            178,553          2,255
        MSB  Financial      Corp.
                                            121,527          2,175
     ^
        Wheeler     REIT   Inc.
                                            216,286          2,159
     *,^
        Bluegreen      Vacations      Corp.
                                            112,727          2,058
     *
        Consumer     Portfolio      Services     Inc.
                                            491,566          2,040
     *
        Provident      Bancorp     Inc.
                                             75,478         1,996
        American     River   Bankshares
                                            130,024          1,983
        Two  River   Bancorp
                                            107,775          1,954
        Blue   Capital     Reinsurance       Holdings     Ltd.
                                            161,959          1,952
        HopFed    Bancorp     Inc.
                                            136,965          1,948
        RBB  Bancorp
                                             68,145         1,865
        CB  Financial      Services     Inc.
                                             58,568         1,778
     *
        Aspen   Group   Inc.
                                            195,693          1,746
        Global    Self   Storage     Inc.
                                            353,584          1,637
        Summit    State   Bank
                                            126,542          1,620
     *
        Coastway     Bancorp     Inc.
                                             71,216         1,517
        Plumas    Bancorp
                                             62,769         1,447
     *
        Jason   Industries      Inc.
                                            597,574          1,416
     *
        Metropolitan       Bank   Holding     Corp.
                                             33,108         1,394
        First   US  Bancshares      Inc.
                                            102,757          1,315
     *
        PDL  Community      Bancorp
                                             86,211         1,309
        Condor    Hospitality       Trust   Inc.
                                            129,639          1,290
     *
        Anchor    Bancorp     Inc.
                                             51,344         1,273
        SB  Financial      Group   Inc.
                                             66,928         1,237
        Manning     & Napier    Inc.
                                            332,877          1,198
        Griffin     Industrial      Realty    Inc.
                                             32,564         1,195
        Eagle   Bancorp     Montana     Inc.
                                             56,692         1,188
     *,^
        ITUS   Corp.
                                            496,401          1,172
        Citizens     Community      Bancorp     Inc.
                                             85,675         1,156
        Mackinac     Financial      Corp.
                                             71,766         1,148
        AmeriServ      Financial      Inc.
                                            267,595          1,111
     *,^
        Altisource      Asset   Management      Corp.
                                             13,570         1,107
                                216/562


                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
        Bancorp     of  New  Jersey    Inc.
                                             60,176         1,098
     *
        Nicholas     Financial      Inc.
                                            124,786          1,098
        Urstadt     Biddle    Properties      Inc.
                                             64,362         1,091
        Medley    Management      Inc.   Class   A
                                            163,603          1,063
     ^
        US  Global    Investors      Inc.   Class   A
                                            271,098          1,057
        Hennessy     Advisors     Inc.
                                             62,773         1,038
        PB  Bancorp     Inc.
                                             96,384         1,036
     *
        Randolph     Bancorp     Inc.
                                             66,307         1,028
     ^
        Manhattan      Bridge    Capital     Inc.
                                            172,279          1,021
        Elmira    Savings     Bank
                                             49,500         1,010
     *
        Tremont     Mortgage     Trust
                                             67,538          992
     *,^
        IZEA   Inc.
                                            211,017           954
        Old  Point   Financial      Corp.
                                             30,404          905
        First   Savings     Financial      Group   Inc.
                                             15,518          892
     *
        Security     National     Financial      Corp.   Class   A
                                            151,600           803
     *
        Esquire     Financial      Holdings     Inc.
                                             39,067          773
                                217/562















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                                                 有価証券報告書（外国投資信託受益証券）
                                                    市場価格

                                              株数     ( 千米ドル     )
     *,^
        Transcontinental          Realty    Investors      Inc.
                                             23,300          730
     *
        1347   Property     Insurance      Holdings     Inc.
                                             91,546          668
        Norwood     Financial      Corp.
                                             18,411          608
     *
        Conifer     Holdings     Inc.
                                            103,597           601
     *
        Porter    Bancorp     Inc.
                                             40,593          585
     *
        Luther    Burbank     Corp.
                                             47,779          575
     *
        Severn    Bancorp     Inc.
                                             77,211          564
     *
        JW  Mays   Inc.
                                             13,855          526
        Citizens     First   Corp.
                                             21,296          511
     ^
        Sachem    Capital     Corp.
                                            113,787           448
     *
        Central     Federal     Corp.
                                            156,639           431
        Pathfinder      Bancorp     Inc.
                                             27,342          417
        RAIT   Financial      Trust
                                           1,086,351            407
     *
        HV  Bancorp     Inc.
                                             25,024          386
     *,^
        Walter    Investment      Management      Corp.
                                            444,717           375
     *
        First   Acceptance      Corp.
                                            280,268           334
     *,^
        National     Holdings     Corp.
                                             93,836          310
        Ottawa    Bancorp     Inc.
                                             20,756          305
     *,^
        ZAIS   Group   Holdings     Inc.
                                             73,304          285
        United    Security     Bancshares
                                             25,050          276
        Sound   Financial      Bancorp     Inc.
                                             7,911          271
     *
        Community      First   Bancshares      Inc.
                                             22,878          264
        United    Community      Bancorp
                                             11,773          250
        Wellesley      Bank
                                             8,312          241
     *,^
        CPI  Card   Group   Inc.
                                             61,565          226
     *
        Intersections        Inc.
                                             85,474          193
        WVS  Financial      Corp.
                                             11,313          175
     *
        FFBW   Inc.
                                             14,001          154
     *
        Eagle   Financial      Bancorp     Inc.
                                             9,424          151
        Oxbridge     Re  Holdings     Ltd.
                                             67,076          144
     *
        Income    Opportunity       Realty    Investors      Inc.
                                             12,550          141
     *
        Bancorp     34  Inc.
                                             9,502          140
     *
        Asta   Funding     Inc.
                                             13,646          101
     *
        Performant      Financial      Corp.
                                             60,291           99
     *
        RMG  Networks     Holding     Corp.
                                            102,173           84
     *
        Opiant    Pharmaceuticals         Inc.
                                             3,300          76
     *
        National     Holdings     Corp.   Warrants     Exp.   01/18/2022
                                             92,151           69
        Bank   of  the  James   Financial      Group   Inc.
                                             4,403          67
        Southwest      Georgia     Financial      Corp.
                                             2,784          67
        Cohen   & Co.  Inc.
                                             7,649          61
     *,^
        Naked   Brand   Group   Inc.
                                             37,541           54
        IF  Bancorp     Inc.
                                             2,021          40
     *
        ICC  Holdings     Inc.
                                             1,600          26
        First   Community      Corp.
                                              967         22
     *
        Broadway     Financial      Corp.
                                             5,342          13
        Baldwin     & Lyons   Inc.
                                              225          5
     *
        HomeTown     Bankshares      Corp.
                                              400          ▶
     *
        FSB  Bancorp     Inc.
                                              200          ▶
                                218/562


                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
        Atlantic     American     Corp.
                                             1,052           ▶
     *
        Equitable      Financial      Corp.
                                              263          3
        GWG  Holdings     Inc.
                                              300          3
        Glen   Burnie    Bancorp
                                              100          1
        Canadian     Imperial     Bank   of  Commerce
                                                        -
                                                  135,795,888
     ヘルスケア      (12.5   ％ )
        Johnson     & Johnson
                                          64,720,544         9,042,754
        Pfizer    Inc.
                                          143,596,574          5,201,068
        UnitedHealth       Group   Inc.
                                          23,347,645         5,147,222
        AbbVie    Inc.
                                          38,462,505         3,719,709
        Merck   & Co.  Inc.
                                          65,669,237         3,695,208
        Amgen   Inc.
                                          17,490,589         3,041,613
        Medtronic      plc
                                          32,616,588         2,633,789
        Bristol-Myers        Squibb    Co.
                                          39,434,795         2,416,564
        Abbott    Laboratories
                                          41,934,913         2,393,225
                                219/562















                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
                                                    市場価格

                                              株数     ( 千米ドル     )
        Gilead    Sciences     Inc.
                                          31,482,378         2,255,398
        Eli  Lilly   & Co.
                                          23,879,004         2,016,821
     *
        Celgene     Corp.
                                          18,975,558         1,980,289
        Thermo    Fisher    Scientific      Inc.
                                           9,661,106         1,834,451
     *
        Biogen    Inc.
                                           5,096,881         1,623,713
        Aetna   Inc.
                                           7,859,435         1,417,763
        Anthem    Inc.
                                           6,188,335         1,392,437
        Becton    Dickinson      and  Co.
                                           6,420,853         1,374,448
        Allergan     plc
                                           8,015,501         1,311,176
        Cigna   Corp.
                                           5,942,635         1,206,890
        Stryker     Corp.
                                           7,212,986         1,116,859
     *
        Express     Scripts     Holding     Co.
                                          13,650,797         1,018,895
     *
        Intuitive      Surgical     Inc.
                                           2,700,031          985,349
     *
        Vertex    Pharmaceuticals         Inc.
                                           6,094,571          913,332
        Humana    Inc.
                                           3,443,354          854,193
        Zoetis    Inc.
                                          11,746,752          846,236
     *
        Boston    Scientific      Corp.
                                          33,093,479          820,387
        Baxter    International        Inc.
                                          12,470,051          806,064
     *
        Illumina     Inc.
                                           3,519,236          768,918
     *
        Regeneron      Pharmaceuticals         Inc.
                                           1,907,312          717,073
     *
        Alexion     Pharmaceuticals         Inc.
                                           5,114,137          611,600
     *
        HCA  Healthcare      Inc.
                                           6,826,174          599,611
        Zimmer    Biomet    Holdings     Inc.
                                           4,878,745          588,718
     *
        Edwards     Lifesciences       Corp.
                                           5,099,700          574,787
     *
        Mylan   NV
                                          12,281,506          519,631
     *
        Incyte    Corp.
                                           4,322,693          409,402
     *
        Centene     Corp.
                                           3,950,924          398,569
     *
        Laboratory      Corp.   of  America     Holdings
                                           2,453,856          391,415
     *
        Align   Technology      Inc.
                                           1,738,793          386,342
     *
        BioMarin     Pharmaceutical         Inc.
                                           4,229,910          377,181
     *
        IQVIA   Holdings     Inc.
                                           3,772,974          369,374
        Dentsply     Sirona    Inc.
                                           5,532,506          364,205
     *
        Waters    Corp.
                                           1,824,423          352,460
     *
        IDEXX   Laboratories       Inc.
                                           2,102,888          328,850
        Quest   Diagnostics       Inc.
                                           3,284,373          323,478
        ResMed    Inc.
                                           3,420,890          289,715
     *
        Hologic     Inc.
                                           6,644,301          284,044
     *
        Alnylam     Pharmaceuticals         Inc.
                                           2,150,871          273,268
        Teleflex     Inc.
                                           1,085,114          269,998
        Perrigo     Co.  plc
                                           3,055,590          266,325
     *
        Henry   Schein    Inc.
                                           3,783,141          264,366
        Cooper    Cos.   Inc.
                                           1,179,038          256,889
     *
        Varian    Medical     Systems     Inc.
                                           2,210,626          245,711
        Universal      Health    Services     Inc.   Class   B
                                           2,111,573          239,347
     *
        DaVita    Inc.
                                           3,312,730          239,345
     *
        Nektar    Therapeutics       Class   A
                                           3,795,227          226,651
     *
        Exelixis     Inc.
                                           7,129,502          216,737
     *
        WellCare     Health    Plans   Inc.
                                           1,073,021          215,795
                                220/562


                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
     *
        Bluebird     Bio  Inc.
                                           1,182,427          210,590
     *
        Alkermes     plc
                                           3,703,395          202,687
     *
        ABIOMED     Inc.
                                           1,012,293          189,714
     *
        Jazz   Pharmaceuticals         plc
                                           1,372,307          184,781
        STERIS    plc
                                           2,047,069          179,057
        West   Pharmaceutical         Services     Inc.
                                           1,789,824          176,602
     *
        Neurocrine      Biosciences       Inc.
                                           2,130,737          165,324
     *
        Sage   Therapeutics       Inc.
                                            951,899         156,787
     *
        Exact   Sciences     Corp.
                                           2,885,533          151,606
     *
        Ionis   Pharmaceuticals         Inc.
                                           3,002,397          151,021
     *
        United    Therapeutics       Corp.
                                            991,847         146,744
     *
        Bioverativ      Inc.
                                           2,605,050          140,464
        Hill-Rom     Holdings     Inc.
                                           1,583,610          133,482
     *
        Catalent     Inc.
                                           3,200,776          131,488
     *
        Charles     River   Laboratories       International        Inc.
                                           1,140,430          124,820
     *
        Seattle     Genetics     Inc.
                                           2,257,778          120,791
                                221/562















                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
                                                    市場価格

                                              株数     ( 千米ドル     )
     *
        Bio-Rad     Laboratories       Inc.   Class   A
                                            505,416         120,628
     *
        MEDNAX    Inc.
                                           2,256,483          120,586
     *
        DexCom    Inc.
                                           2,092,921          120,113
        Bio-Techne      Corp.
                                            898,441         116,393
        HealthSouth       Corp.
                                           2,258,053          111,570
     *
        PRA  Health    Sciences     Inc.
                                           1,220,332          111,136
     *
        Envision     Healthcare      Corp.
                                           2,923,152          101,024
     *
        Insulet     Corp.
                                           1,400,409          96,628
     *
        Masimo    Corp.
                                           1,121,769          95,126
     *
        Juno   Therapeutics       Inc.
                                           2,063,527          94,324
     *
        Molina    Healthcare      Inc.
                                           1,169,104          89,647
        Healthcare      Services     Group   Inc.
                                           1,676,343          88,377
        Cantel    Medical     Corp.
                                            855,896         88,046
        Bruker    Corp.
                                           2,444,160          83,884
     *
        INC  Research     Holdings     Inc.   Class   A
                                           1,891,297          82,461
     *
        Sarepta     Therapeutics       Inc.
                                           1,478,075          82,240
     *
        FibroGen     Inc.
                                           1,680,801          79,670
     *
        ICU  Medical     Inc.
                                            363,554         78,528
     *
        Portola     Pharmaceuticals         Inc.
                                           1,573,319          76,589
     *
        Clovis    Oncology     Inc.
                                           1,120,888          76,220
     *
        Puma   Biotechnology        Inc.
                                            770,977         76,211
     *
        TESARO    Inc.
                                            916,307         75,934
     *
        Haemonetics       Corp.
                                           1,269,691          73,744
     *
        Blueprint      Medicines      Corp.
                                            975,154         73,536
     *
        Integra     LifeSciences       Holdings     Corp.
                                           1,506,846          72,118
     *,^
        ACADIA    Pharmaceuticals         Inc.
                                           2,394,085          72,086
     *
        Neogen    Corp.
                                            872,773         71,751
     *
        NuVasive     Inc.
                                           1,226,209          71,721
        Patterson      Cos.   Inc.
                                           1,956,238          70,679
     *
        Penumbra     Inc.
                                            735,873         69,246
     *
        Globus    Medical     Inc.
                                           1,657,790          68,135
     *
        Akorn   Inc.
                                           2,100,702          67,706
     *
        Acadia    Healthcare      Co.  Inc.
                                           2,015,585          65,769
     *
        Ligand    Pharmaceuticals         Inc.
                                            455,807         62,414
     *
        Array   BioPharma      Inc.
                                           4,747,711          60,771
     *
        Avexis    Inc.
                                            539,662         59,724
     *
        Halozyme     Therapeutics       Inc.
                                           2,909,882          58,954
     *
        Amicus    Therapeutics       Inc.
                                           4,033,173          58,037
     *
        Horizon     Pharma    plc
                                           3,950,376          57,675
     *
        Insmed    Inc.
                                           1,847,465          57,604
     *
        Myriad    Genetics     Inc.
                                           1,674,172          57,499
     *
        Agios   Pharmaceuticals         Inc.
                                            993,654         56,807
     *
        Prestige     Brands    Holdings     Inc.
                                           1,272,865          56,528
     *
        Wright    Medical     Group   NV
                                           2,525,832          56,073
     *
        Magellan     Health    Inc.
                                            574,788         55,496
     *
        Aerie   Pharmaceuticals         Inc.
                                            891,336         53,257
     *
        Halyard     Health    Inc.
                                           1,125,656          51,983
     *
        Mallinckrodt       plc
                                           2,285,817          51,568
                                222/562


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     *,^
        Immunomedics       Inc.
                                           3,112,957          50,305
     *
        Merit   Medical     Systems     Inc.
                                           1,143,531          49,401
     *
        Ironwood     Pharmaceuticals         Inc.   Class   A
                                           3,255,021          48,793
     *
        Loxo   Oncology     Inc.
                                            577,361         48,602
     *
        Inogen    Inc.
                                            405,783         48,321
     *
        LifePoint      Health    Inc.
                                            949,587         47,289
     *
        Supernus     Pharmaceuticals         Inc.
                                           1,181,110          47,067
     *
        Brookdale      Senior    Living    Inc.
                                           4,473,089          43,389
     *
        Medicines      Co.
                                           1,580,475          43,210
     *
        Ultragenyx      Pharmaceutical         Inc.
                                            925,955         42,946
     *
        Select    Medical     Holdings     Corp.
                                           2,401,593          42,388
     *
        Pacira    Pharmaceuticals         Inc.
                                            927,652         42,347
     *
        Omnicell     Inc.
                                            869,351         42,164
     *,^
        Corcept     Therapeutics       Inc.
                                           2,325,852          42,005
     *
        Nevro   Corp.
                                            605,680         41,816
     *,^
        OPKO   Health    Inc.
                                           8,094,624          39,664
                                223/562















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                                                    市場価格

                                              株数     ( 千米ドル     )
     *
        Spectrum     Pharmaceuticals         Inc.
                                           2,063,021          39,094
     *,^
        Spark   Therapeutics       Inc.
                                            758,867         39,021
     *
        Acceleron      Pharma    Inc.
                                            915,871         38,870
     *
        NxStage     Medical     Inc.
                                           1,587,653          38,469
     *,^
        Teladoc     Inc.
                                           1,090,272          37,996
     *
        Endo   International        plc
                                           4,830,973          37,440
     *
        Global    Blood   Therapeutics       Inc.
                                            946,278         37,236
     *
        Emergent     BioSolutions       Inc.
                                            792,044         36,806
     *,^
        Tenet   Healthcare      Corp.
                                           2,419,428          36,679
     *
        Amedisys     Inc.
                                            692,703         36,512
     *
        Varex   Imaging     Corp.
                                            905,138         36,359
     *
        Ignyta    Inc.
                                           1,356,054          36,207
     *
        Tivity    Health    Inc.
                                            952,538         34,815
     *
        AnaptysBio      Inc.
                                            340,684         34,314
     *
        HMS  Holdings     Corp.
                                           2,021,137          34,258
     *
        Repligen     Corp.
                                            937,629         34,017
     *
        Esperion     Therapeutics       Inc.
                                            505,660         33,293
     *
        Sangamo     Therapeutics       Inc.
                                           2,023,835          33,191
     *
        Novocure     Ltd.
                                           1,610,008          32,522
     *
        Arena   Pharmaceuticals         Inc.
                                            954,203         32,414
     *
        Zogenix     Inc.
                                            784,550         31,421
        CONMED    Corp.
                                            603,718         30,771
     *,^
        MiMedx    Group   Inc.
                                           2,424,959          30,579
     *
        Quidel    Corp.
                                            704,081         30,522
     *,^
        Radius    Health    Inc.
                                            958,938         30,465
     *
        Aimmune     Therapeutics       Inc.
                                            793,535         30,011
     *
        Impax   Laboratories       Inc.
                                           1,797,538          29,929
        Owens   & Minor   Inc.
                                           1,482,723          27,994
     *,^
        Dynavax     Technologies       Corp.
                                           1,484,528          27,761
     *
        Natus   Medical     Inc.
                                            717,469         27,407
     *,^
        Theravance      Biopharma      Inc.
                                            978,125         27,280
     *
        OraSure     Technologies       Inc.
                                           1,404,701          26,493
     *
        Innoviva     Inc.
                                           1,845,928          26,194
     *,^
        Editas    Medicine     Inc.
                                            847,010         26,029
        Ensign    Group   Inc.
                                           1,170,364          25,982
        Abaxis    Inc.
                                            518,966         25,699
        Analogic     Corp.
                                            303,600         25,426
     *,^
        TherapeuticsMD         Inc.
                                           4,177,431          25,232
     *,^
        Intercept      Pharmaceuticals         Inc.
                                            426,906         24,940
     *
        Revance     Therapeutics       Inc.
                                            689,429         24,647
     *
        Acorda    Therapeutics       Inc.
                                           1,130,839          24,256
     *
        Momenta     Pharmaceuticals         Inc.
                                           1,738,631          24,254
     *
        LHC  Group   Inc.
                                            395,115         24,201
     *
        MyoKardia      Inc.
                                            571,117         24,044
     *
        Foundation      Medicine     Inc.
                                            349,433         23,831
     *,^
        Heron   Therapeutics       Inc.
                                           1,309,962          23,710
     *
        Orthofix     International        NV
                                            416,229         22,768
     *
        Dermira     Inc.
                                            811,293         22,562
                                224/562


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     *
        REGENXBIO      Inc.
                                            670,390         22,290
     *
        BioTelemetry       Inc.
                                            740,110         22,129
     *
        iRhythm     Technologies       Inc.
                                            392,653         22,008
     *
        Intersect      ENT  Inc.
                                            664,996         21,546
        Atrion    Corp.
                                             33,850         21,346
     *,^
        Omeros    Corp.
                                           1,090,406          21,187
     *
        Xencor    Inc.
                                            966,343         21,182
        US  Physical     Therapy     Inc.
                                            290,423         20,969
     *
        ImmunoGen      Inc.
                                           3,207,361          20,559
     *
        Enanta    Pharmaceuticals         Inc.
                                            345,191         20,256
     *
        AxoGen    Inc.
                                            710,712         20,113
     *
        Retrophin      Inc.
                                            933,706         19,673
     *,^
        Accelerate      Diagnostics       Inc.
                                            740,668         19,405
        Kindred     Healthcare      Inc.
                                           1,987,567          19,279
     *,^
        Flexion     Therapeutics       Inc.
                                            764,445         19,142
     *
        Anika   Therapeutics       Inc.
                                            353,241         19,043
                                225/562















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                                                    市場価格

                                              株数     ( 千米ドル     )
     *
        Cardiovascular         Systems     Inc.
                                            794,665         18,826
        Luminex     Corp.
                                            948,566         18,687
     *
        Assembly     Biosciences       Inc.
                                            410,843         18,591
     *,^
        Glaukos     Corp.
                                            706,560         18,123
     *
        K2M  Group   Holdings     Inc.
                                            996,242         17,932
     *,^
        Lannett     Co.  Inc.
                                            768,732         17,835
     *
        Alder   Biopharmaceuticals           Inc.
                                           1,550,892          17,758
     *
        Lantheus     Holdings     Inc.
                                            854,291         17,470
     *,^
        Intrexon     Corp.
                                           1,480,048          17,050
     *
        Almost    Family    Inc.
                                            302,759         16,758
     *
        Amphastar      Pharmaceuticals         Inc.
                                            830,182         15,973
     *
        MacroGenics       Inc.
                                            836,276         15,889
     *
        Genomic     Health    Inc.
                                            463,837         15,863
     *
        PTC  Therapeutics       Inc.
                                            945,067         15,764
     *
        Vanda   Pharmaceuticals         Inc.
                                           1,031,275          15,675
     *,^
        Eagle   Pharmaceuticals         Inc.
                                            291,986         15,598
     *,^
        Epizyme     Inc.
                                           1,233,062          15,475
     *
        Madrigal     Pharmaceuticals         Inc.
                                            168,464         15,463
     *,^
        Aclaris     Therapeutics       Inc.
                                            625,163         15,417
     *
        NeoGenomics       Inc.
                                           1,728,062          15,311
     *
        Intra-Cellular         Therapies      Inc.
                                           1,041,954          15,087
     *
        AngioDynamics        Inc.
                                            889,497         14,792
     *
        Audentes     Therapeutics       Inc.
                                            469,632         14,676
     *
        Five   Prime   Therapeutics       Inc.
                                            666,872         14,618
        Meridian     Bioscience      Inc.
                                           1,042,598          14,596
     *
        AtriCure     Inc.
                                            786,873         14,353
     *
        HealthStream       Inc.
                                            614,820         14,239
     *
        Triple-S     Management      Corp.   Class   B
                                            566,846         14,086
     *
        CryoLife     Inc.
                                            725,293         13,889
     *
        Cutera    Inc.
                                            303,143         13,748
        Invacare     Corp.
                                            815,418         13,740
     *,^
        La  Jolla   Pharmaceutical         Co.
                                            425,428         13,690
     *
        Akebia    Therapeutics       Inc.
                                            919,370         13,671
        National     HealthCare      Corp.
                                            223,567         13,624
     *
        Rigel   Pharmaceuticals         Inc.
                                           3,458,173          13,418
     *
        CytomX    Therapeutics       Inc.
                                            631,071         13,322
     *
        ANI  Pharmaceuticals         Inc.
                                            205,095         13,218
     *,^
        Adamas    Pharmaceuticals         Inc.
                                            387,014         13,116
     *,^
        Synergy     Pharmaceuticals         Inc.
                                           5,879,357          13,111
     *,^
        ZIOPHARM     Oncology     Inc.
                                           3,094,939          12,813
     *
        Exactech     Inc.
                                            257,857         12,751
     *
        Heska   Corp.
                                            156,292         12,536
     *
        Iovance     Biotherapeutics         Inc.
                                           1,557,804          12,462
     *
        CorVel    Corp.
                                            232,825         12,316
     *,^
        Sucampo     Pharmaceuticals         Inc.   Class   A
                                            680,114         12,208
     *
        BioCryst     Pharmaceuticals         Inc.
                                           2,381,179          11,692
     *
        Concert     Pharmaceuticals         Inc.
                                            444,991         11,512
     *,^
        Abeona    Therapeutics       Inc.
                                            719,065         11,397
                                226/562


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     *,^
        Community      Health    Systems     Inc.
                                           2,616,797          11,148
     *,^
        AMAG   Pharmaceuticals         Inc.
                                            832,931         11,036
        LeMaitre     Vascular     Inc.
                                            345,924         11,014
     *
        Depomed     Inc.
                                           1,367,620          11,009
     *
        Mirati    Therapeutics       Inc.
                                            597,489         10,904
     *
        Intellia     Therapeutics       Inc.
                                            562,041         10,802
     *,^
        TG  Therapeutics       Inc.
                                           1,300,856          10,667
     *
        STAAR   Surgical     Co.
                                            687,780         10,661
     *,^
        Endologix      Inc.
                                           1,962,892          10,501
     *
        Progenics      Pharmaceuticals         Inc.
                                           1,750,207          10,414
     *,^
        Lexicon     Pharmaceuticals         Inc.
                                           1,052,238          10,396
     *,^
        Reata   Pharmaceuticals         Inc.   Class   A
                                            361,469         10,237
     *
        G1  Therapeutics       Inc.
                                            515,551         10,229
     *,^
        Collegium      Pharmaceutical         Inc.
                                            553,163         10,211
     *,^
        GlycoMimetics        Inc.
                                            600,009         10,074
     *,^
        Keryx   Biopharmaceuticals           Inc.
                                           2,149,012           9,993
                                227/562















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                                                    市場価格

                                              株数     ( 千米ドル     )
     *
        Karyopharm      Therapeutics       Inc.
                                           1,029,792           9,886
     *,^
        Tactile     Systems     Technology      Inc.
                                            339,862          9,849
     *
        PDL  BioPharma      Inc.
                                           3,585,431           9,824
     *,^
        ViewRay     Inc.
                                           1,050,439           9,727
     *
        Paratek     Pharmaceuticals         Inc.
                                            535,194          9,580
     *
        Cerus   Corp.
                                           2,816,612           9,520
     *
        Cytokinetics       Inc.
                                           1,160,386           9,457
     *,^
        Novavax     Inc.
                                           7,583,721           9,404
     *,^
        Celldex     Therapeutics       Inc.
                                           3,304,849           9,386
     *,^
        Invitae     Corp.
                                           1,024,558           9,303
     *,^
        Kura   Oncology     Inc.
                                            607,634          9,297
     *
        Cymabay     Therapeutics       Inc.
                                           1,007,339           9,268
     *,^
        Achaogen     Inc.
                                            858,770          9,223
     *,^
        Entellus     Medical     Inc.
                                            374,410          9,132
     *
        Achillion      Pharmaceuticals         Inc.
                                           3,105,682           8,944
     *,^
        BioScrip     Inc.
                                           3,066,581           8,924
     *
        Voyager     Therapeutics       Inc.
                                            531,795          8,828
     *
        Atara   Biotherapeutics         Inc.
                                            486,705          8,809
     *
        Enzo   Biochem     Inc.
                                           1,076,342           8,772
     *
        RadNet    Inc.
                                            867,469          8,761
     *
        Stemline     Therapeutics       Inc.
                                            557,289          8,694
     *
        R1  RCM  Inc.
                                           1,966,753           8,673
     *,^
        Inovio    Pharmaceuticals         Inc.
                                           2,099,923           8,673
     *
        Rhythm    Pharmaceuticals         Inc.
                                            297,459          8,644
     *,^
        Coherus     Biosciences       Inc.
                                            980,706          8,630
     *
        Aduro   Biotech     Inc.
                                           1,124,493           8,434
     *
        Surmodics      Inc.
                                            299,829          8,395
     *
        Accuray     Inc.
                                           1,936,438           8,327
     *,^
        Idera   Pharmaceuticals         Inc.
                                           3,787,001           7,991
     *,^
        Corbus    Pharmaceuticals         Holdings     Inc.
                                           1,106,750           7,858
     *,^
        Cara   Therapeutics       Inc.
                                            641,963          7,858
        Utah   Medical     Products     Inc.
                                             96,440         7,850
     *
        Medpace     Holdings     Inc.
                                            215,833          7,826
     *
        Capital     Senior    Living    Corp.
                                            579,381          7,816
     *
        AVEO   Pharmaceuticals         Inc.
                                           2,769,376           7,727
     *
        Tetraphase      Pharmaceuticals         Inc.
                                           1,224,779           7,716
     *
        Catalyst     Pharmaceuticals         Inc.
                                           1,968,675           7,698
     *,^
        Insys   Therapeutics       Inc.
                                            781,550          7,518
     *
        Natera    Inc.
                                            800,588          7,197
     *,^
        Marinus     Pharmaceuticals         Inc.
                                            867,114          7,076
     *
        Pacific     Biosciences       of  California      Inc.
                                           2,624,285           6,928
     *,^
        Rockwell     Medical     Inc.
                                           1,190,225           6,927
     *,^
        Ampio   Pharmaceuticals         Inc.
                                           1,691,161           6,883
     *
        Savara    Inc.
                                            459,595          6,820
     *,^
        Geron   Corp.
                                           3,740,421           6,733
     *,^
        MannKind     Corp.
                                           2,861,516           6,639
     *
        Antares     Pharma    Inc.
                                           3,254,083           6,476
     *
        Protagonist       Therapeutics       Inc.
                                            301,950          6,281
                                228/562


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     *
        BioSpecifics       Technologies       Corp.
                                            143,302          6,209
     *
        Addus   HomeCare     Corp.
                                            177,333          6,171
     *,^
        Bellicum     Pharmaceuticals         Inc.
                                            730,163          6,141
     *
        Corium    International        Inc.
                                            636,418          6,116
     *,^
        Kadmon    Holdings     Inc.
                                           1,681,328           6,086
     *,^
        Agenus    Inc.
                                           1,850,980           6,034
     *
        Civitas     Solutions      Inc.
                                            349,868          5,983
     *,^
        NewLink     Genetics     Corp.
                                            726,442          5,891
     *
        Kindred     Biosciences       Inc.
                                            619,073          5,850
     *
        Ardelyx     Inc.
                                            859,546          5,673
     *,^
        Akcea   Therapeutics       Inc.
                                            321,110          5,574
     *,^
        Neos   Therapeutics       Inc.
                                            545,133          5,560
     *,^
        Surgery     Partners     Inc.
                                            447,406          5,414
     *,^
        Jounce    Therapeutics       Inc.
                                            424,513          5,413
     *
        Melinta     Therapeutics       Inc.
                                            335,336          5,298
     *
        GenMark     Diagnostics       Inc.
                                           1,267,375           5,285
                                229/562















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                                                    市場価格

                                              株数     ( 千米ドル     )
     *,^
        Denali    Therapeutics       Inc.
                                            336,992          5,271
     *,^
        Seres   Therapeutics       Inc.
                                            515,677          5,229
     *
        Fate   Therapeutics       Inc.
                                            854,628          5,222
     *
        Arrowhead      Pharmaceuticals         Inc.
                                           1,377,533           5,069
     *,^
        Athersys     Inc.
                                           2,762,547           5,000
     *
        Aratana     Therapeutics       Inc.
                                            946,728          4,980
     *
        Calithera      Biosciences       Inc.
                                            593,654          4,957
     *,^
        XOMA   Corp.
                                            139,118          4,953
     *,^
        American     Renal   Associates      Holdings     Inc.
                                            282,718          4,919
     *,^
        Senseonics      Holdings     Inc.
                                           1,848,114           4,916
     *
        RTI  Surgical     Inc.
                                           1,186,290           4,864
     *
        Chimerix     Inc.
                                           1,042,116           4,825
     *,^
        Sientra     Inc.
                                            340,981          4,794
     *
        Minerva     Neurosciences        Inc.
                                            775,347          4,691
     *,^
        BioTime     Inc.
                                           2,160,648           4,645
     *,^
        Vericel     Corp.
                                            846,488          4,613
     *
        Tocagen     Inc.
                                            438,900          4,499
     *
        Cascadian      Therapeutics       Inc.
                                           1,214,738           4,495
     *
        ChemoCentryx       Inc.
                                            754,879          4,492
     *
        Quorum    Health    Corp.
                                            718,687          4,485
     *,^
        Tyme   Technologies       Inc.
                                            692,000          4,415
     *,^
        Endocyte     Inc.
                                           1,025,298           4,388
     *,^
        Sorrento     Therapeutics       Inc.
                                           1,153,993           4,385
     *,^
        MediciNova      Inc.
                                            677,747          4,385
     *,^
        Edge   Therapeutics       Inc.
                                            464,871          4,356
     *
        Deciphera      Pharmaceuticals         Inc.
                                            187,950          4,261
     *,^
        Palatin     Technologies       Inc.
                                           4,917,884           4,224
     *,^
        BioDelivery       Sciences     International        Inc.
                                           1,414,198           4,172
     *,^
        Mustang     Bio  Inc.
                                            347,622          4,168
     *,^
        Teligent     Inc.
                                           1,127,691           4,094
     *
        FONAR   Corp.
                                            166,582          4,056
     *
        NanoString      Technologies       Inc.
                                            537,122          4,012
     ^
        Riot   Blockchain      Inc.
                                            140,861          4,000
     *
        Fluidigm     Corp.
                                            661,818          3,898
     *
        PetIQ   Inc.
                                            177,622          3,879
     *,^
        Vital   Therapies      Inc.
                                            651,367          3,876
     *,^
        Dova   Pharmaceuticals         Inc.
                                            133,771          3,853
     *
        Recro   Pharma    Inc.
                                            416,391          3,852
     *,^
        Zynerba     Pharmaceuticals         Inc.
                                            305,185          3,821
     *
        Peregrine      Pharmaceuticals         Inc.
                                            965,478          3,746
     *
        Selecta     Biosciences       Inc.
                                            379,329          3,721
     *,^
        Syros   Pharmaceuticals         Inc.
                                            356,018          3,464
     *,^
        Adamis    Pharmaceuticals         Corp.
                                            781,945          3,441
     *
        Miragen     Therapeutics       Inc.
                                            324,650          3,386
     *
        Otonomy     Inc.
                                            606,314          3,365
     *,^
        Merrimack      Pharmaceuticals         Inc.
                                            325,027          3,332
     *,^
        CareDx    Inc.
                                            448,039          3,289
     *
        Conatus     Pharmaceuticals         Inc.
                                            710,819          3,284
                                230/562


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     *
        Kala   Pharmaceuticals         Inc.
                                            177,385          3,280
     *,^
        CytoSorbents       Corp.
                                            502,127          3,264
     *
        ArQule    Inc.
                                           1,974,605           3,258
     *
        Immune    Design    Corp.
                                            833,775          3,252
     *
        Syndax    Pharmaceuticals         Inc.
                                            370,266          3,244
     *,^
        Optinose     Inc.
                                            171,184          3,235
     *,^
        Anavex    Life   Sciences     Corp.
                                            993,461          3,199
     *,^
        Organovo     Holdings     Inc.
                                           2,362,328           3,166
     *,^
        Dicerna     Pharmaceuticals         Inc.
                                            350,298          3,163
     *
        Durect    Corp.
                                           3,398,631           3,133
     *
        Veracyte     Inc.
                                            467,588          3,053
     *,^
        Clearside      Biomedical      Inc.
                                            432,905          3,030
     *,^
        Aldeyra     Therapeutics       Inc.
                                            429,986          2,924
     *,^
        Viking    Therapeutics       Inc.
                                            715,869          2,906
     *,^
        NantKwest      Inc.
                                            635,282          2,852
     *
        SeaSpine     Holdings     Corp.
                                            281,105          2,845
                                231/562















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                                                    市場価格

                                              株数     ( 千米ドル     )
     *,^
        Advaxis     Inc.
                                            994,754          2,825
     *
        Harvard     Bioscience      Inc.
                                            855,650          2,824
     *
        Verastem     Inc.
                                            886,976          2,723
        Psychemedics       Corp.
                                            132,234          2,719
     *,^
        Cidara    Therapeutics       Inc.
                                            395,429          2,689
     *,^
        GTx  Inc.
                                            209,702          2,665
     *
        Ovid   therapeutics       Inc.
                                            269,127          2,656
     *
        AAC  Holdings     Inc.
                                            289,838          2,609
     *
        Ocular    Therapeutix       Inc.
                                            580,670          2,584
     *,^
        Sienna    Biopharmaceuticals           Inc.
                                            141,704          2,572
     *
        Fortress     Biotech     Inc.
                                            644,427          2,571
     *
        Sunesis     Pharmaceuticals         Inc.
                                            693,738          2,560
     *
        Zafgen    Inc.
                                            541,528          2,502
     *
        ConforMIS      Inc.
                                           1,045,299           2,488
     *
        OncoMed     Pharmaceuticals         Inc.
                                            603,065          2,473
     *
        Curis   Inc.
                                           3,509,307           2,456
     *,^
        Corindus     Vascular     Robotics     Inc.
                                           2,399,515           2,423
     *
        Molecular      Templates      Inc.
                                            239,228          2,397
     *,^
        Chembio     Diagnostics       Inc.
                                            288,580          2,366
     *
        Ophthotech      Corp.
                                            755,769          2,358
     *,^
        Pulse   Biosciences       Inc.
                                             98,205         2,318
     *
        Spring    Bank   Pharmaceuticals         Inc.
                                            169,085          2,274
     *,^
        Infinity     Pharmaceuticals         Inc.
                                           1,116,666           2,267
     *
        Corvus    Pharmaceuticals         Inc.
                                            215,263          2,230
     *,^
        Calyxt    Inc.
                                            100,688          2,218
     *,^
        Ohr  Pharmaceutical         Inc.
                                           1,160,502           2,159
     *
        Adverum     Biotechnologies         Inc.
                                            615,877          2,156
     *,^
        Regulus     Therapeutics       Inc.
                                           2,068,201           2,151
     *
        CTI  BioPharma      Corp.
                                            790,558          2,119
     *,^
        CASI   Pharmaceuticals         Inc.
                                            650,989          2,116
     *
        Eiger   BioPharmaceuticals           Inc.
                                            149,465          2,085
     *,^
        Invuity     Inc.
                                            335,182          2,078
     *
        OrthoPediatrics         Corp.
                                            107,941          2,071
     *,^
        Agile   Therapeutics       Inc.
                                            754,951          2,031
     *,^
        Nobilis     Health    Corp.
                                           1,482,407           2,001
     *,^
        T2  Biosystems      Inc.
                                            482,950          1,990
     *
        Versartis      Inc.
                                            888,732          1,955
     *,^
        Galectin     Therapeutics       Inc.
                                            584,459          1,952
     *,^
        AcelRx    Pharmaceuticals         Inc.
                                            952,160          1,928
     *
        Trevena     Inc.
                                           1,192,683           1,908
     *
        IRIDEX    Corp.
                                            249,167          1,899
     *
        Aptevo    Therapeutics       Inc.
                                            446,531          1,893
     *
        Axsome    Therapeutics       Inc.
                                            327,155          1,832
     *,^
        Alimera     Sciences     Inc.
                                           1,374,781           1,828
     *
        ADMA   Biologics      Inc.
                                            558,763          1,794
     *,^
        Mersana     Therapeutics       Inc.
                                            108,574          1,784
     *
        Alpine    Immune    Sciences     Inc.
                                            158,018          1,770
     *,^
        Matinas     BioPharma      Holdings     Inc.
                                           1,524,744           1,769
                                232/562


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     *
        Celcuity     Inc.
                                             93,214         1,766
     *
        MEI  Pharma    Inc.
                                            835,645          1,755
     *
        Bovie   Medical     Corp.
                                            665,652          1,731
     *
        Ra  Pharmaceuticals         Inc.
                                            203,349          1,728
     *,^
        Sophiris     Bio  Inc.
                                            714,237          1,621
     *,^
        BrainStorm      Cell   Therapeutics       Inc.
                                            412,248          1,616
     *,^
        Ekso   Bionics     Holdings     Inc.
                                            743,108          1,583
     *,^
        iRadimed     Corp.
                                            104,396          1,582
     *,^
        Viveve    Medical     Inc.
                                            310,713          1,544
     *,^
        Synthetic      Biologics      Inc.
                                           3,029,029           1,539
     *,^
        Aradigm     Corp.
                                            229,343          1,537
     *,^
        Inotek    Pharmaceuticals         Corp.
                                            583,988          1,524
     *,^
        XBiotech     Inc.
                                            382,203          1,506
     *,^
        SCYNEXIS     Inc.
                                            631,526          1,465
     *
        Cumberland      Pharmaceuticals         Inc.
                                            194,545          1,444
     *,^
        Bellerophon       Therapeutics       Inc.
                                            545,979          1,409
                                233/562















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                                                    市場価格

                                              株数     ( 千米ドル     )
     *,^
        Oncocyte     Corp.
                                            296,293          1,378
     *,^
        pSivida     Corp.
                                           1,179,356           1,274
     *
        Cogentix     Medical     Inc.
                                            402,102          1,267
     *,^
        Rexahn    Pharmaceuticals         Inc.
                                            622,815          1,258
     *
        Allena    Pharmaceuticals         Inc.
                                            124,629          1,254
     *
        Apellis     Pharmaceuticals         Inc.
                                             56,444         1,225
     *,^
        VIVUS   Inc.
                                           2,436,427           1,225
     *
        Aeglea    BioTherapeutics         Inc.
                                            226,243          1,224
     *
        scPharmaceuticals          Inc.
                                            101,200          1,223
     *,^
        BioLife     Solutions      Inc.
                                            195,545          1,173
     *,^
        Alphatec     Holdings     Inc.
                                            434,913          1,157
     *
        Electromed      Inc.
                                            188,884          1,147
     *,^
        Second    Sight   Medical     Products     Inc.
                                            593,577          1,134
     *,^
        Obalon    Therapeutics       Inc.
                                            170,838          1,129
     *,^
        Navidea     Biopharmaceuticals           Inc.
                                           3,119,346           1,118
     *,^
        Gemphire     Therapeutics       Inc.
                                            137,813          1,096
     *,^
        Actinium     Pharmaceuticals         Inc.
                                           1,627,008           1,080
     *
        OvaScience      Inc.
                                            760,632          1,065
     *,^
        ContraFect      Corp.
                                           1,031,017           1,041
     *,^
        Egalet    Corp.
                                           1,039,777           1,040
     *
        aTyr   Pharma    Inc.
                                            295,572          1,034
     *
        Pfenex    Inc.
                                            386,882          1,029
     *,^
        Vermillion      Inc.
                                            530,555          1,024
     *
        Misonix     Inc.
                                            105,030          1,008
        Digirad     Corp.
                                            390,006          1,004
     *
        Proteostasis       Therapeutics       Inc.
                                            172,205          1,004
     *,^
        Genesis     Healthcare      Inc.
                                           1,313,128           1,002
     *,^
        Asterias     Biotherapeutics         Inc.   Class   A
                                            420,817           947
     *,^
        Novan   Inc.
                                            217,128           916
     *,^
        Celsion     Corp.
                                            334,710           897
     *
        Juniper     Pharmaceuticals         Inc.
                                            183,990           892
     *
        KalVista     Pharmaceuticals         Inc.
                                             88,302          861
     *
        InfuSystem      Holdings     Inc.
                                            372,833           857
     *,^
        OncoSec     Medical     Inc.
                                            525,329           854
     *
        Odonate     Therapeutics       Inc.
                                             33,840          846
     *,^
        Synlogic     Inc.
                                             85,034          825
     *,^
        Imprimis     Pharmaceuticals         Inc.
                                            482,969           821
     *,^
        KemPharm     Inc.
                                            199,072           806
     *,^
        CytRx   Corp.
                                            475,286           803
     *,^
        Genocea     Biosciences       Inc.
                                            678,663           787
     *,^
        Cancer    Genetics     Inc.
                                            421,856           780
     *
        Krystal     Biotech     Inc.
                                             73,230          770
     *
        Applied     Genetic     Technologies       Corp.
                                            202,816           730
     *,^
        Evoke   Pharma    Inc.
                                            320,197           724
     *
        vTv  Therapeutics       Inc.   Class   A
                                            120,289           723
     *
        Flex   Pharma    Inc.
                                            199,119           695
     *,^
        Fulgent     Genetics     Inc.
                                            155,059           679
     *,^
        CorMedix     Inc.
                                           1,339,725            673
                                234/562


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     *,^
        Pernix    Therapeutics       Holdings     Inc.
                                            276,171           663
     *,^
        NanoViricides        Inc.
                                            738,883           650
     *
        Aileron     Therapeutics       Inc.
                                             61,275          646
     *,^
        Capricor     Therapeutics       Inc.
                                            408,359           645
     *,^
        Cleveland      BioLabs     Inc.
                                            155,269           623
     *,^
        Moleculin      Biotech     Inc.
                                            324,851           604
     *
        Vical   Inc.
                                            322,281           590
     *
        Catabasis      Pharmaceuticals         Inc.
                                            392,389           585
     *
        Joint   Corp.
                                            113,375           566
     *
        Aevi   Genomic     Medicine     Inc.
                                            467,823           561
     *,^
        ContraVir      Pharmaceuticals         Inc.
                                           1,553,823            559
     *,^
        Neuralstem      Inc.
                                            323,301           556
     *,^
        InVivo    Therapeutics       Holdings     Corp.
                                            684,677           527
     *
        Histogenics       Corp.
                                            255,667           524
     *,^
        Tracon    Pharmaceuticals         Inc.
                                            154,856           519
     *
        Five   Star   Senior    Living    Inc.
                                            323,637           485
                                235/562















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                                                    市場価格

                                              株数     ( 千米ドル     )
     *,^
        Restoration       Robotics     Inc.
                                            104,056           479
     *
        Quanterix      Corp.
                                             22,069          474
     *,^
        Microbot     Medical     Inc.
                                            448,366           457
     *,^
        Anthera     Pharmaceuticals         Inc.
                                            276,716           457
     *,^
        Repros    Therapeutics       Inc.
                                            689,136           455
     *,^
        Tonix   Pharmaceuticals         Holding     Corp.
                                            130,509           450
        Diversicare       Healthcare      Services     Inc.
                                             44,377          444
     *,^
        HTG  Molecular      Diagnostics       Inc.
                                            216,628           440
     ^
        Pain   Therapeutics       Inc.
                                            109,368           437
     *
        Wright    Medical     Group   Inc.   CVR
                                            288,011           435
     *,^
        Athenex     Inc.
                                             26,883          427
     *,^
        Myomo   Inc.
                                            113,615           426
     *
        Aviragen     Therapeutics       Inc.
                                            751,522           426
     *,^
        Cyclacel     Pharmaceuticals         Inc.
                                            244,005           425
     *,^
        Titan   Pharmaceuticals         Inc.
                                            314,060           416
     *,^
        Apricus     Biosciences       Inc.
                                            211,849           390
     *,^
        Oncobiologics        Inc.
                                            298,375           388
     *,^
        Orexigen     Therapeutics       Inc.
                                            294,563           380
     *
        Biolase     Inc.
                                            857,379           366
     *,^
        Aethlon     Medical     Inc.
                                            315,217           359
     *,^
        Biocept     Inc.
                                            512,481           356
     *,^
        Altimmune      Inc.
                                            176,000           350
     *,^
        Bio-Path     Holdings     Inc.
                                           1,720,927            348
     *,^
        IsoRay    Inc.
                                            848,470           339
     *,^
        Sensus    Healthcare      Inc.
                                             64,581          336
     *,^
        TapImmune      Inc.
                                             85,047          335
     *
        Caladrius      Biosciences       Inc.
                                             94,201          331
     *,^
        CAS  Medical     Systems     Inc.
                                            424,399           327
     *,^
        PLx  Pharma    Inc.
                                             46,643          322
     *
        Biomerica      Inc.
                                             78,342          295
     *,^
        CEL-SCI     Corp.
                                            147,869           279
     *
        ImmuCell     Corp.
                                             31,666          278
     *
        Chiasma     Inc.
                                            161,721           275
     *,^
        Catasys     Inc.
                                             68,118          255
     *,^
        Diffusion      Pharmaceuticals         Inc.
                                            210,391           250
     *,^
        AzurRx    BioPharma      Inc.
                                             67,316          249
     *,^
        Zosano    Pharma    Corp.
                                            459,745           239
     *,^
        Leap   Therapeutics       Inc.
                                             37,468          234
     *,^
        Trovagene      Inc.
                                            738,894           227
     *
        Proteon     Therapeutics       Inc.
                                            114,390           217
     *
        Daxor   Corp.
                                             46,117          211
     *,^
        Sonoma    Pharmaceuticals         Inc.
                                             38,184          210
     *
        Spero   Therapeutics       Inc.
                                             17,637          207
     *,^
        ReShape     Lifesciences       Inc.
                                            138,455           205
     *,^
        Tandem    Diabetes     Care   Inc.
                                             84,752          200
     *,^
        Eleven    Biotherapeutics         Inc.
                                            239,630           194
     *,^
        Heat   Biologics      Inc.
                                            503,096           193
     *
        Pro-Dex     Inc.
                                             27,970          192
                                236/562


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     *
        Champions      Oncology     Inc.
                                             47,321          184
     *,^
        EyeGate     Pharmaceuticals         Inc.
                                            169,869           182
     *,^
        Galena    Biopharma      Inc.
                                            676,855           177
     *,^
        Cytori    Therapeutics       Inc.
                                            542,465           163
     *,^
        Achieve     Life   Sciences     Inc.
                                            120,418           163
     *,^
        OpGen   Inc.
                                            869,597           162
     *
        Apollo    Endosurgery       Inc.
                                             28,953          162
     *,^
        Immune    Pharmaceuticals         Inc.
                                            275,667           157
     *,^
        Argos   Therapeutics       Inc.
                                           1,033,736            155
     *,^
        Avenue    Therapeutics       Inc.
                                             41,385          151
     *,^
        Pulmatrix      Inc.
                                            106,878           151
     *
        Onconova     Therapeutics       Inc.
                                             95,403          143
     *,^
        BioPharmX      Corp.
                                           1,253,040            138
     *,^
        Novus   Therapeutics       Inc.
                                             32,360          125
     *,^
        Cellectar      Biosciences       Inc.
                                             90,348          124
     *,^
        iBio   Inc.
                                            683,866           121
                                237/562















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                                                    市場価格

                                              株数     ( 千米ドル     )
     *
        Retractable       Technologies       Inc.
                                            177,573           121
     *
        Fibrocell      Science     Inc.
                                            184,212           120
     *
        Presbia     plc
                                             31,568          120
     *,^
        Dare   Bioscience      Inc.
                                             47,341          102
     *,^
        Co-Diagnostics         Inc.
                                             30,012           82
     *,^
        Alliqua     BioMedical      Inc.
                                             44,607           82
     *
        Bioanalytical        Systems     Inc.
                                             32,712           81
     *,^
        Hemispherx      Biopharma      Inc.
                                            228,709           79
     *,^
        Cesca   Therapeutics       Inc.
                                             26,268           79
     *,^
        Precipio     Inc.
                                             62,198           76
     *,^
        Milestone      Scientific      Inc.
                                             62,570           74
     *
        ARCA   biopharma      Inc.
                                             44,395           61
     *,^
        Amedica     Corp.
                                             18,376           60
     *,^
        NantHealth      Inc.
                                             17,533           53
     *,^
        Soleno    Therapeutics       Inc.
                                             28,882           52
     *,^
        Citius    Pharmaceuticals         Inc.
                                             8,350          33
     *
        Regional     Health    Properties      Inc.
                                            164,977           28
     *
        NovaBay     Pharmaceuticals         Inc.
                                             5,351          21
     *
        American     Shared    Hospital     Services
                                             4,591          12
        MGC  Diagnostics       Corp.
                                              500          5
     *
        Sunesis     Pharmaceuticals         Inc.   Warrants
                                             12,500           ▶
     *
        ProPhase     Labs   Inc.
                                              749          2
     *
        Galena    Biopharma      Inc  Warrants     Exp.   03/18/2020
                                                        -
                                            157,500
                                                   83,049,726
     資本財・サービス          (13.3   ％ )
        Boeing    Co.
                                          13,638,101         4,022,012
        General     Electric     Co.
                                          209,030,693          3,647,586
        3M  Co.
                                          14,352,804         3,378,219
        Honeywell      International        Inc.
                                          18,353,252         2,814,655
        Union   Pacific     Corp.
                                          18,973,969         2,544,409
        United    Technologies       Corp.
                                          18,279,165         2,331,873
        Accenture      plc  Class   A
                                          14,814,853         2,268,006
        Caterpillar       Inc.
                                          14,339,551         2,259,626
     *
        PayPal    Holdings     Inc.
                                          27,522,038         2,026,172
        United    Parcel    Service     Inc.   Class   B
                                          16,563,932         1,973,593
        Lockheed     Martin    Corp.
                                           5,874,399         1,885,976
        FedEx   Corp.
                                           5,816,730         1,451,507
        Danaher     Corp.
                                          15,077,564         1,399,499
        Raytheon     Co.
                                           6,968,324         1,309,000
        Northrop     Grumman     Corp.
                                           4,196,429         1,287,926
        General     Dynamics     Corp.
                                           6,117,734         1,244,653
        Deere   & Co.
                                           7,743,729         1,211,971
        Automatic      Data   Processing      Inc.
                                          10,155,998         1,190,181
        Illinois     Tool   Works   Inc.
                                           7,020,798         1,171,420
        CSX  Corp.
                                          20,463,493         1,125,697
        Emerson     Electric     Co.
                                          15,466,331         1,077,849
        Norfolk     Southern     Corp.
                                           6,896,140          999,251
        Waste   Management      Inc.
                                          10,468,209          903,406
                                238/562


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        Johnson     Controls     International        plc
                                          22,302,639          849,954
        Eaton   Corp.   plc
                                          10,617,859          838,917
        Sherwin-Williams          Co.
                                           2,028,778          831,880
        TE  Connectivity       Ltd.
                                           8,477,105          805,664
        Fidelity     National     Information       Services     Inc.
                                           8,035,812          756,090
        Cummins     Inc.
                                           3,799,901          671,215
     *
        Fiserv    Inc.
                                           5,024,787          658,900
        Amphenol     Corp.   Class   A
                                           7,362,865          646,460
        Parker-Hannifin         Corp.
                                           3,209,579          640,568
        Roper   Technologies       Inc.
                                           2,463,623          638,078
        Rockwell     Automation      Inc.
                                           3,096,051          607,910
        PACCAR    Inc.
                                           8,472,754          602,243
        Fortive     Corp.
                                           7,534,351          545,110
        Ingersoll-Rand         plc
                                           6,022,164          537,117
        Rockwell     Collins     Inc.
                                           3,925,150          532,329
        Paychex     Inc.
                                           7,790,554          530,381
                                239/562















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                                                    市場価格

                                              株数     ( 千米ドル     )
        Agilent     Technologies       Inc.
                                           7,757,391          519,512
        Waste   Connections       Inc.
                                           6,355,902          450,888
     *
        FleetCor     Technologies       Inc.
                                           2,158,417          415,344
        Vulcan    Materials      Co.
                                           3,187,202          409,141
        AMETEK    Inc.
                                           5,563,413          403,181
        WestRock     Co.
                                           6,128,660          387,393
        Global    Payments     Inc.
                                           3,834,574          384,378
     *
        Mettler-Toledo         International        Inc.
                                            616,490         381,928
        Fastenal     Co.
                                           6,930,642          379,037
        Dover   Corp.
                                           3,750,781          378,791
        L3  Technologies       Inc.
                                           1,882,382          372,429
     *
        Verisk    Analytics      Inc.   Class   A
                                           3,770,856          362,002
        Republic     Services     Inc.   Class   A
                                           5,240,589          354,316
     *
        United    Rentals     Inc.
                                           2,037,846          350,326
        Martin    Marietta     Materials      Inc.
                                           1,514,377          334,738
        Masco   Corp.
                                           7,576,469          332,910
        Textron     Inc.
                                           5,711,165          323,195
        Ball   Corp.
                                           8,440,963          319,490
        Cintas    Corp.
                                           2,047,277          319,027
        Total   System    Services     Inc.
                                           3,990,408          315,601
        TransDigm      Group   Inc.
                                           1,126,182          309,272
        WW  Grainger     Inc.
                                           1,304,515          308,192
        CH  Robinson     Worldwide      Inc.
                                           3,359,952          299,338
        Xylem   Inc.
                                           4,325,863          295,024
     *
        Vantiv    Inc.   Class   A
                                           3,916,054          288,026
        Alliance     Data   Systems     Corp.
                                           1,131,719          286,868
        Pentair     plc
                                           3,932,913          277,742
        Expeditors      International        of  Washington      Inc.
                                           4,283,438          277,096
        Packaging      Corp.   of  America
                                           2,274,152          274,149
     *
        XPO  Logistics      Inc.
                                           2,887,508          264,467
        Kansas    City   Southern
                                           2,495,207          262,546
     *
        CoStar    Group   Inc.
                                            870,431         258,474
        Huntington      Ingalls     Industries      Inc.
                                           1,091,639          257,299
        Broadridge      Financial      Solutions      Inc.
                                           2,806,852          254,245
        Fortune     Brands    Home   & Security     Inc.
                                           3,658,428          250,383
     *
        Trimble     Inc.
                                           6,068,843          246,638
        Owens   Corning
                                           2,678,659          246,276
        Spirit    AeroSystems       Holdings     Inc.   Class   A
                                           2,787,969          243,250
        JB  Hunt   Transport      Services     Inc.
                                           2,112,061          242,845
        IDEX   Corp.
                                           1,839,255          242,726
        Cognex    Corp.
                                           3,963,373          242,400
        Jack   Henry   & Associates      Inc.
                                           1,865,334          218,169
     *
        TransUnion
                                           3,954,759          217,354
        AO  Smith   Corp.
                                           3,521,825          215,817
        Sealed    Air  Corp.
                                           4,349,290          214,420
     *,^
        Sensata     Technologies       Holding     NV
                                           4,127,448          210,954
        Old  Dominion     Freight     Line   Inc.
                                           1,586,887          208,755
        ManpowerGroup        Inc.
                                           1,595,685          201,232
                                240/562


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        Lennox    International        Inc.
                                            956,904         199,285
        PerkinElmer       Inc.
                                           2,650,268          193,788
        Jacobs    Engineering       Group   Inc.
                                           2,902,495          191,449
     *
        Keysight     Technologies       Inc.
                                           4,474,194          186,126
     *
        Berry   Global    Group   Inc.
                                           3,149,143          184,760
     *
        First   Data   Corp.   Class   A
                                          10,993,694          183,705
        Graco   Inc.
                                           4,047,186          183,014
     *
        Crown   Holdings     Inc.
                                           3,240,703          182,290
        Allegion     plc
                                           2,290,779          182,254
        Orbital     ATK  Inc.
                                           1,384,518          182,064
     *
        IPG  Photonics      Corp.
                                            841,351         180,158
        Acuity    Brands    Inc.
                                           1,015,718          178,766
        Hubbell     Inc.   Class   B
                                           1,316,699          178,202
        Universal      Display     Corp.
                                           1,020,094          176,119
        Fluor   Corp.
                                           3,370,850          174,104
        Nordson     Corp.
                                           1,181,053          172,906
                                241/562















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                                                    市場価格

                                              株数     ( 千米ドル     )
     *
        HD  Supply    Holdings     Inc.
                                           4,273,199          171,056
     *
        Arrow   Electronics       Inc.
                                           2,118,537          170,352
        Carlisle     Cos.   Inc.
                                           1,495,195          169,929
        Xerox   Corp.
                                           5,818,115          169,598
     ^
        Wabtec    Corp.
                                           2,081,295          169,480
     *
        Coherent     Inc.
                                            593,536         167,508
        Oshkosh     Corp.
                                           1,810,329          164,541
        Toro   Co.
                                           2,467,551          160,958
        Robert    Half   International        Inc.
                                           2,867,086          159,238
        FLIR   Systems     Inc.
                                           3,338,256          155,629
        Donaldson      Co.  Inc.
                                           3,137,865          153,598
     *
        WEX  Inc.
                                           1,033,355          145,941
     *
        Quanta    Services     Inc.
                                           3,726,308          145,736
        BWX  Technologies       Inc.
                                           2,392,046          144,695
     *
        AECOM
                                           3,783,684          140,564
        Knight-Swift       Transportation         Holdings     Inc.
                                           3,207,881          140,249
        Allison     Transmission       Holdings     Inc.
                                           3,247,712          139,879
     *
        Stericycle      Inc.
                                           2,055,987          139,787
     *
        Teledyne     Technologies       Inc.
                                            766,133         138,785
        Trinity     Industries      Inc.
                                           3,648,245          136,663
        Hexcel    Corp.
                                           2,156,872          133,403
     *
        Zebra   Technologies       Corp.
                                           1,279,642          132,827
        Flowserve      Corp.
                                           3,146,605          132,566
        Lincoln     Electric     Holdings     Inc.
                                           1,425,557          130,553
        AptarGroup      Inc.
                                           1,510,252          130,305
        Booz   Allen   Hamilton     Holding     Corp.   Class   A
                                           3,339,731          127,344
        Sonoco    Products     Co.
                                           2,394,222          127,229
        MDU  Resources      Group   Inc.
                                           4,709,927          126,603
        Eagle   Materials      Inc.
                                           1,110,787          125,852
        Watsco    Inc.
                                            730,272         124,175
        Macquarie      Infrastructure         Corp.
                                           1,930,182          123,918
        Genpact     Ltd.
                                           3,720,148          118,077
        National     Instruments       Corp.
                                           2,828,785          117,762
     *
        Genesee     & Wyoming     Inc.   Class   A
                                           1,483,836          116,822
        Curtiss-Wright         Corp.
                                            955,752         116,458
        EMCOR   Group   Inc.
                                           1,422,528          116,292
        AGCO   Corp.
                                           1,626,059          116,149
        Avnet   Inc.
                                           2,912,707          115,401
        Graphic     Packaging      Holding     Co.
                                           7,460,616          115,267
        HEICO   Corp.   Class   A
                                           1,446,497          114,346
        Air  Lease   Corp.   Class   A
                                           2,359,583          113,472
        ITT  Inc.
                                           2,115,956          112,929
        MAXIMUS     Inc.
                                           1,562,714          111,859
        Crane   Co.
                                           1,216,204          108,510
        Littelfuse      Inc.
                                            547,197         108,247
        Ryder   System    Inc.
                                           1,273,493          107,190
        Jabil   Inc.
                                           4,040,526          106,064
        Landstar     System    Inc.
                                           1,008,207          104,954
                                242/562


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        Bemis   Co.  Inc.
                                           2,188,132          104,571
        MSC  Industrial      Direct    Co.  Inc.   Class   A
                                           1,073,720          103,786
        Woodward     Inc.
                                           1,327,245          101,587
     *
        Euronet     Worldwide      Inc.
                                           1,201,865          101,281
        Kennametal      Inc.
                                           1,949,098          94,356
        Terex   Corp.
                                           1,929,361          93,034
     *
        CoreLogic      Inc.
                                           1,990,822          91,996
     *
        Louisiana-Pacific          Corp.
                                           3,485,162          91,520
        Brink's     Co.
                                           1,155,159          90,911
        Valmont     Industries      Inc.
                                            544,235         90,261
        Deluxe    Corp.
                                           1,165,341          89,545
     *
        Owens-Illinois         Inc.
                                           3,927,693          87,077
        Maxar   Technologies       Ltd.
                                           1,349,291          86,786
     *
        Kirby   Corp.
                                           1,294,932          86,501
     *
        KLX  Inc.
                                           1,240,094          84,636
        John   Bean   Technologies       Corp.
                                            761,024         84,321
                                243/562















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                                                    市場価格

                                              株数     ( 千米ドル     )
     *
        Summit    Materials      Inc.   Class   A
                                           2,649,393          83,297
        Timken    Co.
                                           1,691,837          83,154
        Regal   Beloit    Corp.
                                           1,072,940          82,187
     *
        USG  Corp.
                                           2,044,283          78,828
        Belden    Inc.
                                           1,019,975          78,711
     *
        MasTec    Inc.
                                           1,594,998          78,075
     *
        Conduent     Inc.
                                           4,815,713          77,822
        Barnes    Group   Inc.
                                           1,227,076          77,637
     *
        WESCO   International        Inc.
                                           1,132,695          77,193
     *
        Trex   Co.  Inc.
                                            708,951         76,843
     *
        Colfax    Corp.
                                           1,931,464          76,525
     *
        On  Assignment      Inc.
                                           1,188,519          76,386
     *
        Generac     Holdings     Inc.
                                           1,496,965          74,130
        Cimpress     NV
                                            597,043         71,574
     *
        Rogers    Corp.
                                            437,929         70,909
        EnerSys
                                           1,016,561          70,783
     *
        RBC  Bearings     Inc.
                                            553,793         69,999
     *
        Moog   Inc.   Class   A
                                            782,577         67,967
     *
        Clean   Harbors     Inc.
                                           1,243,399          67,392
        KBR  Inc.
                                           3,372,893          66,884
        Vishay    Intertechnology         Inc.
                                           3,199,115          66,382
     *
        Rexnord     Corp.
                                           2,497,970          64,997
     *
        JELD-WEN     Holding     Inc.
                                           1,649,123          64,926
     *
        TopBuild     Corp.
                                            855,203         64,773
        Tetra   Tech   Inc.
                                           1,342,668          64,649
        MSA  Safety    Inc.
                                            829,459         64,300
        Applied     Industrial      Technologies       Inc.
                                            938,089         63,884
     *
        II-VI   Inc.
                                           1,352,133          63,483
        UniFirst     Corp.
                                            376,282         62,049
     *
        Armstrong      World   Industries      Inc.
                                           1,017,505          61,610
        Granite     Construction       Inc.
                                            959,685         60,873
     *
        Proto   Labs   Inc.
                                            576,116         59,340
     *
        WageWorks      Inc.
                                            956,027         59,274
     *
        Builders     FirstSource       Inc.
                                           2,710,915          59,071
        ABM  Industries      Inc.
                                           1,563,589          58,979
        GATX   Corp.
                                            933,577         58,031
     *
        AMN  Healthcare      Services     Inc.
                                           1,153,741          56,822
        Simpson     Manufacturing        Co.  Inc.
                                            980,512         56,291
     *
        Gardner     Denver    Holdings     Inc.
                                           1,657,913          56,253
        Silgan    Holdings     Inc.
                                           1,862,728          54,746
     *
        Sanmina     Corp.
                                           1,655,580          54,634
     *
        Itron   Inc.
                                            797,136         54,365
     *
        Esterline      Technologies       Corp.
                                            725,151         54,169
        Convergys      Corp.
                                           2,243,535          52,723
        Universal      Forest    Products     Inc.
                                           1,398,136          52,598
     *
        Anixter     International        Inc.
                                            685,533         52,101
        Insperity      Inc.
                                            900,858         51,664
        Korn/Ferry      International
                                           1,245,964          51,558
                                244/562


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        Watts   Water   Technologies       Inc.   Class   A
                                            672,556         51,081
     *
        Masonite     International        Corp.
                                            687,054         50,945
     *
        Navistar     International        Corp.
                                           1,185,647          50,841
     *
        Aerojet     Rocketdyne      Holdings     Inc.
                                           1,626,062          50,733
     *
        Meritor     Inc.
                                           2,126,809          49,895
     *
        Plexus    Corp.
                                            815,317         49,506
        Schneider      National     Inc.   Class   B
                                           1,692,478          48,337
        Covanta     Holding     Corp.
                                           2,852,440          48,206
        Mueller     Water   Products     Inc.   Class   A
                                           3,825,920          47,939
        EnPro   Industries      Inc.
                                            510,745         47,760
        Mueller     Industries      Inc.
                                           1,339,788          47,469
        Triton    International        Ltd.
                                           1,261,874          47,257
     *
        ExlService      Holdings     Inc.
                                            777,248         46,907
     *
        SPX  FLOW   Inc.
                                            976,771         46,445
     *
        American     Woodmark     Corp.
                                            351,315         45,759
        Greif   Inc.   Class   A
                                            738,350         44,729
                                245/562















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                                                    市場価格

                                              株数     ( 千米ドル     )
     *
        Ambarella      Inc.
                                            758,853         44,583
     *
        TriNet    Group   Inc.
                                           1,002,133          44,435
        Exponent     Inc.
                                            619,720         44,062
        World   Fuel   Services     Corp.
                                           1,562,192          43,960
        Franklin     Electric     Co.  Inc.
                                            957,075         43,930
     *
        Saia   Inc.
                                            613,013         43,371
        Albany    International        Corp.
                                            698,544         42,926
        Otter   Tail   Corp.
                                            950,681         42,258
        Forward     Air  Corp.
                                            727,691         41,799
        Brady   Corp.   Class   A
                                           1,097,299          41,588
        Werner    Enterprises       Inc.
                                           1,049,390          40,559
     *
        FTI  Consulting      Inc.
                                            917,867         39,432
        Chicago     Bridge    & Iron   Co.  NV
                                           2,442,655          39,424
        Kaman   Corp.
                                            664,118         39,077
        Comfort     Systems     USA  Inc.
                                            895,056         39,069
     *
        Floor   & Decor   Holdings     Inc.   Class   A
                                            802,455         39,064
        Sun  Hydraulics      Corp.
                                            586,890         37,966
     *
        Patrick     Industries      Inc.
                                            546,051         37,923
     *
        Installed      Building     Products     Inc.
                                            498,931         37,894
     *
        Novanta     Inc.
                                            749,492         37,475
        Mobile    Mini   Inc.
                                           1,079,813          37,254
        Greenbrier      Cos.   Inc.
                                            689,825         36,768
     *
        Hub  Group   Inc.   Class   A
                                            766,680         36,724
        Boise   Cascade     Co.
                                            920,301         36,720
     *
        BMC  Stock   Holdings     Inc.
                                           1,450,890          36,708
     *
        Harsco    Corp.
                                           1,940,372          36,188
     *
        Atlas   Air  Worldwide      Holdings     Inc.
                                            611,000         35,835
        ESCO   Technologies       Inc.
                                            588,999         35,487
     *,^
        MACOM   Technology      Solutions      Holdings     Inc.
                                           1,086,024          35,339
     *
        Benchmark      Electronics       Inc.
                                           1,207,534          35,139
        Cubic   Corp.
                                            591,950         34,895
        AAON   Inc.
                                            950,331         34,877
        Actuant     Corp.   Class   A
                                           1,377,093          34,840
     *
        TTM  Technologies       Inc.
                                           2,203,431          34,528
     *
        Integer     Holdings     Corp.
                                            756,393         34,265
        General     Cable   Corp.
                                           1,145,338          33,902
        Altra   Industrial      Motion    Corp.
                                            668,346         33,685
        Methode     Electronics       Inc.
                                            837,516         33,584
     *
        Paylocity      Holding     Corp.
                                            695,568         32,803
        AZZ  Inc.
                                            634,737         32,435
     *,^
        Axon   Enterprise      Inc.
                                           1,206,039          31,960
     *
        Milacron     Holdings     Corp.
                                           1,667,259          31,911
     *,^
        US  Concrete     Inc.
                                            380,680         31,844
        Badger    Meter   Inc.
                                            665,365         31,804
     *
        Knowles     Corp.
                                           2,168,769          31,794
        Apogee    Enterprises       Inc.
                                            691,842         31,638
        Triumph     Group   Inc.
                                           1,150,862          31,303
        Standex     International        Corp.
                                            307,237         31,292
                                246/562


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        Aircastle      Ltd.
                                           1,337,840          31,292
        H&E  Equipment      Services     Inc.
                                            769,325         31,273
     *
        Air  Transport      Services     Group   Inc.
                                           1,350,504          31,251
        ManTech     International        Corp.   Class   A
                                            622,201         31,228
        Tennant     Co.
                                            429,276         31,187
        Matson    Inc.
                                           1,041,453          31,077
        AAR  Corp.
                                            788,784         30,991
     *
        Imperva     Inc.
                                            777,316         30,859
     *
        SPX  Corp.
                                            976,942         30,666
        Manitowoc      Co.  Inc.
                                            761,563         29,960
        Raven   Industries      Inc.
                                            871,712         29,943
        HEICO   Corp.
                                            315,608         29,778
     *
        GMS  Inc.
                                            790,273         29,746
     *
        TriMas    Corp.
                                           1,100,364          29,435
        Astec   Industries      Inc.
                                            501,403         29,332
     *
        Sykes   Enterprises       Inc.
                                            930,910         29,277
                                247/562















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                                                    市場価格

                                              株数     ( 千米ドル     )
        Wabash    National     Corp.
                                           1,346,324          29,215
     *
        Aerovironment        Inc.
                                            514,856         28,914
        Federal     Signal    Corp.
                                           1,435,473          28,839
     *
        Cotiviti     Holdings     Inc.
                                            885,618         28,526
     *
        Advanced     Disposal     Services     Inc.
                                           1,167,141          27,941
     *
        TrueBlue     Inc.
                                           1,012,112          27,833
     *
        OSI  Systems     Inc.
                                            430,233         27,698
        Viad   Corp.
                                            491,116         27,208
        Primoris     Services     Corp.
                                            990,968         26,944
        US  Ecology     Inc.
                                            524,780         26,764
        Kadant    Inc.
                                            265,009         26,607
        McGrath     RentCorp
                                            558,942         26,259
     *
        Continental       Building     Products     Inc.
                                            925,683         26,058
        Heartland      Express     Inc.
                                           1,102,774          25,739
        Multi-Color       Corp.
                                            343,021         25,675
        Alamo   Group   Inc.
                                            224,304         25,317
     *
        Gibraltar      Industries      Inc.
                                            762,949         25,177
     *
        MINDBODY     Inc.   Class   A
                                            814,120         24,790
     *
        Fabrinet
                                            863,601         24,785
     *
        Tutor   Perini    Corp.
                                            964,169         24,442
        Materion     Corp.
                                            485,810         23,610
        Encore    Wire   Corp.
                                            476,438         23,179
     ^
        Sturm   Ruger   & Co.  Inc.
                                            408,415         22,810
     *
        Kratos    Defense     & Security     Solutions      Inc.
                                           2,150,379          22,773
     *
        ICF  International        Inc.
                                            433,142         22,740
        Lindsay     Corp.
                                            254,384         22,437
        REV  Group   Inc.
                                            688,769         22,406
        MTS  Systems     Corp.
                                            409,704         22,001
     *,^
        Inovalon     Holdings     Inc.   Class   A
                                           1,464,782          21,972
     *
        Huron   Consulting      Group   Inc.
                                            541,253         21,894
     *
        Casella     Waste   Systems     Inc.   Class   A
                                            936,223         21,552
     *
        NCI  Building     Systems     Inc.
                                           1,107,991          21,384
        ArcBest     Corp.
                                            593,713         21,225
        AVX  Corp.
                                           1,226,358          21,216
     *
        Navigant     Consulting      Inc.
                                           1,091,110          21,178
     *
        Cardtronics       plc  Class   A
                                           1,116,997          20,687
        Schnitzer      Steel   Industries      Inc.
                                            611,360         20,481
     *
        Lydall    Inc.
                                            395,634         20,078
        Kelly   Services     Inc.   Class   A
                                            729,203         19,885
        CIRCOR    International        Inc.
                                            403,096         19,623
        Douglas     Dynamics     Inc.
                                            514,598         19,452
        Advanced     Drainage     Systems     Inc.
                                            815,066         19,439
     *
        CBIZ   Inc.
                                           1,257,126          19,423
        Quanex    Building     Products     Corp.
                                            827,782         19,370
     *
        Aegion    Corp.   Class   A
                                            758,942         19,300
     *
        FARO   Technologies       Inc.
                                            408,258         19,188
     *
        Thermon     Group   Holdings     Inc.
                                            807,516         19,114
        EVERTEC     Inc.
                                           1,399,164          19,099
                                248/562


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        CTS  Corp.
                                            741,610         19,096
     *
        PGT  Innovations       Inc.
                                           1,131,940          19,073
        Marten    Transport      Ltd.
                                            920,343         18,683
        Columbus     McKinnon     Corp.
                                            465,044         18,592
     *
        KEMET   Corp.
                                           1,219,625          18,368
     *,^
        Evolent     Health    Inc.   Class   A
                                           1,462,317          17,987
        Hyster-Yale       Materials      Handling     Inc.
                                            211,033         17,972
     *
        Echo   Global    Logistics      Inc.
                                            641,236         17,955
     *
        Veeco   Instruments       Inc.
                                           1,182,395          17,559
        Global    Brass   & Copper    Holdings     Inc.
                                            529,261         17,519
        NN  Inc.
                                            623,688         17,214
        Griffon     Corp.
                                            843,908         17,174
     *
        Atkore    International        Group   Inc.
                                            787,494         16,892
     *,^
        American     Outdoor     Brands    Corp.
                                           1,306,526          16,776
     *
        Astronics      Corp.
                                            402,036         16,672
     *
        Electro     Scientific      Industries      Inc.
                                            759,449         16,275
                                249/562















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                                                    市場価格

                                              株数     ( 千米ドル     )
        Quad/Graphics        Inc.
                                            716,975         16,204
        Argan   Inc.
                                            357,803         16,101
     *
        Control4     Corp.
                                            538,156         16,016
     *
        Donnelley      Financial      Solutions      Inc.
                                            818,570         15,954
        RR  Donnelley      & Sons   Co.
                                           1,670,666          15,537
        RPX  Corp.
                                           1,131,311          15,205
        Kforce    Inc.
                                            583,846         14,742
        Cass   Information       Systems     Inc.
                                            237,503         13,825
     *
        MYR  Group   Inc.
                                            385,799         13,785
        Myers   Industries      Inc.
                                            685,134         13,360
        TeleTech     Holdings     Inc.
                                            330,425         13,300
     *
        Engility     Holdings     Inc.
                                            457,241         12,972
     *
        TimkenSteel       Corp.
                                            845,901         12,849
        Gorman-Rupp       Co.
                                            402,602         12,565
        Insteel     Industries      Inc.
                                            440,921         12,487
        Ennis   Inc.
                                            596,227         12,372
        LSC  Communications         Inc.
                                            813,579         12,326
     *
        Everi   Holdings     Inc.
                                           1,602,306          12,081
        Spartan     Motors    Inc.
                                            757,993         11,938
     *
        YRC  Worldwide      Inc.
                                            803,439         11,553
     *
        InnerWorkings        Inc.
                                           1,121,052          11,244
     *
        Kimball     Electronics       Inc.
                                            616,081         11,243
     *
        DXP  Enterprises       Inc.
                                            379,566         11,224
     *
        CAI  International        Inc.
                                            387,265         10,967
     *
        Cross   Country     Healthcare      Inc.
                                            848,420         10,826
     *
        NV5  Global    Inc.
                                            196,764         10,655
        Barrett     Business     Services     Inc.
                                            164,151         10,586
        Heidrick     & Struggles      International        Inc.
                                            430,237         10,562
        Resources      Connection      Inc.
                                            679,452         10,498
     *
        Wesco   Aircraft     Holdings     Inc.
                                           1,380,159          10,213
        VSE  Corp.
                                            209,897         10,165
     *
        Sterling     Construction       Co.  Inc.
                                            623,087         10,144
     *
        Bazaarvoice       Inc.
                                           1,859,775          10,136
     *,^
        Team   Inc.
                                            679,853         10,130
        NVE  Corp.
                                            117,757         10,127
     *
        Mistras     Group   Inc.
                                            414,524          9,729
     *
        International        Seaways     Inc.
                                            525,846          9,707
        Mesa   Laboratories       Inc.
                                             77,702         9,658
     *
        Ply  Gem  Holdings     Inc.
                                            507,740          9,393
        Park-Ohio      Holdings     Corp.
                                            203,655          9,358
        B.  Riley   Financial      Inc.
                                            504,217          9,126
     *
        Vicor   Corp.
                                            433,513          9,060
        CRA  International        Inc.
                                            191,041          8,587
     *
        Covenant     Transportation         Group   Inc.   Class   A
                                            297,596          8,550
        DMC  Global    Inc.
                                            339,542          8,506
     *,^
        Energous     Corp.
                                            437,294          8,505
     *
        Daseke    Inc.
                                            594,202          8,491
     *
        Armstrong      Flooring     Inc.
                                            500,135          8,462
                                250/562


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        Park   Electrochemical         Corp.
                                            429,759          8,445
     *
        Eagle   Bulk   Shipping     Inc.
                                           1,768,188           7,921
     *
        Landec    Corp.
                                            625,243          7,878
        Daktronics      Inc.
                                            855,295          7,809
     *
        Ducommun     Inc.
                                            274,102          7,798
     *,^
        Energy    Recovery     Inc.
                                            883,064          7,727
     *
        Heritage-Crystal          Clean   Inc.
                                            354,873          7,718
        Essendant      Inc.
                                            825,685          7,654
     *
        Great   Lakes   Dredge    & Dock   Corp.
                                           1,408,260           7,605
        American     Railcar     Industries      Inc.
                                            182,508          7,600
     *
        Horizon     Global    Corp.
                                            533,795          7,484
     *
        PHH  Corp.
                                            717,034          7,385
     *
        Roadrunner      Transportation         Systems     Inc.
                                            953,454          7,351
     *
        Commercial      Vehicle     Group   Inc.
                                            663,077          7,088
        Hurco   Cos.   Inc.
                                            164,009          6,921
        Miller    Industries      Inc.
                                            251,924          6,500
                                251/562















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                                                    市場価格

                                              株数     ( 千米ドル     )
        Omega   Flex   Inc.
                                             90,399         6,455
     *
        GP  Strategies      Corp.
                                            276,939          6,425
     *
        Vishay    Precision      Group   Inc.
                                            255,423          6,424
        Allied    Motion    Technologies       Inc.
                                            185,435          6,136
     *
        Twin   Disc   Inc.
                                            229,543          6,099
        Powell    Industries      Inc.
                                            212,812          6,097
     *,^
        Babcock     & Wilcox    Enterprises       Inc.
                                           1,057,831           6,008
     *
        UFP  Technologies       Inc.
                                            209,195          5,816
        Bel  Fuse   Inc.   Class   B
                                            230,787          5,810
     *
        Hill   International        Inc.
                                           1,029,286           5,610
     *
        Foundation      Building     Materials      Inc.
                                            378,239          5,594
     *
        CryoPort     Inc.
                                            651,193          5,594
     *,^
        Hudson    Technologies       Inc.
                                            917,657          5,570
     *
        Iteris    Inc.
                                            798,613          5,566
     *
        ServiceSource        International        Inc.
                                           1,764,150           5,451
     *,^
        Blue   Bird   Corp.
                                            273,594          5,445
     *
        Sparton     Corp.
                                            234,956          5,418
        National     Research     Corp.   Class   A
                                            142,878          5,329
     *
        LB  Foster    Co.  Class   A
                                            195,628          5,311
        FreightCar      America     Inc.
                                            308,772          5,274
     *
        Layne   Christensen       Co.
                                            419,147          5,260
     *,^
        Forterra     Inc.
                                            458,345          5,088
     *
        Willdan     Group   Inc.
                                            210,309          5,035
     *
        Franklin     Covey   Co.
                                            241,937          5,020
     *
        Acacia    Research     Corp.
                                           1,231,814           4,989
        Graham    Corp.
                                            237,610          4,973
        National     Research     Corp.   Class   B
                                             87,371         4,969
     ^
        Advanced     Emissions      Solutions      Inc.
                                            511,393          4,940
     *
        Orion   Group   Holdings     Inc.
                                            621,254          4,864
     *
        Era  Group   Inc.
                                            445,659          4,791
        Hardinge     Inc.
                                            274,122          4,775
     *
        Overseas     Shipholding       Group   Inc.   Class   A
                                           1,699,431           4,656
     *
        Astronics      Corp.   Class   B
                                            111,320          4,636
        LSI  Industries      Inc.
                                            669,774          4,608
     ^
        Celadon     Group   Inc.
                                            696,454          4,457
        Universal      Logistics      Holdings     Inc.
                                            184,031          4,371
     ^
        EnviroStar      Inc.
                                            106,814          4,273
     *,^
        Maxwell     Technologies       Inc.
                                            738,356          4,253
     *
        Northwest      Pipe   Co.
                                            221,568          4,241
        Eastern     Co.
                                            154,082          4,029
     *
        Information       Services     Group   Inc.
                                            940,165          3,920
        CECO   Environmental        Corp.
                                            752,337          3,859
     *
        Radiant     Logistics      Inc.
                                            800,706          3,683
     *
        PRGX   Global    Inc.
                                            518,653          3,682
        United    States    Lime   & Minerals     Inc.
                                             46,332         3,572
     *
        IES  Holdings     Inc.
                                            206,191          3,557
     *
        Intevac     Inc.
                                            518,049          3,549
        Crawford     & Co.  Class   B
                                            342,589          3,296
                                252/562


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     *
        Huttig    Building     Products     Inc.
                                            492,582          3,276
        BG  Staffing     Inc.
                                            203,010          3,236
     *
        Manitex     International        Inc.
                                            336,259          3,228
     *,^
        Asure   Software     Inc.
                                            226,261          3,195
     *
        Gencor    Industries      Inc.
                                            192,869          3,192
     *
        USA  Truck   Inc.
                                            175,321          3,179
     *,^
        MicroVision       Inc.
                                           1,875,205           3,057
     *
        StarTek     Inc.
                                            303,216          3,023
        NACCO   Industries      Inc.   Class   A
                                             79,918         3,009
     *
        Ameresco     Inc.   Class   A
                                            347,654          2,990
        Crawford     & Co.  Class   A
                                            350,679          2,981
     *,^
        CyberOptics       Corp.
                                            193,613          2,904
     *
        Goldfield      Corp.
                                            590,960          2,896
     *
        IntriCon     Corp.
                                            129,608          2,566
     *
        Lawson    Products     Inc.
                                            100,929          2,498
     *
        PFSweb    Inc.
                                            334,575          2,486
                                253/562















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                                                    市場価格

                                              株数     ( 千米ドル     )
     *
        Napco   Security     Technologies       Inc.
                                            277,803          2,431
     *
        Willis    Lease   Finance     Corp.
                                             97,102         2,425
     *
        General     Finance     Corp.
                                            347,103          2,360
     *,^
        ExOne   Co.
                                            279,558          2,348
     *
        PAM  Transportation         Services     Inc.
                                             66,676         2,319
        Richardson      Electronics       Ltd.
                                            336,052          2,265
     *
        Arotech     Corp.
                                            636,010          2,258
     *
        Transcat     Inc.
                                            147,758          2,106
     *
        BlueLinx     Holdings     Inc.
                                            214,455          2,093
        Global    Water   Resources      Inc.
                                            222,045          2,074
     *
        ARC  Document     Solutions      Inc.
                                            808,195          2,061
     *,^
        Nuverra     Environmental        Solutions      Inc.
                                            111,848          2,033
     *
        Nuvectra     Corp.
                                            255,633          1,984
     *
        Aspen   Aerogels     Inc.
                                            394,699          1,926
     *
        Perceptron      Inc.
                                            190,302          1,855
     *
        ModusLink      Global    Solutions      Inc.
                                            738,578          1,839
     *
        Frequency      Electronics       Inc.
                                            191,069          1,788
     *
        DHI  Group   Inc.
                                            932,175          1,771
     *,^
        CUI  Global    Inc.
                                            643,279          1,769
     *,^
        ClearSign      Combustion      Corp.
                                            464,971          1,674
     *,^
        Workhorse      Group   Inc.
                                            652,080          1,669
     *
        Key  Technology      Inc.
                                             85,625         1,578
     *
        American     Superconductor         Corp.
                                            401,263          1,457
     *
        Sharps    Compliance      Corp.
                                            341,266          1,396
     *
        ALJ  Regional     Holdings     Inc.
                                            433,960          1,367
     *,^
        Mattersight       Corp.
                                            535,988          1,367
     *
        Hudson    Global    Inc.
                                            604,026          1,359
     *
        Ultralife      Corp.
                                            196,161          1,285
     *,^
        Revolution      Lighting     Technologies       Inc.
                                            388,578          1,278
     *
        CPI  Aerostructures         Inc.
                                            141,504          1,266
     *,^
        UQM  Technologies       Inc.
                                            883,506          1,228
     *
        Perma-Pipe      International        Holdings     Inc.
                                            136,141          1,225
     *
        Xerium    Technologies       Inc.
                                            285,836          1,218
        Black   Box  Corp.
                                            320,731          1,139
     *
        Ballantyne      Strong    Inc.
                                            233,667          1,087
     *
        LightPath      Technologies       Inc.   Class   A
                                            472,290          1,048
     *,^
        ShotSpotter       Inc.
                                             73,739         1,036
     *,^
        Aqua   Metals    Inc.
                                            437,765           932
     *
        Taylor    Devices     Inc.
                                             67,427          910
     *
        Luna   Innovations       Inc.
                                            363,141           882
        Espey   Manufacturing        & Electronics       Corp.
                                             36,513          875
     *,^
        Digital     Power   Corp.
                                            269,100           864
     *
        Lincoln     Educational       Services     Corp.
                                            411,937           832
     *
        IEC  Electronics       Corp.
                                            192,084           791
     *,^
        Applied     DNA  Sciences     Inc.
                                            489,800           779
     *,^
        eMagin    Corp.
                                            461,171           761
        Issuer    Direct    Corp.
                                             41,182          756
        Greif   Inc.   Class   B
                                             10,847          752
                                254/562


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     *
        Volt   Information       Sciences     Inc.
                                            184,237           700
     *
        Perma-Fix      Environmental        Services
                                            189,166           690
     *
        SigmaTron      International        Inc.
                                             67,689          686
     *,^
        Capstone     Turbine     Corp.
                                            884,853           681
     *
        Universal      Technical      Institute      Inc.
                                            253,672           609
     *
        Innovative      Solutions      & Support     Inc.
                                            206,801           608
     *
        Broadwind      Energy    Inc.
                                            215,360           586
     *
        Houston     Wire   & Cable   Co.
                                             77,154          556
        AMCON   Distributing       Co.
                                             5,948          540
     *,^
        Energy    Focus   Inc.
                                            215,166           525
     *
        Wireless     Telecom     Group   Inc.
                                            207,343           504
     *,^
        Synthesis      Energy    Systems     Inc.
                                            167,199           478
     *
        Air  T Inc.
                                             19,270          475
     *,^
        Vertex    Energy    Inc.
                                            440,810           414
     *,^
        Air  Industries      Group
                                            218,563           369
        Chicago     Rivet   & Machine     Co.
                                             11,328          360
                                255/562















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                                                    市場価格

                                              株数     ( 千米ドル     )
     *,^
        Odyssey     Marine    Exploration       Inc.
                                             93,730          354
     *
        Orion   Energy    Systems     Inc.
                                            393,206           346
     *
        DLH  Holdings     Corp.
                                             52,984          326
     *,^
        Research     Frontiers      Inc.
                                            305,937           318
     ^
        Cemtrex     Inc.
                                            120,430           310
     *
        ASV  Holdings     Inc.
                                             29,943          304
     *
        AMREP   Corp.
                                             41,838          293
        RF  Industries      Ltd.
                                            106,818           288
     *,^
        Polar   Power   Inc.
                                             54,712          278
     *,^
        Digital     Ally   Inc.
                                             99,249          268
     *,^
        Payment     Data   Systems     Inc.
                                            105,913           266
        Bel  Fuse   Inc.   Class   A
                                             10,580          248
     *,^
        EnSync    Inc.
                                            618,294           245
     *
        Fuel   Tech   Inc.
                                            210,278           236
     *
        Pioneer     Power   Solutions      Inc.
                                             30,547          234
     *,^
        GEE  Group   Inc.
                                             81,570          227
        Ecology     and  Environment       Inc.
                                             21,480          226
     *
        Image   Sensing     Systems     Inc.
                                             74,588          224
     *,^
        Limbach     Holdings     Inc.
                                             16,095          223
     *
        ENGlobal     Corp.
                                            210,413           185
     *
        Echelon     Corp.
                                             30,896          174
     *
        Sypris    Solutions      Inc.
                                            127,117           174
     *
        Rubicon     Technology      Inc.
                                             21,565          173
     *
        Continental       Materials      Corp.
                                             8,941          170
     *,^
        Turtle    Beach   Corp.
                                            360,823           163
     *
        Dorian    LPG  Ltd.
                                             15,135          124
     *
        Astrotech      Corp.
                                             33,837          113
     *
        SIFCO   Industries      Inc.
                                             16,533          110
     *
        AeroCentury       Corp.
                                             6,716          102
     *
        Tecogen     Inc.
                                             37,877          102
     *,^
        Quest   Resource     Holding     Corp.
                                             39,194           91
     *,^
        Industrial      Services     of  America     Inc.
                                             55,088           90
     *,^
        American     Electric     Technologies       Inc.
                                             43,277           65
        Servotronics       Inc.
                                             4,914          55
     *
        Command     Security     Corp.
                                             16,985           52
     *,^
        SG  Blocks    Inc.
                                             8,584          51
     *
        Coda   Octopus     Group   Inc.
                                             3,731          18
     *,^
        Professional       Diversity      Network     Inc.
                                             2,485          10
     *
        Electro-Sensors         Inc.
                                             1,291           5
     *,^
        Patriot     National     Inc.
                                            129,819            5
     *
        Jewett-Cameron         Trading     Co.  Ltd.
                                              185          3
     *
        JetPay    Corp.
                                              400          1
     *,^
        Meridian     Waste   Solutions      Inc.
                                              600          1
     *,2
        LGL  Group   Inc.   Warrants     Exp.   06/08/2018
                                                        -
                                             3,000
                                                   88,296,072
     石油・ガス      (5.7  ％ )
        Exxon   Mobil   Corp.
                                          102,086,256          8,538,494
        Chevron     Corp.
                                          45,755,089         5,728,080
                                256/562


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        Schlumberger       Ltd.
                                          33,387,013         2,249,951
        ConocoPhillips
                                          28,814,212         1,581,612
        EOG  Resources      Inc.
                                          13,928,566         1,503,032
        Occidental      Petroleum      Corp.
                                          18,442,832         1,358,499
        Phillips     66
                                          10,381,143         1,050,053
        Halliburton       Co.
                                          19,974,467          976,152
        Valero    Energy    Corp.
                                          10,545,521          969,239
        Kinder    Morgan    Inc.
                                          45,747,055          826,649
        Marathon     Petroleum      Corp.
                                          11,770,910          776,645
        Pioneer     Natural     Resources      Co.
                                           4,100,963          708,851
        Anadarko     Petroleum      Corp.
                                          13,188,137          707,412
        Williams     Cos.   Inc.
                                          19,921,657          607,411
     *
        Concho    Resources      Inc.
                                           3,583,383          538,296
        Devon   Energy    Corp.
                                          12,033,211          498,175
        Andeavor
                                           3,571,444          408,359
        Apache    Corp.
                                           9,181,552          387,645
                                257/562















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                                                    市場価格

                                              株数     ( 千米ドル     )
        EQT  Corp.
                                           6,209,275          353,432
        Marathon     Oil  Corp.
                                          20,473,079          346,609
        Hess   Corp.
                                           7,274,376          345,315
        Noble   Energy    Inc.
                                          11,722,525          341,594
        National     Oilwell     Varco   Inc.
                                           9,154,273          329,737
        Baker   Hughes    ▶ GE  Co.
                                          10,314,331          326,345
        Cabot   Oil  & Gas  Corp.
                                          11,144,932          318,745
     *
        Diamondback       Energy    Inc.
                                           2,364,603          298,531
        Cimarex     Energy    Co.
                                           2,295,231          280,041
     *
        Cheniere     Energy    Inc.
                                           4,868,674          262,129
        Targa   Resources      Corp.
                                           5,195,099          251,547
        HollyFrontier        Corp.
                                           4,270,845          218,753
     *
        Parsley     Energy    Inc.   Class   A
                                           5,719,101          168,370
        OGE  Energy    Corp.
                                           4,797,862          157,898
        Helmerich      & Payne   Inc.
                                           2,353,143          152,107
     *
        Newfield     Exploration       Co.
                                           4,808,915          151,625
     *
        WPX  Energy    Inc.
                                           9,587,258          134,893
     *
        Energen     Corp.
                                           2,340,919          134,767
     *
        First   Solar   Inc.
                                           1,887,244          127,427
     *
        RSP  Permian     Inc.
                                           3,054,561          124,260
        Patterson-UTI        Energy    Inc.
                                           5,356,244          123,247
        Murphy    Oil  Corp.
                                           3,953,135          122,745
     *
        Continental       Resources      Inc.
                                           2,259,442          119,683
     ^
        Core   Laboratories       NV
                                           1,061,360          116,272
        Range   Resources      Corp.
                                           5,973,443          101,907
     *
        Antero    Resources      Corp.
                                           5,317,551          101,033
     *,^
        Transocean      Ltd.
                                           9,418,892          100,594
     *,^
        Weatherford       International        plc
                                          23,906,744           99,691
        PBF  Energy    Inc.   Class   A
                                           2,518,403          89,277
     *,^
        Chesapeake      Energy    Corp.
                                          20,798,661           82,363
     *
        PDC  Energy    Inc.
                                           1,585,484          81,716
     *,^
        Centennial      Resource     Development       Inc.   Class   A
                                           3,759,654          74,441
     *
        Matador     Resources      Co.
                                           2,348,695          73,115
     *
        Southwestern       Energy    Co.
                                          12,356,085           68,947
        Ensco   plc  Class   A
                                          10,495,047           62,026
        Delek   US  Holdings     Inc.
                                           1,764,351          61,646
        SM  Energy    Co.
                                           2,689,715          59,389
     *
        Callon    Petroleum      Co.
                                           4,863,292          59,089
     *
        Whiting     Petroleum      Corp.
                                           2,183,674          57,824
        SemGroup     Corp.   Class   A
                                           1,898,042          57,321
     *
        QEP  Resources      Inc.
                                           5,804,459          55,549
     *
        Oasis   Petroleum      Inc.
                                           6,485,383          54,542
        CNX  Resources      Corp.
                                           3,609,578          52,808
        Oceaneering       International        Inc.
                                           2,362,511          49,943
     *
        Gulfport     Energy    Corp.
                                           3,743,379          47,766
     *
        Rowan   Cos.   plc  Class   A
                                           3,041,477          47,630
     *
        SRC  Energy    Inc.
                                           5,517,615          47,065
        Nabors    Industries      Ltd.
                                           6,868,655          46,913
                                258/562


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     *
        C&J  Energy    Services     Inc.
                                           1,369,244          45,829
        Pattern     Energy    Group   Inc.   Class   A
                                           2,117,382          45,503
     *
        McDermott      International        Inc.
                                           6,812,659          44,827
     *
        Dril-Quip      Inc.
                                            915,461         43,667
     *
        Ultra   Petroleum      Corp.
                                           4,754,001          43,071
     *
        Laredo    Petroleum      Inc.
                                           3,794,729          40,262
     ^
        RPC  Inc.
                                           1,561,906          39,875
     *
        Carrizo     Oil  & Gas  Inc.
                                           1,866,992          39,730
     *
        MRC  Global    Inc.
                                           2,177,242          36,839
     *
        Superior     Energy    Services     Inc.
                                           3,704,139          35,671
     *,^
        Extraction      Oil  & Gas  Inc.
                                           2,487,874          35,601
     *
        Chart   Industries      Inc.
                                            751,777         35,228
     *
        Oil  States    International        Inc.
                                           1,243,681          35,196
     *
        ProPetro     Holding     Corp.
                                           1,506,023          30,361
     *
        Forum   Energy    Technologies       Inc.
                                           1,952,327          30,359
     *
        NOW  Inc.
                                           2,641,172          29,132
                                259/562















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                                                    市場価格

                                              株数     ( 千米ドル     )
     *
        Unit   Corp.
                                           1,278,702          28,131
     *,^
        Diamond     Offshore     Drilling     Inc.
                                           1,496,452          27,819
     *
        Noble   Corp.   plc
                                           5,919,774          26,757
     *
        Halcon    Resources      Corp.
                                           3,428,555          25,954
     *
        Helix   Energy    Solutions      Group   Inc.
                                           3,435,618          25,905
     *
        Exterran     Corp.
                                            816,869         25,682
     *,^
        California      Resources      Corp.
                                            981,839         19,087
     *,^
        Tellurian      Inc.
                                           1,877,854          18,290
        Archrock     Inc.
                                           1,713,401          17,991
     *
        SEACOR    Holdings     Inc.
                                            381,866         17,650
     *
        SandRidge      Energy    Inc.
                                            826,926         17,423
     *
        Newpark     Resources      Inc.
                                           2,012,850          17,311
     *
        Ring   Energy    Inc.
                                           1,232,669          17,134
        CVR  Energy    Inc.
                                            425,714         15,854
     *
        Select    Energy    Services     Inc.   Class   A
                                            866,961         15,813
        Green   Plains    Inc.
                                            931,041         15,688
     *
        Denbury     Resources      Inc.
                                           7,098,125          15,687
     *,^
        Keane   Group   Inc.
                                            824,513         15,674
     *
        Stone   Energy    Corp.
                                            481,333         15,480
     *
        Par  Pacific     Holdings     Inc.
                                            781,053         15,059
     *,^
        Resolute     Energy    Corp.
                                            456,276         14,359
     *
        Penn   Virginia     Corp.
                                            342,173         13,382
     *,^
        Plug   Power   Inc.
                                           5,536,889          13,067
     *
        Jagged    Peak   Energy    Inc.
                                            808,395         12,756
     *
        Tidewater      Inc.
                                            503,602         12,288
     *
        Bill   Barrett     Corp.
                                           2,369,452          12,155
     *
        Bonanza     Creek   Energy    Inc.
                                            430,522         11,878
     *
        REX  American     Resources      Corp.
                                            141,313         11,699
     *,^
        WildHorse      Resource     Development       Corp.
                                            622,539         11,461
     *
        TETRA   Technologies       Inc.
                                           2,635,805          11,255
     *,^
        SunPower     Corp.   Class   A
                                           1,322,511          11,149
     *
        Basic   Energy    Services     Inc.
                                            458,710         10,766
     *
        Matrix    Service     Co.
                                            603,769         10,747
     *
        Renewable      Energy    Group   Inc.
                                            896,699         10,581
     *
        Abraxas     Petroleum      Corp.
                                           3,714,486           9,138
     *,^
        Sanchez     Energy    Corp.
                                           1,684,114           8,943
     *
        Solaris     Oilfield     Infrastructure         Inc.   Class   A
                                            405,251          8,676
     *
        Natural     Gas  Services     Group   Inc.
                                            314,957          8,252
        Panhandle      Oil  and  Gas  Inc.   Class   A
                                            380,727          7,824
     *
        Midstates      Petroleum      Co.  Inc.
                                            465,115          7,712
     *
        W&T  Offshore     Inc.
                                           2,256,797           7,470
        Bristow     Group   Inc.
                                            553,860          7,461
     *
        Green   Brick   Partners     Inc.
                                            614,588          6,945
     *
        TPI  Composites      Inc.
                                            329,262          6,737
     *
        Trecora     Resources
                                            455,031          6,143
     *
        Flotek    Industries      Inc.
                                           1,307,956           6,095
     *
        Pioneer     Energy    Services     Corp.
                                           1,790,993           5,463
     *
        SilverBow      Resources      Inc.
                                            171,072          5,084
                                260/562


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     *,^
        CARBO   Ceramics     Inc.
                                            477,697          4,863
        Gulf   Island    Fabrication       Inc.
                                            362,038          4,860
     *
        Earthstone      Energy    Inc.   Class   A
                                            442,914          4,708
     *
        Mammoth     Energy    Services     Inc.
                                            237,668          4,665
     *
        SEACOR    Marine    Holdings     Inc.
                                            397,963          4,656
     *,^
        NextDecade      Corp.
                                            552,370          4,596
     *
        Eclipse     Resources      Corp.
                                           1,887,556           4,530
        Evolution      Petroleum      Corp.
                                            661,203          4,529
     *
        Pacific     Ethanol     Inc.
                                            953,170          4,337
     *
        ION  Geophysical       Corp.
                                            219,564          4,336
     *
        Smart   Sand   Inc.
                                            488,888          4,234
     *
        Geospace     Technologies       Corp.
                                            317,569          4,119
     *,^
        Enphase     Energy    Inc.
                                           1,676,885           4,041
     *,^
        Gastar    Exploration       Inc.
                                           3,552,286           3,730
     *
        Energy    XXI  Gulf   Coast   Inc.
                                            607,779          3,489
     *
        PHI  Inc.
                                            301,216          3,485
                                261/562















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                                                    市場価格

                                              株数     ( 千米ドル     )
     *,^
        Lilis   Energy    Inc.
                                            630,352          3,221
     *
        Parker    Drilling     Co.
                                           3,198,041           3,198
     *,^
        NCS  Multistage      Holdings     Inc.
                                            216,831          3,196
     *
        Independence       Contract     Drilling     Inc.
                                            780,582          3,107
     *,^
        Key  Energy    Services     Inc.
                                            260,791          3,075
        Adams   Resources      & Energy    Inc.
                                             66,406         2,889
     *,^
        Approach     Resources      Inc.
                                            924,596          2,737
     *,^
        Comstock     Resources      Inc.
                                            322,507          2,728
     *,^
        FuelCell     Energy    Inc.
                                           1,592,033           2,706
     *,^
        Zion   Oil  & Gas  Inc.
                                           1,211,646           2,617
     *,^
        Hornbeck     Offshore     Services     Inc.
                                            798,105          2,482
     *,^
        Jones   Energy    Inc.   Class   A
                                           1,997,029           2,197
     *
        Contango     Oil  & Gas  Co.
                                            459,974          2,166
     *,^
        Northern     Oil  and  Gas  Inc.
                                           1,056,723           2,166
     *
        Dawson    Geophysical       Co.
                                            411,309          2,044
     *
        Willbros     Group   Inc.
                                           1,408,037           1,999
     *
        Isramco     Inc.
                                             17,021         1,781
     *
        Goodrich     Petroleum      Corp.
                                            160,000          1,746
     *
        Lonestar     Resources      US  Inc.   Class   A
                                            400,880          1,592
     *,^
        Amyris    Inc.
                                            419,220          1,572
     *
        Ranger    Energy    Services     Inc.
                                            170,100          1,570
     *,^
        EP  Energy    Corp.   Class   A
                                            552,891          1,305
     *,^
        Torchlight      Energy    Resources      Inc.
                                            793,893          1,064
     *,^
        Erin   Energy    Corp.
                                            345,889           951
     *,^
        Rosehill     Resources      Inc.
                                            112,200           882
     *
        PetroQuest      Energy    Inc.
                                            447,372           846
     *
        PHI  Inc.
                                             70,644          832
     *
        VAALCO    Energy    Inc.
                                           1,074,850            749
     *
        Mitcham     Industries      Inc.
                                            232,826           738
     *,^
        Eco-Stim     Energy    Solutions      Inc.
                                            476,542           600
     *,^
        Stone   Energy    Corp.   Warrants     Exp.   02/28/2021
                                            116,107           581
     *,^
        Ocean   Power   Technologies       Inc.
                                            499,865           550
     *,^
        Enservco     Corp.
                                            553,228           356
     *,^
        Ideal   Power   Inc.
                                            146,040           207
     *
        Superior     Drilling     Products     Inc.
                                            113,740           167
     *,^
        Yuma   Energy    Inc.
                                             91,843          107
     *,^
        Aemetis     Inc.
                                            137,486           76
     *,^
        Houston     American     Energy    Corp.
                                            120,121           40
     ^
        EXCO   Resources      Inc.
                                            140,771           30
     *,^
        Tidewater      Inc.   Warrants
                                             8,839          21
     *,^
        Tidewater      Inc.   Warrants
                                             9,555          20
     *,^
        SAExploration        Holdings     Inc.
                                             8,164          18
     *,^
        Bonanza     Creek   Energy    Inc.   Warrants     Exp.   04/28/2020
                                             33,839           9
     *,^
        Rex  Energy    Corp.
                                             4,401           6
     *
        Basic   Energy    Services     Inc.   Warrants     Exp.   12/23/2023
                                             4,640           5
     2
        Harvest     Natural     Resources      Inc.
                                                        -
                                             51,829
                                                   37,758,375
             3
     その他    (0.0  ％ )
                                262/562


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     *,2
        Dyax   Corp.   CVR  Exp.   12/31/2019
                                           2,750,063           5,500
     *,2
        Herbalife      Ltd.   CVR
                                            234,057          2,270
     *,^,2
        Tobira    Therapeutics       CVR  Exp.   12/31/2028
                                            201,001           911
     *,2
        NewStar     Financial      Inc
                                            551,185           298
     *,2
        Ocera   Therapeutics       CVR  Line
                                            653,477           176
     *,2
        Ambit   Biosciences       Corp.   CVR
                                            201,330           121
     *,2
        Media   General     Inc.   CVR
                                           2,351,934             91
     *,2
        Omthera     Pharmaceuticals         Inc.   CVR
                                            121,311           73
     *
        Kadmon    Warrants     Exp.   09/29/2022
                                            169,257           18
     *,2
        Alexza    Pharmaceuticals         Inc.   CVR
                                            327,391           12
     *,2
        Achieve     Life   Sciences     Inc.   CVR
                                            228,587            2
     *,2
        Seventy     Seven   Energy    Inc.   Escrow    Line
                                             7,222           1
     *,2
        Clinical     Data   CVR
                                            216,285            -
     *,2
        Chelsea     Therapeutics       International        Ltd.   CVR
                                           1,157,305             -
     *,2
        Adolor    Corp.   Rights    Exp.   07/01/2019
                                            592,629            -
                                263/562















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                                                    市場価格

                                              株数     ( 千米ドル     )
     *,^,2
        Biosante     Pharmaceutical         Inc.   CVR
                                            253,823            -
     *,2
        NuPathe     Inc.   CVR
                                                        -
                                            158,681
                                                      9,473
     テクノロジー       (18.5   ％ )
        Apple   Inc.
                                          111,385,671         18,849,797
        Microsoft      Corp.
                                          185,889,867         15,901,019
     *
        Facebook     Inc.   Class   A
                                          57,482,974         10,143,446
     *
        Alphabet     Inc.   Class   A
                                           7,176,778         7,560,018
     *
        Alphabet     Inc.   Class   C
                                           7,172,896         7,505,718
        Intel   Corp.
                                          112,809,258          5,207,275
        Cisco   Systems     Inc.
                                          119,127,654          4,562,589
        Oracle    Corp.
                                          75,440,549         3,566,829
        International        Business     Machines     Corp.
                                          21,200,610         3,252,598
        NVIDIA    Corp.
                                          13,146,656         2,543,878
        Broadcom     Ltd.
                                           9,833,581         2,526,247
        Texas   Instruments       Inc.
                                          23,756,919         2,481,173
        QUALCOMM     Inc.
                                          35,533,167         2,274,833
     *
        Adobe   Systems     Inc.
                                          11,881,467         2,082,108
     *
        salesforce.com         Inc.
                                          16,536,159         1,690,492
        Applied     Materials      Inc.
                                          25,705,993         1,314,090
     *
        Micron    Technology      Inc.
                                          26,407,543         1,085,878
        Cognizant      Technology      Solutions      Corp.   Class   A
                                          14,212,329         1,009,360
        Intuit    Inc.
                                           5,854,912          923,788
        HP  Inc.
                                          40,251,647          845,687
        Analog    Devices     Inc.
                                           8,884,057          790,948
        Lam  Research     Corp.
                                           3,903,308          718,482
        Corning     Inc.
                                          20,944,373          670,010
        DXC  Technology      Co.
                                           6,875,667          652,501
        Western     Digital     Corp.
                                           7,128,390          566,921
     *
        Autodesk     Inc.
                                           5,282,821          553,798
        Hewlett     Packard     Enterprise      Co.
                                          38,432,692          551,893
     *
        ServiceNow      Inc.
                                           4,160,711          542,515
     *
        Cerner    Corp.
                                           7,611,433          512,934
     *
        Red  Hat  Inc.
                                           4,267,396          512,514
        Microchip      Technology      Inc.
                                           5,636,059          495,297
        Skyworks     Solutions      Inc.
                                           4,418,548          419,541
        Symantec     Corp.
                                          14,938,333          419,170
        Xilinx    Inc.
                                           6,048,215          407,771
        Harris    Corp.
                                           2,873,777          407,071
     *
        Dell   Technologies       Inc.   Class   V
                                           4,895,901          397,939
        KLA-Tencor      Corp.
                                           3,777,538          396,906
     *
        Twitter     Inc.
                                          15,216,200          365,341
        NetApp    Inc.
                                           6,500,754          359,622
        Maxim   Integrated      Products     Inc.
                                           6,785,362          354,739
        Motorola     Solutions      Inc.
                                           3,904,238          352,709
     *
        Workday     Inc.   Class   A
                                           3,300,915          335,835
     *
        Synopsys     Inc.
                                           3,617,146          308,326
     *
        Palo   Alto   Networks     Inc.
                                           2,102,869          304,790
                                264/562


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     *
        Citrix    Systems     Inc.
                                           3,457,862          304,292
     *
        ANSYS   Inc.
                                           2,042,039          301,385
        Seagate     Technology      plc
                                           6,971,660          291,694
     *
        Cadence     Design    Systems     Inc.
                                           6,800,655          284,403
     *
        Splunk    Inc.
                                           3,372,579          279,384
     *
        Arista    Networks     Inc.
                                           1,145,002          269,740
        Juniper     Networks     Inc.
                                           9,033,570          257,457
        CDW  Corp.
                                           3,689,832          256,406
     *
        Gartner     Inc.
                                           2,073,639          255,369
     *
        Akamai    Technologies       Inc.
                                           3,871,811          251,823
        CA  Inc.
                                           7,565,034          251,764
        CDK  Global    Inc.
                                           3,315,793          236,350
        Leidos    Holdings     Inc.
                                           3,641,929          235,159
     *,^
        VeriSign     Inc.
                                           2,021,572          231,349
     *,^
        VMware    Inc.   Class   A
                                           1,837,158          230,233
     *,^
        Advanced     Micro   Devices     Inc.
                                          22,088,853          227,073
                                265/562















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                                                    市場価格

                                              株数     ( 千米ドル     )
     *
        IAC/InterActiveCorp
                                           1,835,007          224,385
     *
        ON  Semiconductor        Corp.
                                          10,215,836          213,920
     *
        Square    Inc.
                                           6,154,292          213,369
     *
        Qorvo   Inc.
                                           3,063,539          204,032
        Marvell     Technology      Group   Ltd.
                                           9,465,627          203,227
        Teradyne     Inc.
                                           4,746,824          198,750
     *
        F5  Networks     Inc.
                                           1,508,748          197,978
     *
        CommScope      Holding     Co.  Inc.
                                           4,598,490          173,961
        SS&C   Technologies       Holdings     Inc.
                                           4,203,742          170,167
     *
        PTC  Inc.
                                           2,784,040          169,186
     *
        Fortinet     Inc.
                                           3,565,770          155,788
     *
        Tyler   Technologies       Inc.
                                            859,012         152,088
     *,^
        Snap   Inc.
                                          10,399,441          151,936
     *
        Ultimate     Software     Group   Inc.
                                            683,514         149,163
     *
        Microsemi      Corp.
                                           2,827,288          146,029
        LogMeIn     Inc.
                                           1,267,299          145,106
     *
        Veeva   Systems     Inc.   Class   A
                                           2,622,471          144,970
     *
        GoDaddy     Inc.   Class   A
                                           2,859,394          143,770
        Garmin    Ltd.
                                           2,263,598          134,843
     *
        Guidewire      Software     Inc.
                                           1,814,859          134,771
     *
        Cavium    Inc.
                                           1,583,037          132,706
     *
        EPAM   Systems     Inc.
                                           1,209,019          129,885
     *
        athenahealth       Inc.
                                            962,702         128,078
        MKS  Instruments       Inc.
                                           1,306,567          123,471
        CSRA   Inc.
                                           3,944,771          118,028
        Cypress     Semiconductor        Corp.
                                           7,627,066          116,236
     *
        Aspen   Technology      Inc.
                                           1,755,550          116,217
     *
        Nuance    Communications         Inc.
                                           6,948,196          113,603
     *
        Teradata     Corp.
                                           2,917,716          112,215
        Fair   Isaac   Corp.
                                            724,363         110,972
     *
        ARRIS   International        plc
                                           4,282,938          110,029
        Blackbaud      Inc.
                                           1,155,825          109,214
     *
        Tableau     Software     Inc.   Class   A
                                           1,545,950          106,980
        Monolithic      Power   Systems     Inc.
                                            950,128         106,756
        Entegris     Inc.
                                           3,403,858          103,647
     *
        NCR  Corp.
                                           2,928,410          99,537
     *,^
        ViaSat    Inc.
                                           1,328,944          99,471
        SYNNEX    Corp.
                                            720,751         97,986
     *,^
        Paycom    Software     Inc.
                                           1,142,319          91,762
     *
        Proofpoint      Inc.
                                           1,027,919          91,289
     *
        Integrated      Device    Technology      Inc.
                                           3,049,524          90,662
     *
        Silicon     Laboratories       Inc.
                                           1,024,038          90,423
        DST  Systems     Inc.
                                           1,454,659          90,291
     *
        Tech   Data   Corp.
                                            917,900         89,927
     *
        Cree   Inc.
                                           2,357,609          87,562
     *
        Medidata     Solutions      Inc.
                                           1,336,756          84,710
        j2  Global    Inc.
                                           1,104,708          82,886
     *
        Nutanix     Inc.
                                           2,339,453          82,536
                                266/562


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     *
        Manhattan      Associates      Inc.
                                           1,661,129          82,292
        Science     Applications       International        Corp.
                                           1,040,267          79,653
     *
        Cirrus    Logic   Inc.
                                           1,534,033          79,555
     *
        Dycom   Industries      Inc.
                                            710,647         79,187
     *
        Zendesk     Inc.
                                           2,322,432          78,591
     *
        CACI   International        Inc.   Class   A
                                            590,810         78,194
     *,^
        2U  Inc.
                                           1,194,661          77,068
     *
        HubSpot     Inc.
                                            814,107         71,967
     *
        RingCentral       Inc.   Class   A
                                           1,486,458          71,945
     *
        Ciena   Corp.
                                           3,436,495          71,926
     *
        Ellie   Mae  Inc.
                                            787,263         70,381
     *,^
        Lumentum     Holdings     Inc.
                                           1,418,883          69,383
     *
        RealPage     Inc.
                                           1,495,610          66,256
     *
        Advanced     Energy    Industries      Inc.
                                            957,868         64,637
     *
        ACI  Worldwide      Inc.
                                           2,849,908          64,607
     *
        Verint    Systems     Inc.
                                           1,533,465          64,175
        InterDigital       Inc.
                                            835,913         63,655
                                267/562














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                                                    市場価格

                                              株数     ( 千米ドル     )
     *
        Allscripts      Healthcare      Solutions      Inc.
                                           4,336,528          63,096
     *
        NetScout     Systems     Inc.
                                           1,995,330          60,758
     *
        FireEye     Inc.
                                           4,224,773          59,992
     *
        New  Relic   Inc.
                                            994,616         57,459
        Cabot   Microelectronics          Corp.
                                            607,200         57,125
     *
        Mercury     Systems     Inc.
                                           1,097,422          56,353
     *
        Finisar     Corp.
                                           2,752,971          56,023
     *
        Semtech     Corp.
                                           1,587,486          54,292
     *
        CommVault      Systems     Inc.
                                           1,000,384          52,520
     *
        EchoStar     Corp.   Class   A
                                            872,607         52,269
     *
        Box  Inc.
                                           2,421,067          51,133
        Pitney    Bowes   Inc.
                                           4,520,242          50,536
     *
        Envestnet      Inc.
                                           1,006,225          50,160
        Power   Integrations       Inc.
                                            680,638         50,061
     *
        Viavi   Solutions      Inc.
                                           5,470,880          47,815
     *
        VeriFone     Systems     Inc.
                                           2,691,365          47,664
     *
        Callidus     Software     Inc.
                                           1,627,969          46,641
        Progress     Software     Corp.
                                           1,091,367          46,459
        Cogent    Communications         Holdings     Inc.
                                            991,348         44,908
     *
        Cornerstone       OnDemand     Inc.
                                           1,253,881          44,300
        Pegasystems       Inc.
                                            933,368         44,008
        TiVo   Corp.
                                           2,802,155          43,714
     *
        Qualys    Inc.
                                            735,182         43,633
     *
        NETGEAR     Inc.
                                            723,167         42,486
        Ebix   Inc.
                                            531,704         42,138
     *
        BroadSoft      Inc.
                                            759,324         41,687
     *
        Premier     Inc.   Class   A
                                           1,377,011          40,195
        Plantronics       Inc.
                                            795,942         40,100
     *,^
        Ubiquiti     Networks     Inc.
                                            563,211         39,999
     *
        Cloudera     Inc.
                                           2,346,091          38,757
     *,^
        Match   Group   Inc.
                                           1,217,512          38,120
        Brooks    Automation      Inc.
                                           1,597,990          38,112
     *
        MaxLinear      Inc.
                                           1,439,687          38,037
     *
        Rambus    Inc.
                                           2,638,373          37,518
     *,^
        Twilio    Inc.   Class   A
                                           1,571,579          37,089
     *
        Pure   Storage     Inc.   Class   A
                                           2,249,360          35,675
        CSG  Systems     International        Inc.
                                            809,669         35,480
     *
        Extreme     Networks     Inc.
                                           2,732,502          34,211
     *,^
        Inphi   Corp.
                                            921,989         33,745
     *
        Synaptics      Inc.
                                            831,901         33,226
     *
        Electronics       For  Imaging     Inc.
                                           1,123,996          33,192
     *
        Insight     Enterprises       Inc.
                                            863,232         33,053
     *
        Bottomline      Technologies       de  Inc.
                                            919,043         31,872
     *
        Q2  Holdings     Inc.
                                            853,472         31,450
     *
        MuleSoft     Inc.   Class   A
                                           1,350,718          31,418
     *
        Five9   Inc.
                                           1,259,595          31,339
     *
        MicroStrategy        Inc.   Class   A
                                            227,560         29,879
        Xperi   Corp.
                                           1,206,278          29,433
                                268/562


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     *
        Coupa   Software     Inc.
                                            894,268         27,919
     *
        Virtusa     Corp.
                                            632,683         27,889
     *
        FormFactor      Inc.
                                           1,742,612          27,272
     *
        Diodes    Inc.
                                            948,854         27,204
     ^
        Diebold     Nixdorf     Inc.
                                           1,626,309          26,590
     *
        Barracuda      Networks     Inc.
                                            960,174         26,405
     *,^
        Oclaro    Inc.
                                           3,871,951          26,097
     *
        Alarm.com      Holdings     Inc.
                                            681,563         25,729
        NIC  Inc.
                                           1,515,971          25,165
     *
        CEVA   Inc.
                                            530,526         24,484
     *
        Web.com     Group   Inc.
                                           1,122,452          24,469
     *
        ePlus   Inc.
                                            324,165         24,377
     *
        Varonis     Systems     Inc.
                                            495,996         24,081
     *
        Cray   Inc.
                                            986,690         23,878
     *
        Blucora     Inc.
                                           1,069,013          23,625
        Monotype     Imaging     Holdings     Inc.
                                            951,276         22,926
                                269/562















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                                                    市場価格

                                              株数     ( 千米ドル     )
     *,^
        3D  Systems     Corp.
                                           2,644,399          22,848
        ADTRAN    Inc.
                                           1,151,171          22,275
     *
        Hortonworks       Inc.
                                           1,104,900          22,220
     *
        ScanSource      Inc.
                                            615,711         22,042
     *
        Infinera     Corp.
                                           3,423,753          21,672
     *
        Axcelis     Technologies       Inc.
                                            748,981         21,496
     *
        Boingo    Wireless     Inc.
                                            916,913         20,631
     *
        Amkor   Technology      Inc.
                                           2,051,245          20,615
     *
        SPS  Commerce     Inc.
                                            420,385         20,426
     *
        Super   Micro   Computer     Inc.
                                            935,893         19,584
     *
        Vocera    Communications         Inc.
                                            632,241         19,106
     *
        Blackline      Inc.
                                            573,642         18,815
     *,^
        Acacia    Communications         Inc.
                                            519,110         18,807
     *,^
        Shutterstock       Inc.
                                            426,884         18,369
     *
        Syntel    Inc.
                                            788,053         18,117
     *
        CalAmp    Corp.
                                            829,859         17,784
     *
        Quality     Systems     Inc.
                                           1,304,439          17,714
     *
        Rudolph     Technologies       Inc.
                                            729,927         17,445
     *
        PROS   Holdings     Inc.
                                            658,801         17,425
     *
        Ultra   Clean   Holdings     Inc.
                                            728,105         16,812
     *,^
        Applied     Optoelectronics         Inc.
                                            442,758         16,745
     *
        Instructure       Inc.
                                            505,344         16,727
     *
        Lattice     Semiconductor        Corp.
                                           2,841,450          16,424
     *
        Everbridge      Inc.
                                            545,195         16,203
        Switch    Inc.
                                            863,308         15,704
     *
        Silver    Spring    Networks     Inc.
                                            965,110         15,673
     *
        Perficient      Inc.
                                            816,243         15,566
     *,^
        Gogo   Inc.
                                           1,353,990          15,273
     *
        IXYS   Corp.
                                            624,610         14,959
     *
        Presidio     Inc.
                                            770,194         14,765
     *
        LivePerson      Inc.
                                           1,275,511          14,668
     *
        Nanometrics       Inc.
                                            578,598         14,419
     *
        Photronics      Inc.
                                           1,685,495          14,369
     *
        Carbonite      Inc.
                                            569,511         14,295
     *
        CommerceHub       Inc.
                                            689,768         14,202
     *
        Loral   Space   & Communications         Inc.
                                            318,395         14,025
        Cohu   Inc.
                                            635,767         13,955
     *
        Alteryx     Inc.   Class   A
                                            548,142         13,852
     *
        Endurance      International        Group   Holdings     Inc.
                                           1,582,880          13,296
     *
        Ichor   Holdings     Ltd.
                                            524,723         12,908
     *
        Apptio    Inc.   Class   A
                                            544,002         12,795
     *
        Appfolio     Inc.
                                            301,244         12,502
     *,^
        Benefitfocus       Inc.
                                            456,855         12,335
     *
        Xcerra    Corp.
                                           1,225,987          12,002
        Comtech     Telecommunications           Corp.
                                            539,424         11,932
        Systemax     Inc.
                                            358,602         11,931
     *
        Workiva     Inc.
                                            556,856         11,917
     *
        Okta   Inc.
                                            464,541         11,897
                                270/562


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     *
        Actua   Corp.
                                            732,679         11,430
     *
        USA  Technologies       Inc.
                                           1,159,054          11,301
        Forrester      Research     Inc.
                                            241,640         10,680
     *
        PDF  Solutions      Inc.
                                            664,802         10,437
     *
        VASCO   Data   Security     International        Inc.
                                            746,986         10,383
     *,^
        Unisys    Corp.
                                           1,250,613          10,192
     *
        Rapid7    Inc.
                                            533,585          9,957
     *
        Limelight      Networks     Inc.
                                           2,179,176           9,610
     *
        Ribbon    Communications         Inc.
                                           1,234,102           9,540
        Computer     Programs     & Systems     Inc.
                                            310,377          9,327
     *
        A10  Networks     Inc.
                                           1,194,980           9,225
     *,^
        Yext   Inc.
                                            762,440          9,172
     *,^
        Digimarc     Corp.
                                            248,714          8,991
     *
        Cision    Ltd.
                                            748,531          8,885
     *
        Model   N Inc.
                                            562,667          8,862
        Hackett     Group   Inc.
                                            561,201          8,816
                                271/562















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                                                    市場価格

                                              株数     ( 千米ドル     )
     *,^
        Impinj    Inc.
                                            384,840          8,670
     *
        Vectrus     Inc.
                                            279,921          8,636
     *
        Altair    Engineering       Inc.   Class   A
                                            352,308          8,427
     *
        Tabula    Rasa   HealthCare      Inc.
                                            299,685          8,406
     *
        AXT  Inc.
                                            936,752          8,150
        QAD  Inc.   Class   A
                                            204,398          7,941
     *
        DSP  Group   Inc.
                                            624,669          7,808
        PC  Connection      Inc.
                                            296,219          7,764
        American     Software     Inc.   Class   A
                                            665,611          7,741
     *
        Harmonic     Inc.
                                           1,837,196           7,716
     *
        Alpha   & Omega   Semiconductor        Ltd.
                                            468,197          7,660
     *
        Internap     Corp.
                                            485,900          7,633
     *
        SailPoint      Technologies       Holding     Inc.
                                            514,106          7,455
     *
        Synchronoss       Technologies       Inc.
                                            827,293          7,396
     *
        Rosetta     Stone   Inc.
                                            555,219          6,924
     *,^
        KeyW   Holding     Corp.
                                           1,173,682           6,890
     *,^
        TransEnterix       Inc.
                                           3,548,501           6,849
     *
        Mitek   Systems     Inc.
                                            745,162          6,669
     *
        CommerceHub       Inc.   Class   A
                                            300,716          6,613
     *
        Upland    Software     Inc.
                                            302,989          6,563
     *
        Calix   Inc.
                                           1,080,814           6,431
     *
        Sigma   Designs     Inc.
                                            907,801          6,309
     *
        WideOpenWest       Inc.
                                            584,296          6,176
     *
        Zix  Corp.
                                           1,387,768           6,078
     *,^
        NeoPhotonics       Corp.
                                            916,719          6,032
     *
        Digi   International        Inc.
                                            620,377          5,925
     *
        Brightcove      Inc.
                                            821,372          5,832
     *,^
        Castlight      Health    Inc.   Class   B
                                           1,545,683           5,796
     *
        MongoDB     Inc.
                                            192,371          5,710
     *
        Quantenna      Communications         Inc.
                                            462,416          5,641
     *,^
        Appian    Corp.   Class   A
                                            171,111          5,387
     *
        ChannelAdvisor         Corp.
                                            593,254          5,339
     *
        MobileIron      Inc.
                                           1,362,373           5,313
     *
        Agilysys     Inc.
                                            431,850          5,303
     *,^
        Immersion      Corp.
                                            718,877          5,075
        Preformed      Line   Products     Co.
                                             70,580         5,015
     *,^
        Kopin   Corp.
                                           1,528,590           4,891
     *
        Aerohive     Networks     Inc.
                                            837,762          4,884
     *
        RigNet    Inc.
                                            319,157          4,771
     *,^
        VirnetX     Holding     Corp.
                                           1,263,963           4,677
     *
        Pixelworks      Inc.
                                            738,793          4,677
     *
        Meet   Group   Inc.
                                           1,644,944           4,639
     *
        Ooma   Inc.
                                            384,271          4,592
     *
        Amber   Road   Inc.
                                            596,529          4,379
     *,^
        ForeScout      Technologies       Inc.
                                            134,683          4,295
        Simulations       Plus   Inc.
                                            260,718          4,198
     *
        Telenav     Inc.
                                            756,451          4,160
     *
        EMCORE    Corp.
                                            628,293          4,052
                                272/562


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     *
        Quantum     Corp.
                                            719,397          4,050
     *
        KVH  Industries      Inc.
                                            385,252          3,987
     *,^
        Exela   Technologies       Inc.
                                            733,206          3,776
     *,^
        QuickLogic      Corp.
                                           2,064,240           3,592
     *
        Clearfield      Inc.
                                            279,441          3,423
     *
        Seachange      International        Inc.
                                            860,467          3,382
     *,^
        Park   City   Group   Inc.
                                            332,173          3,172
     *
        Telaria     Inc.
                                            781,324          3,149
     *,^
        Veritone     Inc.
                                            133,400          3,095
     *,^
        SITO   Mobile    Ltd.
                                            447,601          3,008
        TESSCO    Technologies       Inc.
                                            147,714          2,976
        PC-Tel    Inc.
                                            403,760          2,976
        AstroNova      Inc.
                                            206,261          2,888
     *
        ID  Systems     Inc.
                                            414,467          2,876
     *
        Datawatch      Corp.
                                            300,838          2,858
     *
        Amtech    Systems     Inc.
                                            280,709          2,827
                                273/562















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                                                    市場価格

                                              株数     ( 千米ドル     )
     *
        VOXX   International        Corp.   Class   A
                                            492,421          2,758
     *
        PAR  Technology      Corp.
                                            289,316          2,705
     *
        eGain   Corp.
                                            461,647          2,424
     *
        GSI  Technology      Inc.
                                            291,749          2,322
     *
        Adesto    Technologies       Corp.
                                            360,043          2,322
     *
        Data   I/O  Corp.
                                            188,803          2,273
     *
        Computer     Task   Group   Inc.
                                            439,802          2,243
     *
        Aquantia     Corp.
                                            191,176          2,166
     *,^
        SecureWorks       Corp.   Class   A
                                            234,363          2,079
     *
        Key  Tronic    Corp.
                                            301,701          2,061
        TransAct     Technologies       Inc.
                                            150,302          1,991
     *,^
        Airgain     Inc.
                                            219,697          1,975
     *
        Aware   Inc.
                                            432,908          1,948
     *
        Fusion    Telecommunications           International        Inc.
                                            502,642          1,885
     *
        Casa   Systems     Inc.
                                            104,787          1,861
     *
        inTEST    Corp.
                                            208,952          1,807
     *
        Edgewater      Technology      Inc.
                                            285,696          1,783
     *
        Great   Elm  Capital     Group   Inc.
                                            414,611          1,679
     *,^
        Resonant     Inc.
                                            222,043          1,659
        RCM  Technologies       Inc.
                                            255,019          1,604
     *
        BSQUARE     Corp.
                                            337,101          1,568
     *
        Bandwidth      Inc.   Class   A
                                             67,765         1,567
     *,^
        Synacor     Inc.
                                            677,563          1,558
     *,^
        CVD  Equipment      Corp.
                                            130,667          1,518
     *,^
        Neurotrope      Inc.
                                            212,046          1,493
     *
        LRAD   Corp.
                                            590,732          1,471
        GlobalSCAPE       Inc.
                                            408,661          1,451
        Concurrent      Computer     Corp.
                                            241,743          1,395
        ClearOne     Inc.
                                            155,448          1,391
     *
        Aviat   Networks     Inc.
                                             79,979         1,213
        QAD  Inc.   Class   B
                                             38,958         1,188
     *,^
        Ominto    Inc.
                                            339,216          1,150
     *
        Support.com       Inc.
                                            473,810          1,147
     *,^
        Aehr   Test   Systems
                                            414,457          1,123
     *,^
        Inseego     Corp.
                                            673,718          1,085
     *,^
        Rimini    Street    Inc.
                                            134,806          1,066
     *,^
        Atomera     Inc.
                                            219,062           949
     *
        SendGrid     Inc.
                                             39,523          947
     *,^
        NXT-ID    Inc.
                                            270,315           946
     *,^
        Everspin     Technologies       Inc.
                                            123,476           926
     *
        Icad   Inc.
                                            265,114           912
     *
        GSE  Systems     Inc.
                                            275,429           895
     *
        Innodata     Inc.
                                            643,214           875
     *
        iPass   Inc.
                                           1,597,520            831
        Pendrell     Corp.
                                             1,391          828
     *
        Xplore    Technologies       Corp.
                                            292,147           827
     *
        Identiv     Inc.
                                            241,980           808
     *
        Marin   Software     Inc.
                                             72,462          797
                                274/562


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     *
        WidePoint      Corp.
                                           1,138,832            741
        Network-1      Technologies       Inc.
                                            304,119           730
     *,^
        Tintri    Inc.
                                            138,412           706
     *
        DASAN   Zhone   Solutions      Inc.
                                             71,691          664
     *
        Evolving     Systems     Inc.
                                            137,615           647
     *
        Finjan    Holdings     Inc.
                                            298,075           644
     *,^
        Neonode     Inc.
                                            843,592           627
     *
        NetSol    Technologies       Inc.
                                            131,905           627
     *
        Intermolecular         Inc.
                                            388,778           533
        CSP  Inc.
                                             30,760          489
     *
        Radisys     Corp.
                                            481,423           484
        RELM   Wireless     Corp.
                                            129,063           458
     *
        Westell     Technologies       Inc.   Class   A
                                            121,863           457
     *
        SharpSpring       Inc.
                                            101,651           447
     *,^
        Intellicheck       Inc.
                                            161,682           414
     *
        Smith   Micro   Software     Inc.
                                            127,545           362
                                275/562















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                                                    市場価格

                                              株数     ( 千米ドル     )
     *,^
        ParkerVision       Inc.
                                            331,909           352
     *
        Streamline      Health    Solutions      Inc.
                                            206,127           348
     *,^
        Netlist     Inc.
                                           1,089,336            335
     *,^
        Sunworks     Inc.
                                            317,501           333
     *
        Lantronix      Inc.
                                            164,876           333
        Communications         Systems     Inc.
                                             73,726          268
     *,^
        Inuvo   Inc.
                                            315,731           256
     *
        ARC  Group   Worldwide      Inc.
                                            117,147           246
     *
        Qumu   Corp.
                                            105,861           242
     *
        Majesco
                                             41,159          221
     *,^
        FORM   Holdings     Corp.
                                            149,947           205
     *
        Determine      Inc.
                                             95,026          172
     *
        RumbleON     Inc.   Class   B
                                             27,561          142
     *,^
        CynergisTek       Inc.
                                             34,796          141
     *
        Cinedigm     Corp.   Class   A
                                             81,007          122
     *
        BroadVision       Inc.
                                             33,284          120
     *
        Xcel   Brands    Inc.
                                             31,471          104
     *,^
        xG  Technology      Inc.
                                             63,270          102
     *
        Trio-Tech      International
                                             14,020           98
     *
        Socket    Mobile    Inc.
                                             20,235           72
     *
        Sonic   Foundry     Inc.
                                             17,328           52
     *
        ADDvantage      Technologies       Group   Inc.
                                             29,519           44
     *,2
        Gerber    Scientific      Inc.   CVR
                                            388,581           44
     *
        Mastech     Digital     Inc.
                                             4,280          43
        SilverSun      Technologies       Inc.
                                             2,301          10
     *
        Intelligent       Systems     Corp.
                                             1,683           8
     *
        CMTSU   Liquidation       Inc.
                                            401,000            7
     *,^
        MYnd   Analytics      Inc.
                                                        ▶
                                             1,200
                                                  122,336,304
     通信サービス       (1.9  ％ )
        AT&T   Inc.
                                          147,965,786          5,752,910
        Verizon     Communications         Inc.
                                          98,328,595         5,204,532
     *
        T-Mobile     US  Inc.
                                           7,013,723          445,442
        CenturyLink       Inc.
                                          23,178,893          386,624
     *
        Zayo   Group   Holdings     Inc.
                                           4,762,715          175,268
     *,^
        Sprint    Corp.
                                          14,432,244           85,006
        Telephone      & Data   Systems     Inc.
                                           2,375,624          66,042
     *
        Vonage    Holdings     Corp.
                                           4,949,328          50,335
        Shenandoah      Telecommunications           Co.
                                           1,125,985          38,058
     *
        GTT  Communications         Inc.
                                            783,442         36,783
     *
        Straight     Path   Communications         Inc.   Class   B
                                            172,349         31,331
     *
        8x8  Inc.
                                           2,101,621          29,633
     *,^
        Iridium     Communications         Inc.
                                           2,032,370          23,982
     *
        General     Communication        Inc.   Class   A
                                            567,903         22,160
     *
        Cincinnati      Bell   Inc.
                                           1,029,560          21,466
        Consolidated       Communications         Holdings     Inc.
                                           1,736,498          21,168
     *
        ORBCOMM     Inc.
                                           1,720,830          17,518
     *,^
        Globalstar      Inc.
                                          13,335,304           17,469
                                276/562


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        ATN  International        Inc.
                                            259,333         14,331
     ^
        Frontier     Communications         Corp.
                                           1,880,980          12,715
     *
        United    States    Cellular     Corp.
                                            323,542         12,175
     *
        pdvWireless       Inc.
                                            289,293          9,286
        Spok   Holdings     Inc.
                                            479,524          7,505
        Windstream      Holdings     Inc.
                                           3,595,524           6,652
     *
        HC2  Holdings     Inc.
                                            888,607          5,287
        IDT  Corp.   Class   B
                                            422,763          4,481
     *
        Hawaiian     Telcom    Holdco    Inc.
                                            138,772          4,282
     *
        Intelsat     SA
                                           1,240,306           4,205
     *
        Alaska    Communications         Systems     Group   Inc.
                                           1,191,425           3,193
     *
        Otelco    Inc.   Class   A
                                             22,756          304
     *
        CPS  Technologies       Corp.
                                                        13
                                             7,700
                                                   12,510,156
     公益事業     (3.0  ％ )
        NextEra     Energy    Inc.
                                          11,335,995         1,770,569
                                277/562















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                                                    市場価格

                                              株数     ( 千米ドル     )
        Duke   Energy    Corp.
                                          16,879,505         1,419,735
        Dominion     Energy    Inc.
                                          15,517,935         1,257,884
        Southern     Co.
                                          24,091,022         1,158,537
        Exelon    Corp.
                                          23,141,122          911,992
        American     Electric     Power   Co.  Inc.
                                          11,865,174          872,921
        Sempra    Energy
                                           6,051,112          646,985
        Consolidated       Edison    Inc.
                                           7,468,058          634,411
        Public    Service     Enterprise      Group   Inc.
                                          12,196,133          628,101
        Xcel   Energy    Inc.
                                          12,237,162          588,730
        PG&E   Corp.
                                          12,395,257          555,679
        PPL  Corp.
                                          16,581,804          513,207
        WEC  Energy    Group   Inc.
                                           7,604,095          505,140
        Edison    International
                                           7,851,108          496,504
        ONEOK   Inc.
                                           9,241,301          493,947
        Eversource      Energy
                                           7,627,792          481,924
        DTE  Energy    Co.
                                           4,322,806          473,174
        American     Water   Works   Co.  Inc.
                                           4,289,671          392,462
        Entergy     Corp.
                                           4,341,402          353,347
        Ameren    Corp.
                                           5,843,955          344,735
        FirstEnergy       Corp.
                                          10,717,039          328,156
        CMS  Energy    Corp.
                                           6,778,680          320,632
        CenterPoint       Energy    Inc.
                                          10,381,390          294,416
        Alliant     Energy    Corp.
                                           5,571,603          237,406
        Atmos   Energy    Corp.
                                           2,688,477          230,913
        Pinnacle     West   Capital     Corp.
                                           2,689,709          229,109
        NiSource     Inc.
                                           8,110,087          208,186
        NRG  Energy    Inc.
                                           7,244,625          206,327
        UGI  Corp.
                                           4,192,761          196,850
        Westar    Energy    Inc.   Class   A
                                           3,421,025          180,630
        AES  Corp.
                                          15,976,279          173,023
        Aqua   America     Inc.
                                           4,283,649          168,048
        Great   Plains    Energy    Inc.
                                           5,190,671          167,347
     *
        Calpine     Corp.
                                           8,679,383          131,319
        SCANA   Corp.
                                           3,275,959          130,318
        Vectren     Corp.
                                           1,993,882          129,642
     *
        Vistra    Energy    Corp.
                                           6,186,084          113,329
        IDACORP     Inc.
                                           1,218,203          111,295
        WGL  Holdings     Inc.
                                           1,244,064          106,790
        National     Fuel   Gas  Co.
                                           1,856,721          101,953
        Portland     General     Electric     Co.
                                           2,149,782          97,987
        Hawaiian     Electric     Industries      Inc.
                                           2,624,005          94,858
        ONE  Gas  Inc.
                                           1,268,001          92,894
        ALLETE    Inc.
                                           1,224,120          91,026
        New  Jersey    Resources      Corp.
                                           2,097,308          84,312
        Southwest      Gas  Holdings     Inc.
                                           1,038,570          83,584
        Spire   Inc.
                                           1,109,437          83,374
        Avista    Corp.
                                           1,556,270          80,132
        PNM  Resources      Inc.
                                           1,914,667          77,448
                                278/562


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        Black   Hills   Corp.
                                           1,286,782          77,348
        Avangrid     Inc.
                                           1,521,404          76,953
        NorthWestern       Corp.
                                           1,165,355          69,572
        South   Jersey    Industries      Inc.
                                           1,933,085          60,370
        Ormat   Technologies       Inc.
                                            907,823         58,064
        El  Paso   Electric     Co.
                                            977,242         54,090
        MGE  Energy    Inc.
                                            846,276         53,400
        California      Water   Service     Group
                                           1,164,113          52,792
        American     States    Water   Co.
                                            889,791         51,528
        Northwest      Natural     Gas  Co.
                                            695,252         41,472
     *
        Dynegy    Inc.
                                           2,687,226          31,844
        Chesapeake      Utilities      Corp.
                                            377,427         29,647
        SJW  Group
                                            398,840         25,458
        Unitil    Corp.
                                            370,498         16,902
        Connecticut       Water   Service     Inc.
                                            283,981         16,303
     *
        Evoqua    Water   Technologies       Corp.
                                            680,900         16,144
                                279/562















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                                                    市場価格

                                              株数     ( 千米ドル     )
        Middlesex      Water   Co.
                                            378,961         15,124
     *
        Sunrun    Inc.
                                           1,988,059          11,730
        York   Water   Co.
                                            336,580         11,410
     *
        TerraForm      Power   Inc.   Class   A
                                            735,151          8,792
        Artesian     Resources      Corp.   Class   A
                                            204,533          7,887
     *,^
        Cadiz   Inc.
                                            548,251          7,813
     *
        Atlantic     Power   Corp.
                                           2,932,572           6,892
     *,^
        AquaVenture       Holdings     Ltd.
                                            266,094          4,130
     *
        Pure   Cycle   Corp.
                                            490,531          4,096
     ^
        Spark   Energy    Inc.   Class   A
                                            279,655          3,468
     *,^
        Vivint    Solar   Inc.
                                            705,847          2,859
        Genie   Energy    Ltd.   Class   B
                                            379,378          1,654
     *
        US  Geothermal      Inc.
                                                      1,404
                                            406,921
                                                   19,870,434
     普通株式総額        ( 原価   $409,537,038)
                                                  661,465,480
                              クーポン

                1
     短期現物投資       (0.7  ％ )
     マネー・マーケット・ファンド                 (0.7  ％ )
     4,5
        バンガード・マーケット・
        リクイディティ・ファンド                      1.458   ％         45,238,970         4,524,349
                                            額面金額

                                     満期日      ( 千米ドル     )
     米国政府機関債         (0.0  ％ )
        米国財務省短期証券
                              1.008   ％   1/4/18          800         800
        米国財務省短期証券
                              1.075   ％   2/22/18         60,000         59,894
     6
        米国財務省短期証券
                                                     108,728
                              1.169   ％   3/22/18        109,050
                                                     169,422
     短期現物投資合計          ( 原価   $4,693,602)
                                                    4,693,771
     投資総額     (100.5   ％ ) ( 原価   $414,230,640)
                                                  666,159,251
                                                   ( 千米ドル     )

     その他の資産および負債             (-0.5   ％ )
     その他の資産
     バンガードに対する投資                                                 36,381
     売却投資有価証券に係る未収入金                                                597,670
     未収収益                                                720,762
     発行済資本持分に係る未収入金                                                555,772
     未実現利益－スワップ契約                                                  755
     その他の資産                                                 13,495
     その他の資産合計          (0.3  ％ )
                                                    1,924,835
     負債

     購入投資有価証券に係る未払金                                               (847,582)
     貸付有価証券に係る担保                                              (2,211,757)
     資本持分の買戻しに係る未払金                                              (2,213,298)
     バンガードに対する未払金                                               (218,756)
     未払変動証拠金－先物契約                                                (14,444)
     未実現損失－スワップ契約                                                 (1,078)
     負債合計     (-0.8   ％ )
                                                   (5,506,915)
                                                  662,577,171
     純資産    (100.0   ％ )
                                               (74,109,257      百万円   )
                                280/562


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     2017  年 12 月 31 日現在、純資産の内訳：
                                        ( 千米ドル     )       ( 百万円   )
                                        412,411,988           46,128,281
     払込出資金
     超過分配投資純利益                                     (98,960)           (11,069)
     累積実現純損失                                    (1,663,394)            (186,051)
     未実現利益（損失）
                                        251,928,611           28,178,215
     投資有価証券
     先物契約                                       (751)           (84)
     スワップ契約                                       (323)           (36)
                                        662,577,171           74,109,257
     純資産
     インベスター受益証券

     発行済受益証券        1,900,547,682       口に対する純資産
     （額面   0.001   米ドル：授権口数は無制限）                             126,766,010           14,178,778
     受益証券１口当たり純資産価額
     －インベスター受益証券                                   66.70   米ドル          7,460   円
     ETF  受益証券

     発行済受益証券        670,211,061      口に対する純資産
     （額面   0.001   米ドル：授権口数は無制限）                             91,862,048           10,274,770
     受益証券１口当たり純資産価額
     － ETF  受益証券                               137.06   米ドル          15,330   円
     アドミラル受益証券

     発行済受益証券        2,849,166,062       口に対する純資産
     （額面   0.001   米ドル：授権口数は無制限）                             190,099,458           21,262,624
     受益証券１口当たり純資産価額
     －アドミラル受益証券                                   66.72   米ドル          7,463   円
     インスティテューショナル受益証券

     発行済受益証券        1,701,675,121       口に対する純資産
     （額面   0.001   米ドル：授権口数は無制限）                             113,556,787           12,701,327
     受益証券１口当たり純資産価額
     －インスティテューショナル受益証券                                   66.73   米ドル          7,464   円
     インスティテューショナル・プラス受益証券

     発行済受益証券        1,007,876,158       口に対する純資産
     （額面   0.001   米ドル：授権口数は無制限）                             126,130,339           14,107,678
     受益証券１口当たり純資産価額
     －インスティテューショナル・プラス受益証券                                  125.14   米ドル          13,997   円
     インスティテューショナル・セレクト受益証券

     発行済受益証券        107,853,635      口に対する純資産
     （額面   0.001   米ドル：授権口数は無制限）                             14,162,529           1,584,079
     受益証券１口当たり純資産価額
     －インスティテューショナル・セレクト受益証券                                  131.31   米ドル          14,687   円
                                281/562




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     -  財務書類注記の注記Ａを参照のこと。

     ＊  配当を出さない有価証券。
     ＾  ブローカー／ディーラーに貸し付けられている証券ポジションの一部を含む。貸付有価証券の価
       値総額は     2,033,653,000       米ドルである。
     １  当ファンドは、現金準備の一部をインデックス先物契約およびスワップ契約を用いて株式市場に
       投資している。先物およびスワップ投資の影響を考慮すれば、当ファンドの実際の普通株式投資
       および短期現物投資は、純資産のそれぞれ                      100.0   ％および     0.5  ％である。
     ２  重要な観察不能なインプットを用いて算定された有価証券の価値。
     ３  「その他」は、ファンドのベンチマークにより分類されない有価証券を示している。
     ４  バンガード・ファンド並びにバンガードが管理する一部の信託および口座にのみ利用可能な関連
       会社のマネー・マーケット・ファンド。提示されているレートは７日間の利回りである。
     ５  貸付有価証券に係る担保受取額                2,211,757,000       米ドルを含む。
     ６  未決済先物契約の当初証拠金として分別管理された有価証券                               91,669,000      米ドル。
     ADR  －米国預託証券         (American      Depositary      Receipt)
     CVR  －不確定価額受領権          (Contingent       Value   Rights)
     REIT  －不動産投資信託         (Real   Estate    Investment      Trust)
     期末現在のデリバティブ金融商品残高

     先物契約

                                                  (単位：千米ドル      )
                                         買建
                                                   契約額および
                                       （売建）             未実現利益
                                   限月      玉数    名目元本        (損失  )
     買建の先物契約
     E-mini   S&P  500  インデックス
                                 2018  年３月      6,603     883,481        (2,111)
     E-mini   ラッセル    2000  インデックス                   2018  年３月      1,914     147,043        1,159
     E-mini   S&P  ミッド・キャップ       400 インデックス
                                 2018  年３月       240     45,658         201
                                                       (751)
     未決済先物契約に係る未実現利益（損失）は、税務上は実現利益（損失）として処理する必要がある。

     トータル・リターンスワップ                                            （単位：千米ドル）

                                               受領
                                                   契約額および
                                              （支払）
                                   契約                 未実現利益
                                                 1
     参照企業                         満期日     相手方     名目元本      変動金利        （損失）
     Ambac   Financial     Group
                          2018  年１月   10 日    GSCM     8,120    (1.895   ％ )       649
     Gaming   and  Leisure    Properties     Inc.
                          2018  年３月   21 日    GSCM     17,645     (2.051   ％ )       106
     SLM  Corp.
                          2018  年２月   26 日     GSI    38,985     (1.964   ％ )     (1,078)
                                                       (323)
     GSCM-Goldman      Sachs   Capital    Management

     GSI-Goldman      Sachs   International
     1
      月次の支払に係る受取／支払変動金利
     未決済スワップ契約に係る未実現利益（損失）は、税務上、経常利益（損失）として処理する必要がある。

     2017  年 12 月 31 日現在、契約相手方は、未決済スワップ契約に関して                      3,960,000    米ドルの現金を分別口座に保管していた。

     添付の注記は財務書類の不可欠の一部である。

    次へ
                                282/562



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                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
     損益計算書
                                 トータル・ストック・マーケット・

                                    インデックス・ファンド
                              2018  年 12 月 31 日         2017  年 12 月 31 日
                               終了計算期間               終了計算期間
                            千米ドル        百万円       千米ドル        百万円
     投資収益
     収益
     配当金                       13,933,848        1,558,501       11,052,585        1,236,232
                                 1                2
     利息                         54,283         6,072       32,311        3,614
                             126,669        14,168       109,770        12,278
     貸付有価証券－純額
                            14,114,800        1,578,740       11,194,666        1,252,123
     収益総額
     費用
     バンガード・グループ－注記Ｂ
     投資運用報酬                         24,218        2,709       19,506        2,182
     マネジメントおよび管理
      －インベスター受益証券                        158,387        17,716       138,370        15,477
      － ETF  受益証券                     21,276        2,380       21,717        2,429
      －アドミラル受益証券                        60,985        6,821       48,094        5,379
      －インスティテューショナル
       受益証券                       27,571        3,084       25,275        2,827
      －インスティテューショナル・
       プラス受益証券                       20,989        2,348       15,652        1,751
      －インスティテューショナル・
       セレクト受益証券                        1,082         121        653        73
     マーケティングおよび販売
      －インベスター受益証券                        17,741        1,984       16,089        1,800
      － ETF  受益証券                      3,627         406       3,508         392
      －アドミラル受益証券                        10,293        1,151        9,942       1,112
      －インスティテューショナル
       受益証券                        2,877         322       2,645         296
      －インスティテューショナル・
       プラス受益証券                        1,500         168       1,389         155
      －インスティテューショナル・
       セレクト受益証券                          1        0        1       0
     カストディー報酬                          2,430         272       4,951         554
     監査報酬                           421        47       439        49
     受益者報告および委任状
      －インベスター受益証券                         1,252         140       4,146         464
      － ETF  受益証券                      1,097         123       3,311         370
      －アドミラル受益証券                          511        57      2,531         283
      －インスティテューショナル
       受益証券                         902        101       1,883         211
      －インスティテューショナル・
       プラス受益証券                         31        3       63        7
      －インスティテューショナル・
       セレクト受益証券                          1        0       －       －
                                437        49       424        47
     受託者報酬および費用
                             357,629        40,001       320,589        35,858
      費用総額
                            13,757,171        1,538,740       10,874,077        1,216,266
     投資純利益
     実現純利益（損失）
                                283/562


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                                                 有価証券報告書（外国投資信託受益証券）
                                 1,3                2
     売却投資有価証券                       6,732,944         753,080       4,038,675         451,726
     先物契約                        (205,348)        (22,968)        513,428        57,427
                             (16,547)        (1,851)        (3,817)         (427)
     スワップ契約
                            6,511,049         728,261       4,548,286         508,726
     実現純利益（損失）
     未実現利益（損失）の変動
                                  1               2
     投資有価証券                      (56,813,515)         (6,354,592)        97,109,096       10,861,652
     先物契約                        (113,904)        (12,740)         19,407        2,171
                              (1,888)         (211)         176        20
     スワップ契約
                           (56,929,307)        (6,367,543)        97,128,679       10,863,843
     未実現利益（損失）の変動
     運用による純資産の純増加
                           (36,661,087)        (4,100,543)       112,551,042        12,588,834
     （減少）額
     １　当ファンドの関連会社からの利息収益、実現純利益（損失）および未実現利益（損失）の変動

       は、それぞれ       51,265,000      米ドル、     (296,000)     米ドルおよび       364,000    米ドルであった。購入および売
       却は、短期現物投資目的で行われる。
     ２　当ファンドの関連会社からの利息収益、実現純利益（損失）および未実現利益（損失）の変動
       は、それぞれ       30,754,000      米ドル、     64,000    米ドルおよび       95,000    米ドルであった。購入および売却
       は、短期現物投資目的で行われる。
     ３　現物償還による          6,485,855,000       米ドルの純利益（損失）を含む。当該利益（損失）は当ファンドの
       課税対象ではない。
     添付の注記は、財務書類の不可欠の一部である。

                                284/562













                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
     純資産変動計算書
                                 トータル・ストック・マーケット・

                                    インデックス・ファンド
                              2018  年 12 月 31 日         2017  年 12 月 31 日
                               終了計算期間               終了計算期間
                            千米ドル        百万円       千米ドル        百万円
     純資産の増加（減少）
     運用
     投資純利益                       13,757,171        1,538,740       10,874,077        1,216,266
     実現純利益（損失）                        6,511,049         728,261       4,548,286         508,726
                            (56,929,307)        (6,367,543)        97,128,679       10,863,843
     未実現利益（損失）の変動
                            (36,661,087)        (4,100,543)       112,551,042        12,588,834
      運用による純資産の純増加（減少）
     分配

     投資純利益
      インベスター受益証券                      (2,268,803)         (253,766)       (2,050,561)         (229,355)
      ETF  受益証券                     (1,838,334)         (205,618)       (1,517,300)         (169,710)
      アドミラル受益証券                      (3,685,244)         (412,195)       (3,194,026)         (357,252)
      インスティテューショナル
      受益証券                      (2,243,070)         (250,887)       (1,832,069)         (204,917)
      インスティテューショナル・
      プラス受益証券                      (2,615,192)         (292,509)       (2,069,350)         (231,457)
      インスティテューショナル・
      セレクト受益証券                       (351,965)        (39,367)       (220,025)        (24,610)
     実現キャピタルゲイン
      インベスター受益証券                           －       －        －       －
      ETF  受益証券                         －       －        －       －
      アドミラル受益証券                           －       －        －       －
      インスティテューショナル
      受益証券                           －       －        －       －
      インスティテューショナル・
      プラス受益証券                           －       －        －       －
      インスティテューショナル・
                                 －       －        －       －
      セレクト受益証券
                            (13,002,608)        (1,454,342)       (10,883,331)        (1,217,301)
       分配総額
     資本持分取引

      インベスター受益証券                       2,806,888         313,950       2,531,635         283,163
      ETF  受益証券                     10,133,992        1,133,487        7,977,735         892,310
      アドミラル受益証券                       8,992,303       1,005,789        8,806,511         985,008
      インスティテューショナル
      受益証券                       9,953,282       1,113,275       17,246,738        1,929,048
      インスティテューショナル・
      プラス受益証券                      19,272,078        2,155,582       22,241,001        2,487,656
      インスティテューショナル・
                             8,123,645         908,630       3,653,908         408,690
      セレクト受益証券
                            59,282,188        6,630,713       62,457,528        6,985,875
       資本持分取引による純増加（減少）
                             9,618,493       1,075,828       164,125,239        18,357,408
        増加（減少）総額
     純資産
                            662,577,171        74,109,257       498,451,932        55,751,849
     期首
                                                 1
                            672,195,664        75,185,085       662,577,171        74,109,257
     期末
     １　期末純資産は、未分配（超過分配）投資純利益として                              (98,960,000)       米ドルを含む。

     添付の注記は、財務書類の不可欠の一部である。

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                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
     財務ハイライト
                                トータル・ストック・マーケット・

                                   インデックス・ファンド
                                   インベスター受益証券
                                    12 月 31 日終了計算期間
                           2018  年     2017  年     2016  年     2015  年     2014  年
                           米ドル       米ドル       米ドル       米ドル       米ドル
     各期間の発行済受益証券１口当たり
                            66.70       56.06       50.78       51.58       46.67
     期首純資産価額
     投資運用

                               1       1
     投資純利益                        1.275       1.086       1.022       0.954       0.854
     投資に係る実現および
                            (4.703)       10.630       5.282      (0.807)       4.907
     未実現純利益（損失）
                            (3.428)       11.716       6.304       0.147       5.761
     投資運用による総額
     分配

     投資純利益による配当                       (1.192)       (1.076)       (1.024)       (0.947)       (0.851)
                              －       －       －       －       －
     実現キャピタルゲインによる分配
                            (1.192)       (1.076)       (1.024)       (0.947)       (0.851)
     分配総額
                            62.08       66.70       56.06       50.78       51.58
     期末純資産価額
        ２

                            -5.26  ％    21.05  ％    12.53  ％     0.29  ％    12.43  ％
     総収益率
     比率／補足データ

     期末純資産（百万米ドル）                       121,266       126,766       103,932       96,323      117,966
     平均純資産に対する総費用の比率                       0.14  ％     0.14  ％     0.15  ％     0.16  ％     0.17  ％
     平均純資産に対する投資純利益の比率                       1.86  ％     1.77  ％     1.98  ％     1.85  ％     1.77  ％
               ３
     ポートフォリオの回転率                         3％      3％      ▶％      3％      3％
     １　発行済の平均株式数に基づいて計算される。

     ２　総収益率は、表示期間に適用された可能性のある口座維持手数料を含まない。ファンドの目論見
       書は、適用される口座維持手数料に関する情報を提供するものである。
     ３　  ETF  のクリエーション・ユニットを含む、当ファンドの資本持分の現物による買戻しあるいは償還
       の結果として受領したもしくは引渡されたポートフォリオ証券額を除く。
     添付の注記は、財務書類の不可欠の一部である。

                                286/562







                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
     財務ハイライト
                                トータル・ストック・マーケット・

                                   インデックス・ファンド
                                      ETF  受益証券
                                    12 月 31 日終了計算期間
                           2018  年     2017  年     2016  年     2015  年     2014  年
                           米ドル       米ドル       米ドル       米ドル       米ドル
     各期間の発行済受益証券１口当たり
                            137.06       115.21       104.34       106.00       95.91
     期首純資産価額
     投資運用

                               1       1
     投資純利益                        2.781       2.361       2.214       2.082       1.874
     投資に係る実現および
                            (9.676)       21.832       10.871       (1.675)       10.085
     未実現純利益（損失）
                            (6.895)       24.193       13.085       0.407      11.959
     投資運用による総額
     分配

     投資純利益による配当                       (2.605)       (2.343)       (2.215)       (2.067)       (1.869)
                              －       －       －       －       －
     実現キャピタルゲインによる分配
                            (2.605)       (2.343)       (2.215)       (2.067)       (1.869)
     分配総額
                            127.56       137.06       115.21       104.34       106.00
     期末純資産価額
                            -5.13  ％    21.16  ％    12.68  ％     0.40  ％    12.56  ％

     総収益率
     比率／補足データ

     期末純資産（百万米ドル）                       94,809       91,862       69,889       57,434       50,886
     平均純資産に対する総費用の比率                       0.03  ％     0.04  ％     0.04  ％     0.05  ％     0.05  ％
     平均純資産に対する投資純利益の比率                       1.97  ％     1.87  ％     2.09  ％     1.96  ％     1.89  ％
               ２
     ポートフォリオの回転率                         3％      3％      ▶％      3％      3％
     １　発行済の平均株式数に基づいて計算される。

     ２　  ETF  のクリエーション・ユニットを含む、当ファンドの資本持分の現物による買戻しあるいは償還
       の結果として受領したもしくは引渡されたポートフォリオ証券額を除く。
     添付の注記は財務書類の不可欠な一部である。

                                287/562








                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
     財務ハイライト
                                トータル・ストック・マーケット・

                                   インデックス・ファンド
                                    アドミラル受益証券
                                    12 月 31 日終了計算期間
                           2018  年     2017  年     2016  年     2015  年     2014  年
     各期間の発行済受益証券１口当たり                      米ドル       米ドル       米ドル       米ドル       米ドル
                            66.72       56.08       50.79       51.60       46.69
     期首純資産価額
     投資運用

                               1       1
     投資純利益                        1.344       1.148       1.077       1.013       0.912
     投資に係る実現および
                            (4.711)       10.633       5.291      (0.818)       4.908
     未実現純利益（損失）
                            (3.367)       11.781       6.368       0.195       5.820
     投資運用による総額
     分配

     投資純利益による配当                       (1.263)       (1.141)       (1.078)       (1.005)       (0.910)
                              －       －       －       －       －
     実現キャピタルゲインによる分配
                            (1.263)       (1.141)       (1.078)       (1.005)       (0.910)
     分配総額
                            62.09       66.72       56.08       50.79       51.60
     期末純資産価額
        ２

                            -5.17  ％    21.17  ％    12.66  ％     0.39  ％    12.56  ％
     総収益率
     比率／補足データ

     期末純資産（百万米ドル）                       185,102       190,099       151,612       126,363       117,476
     平均純資産に対する総費用の比率                       0.04  ％     0.04  ％     0.04  ％     0.05  ％     0.05  ％
     平均純資産に対する投資純利益の比率                       1.96  ％     1.87  ％     2.09  ％     1.96  ％     1.89  ％
               ３
     ポートフォリオの回転率                         3％      3％      ▶％      3％      3％
     １　発行済の平均株式数に基づいて計算される。

     ２　総収益率は、表示期間に適用された可能性のある口座維持手数料を含まない。ファンドの目論見
       書は、適用される口座維持手数料に関する情報を提供するものである。
     ３　  ETF  のクリエーション・ユニットを含む、当ファンドの資本持分の現物による買戻しあるいは償還
       の結果として受領したもしくは引渡されたポートフォリオ証券額を除く。
     添付の注記は財務書類の不可欠の一部である。

                                288/562







                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
     財務ハイライト
                                トータル・ストック・マーケット・

                                   インデックス・ファンド
                                インスティテューショナル受益証券
                                    12 月 31 日終了計算期間
                           2018  年     2017  年     2016  年     2015  年     2014  年
                           米ドル       米ドル       米ドル       米ドル       米ドル
                            66.73       56.09       50.80       51.60       46.69
     各期間の発行済受益証券１口当たり
     期首純資産価額
                               1       1

     投資運用                        1.354       1.153       1.082       1.017       0.915
                            (4.715)       10.630       5.291      (0.808)       4.908
     投資純利益
     投資に係る実現および
                            (3.361)       11.783       6.373       0.209       5.823
     未実現純利益（損失）
     投資運用による総額
     分配                       (1.269)       (1.143)       (1.083)       (1.009)       (0.913)

                              －       －       －       －       －
     投資純利益による配当
                            (1.269)       (1.143)       (1.083)       (1.009)       (0.913)
     実現キャピタルゲインによる分配
                            62.10       66.73       56.09       50.80       51.60
     分配総額
     期末純資産価額
                            -5.16  ％    21.17  ％    12.67  ％     0.42  ％    12.56  ％
     総収益率
     比率／補足データ

     期末純資産（百万米ドル）                       115,115       113,557       79,443       57,438       96,674
     平均純資産に対する総費用の比率                       0.03  ％    0.035  ％     0.03  ％     0.04  ％     0.04  ％
     平均純資産に対する投資純利益の比率                       1.97  ％     1.87  ％     2.10  ％     1.97  ％     1.90  ％
               ２
     ポートフォリオの回転率                         3％      3％      ▶％      3％      3％
     １　発行済の平均株式数に基づいて計算される。

     ２　  ETF  のクリエーション・ユニットを含む、当ファンドの資本持分の現物による買戻しあるいは償還
       の結果として受領したもしくは引渡されたポートフォリオ証券額を除く。
     添付の注記は財務書類の不可分な一部である。

                                289/562







                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
     財務ハイライト
                                トータル・ストック・マーケット・

                                  インデックス・ファンド
                             インスティテューショナル・プラス受益証券
                                                       １
                                                 2015  年４月   28 日
                                12 月 31 日終了計算期間
                                                  から  2015  年
                            2018  年      2017  年      2016  年     12 月 31 日
     各期間の発行済受益証券１口当たり                       米ドル        米ドル        米ドル        米ドル
                              125.14        105.18        95.26        100.00
     期首純資産価額
     投資運用

                                 2        2
     投資純利益                          2.555        2.182       2.042        1.335
     投資に係る実現および
                              (8.842)        19.938        9.924        (4.631)
     未実現純利益（損失）
                              (6.287)        22.120       11.966        (3.296)
     投資運用による総額
     分配

     投資純利益による配当                         (2.393)        (2.160)       (2.046)        (1.444)
                                －        －       －        －
     実現キャピタルゲインによる分配
                              (2.393)        (2.160)       (2.046)        (1.444)
     分配総額
                              116.46        125.14       105.18         95.26
     期末純資産価額
                             -5.15  ％      21.19  ％     12.69  ％      -3.28  ％

     総収益率
     比率／補足データ

     期末純資産（百万米ドル）                         135,641        126,130        85,031        63,093
                                                        3
     平均純資産に対する総費用の比率                         0.02  ％      0.02  ％     0.02  ％      0.02  ％
                                                        3
     平均純資産に対する投資純利益の比率                         1.98  ％      1.89  ％     2.11  ％      1.99  ％
               ４                                         5
     ポートフォリオの回転率                           3％        3％       ▶％        3％
     １　運用開始日

     ２　発行済の平均株式数に基づいて計算される。
     ３　年率換算
     ４　  ETF  のクリエーション・ユニットを含む、当ファンドの資本持分の現物による買戻しあるいは償還
       の結果として受領したもしくは引渡されたポートフォリオ証券額を除く。
     ５　  2015  年 12 月 31 日終了計算期間における当ファンドのポートフォリオの回転率を反映している。
     添付の注記は財務書類の不可分な一部である。

                                290/562






                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
     財務ハイライト
                                 トータル・ストック・マーケット・

                                    インデックス・ファンド
                              インスティテューショナル・セレクト受益証券
                                                      １
                                 12 月 31 日終了計算期間
                                                2016  年６月   27 日  から
                               2018  年        2017  年
                                                 2016  年 12 月 31 日
     各期間の発行済受益証券１口当たり                          米ドル          米ドル          米ドル
                                  131.31          110.37          97.70
     期首純資産価額
     投資運用

                                     2          2
     投資純利益                              2.704          2.311          1.181
     投資に係る実現および
                                  (9.290)          20.908          12.718
     未実現純利益（損失）
                                  (6.586)          23.219          13.899
     投資運用による総額
     分配

     投資純利益による配当                              (2.524)          (2.279)          (1.229)
                                    －          －          －
     実現キャピタルゲインによる分配
                                  (2.524)          (2.279)          (1.229)
     分配総額
                                  122.20          131.31          110.37
     期末純資産価額
                                  -5.14  ％        21.20  ％        14.24  ％

     総収益率
     比率／補足データ

     期末純資産（百万米ドル）                              20,262          14,163          8,545
                                                         3
     平均純資産に対する総費用の比率                              0.01  ％        0.01  ％        0.01  ％
                                                         3
     平均純資産に対する投資純利益の比率                              1.99  ％        1.90  ％        2.15  ％
               ４                                          5
     ポートフォリオの回転率                               3％          3％         ▶％
     １　運用開始日

     ２　発行済の平均株式数に基づいて計算される。
     ３　年率換算
     ４　  ETF  のクリエーション・ユニットを含む、当ファンドの資本持分の現物による買戻しあるいは償還
     の結果として受領したもしくは引渡されたポートフォリオ証券額を除く。
     ５　  2016  年 12 月 31 日終了計算期間における当ファンドのポートフォリオの回転率を反映している。
     添付の注記は財務書類の不可分な一部である。

                                291/562







                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
     財務書類注記

     バンガード・トータル・ストック・マーケット・インデックス・ファンドは、                                          1940  年投資会社法に基づき

     オープン・エンド型投資会社すなわちミューチュアル・ファンドとして登録されている。当ファンドは、イ
     ンベスター受益証券、           ETF  受益証券、アドミラル受益証券、インスティテューショナル受益証券、インスティ
     テューショナル・プラス受益証券およびインスティテューショナル・セレクト受益証券の６種類のクラスを
     提供している。受益証券の各クラスには、異なる適格性と最低限の購入条件があり、異なるタイプの投資家
     向けに設定されている。             ETF  受益証券は、       NYSE   Arca  に上場されており、ブローカーを通して売買が可能であ
     る。
     2018  年 11 月 19 日、当ファンドは、インベスターおよびアドミラル受益証券クラスの入手可能性および最低限
     の投資基準の変更について発表した。発行済の全インベスター受益証券は、バンガード・ファンドおよびそ
     の他の特定の機関投資家が保有する受益証券を除き、                            2019  年４月から自動的にアドミラル受益証券に転換さ
     れることが予想される。
     Ａ．以下の重要な会計方針は、米国の投資会社について一般に公正妥当と認められる会計原則に準拠してい

       る。当ファンドは、財務書類を作成する際にこれらの会計方針を継続的に適用している。
      １．有価証券の評価：有価証券は、評価日にニューヨーク証券取引所の最終相場（通常東部時間の午後４

        時）で評価される。持分証券は、各有価証券の主要な取引日における直近の売値または公式な終値で
        評価される。評価日に約定のなかった有価証券は、直近の売買気配値の仲値を用いて評価される。市
        場取引価格を容易に入手することができない有価証券、あるいはファンドの価格決定時前で有価証券
        の主要な取引所の取引終了後に生じた事象により価格が大きく影響された有価証券については、受託
        者会によって公正価値を表すとみなされた方法で評価される。バンガード・マーケット・リクイディ
        ティ・ファンドに対する投資は、そのファンドの純資産価額で評価されている。短期現物投資は、直
        近の買値もしくは（有価証券の価格、利回り、満期および格付等の要素を考慮している）マトリク
        ス・システムの評価に基づき評価される。どちらの評価方法も、独立した価格提供業者により提供さ
        れている。
      ２．先物契約：当ファンドは、一定の範囲内において、インデックス先物契約を行っている。これは、株

        式市場に対する十分なエクスポージャーを維持し、流動性を維持し、取引費用を最小化するといった
        目的のために行われる。当ファンドは、流入資金を市場に迅速に投資するために先物契約を購入した
        り、資金流失への対応として先物を売却することがある。これによって、流動性確保のために現金残
        高を維持しながら、基準とするインデックスに対し十分な投資ポジションを擬似的に持つことができ
        る。先物契約を利用することに伴う主要なリスクは、ファンドが保有する株式の市場価格の変動と先
        物契約の価格との間で不完全な相関関係が生じることであり、また市場が非流動的になる可能性であ
        る。先物契約に係る契約相手方のリスクは、契約相手方が清算ブローカーではなく法令上の清算機関
        であることから、軽減されている。契約相手方のリスクをさらに軽減するために、当ファンドは先物
        契約を証券取引所で取引し、清算ブローカーおよび清算機関の財政力をモニタリングし、清算ブロー
        カーと清算契約を締結している。清算機関は当ファンドの債務履行を担保するために当初証拠金要件
        を課し、各契約の市場価格の変動を示す変動証拠金の日々決済を要求している。未決済契約に対する
        当初証拠金として差し入れられた資産は、純資産計算書に記載されている。
        先物契約は、日次の決済引値で評価されている。契約の名目元本は、純資産計算書上に計上されな
        い。契約価値の変動は、純資産計算書上に資産（負債）として計上される。また、損益計算書上、契
                                292/562


                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
        約が終了するまでは未実現利益（損失）として、終了時には先物契約実現利益（損失）として計上さ
        れる。
        2018  年 12 月 31 日および     2017  年 12 月 31 日終了計算期間において、四半期平均名目元本に基づく当ファン
        ドの買建および売建の先物契約への平均投資額は、それぞれ純資産の１％未満および０％並びに１％
        未満および０％を占めていた。
      ３．スワップ契約：当ファンドは、当ファンドの目標インデックスによる特定参照株式の総利回りを得る

        ために、エクイティ・スワップ契約を締結している。当該スワップの条件に基づき、当ファンドは、
        特定の期間にわたり当該エクイティ・スワップ契約の当初の名目元本（特定参照株式の指定株数の株
        価）に対する参照株式の総利回りを受領する（つまり、特定参照株式の株価の増額分を受領し、減額
        分を支払う。特定参照株式の配当金と同等額を受領する）。また、当ファンドは当該名目元本に係る
        短期金利による変動金利を支払うと同時に、通常、スワップの名目元本とほぼ同額を格付けの高い短
        期現物投資に投資する。
        スワップ契約の名目元本は、純資産計算書に計上されていない。スワップは独立した価格提供業者ま
        たは公認ディーラーから受け取った市場取引価格に基づいて日次で評価され、評価の変動は、純資産
        計算書上に資産（負債）として計上される。また、損益計算書上、スワップが解約されるまでは未実
        現利益（損失）として、解約時には実現利益（損失）として計上される。あらゆるタイプのスワップ
        に伴うリスクとは、契約相手方が当ファンドに対して正味金額を支払う義務の履行を怠る可能性であ
        る。当ファンドが受ける契約相手方のリスクの影響額の最大の金額は、スワップ契約に係る未実現利
        益額である。当ファンドは、様々なグループの事前認定された契約相手方とのみスワップ契約を締結
        し、契約相手方の財政力をモニタリングし、契約相手方とマスター・ネッティング契約を締結し、さ
        らに契約相手方の債務履行を担保するために契約相手方に担保供与を要請することにより、契約相手
        方のリスクを軽減している。債務不履行がない場合には、当ファンドによる差入担保または受取担保
        は、再担保差入、再売却または再担保設定されることはない。契約相手方の債務不履行（破産を含
        む）が発生した場合には、当ファンドは当該契約相手方とのスワップ契約を終了し、マスター・ネッ
        ティング契約に基づく当事者のうち一方の純債務額を決定し、保有している担保を同契約に基づく当
        ファンドに負っている純債務額まで売却または保持することができる。スワップ契約は、当ファンド
        の純資産が一定のレベルを下回る場合に契約相手方が未決済契約を終了する条件を含んでおり、これ
        が契約終了時に当ファンドが純負債ポジションにある場合に当ファンドによる支払いが発生する一因
        となる。当該支払額は、当ファンドが供与した担保の分だけ減額される。未決済契約に対する担保と
        して供与された有価証券は、純資産計算書に記載されている。受取担保または差入担保の価値は、契
        約相手方とのスワップ契約エクスポージャーの価値と日々比較し、特定の最低譲渡金額を超える差異
        がある場合は、２営業日以内に修正し決済する。
        2018  年 12 月 31 日および     2017  年 12 月 31 日終了計算期間において、各四半期末の平均名目元本に基づく当
        ファンドのスワップ契約に対する投資の平均額は、それぞれ純資産の１％未満および１％未満を占め
        ていた。
      ４．連邦所得税：当ファンドは、規制投資会社としての資格を有し、全ての課税所得を分配し続けること

        を意図している。経営陣は、未決定となっている全ての課税年度（                                   2014  年から   2018  年 12 月 31 日）の連
        邦所得税の申告に関して、当ファンドの税務ポジションの分析を実施し、当ファンドの財務書類に所
        得税引当は必要ないとの結論に達した。
      ５．分配：受益者に対する分配は、配当落ち日に記録される。分配金額は税法基準によって決定されるた

        め、財務報告目的のための投資純利益および実現キャピタルゲインとは異なる可能性がある。
                                293/562


                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
      ６．  貸付有価証券：当ファンドは、追加で収益を得るために適格機関投資家に有価証券を貸し付ける。                                                   貸
        付有価証券は、いかなる場合も当ファンドによる解約を条件としており、常に貸付けられた有価証券
        の 市場価格と少なくとも同等の金額の担保によって保全されることが要求される。日々の市場変動に
        より、貸付有価証券の価値が受取担保の価値を上回ったり下回ったりする可能性があるが、この場
        合、当該担保は翌営業日の市場の取引開始前に修正および決済される。当ファンドは、様々なグルー
        プの事前認定された契約相手方とのみ貸付有価証券取引を締結し、契約相手方の財政力をモニタリン
        グし、契約相手方とマスター・貸付有価証券契約を締結することにより、契約相手方のリスクをさら
        に軽減している。マスター・貸付有価証券契約に基づき、契約相手方の債務不履行（破産を含む）が
        発生した場合には、当ファンドは当該借手との貸付契約を終了し、純債務額を決定し、担保を当ファ
        ンドの純債務額まで売却または保持することができる。しかし、かかる行為は法的手続の対象となる
        可能性がある。当該担保は契約相手方のリスクを軽減するが、債務不履行が発生した場合には、当該
        ファンドには貸付けられた有価証券を回収する上で遅れとコストが発生する可能性がある。当ファン
        ドは、有価証券を貸付けている期間中、受領した現金担保をバンガード・マーケット・リクイディ
        ティ・ファンドに投資し、当該担保の返済について純資産計算書に債務を計上している。貸付有価証
        券による収益は、借り手に課せられた手数料に現金担保の投資による収益を加えたものから貸付関連
        の費用を控除したものを表している。貸付期間において、当ファンドは貸付有価証券に対して行う、
        または貸付有価証券に関する全ての分配に対する資格を有している。
      ７．クレジット・ファシリティ：当ファンドおよびバンガード・グループ（以下「バンガード」という）

        が管理しているその他のファンドの一部は、クレジット契約に従ってシンジケートにより提供される
        31 億米ドルを限度枠とするクレジット・ファシリティに参加している。このクレジット契約は年次で
        更新される可能性があり、各ファンドは、クレジット・ファシリティに基づく借入を行っている場合
        には、それぞれの借入金について責任を負う。借入金は一時的または緊急目的で使用される可能性が
        あり、ファンドの規制上および契約上の借入限度内でなくてはならない。参加ファンドは事務管理費
        と、未使用枠の        0.10  ％に相当する年次の約定手数料を支払う必要があり、当該費用はファンドの受託
        者会が承認する方法に基づいて各ファンドに配分され、各ファンドの損益計算書のマネジメントおよ
        び管理費用に含まれる。このファシリティに基づく借入金には、１ヶ月物ロンドン銀行間取引金利、
        フェデラル・ファンド実効金利、またはオーバーナイト・バンク・ファンディング・レートのいずれ
        か高い方に合意されたスプレッドを加えたレートで利息が発生する。
        2018  年 12 月 31 日現在、     2017  年 12 月 31 日現在、または同日に終了した期間内のいかなる日においても、
        当ファンドは借入を行っていない。
      ８．その他：配当金収益は、配当落ち日に記録される。利息収益は、バンガード・マーケット・リクイ

        ディティ・ファンドから受領した利益分配を含み、日次で計上される。購入した債務証券に係るプレ
        ミアムおよびディスカウントは、それぞれ有価証券の期間に渡り利息収益から償却されるか、利息収
        益として計上される。有価証券取引は、有価証券が売買された日に会計処理される。投資有価証券の
        売却に係る実現利益（損失）を決定するために用いられる原価は、売却された有価証券の個別の原価
        である。
        各クラスの受益証券は資産および利益に対し同等の権利を有するが、受益者口座の維持費用（マネジ
        メントおよび管理費用に含まれる）、受益者報告および委任状について、各クラスにはそれぞれ特定
        のクラスに帰属すべき費用が生じる。マーケティングおよび販売費用は、受託者会が承認する方法に
        基づいて受益証券の各クラスに配分される。収益、その他の特定のクラスに帰属しない費用、並びに
        投資に係る損益は、それぞれ関連する純資産に基づいて受益証券の各クラスに配分される。
                                294/562


                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
     Ｂ．バンガードと当ファンドの間のファンズ・サービス・アグリーメント                                      ( 以下「   FSA  」という     ) の条件に従っ
       て、バンガードは、当ファンドに投資運用、コーポレート・マネジメント、管理、マーケティングおよ
       び販売サービスをバンガードの運用コスト（                       FSA  で定義されている）で提供している。当該運用コスト
       は、  受託者会によって承認された方法および指針に基づき、当ファンドに賦課される。バンガードは、
       一部の運用コスト（繰延報酬／給付およびリスク／保険コスト等）について当期に支弁を要求していな
       い。当該運用コストに対する当ファンドの債務は、純資産計算書の「バンガードに対する未払金」に含
       まれている。バンガードに対して支払われる他の全ての運用コストは通常、月に２回決済される。
       バンガードの要請に応じて、当ファンドは、純資産の                            0.40  ％までをバンガードの資本として投資するこ

       とがある。      2018  年 12 月 31 日および     2017  年 12 月 31 日終了計算期間において、当ファンドはバンガードの資
       本に対して、それぞれ            38,011,000      米ドルおよび       36,381,000      米ドルを拠出したが、これらは当ファンドの
       純資産のそれぞれ         0.01  ％および     0.01  ％であり、バンガードの資本組入れに対して、それぞれ                             15.20   ％およ
       び 14.55   ％に相当する。当ファンドの受託者および役員は、同時にそれぞれバンガードの取締役および従
       業員である。
                                295/562















                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
     Ｃ．様々なインプットは、当ファンドの投資有価証券の価値を決定する際に用いることができる。これらの

       インプットは、財務書類目的で広く３つの階層に要約される。有価証券を評価する際に用いられるイン
       プットまたは手法は、必ずしもそれら有価証券への投資に伴うリスクの兆候とはならない。
       レベル１        活発な市場での同一の有価証券の取引価格

       レベル２        その他の重要な観察可能なインプット（類似する有価証券の取引価格、金利、期

               限前償還率、信用リスクなどを含む）
       レベル３        重要な観察不能なインプット（投資有価証券の公正価値を決定する際に用いる当

               ファンドの仮定を含む）。重要な観察不能なインプットで評価される投資は、純
               資産計算書に記載されている。
       以下の表は、       2018  年 12 月 31 日現在の当ファンドの投資有価証券の市場価格を評価に用いたインプットに

       基づき要約したものである。
                                               （単位：千米ドル）

        投資                      レベル１          レベル２          レベル３
        普通株式                      668,268,616               154         5,973
        短期現物投資                       5,691,905            263,813             －
                １
        先物契約－資産                         30,362             －          －
                １
        先物契約－負債                          (320)           －          －
        スワップ契約－負債                           －        (2,211)             －
        合計                      673,990,563             261,756           5,973
       １　報告期間の最終日の変動証拠金を示している。
       以下の表は、       2017  年 12 月 31 日現在の当ファンドの投資有価証券の市場価格を評価に用いたインプットに

       基づき要約したものである。
                                               （単位：千米ドル）

        投資                      レベル１          レベル２          レベル３
        普通株式                      661,452,119                87        13,274
        短期現物投資                       4,524,349           169,422             －
                1
        先物契約－負債                        (14,444)             －          －
        スワップ契約－資産                           －          755           －
        スワップ契約－負債                           －        (1,078)             －
        合計                      665,962,024             169,186           13,274
       １　報告期間の最終日の変動証拠金を示している。
                                296/562




                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
     Ｄ．純資産の会計基準と税法基準による構成要素との間の永久差異は、税務上の性質を反映して財務書類に

       おいて資本勘定に組替えられる。この組替えは、純資産または受益証券１口当たり純資産価額に影響を
       及ぼさない。       2018  年 12 月 31 日現在、主に現物償還、受動的な外国投資会社およびスワップ契約の会計処
       理に起因する以下の永久差異は、以下の勘定科目間で組替えられた。
                                              （単位：千米ドル）

                                              金額
        払込出資金                                            6,485,473
        分配可能利益（損失）合計                                           (6,485,473)
       分配可能利益（損失）合計の会計基準と税法基準による構成要素との間の一時差異は、特定の収益、利

       益、あるいは損失が財務書類目的と税務目的とで別の期間に認識される場合に生じる。当該一時差異
       は、将来のある時期において解消される。当該差異は主に、ウォッシュ・セールスに係る税務上の繰越
       欠損金、一部の先物契約およびスワップ契約に係る未実現損益、並びに受動的な外国投資会社に係る未
       実現利益の実現に関連している。                 2018  年 12 月 31 日現在、分配可能利益（損失）合計の税法基準による構
       成要素は、以下の表のとおりである。
                                              （単位：千米ドル）

                                              金額
        未分配経常利益                                             807,370
        未分配長期利益                                                －
        繰越キャピタルロス          ( 期限切れを除く        )                         (1,732,284)
        未実現純利益（損失）                                           195,107,884
       2018  年 12 月 31 日現在、米国連邦所得税目的の原価に基づく投資およびデリバティブの未実現利益および

       損失の総額は以下のとおりである。
                                              （単位：千米ドル）

                                              金額
        税金費用                                           479,122,577
        未実現利益総額                                           223,890,207
        未実現損失総額                                           (28,782,323)
        未実現純利益（損失）                                           195,107,884
       分配金額は税法基準によって決定されるため、財務報告目的のための投資純利益および実現キャピタル

       ゲインとは異なる可能性がある。差異は、永久差異であることも一時的差異であることもある。永久差
       異は、税務上の性質を反映して財務書類において資本勘定に組替えられる。一時的差異は、特定の収
       益、費用、利益あるいは損失が財務書類目的と税務目的とで別の期間に認識される場合に生じる。当該
       一時的差異は、将来のある時期において解消される。また、短期利益を税務上は通常の利益として処理
       することにより分類における差異が生じる。
       2017  年 12 月 31 日終了計算期間において、当ファンドは、現物償還（受益者が受益権を現金ではなくファ
       ンドが保有する有価証券と交換した場合）により、                          5,768,376,000       米ドルの純キャピタルゲインを実現し
                                297/562


                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
       た。このキャピタルゲインは当ファンドの課税対象ではなく、また受益者に分配されないため、累積実
       現純損失から払込出資金に組替えられている。
       税務目的上、       2017  年 12 月 31 日現在、当ファンドの分配可能経常利益は、                       110,357,000      米ドルであった。当
       ファンドは、将来の純キャピタルゲインを相殺するために無期限に繰り越される可能性のある
       1,660,426,000       米ドルのキャピタルロスを利用した。
       2017  年 12 月 31 日に、税務上の投資有価証券の原価は、                     414,242,793,000         米ドルであった。税務上の投資有

       価証券の未実現純利益は             251,916,458,000         米ドルであり、購入以来価格が上昇した有価証券に係る未実現
       利益  264,454,492,000         米ドルおよび購入以来価格が下落した有価証券に係る未実現損失                                 12,538,034,000        米
       ドルから構成されていた。
     Ｅ．  2018  年 12 月 31 日および     2017  年 12 月 31 日終了計算期間において、短期現金投資以外の投資目的有価証券の

       購入および売却は、以下のとおりであった。
                                  （単位：千米ドル）

                         購入             売却
        2018  年
                          93,038,834             35,268,959
                          91,249,809             26,635,458
        2017  年
     Ｆ．  2018  年 12 月 31 日および     2017  年 12 月 31 日終了計算期間において、当ファンドの資本持分の現物による売買

       に関連する購入および売却は、以下のとおりであった。
                                  （単位：千米ドル）

                         購入             売却
        2018  年
                          21,745,488             10,979,688
                          18,352,925             8,363,542
        2017  年
                                298/562









                                                           EDINET提出書類
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                                                 有価証券報告書（外国投資信託受益証券）
     Ｇ．受益証券の各クラスの資本持分取引は、以下のとおりであった。

                               2018  年 12 月 31 日        2017  年 12 月 31 日

                                終了計算期間               終了計算期間
                              金額       口数       金額       口数
                             千米ドル         千口      千米ドル         千口
     インベスター受益証券
     発行                         16,009,467         241,652      12,556,777         208,299
     現金分配に代えて発行                         2,255,725         33,764      2,038,790         32,768
     買戻し                        (15,458,304)         (222,427)      (12,063,932)         (194,415)
     純増加   ( 減少  ) 額
                              2,806,888         52,989      2,531,635         46,652
     －インベスター受益証券
     ETF  受益証券
     発行                         18,928,131         135,252      16,459,854         130,270
     現金分配に代えて発行                             －       －        －       －
     買戻し                         (8,794,139)         (62,200)      (8,482,119)         (66,700)
     純増加   ( 減少  ) 額
                             10,133,992         73,052      7,977,735         63,570
     － ETF  受益証券
     アドミラル受益証券
     発行                         29,607,545         433,536      27,046,065         443,009
     現金分配に代えて発行                         3,114,582         46,549      2,736,033         43,962
     買戻し                        (23,729,824)         (348,197)      (20,975,587)         (341,277)
     純増加（減少）額
                              8,992,303        131,888       8,806,511        145,694
     －アドミラル受益証券
     インスティテューショナル受益証券
     発行                         27,433,744         407,227      26,728,536         439,870
     現金分配に代えて発行                         2,093,941         31,328      1,703,342         27,314
     買戻し                        (19,574,403)         (286,645)      (11,185,140)         (181,865)
     純増加（減少）額
                              9,953,282        151,910      17,246,738         285,319
     －インスティテューショナル受益証券
     インスティテューショナル・プラス
     受益証券
     発行                         31,228,823         248,199      27,613,297         245,814
     現金分配に代えて発行                         2,582,398         20,611      2,052,478         17,549
     買戻し                        (14,539,143)         (112,031)       (7,424,774)         (63,880)
     純増加（減少）額
     －インスティテューショナル・プラス                         19,272,078         156,779      22,241,001         199,483
     　受益証券
     インスティテューショナル・セレクト
     受益証券
     発行                         9,064,355         64,847      4,173,338         34,645
     現金分配に代えて発行                          351,965        2,683       220,024        1,788
     買戻し                         (1,292,675)         (9,583)       (739,454)        (6,005)
     純増加（減少）額
     －インスティテューショナル・セレクト                         8,123,645         57,947      3,653,908         30,428
     　受益証券
     Ｈ．経営陣は、本財務書類への認識または開示が要求されることとなる、                                      2018  年 12 月 31 日以降に発生した事

       象または取引がなかったと判断した。
    次へ

                                299/562


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                                                 有価証券報告書（外国投資信託受益証券）
     Total   Stock   Market    Index   Fund
     Financial     Statements
     Statement      of Net  Assets

     As  of December     31,  2018
     The  fund  reports    a complete     list  of its holdings    in regulatory     filings   four  times   in each  fiscal   year,   at the  quarter-

     ends.   For  the  second    and  fourth   fiscal   quarters,     the  complete     listing    of  the  fund's    holdings     is available
     electronically       on vanguard.com       and  on the  Securities     and  Exchange     Commission's       website    (sec.gov),     or you  can
     have   it mailed   to you  without    charge   by calling   800-662-7447.       For  the  first  and  third  fiscal   quarters,    the  fund  files
     the  lists  with  the  SEC  on Form   N-Q.   Shareholders      can  look  up the  fund's   Forms   N-Q  on the  SEC's   website.
                                                      Market

                                                      Value•
                                             Shares         ($000)
                1
     Common     Stocks   (99.4%)
     Basic   Materials     (2.4%)
        DowDuPont      Inc.
                                           61,298,118         3,278,223
        Linde   plc
                                           14,721,784         2,297,187
        Ecolab   Inc.
                                            6,944,048         1,023,205
        Air  Products    & Chemicals     Inc.
                                            5,864,451         938,605
        LyondellBasell       Industries     NV  Class   A
                                            8,200,223         681,931
        PPG  Industries     Inc.
                                            6,409,288         655,222
        Newmont     Mining    Corp.
                                           14,232,898          493,170
        International      Paper   Co.
                                           10,824,039          436,858
        Nucor   Corp.
                                            8,387,958         434,580
        International      Flavors    & Fragrances     Inc.
                                            2,849,172         382,558
        Freeport-McMoRan          Inc.
                                           36,741,874          378,809
        Celanese    Corp.   Class   A
                                            3,567,741         320,990
        Mosaic    Co.
                                            9,237,661         269,832
        CF  Industries     Holdings    Inc.
                                            6,145,506         267,391
        FMC   Corp.
                                            3,586,719         265,274
        Eastman    Chemical     Co.
                                            3,351,873         245,055
        Albemarle     Corp.
                                            2,829,069         218,036
        Avery   Dennison     Corp.
                                            2,311,806         207,670
        RPM   International      Inc.
                                            3,531,561         207,585
        Steel   Dynamics     Inc.
                                            5,816,449         174,726
        Royal   Gold   Inc.
                                            1,747,958         149,713
     *
        Axalta   Coating    Systems    Ltd.
                                            5,739,583         134,421
     *
        Alcoa   Corp.
                                            4,967,764         132,043
        Chemours     Co.
                                            4,556,845         128,594
        Reliance    Steel   & Aluminum     Co.
                                            1,791,293         127,486
        Ashland    Global   Holdings    Inc.
                                            1,659,711         117,773
        WR  Grace   & Co.
                                            1,778,425         115,438
        Huntsman     Corp.
                                            5,442,880         104,993
        NewMarket      Corp.
                                             227,548         93,770
     *
        Ingevity    Corp.
                                            1,118,268          93,588
        Olin  Corp.
                                            4,434,033          89,168
        United   States   Steel   Corp.
                                            4,697,466          85,682
        Versum    Materials     Inc.
                                            2,908,154          80,614
        Peabody    Energy    Corp.
                                            2,373,351          72,340
        Westlake     Chemical     Corp.
                                            1,035,050          68,489
        Balchem    Corp.
                                             835,018         65,424
        Scotts   Miracle-Gro      Co.
                                            1,033,027          63,490
        Sensient    Technologies       Corp.
                                            1,123,438          62,744
                                300/562

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        Cabot   Corp.
                                            1,442,065          61,922
     *
        Cleveland-Cliffs        Inc.
                                            7,969,060          61,282
        PolyOne    Corp.
                                            2,106,964          60,259
     *
        Platform    Specialty     Products    Corp.
                                            5,771,478          59,619
        Domtar    Corp.
                                            1,686,688          59,253
        Quaker    Chemical     Corp.
                                             330,469         58,728
        HB  Fuller   Co.
                                            1,352,226          57,700
     *
        Univar    Inc.
                                            3,026,608          53,692
        Minerals    Technologies       Inc.
                                             912,356         46,840
        Commercial      Metals   Co.
                                            2,902,687          46,501
        Carpenter     Technology      Corp.
                                            1,241,169          44,198
     *
        GCP   Applied    Technologies       Inc.
                                            1,773,379          43,536
                                301/562
















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                                                 有価証券報告書（外国投資信託受益証券）
     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
        Innospec    Inc.
                                             633,075         39,099
        Worthington      Industries     Inc.
                                            1,101,564          38,379
        Stepan   Co.
                                             514,484         38,072
        Arch   Coal  Inc.  Class   A
                                             455,279         37,784
        Compass    Minerals    International      Inc.
                                             899,338         37,493
        Kaiser   Aluminum     Corp.
                                             407,069         36,347
     *
        Ferro   Corp.
                                            2,192,650          34,381
     *
        Contura    Energy    Inc.
                                             488,188         32,093
        Warrior    Met  Coal  Inc.
                                            1,257,944          30,329
        Hecla   Mining    Co.
                                           12,652,227           29,859
        Neenah    Inc.
                                             434,910         25,625
     *
        Coeur   Mining    Inc.
                                            5,342,201          23,880
        Materion    Corp.
                                             520,873         23,434
     *
        Codexis    Inc.
                                            1,351,787          22,575
        US  Silica   Holdings    Inc.
                                            2,068,768          21,060
     *
        CONSOL     Energy    Inc.
                                             661,195         20,967
     *
        Verso   Corp.
                                             897,447         20,103
     *
        CSW   Industrials     Inc.
                                             409,872         19,817
        Schweitzer-Mauduit          International      Inc.
                                             779,149         19,518
        Tronox    Ltd.  Class   A
                                            2,418,494          18,816
     *,^
        AK  Steel   Holding    Corp.
                                            8,323,817          18,729
     *
        AdvanSix     Inc.
                                             739,939         18,010
        Chase   Corp.
                                             179,600         17,969
     *
        Kraton   Corp.
                                             817,855         17,862
     *
        PQ  Group   Holdings    Inc.
                                            1,030,089          15,256
        Rayonier    Advanced     Materials     Inc.
                                            1,319,642          14,054
        Schnitzer     Steel   Industries     Inc.
                                             651,464         14,039
     *
        SunCoke     Energy    Inc.
                                            1,601,558          13,693
        Tredegar    Corp.
                                             766,806         12,162
        Innophos     Holdings    Inc.
                                             494,050         12,119
        Resolute    Forest   Products    Inc.
                                            1,492,846          11,838
        Hawkins    Inc.
                                             270,451         11,075
        American     Vanguard     Corp.
                                             718,769         10,918
        FutureFuel     Corp.
                                             686,758         10,892
     *
        Clearwater     Paper   Corp.
                                             439,873         10,720
     *
        OMNOVA      Solutions     Inc.
                                            1,143,302           8,380
     *
        TimkenSteel      Corp.
                                             904,096          7,902
     *
        Nexeo   Solutions     Inc.
                                             811,968          6,975
        Gold   Resource     Corp.
                                            1,591,636           6,367
     *
        Energy    Fuels   Inc.
                                            2,145,316           6,114
     *
        Intrepid    Potash   Inc.
                                            2,297,802           5,974
        Olympic    Steel   Inc.
                                             365,116          5,210
     *,^
        Uranium    Energy    Corp.
                                            4,045,072           5,056
        Synalloy    Corp.
                                             264,123          4,382
     *
        Universal     Stainless    & Alloy   Products    Inc.
                                             266,099          4,313
     *
        Century    Aluminum     Co.
                                             504,112          3,685
     *
        AgroFresh     Solutions     Inc.
                                             957,008          3,627
     *
        LSB  Industries     Inc.
                                             643,806          3,554
     *,^
        ChromaDex      Corp.
                                            1,023,365           3,510
                                302/562


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                                                 有価証券報告書（外国投資信託受益証券）
     *
        Ryerson    Holding    Corp.
                                             491,768          3,118
        Northern    Technologies       International      Corp.
                                             101,863          3,014
     *,^
        Marrone    Bio  Innovations      Inc.
                                            1,867,466           2,745
     *,^
        Ur-Energy     Inc.
                                            4,085,598           2,656
        PH  Glatfelter     Co.
                                             213,622          2,085
     *
        Veritiv    Corp.
                                             82,814         2,068
     *,^
        Ramaco    Resources     Inc.
                                             243,225          1,204
        United-Guardian        Inc.
                                             52,121          956
        Hallador    Energy    Co.
                                             179,929           912
        Friedman     Industries     Inc.
                                             125,449           884
        Haynes    International      Inc.
                                             30,937          817
        Kronos    Worldwide      Inc.
                                             38,291          441
     *
        General    Moly   Inc.
                                            1,379,582           310
     *
        US  Antimony     Corp.
                                             359,147           208
     *
        Koppers    Holdings    Inc.
                                              9,399         160
     *
        Dynasil    Corp.   of America
                                             158,073           141
                                303/562















                                                           EDINET提出書類
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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     *
        Ampco-Pittsburgh         Corp.
                                             39,711          123
     *
        Pershing    Gold   Corp.
                                             100,868           107
     *
        Solitario    Zinc  Corp.
                                             101,668           24
     *
        Ikonics    Corp.
                                              1,996          16
     *,^
        Golden    Minerals    Co.
                                             67,011           15
     *,^
        Paramount     Gold   Nevada    Corp.
                                              9,731           8
     *
        Centrus    Energy    Corp.   Class   A
                                              2,700           5
     *,^
        US  Gold   Corp.
                                                        1
                                               900
                                                    16,492,241
     Consumer     Goods   (7.9%)
        Procter    & Gamble    Co.
                                           66,548,734         6,117,160
        Coca-Cola     Co.
                                           102,283,588          4,843,128
        PepsiCo    Inc.
                                           37,706,704         4,165,837
        Philip   Morris   International      Inc.
                                           41,505,319         2,770,895
        NIKE   Inc.  Class   B
                                           34,010,881         2,521,567
        Altria   Group   Inc.
                                           50,197,580         2,479,258
        Mondelez     International      Inc.  Class   A
                                           38,817,875         1,553,880
        Colgate-Palmolive         Co.
                                           23,166,319         1,378,859
     *,^
        Tesla   Inc.
                                            3,441,048         1,145,181
        General    Motors    Co.
                                           33,937,358         1,135,205
        Kimberly-Clark        Corp.
                                            9,251,133         1,054,074
        Activision     Blizzard    Inc.
                                           19,366,240          901,886
        Ford  Motor   Co.
                                           104,331,772           798,138
        Estee   Lauder    Cos.  Inc.  Class   A
                                            5,874,211         764,235
        Kraft   Heinz   Co.
                                           16,283,887          700,858
        Constellation      Brands    Inc.  Class   A
                                            3,994,245         642,354
     *
        Electronic     Arts  Inc.
                                            8,071,336         636,909
        General    Mills   Inc.
                                           15,927,141          620,203
        Archer-Daniels-Midland            Co.
                                           14,963,128          613,039
        VF  Corp.
                                            8,478,880         604,883
     *
        Monster    Beverage     Corp.
                                           11,077,420          545,231
        Clorox   Co.
                                            3,409,743         525,578
        McCormick      & Co.  Inc.
                                            3,251,015         452,671
        Aptiv   plc
                                            7,042,045         433,579
        Church    & Dwight    Co.  Inc.
                                            6,578,546         432,605
        Kellogg    Co.
                                            7,416,654         422,823
        Tyson   Foods   Inc.  Class   A
                                            7,886,385         421,133
        Hershey    Co.
                                            3,786,100         405,794
        Brown-Forman       Corp.   Class   B
                                            7,925,403         377,091
        Genuine    Parts   Co.
                                            3,727,739         357,937
     *
        Lululemon     Athletica    Inc.
                                            2,780,186         338,098
        DR  Horton    Inc.
                                            9,532,736         330,405
     *
        Take-Two     Interactive     Software    Inc.
                                            3,038,685         312,802
        Lennar    Corp.   Class   A
                                            7,795,507         305,194
        Hormel    Foods   Corp.
                                            7,106,806         303,318
        Lamb   Weston    Holdings    Inc.
                                            3,903,224         287,121
        Conagra    Brands    Inc.
                                           12,925,923          276,098
        JM  Smucker    Co.
                                            2,875,806         268,859
        Molson    Coors   Brewing    Co.  Class   B
                                            4,687,002         263,222
                                304/562


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        Tapestry    Inc.
                                            7,710,012         260,213
        Hasbro    Inc.
                                            3,036,543         246,719
     *
        NVR   Inc.
                                             91,712        223,501
        Lear  Corp.
                                            1,711,878         210,321
        Newell    Brands    Inc.
                                           11,199,976          208,208
        Garmin    Ltd.
                                            3,274,791         207,360
        BorgWarner      Inc.
                                            5,547,494         192,720
     *
        LKQ   Corp.
                                            8,052,341         191,082
        Bunge   Ltd.
                                            3,565,490         190,540
        PVH   Corp.
                                            2,039,024         189,527
     *
        Mohawk    Industries     Inc.
                                            1,579,566         184,746
     *
        US  Foods   Holding    Corp.
                                            5,787,005         183,101
        Whirlpool     Corp.
                                            1,700,131         181,693
        PulteGroup      Inc.
                                            6,740,557         175,187
        Ingredion     Inc.
                                            1,883,111         172,116
     *
        Campbell     Soup   Co.
                                            5,201,587         171,600
     *
        Herbalife     Nutrition    Ltd.
                                            2,702,303         159,301
                                305/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     *
        Middleby     Corp.
                                            1,492,130         153,287
        Pool  Corp.
                                            1,017,798         151,296
        Ralph   Lauren    Corp.   Class   A
                                            1,454,289         150,461
     *
        Post  Holdings    Inc.
                                            1,678,504         149,605
     *
        WABCO     Holdings    Inc.
                                            1,388,770         149,071
        Harley-Davidson        Inc.
                                            4,339,617         148,068
     *
        Michael    Kors   Holdings    Ltd.
                                            3,804,897         144,282
        Fortune    Brands    Home   & Security    Inc.
                                            3,774,736         143,402
        Keurig    Dr Pepper   Inc.
                                            5,562,050         142,611
     *,^
        Wayfair    Inc.
                                            1,567,649         141,214
        Gentex    Corp.
                                            6,978,007         141,026
        Goodyear     Tire  & Rubber    Co.
                                            6,213,291         126,813
        Jefferies    Financial     Group   Inc.
                                            7,299,741         126,724
        Leggett    & Platt  Inc.
                                            3,471,823         124,430
        Hanesbrands      Inc.
                                            9,623,025         120,576
        Polaris   Industries     Inc.
                                            1,563,689         119,904
        Toll  Brothers    Inc.
                                            3,541,830         116,632
        Brunswick     Corp.
                                            2,314,531         107,510
        Carter's    Inc.
                                            1,220,873          99,648
     *
        Deckers    Outdoor    Corp.
                                             772,689         98,866
        Valvoline     Inc.
                                            5,007,734          96,900
     *
        Helen   of Troy   Ltd.
                                             701,710         92,050
     *,^
        Mattel   Inc.
                                            9,188,524          91,793
        Lancaster     Colony    Corp.
                                             512,735         90,682
        Flowers    Foods   Inc.
                                            4,775,678          88,207
     *,^
        Under   Armour    Inc.  Class   A
                                            4,874,058          86,125
        Nu  Skin  Enterprises     Inc.  Class   A
                                            1,403,196          86,058
     *,^
        Under   Armour    Inc.
                                            5,263,730          85,115
     *
        Darling    Ingredients     Inc.
                                            4,375,939          84,193
     *
        Skechers    U.S.A.   Inc.  Class   A
                                            3,581,501          81,981
     *
        Zynga   Inc.  Class   A
                                           20,744,299           81,525
        Coty   Inc.  Class   A
                                           12,024,349           78,880
        Wolverine     World   Wide   Inc.
                                            2,390,761          76,241
     *
        TreeHouse     Foods   Inc.
                                            1,495,578          75,841
        Energizer     Holdings     Inc.
                                            1,581,999          71,427
        Thor   Industries     Inc.
                                            1,334,416          69,390
        Columbia     Sportswear     Co.
                                             778,700         65,481
        WD-40    Co.
                                             349,024         63,962
        Steven   Madden    Ltd.
                                            2,094,308          63,374
     *
        Dorman    Products    Inc.
                                             703,655         63,343
     *
        Elanco   Animal    Health   Inc.
                                            1,951,866          61,542
     *,^
        iRobot   Corp.
                                             705,705         59,096
        J&J  Snack   Foods   Corp.
                                             395,829         57,233
     *
        Fox  Factory    Holding    Corp.
                                             956,740         56,323
        Sanderson     Farms   Inc.
                                             549,158         54,526
     *
        Edgewell     Personal    Care  Co.
                                            1,438,537          53,729
        Dana   Inc.
                                            3,847,002          52,435
     *
        Boston    Beer  Co.  Inc.  Class   A
                                             216,747         52,201
     *,^
        Tempur    Sealy   International      Inc.
                                            1,233,824          51,080
                                306/562


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     ^
        B&G   Foods   Inc.
                                            1,753,456          50,692
     *
        Taylor   Morrison     Home   Corp.   Class   A
                                            3,141,082          49,943
        Herman    Miller   Inc.
                                            1,569,324          47,472
     *
        Visteon    Corp.
                                             771,429         46,502
        Spectrum     Brands    Holdings    Inc.
                                            1,064,106          44,958
        KB  Home
                                            2,348,046          44,848
     *
        Crocs   Inc.
                                            1,691,279          43,939
        LCI  Industries
                                             642,576         42,924
     *
        TRI  Pointe   Group   Inc.
                                            3,926,408          42,916
        Cooper    Tire  & Rubber    Co.
                                            1,327,294          42,911
     *
        Welbilt    Inc.
                                            3,740,241          41,554
     *
        USANA    Health   Sciences    Inc.
                                             348,598         41,040
        HNI  Corp.
                                            1,139,316          40,366
        Callaway     Golf  Co.
                                            2,520,504          38,564
     *
        Meritor    Inc.
                                            2,271,086          38,404
     *
        Gentherm     Inc.
                                             953,036         38,102
                                307/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
        Tenneco    Inc.  Class   A
                                            1,386,284          37,970
        Medifast    Inc.
                                             300,837         37,611
     *
        Hain   Celestial    Group   Inc.
                                            2,357,450          37,389
     *
        Meritage    Homes    Corp.
                                            1,001,565          36,777
        Universal     Corp.
                                             656,874         35,570
        Tupperware      Brands    Corp.
                                            1,108,469          34,994
        Nutrisystem      Inc.
                                             782,259         34,326
        La-Z-Boy     Inc.
                                            1,234,923          34,220
        Delphi   Technologies       plc
                                            2,352,442          33,687
        MDC   Holdings    Inc.
                                            1,192,698          33,527
     *
        American     Axle   & Manufacturing       Holdings    Inc.
                                            2,938,349          32,616
        Cal-Maine     Foods   Inc.
                                             759,204         32,114
        Steelcase     Inc.  Class   A
                                            2,125,501          31,521
     *
        G-III   Apparel    Group   Ltd.
                                            1,108,785          30,924
        Calavo    Growers    Inc.
                                             417,628         30,470
        Oxford    Industries     Inc.
                                             422,954         30,047
     *
        Cooper-Standard        Holdings    Inc.
                                             474,865         29,499
     *
        Central    Garden    & Pet  Co.  Class   A
                                             943,089         29,472
     *
        Cavco   Industries     Inc.
                                             224,107         29,219
        Inter  Parfums    Inc.
                                             444,469         29,144
     *,^
        Fitbit   Inc.  Class   A
                                            5,759,027          28,622
     *
        Hostess    Brands    Inc.  Class   A
                                            2,589,432          28,328
        Vector    Group   Ltd.
                                            2,790,836          27,155
        Seaboard     Corp.
                                              7,661        27,105
     *
        Sleep   Number    Corp.
                                             842,759         26,741
     *
        Glu  Mobile    Inc.
                                            3,032,347          24,471
     *
        Garrett    Motion    Inc.
                                            1,947,220          24,029
        Standard    Motor   Products    Inc.
                                             481,114         23,300
     *
        American     Woodmark      Corp.
                                             417,487         23,246
        Fresh   Del  Monte   Produce    Inc.
                                             817,358         23,107
        Sturm   Ruger   & Co.  Inc.
                                             432,701         23,028
     ^
        National    Beverage     Corp.
                                             309,004         22,177
        Interface    Inc.  Class   A
                                            1,540,156          21,947
        Coca-Cola     Bottling    Co.  Consolidated
                                             123,089         21,834
     *,^
        LGI  Homes    Inc.
                                             477,605         21,597
     *
        Freshpet    Inc.
                                             658,351         21,173
     *
        Pilgrim's    Pride   Corp.
                                            1,343,655          20,840
        Knoll   Inc.
                                            1,232,030          20,304
        MGP   Ingredients     Inc.
                                             352,191         20,092
     *
        Malibu    Boats   Inc.  Class   A
                                             549,619         19,127
        Andersons     Inc.
                                             632,989         18,920
     *
        Fossil   Group   Inc.
                                            1,183,893          18,623
        Winnebago      Industries     Inc.
                                             759,002         18,375
        Acushnet     Holdings    Corp.
                                             868,389         18,297
        ACCO    Brands    Corp.
                                            2,675,099          18,137
     *
        American     Outdoor    Brands    Corp.
                                            1,351,099          17,375
     *
        Stoneridge     Inc.
                                             703,841         17,350
        Phibro   Animal    Health   Corp.   Class   A
                                             525,784         16,909
     *
        Vista   Outdoor    Inc.
                                            1,462,740          16,602
                                308/562


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        National    Presto   Industries     Inc.
                                             137,240         16,046
     ^
        Tootsie    Roll  Industries     Inc.
                                             461,425         15,412
     *
        M/I  Homes    Inc.
                                             716,313         15,057
     *
        Central    Garden    & Pet  Co.
                                             409,355         14,102
        Skyline    Champion     Corp.
                                             954,421         14,020
     *
        Modine    Manufacturing       Co.
                                            1,209,255          13,072
        Lennar    Corp.   Class   B
                                             415,047         13,003
     *
        Primo   Water   Corp.
                                             919,049         12,876
        Movado    Group   Inc.
                                             404,066         12,777
     *,^
        GoPro   Inc.  Class   A
                                            2,991,568          12,684
        John  B Sanfilippo     & Son  Inc.
                                             218,710         12,173
        Tower   International      Inc.
                                             488,432         11,625
     *
        Century    Communities      Inc.
                                             657,636         11,351
     ^
        Camping    World   Holdings    Inc.  Class   A
                                             825,272          9,466
        Dean   Foods   Co.
                                            2,360,833           8,995
     *
        Beazer   Homes    USA   Inc.
                                             936,420          8,877
     *
        Motorcar     Parts   of America    Inc.
                                             525,930          8,751
                                309/562















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                                                 有価証券報告書（外国投資信託受益証券）
     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     *
        Unifi   Inc.
                                             382,109          8,727
     *
        MasterCraft      Boat  Holdings    Inc.
                                             451,609          8,445
     *
        Nautilus    Inc.
                                             749,720          8,172
        Limoneira     Co.
                                             406,752          7,952
        Hooker    Furniture     Corp.
                                             292,319          7,700
     *,^
        22nd   Century    Group   Inc.
                                            3,034,920           7,557
     *
        ZAGG    Inc.
                                             769,717          7,528
     *,^
        New  Age  Beverages     Corp.
                                            1,331,052           6,921
     *
        Farmer    Brothers    Co.
                                             292,855          6,832
        Johnson    Outdoors     Inc.  Class   A
                                             110,155          6,471
        Clarus   Corp.
                                             638,712          6,464
     *
        YETI   Holdings    Inc.
                                             429,469          6,373
     *
        Seneca    Foods   Corp.   Class   A
                                             218,253          6,159
        Bassett    Furniture     Industries     Inc.
                                             295,682          5,925
        Turning    Point   Brands    Inc.
                                             210,429          5,728
        Culp   Inc.
                                             302,422          5,716
     *
        Craft   Brew   Alliance    Inc.
                                             394,664          5,648
        Hamilton     Beach   Brands    Holding    Co.  Class   A
                                             226,804          5,321
     *,^
        Revlon    Inc.  Class   A
                                             209,831          5,286
     *,^
        elf  Beauty    Inc.
                                             604,205          5,232
     *,^
        Sonos   Inc.
                                             518,489          5,092
        Rocky   Brands    Inc.
                                             193,275          5,025
        Weyco    Group   Inc.
                                             169,895          4,956
     *
        Lifevantage      Corp.
                                             374,459          4,939
     *
        Universal     Electronics     Inc.
                                             194,573          4,919
        Oil-Dri    Corp.   of America
                                             161,061          4,268
        Superior    Group   of Cos.  Inc.
                                             240,917          4,252
     *
        Lovesac    Co.
                                             165,142          3,788
        Lifetime    Brands    Inc.
                                             338,870          3,399
        Marine    Products    Corp.
                                             194,459          3,288
     *,^
        Vuzix   Corp.
                                             625,024          3,006
        Strattec    Security    Corp.
                                             101,820          2,932
        Flexsteel    Industries     Inc.
                                             130,005          2,871
     *,^
        Pyxus   International      Inc.
                                             238,753          2,832
     *,^
        Akoustis    Technologies       Inc.
                                             561,823          2,792
     *
        Shiloh   Industries     Inc.
                                             434,285          2,532
     *,^
        Funko   Inc.  Class   A
                                             192,360          2,530
        Alico   Inc.
                                             82,474         2,433
     *
        Delta   Apparel    Inc.
                                             139,331          2,401
        Escalade    Inc.
                                             203,028          2,325
     *,^
        Castle   Brands    Inc.
                                            2,715,417           2,309
     *
        RiceBran     Technologies
                                             767,288          2,302
        Titan   International      Inc.
                                             484,549          2,258
     *,^
        Eastman    Kodak   Co.
                                             882,600          2,251
     *
        Lakeland     Industries     Inc.
                                             201,320          2,102
        Kewaunee     Scientific     Corp.
                                             57,081         1,897
     *
        Nature's    Sunshine    Products    Inc.
                                             224,632          1,831
     *
        Natural    Alternatives      International      Inc.
                                             181,845          1,788
        Core   Molding    Technologies       Inc.
                                             228,649          1,626
                                310/562


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                                                 有価証券報告書（外国投資信託受益証券）
     *,^
        Celsius    Holdings    Inc.
                                             447,606          1,553
        Crown   Crafts   Inc.
                                             274,576          1,483
        Rocky   Mountain     Chocolate     Factory    Inc.
                                             173,764          1,461
        Ethan   Allen   Interiors    Inc.
                                             69,679         1,226
     *
        Centric    Brands    Inc.
                                             348,293          1,195
     *,^
        Veru   Inc.
                                             812,319          1,137
     *
        Alpha   Pro  Tech   Ltd.
                                             293,460          1,089
     *
        New  Home   Co.  Inc.
                                             181,777           951
        Acme   United   Corp.
                                             60,785          866
     *,^
        Blink   Charging     Co.
                                             470,258           809
     *
        Vera   Bradley    Inc.
                                             94,028          806
     *
        Reed's   Inc.
                                             375,034           776
     *,^
        S&W   Seed   Co.
                                             403,039           729
     *,^
        Level   Brands    Inc.
                                             231,989           717
     *,^
        Innovate    Biopharmaceuticals         Inc.
                                             251,340           581
     *
        Tandy   Leather    Factory    Inc.
                                             93,919          533
                                311/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
        Mannatech     Inc.
                                             25,551          480
     *
        Willamette     Valley   Vineyards     Inc.
                                             66,647          459
     *,^
        JAKKS    Pacific    Inc.
                                             306,686           451
     *
        LS  Starrett    Co.  Class   A
                                             75,368          394
     *
        Coffee   Holding    Co.  Inc.
                                             105,416           372
        Virco   Manufacturing       Corp.
                                             54,872          235
     *
        Bridgford     Foods   Corp.
                                             10,626          211
     *
        Zedge   Inc.  Class   B
                                             85,340          209
        Jerash   Holdings    US  Inc.
                                             34,954          204
        P&F  Industries     Inc.  Class   A
                                             19,303          149
     *
        Summer    Infant   Inc.
                                             133,100           140
     *,^
        Nova   Lifestyle    Inc.
                                             298,918           138
        CompX    International      Inc.
                                              7,411         101
     *
        Dixie   Group   Inc.
                                             141,943           100
        Ocean   Bio-Chem     Inc.
                                             24,282           80
     *
        William    Lyon   Homes    Class   A
                                              5,416          58
     *,^
        CTI  Industries     Corp.
                                             14,046           42
     *
        Lifeway    Foods   Inc.
                                             22,423           42
     *
        Cherokee     Inc.
                                             73,246           37
     *
        Koss   Corp.
                                             17,633           33
     *
        Emerson    Radio   Corp.
                                             17,781           26
     *
        US  Auto   Parts   Network    Inc.
                                             21,627           20
     *
        Charles    & Colvard    Ltd.
                                             20,203           17
     *
        Hovnanian     Enterprises     Inc.  Class   B
                                             19,300           13
     *
        Iconix   Brand   Group   Inc.
                                             53,800           4
     *,^
        Orchids    Paper   Products    Co.
                                               766          1
     *
        CCA   Industries     Inc.
                                                        -
                                               147
                                                    53,039,561
     Consumer     Services    (13.5%)
     *
        Amazon.com      Inc.
                                           11,103,329         16,676,867
        Home   Depot   Inc.
                                           30,177,998         5,185,184
        Walt   Disney    Co.
                                           37,777,614         4,142,315
        Comcast    Corp.   Class   A
                                           121,287,849          4,129,851
        McDonald's      Corp.
                                           20,593,963         3,656,870
        Walmart    Inc.
                                           39,123,470         3,644,351
     *
        Netflix    Inc.
                                           11,067,658         2,962,369
        Costco   Wholesale     Corp.
                                           11,708,026         2,385,042
        CVS   Health   Corp.
                                           34,546,444         2,263,483
     *
        Booking    Holdings    Inc.
                                            1,237,488         2,131,474
        Starbucks     Corp.
                                           31,484,054         2,027,573
        Lowe's    Cos.  Inc.
                                           20,517,406         1,894,988
        Walgreens     Boots   Alliance    Inc.
                                           21,511,605         1,469,888
        TJX  Cos.  Inc.
                                           31,414,950         1,405,505
        Twenty-First      Century    Fox  Inc.  Class   A
                                           27,700,428         1,332,945
     *
        Charter    Communications        Inc.  Class   A
                                            4,281,483         1,220,094
        Target   Corp.
                                           13,940,612          921,335
        Ross   Stores   Inc.
                                            9,979,765         830,316
        Sysco   Corp.
                                           13,195,902          826,855
        Delta   Air  Lines   Inc.
                                           16,485,992          822,651
                                312/562


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        Dollar   General    Corp.
                                            7,093,022         766,614
        Yum!   Brands    Inc.
                                            8,335,272         766,178
        Marriott    International      Inc.  Class   A
                                            6,838,201         742,355
     *
        O'Reilly    Automotive      Inc.
                                            2,140,708         737,110
     *
        eBay   Inc.
                                           24,429,683          685,741
        Twenty-First      Century    Fox  Inc.
                                           13,324,343          636,637
        Southwest     Airlines    Co.
                                           13,522,093          628,507
        Kroger    Co.
                                           21,311,126          586,056
        McKesson     Corp.
                                            5,220,751         576,736
     *
        Dollar   Tree  Inc.
                                            6,357,061         574,170
     *
        AutoZone     Inc.
                                             682,918         572,517
        Hilton   Worldwide      Holdings    Inc.
                                            7,923,665         568,919
        Las  Vegas   Sands   Corp.
                                           10,472,601          545,099
        Carnival    Corp.
                                           10,558,853          520,551
     *
        United   Continental      Holdings    Inc.
                                            6,190,343         518,317
        Omnicom     Group   Inc.
                                            5,988,453         438,594
        Royal   Caribbean     Cruises    Ltd.
                                            4,470,215         437,142
                                313/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
        CBS  Corp.   Class   B
                                            9,186,710         401,643
     *
        Ulta  Beauty    Inc.
                                            1,515,610         371,082
        American     Airlines    Group   Inc.
                                           11,067,129          355,366
        Expedia    Group   Inc.
                                            3,094,179         348,559
        Darden    Restaurants      Inc.
                                            3,318,365         331,372
        Best  Buy  Co.  Inc.
                                            6,161,771         326,327
     *
        Chipotle    Mexican    Grill  Inc.  Class   A
                                             741,270         320,073
        AmerisourceBergen          Corp.   Class   A
                                            4,243,361         315,706
        MGM   Resorts    International
                                           12,636,082          306,551
        Kohl's   Corp.
                                            4,448,571         295,118
     *
        Burlington     Stores   Inc.
                                            1,799,111         292,661
     *
        CarMax    Inc.
                                            4,660,320         292,342
        Advance    Auto   Parts   Inc.
                                            1,847,635         290,929
        Domino's     Pizza   Inc.
                                            1,106,998         274,524
        Tractor    Supply    Co.
                                            3,252,579         271,395
     *
        Copart   Inc.
                                            5,626,440         268,831
        Viacom    Inc.  Class   B
                                            9,711,280         249,580
        Tiffany    & Co.
                                            3,086,197         248,470
     *
        Norwegian     Cruise   Line  Holdings    Ltd.
                                            5,857,004         248,278
        Wynn   Resorts    Ltd.
                                            2,462,903         243,606
        Macy's    Inc.
                                            8,179,692         243,591
     *
        Liberty    Broadband     Corp.
                                            3,287,371         236,789
        Vail  Resorts    Inc.
                                            1,077,257         227,107
        Nielsen    Holdings    plc
                                            9,463,119         220,775
     *
        Qurate   Retail   Group   Inc.  QVC   Group   Class   A
                                           11,210,596          218,831
        Interpublic     Group   of Cos.  Inc.
                                           10,230,355          211,052
        FactSet    Research    Systems    Inc.
                                            1,012,656         202,663
        Alaska   Air  Group   Inc.
                                            3,283,615         199,808
        Gap  Inc.
                                            7,690,398         198,105
        Aramark
                                            6,566,441         190,230
     *
        GrubHub     Inc.
                                            2,415,298         185,519
     *
        Discovery     Communications        Inc.
                                            7,994,340         184,509
        Service    Corp.   International
                                            4,575,498         184,210
     *
        Live  Nation   Entertainment       Inc.
                                            3,628,692         178,713
     *
        Bright   Horizons    Family    Solutions     Inc.
                                            1,542,416         171,902
        KAR   Auction    Services    Inc.
                                            3,592,320         171,426
     *,^
        Sirius   XM  Holdings     Inc.
                                           29,650,220          169,303
        Foot  Locker    Inc.
                                            3,067,237         163,177
        L Brands    Inc.
                                            6,229,315         159,907
        Sabre   Corp.
                                            7,325,928         158,533
        Altice   USA   Inc.  Class   A
                                            9,374,075         154,860
     *
        Liberty    Media   Corp-Liberty      Formula    One
                                            4,995,296         153,356
     *
        TripAdvisor      Inc.
                                            2,830,721         152,689
     *
        Liberty    Media   Corp-Liberty      SiriusXM     Class    C 
                                            4,111,706         152,051
     *
        Five  Below   Inc.
                                            1,485,067         151,952
        Nordstrom     Inc.
                                            3,158,156         147,202
        News   Corp.   Class   A
                                           12,938,905          146,857
     *
        Etsy  Inc.
                                            3,055,402         145,345
     *
        DISH   Network    Corp.   Class   A
                                            5,819,132         145,304
                                314/562


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        Rollins    Inc.
                                            3,934,056         142,019
        Dunkin'    Brands    Group   Inc.
                                            2,192,313         140,571
        Dun  & Bradstreet     Corp.
                                             984,118         140,473
        H&R   Block   Inc.
                                            5,461,870         138,568
     *
        ServiceMaster       Global   Holdings    Inc.
                                            3,611,695         132,694
     *
        JetBlue    Airways    Corp.
                                            8,139,003         130,712
     *
        Madison    Square   Garden    Co.  Class   A
                                             486,335         130,192
     *
        Planet   Fitness    Inc.  Class   A
                                            2,351,401         126,082
        Casey's    General    Stores   Inc.
                                             975,422         124,991
     *,^
        Discovery     Communications        Inc.  Class   A
                                            4,993,438         123,538
     *
        Grand   Canyon    Education     Inc.
                                            1,281,556         123,209
        Wyndham     Hotels   & Resorts    Inc.
                                            2,640,153         119,784
        Texas   Roadhouse     Inc.  Class   A
                                            1,808,518         107,969
     ^
        Williams-Sonoma         Inc.
                                            2,139,769         107,951
        Six  Flags   Entertainment       Corp.
                                            1,912,308         106,382
     *,^
        Trade   Desk   Inc.  Class   A
                                             916,222         106,337
                                315/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
        Cable   One  Inc.
                                             128,983         105,779
     *
        Spirit   Airlines    Inc.
                                            1,815,166         105,134
     *,^
        Caesars    Entertainment       Corp.
                                           15,225,195          103,379
     ^
        Cracker    Barrel   Old  Country    Store   Inc.
                                             638,435         102,060
        Cinemark     Holdings    Inc.
                                            2,806,120         100,459
        Dolby   Laboratories      Inc.  Class   A
                                            1,619,838         100,171
        Tribune    Media   Co.  Class   A
                                            2,097,287          95,175
     *
        Ollie's   Bargain    Outlet   Holdings    Inc.
                                            1,418,020          94,313
        Nexstar    Media   Group   Inc.  Class   A
                                            1,156,081          90,914
        Wyndham     Destinations      Inc.
                                            2,466,076          88,384
        New  York   Times   Co.  Class   A
                                            3,946,686          87,972
     *
        Liberty    Media   Corp-Liberty      SiriusXM     Class   A
                                            2,385,676          87,793
        American     Eagle   Outfitters     Inc.
                                            4,495,215          86,893
     *
        Performance      Food   Group   Co.
                                            2,665,941          86,030
        Marriott    Vacations     Worldwide      Corp.
                                            1,126,556          79,433
        Wendy's    Co.
                                            5,058,642          78,965
     *
        Chegg   Inc.
                                            2,747,924          78,096
        Extended     Stay  America    Inc.
                                            5,009,948          77,654
        World   Wrestling     Entertainment       Inc.  Class   A
                                            1,037,572          77,527
        Aaron's    Inc.
                                            1,830,031          76,953
     *
        Sprouts    Farmers    Market    Inc.
                                            3,233,318          76,015
     *
        Adtalem    Global   Education     Inc.
                                            1,558,522          73,749
        Hyatt   Hotels   Corp.   Class   A
                                            1,089,151          73,627
     *
        Yelp   Inc.  Class   A
                                            2,094,429          73,284
     *
        Stamps.com      Inc.
                                             460,070         71,605
        Churchill     Downs    Inc.
                                             289,262         70,563
        Graham    Holdings    Co.  Class   B
                                             110,097         70,526
        AMERCO
                                             208,958         68,561
     *
        Hilton   Grand   Vacations     Inc.
                                            2,582,217          68,145
     *
        Urban   Outfitters     Inc.
                                            2,019,687          67,054
     *
        LiveRamp     Holdings    Inc.
                                            1,718,727          66,394
     *
        AMC   Networks     Inc.  Class   A
                                            1,198,004          65,746
     *,^
        RH
                                             534,618         64,058
        Choice    Hotels   International      Inc.
                                             893,194         63,935
        Strategic    Education     Inc.
                                             553,757         62,807
     *
        Murphy    USA   Inc.
                                             815,264         62,482
        TEGNA    Inc.
                                            5,739,825          62,392
        Dick's   Sporting    Goods   Inc.
                                            1,927,461          60,137
     *
        Belmond    Ltd.  Class   A
                                            2,323,456          58,156
        Monro   Inc.
                                             833,983         57,336
        SkyWest     Inc.
                                            1,283,865          57,093
        John  Wiley   & Sons   Inc.  Class   A
                                            1,208,249          56,751
     *
        Liberty    Expedia    Holdings    Inc.  Class   A
                                            1,440,525          56,339
     *
        Penn   National    Gaming    Inc.
                                            2,990,434          56,310
     *
        Eldorado    Resorts    Inc.
                                            1,548,774          56,081
        Hillenbrand      Inc.
                                            1,476,198          55,992
     *
        AutoNation      Inc.
                                            1,554,479          55,495
        Meredith    Corp.
                                            1,064,526          55,292
        Morningstar      Inc.
                                             503,212         55,273
                                316/562


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     *
        Pandora    Media   Inc.
                                            6,811,876          55,108
     *
        Sally   Beauty    Holdings    Inc.
                                            3,197,197          54,512
     *,^
        Roku   Inc.
                                            1,741,310          53,354
     *
        Cargurus     Inc.
                                            1,537,995          51,877
        Jack  in the  Box  Inc.
                                             654,882         50,839
        Wingstop     Inc.
                                             774,512         49,716
     *
        National    Vision   Holdings    Inc.
                                            1,751,963          49,353
        Sinclair    Broadcast     Group   Inc.  Class   A
                                            1,841,009          48,492
     *
        Weight    Watchers     International      Inc.
                                            1,252,881          48,299
     *
        frontdoor     Inc.
                                            1,787,587          47,568
        Cheesecake      Factory    Inc.
                                            1,087,050          47,298
        Dave   & Buster's    Entertainment       Inc.
                                            1,038,269          46,265
        Lithia   Motors    Inc.  Class   A
                                             601,944         45,946
        DSW   Inc.  Class   A
                                            1,850,632          45,711
        Brinker    International      Inc.
                                            1,028,198          45,220
                                317/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     *
        Sotheby's
                                            1,122,248          44,598
        Signet   Jewelers    Ltd.
                                            1,390,867          44,188
     *
        BJ's  Wholesale     Club   Holdings    Inc.
                                            1,989,779          44,094
        Boyd   Gaming    Corp.
                                            2,090,967          43,450
        PriceSmart     Inc.
                                             682,602         40,342
        Bed  Bath  & Beyond    Inc.
                                            3,503,791          39,663
        Bloomin'     Brands    Inc.
                                            2,208,607          39,512
        Lions   Gate  Entertainment       Corp.   Class   B
                                            2,628,832          39,117
     *
        Cars.com     Inc.
                                            1,816,090          39,046
     *
        Groupon    Inc.  Class   A
                                           12,153,820           38,892
        Red  Rock   Resorts    Inc.  Class   A
                                            1,856,466          37,705
        Children's     Place   Inc.
                                             412,006         37,118
     *
        Avis   Budget    Group   Inc.
                                            1,640,668          36,882
        Penske    Automotive      Group   Inc.
                                             911,647         36,758
     *
        Floor   & Decor   Holdings    Inc.  Class   A
                                            1,416,356          36,684
     *
        Laureate    Education     Inc.  Class   A
                                            2,373,145          36,167
        Abercrombie      & Fitch   Co.
                                            1,793,668          35,963
     *
        Shutterfly     Inc.
                                             889,076         35,794
     *
        MSG   Networks     Inc.
                                            1,516,164          35,721
     *
        Asbury    Automotive      Group   Inc.
                                             529,978         35,328
     *,^
        Michaels    Cos.  Inc.
                                            2,509,182          33,974
     *
        Simply    Good   Foods   Co.
                                            1,771,453          33,480
        Hawaiian     Holdings    Inc.
                                            1,254,177          33,123
        GameStop     Corp.   Class   A
                                            2,572,313          32,463
        Matthews     International      Corp.   Class   A
                                             797,260         32,385
        Guess?    Inc.
                                            1,505,344          31,266
        Big  Lots  Inc.
                                            1,079,952          31,232
     *
        SeaWorld     Entertainment       Inc.
                                            1,390,837          30,724
     *,^
        ANGI   Homeservices       Inc.  Class   A
                                            1,910,688          30,705
        Dine   Brands    Global   Inc.
                                             450,645         30,346
        Allegiant     Travel   Co.  Class   A
                                             302,417         30,308
     *,^
        Carvana    Co.  Class   A
                                             926,227         30,297
     *
        Gray   Television     Inc.
                                            2,048,915          30,201
     *
        Liberty    TripAdvisor      Holdings    Inc.  Class   A
                                            1,891,202          30,051
     *
        Shake   Shack   Inc.  Class   A
                                             658,252         29,898
        Caleres    Inc.
                                            1,025,935          28,552
        BJ's  Restaurants      Inc.
                                             558,391         28,238
        Core-Mark     Holding    Co.  Inc.
                                            1,198,553          27,866
        Viad   Corp.
                                             525,662         26,330
     *
        Scientific     Games   Corp.
                                            1,469,503          26,275
        International      Speedway     Corp.   Class   A
                                             598,281         26,241
        Gannett    Co.  Inc.
                                            3,039,013          25,923
        Lions   Gate  Entertainment       Corp.   Class   A
                                            1,602,116          25,794
        Group   1 Automotive      Inc.
                                             488,023         25,729
     *
        Denny's    Corp.
                                            1,566,924          25,400
        Scholastic     Corp.
                                             630,074         25,367
     *
        Houghton     Mifflin    Harcourt    Co.
                                            2,780,142          24,632
     *
        K12  Inc.
                                             967,512         23,985
     *
        Liberty    Media   Corp-Liberty      Formula    One  Class   A
                                             799,896         23,773
                                318/562


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        Papa   John's   International      Inc.
                                             587,653         23,394
     *
        Liberty    Media   Corp-Liberty      Braves    Class    C 
                                             925,452         23,035
        EW  Scripps    Co.  Class   A
                                            1,445,947          22,745
     *
        Quotient    Technology      Inc.
                                            2,110,916          22,545
     *
        Genesco    Inc.
                                             505,442         22,391
     *
        Chefs'   Warehouse      Inc.
                                             675,534         21,604
     *
        Rent-A-Center       Inc.
                                            1,267,156          20,515
     *
        Diplomat     Pharmacy     Inc.
                                            1,474,123          19,842
     *
        Hertz   Global   Holdings    Inc.
                                            1,437,010          19,615
        Marcus    Corp.
                                             493,344         19,487
     ^
        Dillard's    Inc.  Class   A
                                             316,672         19,099
     *
        TrueCar    Inc.
                                            2,075,397          18,803
        Entercom     Communications        Corp.   Class   A
                                            3,243,547          18,521
     *,^
        Stitch   Fix  Inc.  Class   A
                                            1,073,618          18,348
        Weis   Markets    Inc.
                                             379,503         18,133
                                319/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
        Chico's    FAS  Inc.
                                            3,203,805          18,005
     *,^
        Trupanion     Inc.
                                             703,730         17,917
     *
        comScore     Inc.
                                            1,240,830          17,905
     *
        QuinStreet     Inc.
                                            1,100,702          17,864
     *
        Providence     Service    Corp.
                                             297,254         17,841
     *
        SP  Plus  Corp.
                                             574,305         16,965
        Tailored    Brands    Inc.
                                            1,243,081          16,956
        New  Media   Investment     Group   Inc.
                                            1,458,199          16,871
        Ruth's   Hospitality     Group   Inc.
                                             741,814         16,861
        AMC   Entertainment       Holdings    Inc.  Class   A
                                            1,359,183          16,691
     *
        Herc   Holdings    Inc.
                                             641,053         16,661
     *
        Liberty    Broadband     Corp.   Class   A
                                             223,832         16,073
     *
        Party   City  Holdco    Inc.
                                            1,533,160          15,301
     *
        Regis   Corp.
                                             880,203         14,919
        SpartanNash      Co.
                                             867,814         14,909
     ^
        Buckle    Inc.
                                             769,911         14,890
     *
        United   Natural    Foods   Inc.
                                            1,369,355          14,501
     *
        Care.com     Inc.
                                             716,002         13,826
     *
        PlayAGS     Inc.
                                             595,468         13,696
     *
        MarineMax      Inc.
                                             700,995         12,835
     *
        America's     Car-Mart     Inc.
                                             175,489         12,714
     *
        Boot   Barn   Holdings    Inc.
                                             746,272         12,709
     ^
        PetMed    Express    Inc.
                                             506,482         11,781
        National    CineMedia     Inc.
                                            1,803,937          11,690
     *
        American     Public   Education     Inc.
                                             390,828         11,123
     *
        Monarch    Casino   & Resort   Inc.
                                             284,298         10,843
     *
        Ascena    Retail   Group   Inc.
                                            4,295,186          10,781
        Shoe   Carnival    Inc.
                                             312,690         10,478
        Winmark     Corp.
                                             63,833         10,149
     *
        Career   Education     Corp.
                                             859,636          9,817
     *
        Zumiez    Inc.
                                             496,232          9,513
        Ingles   Markets    Inc.  Class   A
                                             348,858          9,496
     *
        Express    Inc.
                                            1,818,554           9,293
     *,^
        Conn's   Inc.
                                             489,045          9,223
     *
        Lindblad    Expeditions      Holdings    Inc.
                                             683,537          9,200
        Carriage    Services    Inc.  Class   A
                                             560,718          8,691
     *
        Carrols    Restaurant     Group   Inc.
                                             853,161          8,395
     *
        Fiesta   Restaurant     Group   Inc.
                                             532,247          8,255
        Haverty    Furniture     Cos.  Inc.
                                             437,988          8,225
     *
        El Pollo   Loco   Holdings    Inc.
                                             540,963          8,206
        Cato  Corp.   Class   A
                                             561,140          8,007
     *,^
        Lumber    Liquidators      Holdings    Inc.
                                             797,105          7,588
     *
        Upwork    Inc.
                                             412,105          7,463
     *
        Hibbett    Sports   Inc.
                                             516,617          7,388
     *
        Titan   Machinery     Inc.
                                             560,175          7,366
     *,^
        Duluth   Holdings    Inc.
                                             291,583          7,357
     *
        1-800-Flowers.com         Inc.  Class   A
                                             600,047          7,339
     *
        Golden    Entertainment       Inc.
                                             455,869          7,303
     *
        Del  Taco   Restaurants      Inc.
                                             726,097          7,254
                                320/562


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     *
        Bojangles'     Inc.
                                             435,698          7,006
     *
        Del  Frisco's    Restaurant     Group   Inc.
                                             950,191          6,794
        Citi  Trends    Inc.
                                             333,045          6,791
     *
        Liberty    Media   Corp-Liberty      Braves    Class   A
                                             266,340          6,643
        RCI  Hospitality     Holdings    Inc.
                                             295,309          6,594
     *
        Habit   Restaurants      Inc.  Class   A
                                             620,402          6,514
        News   Corp.   Class   B
                                             558,819          6,454
        Office   Depot   Inc.
                                            2,481,203           6,402
     *
        Drive   Shack   Inc.
                                            1,629,434           6,387
     *
        Century    Casinos    Inc.
                                             847,042          6,260
     *
        Clean   Energy    Fuels   Corp.
                                            3,446,186           5,927
        Nathan's    Famous    Inc.
                                             88,568         5,885
     *,^
        Daily   Journal    Corp.
                                             24,964         5,842
     *
        Potbelly    Corp.
                                             702,516          5,655
     *
        Reading    International      Inc.  Class   A
                                             386,999          5,627
                                321/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
        Tile  Shop   Holdings    Inc.
                                            1,013,318           5,553
        Tilly's   Inc.  Class   A
                                             510,057          5,539
     *
        TechTarget      Inc.
                                             450,373          5,499
        Clear   Channel    Outdoor    Holdings    Inc.  Class   A
                                            1,056,412           5,483
     *
        Bridgepoint      Education     Inc.  Class   A
                                             776,825          5,446
        Entravision      Communications        Corp.   Class   A
                                            1,828,760           5,322
     *
        Red  Lion  Hotels   Corp.
                                             640,254          5,250
     *
        Avid   Technology      Inc.
                                            1,085,188           5,155
     *,^
        Boston    Omaha    Corp.   Class   A
                                             218,549          5,114
        Village    Super   Market    Inc.  Class   A
                                             187,961          5,026
     *,^
        GNC   Holdings    Inc.  Class   A
                                            2,114,623           5,012
     *
        Hemisphere      Media   Group   Inc.  Class   A
                                             410,074          4,978
     *
        Tribune    Publishing     Co.
                                             436,424          4,949
     *
        PCM   Inc.
                                             278,137          4,898
        Sonic   Automotive      Inc.  Class   A
                                             344,780          4,744
     *
        Sportsman's      Warehouse      Holdings    Inc.
                                            1,019,460           4,465
        Speedway     Motorsports      Inc.
                                             271,158          4,412
     ^
        Natural    Health   Trends    Corp.
                                             238,051          4,402
     *
        At Home   Group   Inc.
                                             231,762          4,325
     *,^
        Noodles    & Co.  Class   A
                                             608,247          4,252
     *
        Natural    Grocers    by Vitamin    Cottage    Inc.
                                             276,338          4,236
     *
        MDC   Partners    Inc.  Class   A
                                            1,600,204           4,177
     *
        Kirkland's     Inc.
                                             420,434          4,007
        Saga   Communications        Inc.  Class   A
                                             117,114          3,892
     *
        Red  Robin   Gourmet    Burgers    Inc.
                                             136,465          3,646
     *,^
        Digital   Turbine    Inc.
                                            1,961,674           3,590
     *,^
        Overstock.com       Inc.
                                             258,584          3,512
     *,^
        Lands'   End  Inc.
                                             239,935          3,409
     *
        J Alexander's      Holdings    Inc.
                                             404,654          3,330
     *
        Gaia  Inc.  Class   A
                                             318,477          3,299
     *,^
        HF  Foods   Group   Inc.
                                             245,871          3,270
     *
        Leaf  Group   Ltd.
                                             470,537          3,223
     *
        Rubicon    Project    Inc.
                                             832,277          3,104
     *,^
        Fluent   Inc.
                                             851,887          3,067
     *
        Lee  Enterprises     Inc.
                                            1,404,374           2,963
     *,^
        Global   Eagle   Entertainment       Inc.
                                            1,236,770           2,758
     *
        Liquidity     Services    Inc.
                                             418,992          2,585
     *
        TheStreet     Inc.
                                            1,209,974           2,456
     *
        Mesa   Air  Group   Inc.
                                             314,455          2,424
     *
        Biglari   Holdings    Inc.
                                              3,736         2,196
     *
        Container     Store   Group   Inc.
                                             459,557          2,192
     *
        RTW   RetailWinds      Inc.
                                             742,939          2,103
     *
        Town   Sports   International      Holdings    Inc.
                                             297,132          1,902
     *
        Destination      XL  Group   Inc.
                                             789,746          1,714
     *
        Biglari   Holdings    Inc.  Class   B
                                             15,063         1,711
        A-Mark    Precious    Metals   Inc.
                                             140,198          1,653
        Peak   Resorts    Inc.
                                             339,567          1,589
     *
        RealNetworks       Inc.
                                             662,352          1,530
     *
        Vitamin    Shoppe    Inc.
                                             316,832          1,502
                                322/562


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     *
        Full  House   Resorts    Inc.
                                             633,724          1,280
     *,^
        Papa   Murphy's     Holdings    Inc.
                                             266,958          1,268
     *,^
        Dover   Downs    Gaming    & Entertainment       Inc.
                                             434,538          1,204
     *
        J. Jill  Inc.
                                             197,755          1,054
        Educational      Development       Corp.
                                             121,378          1,035
     *
        Eastside    Distilling     Inc.
                                             167,117          1,033
     *,^
        Fred's   Inc.  Class   A
                                             536,413          1,014
     *
        Travelzoo
                                             100,611           989
        Gaming    Partners    International      Corp.
                                             74,546          969
     *
        Urban   One  Inc.
                                             584,263           941
     ^
        Chicken    Soup   For  The  Soul  Entertainment       Inc.
                                             117,602           884
     *
        Good   Times   Restaurants      Inc.
                                             350,979           877
     *
        ONE   Group   Hospitality     Inc.
                                             280,313           861
        Dover   Motorsports      Inc.
                                             442,500           832
        Marchex    Inc.  Class   B
                                             301,676           799
                                323/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     *,^
        Select   Interior    Concepts     Inc.  Class   A
                                             105,442           793
     *,^
        McClatchy     Co.  Class   A
                                             101,542           777
        Ark  Restaurants      Corp.
                                             42,303          777
        AH  Belo  Corp.   Class   A
                                             227,017           765
     *,^
        Remark    Holdings    Inc.
                                             625,505           757
     *
        Nevada    Gold   & Casinos    Inc.
                                             316,555           753
        CSS  Industries     Inc.
                                             77,281          693
     *,^
        VistaGen     Therapeutics      Inc.
                                             382,270           573
     *
        Smart   & Final   Stores   Inc.
                                             117,503           557
     *,^
        JC  Penney    Co.  Inc.
                                             524,500           545
     *,^
        Famous    Dave's   of America    Inc.
                                             117,953           541
     *,^
        Interpace     Diagnostics      Group   Inc.
                                             622,538           498
     *
        Waitr   Holdings    Inc.
                                             43,849          489
     *,^
        Net  Element    Inc.
                                             84,460          483
     *
        Chuy's   Holdings    Inc.
                                             25,839          458
        Salem   Media   Group   Inc.  Class   A
                                             215,388           450
     *,^
        Valeritas     Holdings    Inc.
                                            1,380,580           449
     *
        Emmis    Communications        Corp.   Class   A
                                             139,651           446
        Canterbury     Park  Holding    Corp.
                                             31,705          441
     *
        Destination      Maternity     Corp.
                                             135,486           385
        Barnes   & Noble   Inc.
                                             54,038          383
        Collectors     Universe    Inc.
                                             30,516          347
     *,^
        Youngevity      International      Inc.
                                             59,632          341
     *
        Build-A-Bear       Workshop     Inc.
                                             82,050          324
     *,^
        Tuesday    Morning    Corp.
                                             190,533           324
        Townsquare      Media   Inc.  Class   A
                                             78,884          322
     *,^
        Sears   Hometown     and  Outlet   Stores   Inc.
                                             143,195           305
     *,^
        Social   Reality    Inc.
                                             148,260           302
        Value   Line  Inc.
                                              9,238         240
     *,^
        Stein   Mart   Inc.
                                             193,531           207
     *
        Diversified      Restaurant     Holdings    Inc.
                                             188,200           183
     *,^
        Purple   Innovation     Inc.
                                             27,138          160
     *,^
        Genius    Brands    International      Inc.
                                             68,896          148
     *
        Cumulus    Media   Inc.  Class   A
                                             12,241          132
     *
        Profire   Energy    Inc.
                                             80,670          117
     ^
        Stage   Stores   Inc.
                                             130,030           96
     *
        BioHiTech     Global   Inc.
                                             41,922           68
     *,^
        Kona   Grill  Inc.
                                             61,343           64
     ^
        FAT   Brands    Inc.
                                             12,218           57
     *
        EVINE    Live  Inc.
                                             136,245           54
        Harte-Hanks      Inc.
                                             12,046           29
     *
        Dolphin    Entertainment       Inc.
                                             37,619           29
        Haverty    Furniture     Cos.  Inc.  Class   A
                                              1,375          26
     *
        SG  Blocks   Inc.
                                              8,584          23
     *
        Inspired    Entertainment       Inc.
                                              4,644          22
     *,^
        LiveXLive     Media   Inc.
                                              4,009          20
     *
        Insignia    Systems    Inc.
                                              9,210          14
     *,^
        National    American     University     Holdings    Inc.
                                             69,425           13
     *,^
        Spark   Networks     SE  ADR
                                              1,099           9
                                324/562


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        Viacom    Inc.  Class   A
                                               300          8
     *,§
        Universal     Travel   Group
                                             42,843           7
     *
        Live  Ventures     Inc.
                                               812          5
     *
        Urban   One  Inc.  Class   A
                                               950          2
     *
        YogaWorks      Inc.
                                              3,300           2
     *
        DGSE   Cos.  Inc.
                                              2,900           1
     *
        Ascent   Capital    Group   Inc.  Class   A
                                                        1
                                              2,801
                                                    90,710,181
     Financials     (19.3%)
     *
        Berkshire     Hathaway     Inc.  Class   B
                                           50,508,373         10,312,800
        JPMorgan     Chase   & Co.
                                           88,872,039         8,675,688
        Visa  Inc.  Class   A
                                           47,014,765         6,203,128
        Bank   of America    Corp.
                                           236,065,255          5,816,648
        Wells   Fargo   & Co.
                                           113,207,525          5,216,603
        Mastercard     Inc.  Class   A
                                           24,548,873         4,631,145
                                325/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
        Citigroup     Inc.
                                           65,271,677         3,398,044
        American     Tower   Corp.
                                           11,767,132         1,861,443
        CME   Group   Inc.
                                            9,556,227         1,797,717
        US  Bancorp
                                           38,911,037         1,778,234
        American     Express    Co.
                                           18,261,147         1,740,653
        Chubb   Ltd.
                                           11,698,938         1,511,269
        Goldman     Sachs   Group   Inc.
                                            8,942,253         1,493,803
        Simon   Property    Group   Inc.
                                            8,262,497         1,388,017
        Morgan    Stanley
                                           34,464,743         1,366,527
        Charles    Schwab    Corp.
                                           32,482,855         1,349,013
        PNC   Financial     Services    Group   Inc.
                                           11,116,783         1,299,663
        Crown   Castle   International      Corp.
                                           11,081,733         1,203,809
        BlackRock     Inc.
                                            2,950,064         1,158,844
        Intercontinental        Exchange     Inc.
                                           15,214,805         1,146,131
        S&P  Global   Inc.
                                            6,703,499         1,139,193
        Bank   of New  York   Mellon    Corp.
                                           23,771,507         1,118,925
        Marsh   & McLennan     Cos.  Inc.
                                           13,460,764         1,073,496
        Prologis    Inc.
                                           16,825,574          987,998
        Capital    One  Financial     Corp.
                                           12,655,544          956,633
        Progressive      Corp.
                                           15,585,809          940,292
        Aon  plc
                                            6,437,938         935,819
        American     International      Group   Inc.
                                           23,638,813          931,606
        Aflac   Inc.
                                           20,342,560          926,807
        Prudential     Financial     Inc.
                                           11,040,115          900,321
        BB&T   Corp.
                                           20,643,623          894,282
        Travelers     Cos.  Inc.
                                            7,076,477         847,408
        MetLife    Inc.
                                           19,780,238          812,177
        Public   Storage
                                            3,959,722         801,487
        Allstate    Corp.
                                            9,204,293         760,551
        Equinix    Inc.
                                            2,147,782         757,222
        Welltower     Inc.
                                           10,035,012          696,530
        Equity   Residential
                                            9,838,544         649,442
        AvalonBay      Communities      Inc.
                                            3,691,741         642,548
        Moody's    Corp.
                                            4,352,054         609,462
        State   Street   Corp.
                                            9,634,615         607,655
        SunTrust     Banks   Inc.
                                           12,042,206          607,409
        Digital   Realty   Trust   Inc.
                                            5,511,180         587,216
        T. Rowe   Price   Group   Inc.
                                            6,113,127         564,364
        Ventas    Inc.
                                            9,521,907         557,889
        Discover    Financial     Services
                                            8,981,964         529,756
        Realty   Income    Corp.
                                            7,873,536         496,348
     *
        SBA   Communications        Corp.   Class   A
                                            3,026,443         489,951
        M&T   Bank   Corp.
                                            3,394,585         485,867
        Northern    Trust   Corp.
                                            5,623,070         470,032
        Boston    Properties     Inc.
                                            4,128,446         464,657
     *
        IHS  Markit   Ltd.
                                            9,472,664         454,404
        Weyerhaeuser       Co.
                                           20,028,509          437,823
        Essex   Property    Trust   Inc.
                                            1,764,407         432,650
        Hartford    Financial     Services    Group   Inc.
                                            9,594,955         426,496
                                326/562


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        Fifth   Third   Bancorp
                                           17,622,562          414,659
        KeyCorp
                                           27,736,874          409,951
        Synchrony     Financial
                                           17,296,864          405,784
        Ameriprise     Financial     Inc.
                                            3,722,859         388,555
     *
        First  Republic    Bank
                                            4,419,133         384,023
        Citizens    Financial     Group   Inc.
                                           12,566,128          373,591
        Regions    Financial     Corp.
                                           27,719,617          370,888
        TD  Ameritrade      Holding    Corp.
                                            7,527,371         368,540
     *
        Markel    Corp.
                                             352,708         366,129
        Arthur   J Gallagher     & Co.
                                            4,909,929         361,862
        HCP   Inc.
                                           12,555,001          350,661
     *
        CBRE   Group   Inc.  Class   A
                                            8,634,713         345,734
        Annaly    Capital    Management      Inc.
                                           34,966,461          343,371
        Huntington      Bancshares      Inc.
                                           28,533,672          340,121
        Principal    Financial     Group   Inc.
                                            7,560,379         333,942
                                327/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
        Alexandria     Real  Estate   Equities    Inc.
                                            2,874,902         331,304
        Host  Hotels   & Resorts    Inc.
                                           19,795,220          329,986
        MSCI   Inc.  Class   A
                                            2,231,938         329,055
        Cincinnati     Financial     Corp.
                                            4,138,669         320,416
     *
        Berkshire     Hathaway     Inc.  Class   A
                                              1,034       316,404
        Loews   Corp.
                                            6,733,676         306,517
        Equifax    Inc.
                                            3,223,623         300,216
        Comerica     Inc.
                                            4,355,109         299,152
        E*TRADE     Financial     Corp.
                                            6,786,071         297,773
        Cboe   Global   Markets    Inc.
                                            2,993,922         292,895
        Lincoln    National    Corp.
                                            5,706,649         292,808
        Mid-America       Apartment     Communities      Inc.
                                            3,039,549         290,885
        UDR   Inc.
                                            7,338,767         290,762
        Extra   Space   Storage    Inc.
                                            3,203,870         289,886
        Vornado    Realty   Trust
                                            4,583,164         284,294
        WP  Carey   Inc.
                                            4,282,862         279,842
     *
        Arch   Capital    Group   Ltd.
                                           10,274,873          274,545
     *
        SVB   Financial     Group
                                            1,422,106         270,086
        KKR   & Co.  Inc.  Class   A
                                           13,394,309          262,930
        Raymond     James   Financial     Inc.
                                            3,435,383         255,627
        Regency    Centers    Corp.
                                            4,294,881         252,024
        Nasdaq    Inc.
                                            3,062,951         249,845
        Ally  Financial     Inc.
                                           10,988,664          249,003
        Duke   Realty   Corp.
                                            9,553,632         247,439
        Iron  Mountain     Inc.
                                            7,623,179         247,067
        AGNC    Investment     Corp.
                                           13,997,697          245,520
        Everest    Re  Group   Ltd.
                                            1,082,637         235,755
        Alleghany     Corp.
                                             376,736         234,827
        Reinsurance      Group   of America    Inc.  Class   A
                                            1,674,537         234,820
        Federal    Realty   Investment     Trust
                                            1,971,226         232,684
        Franklin    Resources     Inc.
                                            7,519,550         223,030
        Sun  Communities      Inc.
                                            2,185,010         222,237
        Fidelity    National    Financial     Inc.
                                            6,975,126         219,298
        Camden    Property    Trust
                                            2,474,396         217,871
        Zions   Bancorp    NA
                                            5,162,224         210,309
        Equity   LifeStyle     Properties     Inc.
                                            2,155,119         209,327
        National    Retail   Properties     Inc.
                                            4,220,276         204,726
        MarketAxess      Holdings    Inc.
                                             953,862         201,561
        Western    Union   Co.
                                           11,772,763          200,843
        Torchmark     Corp.
                                            2,690,220         200,502
        Omega    Healthcare     Investors     Inc.
                                            5,331,748         187,411
        VEREIT    Inc.
                                           25,647,463          183,379
        Invesco    Ltd.
                                           10,949,349          183,292
        SL  Green   Realty   Corp.
                                            2,315,568         183,115
        WR  Berkley    Corp.
                                            2,451,565         181,195
        Apartment     Investment     & Management      Co.
                                            4,128,767         181,170
        Brown   & Brown   Inc.
                                            6,343,043         174,814
        Gaming    and  Leisure    Properties     Inc.
                                            5,405,229         174,643
        Kilroy   Realty   Corp.
                                            2,749,841         172,910
                                328/562


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        SEI  Investments      Co.
                                            3,738,465         172,717
        Unum   Group
                                            5,831,434         171,328
        East  West   Bancorp    Inc.
                                            3,924,260         170,823
     *
        Black   Knight   Inc.
                                            3,788,035         170,689
        Voya   Financial     Inc.
                                            4,145,388         166,396
     *
        Athene    Holding    Ltd.  Class   A
                                            4,174,883         166,286
        Liberty    Property    Trust
                                            3,928,282         164,516
        Macerich     Co.
                                            3,756,259         162,571
        American     Financial     Group   Inc.
                                            1,790,027         162,051
        Old  Republic    International      Corp.
                                            7,679,716         157,972
        Lamar   Advertising      Co.  Class   A
                                            2,265,390         156,720
        Kimco   Realty   Corp.
                                           10,659,151          156,157
        Medical    Properties     Trust   Inc.
                                            9,674,348         155,564
        Invitation     Homes    Inc.
                                            7,656,328         153,739
        Jones   Lang   LaSalle    Inc.
                                            1,212,308         153,478
                                329/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
        Commerce     Bancshares      Inc.
                                            2,705,003         152,481
        American     Campus    Communities      Inc.
                                            3,651,196         151,123
        CyrusOne     Inc.
                                            2,820,968         149,173
        People's    United   Financial     Inc.
                                           10,294,052          148,543
        Douglas    Emmett    Inc.
                                            4,311,756         147,160
        VICI   Properties     Inc.
                                            7,820,577         146,870
        RenaissanceRe       Holdings    Ltd.
                                            1,076,431         143,919
        STORE    Capital    Corp.
                                            5,071,543         143,575
        CubeSmart
                                            4,958,530         142,260
        Signature     Bank
                                            1,363,407         140,172
        Healthcare     Trust   of America    Inc.  Class   A
                                            5,518,689         139,678
        Park  Hotels   & Resorts    Inc.
                                            5,348,655         138,958
        Cullen/Frost      Bankers    Inc.
                                            1,567,127         137,813
        New  Residential     Investment     Corp.
                                            9,687,978         137,666
        Affiliated     Managers     Group   Inc.
                                            1,406,739         137,073
        Starwood     Property    Trust   Inc.
                                            6,940,996         136,807
        LPL  Financial     Holdings    Inc.
                                            2,197,158         134,202
        American     Homes    4 Rent  Class   A
                                            6,677,704         132,552
        Hanover    Insurance     Group   Inc.
                                            1,131,738         132,153
     *
        Credit   Acceptance      Corp.
                                             335,533         128,093
        Lazard   Ltd.  Class   A
                                            3,452,586         127,435
        Popular    Inc.
                                            2,695,858         127,298
        First  American     Financial     Corp.
                                            2,828,918         126,283
        EPR  Properties
                                            1,968,188         126,023
        Assurant    Inc.
                                            1,406,416         125,790
        Webster    Financial     Corp.
                                            2,497,931         123,123
        Hudson    Pacific    Properties     Inc.
                                            4,167,705         121,114
        Brixmor    Property    Group   Inc.
                                            7,986,589         117,323
        New  York   Community      Bancorp    Inc.
                                           12,439,089          117,052
        First  Horizon    National    Corp.
                                            8,799,075         115,796
        Life  Storage    Inc.
                                            1,238,394         115,158
        Prosperity     Bancshares      Inc.
                                            1,821,700         113,492
        Primerica     Inc.
                                            1,146,902         112,064
        PacWest    Bancorp
                                            3,293,140         109,596
        CIT  Group   Inc.
                                            2,856,739         109,327
        Axis  Capital    Holdings     Ltd.
                                            2,113,911         109,162
     *
        GCI  Liberty    Inc.  Class   A
                                            2,615,041         107,635
        Highwoods      Properties     Inc.
                                            2,742,684         106,114
     *
        Howard    Hughes    Corp.
                                            1,078,901         105,322
        Interactive     Brokers    Group   Inc.
                                            1,907,551         104,248
        Eaton   Vance   Corp.
                                            2,956,508         104,010
        Assured    Guaranty     Ltd.
                                            2,693,231         103,097
        Wintrust    Financial     Corp.
                                            1,544,673         102,705
     *
        Western    Alliance    Bancorp
                                            2,588,074         102,203
     *
        MGIC   Investment     Corp.
                                            9,694,361         101,403
     ^
        First  Financial     Bankshares      Inc.
                                            1,753,151         101,139
        JBG  SMITH    Properties
                                            2,896,303         100,820
     *
        Green   Dot  Corp.   Class   A
                                            1,261,550         100,318
        Sterling    Bancorp
                                            6,041,480          99,745
                                330/562


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                                                 有価証券報告書（外国投資信託受益証券）
        Hospitality     Properties     Trust
                                            4,157,694          99,286
        Pebblebrook      Hotel   Trust
                                            3,503,683          99,189
     *
        Brighthouse      Financial     Inc.
                                            3,173,589          96,731
        Blackstone     Mortgage     Trust   Inc.  Class   A
                                            3,012,233          95,970
        First  Industrial     Realty   Trust   Inc.
                                            3,316,269          95,708
        Umpqua    Holdings    Corp.
                                            5,989,758          95,237
        Healthcare     Realty   Trust   Inc.
                                            3,335,446          94,860
        Rayonier    Inc.
                                            3,403,494          94,243
        Selective     Insurance     Group   Inc.
                                            1,536,887          93,658
        IBERIABANK       Corp.
                                            1,456,092          93,598
        Radian    Group   Inc.
                                            5,717,991          93,546
        AXA   Equitable     Holdings    Inc.
                                            5,616,247          93,398
        Janus   Henderson     Group   plc
                                            4,496,295          93,163
        Synovus    Financial     Corp.
                                            2,890,102          92,454
        Equity   Commonwealth
                                            3,055,359          91,691
                                331/562















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                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
        Kemper    Corp.
                                            1,379,100          91,545
        Pinnacle    Financial     Partners    Inc.
                                            1,964,539          90,565
        Associated     Banc-Corp
                                            4,528,389          89,617
        FNB   Corp.
                                            8,963,502          88,201
        Cousins    Properties     Inc.
                                           11,090,943           87,618
        Erie  Indemnity     Co.  Class   A
                                             643,555         85,792
     *
        Essent   Group   Ltd.
                                            2,496,961          85,346
        CoreSite    Realty   Corp.
                                             975,731         85,113
        Glacier    Bancorp    Inc.
                                            2,147,769          85,095
        Two  Harbors    Investment     Corp.
                                            6,568,457          84,339
        EastGroup     Properties     Inc.
                                             916,200         84,043
        MB  Financial     Inc.
                                            2,115,187          83,825
     *,^
        Zillow   Group   Inc.
                                            2,653,133          83,786
        BankUnited      Inc.
                                            2,791,482          83,577
        Chimera    Investment     Corp.
                                            4,680,216          83,401
        United   Bankshares      Inc.
                                            2,654,042          82,567
        Apple   Hospitality     REIT   Inc.
                                            5,766,668          82,233
        Ryman    Hospitality     Properties     Inc.
                                            1,228,598          81,935
        National    Health   Investors     Inc.
                                            1,066,541          80,567
        Weingarten      Realty   Investors
                                            3,234,714          80,253
        Spirit   Realty   Capital    Inc.
                                            2,273,985          80,158
        FirstCash     Inc.
                                            1,107,896          80,156
        TCF  Financial     Corp.
                                            4,090,535          79,725
        Community      Bank   System    Inc.
                                            1,359,878          79,281
        MFA   Financial     Inc.
                                           11,863,564           79,249
        Hancock    Whitney    Corp.
                                            2,282,968          79,105
        Sunstone    Hotel   Investors     Inc.
                                            6,064,451          78,899
        Sabra   Health   Care  REIT   Inc.
                                            4,726,543          77,893
        Physicians     Realty   Trust
                                            4,835,677          77,516
        Bank   of Hawaii    Corp.
                                            1,140,504          76,779
        RLJ  Lodging    Trust
                                            4,658,890          76,406
        Valley   National    Bancorp
                                            8,569,268          76,095
        Bank   OZK
                                            3,287,283          75,049
        RLI  Corp.
                                            1,087,121          75,000
        Fulton   Financial     Corp.
                                            4,829,812          74,765
        UMB   Financial     Corp.
                                            1,215,226          74,092
        Senior   Housing    Properties     Trust
                                            6,304,534          73,889
        Stifel   Financial     Corp.
                                            1,777,851          73,639
        Rexford    Industrial     Realty   Inc.
                                            2,461,319          72,535
        STAG   Industrial     Inc.
                                            2,878,977          71,629
        Cathay    General    Bancorp
                                            2,116,004          70,950
        Paramount     Group   Inc.
                                            5,611,958          70,486
        Columbia     Banking    System    Inc.
                                            1,940,264          70,412
        Uniti   Group   Inc.
                                            4,516,529          70,322
        Taubman     Centers    Inc.
                                            1,541,219          70,110
        Chemical     Financial     Corp.
                                            1,910,059          69,927
     *
        Texas   Capital    Bancshares      Inc.
                                            1,354,364          69,194
        Home   BancShares      Inc.
                                            4,220,120          68,957
        Investors     Bancorp    Inc.
                                            6,569,047          68,318
                                332/562


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                                                 有価証券報告書（外国投資信託受益証券）
        BancorpSouth       Bank
                                            2,594,962          67,832
     *
        Zillow   Group   Inc.  Class   A
                                            2,149,800          67,568
        Outfront    Media   Inc.
                                            3,720,999          67,425
        First  Hawaiian     Inc.
                                            2,973,726          66,939
        Aspen   Insurance     Holdings    Ltd.
                                            1,583,410          66,487
        PS  Business    Parks   Inc.
                                             506,727         66,381
        CNO   Financial     Group   Inc.
                                            4,398,178          65,445
        Evercore    Inc.  Class   A
                                             913,987         65,405
        Empire    State   Realty   Trust   Inc.
                                            4,590,678          65,325
        White   Mountains     Insurance     Group   Ltd.
                                             75,921         65,117
        Americold     Realty   Trust
                                            2,541,984          64,922
        Federated     Investors     Inc.  Class   B
                                            2,402,666          63,791
        American     Equity   Investment     Life  Holding    Co.
                                            2,276,532          63,606
        Old  National    Bancorp
                                            4,051,838          62,398
     *
        SLM   Corp.
                                            7,490,119          62,243
                                333/562















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                                               バンガード・インデックス・ファンズ(E14945)
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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
        CVB   Financial     Corp.
                                            3,068,595          62,078
     *
        Genworth     Financial     Inc.  Class   A
                                           13,316,927           62,057
        Retail   Properties     of America    Inc.
                                            5,718,205          62,043
        Corporate     Office   Properties     Trust
                                            2,896,215          60,907
        GEO   Group   Inc.
                                            3,088,094          60,835
        Brandywine      Realty   Trust
                                            4,707,895          60,591
        BOK   Financial     Corp.
                                             826,095         60,578
        Piedmont     Office   Realty   Trust   Inc.  Class   A
                                            3,548,577          60,468
        Navient    Corp.
                                            6,846,902          60,321
        Washington      Federal    Inc.
                                            2,252,960          60,177
        Kennedy-Wilson        Holdings    Inc.
                                            3,298,677          59,937
        First  Citizens    BancShares      Inc.  Class   A
                                             158,917         59,920
        Columbia     Property    Trust   Inc.
                                            3,079,602          59,590
        South   State   Corp.
                                             986,294         59,128
        Apollo   Commercial      Real  Estate   Finance    Inc.
                                            3,523,469          58,701
        First  Financial     Bancorp
                                            2,456,549          58,269
        Legg   Mason   Inc.
                                            2,277,568          58,101
        Colony    Capital    Inc.
                                           12,368,946           57,887
        Brookfield     Property    REIT   Inc.  Class   A
                                            3,503,648          56,409
        Argo   Group   International      Holdings    Ltd.
                                             838,709         56,403
        ProAssurance       Corp.
                                            1,388,892          56,333
        CoreCivic     Inc.
                                            3,155,625          56,265
        Terreno    Realty   Corp.
                                            1,571,005          55,252
        First  Midwest    Bancorp    Inc.
                                            2,767,871          54,832
        PotlatchDeltic       Corp.
                                            1,711,986          54,167
        Simmons     First  National    Corp.   Class   A
                                            2,244,504          54,160
        Acadia    Realty   Trust
                                            2,168,556          51,525
        CenterState      Bank   Corp.
                                            2,435,121          51,235
        International      Bancshares      Corp.
                                            1,486,462          51,134
        Xenia   Hotels   & Resorts    Inc.
                                            2,966,857          51,030
        Agree   Realty   Corp.
                                             862,302         50,979
        Santander     Consumer     USA   Holdings    Inc.
                                            2,896,954          50,957
        First  BanCorp
                                            5,871,087          50,491
        QTS  Realty   Trust   Inc.  Class   A
                                            1,356,968          50,276
        Tanger    Factory    Outlet   Centers    Inc.
                                            2,476,338          50,072
        DiamondRock       Hospitality     Co.
                                            5,464,242          49,615
        Great   Western    Bancorp    Inc.
                                            1,583,239          49,476
        Independent      Bank   Corp.
                                             701,594         49,329
     *
        OneMain     Holdings    Inc.
                                            2,006,609          48,741
        Trustmark     Corp.
                                            1,711,688          48,663
        WesBanco     Inc.
                                            1,324,828          48,608
        Washington      REIT
                                            2,105,002          48,415
        Urban   Edge   Properties
                                            2,896,238          48,135
        Four  Corners    Property    Trust   Inc.
                                            1,823,570          47,778
        Union   Bankshares      Corp.
                                            1,690,089          47,711
        Retail   Opportunity      Investments      Corp.
                                            2,994,187          47,548
        Navigators     Group   Inc.
                                             679,411         47,212
        Lexington     Realty   Trust
                                            5,666,525          46,522
     ^
        Realogy    Holdings    Corp.
                                            3,156,803          46,342
                                334/562


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        Banner    Corp.
                                             864,965         46,258
     *,^
        LendingTree      Inc.
                                             206,515         45,345
        Mack-Cali     Realty   Corp.
                                            2,270,447          44,478
     *
        Eagle   Bancorp    Inc.
                                             898,518         43,767
        United   Community      Banks   Inc.
                                            2,023,002          43,414
        Virtu   Financial     Inc.  Class   A
                                            1,684,529          43,393
        LTC   Properties     Inc.
                                            1,040,001          43,347
        First  Merchants     Corp.
                                            1,258,999          43,146
        Invesco    Mortgage     Capital    Inc.
                                            2,905,926          42,078
        Moelis   & Co.  Class   A
                                            1,214,021          41,738
     *
        Enstar   Group   Ltd.
                                             247,912         41,543
        SITE   Centers    Corp.
                                            3,751,130          41,525
     *
        FCB  Financial     Holdings    Inc.  Class   A
                                            1,230,864          41,332
        Northwest     Bancshares      Inc.
                                            2,433,551          41,224
        CareTrust     REIT   Inc.
                                            2,218,950          40,962
                                335/562















                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
        Capitol    Federal    Financial     Inc.
                                            3,180,231          40,612
        Hope   Bancorp    Inc.
                                            3,394,979          40,264
        National    Storage    Affiliates     Trust
                                            1,502,218          39,749
        National    General    Holdings    Corp.
                                            1,638,542          39,669
     *
        Pacific    Premier    Bancorp    Inc.
                                            1,554,159          39,662
        LegacyTexas       Financial     Group   Inc.
                                            1,232,263          39,543
        Chesapeake      Lodging    Trust
                                            1,607,829          39,151
        Towne    Bank
                                            1,625,892          38,940
        American     Assets   Trust   Inc.
                                             963,867         38,719
        Horace    Mann   Educators     Corp.
                                            1,024,132          38,354
        Mercury    General    Corp.
                                             737,736         38,148
        Renasant    Corp.
                                            1,257,880          37,963
        Ladder    Capital    Corp.   Class   A
                                            2,450,821          37,914
        ServisFirst     Bancshares      Inc.
                                            1,174,768          37,440
        Westamerica      Bancorporation
                                             672,288         37,433
        BGC   Partners    Inc.  Class   A
                                            7,156,912          37,001
     *
        Axos   Financial     Inc.
                                            1,467,554          36,953
        NBT   Bancorp    Inc.
                                            1,047,300          36,226
        Ameris    Bancorp
                                            1,132,497          35,866
        Provident     Financial     Services    Inc.
                                            1,486,039          35,858
        Waddell    & Reed   Financial     Inc.  Class   A
                                            1,980,960          35,816
        Heartland     Financial     USA   Inc.
                                             804,597         35,362
        Global   Net  Lease   Inc.
                                            1,999,516          35,231
        Cadence    BanCorp    Class   A
                                            2,091,215          35,091
        Ares  Management      Corp.
                                            1,951,115          34,691
        Colony    Credit   Real  Estate   Inc.
                                            2,147,454          33,908
     ^
        Industrial     Logistics    Properties     Trust
                                            1,714,265          33,720
        Employers     Holdings    Inc.
                                             799,874         33,571
        Walker    & Dunlop    Inc.
                                             774,072         33,479
        Hilltop    Holdings     Inc.
                                            1,877,119          33,469
     *
        PennyMac     Financial     Services    Inc.
                                            1,542,073          32,784
     *
        Alexander     & Baldwin    Inc.
                                            1,775,193          32,628
        First  Commonwealth        Financial     Corp.
                                            2,699,557          32,611
        Redwood     Trust   Inc.
                                            2,144,819          32,322
        Houlihan     Lokey   Inc.  Class   A
                                             869,858         32,011
        S&T   Bancorp    Inc.
                                             841,135         31,829
        First  Interstate     BancSystem      Inc.  Class   A
                                             866,707         31,687
        HFF  Inc.  Class   A
                                             946,781         31,395
        WSFS   Financial     Corp.
                                             827,969         31,388
     *
        Seacoast    Banking    Corp.   of Florida
                                            1,204,699          31,346
        Newmark     Group   Inc.  Class   A
                                            3,896,210          31,248
        Clearway     Energy    Inc.
                                            1,793,789          30,943
     *
        NMI   Holdings    Inc.  Class   A
                                            1,729,880          30,878
        Universal     Insurance     Holdings    Inc.
                                             808,354         30,653
        Kite  Realty   Group   Trust
                                            2,162,014          30,463
        Kearny    Financial     Corp.
                                            2,372,114          30,411
        United   Fire  Group   Inc.
                                             538,827         29,878
        Hannon    Armstrong     Sustainable      Infrastructure       Capital    Inc.
                                            1,564,396          29,802
     *
        Cannae    Holdings    Inc.
                                            1,729,439          29,608
                                336/562


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                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
        Artisan    Partners    Asset   Management      Inc.  Class   A
                                            1,327,743          29,356
        Tier  REIT   Inc.
                                            1,422,108          29,338
        Safety   Insurance     Group   Inc.
                                             356,620         29,175
        Park  National    Corp.
                                             337,344         28,657
        PennyMac     Mortgage     Investment     Trust
                                            1,527,296          28,438
        Monmouth     Real  Estate   Investment     Corp.
                                            2,290,363          28,401
        City  Holding    Co.
                                             410,240         27,728
     *
        LendingClub      Corp.
                                           10,506,764           27,633
        American     National    Insurance     Co.
                                             217,119         27,626
     *
        PRA   Group   Inc.
                                            1,129,523          27,526
     ^
        American     Finance    Trust   Inc.
                                            2,064,094          27,494
        AMERISAFE       Inc.
                                             481,971         27,323
        Tompkins     Financial     Corp.
                                             364,055         27,308
     ^
        Seritage    Growth    Properties     Class   A
                                             837,465         27,075
        Kinsale    Capital    Group   Inc.
                                             486,748         27,044
                                337/562















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                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
        Berkshire     Hills   Bancorp    Inc.
                                             995,476         26,848
        First  Busey   Corp.
                                            1,082,806          26,572
        James   River   Group   Holdings    Ltd.
                                             714,694         26,115
        Summit    Hotel   Properties     Inc.
                                            2,674,055          26,019
        Heritage    Financial     Corp.
                                             868,083         25,799
        Getty   Realty   Corp.
                                             873,351         25,685
        Sandy   Spring   Bancorp    Inc.
                                             818,984         25,667
        Easterly    Government      Properties     Inc.
                                            1,629,223          25,546
        Brookline     Bancorp    Inc.
                                            1,837,756          25,398
     *
        Cushman     & Wakefield     plc
                                            1,740,911          25,191
        Investment     Technology      Group   Inc.
                                             825,024         24,949
        Beneficial     Bancorp    Inc.
                                            1,711,563          24,458
        TFS  Financial     Corp.
                                            1,510,619          24,366
        Southside     Bancshares      Inc.
                                             766,872         24,348
        Lakeland     Financial     Corp.
                                             604,133         24,262
        First  Bancorp
                                             741,741         24,225
        Piper   Jaffray    Cos.
                                             365,127         24,040
     *,^
        Redfin   Corp.
                                            1,647,740          23,727
     *
        FGL  Holdings
                                            3,558,951          23,703
        RPT  Realty
                                            1,981,988          23,685
        Washington      Prime   Group   Inc.
                                            4,868,688          23,662
        Stewart    Information      Services    Corp.
                                             566,785         23,465
        New  York   Mortgage     Trust   Inc.
                                            3,964,674          23,352
        TPG  RE  Finance    Trust   Inc.
                                            1,262,700          23,082
        Boston    Private    Financial     Holdings    Inc.
                                            2,163,262          22,866
        TriCo   Bancshares
                                             673,886         22,771
        OceanFirst     Financial     Corp.
                                             988,702         22,256
        WisdomTree      Investments      Inc.
                                            3,345,205          22,246
        Independent      Bank   Group   Inc.
                                             485,735         22,232
     *
        Mr  Cooper    Group   Inc.
                                            1,899,690          22,169
        National    Bank   Holdings    Corp.   Class   A
                                             714,991         22,072
        BancFirst     Corp.
                                             438,680         21,890
        Independence       Realty   Trust   Inc.
                                            2,363,367          21,696
        Chatham    Lodging    Trust
                                            1,217,811          21,531
        State   Bank   Financial     Corp.
                                             997,262         21,531
        OFG   Bancorp
                                            1,306,532          21,506
        InfraREIT     Inc.
                                            1,022,899          21,501
     *
        Third   Point   Reinsurance      Ltd.
                                            2,220,374          21,404
        ARMOUR     Residential     REIT   Inc.
                                            1,032,618          21,169
        Enterprise     Financial     Services    Corp.
                                             544,461         20,488
     *
        Ambac    Financial     Group   Inc.
                                            1,184,413          20,419
     *
        Flagstar    Bancorp    Inc.
                                             770,112         20,331
     *,^
        MBIA   Inc.
                                            2,272,557          20,271
        Universal     Health   Realty   Income    Trust
                                             324,715         19,928
        Granite    Point   Mortgage     Trust   Inc.
                                            1,079,663          19,466
        PJT  Partners    Inc.
                                             487,972         18,914
        Armada    Hoffler    Properties     Inc.
                                            1,339,711          18,836
        Arbor   Realty   Trust   Inc.
                                            1,866,357          18,794
     *
        World   Acceptance      Corp.
                                             182,351         18,647
                                338/562


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     *
        Marcus    & Millichap     Inc.
                                             540,305         18,549
        United   Financial     Bancorp    Inc.
                                            1,256,563          18,471
     *
        eHealth    Inc.
                                             480,153         18,447
     *,^
        Encore    Capital    Group   Inc.
                                             770,303         18,102
        Cohen   & Steers   Inc.
                                             526,316         18,063
        Nelnet   Inc.  Class   A
                                             337,635         17,672
        Central    Pacific    Financial     Corp.
                                             724,000         17,629
        NexPoint     Residential     Trust   Inc.
                                             502,471         17,612
        Meta   Financial     Group   Inc.
                                             901,297         17,476
     *
        Triumph    Bancorp    Inc.
                                             586,990         17,434
        Meridian    Bancorp    Inc.
                                            1,211,930          17,355
        Select   Income    REIT
                                            2,357,859          17,354
        Hersha    Hospitality     Trust   Class   A
                                             979,960         17,189
        Alexander's      Inc.
                                             55,943         17,048
        Lakeland     Bancorp    Inc.
                                            1,148,531          17,010
                                339/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
        Clearway     Energy    Inc.  Class   A
                                             997,692         16,881
        Stock   Yards   Bancorp    Inc.
                                             511,307         16,771
        Washington      Trust   Bancorp    Inc.
                                             352,140         16,737
        National    Western    Life  Group   Inc.  Class   A
                                             55,028         16,547
        Bryn   Mawr   Bank   Corp.
                                             478,581         16,463
        FBL  Financial     Group   Inc.  Class   A
                                             249,643         16,389
        Carolina    Financial     Corp.
                                             545,284         16,135
     *
        Columbia     Financial     Inc.
                                            1,054,952          16,130
        Amalgamated       Bank   Class   A
                                             826,909         16,125
        Hamilton     Lane   Inc.  Class   A
                                             430,049         15,912
        Capstead    Mortgage     Corp.
                                            2,385,028          15,908
        TrustCo    Bank   Corp.   NY
                                            2,303,079          15,799
        Investors     Real  Estate   Trust
                                             319,112         15,659
     *
        National    Commerce     Corp.
                                             431,113         15,520
        Saul  Centers    Inc.
                                             325,533         15,372
        Urstadt    Biddle   Properties     Inc.  Class   A
                                             796,328         15,305
        Banc   of California     Inc.
                                            1,144,952          15,239
     *
        Enova   International      Inc.
                                             782,084         15,219
        Hanmi   Financial     Corp.
                                             766,901         15,108
        Preferred     Apartment     Communities      Inc.  Class   A
                                            1,054,708          14,829
        Univest    Corp.   of Pennsylvania
                                             686,652         14,811
        Community      Trust   Bancorp    Inc.
                                             373,578         14,797
     *
        Allegiance     Bancshares      Inc.
                                             456,248         14,769
        iStar  Inc.
                                            1,609,964          14,763
        State   Auto   Financial     Corp.
                                             430,615         14,658
        Gladstone     Commercial      Corp.
                                             809,849         14,513
        Oritani    Financial     Corp.
                                             982,982         14,499
        Community      Healthcare     Trust   Inc.
                                             500,584         14,432
        Fidelity    Southern    Corp.
                                             552,164         14,367
        Flushing    Financial     Corp.
                                             658,776         14,183
        Virtus   Investment     Partners    Inc.
                                             177,557         14,103
        Dynex   Capital    Inc.
                                            2,462,819          14,087
        ConnectOne      Bancorp    Inc.
                                             762,036         14,075
        Northfield     Bancorp    Inc.
                                            1,036,121          14,039
        Horizon    Bancorp    Inc.
                                             888,504         14,021
        German    American     Bancorp    Inc.
                                             492,994         13,690
        KKR   Real  Estate   Finance    Trust   Inc.
                                             712,122         13,637
        Cherry   Hill  Mortgage     Investment     Corp.
                                             776,802         13,625
        RE/MAX     Holdings    Inc.  Class   A
                                             442,364         13,603
     *
        Customers     Bancorp    Inc.
                                             744,019         13,541
        FB  Financial     Corp.
                                             385,596         13,504
     *
        INTL.   FCStone    Inc.
                                             368,484         13,479
     *
        HomeStreet      Inc.
                                             634,778         13,476
     *
        Focus   Financial     Partners    Inc.  Class   A
                                             507,971         13,375
        Camden    National    Corp.
                                             368,066         13,239
     *
        St.  Joe  Co.
                                             972,227         12,804
        Bank   of Marin   Bancorp
                                             308,750         12,733
        Blue  Hills   Bancorp    Inc.
                                             590,770         12,607
        Great   Southern    Bancorp    Inc.
                                             273,528         12,591
                                340/562


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        Dime   Community      Bancshares     Inc.
                                             739,946         12,564
        Whitestone      REIT
                                            1,020,362          12,510
        Peoples    Bancorp    Inc.
                                             412,804         12,425
     *
        TriState    Capital    Holdings    Inc.
                                             637,142         12,399
     *
        Veritex    Holdings     Inc.
                                             575,911         12,313
        Essential    Properties     Realty   Trust   Inc.
                                             881,248         12,196
        Jernigan    Capital    Inc.
                                             611,049         12,111
        People's    Utah   Bancorp
                                             400,875         12,086
        Diamond     Hill  Investment     Group   Inc.
                                             80,537         12,036
     ^
        CBTX   Inc.
                                             408,356         12,006
     *
        Willscot    Corp.   Class   A
                                            1,270,417          11,967
        Guaranty     Bancorp
                                             573,556         11,901
     *
        Equity   Bancshares      Inc.  Class   A
                                             336,170         11,850
        First  Community      Bankshares      Inc.
                                             368,033         11,586
        Exantas    Capital    Corp.
                                            1,141,934          11,442
                                341/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     ^
        Innovative     Industrial     Properties     Inc.
                                             251,136         11,399
        Federal    Agricultural      Mortgage     Corp.
                                             188,345         11,384
     *
        First  Foundation      Inc.
                                             876,479         11,272
        Western    New  England    Bancorp    Inc.
                                            1,112,193          11,166
        Bridge   Bancorp    Inc.
                                             436,514         11,127
        RMR   Group   Inc.  Class   A
                                             207,064         10,991
        AG  Mortgage     Investment     Trust   Inc.
                                             687,937         10,959
        Green   Bancorp    Inc.
                                             638,053         10,936
        First  Defiance    Financial     Corp.
                                             442,359         10,842
        Opus   Bank
                                             553,005         10,833
        Independent      Bank   Corp.
                                             512,551         10,774
        First  of Long   Island   Corp.
                                             538,407         10,741
        Heritage    Commerce     Corp.
                                             942,902         10,693
        Mercantile     Bank   Corp.
                                             378,059         10,684
        HomeTrust      Bancshares      Inc.
                                             406,983         10,655
        HCI  Group   Inc.
                                             208,584         10,598
        CorEnergy     Infrastructure       Trust   Inc.
                                             320,047         10,587
        City  Office   REIT   Inc.
                                            1,031,536          10,573
        First  Financial     Corp.
                                             261,780         10,510
        QCR   Holdings    Inc.
                                             327,012         10,494
        UMH   Properties     Inc.
                                             886,061         10,491
        Waterstone      Financial     Inc.
                                             624,171         10,461
        Retail   Value   Inc.
                                             405,762         10,383
        Ashford    Hospitality     Trust   Inc.
                                            2,534,507          10,138
        Arrow   Financial     Corp.
                                             316,211         10,125
        Preferred     Bank
                                             231,072         10,017
     *
        Bancorp    Inc.
                                            1,252,482           9,970
        United   Community      Financial     Corp.
                                            1,125,899           9,964
     *
        BSB  Bancorp    Inc.
                                             351,369          9,859
        Anworth    Mortgage     Asset   Corp.
                                            2,436,383           9,843
     ^
        Orchid   Island   Capital    Inc.
                                            1,539,246           9,836
        Peapack    Gladstone     Financial     Corp.
                                             389,882          9,817
        Midland    States   Bancorp    Inc.
                                             437,049          9,764
        One  Liberty    Properties     Inc.
                                             401,408          9,722
        United   Insurance     Holdings    Corp.
                                             584,456          9,714
     ^
        Cambridge     Bancorp
                                             115,395          9,607
     *
        Southern    First  Bancshares      Inc.
                                             296,967          9,524
        Republic    Bancorp    Inc.  Class   A
                                             245,355          9,500
     *
        Nicolet    Bankshares      Inc.
                                             192,766          9,407
        First  Mid-Illinois      Bancshares      Inc.
                                             294,415          9,398
        PCSB   Financial     Corp.
                                             480,397          9,397
     *
        Atlantic    Capital    Bancshares      Inc.
                                             573,091          9,382
     *
        EZCORP     Inc.  Class   A
                                            1,197,858           9,259
        Ares  Commercial      Real  Estate   Corp.
                                             708,994          9,245
        Live  Oak  Bancshares      Inc.
                                             623,479          9,234
        Old  Second    Bancorp    Inc.
                                             709,190          9,219
        Braemar    Hotels   & Resorts    Inc.
                                            1,015,681           9,070
        CatchMark     Timber    Trust   Inc.  Class   A
                                            1,269,530           9,014
        Financial     Institutions     Inc.
                                             347,800          8,938
                                342/562


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        Territorial     Bancorp    Inc.
                                             341,380          8,869
        Southern    Missouri    Bancorp    Inc.
                                             258,149          8,751
     *
        Cowen    Inc.  Class   A
                                             655,726          8,747
        First  Bancshares      Inc.
                                             286,724          8,673
        BBX   Capital    Corp.   Class   A
                                            1,513,491           8,672
        BankFinancial       Corp.
                                             575,378          8,602
        Old  Line  Bancshares      Inc.
                                             326,703          8,599
        Spirit   MTA   REIT
                                            1,197,115           8,535
        Consolidated-Tomoka           Land   Co.
                                             162,227          8,517
     *,^
        Citizens    Inc.  Class   A
                                            1,116,397           8,395
     *
        On  Deck   Capital    Inc.
                                            1,413,073           8,337
        Farmers    & Merchants     Bancorp    Inc.
                                             216,124          8,319
        Heritage    Insurance     Holdings    Inc.
                                             553,840          8,153
     ^
        CBL   & Associates     Properties     Inc.
                                            4,212,984           8,089
     *
        Franklin    Financial     Network    Inc.
                                             306,056          8,071
                                343/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     *
        Byline   Bancorp    Inc.
                                             483,477          8,055
     *
        Baycom    Corp.
                                             348,485          8,047
        Global   Indemnity     Ltd.
                                             220,630          7,993
        Merchants     Bancorp
                                             399,396          7,972
        CNB   Financial     Corp.
                                             346,111          7,943
     *
        FRP  Holdings    Inc.
                                             171,184          7,876
        Bar  Harbor    Bankshares
                                             346,732          7,777
        Farmers    National    Banc   Corp.
                                             597,818          7,616
        Oppenheimer       Holdings    Inc.  Class   A
                                             297,174          7,593
        EMC   Insurance     Group   Inc.
                                             233,713          7,444
        FedNat    Holding    Co.
                                             373,411          7,438
        Civista    Bancshares      Inc.
                                             418,560          7,291
     *
        Republic    First  Bancorp    Inc.
                                            1,211,736           7,234
        Bluerock    Residential     Growth    REIT   Inc.  Class   A
                                             799,024          7,207
        Northrim     BanCorp    Inc.
                                             218,280          7,175
        1st  Source   Corp.
                                             175,467          7,078
        Access    National    Corp.
                                             331,100          7,062
     *,^
        Health   Insurance     Innovations      Inc.  Class   A
                                             264,035          7,058
        Sierra   Bancorp
                                             293,688          7,057
        Peoples    Financial     Services    Corp.
                                             159,880          7,044
        Citizens    & Northern    Corp.
                                             264,000          6,978
        MedEquities      Realty   Trust   Inc.
                                            1,019,784           6,975
     *,^
        Goosehead     Insurance     Inc.  Class   A
                                             262,558          6,903
        Arlington     Asset   Investment     Corp.   Class   A
                                             952,620          6,897
        Shore   Bancshares      Inc.
                                             465,697          6,771
        Gladstone     Land   Corp.
                                             588,497          6,756
        Bankwell     Financial     Group   Inc.
                                             234,973          6,746
        MidWestOne       Financial     Group   Inc.
                                             270,149          6,708
        Hingham     Institution     for  Savings
                                             33,805         6,685
        Westwood     Holdings    Group   Inc.
                                             194,695          6,620
        First  Internet    Bancorp
                                             320,945          6,560
        SB  One  Bancorp
                                             319,900          6,539
     *
        Select   Bancorp    Inc.
                                             522,733          6,471
        Enterprise     Bancorp    Inc.
                                             200,848          6,459
        Business    First  Bancshares      Inc.
                                             264,332          6,405
     *
        SmartFinancial       Inc.
                                             349,521          6,386
     *
        Regional    Management      Corp.
                                             264,565          6,363
        Home   Bancorp    Inc.
                                             179,670          6,360
        ACNB    Corp.
                                             161,936          6,356
        Ready   Capital    Corp.
                                             454,902          6,291
        First  Bancorp    Inc.
                                             238,426          6,271
        Global   Medical    REIT   Inc.
                                             705,290          6,270
        Marlin   Business    Services    Corp.
                                             280,788          6,270
        West   Bancorporation       Inc.
                                             328,083          6,263
        Investar    Holding    Corp.
                                             251,947          6,248
        Guaranty     Bancshares      Inc.
                                             208,525          6,218
        Great   Ajax   Corp.
                                             514,449          6,199
        Reliant    Bancorp    Inc.
                                             268,083          6,177
        Origin   Bancorp    Inc.
                                             179,690          6,124
                                344/562


                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
     *
        Howard    Bancorp    Inc.
                                             427,766          6,117
        American     National    Bankshares      Inc.
                                             208,585          6,114
        Capital    City  Bank   Group   Inc.
                                             261,754          6,075
        Safety   Income    & Growth    Inc.
                                             317,882          5,979
        First  Choice    Bancorp
                                             264,120          5,969
        Protective     Insurance     Corp.   Class   B
                                             345,870          5,759
        National    Bankshares      Inc.
                                             157,368          5,733
        Southern    National    Bancorp    of Virginia    Inc.
                                             433,287          5,728
        Ladenburg     Thalmann     Financial     Services    Inc.
                                            2,456,137           5,723
        SI Financial     Group   Inc.
                                             448,844          5,714
     *
        HarborOne     Bancorp    Inc.
                                             357,784          5,685
     *
        Safeguard     Scientifics     Inc.
                                             655,108          5,647
     *,^
        Spirit   of Texas   Bancshares      Inc.
                                             245,117          5,584
        First  Bank
                                             459,654          5,571
        Clipper    Realty   Inc.
                                             425,846          5,566
                                345/562















                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     *
        Bridgewater      Bancshares      Inc.
                                             524,934          5,538
        Macatawa     Bank   Corp.
                                             573,928          5,521
        Investors     Title  Co.
                                             31,018         5,480
        Kingstone     Cos.  Inc.
                                             309,465          5,474
        FS  Bancorp    Inc.
                                             125,760          5,393
        Central    Valley   Community      Bancorp
                                             284,721          5,373
     *,^
        National    Energy    Services    Reunited    Corp.
                                             612,134          5,301
        Bank   of Commerce     Holdings
                                             459,361          5,035
        MidSouth     Bancorp    Inc.
                                             472,475          5,008
        First  Business    Financial     Services    Inc.
                                             256,678          5,008
        Ellington     Residential     Mortgage     REIT
                                             489,405          5,007
        Bank   of Princeton
                                             177,186          4,943
        Owens   Realty   Mortgage     Inc.
                                             260,122          4,888
        Tiptree    Inc.
                                             870,801          4,868
        Codorus    Valley   Bancorp    Inc.
                                             227,696          4,839
        Century    Bancorp    Inc.  Class   A
                                             70,240         4,757
        Riverview     Bancorp    Inc.
                                             646,850          4,709
        Summit    Financial     Group   Inc.
                                             242,956          4,691
        Penns   Woods    Bancorp    Inc.
                                             113,486          4,567
        RBB   Bancorp
                                             258,037          4,534
        MBT   Financial     Corp.
                                             486,591          4,525
        First  Northwest     Bancorp
                                             305,012          4,523
     *
        Metropolitan      Bank   Holding    Corp.
                                             143,434          4,425
        Independence       Holding    Co.
                                             123,853          4,360
     *,^
        Altisource     Portfolio    Solutions     SA
                                             193,772          4,358
        Unity   Bancorp    Inc.
                                             207,745          4,313
        MutualFirst      Financial     Inc.
                                             161,725          4,297
        LCNB   Corp.
                                             282,576          4,281
     *
        Ocwen    Financial     Corp.
                                            3,166,342           4,243
     *
        NI  Holdings    Inc.
                                             268,788          4,228
        C&F   Financial     Corp.
                                             79,292         4,219
     *
        Hallmark     Financial     Services    Inc.
                                             391,289          4,183
     *
        Elevate    Credit   Inc.
                                             930,380          4,168
        Timberland      Bancorp    Inc.
                                             184,382          4,112
        ESSA   Bancorp    Inc.
                                             262,351          4,095
     *
        Entegra    Financial     Corp.
                                             194,247          4,031
     ^
        GAIN   Capital    Holdings    Inc.
                                             651,798          4,015
     *
        Community      Bankers    Trust   Corp.
                                             550,711          3,976
        Orrstown     Financial     Services    Inc.
                                             218,245          3,974
        Norwood     Financial     Corp.
                                             118,780          3,920
        MVB   Financial     Corp.
                                             216,592          3,907
        Evans   Bancorp    Inc.
                                             119,309          3,879
     *
        Stratus   Properties     Inc.
                                             160,875          3,858
        Premier    Financial     Bancorp    Inc.
                                             257,163          3,834
        Capstar    Financial     Holdings    Inc.
                                             254,210          3,745
        Parke   Bancorp    Inc.
                                             199,568          3,735
     ^
        CB  Financial     Services    Inc.
                                             149,258          3,699
        Fidelity    D&D   Bancorp    Inc.
                                             57,373         3,682
     *
        Malvern    Bancorp    Inc.
                                             183,699          3,624
                                346/562


                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
        Chemung     Financial     Corp.
                                             87,097         3,598
        Community      Financial     Corp.
                                             123,044          3,598
     *
        Forestar    Group   Inc.
                                             259,719          3,597
        BCB   Bancorp    Inc.
                                             341,862          3,579
        Pzena   Investment     Management      Inc.  Class   A
                                             408,696          3,535
        Northeast     Bancorp
                                             210,446          3,521
        Donegal    Group   Inc.  Class   A
                                             257,465          3,513
        First  Community      Corp.
                                             178,613          3,470
     *
        PICO   Holdings    Inc.
                                             373,096          3,410
     *
        Pacific    Mercantile     Bancorp
                                             474,007          3,389
        Silvercrest     Asset   Management      Group   Inc.  Class   A
                                             255,027          3,374
        First  Financial     Northwest     Inc.
                                             212,473          3,287
        Prudential     Bancorp    Inc.
                                             185,091          3,258
        Western    Asset   Mortgage     Capital    Corp.
                                             389,847          3,251
        Union   Bankshares      Inc.
                                             66,943         3,197
                                347/562















                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
        Mackinac     Financial     Corp.
                                             230,769          3,150
     *
        Victory    Capital    Holdings    Inc.  Class   A
                                             297,907          3,045
        Standard    AVB   Financial     Corp.
                                             101,063          3,020
        1st  Constitution      Bancorp
                                             149,612          2,982
        Middlefield      Banc   Corp.
                                             68,882         2,923
        First  Guaranty     Bancshares      Inc.
                                             124,659          2,893
        Ohio   Valley   Banc   Corp.
                                             78,843         2,790
        United   Security    Bancshares
                                             290,105          2,779
     *
        Esquire    Financial     Holdings    Inc.
                                             127,152          2,759
        Peoples    Bancorp    of North   Carolina    Inc.
                                             108,980          2,666
        BRT   Apartments      Corp.
                                             232,769          2,663
     ^
        Greene    County    Bancorp    Inc.
                                             84,740         2,637
        Griffin    Industrial     Realty   Inc.
                                             82,237         2,623
     *
        Trinity    Place   Holdings    Inc.
                                             588,293          2,553
        Provident     Financial     Holdings    Inc.
                                             161,855          2,509
        GAMCO     Investors     Inc.  Class   A
                                             142,988          2,415
        Federal    Agricultural      Mortgage     Corp.   Class   A
                                             41,769         2,380
     *
        Ashford    Inc.
                                             45,407         2,357
     *
        International      Money    Express    Inc.
                                             194,144          2,322
        First  United   Corp.
                                             145,173          2,311
     *
        Provident     Bancorp    Inc.
                                             106,602          2,311
        Hawthorn     Bancshares      Inc.
                                             109,873          2,311
        SB  Financial     Group   Inc.
                                             137,713          2,265
     *
        MoneyGram      International      Inc.
                                            1,115,485           2,231
        Sotherly    Hotels   Inc.
                                             395,197          2,217
        Two  River   Bancorp
                                             140,881          2,150
        Associated     Capital    Group   Inc.  Class   A
                                             60,841         2,143
     *
        Aspen   Group   Inc.
                                             380,422          2,085
        DNB   Financial     Corp.
                                             75,391         2,036
        Luther   Burbank    Corp.
                                             221,229          1,995
     *
        Rafael   Holdings    Inc.  Class   B
                                             251,529          1,995
     *
        PDL  Community      Bancorp
                                             156,180          1,990
        Old  Point   Financial     Corp.
                                             91,136         1,990
        Plumas    Bancorp
                                             85,785         1,948
     *
        Tejon   Ranch   Co.
                                             117,405          1,947
     *
        Maui   Land   & Pineapple     Co.  Inc.
                                             192,941          1,914
     *
        Randolph     Bancorp    Inc.
                                             134,594          1,905
        Level   One  Bancorp    Inc.
                                             84,245         1,890
        Greenhill     & Co.  Inc.
                                             74,717         1,823
        American     River   Bankshares
                                             131,277          1,812
     *
        OP  Bancorp
                                             198,037          1,757
        MSB   Financial     Corp.
                                             96,420         1,721
     *
        Coastal    Financial     Corp.
                                             111,724          1,702
        AmeriServ     Financial     Inc.
                                             417,649          1,683
     *
        Greenlight     Capital    Re  Ltd.  Class   A
                                             193,563          1,669
        First  Savings    Financial     Group   Inc.
                                             29,281         1,521
     *
        Atlas   Financial     Holdings    Inc.
                                             179,526          1,452
        PB  Bancorp    Inc.
                                             131,822          1,437
        Global   Self  Storage    Inc.
                                             353,584          1,386
                                348/562


                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
        Plymouth     Industrial     REIT   Inc.
                                             107,097          1,351
     *
        Nicholas    Financial     Inc.
                                             124,786          1,298
        Pacific    City  Financial     Corp.
                                             82,828         1,296
        Hunt   Cos.  Finance    Trust   Inc.
                                             444,984          1,273
     *
        Intersections      Inc.
                                             341,144          1,259
        Severn    Bancorp    Inc.
                                             154,641          1,234
        IF Bancorp    Inc.
                                             60,847         1,224
        Sterling    Bancorp    Inc.
                                             173,902          1,209
        Hennessy     Advisors    Inc.
                                             116,940          1,171
        Manhattan     Bridge   Capital    Inc.
                                             203,559          1,146
     *
        Consumer     Portfolio    Services    Inc.
                                             380,395          1,145
        County    Bancorp    Inc.
                                             64,508         1,121
     *,^
        Siebert    Financial     Corp.
                                             74,860         1,082
        Sound   Financial     Bancorp    Inc.
                                             32,075         1,044
        Condor    Hospitality     Trust   Inc.
                                             142,071           979
                                349/562















                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
        Urstadt    Biddle   Properties     Inc.
                                             64,362          972
        Summit    State   Bank
                                             78,215          921
        Elmira   Savings    Bank
                                             51,975          907
     *
        Transcontinental        Realty   Investors     Inc.
                                             30,783          872
     ^
        Manning    & Napier   Inc.
                                             483,786           851
     *
        Security    National    Financial     Corp.   Class   A
                                             161,655           834
        Cedar   Realty   Trust   Inc.
                                             255,503           802
        Bank   of South   Carolina    Corp.
                                             42,728          778
        United   Bancorp    Inc.
                                             68,932          769
        Eagle   Bancorp    Montana    Inc.
                                             47,123          762
     *
        Bank7   Corp.
                                             56,400          753
     *
        FVCBankcorp       Inc.
                                             41,458          730
     *
        Limestone     Bancorp    Inc.
                                             52,082          717
     *,^
        Tremont    Mortgage     Trust
                                             78,746          713
     *
        Meridian    Corp.
                                             42,029          700
        Sachem    Capital    Corp.
                                             174,987           684
        Pathfinder     Bancorp    Inc.
                                             48,152          681
     ^
        Pennsylvania      REIT
                                             112,447           668
        Bancorp    34 Inc.
                                             44,556          642
     *
        Jason   Industries     Inc.
                                             457,558           627
     §
        Winthrop     Realty   Trust
                                             562,609           613
        Citizens    Community      Bancorp    Inc.
                                             53,090          579
        Ames   National    Corp.
                                             22,078          561
     *
        FFBW   Inc.
                                             55,772          559
        Bank   of the  James   Financial     Group   Inc.
                                             39,730          516
        Citizens    First  Corp.
                                             23,929          513
        Central    Federal    Corp.
                                             39,191          458
     *
        Community      First  Bancshares      Inc.
                                             38,486          448
     ^
        HV  Bancorp    Inc.
                                             25,024          375
        Ottawa    Bancorp    Inc.
                                             27,075          361
        Blue  Capital    Reinsurance      Holdings    Ltd.
                                             59,170          325
     *
        Altisource     Asset   Management      Corp.
                                             10,419          309
     *
        Broadway     Financial     Corp.
                                             291,623           306
     *
        Eagle   Financial     Bancorp    Inc.
                                             19,339          293
     §
        New  York   REIT   Liquidating      LLC
                                             19,100          267
     *
        National    Holdings    Corp.
                                             94,636          256
     *
        Carolina    Trust   Bancshares      Inc.
                                             33,555          254
     *
        First  Western    Financial     Inc.
                                             20,324          238
        First  US  Bancshares      Inc.
                                             28,987          230
     *
        Capital    Bancorp    Inc.
                                             16,948          193
        WVS   Financial     Corp.
                                             11,313          167
        HopFed    Bancorp    Inc.
                                             12,079          161
     *
        HMN   Financial     Inc.
                                              8,012         157
        Front   Yard   Residential     Corp.
                                             16,487          144
     *
        JW  Mays   Inc.
                                              3,714         144
     *
        Income    Opportunity      Realty   Investors     Inc.
                                             12,550          134
     *
        InterGroup     Corp.
                                              4,086         131
     *
        1347   Property    Insurance     Holdings    Inc.
                                             32,428          130
        Southwest     Georgia    Financial     Corp.
                                              6,366         129
                                350/562


                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
        HomeTown      Bankshares      Corp.
                                             10,388          123
     *
        ICC  Holdings    Inc.
                                              8,802         120
     *
        FSB  Bancorp    Inc.
                                              3,139          53
     *
        CBM   Bancorp    Inc.
                                              3,789          47
     *
        National    Holdings    Corp.   Warrants     Exp.  01/18/2022
                                             92,151           46
        Asta  Funding    Inc.
                                              9,729          41
     *,^
        CPI  Card   Group   Inc.
                                             16,009           37
     *
        FlexShopper      Inc.
                                             41,840           32
        Reven   Housing    REIT   Inc.
                                              8,896          29
        Glen   Burnie   Bancorp
                                               857          9
     *
        Novume    Solutions     Inc.
                                              5,300           3
        GWG   Holdings    Inc.
                                               300          3
     *
        Unico   American     Corp.
                                                2         -
     *,^
        Ditech   Holding    Corp.   Warrants     01/31/2028
                                             43,103           -
     *,^,§
        Ditech   Holding    Corp.   Series   B Warrants     01/31/2028
                                                        -
                                             34,201
                                                   129,920,412
                                351/562















                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     Health   Care  (13.8%)
        Johnson    & Johnson
                                           71,605,522         9,240,693
        Pfizer   Inc.
                                           154,420,822          6,740,469
        UnitedHealth      Group   Inc.
                                           25,701,378         6,402,727
        Merck   & Co.  Inc.
                                           69,465,748         5,307,878
        AbbVie    Inc.
                                           40,166,516         3,702,951
        Abbott   Laboratories
                                           46,919,307         3,393,673
        Amgen    Inc.
                                           17,024,650         3,314,189
        Medtronic     plc
                                           35,956,531         3,270,606
        Eli  Lilly   & Co.
                                           25,470,396         2,947,434
        Thermo    Fisher   Scientific     Inc.
                                           10,751,926         2,406,174
        Bristol-Myers       Squibb    Co.
                                           43,606,623         2,266,672
        Gilead   Sciences    Inc.
                                           34,562,485         2,161,883
     *
        Cigna   Corp.
                                           10,172,353         1,931,933
        Anthem    Inc.
                                            6,908,853         1,814,472
     *
        Biogen    Inc.
                                            5,383,717         1,620,068
        Becton    Dickinson     and  Co.
                                            7,164,357         1,614,273
     *
        Intuitive    Surgical    Inc.
                                            3,051,625         1,461,484
     *
        Boston    Scientific     Corp.
                                           36,970,544         1,306,539
        Stryker    Corp.
                                            7,997,316         1,253,579
        Allergan    plc
                                            9,010,592         1,204,356
     *
        Celgene    Corp.
                                           18,686,460         1,197,615
     *
        Illumina    Inc.
                                            3,978,369         1,193,232
     *
        Vertex    Pharmaceuticals        Inc.
                                            6,830,221         1,131,836
        Zoetis   Inc.
                                           12,837,361         1,098,108
        Humana    Inc.
                                            3,664,849         1,049,906
        HCA   Healthcare     Inc.
                                            7,354,905         915,318
        Baxter   International      Inc.
                                           13,501,401          888,662
     *
        Edwards    Lifesciences      Corp.
                                            5,585,591         855,545
     *
        Regeneron     Pharmaceuticals        Inc.
                                            2,131,171         795,992
     *
        Centene    Corp.
                                            5,212,611         601,014
        Zimmer    Biomet    Holdings    Inc.
                                            5,447,613         565,026
     *
        Alexion    Pharmaceuticals        Inc.
                                            5,666,022         551,644
     *
        IQVIA    Holdings    Inc.
                                            4,546,838         528,206
        ResMed    Inc.
                                            3,800,873         432,805
     *
        IDEXX    Laboratories      Inc.
                                            2,304,463         428,676
     *
        Align   Technology      Inc.
                                            2,028,317         424,790
     *
        BioMarin     Pharmaceutical       Inc.
                                            4,762,145         405,497
     *
        ABIOMED      Inc.
                                            1,142,019         371,202
     *
        Mylan   NV
                                           13,073,647          358,218
        Cardinal    Health   Inc.
                                            7,956,181         354,846
     *
        Laboratory     Corp.   of America    Holdings
                                            2,696,555         340,737
        Cooper    Cos.  Inc.
                                            1,310,589         333,545
     *
        Henry   Schein   Inc.
                                            4,066,395         319,293
        Teleflex    Inc.
                                            1,228,601         317,569
     *
        Hologic    Inc.
                                            7,712,857         316,998
     *
        WellCare     Health   Plans   Inc.
                                            1,333,573         314,843
     *
        Incyte   Corp.
                                            4,831,281         307,221
        Quest   Diagnostics      Inc.
                                            3,636,150         302,782
                                352/562


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     *
        DexCom    Inc.
                                            2,370,916         284,036
     *
        Varian    Medical    Systems    Inc.
                                            2,425,028         274,780
        Universal     Health   Services    Inc.  Class   B
                                            2,268,892         264,462
        STERIS    plc
                                            2,250,941         240,513
        Dentsply    Sirona   Inc.
                                            5,925,357         220,483
     *
        Exact   Sciences    Corp.
                                            3,280,796         207,018
     *
        Sarepta    Therapeutics      Inc.
                                            1,787,400         195,059
        West   Pharmaceutical       Services    Inc.
                                            1,973,102         193,423
     *
        Jazz  Pharmaceuticals        plc
                                            1,525,406         189,089
     *
        Molina    Healthcare     Inc.
                                            1,582,038         183,864
     *
        Ionis   Pharmaceuticals        Inc.
                                            3,295,568         178,158
     *
        Alnylam    Pharmaceuticals        Inc.
                                            2,421,355         176,541
     *
        Neurocrine     Biosciences      Inc.
                                            2,417,791         172,654
                                353/562
















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     *
        DaVita    Inc.
                                            3,316,773         170,681
        Hill-Rom     Holdings    Inc.
                                            1,790,045         158,508
     *
        Seattle   Genetics    Inc.
                                            2,774,935         157,228
     *
        Exelixis    Inc.
                                            7,983,594         157,037
        Encompass      Health   Corp.
                                            2,500,834         154,301
     *
        Nektar   Therapeutics      Class   A
                                            4,615,075         151,698
        Bio-Techne      Corp.
                                            1,003,939         145,290
     *
        Charles    River   Laboratories      International      Inc.
                                            1,282,751         145,182
     *
        Bluebird    Bio  Inc.
                                            1,460,355         144,867
     *
        PRA   Health   Sciences    Inc.
                                            1,558,010         143,275
     *
        Haemonetics      Corp.
                                            1,376,653         137,734
     *
        Masimo    Corp.
                                            1,269,076         136,261
     *
        Bio-Rad    Laboratories      Inc.  Class   A
                                             563,021         130,745
        Perrigo    Co.  plc
                                            3,261,057         126,366
     *
        Insulet   Corp.
                                            1,577,098         125,095
     *
        Alkermes     plc
                                            4,145,299         122,328
        Chemed    Corp.
                                             426,039         120,688
     *
        United   Therapeutics      Corp.
                                            1,107,490         120,606
     *
        Catalent    Inc.
                                            3,867,110         120,576
     *
        ICU  Medical    Inc.
                                             519,622         119,321
     *
        Sage   Therapeutics      Inc.
                                            1,187,102         113,712
     *
        Loxo   Oncology     Inc.
                                             733,031         102,676
     *
        Penumbra     Inc.
                                             825,478         100,873
     *
        Amedisys     Inc.
                                             852,491         99,835
     *
        FibroGen     Inc.
                                            2,033,470          94,109
     *
        HealthEquity      Inc.
                                            1,577,603          94,104
     *
        Wright    Medical    Group   NV
                                            3,335,471          90,792
     *,^
        Teladoc    Health   Inc.
                                            1,775,225          87,998
     *
        Globus    Medical    Inc.
                                            2,017,623          87,323
     *
        Horizon    Pharma    plc
                                            4,465,780          87,261
     *
        Syneos    Health   Inc.
                                            2,194,211          86,342
     *
        Integra    LifeSciences      Holdings    Corp.
                                            1,813,280          81,779
     *
        Array   BioPharma     Inc.
                                            5,676,501          80,890
        Bruker   Corp.
                                            2,713,121          80,770
     ^
        Healthcare     Services    Group   Inc.
                                            1,965,716          78,982
     *
        Merit   Medical    Systems    Inc.
                                            1,385,806          77,342
     *,^
        TESARO     Inc.
                                            1,023,522          75,997
     *
        MEDNAX     Inc.
                                            2,274,266          75,051
     *
        LHC   Group   Inc.
                                             790,662         74,227
     *
        Neogen    Corp.
                                            1,298,761          74,029
     *,^
        Ligand    Pharmaceuticals        Inc.
                                             539,705         73,238
        Cantel   Medical    Corp.
                                             946,748         70,485
     *
        Emergent     BioSolutions      Inc.
                                            1,153,015          68,351
     *
        NuVasive     Inc.
                                            1,363,090          67,555
     *
        Novocure     Ltd.
                                            1,980,786          66,317
     *
        HMS   Holdings    Corp.
                                            2,229,576          62,718
     *
        Immunomedics       Inc.
                                            4,300,482          61,368
     *
        Omnicell     Inc.
                                             999,239         61,193
     *
        Agios   Pharmaceuticals        Inc.
                                            1,319,458          60,840
                                354/562


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     *,^
        Inogen   Inc.
                                             484,765         60,193
     *
        Acadia    Healthcare     Co.  Inc.
                                            2,337,952          60,109
     *
        Blueprint     Medicines     Corp.
                                            1,112,494          59,975
     *
        Intercept    Pharmaceuticals        Inc.
                                             590,185         59,485
     *
        Myriad    Genetics    Inc.
                                            1,993,178          57,942
     *
        Avanos    Medical    Inc.
                                            1,258,848          56,384
     *
        Repligen    Corp.
                                            1,046,206          55,177
     *
        Global   Blood   Therapeutics      Inc.
                                            1,335,655          54,829
     *
        Ultragenyx     Pharmaceutical       Inc.
                                            1,215,699          52,859
     *
        Tandem    Diabetes    Care  Inc.
                                            1,376,852          52,279
     *
        Glaukos    Corp.
                                             911,108         51,177
     *
        Arena   Pharmaceuticals        Inc.
                                            1,312,509          51,122
        Ensign   Group   Inc.
                                            1,312,664          50,918
     *
        Halozyme     Therapeutics      Inc.
                                            3,439,206          50,316
     *
        NxStage    Medical    Inc.
                                            1,752,275          50,150
                                355/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     *
        BioTelemetry       Inc.
                                             838,416         50,070
     *
        Heron   Therapeutics      Inc.
                                            1,877,691          48,707
     *
        ACADIA     Pharmaceuticals        Inc.
                                            3,006,124          48,609
     *
        Amicus    Therapeutics      Inc.
                                            5,054,788          48,425
     *
        Tenet   Healthcare     Corp.
                                            2,731,936          46,825
     *
        Acceleron     Pharma    Inc.
                                            1,045,281          45,522
     *
        Xencor    Inc.
                                            1,253,822          45,338
     *
        Pacira   Pharmaceuticals        Inc.
                                            1,046,125          45,004
        CONMED     Corp.
                                             699,434         44,904
     *
        Aerie   Pharmaceuticals        Inc.
                                            1,213,794          43,818
     *
        Supernus     Pharmaceuticals        Inc.
                                            1,314,378          43,664
     *
        MyoKardia      Inc.
                                             892,480         43,607
     *
        PTC  Therapeutics      Inc.
                                            1,270,262          43,595
     *
        Quidel   Corp.
                                             885,117         43,211
     *
        Select   Medical    Holdings    Corp.
                                            2,799,775          42,977
        Patterson     Cos.  Inc.
                                            2,153,418          42,336
     *
        Prestige    Consumer     Healthcare     Inc.
                                            1,365,134          42,155
     *
        iRhythm    Technologies       Inc.
                                             575,688         39,999
     *
        Endo   International      plc
                                            5,393,029          39,369
     *
        Ironwood     Pharmaceuticals        Inc.  Class   A
                                            3,755,123          38,903
     *,^
        Zogenix    Inc.
                                            1,064,486          38,811
     *
        Amneal    Pharmaceuticals        Inc.
                                            2,851,013          38,574
     *
        Medpace    Holdings    Inc.
                                             704,306         37,279
     *
        STAAR    Surgical    Co.
                                            1,161,134          37,052
     *
        Genomic    Health   Inc.
                                             574,945         37,032
     *,^
        Corcept    Therapeutics      Inc.
                                            2,766,950          36,966
     *
        Magellan     Health   Inc.
                                             646,685         36,790
     *
        REGENXBIO       Inc.
                                             863,173         36,210
     *
        Atara   Biotherapeutics       Inc.
                                            1,032,865          35,882
     *
        Mallinckrodt      plc
                                            2,221,839          35,105
     *
        Vanda   Pharmaceuticals        Inc.
                                            1,319,418          34,476
     *
        Medicines     Co.
                                            1,775,874          33,990
     *
        AnaptysBio      Inc.
                                             532,673         33,979
        US  Physical    Therapy    Inc.
                                             330,515         33,828
     *,^
        Denali   Therapeutics      Inc.
                                            1,637,147          33,823
     *
        Cambrex     Corp.
                                             892,400         33,697
     *
        Spark   Therapeutics      Inc.
                                             854,648         33,451
     *
        Brookdale     Senior   Living   Inc.
                                            4,973,654          33,323
     *,^
        Portola    Pharmaceuticals        Inc.
                                            1,695,900          33,104
     *
        Mirati   Therapeutics      Inc.
                                             775,681         32,904
     *
        Sangamo     Therapeutics      Inc.
                                            2,694,131          30,929
     *
        Innoviva    Inc.
                                            1,771,272          30,909
     *,^
        Theravance      Biopharma     Inc.
                                            1,172,832          30,013
     *
        NeoGenomics       Inc.
                                            2,338,951          29,494
     *
        AtriCure    Inc.
                                             963,248         29,475
     *
        Nevro   Corp.
                                             757,908         29,475
     *,^
        Esperion    Therapeutics      Inc.
                                             639,839         29,433
     *
        Natus   Medical    Inc.
                                             842,426         28,668
     *
        WageWorks      Inc.
                                            1,044,706          28,374
                                356/562


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     *
        Momenta     Pharmaceuticals        Inc.
                                            2,517,257          27,791
     *
        Pacific    Biosciences      of California     Inc.
                                            3,723,343          27,553
     *
        Enanta   Pharmaceuticals        Inc.
                                             383,667         27,175
     *
        Iovance    Biotherapeutics       Inc.
                                            3,062,190          27,100
        Atrion   Corp.
                                             36,501         27,050
     *
        Insmed    Inc.
                                            2,016,978          26,463
     *
        Tivity   Health   Inc.
                                            1,063,706          26,391
     *
        Reata   Pharmaceuticals        Inc.  Class   A
                                             467,977         26,254
     *,^
        Arrowhead     Pharmaceuticals        Inc.
                                            2,097,105          26,046
     *
        Aimmune     Therapeutics      Inc.
                                            1,087,990          26,025
     *
        Editas   Medicine     Inc.
                                            1,134,307          25,805
        Luminex    Corp.
                                            1,115,973          25,790
     *
        Madrigal    Pharmaceuticals        Inc.
                                             226,838         25,569
     *
        Orthofix    Medical    Inc.
                                             474,284         24,895
     *
        Cardiovascular       Systems    Inc.
                                             868,081         24,732
                                357/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     *,^
        OPKO   Health   Inc.
                                            8,166,325          24,581
     *
        Retrophin     Inc.
                                            1,082,347          24,494
     *
        CryoLife    Inc.
                                             861,936         24,462
     *,^
        Clovis   Oncology     Inc.
                                            1,340,670          24,078
     *
        Varex   Imaging    Corp.
                                             994,260         23,544
     *
        BioCryst    Pharmaceuticals        Inc.
                                            2,865,749          23,127
     *
        Spectrum     Pharmaceuticals        Inc.
                                            2,508,536          21,950
     *
        CareDx    Inc.
                                             868,091         21,824
     *
        Intersect    ENT   Inc.
                                             760,126         21,420
     *
        Invitae    Corp.
                                            1,853,293          20,497
     *
        Vericel    Corp.
                                            1,136,862          19,781
     *,^
        Radius   Health   Inc.
                                            1,198,216          19,759
        National    HealthCare      Corp.
                                             249,103         19,542
     *
        AngioDynamics        Inc.
                                             968,801         19,502
     *
        Revance    Therapeutics      Inc.
                                             966,975         19,465
     *
        Acorda    Therapeutics      Inc.
                                            1,247,713          19,439
     *
        Audentes     Therapeutics      Inc.
                                             907,372         19,345
     *
        OraSure    Technologies       Inc.
                                            1,605,501          18,752
     *
        ImmunoGen      Inc.
                                            3,896,604          18,704
     *
        Tactile    Systems    Technology      Inc.
                                             409,526         18,654
        Meridian    Bioscience     Inc.
                                            1,067,715          18,536
     *,^
        TherapeuticsMD        Inc.
                                            4,856,609          18,504
     *,^
        Novavax     Inc.
                                           10,014,525           18,427
     *
        R1  RCM   Inc.
                                            2,307,869          18,348
     *
        Cerus   Corp.
                                            3,567,573          18,088
     *
        Amphastar     Pharmaceuticals        Inc.
                                             905,151         18,013
     *
        Puma   Biotechnology       Inc.
                                             875,767         17,822
     *
        AxoGen    Inc.
                                             861,207         17,594
     *
        Addus   HomeCare     Corp.
                                             258,595         17,553
     *,^
        Allogene    Therapeutics      Inc.
                                             636,393         17,138
     *
        Hanger    Inc.
                                             878,938         16,656
     *
        Rhythm    Pharmaceuticals        Inc.
                                             615,839         16,554
     *
        Inspire   Medical    Systems    Inc.
                                             388,653         16,421
        HealthStream       Inc.
                                             666,662         16,100
     *
        Natera   Inc.
                                            1,145,560          15,992
     *
        Surmodics     Inc.
                                             336,417         15,899
     *
        Heska   Corp.
                                             180,506         15,542
     *
        Fate  Therapeutics      Inc.
                                            1,201,647          15,417
     *
        Alder   Biopharmaceuticals         Inc.
                                            1,501,172          15,387
     *,^
        Dynavax    Technologies       Corp.
                                            1,659,735          15,187
     *
        Lantheus    Holdings     Inc.
                                             962,664         15,066
     *
        CorVel    Corp.
                                             238,067         14,693
     *
        Dicerna    Pharmaceuticals        Inc.
                                            1,317,647          14,086
     *,^
        Omeros    Corp.
                                            1,251,908          13,946
     *
        MacroGenics      Inc.
                                            1,072,034          13,615
     *,^
        Athenex    Inc.
                                            1,069,068          13,566
     *
        Coherus    Biosciences      Inc.
                                            1,486,189          13,450
     *
        Guardant     Health   Inc.
                                             354,325         13,319
     *
        Intra-Cellular       Therapies     Inc.
                                            1,152,383          13,126
                                358/562


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     *
        AMAG    Pharmaceuticals        Inc.
                                             842,524         12,798
     *
        BioScrip    Inc.
                                            3,537,123          12,628
     *
        Collegium     Pharmaceutical       Inc.
                                             728,760         12,513
     *
        Cymabay     Therapeutics      Inc.
                                            1,584,195          12,468
     *
        Eagle   Pharmaceuticals        Inc.
                                             308,516         12,430
     *,^
        ViewRay     Inc.
                                            2,008,559          12,192
     *,^
        Akebia    Therapeutics      Inc.
                                            2,203,476          12,185
     *
        Anika   Therapeutics      Inc.
                                             361,395         12,146
     *
        Kura   Oncology     Inc.
                                             855,015         12,004
     *,^
        Intrexon    Corp.
                                            1,806,499          11,815
     *
        Ra  Pharmaceuticals        Inc.
                                             636,790         11,590
     *,^
        Apollo   Medical    Holdings    Inc.
                                             581,536         11,543
     *
        Veracyte     Inc.
                                             913,280         11,489
     *,^
        Allakos    Inc.
                                             219,089         11,452
     *,^
        Cara  Therapeutics      Inc.
                                             871,372         11,328
                                359/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     *
        PDL  BioPharma     Inc.
                                            3,859,491          11,193
     *
        Intellia    Therapeutics      Inc.
                                             802,918         10,960
     *,^
        SIGA   Technologies       Inc.
                                            1,381,634          10,915
     *,^
        Akcea   Therapeutics      Inc.
                                             350,053         10,551
     *
        G1  Therapeutics      Inc.
                                             542,256         10,384
     *
        PetIQ   Inc.  Class   A
                                             442,206         10,379
     *
        RadNet    Inc.
                                            1,008,011          10,251
     *
        NanoString      Technologies       Inc.
                                             688,635         10,212
        Owens   & Minor   Inc.
                                            1,592,040          10,078
     *
        Triple-S    Management      Corp.   Class   B
                                             573,946          9,981
     *
        Antares    Pharma    Inc.
                                            3,624,936           9,860
        LeMaitre     Vascular    Inc.
                                             412,954          9,762
     *
        BioSpecifics      Technologies       Corp.
                                             160,625          9,734
        Utah   Medical    Products    Inc.
                                             116,705          9,696
     *
        ANI  Pharmaceuticals        Inc.
                                             211,204          9,508
     *,^
        Flexion    Therapeutics      Inc.
                                             837,678          9,483
     *
        ChemoCentryx       Inc.
                                             859,605          9,378
     *,^
        Rocket    Pharmaceuticals        Inc.
                                             631,991          9,366
     *
        Inovio   Pharmaceuticals        Inc.
                                            2,333,947           9,336
     *
        OrthoPediatrics       Corp.
                                             259,351          9,046
     *
        Kindred    Biosciences      Inc.
                                             815,382          8,928
     *,^
        Viking    Therapeutics      Inc.
                                            1,157,904           8,858
     *
        GlycoMimetics       Inc.
                                             921,551          8,727
     *
        Apellis    Pharmaceuticals        Inc.
                                             648,906          8,559
     *
        Fluidigm    Corp.
                                             991,696          8,548
     *,^
        Accelerate     Diagnostics      Inc.
                                             729,004          8,384
     *
        Akorn   Inc.
                                            2,447,255           8,296
     *
        Cytokinetics      Inc.
                                            1,295,539           8,188
     *
        Aratana    Therapeutics      Inc.
                                            1,335,173           8,185
     *
        Deciphera     Pharmaceuticals        Inc.
                                             389,636          8,178
     *
        Kiniksa    Pharmaceuticals        Ltd.  Class   A
                                             289,216          8,124
     *,^
        UNITY    Biotechnology       Inc.
                                             499,394          8,120
     *
        Tricida    Inc.
                                             339,342          8,002
     *,^
        Corbus    Pharmaceuticals        Holdings    Inc.
                                            1,326,754           7,748
     *,^
        Senseonics     Holdings    Inc.
                                            2,979,621           7,717
     *
        Assembly     Biosciences      Inc.
                                             338,933          7,667
     *
        GenMark     Diagnostics      Inc.
                                            1,562,781           7,595
     *,^
        Arcus   Biosciences      Inc.
                                             704,031          7,582
     *
        Sientra    Inc.
                                             586,573          7,455
     *
        Civitas    Solutions     Inc.
                                             418,033          7,320
     *
        SeaSpine     Holdings    Corp.
                                             398,127          7,262
     *
        Concert    Pharmaceuticals        Inc.
                                             575,573          7,223
     *,^
        Osiris   Therapeutics      Inc.
                                             528,043          7,129
     *
        Stemline    Therapeutics      Inc.
                                             739,542          7,026
     *
        Cutera   Inc.
                                             408,450          6,952
     *
        RTI  Surgical    Inc.
                                            1,867,810           6,911
     *,^
        MediciNova      Inc.
                                             831,085          6,790
     *,^
        Homology     Medicines     Inc.
                                             296,849          6,638
     *
        Assertio    Therapeutics      Inc.
                                            1,762,414           6,362
                                360/562


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     *,^
        CytoSorbents       Corp.
                                             763,056          6,165
     *
        Kadmon    Holdings    Inc.
                                            2,916,260           6,066
     *
        Voyager    Therapeutics      Inc.
                                             643,742          6,051
     *,^
        Verastem     Inc.
                                            1,768,068           5,941
     *
        BioDelivery      Sciences    International      Inc.
                                            1,599,854           5,919
     *
        Minerva    Neurosciences       Inc.
                                             877,166          5,912
     *,^
        Eloxx   Pharmaceuticals        Inc.
                                             483,525          5,807
     *
        ArQule    Inc.
                                            2,091,210           5,793
     *
        Avid   Bioservices      Inc.
                                            1,407,602           5,771
     *,^
        Scholar    Rock   Holding    Corp.
                                             245,953          5,650
     *
        Bovie   Medical    Corp.
                                             847,416          5,491
     *
        Aldeyra    Therapeutics      Inc.
                                             659,883          5,477
     *,^
        Adamas    Pharmaceuticals        Inc.
                                             630,847          5,387
     *
        Catalyst    Pharmaceuticals        Inc.
                                            2,759,205           5,298
     *
        Capital    Senior   Living   Corp.
                                             778,459          5,294
                                361/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     *
        Savara   Inc.
                                             699,205          5,293
     *,^
        Surgery    Partners    Inc.
                                             527,837          5,168
     *,^
        AVEO    Pharmaceuticals        Inc.
                                            3,173,033           5,077
     *
        MEI  Pharma    Inc.
                                            1,882,379           4,969
     *
        Eiger   BioPharmaceuticals         Inc.
                                             479,978          4,877
     *,^
        Rubius    Therapeutics      Inc.
                                             302,654          4,867
     *,^
        MannKind     Corp.
                                            4,576,191           4,851
     *,^
        CASI   Pharmaceuticals        Inc.
                                            1,169,325           4,701
     *,^
        Athersys    Inc.
                                            3,197,519           4,604
     *
        Karyopharm      Therapeutics      Inc.
                                             490,070          4,592
     *,^
        Quanterix     Corp.
                                             247,992          4,541
     *,^
        Solid   Biosciences      Inc.
                                             167,543          4,490
     *,^
        Crinetics    Pharmaceuticals        Inc.
                                             146,505          4,394
     *
        Zafgen    Inc.
                                             870,696          4,310
     *
        Tocagen    Inc.
                                             522,588          4,290
        Invacare    Corp.
                                             997,707          4,290
     *
        BioLife    Solutions     Inc.
                                             355,892          4,281
     *,^
        iRadimed     Corp.
                                             172,166          4,211
     *
        Krystal    Biotech    Inc.
                                             201,532          4,188
     *,^
        AcelRx    Pharmaceuticals        Inc.
                                            1,810,242           4,182
     *,^
        Tyme   Technologies       Inc.
                                            1,132,311           4,178
     *,^
        Abeona    Therapeutics      Inc.
                                             578,165          4,128
     *
        American     Renal   Associates     Holdings    Inc.
                                             352,593          4,062
     *,^
        Helius   Medical    Technologies       Inc.  Class   A
                                             424,314          3,887
     *,^
        Palatin   Technologies       Inc.
                                            5,467,412           3,873
     *,^
        Marinus    Pharmaceuticals        Inc.
                                            1,298,222           3,726
     *
        KalVista    Pharmaceuticals        Inc.
                                             186,785          3,689
     *
        FONAR    Corp.
                                             175,855          3,559
     *
        Harvard    Bioscience     Inc.
                                            1,111,685           3,535
     *
        Ocular   Therapeutix      Inc.
                                             885,023          3,522
     *
        Celcuity    Inc.
                                             145,249          3,485
     *
        Aeglea    BioTherapeutics        Inc.
                                             462,631          3,465
     *
        Acer   Therapeutics      Inc.
                                             171,875          3,458
     *
        Principia    Biopharma     Inc.
                                             123,505          3,383
     *
        Imprimis    Pharmaceuticals        Inc.
                                             588,605          3,349
     *
        Neuronetics      Inc.
                                             172,213          3,332
     *,^
        Xeris   Pharmaceuticals        Inc.
                                             194,322          3,303
     *
        SI-BONE     Inc.
                                             157,259          3,285
     *
        Aduro   Biotech    Inc.
                                            1,241,088           3,276
     *
        Synlogic    Inc.
                                             465,764          3,265
     *
        Proteostasis      Therapeutics      Inc.
                                             994,884          3,223
     *
        Recro   Pharma    Inc.
                                             452,913          3,216
     *,^
        PolarityTE     Inc.
                                             238,053          3,211
     *,^
        EyePoint    Pharmaceuticals        Inc.
                                            1,692,820           3,199
     *
        Spring   Bank   Pharmaceuticals        Inc.
                                             307,487          3,195
     *,^
        CorMedix     Inc.
                                            2,470,211           3,187
     *
        Bellicum    Pharmaceuticals        Inc.
                                            1,088,148           3,177
     *,^
        Galectin    Therapeutics      Inc.
                                             915,093          3,139
     *,^
        Optinose    Inc.
                                             492,665          3,055
                                362/562


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     *,^
        Marker    Therapeutics      Inc.
                                             549,528          3,050
     *
        Calithera    Biosciences      Inc.
                                             749,087          3,004
     *,^
        Amyris    Inc.
                                             894,783          2,989
     *,^
        Gritstone     Oncology     Inc.
                                             192,414          2,973
     *
        Kala  Pharmaceuticals        Inc.
                                             605,169          2,959
     *
        Protagonist      Therapeutics      Inc.
                                             434,340          2,923
     *,^
        Aptinyx    Inc.
                                             172,817          2,858
     *
        Misonix    Inc.
                                             173,618          2,780
     *
        Y-mAbs    Therapeutics      Inc.
                                             135,814          2,762
     *,^
        Evelo   Biosciences      Inc.
                                             211,239          2,748
     *,^
        XOMA    Corp.
                                             216,177          2,735
     *
        Arvinas    Inc.
                                             209,205          2,688
     *
        Liquidia    Technologies       Inc.
                                             123,671          2,679
     *
        ContraFect     Corp.
                                            1,678,529           2,568
     *,^
        Organovo     Holdings    Inc.
                                            2,645,999           2,532
                                363/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     *
        Twist   Bioscience     Corp.
                                             108,304          2,501
     *,^
        Sesen   Bio  Inc.
                                            1,729,774           2,456
     *
        Chembio    Diagnostics      Inc.
                                             429,204          2,429
     *
        Verrica    Pharmaceuticals        Inc.
                                             289,364          2,358
     *
        Axonics    Modulation      Technologies       Inc.
                                             152,300          2,301
     *,^
        Pulse   Biosciences      Inc.
                                             195,729          2,243
     *
        Syndax    Pharmaceuticals        Inc.
                                             496,673          2,210
     *
        Sensus   Healthcare     Inc.
                                             291,443          2,160
     *,^
        Eidos   Therapeutics      Inc.
                                             154,566          2,127
        Psychemedics       Corp.
                                             133,274          2,115
     *
        Ardelyx    Inc.
                                            1,166,408           2,088
     *
        Translate     Bio  Inc.
                                             272,842          2,046
     *
        Joint   Corp.
                                             245,068          2,039
     *,^
        ADMA    Biologics     Inc.
                                             841,538          2,011
     *,^
        Replimune     Group   Inc.
                                             195,662          1,957
     *
        Forty   Seven   Inc.
                                             122,975          1,933
     *
        Adverum     Biotechnologies        Inc.
                                             613,546          1,933
     *
        Endologix     Inc.
                                            2,671,901           1,913
     *
        Rigel   Pharmaceuticals        Inc.
                                             808,634          1,860
     *
        CytomX    Therapeutics      Inc.
                                             120,727          1,823
     *
        Progenics     Pharmaceuticals        Inc.
                                             427,645          1,796
     *,^
        Kezar   Life  Sciences    Inc.
                                             76,019         1,794
     *,^
        Sorrento    Therapeutics      Inc.
                                             743,332          1,784
     *,^
        Community      Health   Systems    Inc.
                                             630,643          1,778
     *,^
        Seres   Therapeutics      Inc.
                                             386,810          1,748
     *,^
        HTG   Molecular     Diagnostics      Inc.
                                             684,696          1,739
     *,^
        La  Jolla  Pharmaceutical       Co.
                                             183,499          1,730
     *,^
        Moderna    Inc.
                                             112,563          1,719
     *,^
        Cohbar    Inc.
                                             528,170          1,643
     *,^
        CEL-SCI     Corp.
                                             571,200          1,639
     *
        Molecular     Templates     Inc.
                                             396,021          1,600
     *
        Aquestive     Therapeutics      Inc.
                                             253,890          1,600
     *,^
        Anixa   Biosciences      Inc.
                                             395,301          1,557
     *,^
        Infinity    Pharmaceuticals        Inc.
                                            1,310,605           1,547
     *,^
        resTORbio     Inc.
                                             178,693          1,540
     *
        Pfenex   Inc.
                                             481,944          1,537
     *
        Cidara   Therapeutics      Inc.
                                             638,301          1,500
     *
        Durect   Corp.
                                            3,064,822           1,481
     *,^
        BrainStorm      Cell  Therapeutics      Inc.
                                             415,593          1,475
     *,^
        TG  Therapeutics      Inc.
                                             351,572          1,441
     *
        Allena   Pharmaceuticals        Inc.
                                             261,352          1,424
     *
        Champions      Oncology     Inc.
                                             175,385          1,370
     *,^
        Genesis    Healthcare     Inc.
                                            1,133,847           1,338
     *,^
        Rockwell     Medical    Inc.
                                             587,579          1,328
     *
        Alphatec    Holdings    Inc.
                                             578,466          1,325
     *
        InfuSystem      Holdings    Inc.
                                             378,907          1,303
     *
        Strata   Skin  Sciences    Inc.
                                             484,735          1,260
     *
        Cumberland      Pharmaceuticals        Inc.
                                             198,124          1,248
     *,^
        Catasys    Inc.
                                             132,873          1,245
                                364/562


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     *,^
        RA  Medical    Systems    Inc.
                                             141,588          1,126
     *,^
        Lexicon    Pharmaceuticals        Inc.
                                             166,208          1,104
     *,^
        Opiant   Pharmaceuticals        Inc.
                                             76,262         1,102
     *,^
        Viveve    Medical    Inc.
                                            1,048,461           1,101
     *
        Achillion     Pharmaceuticals        Inc.
                                             685,471          1,090
     *
        Dermira    Inc.
                                             145,810          1,048
     *
        Chiasma    Inc.
                                             327,524          1,019
     *
        Kodiak    Sciences    Inc.
                                             142,615          1,013
     *
        Electromed      Inc.
                                             191,336           974
     *,^
        Ampio   Pharmaceuticals        Inc.
                                            2,382,232           941
     *,^
        Adamis    Pharmaceuticals        Corp.
                                             410,505           924
     *,^
        Actinium     Pharmaceuticals        Inc.
                                            2,318,153           897
     *,^
        Rexahn    Pharmaceuticals        Inc.
                                             954,334           888
     *
        Cocrystal     Pharma    Inc.
                                             246,168           886
     *
        NantKwest     Inc.
                                             745,549           865
                                365/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     *,^
        Equillium     Inc.
                                             104,447           852
     *,^
        Matinas    BioPharma     Holdings    Inc.
                                            1,428,048           850
     *
        Syros   Pharmaceuticals        Inc.
                                             150,406           838
     *
        LogicBio     Therapeutics      Inc.
                                             78,230          814
     *
        AgeX   Therapeutics      Inc.
                                             271,093           811
     *,^
        Evoke   Pharma    Inc.
                                             324,399           805
     *,^
        Insys   Therapeutics      Inc.
                                             227,514           796
     *
        Applied    Genetic    Technologies       Corp.
                                             310,344           773
     *
        Celldex    Therapeutics      Inc.
                                            3,866,873           765
     *,^
        Evofem    Biosciences      Inc.
                                             181,644           761
     *,^
        Ekso   Bionics    Holdings    Inc.
                                             574,330           712
     *,^
        Alimera    Sciences    Inc.
                                             984,969           707
     *,^
        Second    Sight   Medical    Products    Inc.
                                             796,734           706
     *
        Catabasis     Pharmaceuticals        Inc.
                                             157,546           688
     *
        Enzo   Biochem    Inc.
                                             246,742           686
     *
        Sutro   Biopharma     Inc.
                                             75,677          683
     *
        CAS   Medical    Systems    Inc.
                                             424,399           679
     *
        Orgenesis     Inc.
                                             143,507           672
     *
        Pro-Dex    Inc.
                                             53,314          644
     *
        Evolus   Inc.
                                             52,845          629
     *,^
        VIVUS    Inc.
                                             281,422           628
     *,^
        Heat  Biologics     Inc.
                                             628,229           616
     *,^
        Sophiris    Bio  Inc.
                                             725,699           602
     *
        BioSig   Technologies       Inc.
                                             140,393           599
     *
        Aptevo    Therapeutics      Inc.
                                             451,771           574
     *,^
        Corindus    Vascular    Robotics    Inc.
                                             604,138           507
     *
        Vapotherm      Inc.
                                             25,409          507
     *
        Aerpio   Pharmaceuticals        Inc.
                                             296,248           504
     *
        Tracon    Pharmaceuticals        Inc.
                                             779,786           491
     *
        Avrobio    Inc.
                                             29,363          489
     *,^
        Arsanis    Inc.
                                             204,842           475
     *,^
        SELLAS    Life  Sciences    Group   Inc.
                                             376,042           463
     *
        Cerecor    Inc.
                                             140,306           453
     *,^
        Moleculin     Biotech    Inc.
                                             431,314           449
     *
        ImmuCell     Corp.
                                             65,054          444
     *,^
        BioPharmX      Corp.
                                            4,086,853           441
     *,^
        Xtant   Medical    Holdings    Inc.
                                             271,844           438
     *
        Fortress    Biotech    Inc.
                                             496,613           427
     *,^
        ZIOPHARM      Oncology     Inc.
                                             223,238           417
     *,^
        Curis   Inc.
                                             576,377           398
     *,^
        Celsion    Corp.
                                             274,103           386
     *
        CTI  BioPharma     Corp.
                                             512,182           376
     *,^
        KemPharm      Inc.
                                             207,600           370
     *,^
        Titan   Pharmaceuticals        Inc.
                                            1,614,133           360
     *
        PhaseBio     Pharmaceuticals        Inc.
                                             114,517           354
     *
        Caladrius     Biosciences      Inc.
                                             97,507          347
     *
        Vical   Inc.
                                             292,178           345
     *,^
        Oncocyte     Corp.
                                             247,018           341
     *,^
        Fulgent    Genetics    Inc.
                                             107,237           340
                                366/562


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     *,^
        SCYNEXIS      Inc.
                                             705,187           340
     *
        Provention     Bio  Inc.
                                             189,923           336
     *,^
        Lannett    Co.  Inc.
                                             65,361          324
     *
        Quorum    Health   Corp.
                                             108,392           313
     *
        Bellerophon      Therapeutics      Inc.
                                             387,969           311
     *
        Accuray    Inc.
                                             90,051          307
     *
        Mustang    Bio  Inc.
                                             104,424           307
     *,^
        Aethlon    Medical    Inc.
                                             184,467           306
     *,^
        T2  Biosystems      Inc.
                                             99,177          299
     *
        Proteon    Therapeutics      Inc.
                                             127,689           290
     *
        Alpine   Immune    Sciences    Inc.
                                             72,695          268
     *
        Agile   Therapeutics      Inc.
                                             362,750           209
     *,^
        scPharmaceuticals         Inc.
                                             55,200          208
     *,^
        Hancock    Jaffe   Laboratories      Inc.
                                             143,398           202
     *
        Avenue    Therapeutics      Inc.
                                             36,127          195
                                367/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     *
        Vaccinex     Inc.
                                             51,814          195
     *
        IsoRay    Inc.
                                             597,951           179
     *,^
        Navidea    Biopharmaceuticals         Inc.
                                            1,699,516           174
     *
        ENDRA    Life  Sciences    Inc.
                                             114,676           172
     *,^
        Checkpoint      Therapeutics      Inc.
                                             94,345          172
     *
        Advaxis    Inc.
                                             887,326           169
     *
        Soleno   Therapeutics      Inc.
                                             94,777          162
     *,^
        Regulus    Therapeutics      Inc.
                                             173,709           162
     *
        Standard    Diversified      Inc.
                                             10,576          157
     ^
        Altimmune      Inc.
                                             73,246          151
     *,^
        PAVmed     Inc.
                                             151,390           146
     *
        Catalyst    Biosciences      Inc.
                                             18,087          143
     *
        Ovid   therapeutics      Inc.
                                             53,281          129
     *
        Constellation      Pharmaceuticals        Inc.
                                             31,790          127
     *
        PLx  Pharma    Inc.
                                             80,502          123
     *
        Soligenix     Inc.
                                             140,021           120
     *,^
        Genocea    Biosciences      Inc.
                                             412,724           118
     *
        Eyenovia     Inc.
                                             38,852          111
     *,^
        Myomo    Inc.
                                             76,279          110
     *
        Synthorx    Inc.
                                              5,764         100
     *,^
        Histogenics      Corp.
                                            1,113,347            98
     *
        Aravive    Inc.
                                             26,500           93
     *,^
        Cleveland     BioLabs    Inc.
                                             91,596           93
     *
        Axsome    Therapeutics      Inc.
                                             30,500           86
        ProPhase     Labs   Inc.
                                             25,381           80
     *
        Dynatronics      Corp.
                                             27,747           76
     *
        Fibrocell    Science    Inc.
                                             47,901           72
     *,^
        Akers   Biosciences      Inc.
                                             59,629           67
     *
        aTyr   Pharma    Inc.
                                             119,600           59
     *,^
        Trovagene     Inc.
                                             112,756           59
     *
        Outlook    Therapeutics      Inc.
                                             117,453           59
     *
        Retractable      Technologies       Inc.
                                             98,504           59
     *
        Idera   Pharmaceuticals        Inc.
                                             19,628           54
     *
        Agenus    Inc.
                                             22,449           53
     *,^
        Vermillion     Inc.
                                             177,741           53
     *
        NanoViricides       Inc.
                                             254,789           51
     *
        Bioanalytical      Systems    Inc.
                                             36,675           47
     *
        Aridis   Pharmaceuticals        Inc.
                                              4,070          45
     *
        Millendo    Therapeutics      Inc.
                                              5,676          45
     *
        Aileron    Therapeutics      Inc.
                                             53,500           45
     *
        Diffusion     Pharmaceuticals        Inc.
                                             21,707           43
     *,^
        Pulmatrix     Inc.
                                             178,611           43
     *
        Adial   Pharmaceuticals        Inc.
                                              8,150          42
     *
        Leap   Therapeutics      Inc.
                                             15,286           31
     *,^
        Cue  Biopharma     Inc.
                                              6,352          30
     *
        NanoVibronix       Inc.
                                              7,510          26
     *,^
        XBiotech     Inc.
                                              4,768          24
     *,^
        Selecta    Biosciences      Inc.
                                              8,686          23
     *
        Citius   Pharmaceuticals        Inc.
                                             22,052           23
                                368/562


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     *
        Precision     Therapeutics      Inc.
                                             37,306           23
     *
        Milestone     Scientific     Inc.
                                             69,031           23
     *
        AquaBounty      Technologies       Inc.
                                              8,850          18
     *
        Biomerica     Inc.
                                             10,523           18
     *
        Pain  Therapeutics      Inc.
                                             20,219           17
     *
        Xenetic    Biosciences      Inc.
                                             10,312           17
     *,^
        Teligent    Inc.
                                             11,824           16
     *
        Genprex    Inc.
                                             14,698           16
     *
        Gemphire     Therapeutics      Inc.
                                             18,400           14
     *,^
        Achieve    Life  Sciences    Inc.
                                             11,135           13
     *
        Hemispherx      Biopharma     Inc.
                                             68,925           12
     *
        American     Shared   Hospital    Services
                                              4,591          11
     *
        Synergy    Pharmaceuticals        Inc.
                                             86,515           10
     *
        NovaBay     Pharmaceuticals        Inc.
                                             11,471           9
     *
        Synthetic     Biologics     Inc.
                                             13,386           7
                                369/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     *,^
        Novan   Inc.
                                              8,672           7
     *,^
        Neuralstem      Inc.
                                             18,234           6
     *
        Geron   Corp.
                                              5,685           6
        Vaxart    Inc.
                                              2,300           4
        Diversicare      Healthcare     Services    Inc.
                                              1,605           4
     ^
        Wright    Medical    Group   Inc.  CVR
                                             288,011            4
     *
        Bio-Path    Holdings    Inc.
                                             19,033           3
        Biolase    Inc.
                                               45         -
     *
        Onconova     Therapeutics      Inc.
                                               14         -
     *,^
        Microbot     Medical    Inc.
                                                2         -
     *
        Galena    Biopharma     Inc  Warrants     Exp.  03/18/2020
                                             157,500            -
     *
        Sunesis    Pharmaceuticals        Inc.
                                                2         -
     *
        CytRx   Corp.
                                                        -
                                                1
                                                    92,996,696
     Industrials     (12.9%)
        Boeing    Co.
                                           14,412,662         4,648,083
        3M  Co.
                                           15,557,202         2,964,269
        Union   Pacific    Corp.
                                           19,683,934         2,720,910
        Honeywell     International      Inc.
                                           19,774,557         2,612,614
     *
        PayPal    Holdings    Inc.
                                           29,900,604         2,514,342
        Accenture     plc  Class   A
                                           17,053,344         2,404,692
        United   Technologies       Corp.
                                           21,889,917         2,330,838
        Caterpillar     Inc.
                                           15,767,358         2,003,558
        United   Parcel   Service    Inc.  Class   B
                                           18,574,212         1,811,543
        General    Electric    Co.
                                           232,375,831          1,759,085
        Danaher    Corp.
                                           16,847,463         1,737,310
        Lockheed     Martin   Corp.
                                            6,458,184         1,691,011
        Automatic     Data  Processing     Inc.
                                           11,109,023         1,456,615
        CSX   Corp.
                                           21,430,832         1,331,498
        Deere   & Co.
                                            8,594,443         1,282,033
        Raytheon     Co.
                                            7,600,390         1,165,520
        Northrop    Grumman     Corp.
                                            4,637,571         1,135,741
     *
        Norfolk    Southern    Corp.
                                            7,275,842         1,088,029
        General    Dynamics     Corp.
                                            6,723,468         1,056,996
        FedEx   Corp.
                                            6,336,498         1,022,267
        Waste   Management      Inc.
                                           11,388,584         1,013,470
        Illinois    Tool   Works   Inc.
                                            7,979,144         1,010,878
        Emerson    Electric    Co.
                                           16,724,825          999,308
        Fidelity    National    Information      Services    Inc.
                                            8,744,822         896,781
        Sherwin-Williams         Co.
                                            2,250,887         885,634
        Eaton   Corp.   plc
                                           11,570,475          794,429
     *
        Fiserv   Inc.
                                           10,641,615          782,052
        Roper   Technologies       Inc.
                                            2,763,673         736,574
        Johnson    Controls    International      plc
                                           24,709,735          732,644
        TE  Connectivity      Ltd.
                                            9,161,876         692,913
        Amphenol     Corp.   Class   A
                                            8,048,560         652,094
     *
        Worldpay     Inc.  Class   A
                                            8,064,710         616,386
        Ingersoll-Rand       plc
                                            6,562,921         598,735
        Agilent    Technologies       Inc.
                                            8,490,865         572,794
                                370/562


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        Paychex    Inc.
                                            8,634,549         562,541
        Cummins     Inc.
                                            4,075,989         544,715
        Fortive    Corp.
                                            8,028,485         543,207
        PACCAR     Inc.
                                            9,338,173         533,583
        Parker-Hannifin        Corp.
                                            3,537,283         527,550
        Willis   Towers    Watson    plc
                                            3,473,568         527,496
        Waste   Connections      Inc.
                                            7,044,101         523,024
        Rockwell     Automation      Inc.
                                            3,226,016         485,451
        Stanley    Black   & Decker    Inc.
                                            4,038,439         483,563
     *
        Verisk   Analytics     Inc.  Class   A
                                            4,174,899         455,231
     *
        FleetCor    Technologies       Inc.
                                            2,370,245         440,202
     *
        Square   Inc.
                                            7,818,971         438,566
        Global   Payments     Inc.
                                            4,228,031         436,037
     *
        TransDigm      Group   Inc.
                                            1,265,716         430,419
        AMETEK     Inc.
                                            6,203,481         419,976
                                371/562















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                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
        Ball  Corp.
                                            9,057,387         416,459
        Republic    Services    Inc.  Class   A
                                            5,638,801         406,501
        Fastenal    Co.
                                            7,663,568         400,728
        Cintas   Corp.
                                            2,284,107         383,707
     *
        Mettler-Toledo       International      Inc.
                                             669,357         378,575
        L3  Technologies       Inc.
                                            2,098,968         364,507
     *
        Waters    Corp.
                                            1,921,642         362,518
        WW  Grainger    Inc.
                                            1,277,442         360,699
        Total   System    Services    Inc.
                                            4,387,381         356,650
        Vulcan    Materials     Co.
                                            3,524,950         348,265
     *
        CoStar   Group   Inc.
                                             972,140         327,942
        Xylem   Inc.
                                            4,797,042         320,059
        Expeditors     International      of Washington      Inc.
                                            4,616,823         314,359
        CH  Robinson     Worldwide      Inc.
                                            3,675,570         309,079
     *
        Keysight    Technologies       Inc.
                                            4,974,712         308,830
        Broadridge     Financial     Solutions     Inc.
                                            3,114,266         299,748
        Martin   Marietta    Materials     Inc.
                                            1,672,959         287,531
        TransUnion
                                            4,933,847         280,243
        Dover   Corp.
                                            3,891,920         276,132
        Textron    Inc.
                                            5,829,068         268,079
        Jack  Henry   & Associates     Inc.
                                            2,059,746         260,599
        IDEX   Corp.
                                            2,045,942         258,321
        Kansas    City  Southern
                                            2,706,019         258,290
        Westrock     Co.
                                            6,828,915         257,860
        Old  Dominion     Freight    Line  Inc.
                                            1,965,687         242,743
     *
        First  Data  Corp.   Class   A
                                           14,280,131          241,477
        Masco   Corp.
                                            8,141,551         238,059
        PerkinElmer      Inc.
                                            2,966,960         233,055
     *
        Zebra   Technologies       Corp.
                                            1,432,521         228,100
        Lennox    International      Inc.
                                            1,021,975         223,669
     *
        United   Rentals    Inc.
                                            2,164,074         221,882
        Jacobs   Engineering      Group   Inc.
                                            3,787,769         221,433
     *
        Trimble    Inc.
                                            6,696,129         220,370
        Huntington      Ingalls   Industries     Inc.
                                            1,144,117         217,737
        Snap-on    Inc.
                                            1,496,539         217,432
        JB  Hunt   Transport     Services    Inc.
                                            2,325,677         216,381
        Packaging     Corp.   of America
                                            2,515,838         209,972
        Spirit   AeroSystems      Holdings    Inc.  Class   A
                                            2,836,259         204,466
        Allegion    plc
                                            2,539,492         202,423
     *
        Sensata    Technologies       Holding    plc
                                            4,376,624         196,248
        Arconic    Inc.
                                           11,599,507          195,568
     *
        XPO   Logistics    Inc.
                                            3,383,451         192,992
     *
        Teledyne     Technologies       Inc.
                                             912,887         189,032
        Graco   Inc.
                                            4,445,938         186,062
        Alliance    Data  Systems    Corp.
                                            1,232,840         185,025
        Robert   Half  International      Inc.
                                            3,071,672         175,700
        Pentair    plc
                                            4,623,753         174,685
     *
        HD  Supply    Holdings    Inc.
                                            4,654,585         174,640
        Cognex    Corp.
                                            4,363,178         168,724
                                372/562


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                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
     *
        Berry   Global   Group   Inc.
                                            3,486,272         165,702
        AO  Smith   Corp.
                                            3,846,557         164,248
        Wabtec    Corp.
                                            2,319,434         162,940
        Booz   Allen   Hamilton     Holding    Corp.   Class   A
                                            3,599,810         162,243
     *
        WEX   Inc.
                                            1,147,751         160,754
        HEICO    Corp.   Class   A
                                            2,548,378         160,548
        FLIR   Systems    Inc.
                                            3,683,637         160,386
     *
        Arrow   Electronics     Inc.
                                            2,320,385         159,991
        Carlisle    Cos.  Inc.
                                            1,588,465         159,672
        Nordson    Corp.
                                            1,325,418         158,189
        AptarGroup      Inc.
                                            1,673,612         157,437
        National    Instruments      Corp.
                                            3,352,887         152,154
        Allison    Transmission       Holdings    Inc.
                                            3,458,355         151,856
     *
        Crown   Holdings    Inc.
                                            3,604,595         149,843
        Toro   Co.
                                            2,674,007         149,424
                                373/562















                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
        Donaldson     Co.  Inc.
                                            3,414,666         148,162
        Sealed   Air  Corp.
                                            4,175,857         145,487
        Hubbell    Inc.  Class   B
                                            1,456,543         144,693
        Sonoco    Products    Co.
                                            2,659,002         141,273
     *
        Fair  Isaac   Corp.
                                             732,930         137,058
     *
        Euronet    Worldwide      Inc.
                                            1,305,639         133,671
        Flowserve     Corp.
                                            3,498,466         133,012
        Hexcel    Corp.
                                            2,293,822         131,528
        Lincoln    Electric    Holdings    Inc.
                                            1,632,586         128,729
        Owens   Corning
                                            2,925,079         128,645
        MDU   Resources     Group   Inc.
                                            5,227,316         124,619
        Acuity   Brands    Inc.
                                            1,069,518         122,941
        Fluor   Corp.
                                            3,755,152         120,916
        Watsco    Inc.
                                             854,894         118,950
        Oshkosh    Corp.
                                            1,914,228         117,361
        Quanta    Services    Inc.
                                            3,894,232         117,216
     *
        Genesee    & Wyoming     Inc.  Class   A
                                            1,552,846         114,942
        ITT  Inc.
                                            2,334,894         112,705
     *
        AECOM
                                            4,207,608         111,502
        MAXIMUS      Inc.
                                            1,708,524         111,208
        Bemis   Co.  Inc.
                                            2,417,588         110,967
        Woodward     Inc.
                                            1,484,055         110,250
        Littelfuse     Inc.
                                             636,508         109,148
        Avnet   Inc.
                                            2,988,487         107,884
        ManpowerGroup        Inc.
                                            1,661,308         107,653
        Curtiss-Wright       Corp.
                                            1,050,381         107,265
        Xerox   Corp.
                                            5,394,124         106,588
     ^
        Universal     Display    Corp.
                                            1,131,465         105,871
     *
        IPG  Photonics     Corp.
                                             926,630         104,978
        Landstar    System    Inc.
                                            1,095,122         104,770
        Genpact    Ltd.
                                            3,804,037         102,671
        BWX   Technologies       Inc.
                                            2,641,570         100,987
        Jabil  Inc.
                                            3,948,398          97,881
        Crane   Co.
                                            1,345,917          97,148
        nVent   Electric    plc
                                            4,301,823          96,619
     *
        Kirby   Corp.
                                            1,430,657          96,369
        USG   Corp.
                                            2,235,637          95,372
     *
        Esterline    Technologies       Corp.
                                             780,192         94,754
        AGCO    Corp.
                                            1,683,863          93,741
        Insperity    Inc.
                                            1,003,200          93,659
        MSC   Industrial     Direct   Co.  Inc.  Class   A
                                            1,209,050          93,000
     *
        Trex   Co.  Inc.
                                            1,565,194          92,910
        EMCOR    Group   Inc.
                                            1,531,960          91,443
     *
        Stericycle     Inc.
                                            2,407,180          88,319
        Graphic    Packaging     Holding    Co.
                                            8,263,233          87,921
        EnerSys
                                            1,124,484          87,271
        MSA   Safety   Inc.
                                             915,899         86,342
     *
        RBC   Bearings    Inc.
                                             644,004         84,429
        Louisiana-Pacific        Corp.
                                            3,750,175          83,329
                                374/562


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                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
        Brink's    Co.
                                            1,283,602          82,985
     *
        Generac    Holdings    Inc.
                                            1,653,604          82,184
        Knight-Swift      Transportation       Holdings    Inc.
                                            3,244,643          81,343
        Regal   Beloit   Corp.
                                            1,151,058          80,632
        Air  Lease   Corp.   Class   A
                                            2,625,886          79,328
     *
        Proto   Labs   Inc.
                                             688,072         77,608
        Tetra   Tech   Inc.
                                            1,477,683          76,500
        Armstrong     World   Industries     Inc.
                                            1,260,753          73,388
        Kennametal      Inc.
                                            2,187,554          72,802
     *
        Owens-Illinois       Inc.
                                            4,217,043          72,702
     *
        Allegheny     Technologies       Inc.
                                            3,338,446          72,678
        Eagle   Materials     Inc.
                                            1,188,238          72,518
     *
        ASGN   Inc.
                                            1,323,591          72,136
     *
        CoreLogic     Inc.
                                            2,141,928          71,583
        Macquarie     Infrastructure       Corp.
                                            1,930,900          70,594
                                375/562















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                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     *
        Gardner    Denver    Holdings    Inc.
                                            3,446,468          70,480
     *
        AMN   Healthcare     Services    Inc.
                                            1,243,372          70,449
        GATX    Corp.
                                             984,848         69,737
        Barnes   Group   Inc.
                                            1,288,232          69,075
        Exponent     Inc.
                                            1,361,329          69,033
     *
        Coherent    Inc.
                                             649,462         68,655
        Timken    Co.
                                            1,838,217          68,602
     *
        FTI  Consulting     Inc.
                                            1,020,998          68,039
        Trinity    Industries     Inc.
                                            3,301,933          67,987
     *
        MasTec    Inc.
                                            1,673,546          67,879
        Ryder   System    Inc.
                                            1,404,880          67,645
     *
        Resideo    Technologies       Inc.
                                            3,276,926          67,341
     *
        Clean   Harbors    Inc.
                                            1,347,226          66,486
     *
        Aerojet    Rocketdyne      Holdings    Inc.
                                            1,874,459          66,037
        Moog   Inc.  Class   A
                                             850,530         65,899
     *
        Integer    Holdings    Corp.
                                             861,931         65,731
     *
        Axon   Enterprise     Inc.
                                            1,472,652          64,429
        Vishay    Intertechnology        Inc.
                                            3,528,357          63,546
     *
        Rexnord    Corp.
                                            2,764,897          63,454
        Valmont    Industries     Inc.
                                             559,021         62,023
        John  Bean   Technologies       Corp.
                                             843,772         60,591
        Simpson    Manufacturing       Co.  Inc.
                                            1,118,608          60,550
     *
        Cimpress     NV
                                             579,523         59,934
     *
        SiteOne    Landscape     Supply    Inc.
                                            1,083,744          59,899
     *
        WESCO    International      Inc.
                                            1,241,222          59,579
        UniFirst    Corp.
                                             403,530         57,733
     *
        Beacon    Roofing    Supply    Inc.
                                            1,814,837          57,567
     *
        Mercury    Systems    Inc.
                                            1,209,898          57,216
        Korn/Ferry     International
                                            1,441,890          57,012
        KBR   Inc.
                                            3,730,178          56,624
        ABM   Industries     Inc.
                                            1,751,145          56,229
     *
        Novanta    Inc.
                                             867,011         54,622
        Applied    Industrial     Technologies       Inc.
                                            1,009,736          54,465
        Brady   Corp.   Class   A
                                            1,234,554          53,654
        Otter   Tail  Corp.
                                            1,060,380          52,637
     *
        II-VI   Inc.
                                            1,619,273          52,562
     *
        Paylocity     Holding    Corp.
                                             851,065         51,243
     *
        Conduent     Inc.
                                            4,818,160          51,217
        Granite    Construction      Inc.
                                            1,253,224          50,480
     *
        Imperva    Inc.
                                             888,960         49,506
        Terex   Corp.
                                            1,792,334          49,415
        Silgan   Holdings    Inc.
                                            2,037,204          48,119
        Deluxe    Corp.
                                            1,244,482          47,838
     *
        TriNet   Group   Inc.
                                            1,138,217          47,748
     *
        Rogers    Corp.
                                             479,477         47,497
     *
        Fabrinet
                                             923,989         47,410
        Watts   Water   Technologies       Inc.  Class   A
                                             731,188         47,184
        Albany    International      Corp.
                                             752,815         46,998
     *
        Advanced     Disposal    Services    Inc.
                                            1,883,239          45,085
                                376/562


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                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
        Belden    Inc.
                                            1,074,293          44,873
     *
        ExlService     Holdings    Inc.
                                             852,221         44,844
        EVERTEC      Inc.
                                            1,552,357          44,553
     *
        Plexus   Corp.
                                             855,183         43,683
        Franklin    Electric    Co.  Inc.
                                            1,011,717          43,382
        Altra   Industrial     Motion    Corp.
                                            1,717,530          43,196
        Triton   International      Ltd.
                                            1,385,415          43,045
        Comfort    Systems    USA   Inc.
                                             975,502         42,610
     *
        Dycom    Industries     Inc.
                                             787,929         42,580
     *
        Harsco    Corp.
                                            2,139,270          42,486
     *
        Colfax   Corp.
                                            2,026,939          42,363
     *
        TopBuild     Corp.
                                             933,250         41,996
        Covanta    Holding    Corp.
                                            3,127,482          41,971
        ESCO   Technologies       Inc.
                                             632,884         41,739
        Forward    Air  Corp.
                                             759,820         41,676
                                377/562















                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
        Cubic   Corp.
                                             774,637         41,629
     *
        Itron   Inc.
                                             877,045         41,475
     *
        Sanmina    Corp.
                                            1,715,022          41,263
        Kaman    Corp.
                                             724,085         40,614
        Universal     Forest   Products    Inc.
                                            1,558,440          40,457
     *
        Anixter    International      Inc.
                                             732,146         39,763
        HEICO    Corp.
                                             508,953         39,434
     *
        MINDBODY       Inc.  Class   A
                                            1,083,292          39,432
     *
        Aerovironment       Inc.
                                             569,090         38,670
        Mueller    Water   Products    Inc.  Class   A
                                            4,186,606          38,098
     *
        Saia  Inc.
                                             675,834         37,725
        Badger    Meter   Inc.
                                             753,717         37,090
        Mobile    Mini   Inc.
                                            1,164,443          36,971
     *
        Summit    Materials     Inc.  Class   A
                                            2,977,386          36,920
        Werner    Enterprises     Inc.
                                            1,242,265          36,696
        World   Fuel  Services    Corp.
                                            1,694,212          36,273
        US  Ecology    Inc.
                                             574,402         36,176
        AAON    Inc.
                                            1,025,331          35,948
        Matson    Inc.
                                            1,107,225          35,453
        Schneider     National    Inc.  Class   B
                                            1,893,676          35,355
        ManTech     International      Corp.   Class   A
                                             675,356         35,318
     *
        Evolent    Health   Inc.  Class   A
                                            1,753,398          34,980
     *
        Navistar    International      Corp.
                                            1,324,129          34,361
        Greenbrier     Cos.  Inc.
                                             865,938         34,239
        Raven   Industries     Inc.
                                             939,653         34,006
        Mueller    Industries     Inc.
                                            1,432,745          33,469
     *
        Builders    FirstSource      Inc.
                                            3,060,768          33,393
     *
        Air  Transport     Services    Group   Inc.
                                            1,457,990          33,257
        Actuant    Corp.   Class   A
                                            1,577,741          33,117
        Rush   Enterprises     Inc.  Class   A
                                             955,821         32,957
     *
        Masonite     International      Corp.
                                             731,057         32,773
        EnPro   Industries     Inc.
                                             543,251         32,649
     *
        SPX  FLOW    Inc.
                                            1,069,507          32,534
        AAR   Corp.
                                             868,649         32,435
     *
        Knowles    Corp.
                                            2,414,681          32,139
     *
        TriMas    Corp.
                                            1,166,900          31,845
     *
        OSI  Systems    Inc.
                                             433,541         31,779
     *
        Hub  Group   Inc.  Class   A
                                             839,822         31,132
        McGrath    RentCorp
                                             604,383         31,114
        Federal    Signal   Corp.
                                            1,533,613          30,519
        ICF  International      Inc.
                                             470,548         30,482
     *
        Kratos   Defense    & Security    Solutions     Inc.
                                            2,155,316          30,368
     *
        SPX  Corp.
                                            1,082,250          30,314
     *
        Huron   Consulting     Group   Inc.
                                             586,973         30,118
     *
        Gibraltar    Industries     Inc.
                                             843,143         30,007
     *
        Casella    Waste   Systems    Inc.  Class   A
                                            1,048,009          29,858
        Greif   Inc.  Class   A
                                             789,980         29,316
     *,^
        Ambarella     Inc.
                                             823,403         28,803
        Navigant     Consulting     Inc.
                                            1,167,886          28,088
                                378/562


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        AZZ   Inc.
                                             671,303         27,094
        Lindsay    Corp.
                                             281,044         27,050
     *
        CBIZ   Inc.
                                            1,370,127          26,991
        Benchmark      Electronics     Inc.
                                            1,231,518          26,084
     *
        BMC   Stock   Holdings    Inc.
                                            1,683,867          26,066
     *
        Pluralsight     Inc.  Class   A
                                            1,091,991          25,716
     *
        Electro    Scientific     Industries     Inc.
                                             858,248         25,713
     *
        Sykes   Enterprises     Inc.
                                            1,035,291          25,603
     *
        Atlas   Air  Worldwide      Holdings    Inc.
                                             604,951         25,523
     *
        JELD-WEN      Holding    Inc.
                                            1,793,480          25,485
     *,^
        Inovalon    Holdings    Inc.  Class   A
                                            1,796,859          25,479
     *
        Cardtronics      plc  Class   A
                                             977,419         25,413
        Encore    Wire   Corp.
                                             504,762         25,329
        Boise   Cascade    Co.
                                            1,042,310          24,859
     *
        Continental      Building    Products    Inc.
                                             976,578         24,854
                                379/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
        Sun  Hydraulics     Corp.
                                             737,075         24,464
     *
        Atkore   International      Group   Inc.
                                            1,228,299          24,369
        Aircastle    Ltd.
                                            1,400,193          24,139
        KEMET    Corp.
                                            1,371,997          24,065
     *
        Verra   Mobility    Corp.
                                            2,439,800          23,812
        Advanced     Drainage    Systems    Inc.
                                             978,901         23,738
     *
        TTM   Technologies       Inc.
                                            2,414,417          23,492
     *
        PGT  Innovations      Inc.
                                            1,457,305          23,098
     *
        TrueBlue     Inc.
                                            1,030,124          22,920
        Kadant    Inc.
                                             280,234         22,828
        Tennant    Co.
                                             431,615         22,491
        Heartland     Express    Inc.
                                            1,200,076          21,961
        ArcBest    Corp.
                                             640,406         21,940
        Apogee    Enterprises     Inc.
                                             725,282         21,650
     *
        Milacron    Holdings     Corp.
                                            1,819,072          21,629
        Standex    International      Corp.
                                             318,261         21,381
        Methode    Electronics     Inc.
                                             916,338         21,342
        Primoris    Services    Corp.
                                            1,065,872          20,390
        AVX   Corp.
                                            1,325,010          20,206
     *
        Installed    Building    Products    Inc.
                                             580,126         19,544
        Douglas    Dynamics     Inc.
                                             533,862         19,160
        Kforce   Inc.
                                             615,060         19,018
        CTS  Corp.
                                             718,354         18,598
        Wabash    National    Corp.
                                            1,420,648          18,582
        Maxar   Technologies       Ltd.
                                            1,547,928          18,513
        GrafTech     International      Ltd.
                                            1,610,669          18,426
        Mesa   Laboratories      Inc.
                                             87,324         18,197
     *
        Astronics     Corp.
                                             597,165         18,184
     *
        Vicor   Corp.
                                             480,517         18,159
        MTS   Systems    Corp.
                                             452,070         18,142
     *
        FARO   Technologies       Inc.
                                             439,263         17,852
        Alamo   Group   Inc.
                                             230,635         17,833
        Cass  Information      Systems    Inc.
                                             335,547         17,757
     *,^
        MACOM     Technology      Solutions     Holdings    Inc.
                                            1,204,795          17,482
        Gorman-Rupp       Co.
                                             528,589         17,132
        H&E   Equipment     Services    Inc.
                                             837,846         17,109
     *
        Patrick    Industries     Inc.
                                             572,818         16,961
     *
        Tutor   Perini   Corp.
                                            1,052,195          16,804
        Columbus     McKinnon     Corp.
                                             552,359         16,648
        Astec   Industries     Inc.
                                             551,052         16,636
     *
        Thermon    Group   Holdings    Inc.
                                             817,108         16,571
        Kelly   Services    Inc.  Class   A
                                             804,273         16,472
     *
        SEACOR     Holdings    Inc.
                                             420,248         15,549
     *
        NV5   Global   Inc.
                                             256,442         15,528
     *
        Gates   Industrial     Corp.   plc
                                            1,169,306          15,482
        Marten    Transport     Ltd.
                                             950,214         15,384
     *
        Evo  Payments     Inc.  Class   A
                                             623,366         15,378
        Hyster-Yale      Materials     Handling     Inc.
                                             244,576         15,154
     *,^
        US  Concrete    Inc.
                                             419,838         14,812
                                380/562


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        Argan   Inc.
                                             388,590         14,704
        Heidrick    & Struggles     International      Inc.
                                             470,577         14,677
        Triumph    Group   Inc.
                                            1,236,161          14,216
     *
        Echo   Global   Logistics     Inc.
                                             694,980         14,129
     *
        Engility    Holdings    Inc.
                                             485,605         13,820
     *
        Manitowoc      Co.  Inc.
                                             923,440         13,639
        Briggs   & Stratton    Corp.
                                            1,023,156          13,383
        Global   Brass   & Copper    Holdings    Inc.
                                             526,608         13,244
        DMC   Global   Inc.
                                             370,109         12,998
        Kimball    International      Inc.  Class   B
                                             915,360         12,989
     *
        Aegion    Corp.   Class   A
                                             772,491         12,607
        Quanex    Building    Products    Corp.
                                             925,744         12,581
        Ennis   Inc.
                                             651,478         12,541
        Myers   Industries     Inc.
                                             804,543         12,157
     *
        Control4    Corp.
                                             677,747         11,928
                                381/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
        Insteel   Industries     Inc.
                                             490,926         11,920
     *
        Donnelley     Financial     Solutions     Inc.
                                             841,113         11,801
     *,^
        Team   Inc.
                                             792,619         11,612
     *
        DXP   Enterprises     Inc.
                                             401,573         11,180
        National    Research    Corp.
                                             289,778         11,052
     *
        CAI  International      Inc.
                                             474,091         11,013
     *
        Ducommun      Inc.
                                             303,154         11,011
     *
        MYR   Group   Inc.
                                             390,071         10,988
        Resources     Connection      Inc.
                                             761,653         10,815
        Essendant     Inc.
                                             851,883         10,717
        Park  Electrochemical        Corp.
                                             586,069         10,590
        NVE   Corp.
                                             119,611         10,471
     *
        Great   Lakes   Dredge    & Dock   Corp.
                                            1,577,589          10,444
        Barrett   Business    Services    Inc.
                                             182,268         10,435
        TTEC   Holdings    Inc.
                                             359,368         10,267
        Quad/Graphics       Inc.
                                             808,240          9,958
     *
        Heritage-Crystal        Clean   Inc.
                                             423,201          9,738
     *
        Kimball    Electronics     Inc.
                                             626,636          9,707
     *
        Willdan    Group   Inc.
                                             273,086          9,553
     *
        International      Seaways    Inc.
                                             541,935          9,126
        Miller   Industries     Inc.
                                             336,376          9,082
        Daktronics     Inc.
                                            1,216,874           9,005
     *
        Veeco   Instruments      Inc.
                                            1,213,128           8,989
     *,^
        CryoPort    Inc.
                                             807,045          8,902
        Allied   Motion    Technologies       Inc.
                                             199,138          8,899
     *
        Sterling    Construction      Co.  Inc.
                                             797,204          8,682
     *
        Landec    Corp.
                                             719,371          8,517
        CRA   International      Inc.
                                             195,182          8,305
        Graham    Corp.
                                             351,213          8,022
     *
        UFP  Technologies       Inc.
                                             261,648          7,860
     *,^
        Livent   Corp.
                                             567,839          7,836
     *
        Vishay    Precision     Group   Inc.
                                             258,080          7,802
        NN  Inc.
                                            1,152,697           7,735
     *
        Cross   Country    Healthcare     Inc.
                                            1,036,334           7,596
     *
        Nuvectra     Corp.
                                             445,301          7,276
        B. Riley   Financial     Inc.
                                             508,674          7,223
     *
        Armstrong     Flooring    Inc.
                                             606,011          7,175
        Multi-Color      Corp.
                                             200,788          7,046
        Hurco   Cos.  Inc.
                                             194,786          6,954
     *
        Franklin    Covey   Co.
                                             303,613          6,780
        Powell    Industries     Inc.
                                             269,908          6,750
     *,^
        Energy    Recovery     Inc.
                                             999,797          6,729
        VSE  Corp.
                                             222,438          6,653
     *
        Blue  Bird  Corp.
                                             364,293          6,626
     *
        Eagle   Bulk   Shipping    Inc.
                                            1,428,322           6,585
        Advanced     Emissions     Solutions     Inc.
                                             622,187          6,564
     *
        PRGX   Global   Inc.
                                             685,615          6,493
     *
        Northwest     Pipe  Co.
                                             273,289          6,365
        Park-Ohio     Holdings    Corp.
                                             206,719          6,344
                                382/562


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                                                 有価証券報告書（外国投資信託受益証券）
     *
        IntriCon    Corp.
                                             239,580          6,320
     *,^
        BlueLinx     Holdings    Inc.
                                             253,321          6,260
        Spartan    Motors    Inc.
                                             857,118          6,197
     *
        Information      Services    Group   Inc.
                                            1,427,047           6,051
     *
        Mistras    Group   Inc.
                                             420,304          6,044
     *
        Covenant     Transportation       Group   Inc.  Class   A
                                             302,080          5,800
     *
        CECO   Environmental       Corp.
                                             840,101          5,671
     *
        Twin   Disc  Inc.
                                             380,026          5,605
     *
        Era  Group   Inc.
                                             632,959          5,532
        BG  Staffing    Inc.
                                             267,691          5,528
     *
        InnerWorkings       Inc.
                                            1,431,173           5,353
     *
        GP  Strategies     Corp.
                                             421,245          5,312
     *
        Napco   Security    Technologies       Inc.
                                             336,052          5,293
     *
        Sparton    Corp.
                                             280,551          5,103
     *
        Lydall   Inc.
                                             243,505          4,946
                                383/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
        Omega    Flex  Inc.
                                             91,330         4,938
        Bel  Fuse  Inc.  Class   B
                                             266,476          4,908
     *
        ShotSpotter      Inc.
                                             154,978          4,832
     *
        Commercial      Vehicle    Group   Inc.
                                             817,175          4,658
     *
        Everi   Holdings    Inc.
                                             893,033          4,599
        Griffon    Corp.
                                             439,398          4,592
     *
        Radiant    Logistics    Inc.
                                            1,061,854           4,513
        EVI  Industries     Inc.
                                             134,817          4,496
     *
        Willis   Lease   Finance    Corp.
                                             128,860          4,459
     *
        LB  Foster   Co.  Class   A
                                             278,605          4,430
     *
        Daseke    Inc.
                                            1,202,357           4,425
        Eastern    Co.
                                             180,832          4,373
     *
        Acacia   Research    Corp.
                                            1,435,005           4,276
     *
        Intevac    Inc.
                                             751,302          3,929
     *
        Lawson    Products    Inc.
                                             120,622          3,812
     *,^
        Energous     Corp.
                                             652,950          3,781
     *
        CyberOptics      Corp.
                                             212,407          3,745
     *
        USA   Truck   Inc.
                                             249,697          3,738
     *
        Gencor    Industries     Inc.
                                             332,187          3,644
     *
        Orion   Group   Holdings    Inc.
                                             841,239          3,609
     *,^
        Turtle   Beach   Corp.
                                             248,034          3,539
        NACCO    Industries     Inc.  Class   A
                                             101,152          3,429
        Universal     Logistics    Holdings    Inc.
                                             187,298          3,388
     *
        Transcat    Inc.
                                             176,375          3,355
     *,^
        Cardlytics     Inc.
                                             309,483          3,352
        United   States   Lime   & Minerals    Inc.
                                             47,159         3,348
        Crawford     & Co.  Class   A
                                             367,479          3,271
     *
        IES  Holdings    Inc.
                                             209,645          3,260
     *
        Foundation      Building    Materials     Inc.
                                             381,771          3,173
        Crawford     & Co.  Class   B
                                             350,182          3,152
     *
        General    Finance    Corp.
                                             305,932          3,093
        Global   Water   Resources     Inc.
                                             295,043          2,992
     *
        Iteris   Inc.
                                             792,279          2,955
        Richardson      Electronics     Ltd.
                                             339,072          2,947
     *
        ServiceSource       International      Inc.
                                            2,650,656           2,863
     *
        OptimizeRx      Corp.
                                             258,343          2,834
     *
        PAM   Transportation       Services    Inc.
                                             65,281         2,573
     *,^
        Maxwell    Technologies       Inc.
                                            1,219,253           2,524
     *
        Houston    Wire   & Cable   Co.
                                             465,712          2,356
     *,^
        Asure   Software    Inc.
                                             452,640          2,299
     *
        StarTek    Inc.
                                             338,150          2,249
     *
        Luna   Innovations      Inc.
                                             659,902          2,211
     *
        Ultralife    Corp.
                                             324,252          2,189
     *,^
        Forterra    Inc.
                                             565,451          2,126
     *
        Universal     Technical     Institute    Inc.
                                             564,724          2,061
     *
        Frequency     Electronics     Inc.
                                             191,069          2,025
     *,^
        ExOne   Co.
                                             303,438          2,009
     *
        3PEA   International      Inc.
                                             564,546          1,987
     *
        DHI  Group   Inc.
                                            1,254,116           1,906
                                384/562


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     *
        Arotech    Corp.
                                             717,564          1,880
     *
        Perceptron     Inc.
                                             207,487          1,672
     *
        CIRCOR     International      Inc.
                                             73,933         1,575
     *
        Patriot   Transportation       Holding    Inc.
                                             80,602         1,571
     *,^
        Aqua   Metals   Inc.
                                             841,348          1,531
     *,^
        MicroVision      Inc.
                                            2,514,638           1,519
        RF  Industries     Ltd.
                                             201,049          1,460
        Steel   Connect    Inc.
                                             822,121          1,422
     *
        CPI  Aerostructures       Inc.
                                             222,135          1,415
     *
        NCI  Building    Systems    Inc.
                                             191,859          1,391
     *
        Goldfield     Corp.
                                             599,302          1,354
     *
        Lincoln    Educational      Services    Corp.
                                             420,738          1,346
     *
        Wesco    Aircraft    Holdings    Inc.
                                             156,685          1,238
     *
        Perma-Pipe      International      Holdings    Inc.
                                             139,330          1,219
     *
        Sharps   Compliance      Corp.
                                             345,073          1,132
                                385/562















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                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     *
        IEC  Electronics     Corp.
                                             195,868          1,120
        LSI  Industries     Inc.
                                             337,386          1,070
     *,^
        Horizon    Global   Corp.
                                             692,184           990
     *,^
        eMagin    Corp.
                                             941,638           970
     *
        FreightCar     America    Inc.
                                             136,294           912
        Espey   Manufacturing       & Electronics     Corp.
                                             36,513          910
     *
        NRC   Group   Holdings    Corp.
                                             115,588           884
     *
        Hudson    Global   Inc.
                                             612,530           827
     *
        Taylor   Devices    Inc.
                                             67,427          809
        Issuer   Direct   Corp.
                                             68,008          772
     *
        Charah    Solutions     Inc.
                                             91,860          767
        RR  Donnelley     & Sons   Co.
                                             189,623           751
     *,^
        LightPath     Technologies       Inc.  Class   A
                                             479,513           714
     *
        Tecogen    Inc.
                                             168,227           611
        AMCON     Distributing      Co.
                                              6,102         609
     *,^
        Medical    Transcription       Billing   Corp.
                                             158,438           602
     ^
        ADT   Inc.
                                             100,100           602
     *
        PFSweb    Inc.
                                             110,737           568
     *
        Wireless    Telecom    Group   Inc.
                                             316,572           560
     *,^
        Odyssey    Marine    Exploration      Inc.
                                             166,648           555
     *
        Air  T Inc.
                                             21,726          532
     *
        SIFCO    Industries     Inc.
                                             152,452           526
        Greif   Inc.  Class   B
                                             11,156          495
     *,^
        Lightbridge      Corp.
                                             754,234           411
     *
        ARC   Document     Solutions     Inc.
                                             193,400           396
        Ecology    and  Environment      Inc.
                                             34,432          390
     *
        ALJ  Regional    Holdings    Inc.
                                             287,886           377
        Chicago    Rivet   & Machine    Co.
                                             11,328          357
     *
        Image   Sensing    Systems    Inc.
                                             78,888          355
     *
        UQM   Technologies       Inc.
                                             411,473           350
     *
        Manitex    International      Inc.
                                             60,530          344
     *
        Perma-Fix     Environmental       Services
                                             140,143           329
     *
        CUI  Global   Inc.
                                             250,700           308
        Rush   Enterprises     Inc.  Class   B
                                              7,149         254
     *
        DLH   Holdings    Corp.
                                             52,984          251
     *,^
        Digital   Ally  Inc.
                                             92,198          247
     *
        AMREP    Corp.
                                             41,229          245
     *
        Fuel  Tech   Inc.
                                             195,916           233
     *
        Ballantyne     Strong   Inc.
                                             174,184           200
     *,^
        Workhorse     Group   Inc.
                                             376,786           199
     *
        Rubicon    Technology      Inc.
                                             24,849          196
     *
        Command     Security    Corp.
                                             69,851          196
     *,^
        Capstone     Turbine    Corp.
                                             312,203           187
     *
        Vertex    Energy    Inc.
                                             175,910           179
     *
        Broadwind     Energy    Inc.
                                             134,882           175
     *
        Black   Box  Corp.
                                             161,725           175
     *,^
        Applied    DNA   Sciences    Inc.
                                             423,983           170
     *
        Coda   Octopus    Group   Inc.
                                             28,445          166
     *
        Jewett-Cameron        Trading    Co.  Ltd.
                                             21,200          151
                                386/562


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     *
        Summit    Wireless    Technologies       Inc.
                                             40,430          138
        LSC  Communications        Inc.
                                             17,799          125
     *,^
        Revolution     Lighting    Technologies       Inc.
                                             294,100           116
     *
        Pioneer    Power   Solutions     Inc.
                                             19,717          104
     *
        Continental      Materials     Corp.
                                              8,941          97
     *
        US  Xpress   Enterprises     Inc.  Class   A
                                             15,500           87
     *,^
        DPW   Holdings    Inc.
                                             643,967           66
     *,^
        Research    Frontiers    Inc.
                                             41,627           65
     *
        AeroCentury      Corp.
                                              6,716          64
     *,^
        Marathon     Patent   Group   Inc.
                                             165,563           60
     *
        Huttig   Building    Products    Inc.
                                             32,919           59
     *
        Volt  Information      Sciences    Inc.
                                             27,105           58
     *
        Payment    Data  Systems    Inc.
                                             30,184           50
        Servotronics      Inc.
                                              4,914          49
     *
        LGL   Group   Inc.
                                              7,908          48
                                387/562















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                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     *
        ENGlobal     Corp.
                                             79,627           45
     *
        Bio-key    International      Inc.
                                             54,321           41
        Bel  Fuse  Inc.  Class   A
                                              2,773          38
     *
        ASV   Holdings    Inc.
                                             15,986           32
     *
        Energy    Focus   Inc.
                                             40,994           25
     *
        Industrial     Services    of America    Inc.
                                             22,612           25
     *
        Sypris   Solutions     Inc.
                                             31,729           25
     *
        Air  Industries     Group
                                             30,824           22
     *
        EnSync    Inc.
                                             102,372           18
     *
        Professional      Diversity     Network    Inc.
                                             17,285           17
     *,^
        Boxlight    Corp.   Class   A
                                             12,500           15
     *,^
        Hudson    Technologies       Inc.
                                              8,677           8
     *
        Quest   Resource     Holding    Corp.
                                              2,760           4
     *
        Polar   Power   Inc.
                                               700          3
     *,§
        Patriot   National    Inc.
                                             129,819            3
     *
        Cemtrex    Inc.
                                               820          -
     *
        Dorian   LPG  Ltd.
                                                        -
                                               20
                                                    86,436,752
     Oil  & Gas  (5.0%)
        Exxon   Mobil   Corp.
                                           113,056,417          7,709,317
        Chevron    Corp.
                                           51,040,764         5,552,725
        ConocoPhillips
                                           30,760,203         1,917,899
        EOG   Resources     Inc.
                                           15,497,769         1,351,560
        Schlumberger       Ltd.
                                           36,975,353         1,334,071
        Occidental     Petroleum     Corp.
                                           20,171,504         1,238,127
        Marathon     Petroleum     Corp.
                                           18,457,340         1,089,168
        Phillips    66
                                           11,703,920         1,008,293
        Valero    Energy    Corp.
                                           11,335,926          849,854
        Kinder   Morgan    Inc.
                                           50,105,568          770,624
        Williams     Cos.  Inc.
                                           32,337,588          713,044
        Pioneer    Natural    Resources     Co.
                                            4,556,092         599,217
        ONEOK    Inc.
                                           10,991,047          592,967
        Anadarko     Petroleum     Corp.
                                           13,476,858          590,825
        Halliburton      Co.
                                           22,199,445          590,061
     *
        Concho    Resources     Inc.
                                            5,352,480         550,181
        Diamondback       Energy    Inc.
                                            4,378,462         405,883
     *
        Cheniere    Energy    Inc.
                                            6,170,562         365,236
        Marathon     Oil  Corp.
                                           22,197,527          318,313
        Hess   Corp.
                                            7,519,580         304,543
        Baker   Hughes    a GE  Co.  Class   A
                                           13,693,897          294,419
        Devon   Energy    Corp.
                                           11,848,957          267,075
        Apache    Corp.
                                           10,109,289          265,369
        National    Oilwell    Varco   Inc.
                                           10,202,203          262,197
        Cabot   Oil  & Gas  Corp.
                                           11,481,265          256,606
        Noble   Energy    Inc.
                                           12,791,605          239,971
        HollyFrontier       Corp.
                                            4,617,898         236,067
        Targa   Resources     Corp.
                                            6,105,872         219,934
        OGE   Energy    Corp.
                                            5,318,413         208,429
        Cimarex    Energy    Co.
                                            2,547,695         157,065
                                388/562


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        Helmerich     & Payne   Inc.
                                            2,760,341         132,331
        EQT   Corp.
                                            6,787,163         128,210
     *
        WPX   Energy    Inc.
                                           11,203,775          127,163
     *
        Parsley    Energy    Inc.  Class   A
                                            7,071,139         112,997
     *
        Equitrans     Midstream     Corp.
                                            5,440,902         108,927
        Murphy    Oil  Corp.
                                            4,387,074         102,614
     *,^
        Transocean      Ltd.
                                           14,642,727          101,621
     *
        Continental      Resources     Inc.
                                            2,514,265         101,048
        PBF  Energy    Inc.  Class   A
                                            3,042,241          99,390
     *
        First  Solar   Inc.
                                            1,948,143          82,708
     *
        Newfield     Exploration      Co.
                                            5,324,204          78,053
        Delek   US  Holdings    Inc.
                                            2,177,124          70,778
     ^
        Core   Laboratories      NV
                                            1,179,549          70,372
        Range   Resources     Corp.
                                            6,658,366          63,721
     *
        Antero   Resources     Corp.
                                            6,736,496          63,256
                                389/562















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                                               バンガード・インデックス・ファンズ(E14945)
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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
        Patterson-UTI       Energy    Inc.
                                            5,507,827          57,006
     *
        Apergy    Corp.
                                            2,057,251          55,710
     *
        Whiting    Petroleum     Corp.
                                            2,438,185          55,322
     *
        Centennial     Resource     Development       Inc.  Class   A
                                            4,922,809          54,249
     *
        Chart   Industries     Inc.
                                             830,226         53,990
     *
        Southwestern       Energy    Co.
                                           15,412,202           52,556
     *
        PDC   Energy    Inc.
                                            1,750,731          52,102
     *,^
        Chesapeake      Energy    Corp.
                                           23,229,804           48,783
     *
        Oasis   Petroleum     Inc.
                                            8,455,703          46,760
        SM  Energy    Co.
                                            2,982,827          46,174
     *
        Matador    Resources     Co.
                                            2,804,401          43,552
     ^
        Ensco   plc  Class   A
                                           11,629,243           41,400
     *
        CNX   Resources     Corp.
                                            3,547,881          40,517
     *
        Callon   Petroleum     Co.
                                            6,009,298          39,000
     *
        QEP  Resources     Inc.
                                            6,246,965          35,170
     *
        NOW   Inc.
                                            2,883,349          33,562
     *
        Oceaneering      International      Inc.
                                            2,597,896          31,435
     *
        Arcosa    Inc.
                                            1,116,144          30,906
     *
        SRC  Energy    Inc.
                                            6,445,257          30,293
        McDermott      International      Inc.
                                            4,578,887          29,946
     *
        Magnolia     Oil  & Gas  Corp.
                                            2,648,968          29,695
     *
        Dril-Quip     Inc.
                                             983,182         29,525
        SemGroup     Corp.   Class   A
                                            2,082,876          28,702
     *
        Rowan    Cos.  plc  Class   A
                                            3,369,041          28,266
        CVR   Energy    Inc.
                                             808,421         27,874
     *
        MRC   Global   Inc.
                                            2,274,688          27,819
     *
        ProPetro    Holding    Corp.
                                            2,203,673          27,149
     *
        Cactus   Inc.  Class   A
                                             989,173         27,113
     *
        Gulfport    Energy    Corp.
                                            3,916,155          25,651
        Archrock     Inc.
                                            3,419,375          25,611
     *
        Carrizo    Oil  & Gas  Inc.
                                            2,213,803          24,994
     *
        Renewable     Energy    Group   Inc.
                                             899,589         23,119
     *
        C&J  Energy    Services    Inc.
                                            1,596,149          21,548
     *
        Denbury    Resources     Inc.
                                           12,273,735           20,988
     *
        Oil  States   International      Inc.
                                            1,422,310          20,311
     *
        Helix   Energy    Solutions     Group   Inc.
                                            3,694,700          19,988
     *
        Unit  Corp.
                                            1,319,209          18,838
     *
        Penn   Virginia    Corp.
                                             338,966         18,325
     *
        Northern    Oil  and  Gas  Inc.
                                            8,059,585          18,215
        Nabors    Industries     Ltd.
                                            8,967,801          17,936
     *,^
        Tellurian     Inc.
                                            2,544,628          17,685
     *
        California     Resources     Corp.
                                            1,003,419          17,098
     *
        Laredo    Petroleum     Inc.
                                            4,689,527          16,976
     *
        Noble   Corp.   plc
                                            6,424,982          16,833
     *
        TPI  Composites      Inc.
                                             639,958         15,730
     *
        Tidewater     Inc.
                                             813,318         15,559
     *
        Newpark     Resources     Inc.
                                            2,242,222          15,404
     *,^
        Diamond     Offshore    Drilling    Inc.
                                            1,618,029          15,274
     *
        Exterran    Corp.
                                             850,875         15,060
                                390/562


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        RPC  Inc.
                                            1,430,113          14,115
     *
        Superior    Energy    Services    Inc.
                                            4,184,455          14,018
        Green   Plains   Inc.
                                            1,032,886          13,541
     *
        WildHorse     Resource     Development       Corp.
                                             945,861         13,346
     *,^
        Resolute    Energy    Corp.
                                             457,673         13,263
     *,^
        Jagged   Peak   Energy    Inc.
                                            1,429,558          13,038
     *
        Par  Pacific    Holdings    Inc.
                                             845,220         11,985
     *
        KLX   Energy    Services    Holdings    Inc.
                                             509,580         11,950
     *
        Matrix   Service    Co.
                                             658,160         11,807
        Liberty    Oilfield    Services    Inc.  Class   A
                                             908,424         11,764
     *,^
        Enphase    Energy    Inc.
                                            2,166,590          10,248
     *
        REX   American     Resources     Corp.
                                             145,927          9,939
     *
        Keane   Group   Inc.
                                            1,203,078           9,841
     *
        Bonanza    Creek   Energy    Inc.
                                             469,584          9,706
     *
        W&T   Offshore    Inc.
                                            2,333,453           9,614
                                391/562















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                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     *
        Nine   Energy    Service    Inc.
                                             392,059          8,837
     *
        Forum   Energy    Technologies       Inc.
                                            2,128,461           8,791
     *,^
        SunPower     Corp.   Class   A
                                            1,633,340           8,118
     *
        Roan   Resources     Inc.
                                             954,515          7,999
     *
        Talos   Energy    Inc.
                                             487,490          7,956
     ^
        Solaris   Oilfield    Infrastructure       Inc.  Class   A
                                             655,269          7,922
     *
        HighPoint     Resources     Corp.
                                            2,836,688           7,063
     *
        Natural    Gas  Services    Group   Inc.
                                             408,122          6,710
     *
        Ameresco     Inc.  Class   A
                                             472,549          6,663
        Panhandle     Oil  and  Gas  Inc.  Class   A
                                             420,425          6,517
        Mammoth     Energy    Services    Inc.
                                             341,448          6,139
     *
        TETRA    Technologies       Inc.
                                            3,516,988           5,909
     *
        FTS  International      Inc.
                                             828,010          5,887
        Evolution     Petroleum     Corp.
                                             850,210          5,798
     *
        Abraxas    Petroleum     Corp.
                                            4,689,560           5,112
     *,^
        American     Superconductor        Corp.
                                             424,134          4,729
     *
        Trecora    Resources
                                             598,320          4,667
     *
        SilverBow     Resources     Inc.
                                             195,058          4,611
     *
        Green   Brick   Partners    Inc.
                                             624,917          4,524
     *
        Independence       Contract    Drilling    Inc.
                                            1,382,906           4,315
     *
        SEACOR     Marine    Holdings    Inc.
                                             336,561          3,958
     *,^
        Legacy    Reserves    Inc.
                                            2,558,847           3,941
     *
        Chaparral     Energy    Inc.  Class   A
                                             763,888          3,758
     *
        Goodrich     Petroleum     Corp.
                                             265,176          3,580
     *,^
        Plug  Power   Inc.
                                            2,389,426           2,963
     *
        Geospace     Technologies       Corp.
                                             271,004          2,794
        Berry   Petroleum     Corp.
                                             319,148          2,793
     *,^
        Bristow    Group   Inc.
                                            1,026,587           2,495
     *
        Gulf  Island   Fabrication      Inc.
                                             342,749          2,475
     *
        Infrastructure       and  Energy    Alternatives      Inc.
                                             296,274          2,426
     *
        Contango     Oil  & Gas  Co.
                                             694,493          2,257
     *,^
        Comstock     Resources     Inc.
                                             469,715          2,128
        Adams    Resources     & Energy    Inc.
                                             52,702         2,040
     *
        Isramco    Inc.
                                             17,203         2,039
     *
        Earthstone     Energy    Inc.  Class   A
                                             446,981          2,020
     *
        Dawson    Geophysical      Co.
                                             580,779          1,963
     *
        Altus   Midstream     Co.  Class   A
                                             240,505          1,859
     *
        NCS   Multistage     Holdings    Inc.
                                             323,026          1,644
     *
        Lonestar    Resources     US  Inc.  Class   A
                                             442,746          1,616
     *,^
        FuelCell    Energy    Inc.
                                            2,644,061           1,456
     *,^
        EP  Energy    Corp.   Class   A
                                            1,635,435           1,145
     *
        Ring   Energy    Inc.
                                             188,279           956
     *,^
        US  Well   Services    Inc.
                                             139,200           905
     *
        Ranger    Energy    Services    Inc.
                                             174,110           900
     *
        Quintana    Energy    Services    Inc.
                                             240,859           833
     *
        SandRidge     Energy    Inc.
                                             107,291           816
     *
        VAALCO     Energy    Inc.
                                             518,252           762
     *,^
        Approach     Resources     Inc.
                                             543,177           474
     *
        Hornbeck     Offshore    Services    Inc.
                                             304,438           438
                                392/562


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     *
        Superior    Drilling    Products    Inc.
                                             341,897           400
     *
        Pioneer    Energy    Services    Corp.
                                             322,269           396
     *
        ION  Geophysical      Corp.
                                             71,876          372
     *,^
        Torchlight     Energy    Resources     Inc.
                                             496,202           280
     *
        Mitcham    Industries     Inc.
                                             103,443           265
     *
        Rosehill    Resources     Inc.  Class   A
                                             83,245          186
     *,^
        Talos   Energy    Inc.  Warrants     Exp.  02/28/2021
                                             116,107           131
     *,^
        Zion  Oil  & Gas  Inc.
                                             264,857           111
     *,^
        Enservco     Corp.
                                             243,940           90
     *,^
        PHI  Inc.
                                             38,724           87
     *,^
        Ideal   Power   Inc.
                                             94,214           23
     *
        Flotek   Industries     Inc.
                                             16,578           18
     *
        Tidewater     Inc.  Warrants     Series   A
                                              8,839          15
     *
        Tidewater     Inc.  Warrants     Series   B
                                              9,555          13
     *
        PEDEVCO      Corp.
                                              8,400           6
                                393/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     *,^
        SAExploration       Holdings    Inc.
                                              1,505           3
     *
        PrimeEnergy      Corp.
                                               17         1
     *,^
        Bonanza    Creek   Energy    Inc.  Warrants     Exp.  04/28/2020
                                             33,839           1
     *
        Jones   Energy    Inc.  Class   A
                                               782          -
     *
        Basic   Energy    Services    Inc.  Warrants     Exp.  12/23/2023
                                              4,640           -
     *,§
        Rex  Energy    Corp.
                                               302          -
     *,^
        Covia   Holdings    Corp.
                                                1         -
     *,^,§
        Harvest    Natural    Resources     Inc.
                                                        -
                                             51,829
                                                    33,574,222
           2
     Other   (0.0%)
     *,§
        Herbalife     Ltd.  CVR
                                             234,057          2,270
     *,§
        A Schulman     Inc.  CVR
                                             659,182          1,259
     *,^,§
        Tobira   Therapeutics      CVR   Exp.  12/31/2028
                                             201,001           911
     *,^,§
        Ocera   Therapeutics      CVR   Line
                                             653,477           176
     *,§
        NewStar    Financial     Inc.  CVR
                                             551,185           143
     *
        Corium    CVR
                                             782,067           141
     *,§
        Ambit   Biosciences      Corp.   CVR
                                             201,330           121
     *,§
        Media   General    Inc.  CVR
                                            2,351,934            91
     *,§
        Omthera    Pharmaceuticals        Inc.  CVR
                                             121,311           73
     *,§
        Social   Reality    Inc.  Rights   Exp.  12/31/2019
                                             148,260           27
     *,§
        Alexza    Pharmaceuticals        Inc.  CVR
                                             327,391           11
     *,§
        Seventy    Seven   Energy    Inc.  Escrow    Line
                                              7,222           1
     *,§
        Clinical    Data  CVR
                                             216,285            -
     *,§
        Adolor    Corp.   Rights   Exp.  07/01/2019
                                             592,629            -
     *,^,§
        Biosante    Pharmaceutical       Inc.  CVR
                                             253,823            -
     *
        Kadmon    Warrants     Exp.  09/29/2022
                                             169,257            -
     *,§
        NuPathe    Inc.  CVR
                                             158,681            -
     *
        Advaxis    Inc.  Warrants     Exp.  09/11/2024
                                                        -
                                             157,659
                                                      5,224
     Technology      (19.3%)
        Microsoft     Corp.
                                           206,471,453         20,971,305
        Apple   Inc.
                                           114,093,756         17,997,149
     *
        Facebook     Inc.  Class   A
                                           64,181,484         8,413,551
     *
        Alphabet    Inc.  Class   A
                                            7,987,157         8,346,260
     *
        Alphabet    Inc.  Class    C 
                                            7,938,287         8,220,969
        Intel  Corp.
                                           121,924,450          5,721,914
        Cisco   Systems    Inc.
                                           120,089,777          5,203,490
        Oracle   Corp.
                                           70,840,246         3,198,437
     *
        Adobe   Inc.
                                           13,040,518         2,950,287
        International      Business    Machines     Corp.
                                           24,277,551         2,759,629
        Broadcom     Inc.
                                           10,493,014         2,668,164
     *
        salesforce.com       Inc.
                                           19,415,586         2,659,353
        Texas   Instruments      Inc.
                                           25,658,297         2,424,709
        NVIDIA    Corp.
                                           15,482,119         2,066,863
        QUALCOMM       Inc.
                                           32,379,778         1,842,733
        Intuit   Inc.
                                            6,585,915         1,296,437
        Cognizant     Technology      Solutions     Corp.   Class   A
                                           15,470,283          982,054
     *
        Micron    Technology      Inc.
                                           30,300,271          961,428
        HP  Inc.
                                           42,246,996          864,374
                                394/562

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        Applied    Materials     Inc.
                                           26,262,362          859,830
     *
        ServiceNow      Inc.
                                            4,790,815         853,005
        Analog    Devices    Inc.
                                            9,883,224         848,277
     *
        Red  Hat  Inc.
                                            4,715,235         828,184
     *
        Autodesk     Inc.
                                            5,840,730         751,176
        Corning    Inc.
                                           21,388,016          646,132
     *
        Workday     Inc.  Class   A
                                            3,981,782         635,811
        Xilinx   Inc.
                                            6,760,219         575,768
        Lam  Research    Corp.
                                            4,145,768         564,529
     *
        Twitter    Inc.
                                           18,308,384          526,183
        Hewlett    Packard    Enterprise     Co.
                                           39,301,372          519,171
        Motorola     Solutions     Inc.
                                            4,363,663         501,996
     *
        Advanced     Micro   Devices    Inc.
                                           25,377,737          468,473
     ^
        Microchip     Technology      Inc.
                                            6,319,140         454,473
     *
        Palo  Alto  Networks     Inc.
                                            2,394,181         450,944
                                395/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     *
        Cerner   Corp.
                                            8,366,529         438,741
     *
        VeriSign     Inc.
                                            2,907,099         431,094
        Harris   Corp.
                                            3,138,824         422,643
     *
        Splunk    Inc.
                                            3,913,358         410,316
        NetApp    Inc.
                                            6,716,627         400,781
        DXC   Technology      Co.
                                            7,486,678         398,067
     *
        IAC/InterActiveCorp
                                            2,073,642         379,559
        Maxim    Integrated     Products    Inc.
                                            7,400,696         376,325
        KLA-Tencor      Corp.
                                            4,084,860         365,554
        Citrix   Systems    Inc.
                                            3,415,481         349,950
     *
        Synopsys     Inc.
                                            3,971,071         334,523
     *
        Cadence    Design    Systems    Inc.
                                            7,546,303         328,113
        CDW   Corp.
                                            4,011,628         325,142
     *
        ANSYS    Inc.
                                            2,230,098         318,770
        Skyworks     Solutions     Inc.
                                            4,747,702         318,191
        Symantec     Corp.
                                           16,196,458          306,032
     *
        Arista   Networks     Inc.
                                            1,409,656         297,014
     *
        Gartner    Inc.
                                            2,302,312         294,328
     *
        Veeva   Systems    Inc.  Class   A
                                            3,253,391         290,593
        VMware    Inc.  Class   A
                                            2,027,441         278,023
     *
        GoDaddy     Inc.  Class   A
                                            4,231,820         277,692
     *
        Fortinet    Inc.
                                            3,854,252         271,455
        SS&C   Technologies       Holdings    Inc.
                                            5,999,489         270,637
        Western    Digital   Corp.
                                            7,317,660         270,534
        Marvell    Technology      Group   Ltd.
                                           16,647,560          269,524
        Seagate    Technology      plc
                                            6,854,022         264,497
     *
        F5  Networks     Inc.
                                            1,612,967         261,349
     *
        Akamai    Technologies       Inc.
                                            4,119,734         251,633
        Juniper    Networks     Inc.
                                            9,182,752         247,108
     *
        PTC  Inc.
                                            2,842,753         235,664
     *
        Tableau    Software    Inc.  Class   A
                                            1,905,859         228,703
        Leidos   Holdings    Inc.
                                            3,995,734         210,655
     *
        Qorvo   Inc.
                                            3,326,026         201,990
     *
        Ultimate    Software    Group   Inc.
                                             790,269         193,513
     *
        ON  Semiconductor       Corp.
                                           11,208,426          185,051
     *
        Tyler   Technologies       Inc.
                                             980,923         182,275
     *,^
        Twilio   Inc.  Class   A
                                            2,003,301         178,895
     *
        Guidewire     Software    Inc.
                                            2,157,588         173,103
     *
        Dell  Technologies       Inc.
                                            3,409,565         166,625
     *
        Integrated     Device    Technology      Inc.
                                            3,438,371         166,520
        CDK   Global   Inc.
                                            3,428,010         164,133
     *
        Paycom    Software    Inc.
                                            1,329,799         162,834
     *
        EPAM    Systems    Inc.
                                            1,369,194         158,840
     *
        Zendesk    Inc.
                                            2,714,375         158,438
     *
        Okta   Inc.
                                            2,463,128         157,148
     *
        Aspen   Technology      Inc.
                                            1,882,954         154,741
        Teradyne     Inc.
                                            4,764,000         149,494
     *
        Nutanix    Inc.
                                            3,580,677         148,920
     *
        RingCentral      Inc.  Class   A
                                            1,735,872         143,105
                                396/562


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     *
        athenahealth      Inc.
                                            1,079,610         142,433
     *
        ARRIS    International      plc
                                            4,390,261         134,210
     *
        Ciena   Corp.
                                            3,798,120         128,794
     *
        HubSpot    Inc.
                                             993,712         124,939
        Monolithic     Power   Systems    Inc.
                                            1,073,106         124,749
        Cypress    Semiconductor       Corp.
                                            9,655,741         122,821
     *
        Proofpoint     Inc.
                                            1,454,947         121,939
     *
        Teradata    Corp.
                                            3,160,109         121,222
     *
        Cree  Inc.
                                            2,737,593         117,101
        LogMeIn     Inc.
                                            1,363,275         111,202
        Entegris    Inc.
                                            3,763,959         104,996
     *
        Medidata     Solutions     Inc.
                                            1,548,084         104,372
     *
        Nuance    Communications        Inc.
                                            7,672,139         101,502
     *
        RealPage     Inc.
                                            1,998,908          96,327
     *
        CACI   International      Inc.  Class   A
                                             658,939         94,907
                                397/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
        MKS   Instruments      Inc.
                                            1,438,555          92,945
     *
        Coupa   Software    Inc.
                                            1,470,969          92,465
     *
        New  Relic   Inc.
                                            1,138,300          92,168
     *
        DocuSign     Inc.  Class   A
                                            2,292,219          91,872
     *
        Silicon    Laboratories      Inc.
                                            1,148,594          90,521
     *,^
        ViaSat   Inc.
                                            1,509,327          88,975
        SYNNEX     Corp.
                                            1,090,506          88,156
     *
        Pure  Storage    Inc.  Class   A
                                            5,478,283          88,091
     *,^
        Snap   Inc.
                                           15,675,511           86,372
        j2 Global   Inc.
                                            1,243,142          86,249
     *
        CommScope      Holding    Co.  Inc.
                                            5,123,208          83,969
     *
        Lumentum     Holdings    Inc.
                                            1,987,966          83,514
     *
        Tech   Data  Corp.
                                            1,019,712          83,423
     *
        Dropbox    Inc.  Class   A
                                            4,032,912          82,392
        Blackbaud     Inc.
                                            1,296,397          81,543
     *
        ACI  Worldwide      Inc.
                                            2,926,934          80,988
     *
        FireEye    Inc.
                                            4,988,070          80,857
     *
        Semtech    Corp.
                                            1,752,484          80,386
     *
        Manhattan     Associates     Inc.
                                            1,742,409          73,826
     *
        Verint   Systems    Inc.
                                            1,728,595          73,137
     *
        2U  Inc.
                                            1,464,509          72,815
     *
        NCR   Corp.
                                            3,140,685          72,487
        Science    Applications      International      Corp.
                                            1,129,585          71,955
     *
        Cornerstone      OnDemand      Inc.
                                            1,399,426          70,573
        Cabot   Microelectronics        Corp.
                                             724,725         69,103
     *
        Finisar   Corp.
                                            3,135,149          67,719
     *
        Qualys    Inc.
                                             894,855         66,881
     *
        CommVault      Systems    Inc.
                                            1,113,345          65,788
     *
        Five9   Inc.
                                            1,482,752          64,826
        Perspecta     Inc.
                                            3,726,073          64,163
     *
        Premier    Inc.  Class   A
                                            1,696,211          63,353
        InterDigital      Inc.
                                             925,169         61,459
     *
        Viavi   Solutions     Inc.
                                            6,053,510          60,838
     *,^
        MongoDB     Inc.
                                             709,395         59,405
     *
        Ellie  Mae  Inc.
                                             929,898         58,425
     ^
        Match   Group   Inc.
                                            1,355,756          57,986
     *
        Box  Inc.
                                            3,403,874          57,457
     *
        Envestnet     Inc.
                                            1,158,002          56,962
     *
        Alteryx    Inc.  Class   A
                                             949,855         56,488
     *
        Bottomline     Technologies       DE  Inc.
                                            1,144,216          54,922
     *
        Cirrus   Logic   Inc.
                                            1,603,790          53,214
     *
        Zscaler    Inc.
                                            1,295,250          50,787
        Cogent    Communications        Holdings    Inc.
                                            1,112,411          50,292
        Pegasystems      Inc.
                                            1,047,138          50,085
     *
        Alarm.com     Holdings    Inc.
                                             955,378         49,555
        Brooks    Automation      Inc.
                                            1,880,571          49,233
     *
        Q2  Holdings    Inc.
                                             972,269         48,176
     *
        EchoStar    Corp.   Class   A
                                            1,297,555          47,646
     *
        NetScout     Systems    Inc.
                                            1,985,633          46,920
                                398/562


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     *
        SailPoint    Technologies       Holding    Inc.
                                            1,985,698          46,644
        Power   Integrations      Inc.
                                             737,494         44,972
     *
        Allscripts     Healthcare     Solutions     Inc.
                                            4,643,594          44,764
     *
        Advanced     Energy    Industries     Inc.
                                            1,028,729          44,163
     *
        Avaya   Holdings    Corp.
                                            2,911,682          42,394
        Progress    Software    Corp.
                                            1,182,936          41,982
     *
        NETGEAR      Inc.
                                             796,714         41,453
     *
        Everbridge     Inc.
                                             710,477         40,327
     *
        Varonis    Systems    Inc.
                                             747,796         39,558
     *
        Apptio   Inc.  Class   A
                                            1,022,286          38,806
     *
        Blackline     Inc.
                                             941,136         38,540
     *
        SPS  Commerce     Inc.
                                             465,388         38,339
     ^
        Ubiquiti    Networks     Inc.
                                             384,083         38,182
     *,^
        Ceridian    HCM   Holding    Inc.
                                            1,106,454          38,162
     *
        Insight   Enterprises     Inc.
                                             935,948         38,140
                                399/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     *
        Cloudera    Inc.
                                            3,279,391          36,270
     *,^
        Inphi   Corp.
                                            1,104,989          35,525
     *
        Synaptics     Inc.
                                             915,242         34,056
     *
        Diodes    Inc.
                                            1,034,307          33,367
     *
        SendGrid     Inc.
                                             761,723         32,884
     *
        Rapid7    Inc.
                                            1,027,744          32,024
     *
        Instructure     Inc.
                                             838,016         31,434
     *
        Blucora    Inc.
                                            1,172,050          31,223
     *
        MicroStrategy       Inc.  Class   A
                                             240,400         30,711
     *
        Acacia   Communications        Inc.
                                             799,153         30,368
     *
        Vocera    Communications        Inc.
                                             766,727         30,171
     *
        Virtusa    Corp.
                                             707,449         30,130
        Plantronics     Inc.
                                             900,208         29,797
     *,^
        3D  Systems    Corp.
                                            2,903,549          29,529
        Pitney   Bowes   Inc.
                                            4,964,771          29,342
        TiVo   Corp.
                                            3,084,039          29,021
     *
        Electronics     For  Imaging    Inc.
                                            1,159,795          28,763
     *
        LivePerson      Inc.
                                            1,503,108          28,349
     *
        MaxLinear     Inc.
                                            1,601,262          28,182
     *
        FormFactor      Inc.
                                            1,960,792          27,628
     *
        Hortonworks      Inc.
                                            1,895,500          27,333
     *
        Tabula    Rasa   HealthCare      Inc.
                                             428,501         27,321
        CSG   Systems    International      Inc.
                                             847,606         26,928
     *
        Zuora   Inc.  Class   A
                                            1,460,971          26,502
     *
        PROS   Holdings    Inc.
                                             838,957         26,343
     *
        Workiva    Inc.
                                             718,304         25,780
        Ebix  Inc.
                                             586,970         24,981
     *
        ePlus   Inc.
                                             349,545         24,877
     *
        Pivotal    Software    Inc.  Class   A
                                            1,521,496          24,876
     *
        Appfolio    Inc.
                                             404,016         23,926
     *,^
        Benefitfocus      Inc.
                                             518,045         23,685
        Xperi   Corp.
                                            1,273,879          23,427
     *
        Cray   Inc.
                                            1,068,029          23,059
     *
        Boingo    Wireless    Inc.
                                            1,115,106          22,938
     *
        Cision   Ltd.
                                            1,927,388          22,550
     *
        ScanSource      Inc.
                                             655,509         22,536
     *
        Altair   Engineering      Inc.  Class   A
                                             801,848         22,115
     *
        Lattice   Semiconductor       Corp.
                                            3,185,055          22,041
     *
        Carbonite     Inc.
                                             853,682         21,564
     *
        Yext   Inc.
                                            1,435,784          21,321
     *
        NextGen    Healthcare     Inc.
                                            1,368,007          20,725
        NIC  Inc.
                                            1,637,460          20,435
     *
        ForeScout     Technologies       Inc.
                                             780,249         20,279
     *
        Infinera    Corp.
                                            4,725,157          18,853
     *
        Extreme    Networks     Inc.
                                            3,059,283          18,662
     *
        Perficient     Inc.
                                             827,035         18,410
     *,^
        Appian    Corp.   Class   A
                                             677,843         18,105
        Shutterstock      Inc.
                                             500,507         18,023
     *
        Photronics     Inc.
                                            1,748,545          16,926
                                400/562


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     *
        Nanometrics      Inc.
                                             617,655         16,880
        Monotype     Imaging    Holdings    Inc.
                                            1,039,885          16,139
        Cohu   Inc.
                                            1,001,961          16,101
     *
        Unisys   Corp.
                                            1,331,348          15,484
     *
        Rudolph    Technologies       Inc.
                                             754,852         15,452
     *
        Amkor    Technology      Inc.
                                            2,353,828          15,441
     *
        Axcelis    Technologies       Inc.
                                             799,789         14,236
        Comtech    Telecommunications          Corp.
                                             563,804         13,723
     *,^
        Elastic   NV
                                             188,937         13,505
        ADTRAN     Inc.
                                            1,238,362          13,300
     *
        Anaplan    Inc.
                                             495,938         13,162
     *
        Calix   Inc.
                                            1,276,368          12,445
        Presidio    Inc.
                                             952,452         12,429
     *
        Upland    Software    Inc.
                                             454,865         12,363
     *
        CEVA    Inc.
                                             545,479         12,050
                                401/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     *
        Loral   Space   & Communications        Inc.
                                             322,342         12,007
        Forrester    Research    Inc.
                                             265,275         11,858
     *
        Bandwidth     Inc.  Class   A
                                             287,780         11,727
     *
        Endurance     International      Group   Holdings    Inc.
                                            1,692,086          11,252
     *
        Mitek   Systems    Inc.
                                            1,023,377          11,063
     *
        CalAmp    Corp.
                                             844,747         10,990
     *
        OneSpan    Inc.
                                             842,468         10,910
     *
        Rosetta    Stone   Inc.
                                             640,427         10,503
     *
        Harmonic     Inc.
                                            2,173,682          10,260
        Computer     Programs     & Systems    Inc.
                                             401,466         10,077
        QAD   Inc.  Class   A
                                             255,442         10,047
     *,^
        Ichor   Holdings    Ltd.
                                             607,864          9,908
        Hackett    Group   Inc.
                                             614,538          9,839
     ^
        ConvergeOne       Holdings    Inc.
                                             783,126          9,695
        Systemax     Inc.
                                             392,738          9,382
     *
        ChannelAdvisor        Corp.
                                             816,737          9,270
     *
        Quantenna     Communications        Inc.
                                             634,332          9,103
        PC  Connection      Inc.
                                             302,975          9,007
     *
        Casa   Systems    Inc.
                                             684,167          8,983
     *
        Zix  Corp.
                                            1,526,903           8,749
     *
        Meet   Group   Inc.
                                            1,845,370           8,544
     *
        KeyW   Holding    Corp.
                                            1,268,967           8,489
        Switch   Inc.
                                            1,212,436           8,487
     *
        Smartsheet     Inc.  Class   A
                                             334,021          8,304
     *,^
        Eventbrite     Inc.  Class   A
                                             298,372          8,298
     *
        Agilysys    Inc.
                                             578,517          8,296
     *
        Digi  International      Inc.
                                             816,590          8,239
     *
        Tenable    Holdings    Inc.
                                             363,299          8,062
     *
        Vectrus    Inc.
                                             369,581          7,976
     *
        Brightcove     Inc.
                                            1,127,529           7,938
     *,^
        TransEnterix      Inc.
                                            3,435,475           7,764
        American     Software    Inc.  Class   A
                                             734,558          7,676
     *
        DSP  Group   Inc.
                                             658,069          7,370
     *
        Ooma   Inc.
                                             523,409          7,265
     *
        NeoPhotonics       Corp.
                                            1,102,569           7,145
     *
        Immersion     Corp.
                                             780,419          6,993
        Simulations      Plus  Inc.
                                             344,555          6,857
     *
        Amber   Road   Inc.
                                             828,513          6,819
     *
        PDF  Solutions     Inc.
                                             796,508          6,715
     *
        Alpha   & Omega    Semiconductor       Ltd.
                                             647,896          6,602
     *
        Ribbon    Communications        Inc.
                                            1,344,720           6,482
     *
        Limelight     Networks     Inc.
                                            2,677,555           6,265
     *
        USA   Technologies       Inc.
                                            1,583,185           6,159
     *,^
        SVMK    Inc.
                                             491,275          6,028
     *
        PAR   Technology      Corp.
                                             271,140          5,897
     *
        Model   N Inc.
                                             445,201          5,890
     *
        KVH   Industries     Inc.
                                             533,364          5,488
     ^
        Diebold    Nixdorf    Inc.
                                            2,174,945           5,416
     *
        I3 Verticals     Inc.  Class   A
                                             224,048          5,400
                                402/562


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     *,^
        Inseego    Corp.
                                            1,281,857           5,320
     *,^
        Domo   Inc.
                                             259,987          5,104
     *
        Aquantia    Corp.
                                             537,227          4,711
     *
        AXT   Inc.
                                            1,021,165           4,442
     *
        Telenav    Inc.
                                            1,064,501           4,322
     *
        Aerohive     Networks     Inc.
                                            1,301,751           4,244
        Preformed     Line  Products    Co.
                                             77,646         4,212
        AstroNova     Inc.
                                             221,491          4,153
     *
        SecureWorks       Corp.   Class   A
                                             236,021          3,986
     *
        MobileIron      Inc.
                                             856,575          3,932
     *
        A10  Networks     Inc.
                                             606,164          3,782
     *,^
        VirnetX    Holding    Corp.
                                            1,536,400           3,687
     *
        Ultra   Clean   Holdings    Inc.
                                             422,797          3,581
     *
        RigNet    Inc.
                                             260,354          3,291
     *
        eGain   Corp.
                                             486,960          3,199
                                403/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     *,^
        Adesto    Technologies       Corp.
                                             716,531          3,153
     *
        EMCORE     Corp.
                                             727,792          3,057
     *
        Clearfield     Inc.
                                             305,057          3,026
     *
        Telaria    Inc.
                                            1,104,370           3,015
     *
        Tucows    Inc.  Class   A
                                             49,142         2,951
     *,^
        Internap    Corp.
                                             679,210          2,819
     *
        VOXX    International      Corp.   Class   A
                                             703,399          2,785
     *
        Rambus    Inc.
                                             362,634          2,781
     *
        Pixelworks     Inc.
                                             954,893          2,769
     *
        Exela   Technologies       Inc.
                                             711,591          2,768
     *
        DASAN    Zhone   Solutions     Inc.
                                             188,838          2,627
     *
        GSI  Technology      Inc.
                                             465,560          2,393
     *
        SharpSpring      Inc.
                                             185,762          2,365
     *
        ID  Systems    Inc.
                                             417,726          2,335
     *,^
        Airgain    Inc.
                                             223,147          2,211
     *,^
        Park  City  Group   Inc.
                                             368,561          2,200
     *
        Great   Elm  Capital    Group   Inc.
                                             624,106          2,109
     *
        ACM   Research    Inc.  Class   A
                                             193,846          2,109
     *,^
        Applied    Optoelectronics        Inc.
                                             132,326          2,042
        TESSCO     Technologies       Inc.
                                             159,219          1,911
        TransAct     Technologies       Inc.
                                             211,460          1,899
     *,^
        Everspin    Technologies       Inc.
                                             322,450          1,809
     *,^
        Fusion   Connect    Inc.
                                            1,071,837           1,801
     *
        Amtech    Systems    Inc.
                                             385,770          1,748
     *
        Key  Tronic   Corp.
                                             304,070          1,718
     *
        NetSol   Technologies       Inc.
                                             277,534          1,707
        GlobalSCAPE       Inc.
                                             378,890          1,697
     *
        Rimini   Street   Inc.
                                             325,063          1,674
     *
        Computer     Task   Group   Inc.
                                             407,746          1,664
     *
        LRAD   Corp.
                                             644,065          1,623
     *
        Aviat   Networks     Inc.
                                             122,447          1,622
     *
        Finjan   Holdings    Inc.
                                             639,801          1,606
     *
        RumbleON      Inc.  Class   B
                                             295,778          1,591
     *
        inTEST    Corp.
                                             241,044          1,478
     *
        Aware   Inc.
                                             406,847          1,469
     *
        Support.com      Inc.
                                             561,252          1,381
     *,^
        Impinj   Inc.
                                             90,225         1,313
     *
        Seachange     International      Inc.
                                            1,040,931           1,312
     *
        Synacor    Inc.
                                             885,396          1,310
     *,^
        QuickLogic      Corp.
                                            1,644,442           1,207
        QAD   Inc.  Class   B
                                             39,531         1,167
     *
        Majesco
                                             157,868          1,119
     *
        Identiv    Inc.
                                             308,510          1,111
     *,^
        Veritone    Inc.
                                             270,146          1,027
     *
        Innodata    Inc.
                                             643,214           965
     *
        Lantronix     Inc.
                                             311,918           917
     *
        WideOpenWest        Inc.
                                             125,680           896
     *
        Data  I/O  Corp.
                                             173,820           869
     *,^
        Smith   Micro   Software    Inc.
                                             471,123           848
                                404/562


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        Wayside    Technology      Group   Inc.
                                             83,158          832
     *,^
        Atomera    Inc.
                                             284,266           816
     *
        Alithya    Group   Inc.  Class   A
                                             326,419           774
     *,^
        nLight   Inc.
                                             41,105          731
     *
        Intelligent     Systems    Corp.
                                             52,948          684
     *
        Aehr   Test  Systems
                                             428,242           604
     *,^
        Red  Violet   Inc.
                                             87,451          589
     *
        CynergisTek      Inc.
                                             110,248           523
     *
        Mastech    Digital   Inc.
                                             82,130          517
     *
        RCM   Technologies       Inc.
                                             159,911           496
        BK  Technologies       Inc.
                                             131,368           493
     *
        WidePoint     Corp.
                                            1,141,609           476
     *
        Kopin   Corp.
                                             475,143           475
     *
        Neurotrope      Inc.
                                             132,689           474
        CSP  Inc.
                                             46,940          459
                                405/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     *
        GSE  Systems    Inc.
                                             209,878           441
     *,^
        Intellicheck      Inc.
                                             196,842           421
     *,^
        SITO   Mobile    Ltd.
                                             442,391           398
     *
        Icad  Inc.
                                             102,068           378
     *
        Avalara    Inc.
                                             11,995          374
        Network-1     Technologies       Inc.
                                             160,430           358
     *
        BSQUARE      Corp.
                                             220,173           341
     *
        Inuvo   Inc.
                                             275,566           295
     *
        Intermolecular       Inc.
                                             237,326           240
        ClearOne     Inc.
                                             190,824           239
     *
        Optical    Cable   Corp.
                                             54,796          209
     *
        Castlight    Health   Inc.  Class   B
                                             94,575          205
     *,^
        Ominto    Inc.
                                             265,206           183
     *
        FTE  Networks     Inc.
                                             76,480          179
     *,^
        Gogo   Inc.
                                             53,600          160
     *
        One  Stop  Systems    Inc.
                                             82,010          159
     *
        Digimarc     Corp.
                                              9,978         145
     *
        AudioEye     Inc.
                                             14,532          124
     *,^
        NXT-ID    Inc.
                                             175,954           120
     *
        CVD   Equipment     Corp.
                                             21,000           75
     *
        Xcel  Brands    Inc.
                                             38,685           44
     *
        ADDvantage      Technologies       Group   Inc.
                                             29,519           41
     *
        Trio-Tech     International
                                             15,252           38
     *
        Qumu   Corp.
                                             15,217           29
     *
        BroadVision      Inc.
                                             20,868           24
     *
        Qualstar    Corp.
                                              4,300          23
     *
        Quantum     Corp.
                                              6,550          13
     *
        Streamline     Health   Solutions     Inc.
                                             16,133           12
     *
        SilverSun     Technologies       Inc.
                                              2,301           5
        Sigma   Designs    Inc.
                                             33,890           5
     *,^
        Neonode    Inc.
                                                        -
                                                1
                                                   129,856,855
     Telecommunications          (2.0%)
        Verizon    Communications        Inc.
                                           110,381,847          6,205,667
        AT&T    Inc.
                                           194,426,250          5,548,925
     *
        T-Mobile     US  Inc.
                                            7,923,046         503,985
        CenturyLink      Inc.
                                           25,951,362          393,163
     *
        Zayo   Group   Holdings    Inc.
                                            5,364,348         122,522
     *,^
        Sprint   Corp.
                                           16,251,487           94,584
        Telephone     & Data  Systems    Inc.
                                            2,527,027          82,229
        Shenandoah      Telecommunications          Co.
                                            1,240,394          54,887
     *
        Vonage    Holdings    Corp.
                                            5,774,774          50,414
     *
        Intelsat    SA
                                            2,197,609          47,007
     *
        Iridium    Communications        Inc.
                                            2,518,809          46,472
     *
        8x8  Inc.
                                            2,427,820          43,798
     *,^
        GTT   Communications        Inc.
                                            1,169,509          27,671
     *
        United   States   Cellular    Corp.
                                             418,682         21,759
        ATN   International      Inc.
                                             273,281         19,548
     *
        ORBCOMM      Inc.
                                            1,999,068          16,512
                                406/562


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     *
        pdvWireless      Inc.
                                             336,231         12,572
        Spok   Holdings    Inc.
                                             648,636          8,601
     *,^
        Pareteum     Corp.
                                            2,327,685           3,934
        Consolidated      Communications        Holdings    Inc.
                                             387,885          3,832
     *
        HC2  Holdings    Inc.
                                            1,293,005           3,414
        IDT  Corp.   Class   B
                                             458,358          2,837
     ^
        Windstream      Holdings    Inc.
                                            1,198,699           2,505
     *
        Alaska   Communications        Systems    Group   Inc.
                                            1,208,737           1,741
     *
        Otelco   Inc.  Class   A
                                             54,117          875
     *
        CPS  Technologies       Corp.
                                             97,017          115
     *
        Cincinnati     Bell  Inc.
                                                        21
                                              2,660
                                                    13,319,590
     Utilities    (3.3%)
        NextEra    Energy    Inc.
                                           12,766,495         2,219,072
        Duke   Energy    Corp.
                                           19,038,397         1,643,014
                                407/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
        Dominion     Energy    Inc.
                                           17,543,347         1,253,648
        Southern    Co.
                                           27,095,393         1,190,030
        Exelon    Corp.
                                           25,778,869         1,162,627
        American     Electric    Power   Co.  Inc.
                                           13,165,344          983,978
        Sempra    Energy
                                            6,944,944         751,373
        Public   Service    Enterprise     Group   Inc.
                                           13,503,550          702,860
        Xcel  Energy    Inc.
                                           13,709,331          675,459
        Consolidated      Edison   Inc.
                                            8,685,562         664,098
        WEC   Energy    Group   Inc.
                                            8,426,412         583,613
        Eversource     Energy
                                            8,463,740         550,482
        PPL  Corp.
                                           19,227,679          544,720
        DTE   Energy    Co.
                                            4,855,381         535,548
        FirstEnergy      Corp.
                                           13,657,268          512,830
        Edison   International
                                            8,708,798         494,398
        American     Water   Works   Co.  Inc.
                                            4,823,296         437,811
        Ameren    Corp.
                                            6,515,787         425,025
        Entergy    Corp.
                                            4,824,531         415,247
        Evergy    Inc.
                                            7,100,082         403,072
        CenterPoint      Energy    Inc.
                                           13,389,768          377,993
        CMS   Energy    Corp.
                                            7,555,427         375,127
     *
        PG&E   Corp.
                                           13,844,520          328,807
        NRG   Energy    Inc.
                                            7,341,722         290,732
        Atmos   Energy    Corp.
                                            2,991,182         277,342
     *
        Alliant   Energy    Corp.
                                            6,280,486         265,351
        AES  Corp.
                                           17,613,693          254,694
        Pinnacle    West   Capital    Corp.
                                            2,977,580         253,690
        NiSource     Inc.
                                            9,849,815         249,693
        UGI  Corp.
                                            4,662,022         248,719
     *
        Vistra   Energy    Corp.
                                           10,751,315          246,098
        SCANA    Corp.
                                            3,735,180         178,467
        Aqua   America    Inc.
                                            4,742,100         162,132
        Vectren    Corp.
                                            2,207,935         158,927
        IDACORP     Inc.
                                            1,346,799         125,333
        ONE   Gas  Inc.
                                            1,399,718         111,418
        New  Jersey   Resources     Corp.
                                            2,388,996         109,105
        Portland    General    Electric    Co.
                                            2,373,720         108,835
        Hawaiian     Electric    Industries     Inc.
                                            2,908,845         106,522
        ALLETE     Inc.
                                            1,370,566         104,465
        National    Fuel  Gas  Co.
                                            2,010,727         102,909
        Southwest     Gas  Holdings    Inc.
                                            1,331,482         101,858
        Black   Hills   Corp.
                                            1,596,779         100,246
        Spire   Inc.
                                            1,301,899          96,445
        PNM   Resources     Inc.
                                            2,126,465          87,376
        Avangrid     Inc.
                                            1,683,599          84,331
        NorthWestern       Corp.
                                            1,339,214          79,603
        Avista   Corp.
                                            1,747,366          74,228
        American     States   Water   Co.
                                             966,006         64,761
        South   Jersey   Industries     Inc.
                                            2,288,870          63,631
        California     Water   Service    Group
                                            1,270,275          60,541
                                408/562


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        Ormat   Technologies       Inc.
                                            1,077,708          56,364
        MGE   Energy    Inc.
                                             932,888         55,936
        El Paso  Electric    Co.
                                            1,088,153          54,549
        Pattern    Energy    Group   Inc.  Class   A
                                            2,615,141          48,694
        Northwest     Natural    Holding    Co.
                                             773,167         46,746
        SJW  Group
                                             650,990         36,208
        Chesapeake      Utilities    Corp.
                                             417,582         33,949
     *
        Sunrun    Inc.
                                            2,510,364          27,338
        Middlesex     Water   Co.
                                             412,408         22,002
        Connecticut      Water   Service    Inc.
                                             322,275         21,550
        Unitil   Corp.
                                             390,136         19,756
        TerraForm     Power   Inc.  Class   A
                                            1,676,182          18,807
     *
        Evoqua    Water   Technologies       Corp.
                                            1,810,184          17,378
        York   Water   Co.
                                             349,426         11,203
        Artesian    Resources     Corp.   Class   A
                                             240,336          8,380
                                409/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     *,^
        Cadiz   Inc.
                                             799,055          8,230
     *
        Atlantic    Power   Corp.
                                            3,317,157           7,198
     *
        AquaVenture       Holdings    Ltd.
                                             354,799          6,702
        RGC   Resources     Inc.
                                             176,687          5,294
     *
        Pure  Cycle   Corp.
                                             497,626          4,941
     *,^
        Bloom   Energy    Corp.   Class   A
                                             458,981          4,581
     *,^
        Vivint   Solar   Inc.
                                            1,081,504           4,121
        Spark   Energy    Inc.  Class   A
                                             334,801          2,488
        Genie   Energy    Ltd.  Class   B
                                                      2,310
                                             383,069
                                                    21,923,009
        Total   Common     Stocks   (Cost   $473,160,255)
                                                   668,274,743
                                Coupon

                      1
     Temporary     Cash   Investments      (0.9%)
     Money    Market    Fund   (0.9%)
     3,4
                                 2.530%           56,919,051         5,691,905
        Vanguard     Market    Liquidity     Fund
                                              Face

                                      Maturity      Amount
                                        Date     ($000)
     U.S.  Government      and  Agency    Obligations      (0.0%)
     5
                             2.350%-2.361%          3/21/19      80,000         79,598
        United   States   Treasury    Bill
     5
                             2.432%-2.451%          4/18/19      70,000         69,509
        United   States   Treasury    Bill
                                 2.077%       1/3/19      40,000         39,998
        United   States   Treasury    Bill
                                 2.374%       3/7/19      35,000         34,853
        United   States   Treasury    Bill
     5
                                 2.292%      2/28/19      30,000         29,888
        United   States   Treasury    Bill
     5
                                 2.292%      2/21/19      10,000         9,967
        United   States   Treasury    Bill
                                                     263,813
                                                    5,955,718
     Total   Temporary     Cash   Investments      (Cost   $5,955,110)
                                                   674,230,461
     Total   Investments      (100.3%)     (Cost   $479,115,365)
                                                     Amount

                                                      ($000)
     Other   Assets   and  Liabilities     (-0.3%)
     Other   Assets
     Investment     in Vanguard                                          38,011
     Receivables      for  Investment     Securities     Sold                               115,408
     Receivables      for  Accrued    Income                                     816,954
     Receivables      for  Capital    Shares   Issued                                 1,587,383
     Variation     Margin    Receivable-Futures         Contracts                               30,362
           6
     Other   Assets                                              53,289
     Total   Other   Assets   (0.5%)                                       2,641,407
     Liabilities
     Payables    for  Investment     Securities     Purchased                               (1,230,335)
     Collateral     for  Securities     on Loan                                   (2,633,559)
     Payables    for  Capital    Shares   Redeemed                                   (639,991)
     Payables    to Vanguard                                           (169,788)
     Variation     Margin    Payable-Futures        Contracts                                  (320)
     Unrealized     Depreciation-Swap         Contracts                                   (2,211)
     Total   Liabilities     (-0.8%)                                        (4,676,204)
     Net  Assets   (100%)                                         672,195,664
                                410/562


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     Total   Stock   Market    Index   Fund
     At December     31,  2018,   net  assets   consisted     of:

                                                     Amount
                                                      ($000)
                                                   478,179,649
     Paid-in    Capital
                                                   194,016,015
     Total   Distributable      Earnings    (Loss)
                                                   672,195,664
     Net  Assets
     Investor    Shares-Net     Assets

                                                   121,265,869
     Applicable     to 1,953,536,865       outstanding      $.001   par  value   shares   of
     beneficial     interest    (unlimited     authorization)
                                                      $62.08
     Net  Asset   Value   Per  Share-Investor       Shares
     ETF  Shares-Net     Assets

                                                    94,809,421
     Applicable     to 743,263,419      outstanding      $.001   par  value   shares   of
     beneficial     interest    (unlimited     authorization)
                                                     $127.56
     Net  Asset   Value   Per  Share-ETF     Shares
     Admiral    Shares-Net     Assets

                                                   185,101,915
     Applicable     to 2,981,054,239       outstanding      $.001   par  value   shares   of
     beneficial     interest    (unlimited     authorization)
                                                     $62.09
     Net  Asset   Value   Per  Share-Admiral       Shares
     Institutional      Shares-Net     Assets

                                                   115,115,348
     Applicable     to 1,853,585,521       outstanding      $.001   par  value   shares   of
     beneficial     interest    (unlimited     authorization)
                                                     $62.10
     Net  Asset   Value   Per  Share-Institutional         Shares
     Institutional      Plus  Shares-Net     Assets

                                                   135,641,458
     Applicable     to 1,164,655,630       outstanding      $.001   par  value   shares   of
     beneficial     interest    (unlimited     authorization)
                                                     $116.46
     Net  Asset   Value   Per  Share-Institutional         Plus  Shares
     Institutional      Select   Shares-Net     Assets

                                                   20,261,653
     Applicable     to 165,800,987      outstanding      $.001   par  value   shares   of
     beneficial     interest    (unlimited     authorization)
                                                     $122.20
     Net  Asset   Value   Per  Share-Institutional         Select   Shares
     •

       See  Note   A in Notes   to Financial     Statements.
     *
       Non-income-producing           security.
     ^
       Includes     partial    security    positions     on  loan   to  broker-dealers.        The  total   value   of  securities     on  loan   is
       $2,480,929,000.
     §
       Security    value   determined     using   significant     unobservable      inputs.
     1
       The  fund  invests    a portion    of its cash  reserves    in equity   markets    through    the  use  of index   futures    contracts
       and  swap   contracts.     After   giving   effect   to futures    and  swap   investments,      the  fund's   effective    common    stock
       and  temporary     cash  investment     positions    represent    100.0%    and  0.3%,   respectively,      of net  assets.
     2
       “Other”    represents     securities     that  are  not  classified     by the  fund's   benchmark     index.
     3
       Affiliated     money   market    fund  available     only  to Vanguard     funds   and  certain   trusts   and  accounts    managed    by
       Vanguard.     Rate  shown   is the  7-day   yield.
     4
       Includes    $2,633,559,000       of collateral     received    for  securities     on loan.
     5
       Securities     with  a value   of $186,579,000       have   been  segregated     as initial   margin    for  open   futures   contracts.
     6
       Cash   with  a value   of $2,650,000     has  been  segregated     as collateral     for  open   over-the-counter        swap   contracts.
       ADR-American        Depositary     Receipt.
       CVR-Contingent        Value   Rights.
       REIT-Real     Estate   Investment     Trust.
                                411/562


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     Total   Stock   Market    Index   Fund
     Derivative     Financial     Instruments      Outstanding      as of Period   End

     Futures   Contracts

                                                       ($000)
                                                     Value   and
                                                     Unrealized
                                    Number   of Long
                                             Notional        Appreciation
                             Expiration       (Short)   Contracts       Amount      (Depreciation)
     Long  Futures   Contracts
     E-mini   S&P  500  Index                  March   2019        29,625     3,710,828         (106,471)
     E-mini   Russell   2000  Index                March   2019         1,914     129,099         (6,420)
     E-mini   S&P  Mid-Cap    400  Index              March   2019          240     39,893        (1,764)
                                                      (114,655)
     Total  Return   Swaps

                                                     Value   and
                                              Floating
                                                     Unrealized
                                             Interest   Rate
                                        Notional            Appreciation
                                              Received
                         Termination               Amount            (Depreciation)
                                                 1
     Reference    Entity                    Date    Counterparty         ($000)      (Paid)        ($000)
     SLM  Corp.                   2/04/2019         GSI     35,318      2.870%         (823)
     VICI  Properties    Inc.               2/04/2019         GSI     29,610      3.270%        (1,041)
     VICI  Properties    Inc.               2/04/2019         GSI      9,870      3.270%         (347)
                                                       (2,211)
     GSI-Goldman       Sachs   International.

     1 Payment    received/paid       monthly.
    次へ

                                412/562










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     Total   Stock   Market    Index   Fund
     Financial     Statements
     Statement      of Net  Assets

     As  of December     31,  2017
     The  fund  reports    a complete     list  of its holdings    in regulatory     filings   four  times   in each  fiscal   year,   at the  quarter-

     ends.   For  the  second    and  fourth   fiscal   quarters,     the  complete     listing    of  the  fund's    holdings     is available
     electronically       on vanguard.com       and  on the  Securities     and  Exchange     Commission's       website    (sec.gov),     or you  can
     have   it mailed   to you  without    charge   by calling   800-662-7447.       For  the  first  and  third  fiscal   quarters,    the  fund  files
     the  lists  with  the  SEC  on Form   N-Q.   Shareholders      can  look  up the  fund's   Forms   N-Q  on the  SEC's   website.
                                                      Market

                                                      Value•
                                             Shares         ($000)
                1
     Common     Stocks   (99.8%)
     Basic   Materials     (2.7%)
        DowDuPont      Inc.
                                           56,375,123         4,015,036
        Praxair    Inc.
                                            6,900,118         1,067,310
        Air  Products    & Chemicals     Inc.
                                            5,261,758         863,349
        Ecolab   Inc.
                                            6,269,263         841,210
        LyondellBasell       Industries     NV  Class   A
                                            7,606,024         839,097
        PPG  Industries     Inc.
                                            6,134,331         716,613
     *
        Freeport-McMoRan          Inc.
                                           33,149,327          628,511
        International      Paper   Co.
                                            9,955,894         576,844
        Nucor   Corp.
                                            7,663,601         487,252
        Newmont     Mining    Corp.
                                           12,857,363          482,408
        Celanese    Corp.   Class   A
                                            3,269,457         350,093
        Albemarle     Corp.
                                            2,661,967         340,439
        Arconic    Inc.
                                           11,596,174          315,996
        FMC   Corp.
                                            3,234,499         306,178
        International      Flavors    & Fragrances     Inc.
                                            1,903,789         290,537
        Eastman    Chemical     Co.
                                            3,115,997         288,666
        Avery   Dennison     Corp.
                                            2,127,475         244,362
        CF  Industries     Holdings    Inc.
                                            5,621,869         239,154
        Steel   Dynamics     Inc.
                                            5,427,475         234,087
     *
        Alcoa   Corp.
                                            4,236,667         228,229
        Chemours     Co.
                                            4,461,195         223,327
        Mosaic    Co.
                                            8,462,076         217,137
     *
        Axalta   Coating    Systems    Ltd.
                                            5,281,812         170,919
        RPM   International      Inc.
                                            3,211,547         168,349
        Huntsman     Corp.
                                            4,903,191         163,227
        United   States   Steel   Corp.
                                            4,215,987         148,361
        Reliance    Steel   & Aluminum     Co.
                                            1,663,234         142,689
        Olin  Corp.
                                            4,007,892         142,601
        Royal   Gold   Inc.
                                            1,575,871         129,411
        WR  Grace   & Co.
                                            1,636,989         114,802
        Scotts   Miracle-Gro      Co.
                                            1,055,050         112,880
        Ashland    Global   Holdings    Inc.
                                            1,495,810         106,502
        Westlake     Chemical     Corp.
                                             932,249         99,312
        Versum    Materials     Inc.
                                            2,620,085          99,170
        NewMarket      Corp.
                                             228,644         90,861
     *
        Peabody    Energy    Corp.
                                            2,264,471          89,152
        PolyOne    Corp.
                                            1,964,355          85,449
     *
        Univar    Inc.
                                            2,715,599          84,075
                                413/562

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        Cabot   Corp.
                                            1,276,994          78,650
        Sensient    Technologies       Corp.
                                            1,056,240          77,264
        Domtar    Corp.
                                            1,506,584          74,606
     *
        Allegheny     Technologies       Inc.
                                            3,030,205          73,149
     *
        Ingevity    Corp.
                                            1,015,382          71,554
        HB  Fuller   Co.
                                            1,209,823          65,173
        US  Silica   Holdings    Inc.
                                            1,959,506          63,802
        Balchem    Corp.
                                             770,333         62,089
     ^
        Compass    Minerals    International      Inc.
                                             812,259         58,686
        Minerals    Technologies       Inc.
                                             850,325         58,545
        Carpenter     Technology      Corp.
                                            1,128,672          57,551
                                414/562

















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
        Commercial      Metals   Co.
                                            2,659,035          56,691
     *
        GCP   Applied    Technologies       Inc.
                                            1,642,965          52,411
     *
        Cleveland-Cliffs        Inc.
                                            7,138,322          51,467
     *
        Platform    Specialty     Products    Corp.
                                            4,848,194          48,094
        KapStone     Paper   and  Packaging     Corp.
                                            2,097,608          47,595
     *
        Ferro   Corp.
                                            2,007,611          47,360
        Worthington      Industries     Inc.
                                            1,064,082          46,883
        Quaker    Chemical     Corp.
                                             303,592         45,779
        Arch   Coal  Inc.  Class   A
                                             476,188         44,362
        Tronox    Ltd.  Class   A
                                            2,088,054          42,826
        Kaiser   Aluminum     Corp.
                                             386,499         41,297
        Innospec    Inc.
                                             582,333         41,113
     *,^
        AK  Steel   Holding    Corp.
                                            7,199,561          40,750
        Stepan   Co.
                                             487,969         38,535
        Hecla   Mining    Co.
                                            9,615,973          38,175
     *
        Cambrex     Corp.
                                             787,790         37,814
        Neenah    Paper   Inc.
                                             406,118         36,815
     *
        Kraton   Corp.
                                             751,531         36,201
     *
        Coeur   Mining    Inc.
                                            4,529,592          33,972
     *
        AdvanSix     Inc.
                                             694,461         29,216
        Calgon    Carbon    Corp.
                                            1,230,277          26,205
        Rayonier    Advanced     Materials     Inc.
                                            1,244,747          25,455
     *
        Koppers    Holdings    Inc.
                                             499,173         25,408
        Deltic   Timber    Corp.
                                             262,645         24,045
        A Schulman     Inc.
                                             643,454         23,969
     *
        Century    Aluminum     Co.
                                            1,158,118          22,745
        PH  Glatfelter     Co.
                                            1,055,031          22,620
        Innophos     Holdings    Inc.
                                             472,644         22,087
        KMG   Chemicals     Inc.
                                             320,123         21,154
        Chase   Corp.
                                             169,347         20,406
     *,^
        Fairmount     Santrol    Holdings    Inc.
                                            3,788,350          19,813
     *
        SunCoke     Energy    Inc.
                                            1,545,026          18,525
     *
        Clearwater     Paper   Corp.
                                             398,203         18,078
     *
        CONSOL     Energy    Inc.
                                             448,877         17,735
     *
        CSW   Industrials     Inc.
                                             378,757         17,404
        Warrior    Met  Coal  Inc.
                                             648,357         16,306
     *
        Resolute    Forest   Products    Inc.
                                            1,422,992          15,724
     *
        Verso   Corp.
                                             854,249         15,009
        Tredegar    Corp.
                                             757,763         14,549
        Kronos    Worldwide      Inc.
                                             557,794         14,374
     *
        PQ  Group   Holdings    Inc.
                                             830,720         13,665
        American     Vanguard     Corp.
                                             641,620         12,608
     *,^
        Intrepid    Potash   Inc.
                                            2,191,862          10,433
     *
        OMNOVA      Solutions     Inc.
                                            1,015,125          10,151
        Haynes    International      Inc.
                                             308,884          9,900
     *
        Codexis    Inc.
                                            1,067,547           8,914
        FutureFuel     Corp.
                                             626,058          8,821
     *
        Cloud   Peak   Energy    Inc.
                                            1,801,703           8,018
        Hawkins    Inc.
                                             226,714          7,980
                                415/562


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     *
        Veritiv    Corp.
                                             269,080          7,776
     *
        Nexeo   Solutions     Inc.
                                             803,457          7,311
        Aceto   Corp.
                                             704,722          7,280
     *,^
        Uranium    Energy    Corp.
                                            3,447,808           6,103
        Gold   Resource     Corp.
                                            1,343,123           5,910
        Olympic    Steel   Inc.
                                             257,987          5,544
     *
        AgroFresh     Solutions     Inc.
                                             683,772          5,060
     *
        Ryerson    Holding    Corp.
                                             411,943          4,284
     *,^
        LSB  Industries     Inc.
                                             465,930          4,082
     *,^
        ChromaDex      Corp.
                                             618,879          3,639
        Hallador    Energy    Co.
                                             551,796          3,360
        Ampco-Pittsburgh         Corp.
                                             266,121          3,300
     *
        Universal     Stainless    & Alloy   Products    Inc.
                                             153,551          3,289
     *,^
        Ur-Energy     Inc.
                                            3,848,666           2,631
        Synalloy    Corp.
                                             191,382          2,565
     *
        NL  Industries     Inc.
                                             140,449          2,001
                                416/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
        Northern    Technologies       International      Corp.
                                             67,835         1,682
     *
        Senomyx     Inc.
                                            1,088,009           1,414
     *,^
        Ramaco    Resources     Inc.
                                             156,834          1,079
     *,^
        Pershing    Gold   Corp.
                                             421,254          1,011
        United-Guardian        Inc.
                                             41,621          770
        Friedman     Industries     Inc.
                                             106,118           603
     *,^
        Westwater     Resources     Inc.
                                             427,389           457
     *,^
        Marrone    Bio  Innovations      Inc.
                                             373,415           411
     *
        Centrus    Energy    Corp.   Class   A
                                             91,778          368
     *
        Solitario    Zinc  Corp.
                                             608,874           367
     *
        General    Moly   Inc.
                                            1,063,026           350
     *
        Westmoreland       Coal  Co.
                                             287,003           347
     ^
        US  Gold   Corp.
                                             165,447           270
     *,^
        Comstock     Mining    Inc.
                                             619,000           241
     *,^
        Golden    Minerals    Co.
                                             516,559           223
     *
        Dynasil    Corp.   of America
                                             158,073           187
     *,^
        Paramount     Gold   Nevada    Corp.
                                             99,135          129
     *
        Ikonics    Corp.
                                              6,410          50
     *,^
        Senestech     Inc.
                                             60,808           44
     *,^
        US  Antimony     Corp.
                                             64,773           21
     *
        TOR   Minerals    International      Inc.
                                                        15
                                              2,580
                                                    17,918,295
     Consumer     Goods   (9.0%)
        Procter    & Gamble    Co.
                                           61,125,747         5,616,234
        Coca-Cola     Co.
                                           92,395,438         4,239,103
        PepsiCo    Inc.
                                           34,268,128         4,109,434
        Philip   Morris   International      Inc.
                                           37,427,463         3,954,211
        Altria   Group   Inc.
                                           46,001,334         3,284,955
        NIKE   Inc.  Class   B
                                           31,390,587         1,963,481
        Colgate-Palmolive         Co.
                                           21,164,517         1,596,863
        Mondelez     International      Inc.  Class   A
                                           34,215,437         1,464,421
        Monsanto     Co.
                                           10,600,770         1,237,958
        General    Motors    Co.
                                           29,092,915         1,192,519
        Ford  Motor   Co.
                                           94,000,372         1,174,065
        Kraft   Heinz   Co.
                                           14,686,536         1,142,025
        Activision     Blizzard    Inc.
                                           17,311,588         1,096,170
        Kimberly-Clark        Corp.
                                            8,479,005         1,023,077
     *,^
        Tesla   Inc.
                                            3,240,648         1,008,976
        Constellation      Brands    Inc.  Class   A
                                            3,944,175         901,520
        General    Mills   Inc.
                                           13,698,027          812,156
     *
        Electronic     Arts  Inc.
                                            7,422,094         779,765
        Estee   Lauder    Cos.  Inc.  Class   A
                                            5,418,562         689,458
     *
        Monster    Beverage     Corp.
                                           10,197,447          645,396
        Stanley    Black   & Decker    Inc.
                                            3,694,780         626,967
        Tyson   Foods   Inc.  Class   A
                                            7,171,444         581,389
        VF  Corp.
                                            7,617,091         563,665
     *
        Aptiv   plc
                                            6,408,603         543,642
        Archer-Daniels-Midland            Co.
                                           13,475,367          540,093
        Clorox   Co.
                                            3,108,418         462,346
                                417/562


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        Kellogg    Co.
                                            6,659,469         452,711
        DR  Horton    Inc.
                                            8,581,769         438,271
        Dr  Pepper   Snapple    Group   Inc.
                                            4,351,543         422,361
     *
        Mohawk    Industries     Inc.
                                            1,523,566         420,352
        Hershey    Co.
                                            3,430,130         389,354
        Conagra    Brands    Inc.
                                            9,845,370         370,875
        Newell    Brands    Inc.
                                           11,812,448          365,005
        Molson    Coors   Brewing    Co.  Class   B
                                            4,231,537         347,282
        JM  Smucker    Co.
                                            2,598,880         322,885
        Genuine    Parts   Co.
                                            3,358,051         319,048
        Lennar    Corp.   Class   A
                                            4,902,182         310,014
        Tapestry    Inc.
                                            6,851,937         303,061
        Brown-Forman       Corp.   Class   B
                                            4,410,136         302,844
        Church    & Dwight    Co.  Inc.
                                            6,013,942         301,719
     *
        Take-Two     Interactive     Software    Inc.
                                            2,748,216         301,699
     *
        NVR   Inc.
                                             85,689        300,616
                                418/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
        McCormick      & Co.  Inc.
                                            2,884,241         293,933
        Whirlpool     Corp.
                                            1,732,234         292,124
        Lear  Corp.
                                            1,628,876         287,757
     *
        LKQ   Corp.
                                            7,069,497         287,516
        BorgWarner      Inc.
                                            5,083,390         259,710
        PVH   Corp.
                                            1,864,812         255,871
        Hasbro    Inc.
                                            2,700,847         245,480
        Ingredion     Inc.
                                            1,727,768         241,542
        Snap-on    Inc.
                                            1,373,963         239,482
        Hormel    Foods   Corp.
                                            6,361,616         231,499
        Bunge   Ltd.
                                            3,387,511         227,234
        Campbell     Soup   Co.
                                            4,709,331         226,566
     *
        Michael    Kors   Holdings    Ltd.
                                            3,481,279         219,147
        Coty   Inc.  Class   A
                                           10,836,998          215,548
        PulteGroup      Inc.
                                            6,388,555         212,419
        Harley-Davidson        Inc.
                                            4,056,267         206,383
        Leucadia    National    Corp.
                                            7,744,630         205,155
        Lamb   Weston    Holdings    Inc.
                                            3,522,154         198,826
        Goodyear     Tire  & Rubber    Co.
                                            5,933,721         191,719
     *
        WABCO     Holdings    Inc.
                                            1,291,685         185,357
        Hanesbrands      Inc.
                                            8,786,055         183,716
     *
        Middleby     Corp.
                                            1,347,279         181,815
        Thor   Industries     Inc.
                                            1,205,908         181,754
     *
        Lululemon     Athletica    Inc.
                                            2,270,705         178,455
        Polaris   Industries     Inc.
                                            1,431,113         177,444
        Toll  Brothers    Inc.
                                            3,631,406         174,380
        Pinnacle    Foods   Inc.
                                            2,863,219         170,276
     *
        US  Foods   Holding    Corp.
                                            5,168,989         165,046
        Leggett    & Platt  Inc.
                                            3,183,814         151,963
        Gentex    Corp.
                                            6,835,639         143,207
        Ralph   Lauren    Corp.   Class   A
                                            1,334,064         138,329
        Carter's    Inc.
                                            1,139,542         133,885
     ^
        Mattel   Inc.
                                            8,279,966         127,346
        Valvoline     Inc.
                                            4,879,777         122,287
     *
        Skechers    U.S.A.   Inc.  Class   A
                                            3,227,542         122,130
     *
        Post  Holdings    Inc.
                                            1,510,447         119,673
        Pool  Corp.
                                             920,387         119,328
        Brunswick     Corp.
                                            2,111,187         116,580
        CalAtlantic      Group   Inc.
                                            1,990,317         112,234
     *
        Delphi   Technologies       plc
                                            2,134,599         112,002
        Dana   Inc.
                                            3,486,818         111,613
     *,^
        Wayfair    Inc.
                                            1,293,982         103,868
     *
        Hain   Celestial    Group   Inc.
                                            2,374,950         100,674
     *,^
        Herbalife     Ltd.
                                            1,470,628          99,591
     *
        Visteon    Corp.
                                             749,811         93,831
        Snyder's-Lance       Inc.
                                            1,867,311          93,515
        Flowers    Foods   Inc.
                                            4,307,154          83,171
        Nu  Skin  Enterprises     Inc.  Class   A
                                            1,207,312          82,375
     *
        Edgewell     Personal    Care  Co.
                                            1,348,441          80,084
                                419/562


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     *
        Welbilt    Inc.
                                            3,350,301          78,766
     *
        Zynga   Inc.  Class   A
                                           18,890,348           75,561
        LCI  Industries
                                             571,113         74,245
        Tenneco    Inc.
                                            1,243,524          72,796
     *
        Darling    Ingredients     Inc.
                                            3,962,950          71,848
        Energizer     Holdings     Inc.
                                            1,464,200          70,252
        Wolverine     World   Wide   Inc.
                                            2,186,622          69,710
     *,^
        Blue  Buffalo    Pet  Products    Inc.
                                            2,121,973          69,580
     *,^
        Tempur    Sealy   International      Inc.
                                            1,109,546          69,557
     *,^
        TreeHouse     Foods   Inc.
                                            1,375,569          68,036
        KB  Home
                                            2,079,235          66,432
     *,^
        Under   Armour    Inc.  Class   A
                                            4,544,534          65,578
        Tupperware      Brands    Corp.
                                            1,043,114          65,403
     *
        TRI  Pointe   Group   Inc.
                                            3,616,892          64,815
        Sanderson     Farms   Inc.
                                             465,297         64,574
     *
        Helen   of Troy   Ltd.
                                             657,337         63,334
                                420/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     *
        Deckers    Outdoor    Corp.
                                             776,861         62,343
        Spectrum     Brands    Holdings    Inc.
                                             554,453         62,321
     *
        Steven   Madden    Ltd.
                                            1,281,253          59,835
     *,^
        Under   Armour    Inc.
                                            4,459,416          59,399
        Herman    Miller   Inc.
                                            1,441,256          57,722
     ^
        B&G   Foods   Inc.
                                            1,607,471          56,503
        Lancaster     Colony    Corp.
                                             431,810         55,794
        Vector    Group   Ltd.
                                            2,448,392          54,795
        J&J  Snack   Foods   Corp.
                                             359,920         54,647
     *
        Cooper-Standard        Holdings    Inc.
                                             426,423         52,237
        Columbia     Sportswear     Co.
                                             684,270         49,185
     *,^
        iRobot   Corp.
                                             638,006         48,935
     *
        Taylor   Morrison     Home   Corp.   Class   A
                                            1,975,149          48,332
     *
        Meritage    Homes    Corp.
                                             921,095         47,160
     *
        Dorman    Products    Inc.
                                             767,274         46,911
        Cooper    Tire  & Rubber    Co.
                                            1,229,620          43,467
     *
        American     Axle   & Manufacturing       Holdings    Inc.
                                            2,408,577          41,018
        HNI  Corp.
                                            1,049,091          40,463
        Winnebago      Industries     Inc.
                                             691,391         38,441
     *,^
        Boston    Beer  Co.  Inc.  Class   A
                                             199,156         38,059
        WD-40    Co.
                                             321,814         37,974
        Nutrisystem      Inc.
                                             720,126         37,879
        Fresh   Del  Monte   Produce    Inc.
                                             789,957         37,657
     *
        Pilgrim's    Pride   Corp.
                                            1,200,947          37,301
        Interface    Inc.  Class   A
                                            1,450,028          36,468
        La-Z-Boy     Inc.
                                            1,159,114          36,164
     *
        G-III   Apparel    Group   Ltd.
                                             940,693         34,702
     *
        Sleep   Number    Corp.
                                             910,313         34,219
        MDC   Holdings    Inc.
                                            1,070,635          34,132
     *
        Hostess    Brands    Inc.  Class   A
                                            2,276,849          33,720
        Camping    World   Holdings    Inc.  Class   A
                                             753,387         33,699
        Schweitzer-Mauduit          International      Inc.
                                             740,894         33,607
     *
        Fox  Factory    Holding    Corp.
                                             852,564         33,122
        Universal     Corp.
                                             605,766         31,803
     *
        Cavco   Industries     Inc.
                                             206,460         31,506
        Callaway     Golf  Co.
                                            2,258,087          31,455
     *
        LGI  Homes    Inc.
                                             416,388         31,242
     *
        ACCO    Brands    Corp.
                                            2,551,783          31,132
        Seaboard     Corp.
                                              7,021        30,963
     ^
        Calavo    Growers    Inc.
                                             363,738         30,700
     *,^
        Cal-Maine     Foods   Inc.
                                             685,476         30,469
        Steelcase     Inc.  Class   A
                                            1,949,922          29,639
        Oxford    Industries     Inc.
                                             384,283         28,894
     *
        Gentherm     Inc.
                                             887,129         28,166
     ^
        National    Beverage     Corp.
                                             280,637         27,345
     *
        Central    Garden    & Pet  Co.  Class   A
                                             706,971         26,660
        Knoll   Inc.
                                            1,148,659          26,465
        Dean   Foods   Co.
                                            2,238,981          25,883
     *,^
        Fitbit   Inc.  Class   A
                                            4,441,163          25,359
                                421/562


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        Briggs   & Stratton    Corp.
                                             980,479         24,875
        Coca-Cola     Bottling    Co.  Consolidated
                                             111,889         24,085
     *
        Modine    Manufacturing       Co.
                                            1,150,131          23,233
     ^
        MGP   Ingredients     Inc.
                                             301,743         23,198
     *
        Avon   Products    Inc.
                                           10,767,665           23,150
     *
        M/I  Homes    Inc.
                                             659,624         22,691
     *
        USANA    Health   Sciences    Inc.
                                             293,705         21,749
        Standard    Motor   Products    Inc.
                                             469,564         21,088
     *
        Vista   Outdoor    Inc.
                                            1,408,773          20,526
     *
        Crocs   Inc.
                                            1,588,315          20,076
     *,^
        GoPro   Inc.  Class   A
                                            2,631,734          19,922
        Andersons     Inc.
                                             627,234         19,538
        Lennar    Corp.   Class   B
                                             374,882         19,374
     *
        William    Lyon   Homes    Class   A
                                             639,149         18,586
        Inter  Parfums    Inc.
                                             423,383         18,396
        Medifast    Inc.
                                             262,877         18,351
                                422/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     *
        Century    Communities      Inc.
                                             562,327         17,488
        Ethan   Allen   Interiors    Inc.
                                             604,630         17,292
        Acushnet     Holdings    Corp.
                                             804,719         16,963
        Titan   International      Inc.
                                            1,239,399          15,963
        Kimball    International      Inc.  Class   B
                                             849,767         15,865
     *,^
        Central    Garden    & Pet  Co.
                                             404,090         15,727
     *
        Universal     Electronics     Inc.
                                             329,625         15,575
        Phibro   Animal    Health   Corp.   Class   A
                                             464,508         15,561
     *
        Beazer   Homes    USA   Inc.
                                             771,034         14,812
     *
        Stoneridge     Inc.
                                             647,833         14,809
        Tower   International      Inc.
                                             473,340         14,461
     *
        Malibu    Boats   Inc.  Class   A
                                             481,686         14,321
     ^
        Tootsie    Roll  Industries     Inc.
                                             382,321         13,917
     *
        Unifi   Inc.
                                             372,400         13,358
        John  B Sanfilippo     & Son  Inc.
                                             197,899         12,517
        Movado    Group   Inc.
                                             381,687         12,290
     *,^
        elf  Beauty    Inc.
                                             524,376         11,699
        National    Presto   Industries     Inc.
                                             117,579         11,693
     *
        ZAGG    Inc.
                                             630,115         11,626
     *
        Motorcar     Parts   of America    Inc.
                                             452,803         11,316
        Hooker    Furniture     Corp.
                                             265,751         11,281
     *,^
        Freshpet    Inc.
                                             581,618         11,022
     *
        Nautilus    Inc.
                                             740,255          9,882
     *
        Hovnanian     Enterprises     Inc.  Class   A
                                            2,900,638           9,717
     *
        MCBC    Holdings    Inc.
                                             426,346          9,473
     *,^
        Amplify    Snack   Brands    Inc.
                                             781,970          9,391
     *
        Glu  Mobile    Inc.
                                            2,519,517           9,171
        Bassett    Furniture     Industries     Inc.
                                             237,918          8,946
        Superior    Industries     International      Inc.
                                             585,406          8,693
        Flexsteel    Industries     Inc.
                                             178,968          8,372
        Culp   Inc.
                                             249,220          8,349
     *
        Primo   Water   Corp.
                                             663,967          8,346
     *
        Farmer    Brothers    Co.
                                             250,444          8,052
     *
        Perry   Ellis  International      Inc.
                                             308,561          7,726
        Johnson    Outdoors     Inc.  Class   A
                                             121,155          7,523
     *,^
        Fossil   Group   Inc.
                                             939,538          7,300
     *,^
        22nd   Century    Group   Inc.
                                            2,607,138           7,300
        Turning    Point   Brands    Inc.
                                             345,043          7,291
        Limoneira     Co.
                                             306,988          6,877
        Superior    Uniform    Group   Inc.
                                             231,336          6,179
     *
        Vera   Bradley    Inc.
                                             472,643          5,757
        Oil-Dri    Corp.   of America
                                             126,337          5,243
     *
        Seneca    Foods   Corp.   Class   A
                                             169,208          5,203
        Lifetime    Brands    Inc.
                                             294,528          4,860
     *
        Craft   Brew   Alliance    Inc.
                                             251,775          4,834
     *,^
        Revlon    Inc.  Class   A
                                             207,651          4,527
        Libbey    Inc.
                                             578,775          4,352
        Weyco    Group   Inc.
                                             145,772          4,332
     *
        Clarus   Corp.
                                             539,230          4,233
                                423/562


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                                                 有価証券報告書（外国投資信託受益証券）
        Core   Molding    Technologies       Inc.
                                             187,022          4,058
     *
        New  Home   Co.  Inc.
                                             318,723          3,994
        Strattec    Security    Corp.
                                             88,294         3,845
        Hamilton     Beach   Brands    Holding    Co.  Class   A
                                             149,244          3,834
        Rocky   Brands    Inc.
                                             185,059          3,498
     *,^
        Castle   Brands    Inc.
                                            2,658,792           3,244
     *
        Lakeland     Industries     Inc.
                                             215,776          3,140
     *
        Shiloh   Industries     Inc.
                                             348,602          2,859
     *,^
        Eastman    Kodak   Co.
                                             906,645          2,811
     *
        Delta   Apparel    Inc.
                                             137,542          2,778
     *,^
        Vuzix   Corp.
                                             423,695          2,648
     ^
        Orchids    Paper   Products    Co.
                                             202,290          2,589
     *,^
        Jamba   Inc.
                                             316,850          2,554
     *
        Alliance    One  International      Inc.
                                             192,604          2,552
        Marine    Products    Corp.
                                             192,480          2,452
        Nature's    Sunshine    Products    Inc.
                                             209,302          2,417
                                424/562















                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
        Escalade    Inc.
                                             193,788          2,384
     *,^
        PolarityTE     Inc.
                                             94,928         2,203
     *,^
        S&W   Seed   Co.
                                             562,635          2,194
     *
        Skyline    Corp.
                                             159,664          2,052
     *,^
        Celsius    Holdings    Inc.
                                             387,737          2,036
        A-Mark    Precious    Metals   Inc.
                                             136,129          2,002
        Alico   Inc.
                                             67,447         1,990
        Crown   Crafts   Inc.
                                             274,576          1,771
        Kewaunee     Scientific     Corp.
                                             56,675         1,644
     *
        US  Auto   Parts   Network    Inc.
                                             640,827          1,615
     *,^
        Akoustis    Technologies       Inc.
                                             251,593          1,567
     *,^
        Lipocine    Inc.
                                             454,497          1,563
     *
        Natural    Alternatives      International      Inc.
                                             148,830          1,537
     *,^
        JAKKS    Pacific    Inc.
                                             619,016          1,455
     *,^
        Sequential     Brands    Group   Inc.
                                             816,861          1,454
     *,^
        Iconix   Brand   Group   Inc.
                                            1,103,201           1,423
        Acme   United   Corp.
                                             59,859         1,401
     *
        Lifevantage      Corp.
                                             292,255          1,391
     *
        Funko   Inc.  Class   A
                                             197,330          1,312
        Rocky   Mountain     Chocolate     Factory    Inc.
                                             107,748          1,271
        Unique    Fabricating      Inc.
                                             159,609          1,184
     *
        Alpha   Pro  Tech   Ltd.
                                             293,460          1,174
        Virco   Manufacturing       Corp.
                                             219,089          1,106
     *
        Dixie   Group   Inc.
                                             282,155          1,086
        LS  Starrett    Co.  Class   A
                                             105,296           906
     *,^
        Nova   Lifestyle    Inc.
                                             361,361           867
     *
        Lifeway    Foods   Inc.
                                             104,177           833
     *
        Tandy   Leather    Factory    Inc.
                                             93,919          723
     *
        Coffee   Holding    Co.  Inc.
                                             130,802           559
     *
        Willamette     Valley   Vineyards     Inc.
                                             63,497          529
     *
        Veru   Inc.
                                             439,774           506
        Mannatech     Inc.
                                             32,631          489
     *
        Cherokee     Inc.
                                             242,339           460
     *
        Zedge   Inc.  Class   B
                                             143,177           394
     *,^
        New  Age  Beverages     Corp.
                                             176,249           382
     *
        Charles    & Colvard    Ltd.
                                             212,413           287
     *,^
        Reed's   Inc.
                                             176,831           274
     *
        Differential      Brands    Group   Inc.
                                             284,075           273
     *
        Vince   Holding    Corp.
                                             39,303          243
     *
        Summer    Infant   Inc.
                                             149,701           225
     *
        Emerson    Radio   Corp.
                                             153,609           224
     *,^
        Long   Island   Iced  Tea  Corp.
                                             41,833          213
        P&F  Industries     Inc.  Class   A
                                             19,303          164
     *,^
        Clean   Diesel   Technologies       Inc.
                                             100,233           157
        Ocean   Bio-Chem     Inc.
                                             22,278           97
     *
        Cyanotech     Corp.
                                             23,496           93
        CompX    International      Inc.
                                              5,846          78
     *
        Hovnanian     Enterprises     Inc.  Class   B
                                             19,300           65
     *
        CTI  Industries     Corp.
                                             14,046           60
                                425/562


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     *
        Crystal    Rock   Holdings    Inc.
                                             60,050           50
     *
        Koss   Corp.
                                             12,072           37
     *
        Bridgford     Foods   Corp.
                                              1,914          24
     *
        Stanley    Furniture     Co.  Inc.
                                              4,400           4
     *
        JRjr33   Inc.
                                                        3
                                             18,431
                                                    59,415,835
     Consumer     Services    (12.7%)
     *
        Amazon.com      Inc.
                                            9,872,842        11,545,993
        Home   Depot   Inc.
                                           28,149,308         5,335,138
        Comcast    Corp.   Class   A
                                           112,431,166          4,502,868
        Walt   Disney    Co.
                                           34,585,185         3,718,253
        Wal-Mart     Stores   Inc.
                                           36,002,550         3,555,252
        McDonald's      Corp.
                                           19,210,798         3,306,563
     *
        Priceline    Group   Inc.
                                            1,175,358         2,042,467
        Costco   Wholesale     Corp.
                                           10,532,202         1,960,253
     *
        Netflix    Inc.
                                            9,908,095         1,901,958
                                426/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
        Starbucks     Corp.
                                           32,582,996         1,871,241
        Lowe's    Cos.  Inc.
                                           20,074,723         1,865,745
        CVS   Health   Corp.
                                           24,425,430         1,770,844
        Time   Warner    Inc.
                                           17,827,942         1,630,722
     *
        Charter    Communications        Inc.  Class   A
                                            4,494,305         1,509,907
        Walgreens     Boots   Alliance    Inc.
                                           20,681,944         1,501,923
        TJX  Cos.  Inc.
                                           14,570,529         1,114,063
     *
        eBay   Inc.
                                           23,914,512          902,534
        Marriott    International      Inc.  Class   A
                                            6,591,334         894,642
        Twenty-First      Century    Fox  Inc.  Class   A
                                           25,209,809          870,495
        Delta   Air  Lines   Inc.
                                           15,467,890          866,202
        Target   Corp.
                                           13,100,561          854,812
        Southwest     Airlines    Co.
                                           12,875,851          842,724
        McKesson     Corp.
                                            5,024,684         783,599
        Ross   Stores   Inc.
                                            9,295,664         745,977
        Sysco   Corp.
                                           11,302,720          686,414
        Yum!   Brands    Inc.
                                            8,122,537         662,880
        Las  Vegas   Sands   Corp.
                                            9,527,318         662,053
        Carnival    Corp.
                                            9,644,246         640,089
        Dollar   General    Corp.
                                            6,586,460         612,607
        Kroger    Co.
                                           21,437,143          588,450
     *
        Dollar   Tree  Inc.
                                            5,427,344         582,408
        American     Airlines    Group   Inc.
                                           10,381,353          540,142
     *
        O'Reilly    Automotive      Inc.
                                            2,049,613         493,014
        Royal   Caribbean     Cruises    Ltd.
                                            4,127,865         492,372
        CBS  Corp.   Class   B
                                            8,297,866         489,574
     *
        AutoZone     Inc.
                                             662,580         471,340
        Cardinal    Health   Inc.
                                            7,581,816         464,538
     *
        United   Continental      Holdings    Inc.
                                            6,233,686         420,150
        Best  Buy  Co.  Inc.
                                            6,129,407         419,680
        MGM   Resorts    International
                                           12,280,048          410,031
        Omnicom     Group   Inc.
                                            5,555,873         404,634
        Hilton   Worldwide      Holdings    Inc.
                                            5,015,497         400,538
        Twenty-First      Century    Fox  Inc.
                                           10,779,848          367,808
        Expedia    Inc.
                                            3,022,748         362,035
        AmerisourceBergen          Corp.   Class   A
                                            3,942,216         361,974
        L Brands    Inc.
                                            5,814,363         350,141
        Wynn   Resorts    Ltd.
                                            1,981,287         334,025
     *
        Ulta  Beauty    Inc.
                                            1,406,856         314,657
        Nielsen    Holdings    plc
                                            8,585,311         312,505
        Tiffany    & Co.
                                            2,850,284         296,287
        Darden    Restaurants      Inc.
                                            2,981,432         286,277
     *
        CarMax    Inc.
                                            4,394,373         281,811
        Viacom    Inc.  Class   B
                                            8,779,880         270,508
        Wyndham     Worldwide      Corp.
                                            2,321,676         269,013
        Aramark
                                            5,895,386         251,969
     *
        DISH   Network    Corp.   Class   A
                                            5,221,233         249,314
     *
        Norwegian     Cruise   Line  Holdings    Ltd.
                                            4,403,284         234,475
     *
        Liberty    Interactive     Corp.   QVC   Group   Class   A
                                            9,318,586         227,560
                                427/562


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        Tractor    Supply    Co.
                                            3,026,436         226,226
        Kohl's   Corp.
                                            4,060,432         220,197
        Alaska   Air  Group   Inc.
                                            2,965,866         218,021
     *
        Copart   Inc.
                                            5,008,258         216,307
        Gap  Inc.
                                            6,089,856         207,420
        Vail  Resorts    Inc.
                                             973,302         206,797
     *
        Burlington     Stores   Inc.
                                            1,644,577         202,332
        Domino's     Pizza   Inc.
                                            1,055,073         199,367
     *
        Chipotle    Mexican    Grill  Inc.  Class   A
                                             680,507         196,687
        Interpublic     Group   of Cos.  Inc.
                                            9,363,401         188,766
        News   Corp.   Class   A
                                           11,606,788          188,146
        Macy's    Inc.
                                            7,337,675         184,836
        FactSet    Research    Systems    Inc.
                                             943,118         181,795
     ^
        Sirius   XM  Holdings    Inc.
                                           33,234,606          178,137
        Scripps    Networks     Interactive     Inc.  Class   A
                                            2,083,711         177,907
     *
        JetBlue    Airways    Corp.
                                            7,727,350         172,629
                                428/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
        Advance    Auto   Parts   Inc.
                                            1,691,660         168,642
     *
        ServiceMaster       Global   Holdings    Inc.
                                            3,250,520         166,654
        KAR   Auction    Services    Inc.
                                            3,263,899         164,860
     *
        Caesars    Entertainment       Corp.
                                           12,754,455          161,344
        Service    Corp.   International
                                            4,280,293         159,741
     *
        Liberty    Media   Corp-Liberty      Formula    One
                                            4,501,169         153,760
     *
        GrubHub     Inc.
                                            2,091,245         150,151
     *
        Liberty    Media   Corp-Liberty      SiriusXM
                                            3,719,359         147,510
        Foot  Locker    Inc.
                                            2,987,527         140,055
        Dunkin'    Brands    Group   Inc.
                                            2,171,136         139,973
     *
        Live  Nation   Entertainment       Inc.
                                            3,237,158         137,806
        Nordstrom     Inc.
                                            2,808,691         133,076
        H&R   Block   Inc.
                                            5,036,378         132,054
     *
        Bright   Horizons    Family    Solutions     Inc.
                                            1,284,187         120,714
        Rollins    Inc.
                                            2,371,103         110,327
        Six  Flags   Entertainment       Corp.
                                            1,617,815         107,698
        Dun  & Bradstreet     Corp.
                                             890,397         105,432
     *
        Discovery     Communications        Inc.
                                            4,965,324         105,116
     *
        Beacon    Roofing    Supply    Inc.
                                            1,630,633         103,969
     *
        Grand   Canyon    Education     Inc.
                                            1,156,590         103,549
        Casey's    General    Stores   Inc.
                                             912,919         102,192
        Sabre   Corp.
                                            4,636,672          95,052
     ^
        Williams-Sonoma         Inc.
                                            1,832,018          94,715
        Chemed    Corp.
                                             384,956         93,552
     ^
        Cracker    Barrel   Old  Country    Store   Inc.
                                             576,305         91,569
     *
        Liberty    Media   Corp-Liberty      SiriusXM
                                            2,306,891          91,491
     *
        TripAdvisor      Inc.
                                            2,583,482          89,027
     *
        Five  Below   Inc.
                                            1,329,851          88,196
        Cinemark     Holdings    Inc.
                                            2,523,895          87,882
        Extended     Stay  America    Inc.
                                            4,621,831          87,815
     *
        Madison    Square   Garden    Co.  Class   A
                                             412,599         86,996
        Dolby   Laboratories      Inc.  Class   A
                                            1,358,721          84,241
     *
        Discovery     Communications        Inc.  Class   A
                                            3,742,464          83,756
        Signet   Jewelers    Ltd.
                                            1,455,592          82,314
        Nexstar    Media   Group   Inc.  Class   A
                                            1,043,684          81,616
        Texas   Roadhouse     Inc.  Class   A
                                            1,536,634          80,950
        AMERCO
                                             212,704         80,383
        Tribune    Media   Co.  Class   A
                                            1,890,903          80,307
     *
        Yelp   Inc.  Class   A
                                            1,896,356          79,571
     *
        Performance      Food   Group   Co.
                                            2,393,305          79,218
        Cable   One  Inc.
                                             110,475         77,703
     *
        Avis   Budget    Group   Inc.
                                            1,764,954          77,446
     *
        Hyatt   Hotels   Corp.   Class   A
                                            1,029,053          75,677
     *,^
        Stamps.com      Inc.
                                             399,891         75,179
     *
        Hilton   Grand   Vacations     Inc.
                                            1,788,282          75,018
     *
        Spirit   Airlines    Inc.
                                            1,671,776          74,979
     *
        Sprouts    Farmers    Market    Inc.
                                            3,046,746          74,188
     *
        SiteOne    Landscape     Supply    Inc.
                                             956,228         73,343
     *,^
        AutoNation      Inc.
                                            1,428,741          73,337
                                429/562


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        TEGNA    Inc.
                                            5,174,401          72,856
        John  Wiley   & Sons   Inc.  Class   A
                                            1,099,711          72,306
        ILG  Inc.
                                            2,537,163          72,258
        American     Eagle   Outfitters     Inc.
                                            3,838,262          72,159
        Bed  Bath  & Beyond    Inc.
                                            3,275,352          72,025
        Wendy's    Co.
                                            4,371,935          71,787
     *
        Lions   Gate  Entertainment       Corp.   Class   B
                                            2,259,902          71,729
     *
        Planet   Fitness    Inc.  Class   A
                                            2,067,486          71,597
        Jack  in the  Box  Inc.
                                             708,238         69,485
        Sinclair    Broadcast     Group   Inc.  Class   A
                                            1,832,772          69,370
        Marriott    Vacations     Worldwide      Corp.
                                             510,235         68,989
        Churchill     Downs    Inc.
                                             296,186         68,922
        Choice    Hotels   International      Inc.
                                             887,397         68,862
        Aaron's    Inc.
                                            1,703,566          67,887
     *
        Scientific     Games   Corp.   Class   A
                                            1,294,812          66,424
        Boyd   Gaming    Corp.
                                            1,893,497          66,367
                                430/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     *
        AMC   Networks     Inc.  Class   A
                                            1,214,333          65,671
        Lithia   Motors    Inc.  Class   A
                                             576,544         65,490
     *
        Murphy    USA   Inc.
                                             797,799         64,111
     *
        Michaels    Cos.  Inc.
                                            2,617,772          63,324
        SkyWest     Inc.
                                            1,187,982          63,082
        Meredith    Corp.
                                             950,396         62,774
        Regal   Entertainment       Group   Class   A
                                            2,727,885          62,769
     *
        Ollie's   Bargain    Outlet   Holdings    Inc.
                                            1,177,216          62,687
     *
        Penn   National    Gaming    Inc.
                                            1,972,113          61,786
        Children's     Place   Inc.
                                             422,929         61,473
        Hillenbrand      Inc.
                                            1,363,427          60,945
     *
        United   Natural    Foods   Inc.
                                            1,229,605          60,583
     *
        Urban   Outfitters     Inc.
                                            1,696,892          59,493
        Graham    Holdings    Co.  Class   B
                                             104,557         58,379
     *
        Sally   Beauty    Holdings    Inc.
                                            3,096,643          58,093
     *
        Liberty    Expedia    Holdings    Inc.  Class   A
                                            1,308,039          57,985
        Big  Lots  Inc.
                                            1,026,598          57,643
        New  York   Times   Co.  Class   A
                                            3,108,544          57,508
     *,^
        Altice   USA   Inc.  Class   A
                                            2,681,942          56,938
     *
        Sotheby's
                                            1,075,598          55,501
        Red  Rock   Resorts    Inc.  Class   A
                                            1,641,712          55,391
        Adtalem    Global   Education     Inc.
                                            1,316,678          55,366
     *
        Dave   & Buster's    Entertainment       Inc.
                                             993,020         54,785
        Dick's   Sporting    Goods   Inc.
                                            1,892,018          54,377
        PriceSmart     Inc.
                                             624,004         53,727
     *
        Buffalo    Wild   Wings   Inc.
                                             336,689         52,641
     *
        Groupon    Inc.  Class   A
                                           10,102,430           51,522
     *
        Etsy  Inc.
                                            2,493,428          50,991
     *,^
        Rite  Aid  Corp.
                                           25,616,542           50,465
     *
        Acxiom    Corp.
                                            1,830,370          50,445
        Hawaiian     Holdings    Inc.
                                            1,264,465          50,389
        Cheesecake      Factory    Inc.
                                             996,281         48,001
        Allegiant     Travel   Co.  Class   A
                                             310,032         47,977
     *
        Rush   Enterprises     Inc.  Class   A
                                             888,220         45,130
     *,^
        Cars.com     Inc.
                                            1,553,654          44,807
     *,^
        Lions   Gate  Entertainment       Corp.   Class   A
                                            1,324,648          44,786
        Time   Inc.
                                            2,423,456          44,713
        Office   Depot   Inc.
                                           12,543,095           44,403
        GameStop     Corp.   Class   A
                                            2,432,454          43,663
        Brinker    International      Inc.
                                            1,117,754          43,414
        Monro   Inc.
                                             758,610         43,203
     *
        Pinnacle    Entertainment       Inc.
                                            1,317,514          43,122
     *,^
        Eldorado    Resorts    Inc.
                                            1,290,857          42,792
        Bloomin'     Brands    Inc.
                                            1,984,055          42,340
        Morningstar      Inc.
                                             413,883         40,134
     *,^
        RH
                                             458,739         39,548
        Penske    Automotive      Group   Inc.
                                             822,867         39,374
     *
        Shutterfly     Inc.
                                             788,338         39,220
        Matthews     International      Corp.   Class   A
                                             740,876         39,118
                                431/562


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        Bob  Evans   Farms   Inc.
                                             480,570         37,879
     *
        La  Quinta   Holdings    Inc.
                                            1,967,610          36,322
     *
        Herc   Holdings    Inc.
                                             580,041         36,316
        DSW   Inc.  Class   A
                                            1,654,880          35,431
        Group   1 Automotive      Inc.
                                             477,609         33,896
     *,^
        Chegg   Inc.
                                            2,072,337          33,821
        Core-Mark     Holding    Co.  Inc.
                                            1,061,428          33,520
        Papa   John's   International      Inc.
                                             593,324         33,291
        Caleres    Inc.
                                             984,764         32,970
     *,^
        Trade   Desk   Inc.  Class   A
                                             710,978         32,513
        Gannett    Co.  Inc.
                                            2,694,627          31,231
     *
        Gray   Television     Inc.
                                            1,851,034          31,005
     *
        Weight    Watchers     International      Inc.
                                             698,484         30,929
        HSN   Inc.
                                             762,277         30,758
     *
        Asbury    Automotive      Group   Inc.
                                             452,201         28,941
     *,^
        Hertz   Global   Holdings    Inc.
                                            1,309,315          28,936
                                432/562















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                                                 有価証券報告書（外国投資信託受益証券）
     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     *
        MSG   Networks     Inc.
                                            1,415,242          28,659
        Abercrombie      & Fitch   Co.
                                            1,639,203          28,571
     *,^
        Pandora    Media   Inc.
                                            5,684,566          27,400
        Wingstop     Inc.
                                             698,618         27,232
     *,^
        Overstock.com       Inc.
                                             421,548         26,937
        World   Wrestling     Entertainment       Inc.  Class   A
                                             846,810         25,895
        Chico's    FAS  Inc.
                                            2,929,697          25,840
        Tailored    Brands    Inc.
                                            1,176,643          25,686
        Sonic   Corp.
                                             917,299         25,207
        Scholastic     Corp.
                                             614,333         24,641
     *
        Belmond    Ltd.  Class   A
                                            2,001,594          24,520
        Guess?    Inc.
                                            1,408,197          23,770
     *
        Houghton     Mifflin    Harcourt    Co.
                                            2,555,342          23,765
     *
        Diplomat     Pharmacy     Inc.
                                            1,158,855          23,258
     *
        Liberty    Media   Corp-Liberty      Formula    One  Class   A
                                             709,074         23,201
        International      Speedway     Corp.   Class   A
                                             576,676         22,981
        SpartanNash      Co.
                                             857,887         22,888
        Strayer    Education     Inc.
                                             254,425         22,791
     *,^
        Roku   Inc.
                                             436,054         22,579
     *,^
        JC  Penney    Co.  Inc.
                                            7,120,449          22,501
     *
        Quotient    Technology      Inc.
                                            1,896,457          22,283
     *,^
        Lumber    Liquidators      Holdings    Inc.
                                             682,273         21,417
        PetMed    Express    Inc.
                                             470,659         21,415
        DineEquity      Inc.
                                             420,621         21,338
     *
        EW  Scripps    Co.  Class   A
                                            1,364,904          21,333
        Capella    Education     Co.
                                             267,739         20,723
     *
        Simply    Good   Foods   Co.
                                            1,452,193          20,708
     *
        Denny's    Corp.
                                            1,541,520          20,410
        New  Media   Investment     Group   Inc.
                                            1,200,521          20,145
        SUPERVALU       Inc.
                                             923,880         19,956
     *
        SP  Plus  Corp.
                                             512,887         19,028
     *
        Career   Education     Corp.
                                            1,573,098          19,003
     *
        Liberty    Media   Corp-Liberty      Braves
                                             842,578         18,722
     *,^
        TrueCar    Inc.
                                            1,666,719          18,667
        Entercom     Communications        Corp.   Class   A
                                            1,728,119          18,664
     *
        Express    Inc.
                                            1,796,726          18,237
     ^
        Dillard's    Inc.  Class   A
                                             301,518         18,106
     *,^
        Shake   Shack   Inc.  Class   A
                                             413,354         17,857
     *,^
        SeaWorld     Entertainment       Inc.
                                            1,313,820          17,829
     *
        Red  Robin   Gourmet    Burgers    Inc.
                                             314,954         17,763
     ^
        AMC   Entertainment       Holdings    Inc.  Class   A
                                            1,150,191          17,368
     *
        Laureate    Education     Inc.  Class   A
                                            1,259,728          17,082
        BJ's  Restaurants      Inc.
                                             465,826         16,956
     ^
        Buckle    Inc.
                                             708,145         16,818
     *
        Liberty    TripAdvisor      Holdings    Inc.  Class   A
                                            1,771,628          16,698
     *
        Providence     Service    Corp.
                                             279,757         16,601
     *,^
        Trupanion     Inc.
                                             542,549         15,880
        Ruth's   Hospitality     Group   Inc.
                                             728,605         15,774
     *
        K12  Inc.
                                             945,097         15,027
                                433/562


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     *,^
        ANGI   Homeservices       Inc.  Class   A
                                            1,421,376          14,868
     *
        Genesco    Inc.
                                             447,870         14,556
     *
        National    Vision   Holdings    Inc.
                                             350,641         14,240
     *,^
        Party   City  Holdco    Inc.
                                             985,611         13,749
     *,^
        Conn's   Inc.
                                             378,970         13,472
     *
        Regis   Corp.
                                             854,710         13,128
     *
        MDC   Partners    Inc.  Class   A
                                            1,340,693          13,072
        Finish   Line  Inc.  Class   A
                                             882,946         12,829
     *
        Monarch    Casino   & Resort   Inc.
                                             278,648         12,489
        National    CineMedia     Inc.
                                            1,788,182          12,267
     *
        Golden    Entertainment       Inc.
                                             373,389         12,191
        Marcus    Corp.
                                             443,009         12,116
     *
        MarineMax      Inc.
                                             632,205         11,949
        Ingles   Markets    Inc.  Class   A
                                             344,382         11,916
        Entravision      Communications        Corp.   Class   A
                                            1,642,501          11,744
     *
        Chuy's   Holdings    Inc.
                                             415,327         11,650
                                434/562















                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     *
        Biglari   Holdings    Inc.
                                             27,926         11,573
     ^
        Rent-A-Center       Inc.
                                            1,036,855          11,509
     *
        XO  Group   Inc.
                                             614,493         11,344
     *
        Chefs'   Warehouse      Inc.
                                             548,093         11,236
     *
        At Home   Group   Inc.
                                             363,579         11,049
        Sonic   Automotive      Inc.  Class   A
                                             586,860         10,828
     *
        Carrols    Restaurant     Group   Inc.
                                             834,724         10,142
     *
        Hibbett    Sports   Inc.
                                             491,682         10,030
     *
        Zumiez    Inc.
                                             475,516          9,903
     *
        Care.com     Inc.
                                             545,824          9,847
     *
        Fiesta   Restaurant     Group   Inc.
                                             512,229          9,732
     *
        Titan   Machinery     Inc.
                                             453,316          9,597
     *
        Ascena    Retail   Group   Inc.
                                            4,028,247           9,466
        Haverty    Furniture     Cos.  Inc.
                                             415,765          9,417
        Weis   Markets    Inc.
                                             222,044          9,190
     *
        American     Public   Education     Inc.
                                             363,191          9,098
        Carriage    Services    Inc.  Class   A
                                             353,152          9,080
        News   Corp.   Class   B
                                             544,791          9,044
        Barnes   & Noble   Inc.
                                            1,349,297           9,040
        Emerald    Expositions      Events   Inc.
                                             432,165          8,790
        Tile  Shop   Holdings    Inc.
                                             911,446          8,750
     *
        Del  Taco   Restaurants      Inc.
                                             715,383          8,670
        Cato  Corp.   Class   A
                                             534,701          8,512
     *,^
        Cargurus     Inc.
                                             279,982          8,394
        Drive   Shack   Inc.
                                            1,479,661           8,183
        Winmark     Corp.
                                             62,878         8,136
        Citi  Trends    Inc.
                                             302,460          8,003
     *
        Del  Frisco's    Restaurant     Group   Inc.
                                             523,836          7,988
        Pier  1 Imports    Inc.
                                            1,924,117           7,966
     *,^
        Zoe's   Kitchen    Inc.
                                             475,563          7,951
     *
        America's     Car-Mart     Inc.
                                             167,380          7,474
     *
        Potbelly    Corp.
                                             585,492          7,202
        Shoe   Carnival    Inc.
                                             261,300          6,990
     *
        Clean   Energy    Fuels   Corp.
                                            3,319,737           6,739
     *,^
        Carvana    Co.
                                             350,630          6,704
     *
        QuinStreet     Inc.
                                             798,163          6,689
     *
        tronc   Inc.
                                             374,529          6,588
     *
        Barnes   & Noble   Education     Inc.
                                             786,662          6,482
     *
        Francesca's      Holdings    Corp.
                                             873,158          6,383
     *
        TechTarget      Inc.
                                             452,241          6,295
     *
        1-800-Flowers.com         Inc.  Class   A
                                             585,063          6,260
     *
        Reading    International      Inc.  Class   A
                                             372,750          6,225
        RCI  Hospitality     Holdings    Inc.
                                             220,371          6,166
        CSS  Industries     Inc.
                                             217,491          6,053
     *
        Century    Casinos    Inc.
                                             654,716          5,978
     *,^
        GNC   Holdings    Inc.  Class   A
                                            1,541,549           5,688
        Nathan's    Famous    Inc.
                                             73,372         5,540
     *,^
        Sportsman's      Warehouse      Holdings    Inc.
                                             822,116          5,434
     *,^
        Daily   Journal    Corp.
                                             23,348         5,375
                                435/562


                                                           EDINET提出書類
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                                                 有価証券報告書（外国投資信託受益証券）
        Collectors     Universe    Inc.
                                             186,701          5,347
     *
        Smart   & Final   Stores   Inc.
                                             621,991          5,318
     *
        Bridgepoint      Education     Inc.  Class   A
                                             628,536          5,217
     *
        Lindblad    Expeditions      Holdings    Inc.
                                             528,911          5,178
     *,^
        Boot   Barn   Holdings    Inc.
                                             307,886          5,114
     *
        El Pollo   Loco   Holdings    Inc.
                                             512,366          5,072
     *,^
        Stitch   Fix  Inc.  Class   A
                                             194,771          5,031
     *
        Bojangles'     Inc.
                                             424,423          5,008
        Speedway     Motorsports      Inc.
                                             265,017          5,001
        Tilly's   Inc.  Class   A
                                             331,331          4,890
     *
        Avid   Technology      Inc.
                                             902,451          4,864
     *,^
        Habit   Restaurants      Inc.  Class   A
                                             505,540          4,828
     *,^
        Remark    Holdings    Inc.
                                             492,206          4,789
     *
        Liberty    Media   Corp-Liberty      Braves
                                             217,055          4,786
     *
        Kirkland's     Inc.
                                             396,140          4,740
     *
        Hemisphere      Media   Group   Inc.  Class   A
                                             405,608          4,685
                                436/562















                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
        Saga   Communications        Inc.  Class   A
                                             115,556          4,674
     *,^
        Lands'   End  Inc.
                                             232,356          4,543
        Village    Super   Market    Inc.  Class   A
                                             185,350          4,250
     *,^
        Duluth   Holdings    Inc.
                                             229,548          4,097
        Clear   Channel    Outdoor    Holdings    Inc.  Class   A
                                             884,093          4,067
     *,^
        Boston    Omaha    Corp.
                                             118,618          3,842
     ^
        Big  5 Sporting    Goods   Corp.
                                             475,843          3,616
     ^
        Fred's   Inc.  Class   A
                                             870,223          3,524
     *
        Red  Lion  Hotels   Corp.
                                             352,425          3,471
     *
        Fogo   De  Chao   Inc.
                                             292,629          3,394
     *
        Liquidity     Services    Inc.
                                             697,626          3,383
     *
        J Alexander's      Holdings    Inc.
                                             329,314          3,194
     *,^
        Global   Eagle   Entertainment       Inc.
                                            1,375,392           3,150
     *
        Ascent   Capital    Group   Inc.  Class   A
                                             258,341          2,968
     *
        Build-A-Bear       Workshop     Inc.
                                             316,025          2,907
     *
        FTD  Cos.  Inc.
                                             402,549          2,894
     *,^
        Tuesday    Morning    Corp.
                                            1,034,055           2,844
     *
        RealNetworks       Inc.
                                             791,808          2,708
     ^
        Natural    Health   Trends    Corp.
                                             177,767          2,700
     *
        Full  House   Resorts    Inc.
                                             688,764          2,693
     *
        Marchex    Inc.  Class   B
                                             825,308          2,666
     *,^
        Lee  Enterprises     Inc.
                                            1,126,859           2,648
        Liberty    Tax  Inc.
                                             238,960          2,629
        YuMe   Inc.
                                             543,296          2,597
     *,^
        Noodles    & Co.  Class   A
                                             477,132          2,505
     *,^
        Blue  Apron   Holdings    Inc.  Class   A
                                             617,072          2,487
     *
        PCM   Inc.
                                             246,655          2,442
     *
        J. Jill  Inc.
                                             307,091          2,395
     *,^
        Inspired    Entertainment       Inc.
                                             241,228          2,364
     *
        Vitamin    Shoppe    Inc.
                                             531,206          2,337
     *
        Leaf  Group   Ltd.
                                             228,866          2,266
     *
        AutoWeb     Inc.
                                             245,357          2,211
     *,^
        Natural    Grocers    by Vitamin    Cottage    Inc.
                                             239,762          2,141
     *,^
        Sears   Holdings    Corp.
                                             592,695          2,122
     *
        Town   Sports   International      Holdings    Inc.
                                             380,413          2,111
     *
        Container     Store   Group   Inc.
                                             440,571          2,088
     *,^
        Cogint   Inc.
                                             474,404          2,087
        AH  Belo  Corp.   Class   A
                                             428,938          2,059
     *
        Gaia  Inc.  Class   A
                                             160,559          1,991
     *,^
        Digital   Turbine    Inc.
                                            1,085,631           1,943
     *
        Cambium     Learning    Group   Inc.
                                             333,388          1,894
        Peak   Resorts    Inc.
                                             336,921          1,819
     *
        Townsquare      Media   Inc.  Class   A
                                             226,296          1,738
     *
        EVINE    Live  Inc.
                                            1,240,696           1,737
     *
        Destination      XL  Group   Inc.
                                             740,016          1,628
     *
        Rubicon    Project    Inc.
                                             814,927          1,524
     *,^
        Papa   Murphy's     Holdings    Inc.
                                             261,858          1,409
     *
        New  York   & Co.  Inc.
                                             484,773          1,386
        Wayside    Technology      Group   Inc.
                                             82,067         1,371
                                437/562


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        Salem   Media   Group   Inc.  Class   A
                                             304,136          1,369
     *
        Chicken    Soup   For  The  Soul  Entertainment       Inc.
                                             116,305          1,047
        Beasley    Broadcast     Group   Inc.  Class   A
                                             76,851         1,030
     ^
        Stage   Stores   Inc.
                                             604,214          1,015
     *
        Urban   One  Inc.
                                             577,563          1,011
     *
        Travelzoo
                                             152,382           983
     *
        TheStreet     Inc.
                                             664,861           964
     ^
        Stein   Mart   Inc.
                                             781,770           907
     *,^
        Destination      Maternity     Corp.
                                             296,396           880
     *,^
        McClatchy     Co.  Class   A
                                             96,865          865
        Dover   Motorsports      Inc.
                                             442,500           863
     *
        Nevada    Gold   & Casinos    Inc.
                                             313,955           838
     *,^
        Social   Reality    Inc.
                                             147,420           833
     *
        Luby's   Inc.
                                             308,772           815
     *
        Harte-Hanks      Inc.
                                             789,630           749
     *
        Profire   Energy    Inc.
                                             385,509           740
                                438/562















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                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     *
        Bravo   Brio  Restaurant     Group   Inc.
                                             238,286           596
        Ark  Restaurants      Corp.
                                             21,310          576
     *,^
        Famous    Dave's   of America    Inc.
                                             86,505          571
     *
        Christopher      & Banks   Corp.
                                             425,395           540
        Canterbury     Park  Holding    Corp.
                                             31,505          518
     *,^
        Interpace     Diagnostics      Group   Inc.
                                             493,138           503
     *
        Educational      Development       Corp.
                                             23,623          448
     *
        ONE   Group   Hospitality     Inc.
                                             184,852           442
     *,^
        Good   Times   Restaurants      Inc.
                                             154,244           409
     *
        Emmis    Communications        Corp.   Class   A
                                             112,373           398
     *
        Rush   Enterprises     Inc.  Class   B
                                              7,149         345
     *,^
        Kona   Grill  Inc.
                                             152,060           266
     ^
        National    American     University     Holdings    Inc.
                                             170,808           239
     *,^
        Ifresh   Inc.
                                             14,546          193
     *,^
        Genius    Brands    International      Inc.
                                             68,896          187
     *,^
        Sears   Hometown     and  Outlet   Stores   Inc.
                                             71,795          187
        Value   Line  Inc.
                                              9,438         183
     *
        Diversified      Restaurant     Holdings    Inc.
                                             102,027           163
     *
        Rave   Restaurant     Group   Inc.
                                             109,555           160
     *
        Spark   Networks     SE  ADR
                                             11,270          143
        Flanigan's     Enterprises     Inc.
                                              5,278         122
        Insignia    Systems    Inc.
                                             96,450          115
     *
        Dover   Downs    Gaming    & Entertainment       Inc.
                                             90,486           92
        Haverty    Furniture     Cos.  Inc.  Class   A
                                              1,375          31
     *
        SPAR   Group   Inc.
                                             19,446           24
     *
        NTN   Buzztime     Inc.
                                              4,842          20
        Viacom    Inc.  Class   A
                                               300         10
     *
        Youngevity      International      Inc.
                                              1,800           7
     *,2
        Universal     Travel   Group
                                             42,843           7
     *
        Eastside    Distilling     Inc.
                                              1,400           6
     *
        DGSE   Cos.  Inc.
                                              2,900           3
     *
        YogaWorks      Inc.
                                               800          2
     *
        Urban   One  Inc.  Class   A
                                               950          2
     *
        RLJ  Entertainment       Inc.
                                                        1
                                               300
                                                    84,504,922
     Financials     (20.5%)
     *
        Berkshire     Hathaway     Inc.  Class   B
                                           45,474,304         9,013,917
        JPMorgan     Chase   & Co.
                                           83,637,226         8,944,165
        Bank   of America    Corp.
                                           238,841,012          7,050,587
        Wells   Fargo   & Co.
                                           106,828,251          6,481,270
        Visa  Inc.  Class   A
                                           43,714,213         4,984,295
        Citigroup     Inc.
                                           63,729,446         4,742,108
        Mastercard     Inc.  Class   A
                                           22,636,557         3,426,269
        Goldman     Sachs   Group   Inc.
                                            8,183,030         2,084,709
        US  Bancorp
                                           37,988,582         2,035,428
        Morgan    Stanley
                                           32,672,577         1,714,330
        American     Express    Co.
                                           16,775,218         1,665,947
        PNC   Financial     Services    Group   Inc.
                                           11,462,605         1,653,939
        Chubb   Ltd.
                                           10,622,672         1,552,291
                                439/562


                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
        Charles    Schwab    Corp.
                                           29,077,866         1,493,730
        American     Tower   Corp.
                                           10,338,098         1,474,936
        BlackRock     Inc.
                                            2,704,161         1,389,155
        American     International      Group   Inc.
                                           21,662,377         1,290,644
        Simon   Property    Group   Inc.
                                            7,492,974         1,286,843
        Bank   of New  York   Mellon    Corp.
                                           23,440,821         1,262,523
        CME   Group   Inc.
                                            8,201,078         1,197,767
        Prudential     Financial     Inc.
                                           10,210,850         1,174,044
        Capital    One  Financial     Corp.
                                           11,686,096         1,163,701
        Crown   Castle   International      Corp.
                                            9,794,501         1,087,288
        S&P  Global   Inc.
                                            6,147,195         1,041,335
        MetLife    Inc.
                                           20,476,109         1,035,272
        Marsh   & McLennan     Cos.  Inc.
                                           12,297,229         1,000,871
        Intercontinental        Exchange     Inc.
                                           14,100,133          994,905
        BB&T   Corp.
                                           19,011,046          945,229
                                440/562















                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
        Allstate    Corp.
                                            8,673,887         908,243
        Travelers     Cos.  Inc.
                                            6,594,510         894,479
        Equinix    Inc.
                                            1,885,763         854,666
        Aflac   Inc.
                                            9,468,423         831,138
        State   Street   Corp.
                                            8,489,285         828,639
        Prologis    Inc.
                                           12,765,408          823,496
        Aon  plc
                                            6,023,157         807,103
        Progressive      Corp.
                                           14,016,509          789,410
        Public   Storage
                                            3,566,667         745,433
        SunTrust     Banks   Inc.
                                           11,468,379          740,743
        Synchrony     Financial
                                           17,942,304          692,752
        Discover    Financial     Services
                                            8,783,070         675,594
        Weyerhaeuser       Co.
                                           18,185,029          641,204
        Ameriprise     Financial     Inc.
                                            3,564,699         604,110
        AvalonBay      Communities      Inc.
                                            3,328,168         593,778
        T. Rowe   Price   Group   Inc.
                                            5,546,582         582,003
        Moody's    Corp.
                                            3,915,465         577,962
        Welltower     Inc.
                                            8,922,518         568,989
        Equity   Residential
                                            8,853,320         564,576
        Digital   Realty   Trust   Inc.
                                            4,952,102         564,044
        M&T   Bank   Corp.
                                            3,265,286         558,331
        KeyCorp
                                           25,909,870          522,602
        Northern    Trust   Corp.
                                            5,207,104         520,138
        Fifth   Third   Bancorp
                                           16,998,580          515,737
        Ventas    Inc.
                                            8,584,688         515,167
        Citizens    Financial     Group   Inc.
                                           11,851,657          497,533
        Principal    Financial     Group   Inc.
                                            6,956,244         490,833
        Boston    Properties     Inc.
                                            3,719,963         483,707
        Hartford    Financial     Services    Group   Inc.
                                            8,592,025         483,559
        Regions    Financial     Corp.
                                           27,944,744          482,885
        Willis   Towers    Watson    plc
                                            3,177,033         478,747
     *
        SBA   Communications        Corp.   Class   A
                                            2,833,874         462,942
        Lincoln    National    Corp.
                                            5,268,365         404,979
        Realty   Income    Corp.
                                            6,787,899         387,046
        TD  Ameritrade      Holding    Corp.
                                            7,516,133         384,300
        Essex   Property    Trust   Inc.
                                            1,591,286         384,089
        Huntington      Bancshares      Inc.
                                           26,036,218          379,087
     *
        IHS  Markit   Ltd.
                                            8,172,189         368,974
        Comerica     Inc.
                                            4,189,415         363,683
     *
        Markel    Corp.
                                             318,785         363,138
        Loews   Corp.
                                            7,256,348         363,035
        Invesco    Ltd.
                                            9,800,233         358,101
        Host  Hotels   & Resorts    Inc.
                                           17,829,240          353,910
        Franklin    Resources     Inc.
                                            8,004,702         346,844
        GGP   Inc.
                                           14,820,717          346,657
        Equifax    Inc.
                                            2,893,257         341,173
        Cboe   Global   Markets    Inc.
                                            2,734,442         340,684
        First  Republic    Bank
                                            3,869,245         335,231
        Annaly    Capital    Management      Inc.
                                           27,893,663          331,656
                                441/562


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                                                 有価証券報告書（外国投資信託受益証券）
     *
        E*TRADE     Financial     Corp.
                                            6,497,404         322,076
        Vornado    Realty   Trust
                                            4,116,172         321,802
     *
        CBRE   Group   Inc.  Class   A
                                            7,352,042         318,417
        Ally  Financial     Inc.
                                           10,681,121          311,461
        Alexandria     Real  Estate   Equities    Inc.
                                            2,305,456         301,070
     *
        SVB   Financial     Group
                                            1,270,453         296,994
        Unum   Group
                                            5,400,739         296,447
        HCP   Inc.
                                           11,302,433          294,767
     *
        Berkshire     Hathaway     Inc.  Class   A
                                               984       292,838
        Cincinnati     Financial     Corp.
                                            3,754,653         281,486
        Raymond     James   Financial     Inc.
                                            3,123,091         278,892
        Mid-America       Apartment     Communities      Inc.
                                            2,735,416         275,073
        Arthur   J Gallagher     & Co.
                                            4,345,014         274,952
        Affiliated     Managers     Group   Inc.
                                            1,339,121         274,855
        MSCI   Inc.  Class   A
                                            2,171,822         274,822
                                442/562















                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     *
        Arch   Capital    Group   Ltd.
                                            2,992,487         271,628
        Regency    Centers    Corp.
                                            3,689,463         255,237
     *
        Liberty    Broadband     Corp.
                                            2,976,423         253,472
        Extra   Space   Storage    Inc.
                                            2,884,639         252,262
        UDR   Inc.
                                            6,442,939         248,182
        SEI  Investments      Co.
                                            3,426,255         246,211
        FNF  Group
                                            6,241,617         244,921
        Zions   Bancorporation
                                            4,812,214         244,605
        Iron  Mountain     Inc.
                                            6,443,775         243,124
        Reinsurance      Group   of America    Inc.  Class   A
                                            1,550,433         241,759
        SL  Green   Realty   Corp.
                                            2,378,258         240,038
        Torchmark     Corp.
                                            2,639,570         239,435
        Duke   Realty   Corp.
                                            8,567,121         233,111
        Federal    Realty   Investment     Trust
                                            1,744,443         231,679
        Macerich     Co.
                                            3,392,259         222,804
        Everest    Re  Group   Ltd.
                                             988,824         218,787
        XL  Group   Ltd.
                                            6,165,648         216,784
        Nasdaq    Inc.
                                            2,807,526         215,702
        Voya   Financial     Inc.
                                            4,323,788         213,898
        East  West   Bancorp    Inc.
                                            3,480,464         211,717
        Western    Union   Co.
                                           11,067,279          210,389
     *
        Alleghany     Corp.
                                             352,550         210,152
        Camden    Property    Trust
                                            2,230,081         205,301
        AGNC    Investment     Corp.
                                            9,392,049         189,625
        American     Financial     Group   Inc.
                                            1,693,035         183,762
        VEREIT    Inc.
                                           23,442,496          182,617
        WP  Carey   Inc.
                                            2,571,891         177,203
        Kimco   Realty   Corp.
                                            9,744,757         176,867
        Kilroy   Realty   Corp.
                                            2,363,628         176,445
        MarketAxess      Holdings    Inc.
                                             859,485         173,401
     *
        Signature     Bank
                                            1,250,174         171,599
        Equity   LifeStyle     Properties     Inc.
                                            1,925,434         171,402
        Janus   Henderson     Group   plc
                                            4,346,021         166,279
        Apartment     Investment     & Management      Co.
                                            3,776,400         165,066
        Sun  Communities      Inc.
                                            1,775,794         164,758
        Lazard   Ltd.  Class   A
                                            3,123,731         163,996
        Gaming    and  Leisure    Properties     Inc.
                                            4,397,408         162,704
        Jones   Lang   LaSalle    Inc.
                                            1,091,449         162,550
        Invitation     Homes    Inc.
                                            6,870,607         161,940
        Douglas    Emmett    Inc.
                                            3,874,242         159,076
        National    Retail   Properties     Inc.
                                            3,657,503         157,748
        WR  Berkley    Corp.
                                            2,190,863         156,975
        PacWest    Bancorp
                                            3,104,091         156,446
     ^
        CIT  Group   Inc.
                                            3,163,252         155,727
        People's    United   Financial     Inc.
                                            8,260,777         154,477
        Liberty    Property    Trust
                                            3,535,539         152,064
        Eaton   Vance   Corp.
                                            2,689,122         151,640
        Lamar   Advertising      Co.  Class   A
                                            2,025,285         150,357
        First  American     Financial     Corp.
                                            2,664,942         149,343
                                443/562


                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
        Healthcare     Trust   of America    Inc.  Class   A
                                            4,929,735         148,089
        Forest   City  Realty   Trust   Inc.  Class   A
                                            6,139,246         147,956
        Brown   & Brown   Inc.
                                            2,862,446         147,301
        New  York   Community      Bancorp    Inc.
                                           11,160,664          145,312
        Colony    NorthStar     Inc.  Class   A
                                           12,495,072          142,569
     *
        Athene    Holding    Ltd.  Class   A
                                            2,746,941         142,044
        Bank   of the  Ozarks
                                            2,922,093         141,575
        First  Horizon    National    Corp.
                                            7,009,601         140,122
        Brixmor    Property    Group   Inc.
                                            7,350,318         137,157
        American     Homes    4 Rent  Class   A
                                            6,199,114         135,389
     *
        Brighthouse      Financial     Inc.
                                            2,306,109         135,230
        American     Campus    Communities      Inc.
                                            3,283,319         134,715
        Starwood     Property    Trust   Inc.
                                            6,263,020         133,715
        Synovus    Financial     Corp.
                                            2,764,307         132,521
        New  Residential     Investment     Corp.
                                            7,382,232         131,994
                                444/562















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                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     ^
        Omega    Healthcare     Investors     Inc.
                                            4,766,893         131,280
        DCT   Industrial     Trust   Inc.
                                            2,232,533         131,228
        Assurant    Inc.
                                            1,293,392         130,426
        Commerce     Bancshares      Inc.
                                            2,326,273         129,899
        Cullen/Frost      Bankers    Inc.
                                            1,371,901         129,850
     *
        Western    Alliance    Bancorp
                                            2,285,806         129,422
        Old  Republic    International      Corp.
                                            6,024,337         128,800
        Hudson    Pacific    Properties     Inc.
                                            3,756,905         128,674
        Sterling    Bancorp
                                            5,133,674         126,288
        CubeSmart
                                            4,363,608         126,196
     *
        MGIC   Investment     Corp.
                                            8,919,022         125,847
        Highwoods      Properties     Inc.
                                            2,470,390         125,768
        Webster    Financial     Corp.
                                            2,226,062         125,016
        CyrusOne     Inc.
                                            2,088,124         124,306
        RenaissanceRe       Holdings    Ltd.
                                             965,790         121,294
     *
        Black   Knight   Inc.
                                            2,733,286         120,675
        Medical    Properties     Trust   Inc.
                                            8,729,556         120,293
        LPL  Financial     Holdings    Inc.
                                            2,065,911         118,046
        Pinnacle    Financial     Partners    Inc.
                                            1,779,603         117,988
     *
        Howard    Hughes    Corp.
                                             881,422         115,704
        EPR  Properties
                                            1,765,451         115,566
        Hospitality     Properties     Trust
                                            3,768,416         112,487
        Prosperity     Bancshares      Inc.
                                            1,600,134         112,121
        Park  Hotels   & Resorts    Inc.
                                            3,880,676         111,569
        Wintrust    Financial     Corp.
                                            1,344,814         110,772
        Hanover    Insurance     Group   Inc.
                                            1,019,385         110,175
        Umpqua    Holdings    Corp.
                                            5,283,354         109,894
        Senior   Housing    Properties     Trust
                                            5,697,423         109,106
        Primerica     Inc.
                                            1,067,007         108,355
        FNB   Corp.
                                            7,788,390         107,636
        STORE    Capital    Corp.
                                            4,112,411         107,087
        Radian    Group   Inc.
                                            5,177,870         106,716
     *
        Texas   Capital    Bancshares      Inc.
                                            1,195,115         106,246
     *
        Liberty    Ventures     Class   A
                                            1,957,154         106,156
        BankUnited      Inc.
                                            2,570,404         104,667
     *
        Zillow   Group   Inc.
                                            2,536,143         103,779
        Gramercy     Property    Trust
                                            3,857,517         102,841
        Hancock    Holding    Co.
                                            2,048,033         101,378
        Axis  Capital    Holdings    Ltd.
                                            2,000,834         100,562
        CNO   Financial     Group   Inc.
                                            4,068,994         100,463
        IBERIABANK       Corp.
                                            1,291,227         100,070
        Life  Storage    Inc.
                                            1,120,084          99,766
        Apple   Hospitality     REIT   Inc.
                                            5,065,830          99,341
        Rayonier    Inc.
                                            3,106,926          98,272
     *,^
        Credit   Acceptance      Corp.
                                             303,498         98,176
        Weingarten      Realty   Investors
                                            2,942,749          96,728
        Interactive     Brokers    Group   Inc.
                                            1,631,532          96,603
        Healthcare     Realty   Trust   Inc.
                                            3,002,291          96,434
        Assured    Guaranty     Ltd.
                                            2,823,432          95,630
                                445/562


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                                                 有価証券報告書（外国投資信託受益証券）
        Spirit   Realty   Capital    Inc.
                                           11,077,584           95,046
        CoreSite    Realty   Corp.
                                             824,065         93,861
        Cousins    Properties     Inc.
                                           10,100,903           93,433
        Stifel   Financial     Corp.
                                            1,568,560          93,423
        Associated     Banc-Corp
                                            3,646,530          92,622
        RLJ  Lodging    Trust
                                            4,207,612          92,441
        Chemical     Financial     Corp.
                                            1,718,116          91,868
     *
        Equity   Commonwealth
                                            2,990,815          91,250
        Taubman     Centers    Inc.
                                            1,392,721          91,126
        First  Industrial     Realty   Trust   Inc.
                                            2,882,303          90,706
        Sunstone    Hotel   Investors     Inc.
                                            5,402,859          89,309
        Bank   of Hawaii    Corp.
                                            1,036,453          88,824
        Legg   Mason   Inc.
                                            2,102,129          88,247
        JBG  SMITH    Properties
                                            2,538,511          88,162
        Popular    Inc.
                                            2,471,053          87,698
                                446/562















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                                               バンガード・インデックス・ファンズ(E14945)
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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
        Investors     Bancorp    Inc.
                                            6,300,358          87,449
     *
        Essent   Group   Ltd.
                                            2,012,707          87,392
        Realogy    Holdings    Corp.
                                            3,276,396          86,824
        Home   BancShares      Inc.
                                            3,733,155          86,796
        MB  Financial     Inc.
                                            1,922,989          85,611
        Validus    Holdings    Ltd.
                                            1,816,319          85,222
        Navient    Corp.
                                            6,357,392          84,680
        United   Bankshares      Inc.
                                            2,413,937          83,884
        BGC   Partners    Inc.  Class   A
                                            5,498,188          83,078
        Selective     Insurance     Group   Inc.
                                            1,405,135          82,481
        Sabra   Health   Care  REIT   Inc.
                                            4,287,311          80,473
        Federated     Investors     Inc.  Class   B
                                            2,198,546          79,324
        Chimera    Investment     Corp.
                                            4,258,191          78,691
        Empire    State   Realty   Trust   Inc.
                                            3,818,992          78,404
        UMB   Financial     Corp.
                                            1,088,993          78,320
        Cathay    General    Bancorp
                                            1,853,397          78,158
        Physicians     Realty   Trust
                                            4,320,122          77,719
     ^
        Blackstone     Mortgage     Trust   Inc.  Class   A
                                            2,414,891          77,711
        Outfront    Media   Inc.
                                            3,338,712          77,458
        Paramount     Group   Inc.
                                            4,866,218          77,130
        Brandywine      Realty   Trust
                                            4,228,419          76,915
        Corporate     Office   Properties     Trust
                                            2,616,747          76,409
        LaSalle    Hotel   Properties
                                            2,719,238          76,329
        TCF  Financial     Corp.
                                            3,718,994          76,239
        Columbia     Banking    System    Inc.
                                            1,754,746          76,226
        Fulton   Financial     Corp.
                                            4,232,297          75,758
        MFA   Financial     Inc.
                                            9,466,399          74,974
        FirstCash     Inc.
                                            1,102,818          74,385
        Glacier    Bancorp    Inc.
                                            1,883,752          74,201
        Retail   Properties     of America    Inc.
                                            5,507,784          74,025
        ProAssurance       Corp.
                                            1,287,453          73,578
        Erie  Indemnity     Co.  Class   A
                                             602,968         73,466
        South   State   Corp.
                                             839,766         73,186
        Washington      Federal    Inc.
                                            2,116,008          72,473
        Ryman    Hospitality     Properties     Inc.
                                            1,047,897          72,326
     ^
        Uniti   Group   Inc.
                                            4,035,443          71,791
        National    Health   Investors     Inc.
                                             947,476         71,421
        GEO   Group   Inc.
                                            2,987,455          70,504
        First  Financial     Bankshares      Inc.
                                            1,535,975          69,196
        EastGroup     Properties     Inc.
                                             781,201         69,043
        White   Mountains     Insurance     Group   Ltd.
                                             80,421         68,461
        DDR   Corp.
                                            7,613,430          68,216
        Piedmont     Office   Realty   Trust   Inc.  Class   A
                                            3,476,039          68,165
        Two  Harbors    Investment     Corp.
                                            4,173,658          67,864
        Valley   National    Bancorp
                                            6,012,640          67,462
        Evercore    Inc.  Class   A
                                             746,510         67,186
     *
        Green   Dot  Corp.   Class   A
                                            1,104,739          66,572
        Columbia     Property    Trust   Inc.
                                            2,892,171          66,375
        Community      Bank   System    Inc.
                                            1,223,087          65,741
                                447/562


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        CoreCivic     Inc.
                                            2,847,989          64,080
        Kemper    Corp.
                                             927,973         63,937
        Education     Realty   Trust   Inc.
                                            1,820,989          63,589
        Urban   Edge   Properties
                                            2,466,812          62,879
        American     Equity   Investment     Life  Holding    Co.
                                            2,029,595          62,369
        BancorpSouth       Bank
                                            1,973,810          62,076
        STAG   Industrial     Inc.
                                            2,261,076          61,795
        RLI  Corp.
                                            1,014,322          61,529
        Pebblebrook      Hotel   Trust
                                            1,652,095          61,408
     ^
        Tanger    Factory    Outlet   Centers    Inc.
                                            2,308,067          61,187
        American     National    Insurance     Co.
                                             474,684         60,878
        First  Midwest    Bancorp    Inc.
                                            2,512,675          60,329
        CVB   Financial     Corp.
                                            2,541,353          59,874
        First  Citizens    BancShares      Inc.  Class   A
                                             147,704         59,525
        PS  Business    Parks   Inc.
                                             473,358         59,212
                                448/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     *
        LendingTree      Inc.
                                             172,797         58,829
        Aspen   Insurance     Holdings    Ltd.
                                            1,444,054          58,629
        Washington      REIT
                                            1,883,868          58,626
     *
        SLM   Corp.
                                            5,153,839          58,238
     *
        HealthEquity      Inc.
                                            1,235,033          57,627
        Old  National    Bancorp
                                            3,281,875          57,269
        Hope   Bancorp    Inc.
                                            3,127,928          57,085
        Great   Western    Bancorp    Inc.
                                            1,427,144          56,800
        Simmons     First  National    Corp.   Class   A
                                             986,920         56,353
        QTS  Realty   Trust   Inc.  Class   A
                                            1,030,143          55,793
        Acadia    Realty   Trust
                                            2,016,961          55,184
        Xenia   Hotels   & Resorts    Inc.
                                            2,552,213          55,102
        Rexford    Industrial     Realty   Inc.
                                            1,881,289          54,858
        International      Bancshares      Corp.
                                            1,378,507          54,727
     *
        Zillow   Group   Inc.  Class   A
                                            1,335,733          54,418
        DiamondRock       Hospitality     Co.
                                            4,804,435          54,242
        Kennedy-Wilson        Holdings    Inc.
                                            3,093,099          53,665
        Retail   Opportunity      Investments      Corp.
                                            2,634,661          52,561
        BOK   Financial     Corp.
                                             556,839         51,407
        Trustmark     Corp.
                                            1,582,638          50,423
     *
        FCB  Financial     Holdings    Inc.  Class   A
                                             991,298         50,358
        Lexington     Realty   Trust
                                            5,203,808          50,217
        First  Merchants     Corp.
                                            1,186,488          49,904
        Potlatch    Corp.
                                             986,120         49,207
     *
        HRG   Group   Inc.
                                            2,898,424          49,128
        Santander     Consumer     USA   Holdings    Inc.
                                            2,629,412          48,960
     *
        Blackhawk     Network    Holdings    Inc.
                                            1,368,265          48,779
        Invesco    Mortgage     Capital    Inc.
                                            2,677,377          47,738
        United   Community      Banks   Inc.
                                            1,680,045          47,276
        Apollo   Commercial      Real  Estate   Finance    Inc.
                                            2,540,153          46,866
        Financial     Engines    Inc.
                                            1,525,120          46,211
        Terreno    Realty   Corp.
                                            1,317,452          46,190
        LegacyTexas       Financial     Group   Inc.
                                            1,089,767          45,999
        Independent      Bank   Corp.
                                             657,705         45,941
        Renasant    Corp.
                                            1,111,452          45,447
        ServisFirst     Bancshares      Inc.
                                            1,091,789          45,309
     *
        Eagle   Bancorp    Inc.
                                             778,561         45,079
        Artisan    Partners    Asset   Management      Inc.  Class   A
                                            1,138,167          44,958
        Government      Properties     Income    Trust
                                            2,373,228          44,000
        Hilltop    Holdings     Inc.
                                            1,727,437          43,756
        Banner    Corp.
                                             791,996         43,655
        Horace    Mann   Educators     Corp.
                                             977,115         43,091
        HFF  Inc.  Class   A
                                             874,801         42,550
        Argo   Group   International      Holdings    Ltd.
                                             689,260         42,493
     *
        OneMain     Holdings    Inc.
                                            1,634,315          42,476
        Waddell    & Reed   Financial     Inc.  Class   A
                                            1,900,703          42,462
        Towne    Bank
                                            1,369,930          42,125
     *
        Pacific    Premier    Bancorp    Inc.
                                            1,051,552          42,062
        Mack-Cali     Realty   Corp.
                                            1,944,724          41,928
                                449/562


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                                                 有価証券報告書（外国投資信託受益証券）
        WesBanco     Inc.
                                            1,022,952          41,583
        LTC   Properties     Inc.
                                             948,268         41,297
     *,^
        BofI  Holding    Inc.
                                            1,376,152          41,147
        Ameris    Bancorp
                                             849,827         40,962
        Capitol    Federal    Financial     Inc.
                                            3,052,235          40,930
        Kite  Realty   Group   Trust
                                            2,052,736          40,234
     *
        Enstar   Group   Ltd.
                                             198,967         39,943
        First  Hawaiian     Inc.
                                            1,365,492          39,845
        Provident     Financial     Services    Inc.
                                            1,441,981          38,890
        Moelis   & Co.  Class   A
                                             793,641         38,492
        Four  Corners    Property    Trust   Inc.
                                            1,488,697          38,260
        Union   Bankshares      Corp.
                                            1,053,455          38,103
        Summit    Hotel   Properties     Inc.
                                            2,493,633          37,978
        NBT   Bancorp    Inc.
                                            1,028,193          37,838
        Select   Income    REIT
                                            1,504,368          37,805
                                450/562















                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     *
        Genworth     Financial     Inc.  Class   A
                                           12,117,126           37,684
        First  Financial     Bancorp
                                            1,426,686          37,593
        Chesapeake      Lodging    Trust
                                            1,380,336          37,393
        Northwest     Bancshares      Inc.
                                            2,233,375          37,364
     *
        LendingClub      Corp.
                                            9,014,242          37,229
        Westamerica      Bancorporation
                                             617,484         36,771
        WSFS   Financial     Corp.
                                             763,643         36,540
        American     Assets   Trust   Inc.
                                             953,931         36,478
        Mercury    General    Corp.
                                             672,551         35,941
        WisdomTree      Investments      Inc.
                                            2,849,342          35,759
        CenterState      Bank   Corp.
                                            1,376,147          35,408
     *,^
        PRA   Group   Inc.
                                            1,040,939          34,559
        Heartland     Financial     USA   Inc.
                                             643,419         34,519
        Agree   Realty   Corp.
                                             668,356         34,380
        Park  National    Corp.
                                             322,391         33,529
        Berkshire     Hills   Bancorp    Inc.
                                             914,475         33,470
        Global   Net  Lease   Inc.
                                            1,615,438          33,246
        First  Commonwealth        Financial     Corp.
                                            2,317,453          33,186
        Employers     Holdings    Inc.
                                             736,149         32,685
        S&T   Bancorp    Inc.
                                             818,263         32,575
        National    Storage    Affiliates     Trust
                                            1,188,113          32,388
        Washington      Prime   Group   Inc.
                                            4,520,112          32,183
        Independent      Bank   Group   Inc.
                                             473,816         32,030
     *
        Walker    & Dunlop    Inc.
                                             672,729         31,955
     *
        Quality    Care  Properties     Inc.
                                            2,254,159          31,130
        Alexander     & Baldwin    Inc.
                                            1,116,876          30,982
        First  Busey   Corp.
                                            1,029,855          30,834
        Boston    Private    Financial     Holdings    Inc.
                                            1,965,748          30,371
        CYS   Investments      Inc.
                                            3,781,364          30,364
        CareTrust     REIT   Inc.
                                            1,809,222          30,323
     *
        Third   Point   Reinsurance      Ltd.
                                            2,053,573          30,085
        Piper   Jaffray    Cos.
                                             347,364         29,960
        Navigators     Group   Inc.
                                             609,419         29,679
        First  Interstate     BancSystem      Inc.  Class   A
                                             736,354         29,491
        Monmouth     Real  Estate   Investment     Corp.
                                            1,636,282          29,126
        Houlihan     Lokey   Inc.  Class   A
                                             634,370         28,819
        Hannon    Armstrong     Sustainable      Infrastructure       Capital    Inc.
                                            1,197,623          28,815
        Tompkins     Financial     Corp.
                                             351,682         28,609
        AMERISAFE       Inc.
                                             464,110         28,589
        Ramco-Gershenson         Properties     Trust
                                            1,927,608          28,394
        Lakeland     Financial     Corp.
                                             579,318         28,091
        Safety   Insurance     Group   Inc.
                                             348,354         28,008
        NRG   Yield   Inc.
                                            1,476,452          27,905
        National    General    Holdings    Corp.
                                            1,419,210          27,873
        Brookline     Bancorp    Inc.
                                            1,769,011          27,773
        Beneficial     Bancorp    Inc.
                                            1,674,276          27,542
        Redwood     Trust   Inc.
                                            1,835,711          27,205
     *
        Seacoast    Banking    Corp.   of Florida
                                            1,064,702          26,841
        Infinity    Property    & Casualty    Corp.
                                             252,598         26,775
                                451/562


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                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
        Franklin    Street   Properties     Corp.
                                            2,467,811          26,504
        State   Bank   Financial     Corp.
                                             883,145         26,353
     ^
        ARMOUR     Residential     REIT   Inc.
                                             997,212         25,648
     *
        Cannae    Holdings    Inc.
                                            1,499,093          25,530
        Kearny    Financial     Corp.
                                            1,763,451          25,482
     *
        First  BanCorp
                                            4,913,763          25,060
        First  Bancorp
                                             709,439         25,050
        City  Holding    Co.
                                             368,867         24,887
     ^
        Seritage    Growth    Properties     Class   A
                                             611,459         24,740
        Chatham    Lodging    Trust
                                            1,083,038          24,650
        Meridian    Bancorp    Inc.
                                            1,189,623          24,506
        James   River   Group   Holdings    Ltd.
                                             601,772         24,077
        Cohen   & Steers   Inc.
                                             507,310         23,991
        PennyMac     Mortgage     Investment     Trust
                                            1,491,188          23,963
        Enterprise     Financial     Services    Corp.
                                             528,322         23,854
                                452/562















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                                               バンガード・インデックス・ファンズ(E14945)
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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     ^
        CBL   & Associates     Properties     Inc.
                                            4,212,194          23,841
     *,^
        Encore    Capital    Group   Inc.
                                             564,561         23,768
        Ladder    Capital    Corp.   Class   A
                                            1,738,346          23,694
     ^
        AmTrust    Financial     Services    Inc.
                                            2,327,850          23,441
        Tier  REIT   Inc.
                                            1,138,739          23,219
     *
        NMI   Holdings    Inc.  Class   A
                                            1,364,829          23,202
        Stewart    Information      Services    Corp.
                                             543,740         23,000
        Universal     Health   Realty   Income    Trust
                                             306,057         22,988
        Southside     Bancshares      Inc.
                                             679,995         22,902
        Hanmi   Financial     Corp.
                                             747,384         22,683
        Easterly    Government      Properties     Inc.
                                            1,053,486          22,481
        United   Fire  Group   Inc.
                                             485,408         22,125
        Sandy   Spring   Bancorp    Inc.
                                             555,720         21,684
     ^
        Virtu   Financial     Inc.  Class   A
                                            1,175,714          21,516
        Banc   of California     Inc.
                                            1,038,656          21,448
        MainSource      Financial     Group   Inc.
                                             590,048         21,425
        Heritage    Financial     Corp.
                                             691,834         21,308
        Lakeland     Bancorp    Inc.
                                            1,103,153          21,236
        United   Financial     Bancorp    Inc.
                                            1,200,388          21,175
        TFS  Financial     Corp.
                                            1,413,941          21,124
        Central    Pacific    Financial     Corp.
                                             707,265         21,098
        TrustCo    Bank   Corp.   NY
                                            2,262,947          20,819
        BancFirst     Corp.
                                             406,987         20,817
        National    Bank   Holdings    Corp.   Class   A
                                             635,922         20,623
        Independence       Realty   Trust   Inc.
                                            2,029,424          20,477
        Getty   Realty   Corp.
                                             753,543         20,466
        Universal     Insurance     Holdings    Inc.
                                             748,085         20,460
        Kinsale    Capital    Group   Inc.
                                             454,036         20,432
        RE/MAX     Holdings    Inc.  Class   A
                                             420,481         20,393
        Bryn   Mawr   Bank   Corp.
                                             455,984         20,154
        Meta   Financial     Group   Inc.
                                             217,463         20,148
        MTGE    Investment     Corp.
                                            1,087,645          20,121
        Capstead    Mortgage     Corp.
                                            2,325,417          20,115
        Alexander's      Inc.
                                             49,950         19,773
        Virtus   Investment     Partners    Inc.
                                             168,893         19,431
        Stock   Yards   Bancorp    Inc.
                                             501,994         18,925
     ^
        Pennsylvania      REIT
                                            1,581,431          18,803
        ConnectOne      Bancorp    Inc.
                                             729,765         18,791
     *
        Flagstar    Bancorp    Inc.
                                             500,771         18,739
        Preferred     Bank
                                             317,458         18,660
        PJT  Partners    Inc.
                                             405,522         18,492
        Nelnet   Inc.  Class   A
                                             336,867         18,454
        CoBiz   Financial     Inc.
                                             917,637         18,344
        Univest    Corp.   of Pennsylvania
                                             653,576         18,333
        TriCo   Bancshares
                                             480,988         18,210
        Saul  Centers    Inc.
                                             294,199         18,167
     *
        Liberty    Broadband     Corp.   Class   A
                                             211,392         17,979
     *
        iStar  Inc.
                                            1,588,736          17,953
        Preferred     Apartment     Communities      Inc.  Class   A
                                             883,244         17,886
                                453/562


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                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
        Washington      Trust   Bancorp    Inc.
                                             335,426         17,861
        Flushing    Financial     Corp.
                                             648,443         17,832
     *
        St.  Joe  Co.
                                             986,450         17,805
     *
        HomeStreet      Inc.
                                             614,196         17,781
        National    Western    Life  Group   Inc.  Class   A
                                             53,331         17,654
        OceanFirst     Financial     Corp.
                                             670,018         17,588
        Granite    Point   Mortgage     Trust   Inc.
                                             987,226         17,513
        Northfield     Bancorp    Inc.
                                            1,024,998          17,507
     *
        Customers     Bancorp    Inc.
                                             672,974         17,491
        InfraREIT     Inc.
                                             941,240         17,488
        Community      Trust   Bancorp    Inc.
                                             368,700         17,366
        German    American     Bancorp    Inc.
                                             484,996         17,135
        FBL  Financial     Group   Inc.  Class   A
                                             245,289         17,084
        NRG   Yield   Inc.  Class   A
                                             906,264         17,083
        Investors     Real  Estate   Trust
                                            3,002,255          17,053
                                454/562















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                                               バンガード・インデックス・ファンズ(E14945)
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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
        Carolina    Financial     Corp.
                                             450,230         16,726
        Armada    Hoffler    Properties     Inc.
                                            1,076,246          16,714
        Hersha    Hospitality     Trust   Class   A
                                             948,706         16,507
        Diamond     Hill  Investment     Group   Inc.
                                             79,354         16,399
        Urstadt    Biddle   Properties     Inc.  Class   A
                                             748,556         16,274
        New  York   Mortgage     Trust   Inc.
                                            2,634,605          16,256
        Oritani    Financial     Corp.
                                             968,991         15,891
        Guaranty     Bancorp
                                             565,352         15,632
        New  York   REIT   Inc.
                                            3,956,394          15,549
     *
        INTL.   FCStone    Inc.
                                             364,656         15,509
        Horizon    Bancorp
                                             556,211         15,463
     *,^
        MBIA   Inc.
                                            2,102,363          15,389
        Camden    National    Corp.
                                             364,459         15,355
        Dime   Community      Bancshares     Inc.
                                             727,971         15,251
        First  of Long   Island   Corp.
                                             530,627         15,123
        New  Senior   Investment     Group   Inc.
                                            1,999,495          15,116
        Bridge   Bancorp    Inc.
                                             431,408         15,099
     *,^
        Williams     Scotsman     Corp.
                                            1,159,589          14,727
        Investment     Technology      Group   Inc.
                                             751,901         14,474
        Ashford    Hospitality     Trust   Inc.
                                            2,135,784          14,374
     *
        Greenlight     Capital    Re  Ltd.  Class   A
                                             714,527         14,362
        Heritage    Commerce     Corp.
                                             932,251         14,282
     *
        Veritex    Holdings     Inc.
                                             513,684         14,173
        Live  Oak  Bancshares      Inc.
                                             592,651         14,135
     *
        Opus   Bank
                                             514,470         14,045
     *
        First  Foundation      Inc.
                                             750,437         13,913
        Great   Southern    Bancorp    Inc.
                                             268,852         13,886
     *
        EZCORP     Inc.  Class   A
                                            1,136,267          13,862
        Gladstone     Commercial      Corp.
                                             658,088         13,859
        Federal    Agricultural      Mortgage     Corp.
                                             173,799         13,598
        CatchMark     Timber    Trust   Inc.  Class   A
                                            1,025,344          13,463
     *
        Nationstar     Mortgage     Holdings    Inc.
                                             723,616         13,387
     *
        Triumph    Bancorp    Inc.
                                             422,753         13,317
        Peoples    Bancorp    Inc.
                                             408,058         13,311
        QCR   Holdings    Inc.
                                             309,849         13,277
     *
        Marcus    & Millichap     Inc.
                                             406,448         13,254
        Peapack    Gladstone     Financial     Corp.
                                             377,413         13,217
        Mercantile     Bank   Corp.
                                             373,272         13,203
        Anworth    Mortgage     Asset   Corp.
                                            2,402,741          13,071
        Altisource     Residential     Corp.
                                            1,087,520          12,898
        AG  Mortgage     Investment     Trust   Inc.
                                             671,785         12,771
        Cedar   Realty   Trust   Inc.
                                            2,079,341          12,642
     ^
        Whitestone      REIT
                                             872,349         12,571
     *
        Cadence    BanCorp    Class   A
                                             463,169         12,561
     *
        FB  Financial     Corp.
                                             298,701         12,542
        Westwood     Holdings    Group   Inc.
                                             189,360         12,538
        BBX   Capital    Corp.   Class   A
                                            1,557,869          12,416
     *
        TriState    Capital    Holdings    Inc.
                                             526,277         12,104
     *
        Bancorp    Inc.
                                            1,218,738          12,041
                                455/562


                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
        NexPoint     Residential     Trust   Inc.
                                             420,244         11,742
        KKR   Real  Estate   Finance    Trust   Inc.
                                             577,424         11,554
        State   Auto   Financial     Corp.
                                             396,051         11,533
     *
        Enova   International      Inc.
                                             758,131         11,524
        Midland    States   Bancorp    Inc.
                                             353,084         11,468
        Blue  Hills   Bancorp    Inc.
                                             570,252         11,462
        Community      Healthcare     Trust   Inc.
                                             405,984         11,408
        First  Defiance    Financial     Corp.
                                             217,942         11,326
     *
        PennyMac     Financial     Services    Inc.  Class   A
                                             504,628         11,278
        CorEnergy     Infrastructure       Trust   Inc.
                                             293,933         11,228
        Fidelity    Southern    Corp.
                                             514,578         11,218
        Independent      Bank   Corp.
                                             501,462         11,208
     *
        National    Commerce     Corp.
                                             276,321         11,122
        Maiden    Holdings    Ltd.
                                            1,678,845          11,080
        UMH   Properties     Inc.
                                             735,617         10,961
                                456/562















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                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
        Bank   Mutual    Corp.
                                            1,027,692          10,945
        First  Financial     Corp.
                                             238,602         10,821
        Financial     Institutions     Inc.
                                             342,200         10,642
        Waterstone      Financial     Inc.
                                             616,491         10,511
        City  Office   REIT   Inc.
                                             806,299         10,490
        One  Liberty    Properties     Inc.
                                             403,751         10,465
     *
        Allegiance     Bancshares      Inc.
                                             275,959         10,390
     *
        HomeTrust      Bancshares      Inc.
                                             401,264         10,333
        OFG   Bancorp
                                            1,099,006          10,331
     *
        Nicolet    Bankshares      Inc.
                                             188,722         10,331
        Bank   of Marin   Bancorp
                                             151,613         10,310
     *
        Franklin    Financial     Network    Inc.
                                             302,096         10,301
        Arbor   Realty   Trust   Inc.
                                            1,178,116          10,179
     *
        Green   Bancorp    Inc.
                                             500,347         10,157
        United   Community      Financial     Corp.
                                            1,108,871          10,124
     *,^
        Republic    First  Bancorp    Inc.
                                            1,196,992          10,115
        Arrow   Financial     Corp.
                                             296,230         10,057
        People's    Utah   Bancorp
                                             329,739          9,991
        Western    Asset   Mortgage     Capital    Corp.
                                             991,945          9,870
        RMR   Group   Inc.  Class   A
                                             165,508          9,815
     *
        Atlantic    Capital    Bancshares      Inc.
                                             556,566          9,796
        United   Insurance     Holdings    Corp.
                                             559,305          9,648
        Old  Second    Bancorp    Inc.
                                             699,050          9,542
     ^
        Orchid   Island   Capital    Inc.
                                            1,013,174           9,402
     *
        Equity   Bancshares      Inc.  Class   A
                                             263,078          9,316
     ^
        Greenhill     & Co.  Inc.
                                             473,983          9,243
     *
        Global   Indemnity     Ltd.
                                             218,460          9,180
     *
        World   Acceptance      Corp.
                                             113,647          9,174
     *,^
        Redfin   Corp.
                                             292,653          9,166
     *
        Ambac    Financial     Group   Inc.
                                             567,760          9,073
     *
        Xenith   Bankshares      Inc.
                                             268,141          9,071
        Access    National    Corp.
                                             325,804          9,070
        First  Community      Bancshares      Inc.
                                             315,304          9,059
     ^
        Heritage    Insurance     Holdings    Inc.
                                             502,565          9,056
        MidWestOne       Financial     Group   Inc.
                                             267,346          8,964
        First  Bancshares      Inc.
                                             260,943          8,924
        Dynex   Capital    Inc.
                                            1,269,218           8,897
        Bar  Harbor    Bankshares
                                             328,953          8,885
     *
        Tejon   Ranch   Co.
                                             422,030          8,761
        Clifton    Bancorp    Inc.
                                             504,436          8,626
     *
        Cowen    Inc.  Class   A
                                             624,779          8,528
     *
        MoneyGram      International      Inc.
                                             644,381          8,493
        CNB   Financial     Corp.
                                             323,543          8,490
        First  Mid-Illinois      Bancshares      Inc.
                                             217,797          8,394
        Farmers    National    Banc   Corp.
                                             560,600          8,269
        West   Bancorporation       Inc.
                                             323,143          8,127
     *
        PCSB   Financial     Corp.
                                             425,123          8,099
        First  Connecticut      Bancorp    Inc.
                                             308,980          8,080
        Western    New  England    Bancorp    Inc.
                                             735,786          8,020
                                457/562


                                                           EDINET提出書類
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                                                 有価証券報告書（外国投資信託受益証券）
        WashingtonFirst        Bankshares      Inc.
                                             233,887          8,013
        1st  Source   Corp.
                                             160,405          7,932
        First  Internet    Bancorp
                                             205,008          7,821
        Ares  Commercial      Real  Estate   Corp.
                                             603,277          7,782
        MedEquities      Realty   Trust   Inc.
                                             693,192          7,778
     ^
        Farmers    & Merchants     Bancorp    Inc.
                                             186,678          7,616
        American     National    Bankshares      Inc.
                                             198,603          7,606
     ^
        Arlington     Asset   Investment     Corp.   Class   A
                                             640,865          7,549
     *
        eHealth    Inc.
                                             433,996          7,539
        Republic    Bancorp    Inc.  Class   A
                                             196,945          7,488
     *
        FRP  Holdings    Inc.
                                             169,193          7,487
     *,^
        Health   Insurance     Innovations      Inc.  Class   A
                                             298,311          7,443
        Resource     Capital    Corp.
                                             793,772          7,438
        Ashford    Hospitality     Prime   Inc.
                                             763,659          7,430
     *,^
        Citizens    Inc.  Class   A
                                             980,041          7,203
                                458/562















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                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     *
        Newmark     Group   Inc.  Class   A
                                             452,272          7,191
        GAIN   Capital    Holdings    Inc.
                                             716,275          7,163
        Sierra   Bancorp
                                             269,583          7,160
     *
        Ocwen    Financial     Corp.
                                            2,283,853           7,148
        Ladenburg     Thalmann     Financial     Services    Inc.
                                            2,173,795           6,869
        PICO   Holdings    Inc.
                                             532,971          6,822
        Southern    National    Bancorp    of Virginia    Inc.
                                             424,693          6,808
        Sun  Bancorp    Inc.
                                             279,799          6,799
        Sutherland     Asset   Management      Corp.
                                             448,146          6,789
     *
        HarborOne     Bancorp    Inc.
                                             353,948          6,782
        Old  Line  Bancshares      Inc.
                                             228,063          6,714
     *
        On  Deck   Capital    Inc.
                                            1,166,478           6,696
        Home   Bancorp    Inc.
                                             154,792          6,690
        Baldwin    & Lyons   Inc.
                                             278,637          6,673
        EMC   Insurance     Group   Inc.
                                             231,149          6,632
        National    Bankshares      Inc.
                                             144,376          6,562
     *,^
        Altisource     Portfolio    Solutions     SA
                                             231,164          6,473
        Enterprise     Bancorp    Inc.
                                             190,031          6,471
        Peoples    Financial     Services    Corp.
                                             138,247          6,440
     *
        Regional    Management      Corp.
                                             244,002          6,420
     ^
        Farmland     Partners    Inc.
                                             738,565          6,411
        Territorial     Bancorp    Inc.
                                             207,365          6,401
        Bluerock    Residential     Growth    REIT   Inc.  Class   A
                                             626,503          6,334
        Farmers    Capital    Bank   Corp.
                                             164,292          6,325
        Jernigan    Capital    Inc.
                                             332,618          6,323
        Consolidated-Tomoka           Land   Co.
                                             98,378         6,247
        Hingham     Institution     for  Savings
                                             29,878         6,185
     *
        Southern    First  Bancshares      Inc.
                                             149,868          6,182
        First  Bancorp    Inc.
                                             223,397          6,083
        Hamilton     Lane   Inc.  Class   A
                                             169,548          6,000
        Great   Ajax   Corp.
                                             428,918          5,928
        MutualFirst      Financial     Inc.
                                             151,990          5,859
        Southern    Missouri    Bancorp    Inc.
                                             155,227          5,835
     *
        Safeguard     Scientifics     Inc.
                                             517,916          5,801
        Investors     Title  Co.
                                             28,898         5,732
        Citizens    & Northern    Corp.
                                             238,583          5,726
        Ames   National    Corp.
                                             205,571          5,725
     *
        BSB  Bancorp    Inc.
                                             195,317          5,713
        HCI  Group   Inc.
                                             190,689          5,702
        Summit    Financial     Group   Inc.
                                             216,441          5,697
        Capital    City  Bank   Group   Inc.
                                             248,283          5,696
     *
        Paragon    Commercial      Corp.
                                             106,707          5,678
        Charter    Financial     Corp.
                                             320,741          5,626
        Oppenheimer       Holdings    Inc.  Class   A
                                             207,957          5,573
        Guaranty     Bancshares      Inc.
                                             181,251          5,555
        Macatawa     Bank   Corp.
                                             555,517          5,555
        TPG  RE  Finance    Trust   Inc.
                                             289,667          5,518
     *,^
        Forestar    Group   Inc.
                                             249,255          5,484
        Cherry   Hill  Mortgage     Investment     Corp.
                                             304,688          5,481
                                459/562


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        BankFinancial       Corp.
                                             356,891          5,475
        Northrim     BanCorp    Inc.
                                             160,910          5,447
        Century    Bancorp    Inc.  Class   A
                                             68,932         5,394
        Orrstown     Financial     Services    Inc.
                                             210,135          5,306
     *
        Atlas   Financial     Holdings    Inc.
                                             255,506          5,251
        First  Bank
                                             376,460          5,214
        Penns   Woods    Bancorp    Inc.
                                             111,508          5,194
        Central    Valley   Community      Bancorp
                                             256,265          5,171
        Shore   Bancshares      Inc.
                                             305,032          5,094
        Codorus    Valley   Bancorp    Inc.
                                             181,094          4,986
        FNB   Bancorp
                                             135,854          4,957
     *
        First  Northwest     Bancorp
                                             302,712          4,934
        Civista    Bancshares      Inc.
                                             223,072          4,908
        Marlin   Business    Services    Corp.
                                             216,485          4,849
        Bank   of Commerce     Holdings
                                             421,001          4,842
                                460/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
        BCB   Bancorp    Inc.
                                             333,743          4,839
        Timberland      Bancorp    Inc.
                                             182,045          4,833
        FS  Bancorp    Inc.
                                             87,803         4,791
        MBT   Financial     Corp.
                                             446,297          4,731
     *
        Sunshine    Bancorp    Inc.
                                             206,193          4,730
     *
        Bank   of Princeton
                                             136,045          4,672
        Stratus   Properties     Inc.
                                             154,834          4,599
        MidSouth     Bancorp    Inc.
                                             343,907          4,557
        First  Business    Financial     Services    Inc.
                                             205,692          4,550
        Prudential     Bancorp    Inc.
                                             257,175          4,526
        Riverview     Bancorp    Inc.
                                             520,425          4,512
        LCNB   Corp.
                                             218,549          4,469
     *
        NI  Holdings    Inc.
                                             262,967          4,465
        Federated     National    Holding    Co.
                                             263,498          4,366
        C&F   Financial     Corp.
                                             74,815         4,339
        Investar    Holding    Corp.
                                             179,695          4,331
        Northeast     Bancorp
                                             186,720          4,323
     ^
        Global   Medical    REIT   Inc.
                                             525,888          4,312
        SI Financial     Group   Inc.
                                             293,277          4,311
        Pzena   Investment     Management      Inc.  Class   A
                                             401,065          4,279
        Kingstone     Cos.  Inc.
                                             227,528          4,278
        Commerce     Union   Bancshares      Inc.
                                             166,691          4,274
        Donegal    Group   Inc.  Class   A
                                             246,340          4,262
     *
        Entegra    Financial     Corp.
                                             144,122          4,216
        Bear  State   Financial     Inc.
                                             409,778          4,192
        Bankwell     Financial     Group   Inc.
                                             122,027          4,190
        Reis  Inc.
                                             199,775          4,125
        Gladstone     Land   Corp.
                                             303,136          4,071
     *
        Pacific    Mercantile     Bancorp
                                             465,099          4,070
        Owens   Realty   Mortgage     Inc.
                                             252,573          4,044
        Evans   Bancorp    Inc.
                                             96,328         4,036
     *
        Trinity    Place   Holdings    Inc.
                                             579,490          4,027
        ESSA   Bancorp    Inc.
                                             254,680          3,991
     *,^
        AV  Homes    Inc.
                                             239,422          3,986
        Safety   Income    and  Growth    Inc.
                                             226,295          3,983
        Unity   Bancorp    Inc.
                                             199,004          3,930
     *
        Community      Bankers    Trust   Corp.
                                             474,834          3,870
        ACNB    Corp.
                                             130,516          3,857
     *
        WMIH    Corp.
                                            4,468,924           3,795
        County    Bancorp    Inc.
                                             126,977          3,779
     2
        Winthrop     Realty   Trust
                                             562,609          3,768
        Silvercrest     Asset   Management      Group   Inc.  Class   A
                                             232,973          3,739
     *,^
        Elevate    Credit   Inc.
                                             479,983          3,614
     ^
        Clipper    Realty   Inc.
                                             356,927          3,566
     *
        Byline   Bancorp    Inc.
                                             154,752          3,555
        Chemung     Financial     Corp.
                                             73,538         3,537
     *
        SmartFinancial       Inc.
                                             160,139          3,475
        Premier    Financial     Bancorp    Inc.
                                             172,554          3,465
     *
        Howard    Bancorp    Inc.
                                             157,068          3,455
                                461/562


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                                                 有価証券報告書（外国投資信託受益証券）
        Community      Financial     Corp.
                                             90,165         3,453
        Ellington     Residential     Mortgage     REIT
                                             282,664          3,403
        Independence       Holding    Co.
                                             122,798          3,371
        Associated     Capital    Group   Inc.  Class   A
                                             98,430         3,356
        Parke   Bancorp    Inc.
                                             162,698          3,343
        Merchants     Bancorp
                                             166,700          3,281
        Peoples    Bancorp    of North   Carolina    Inc.
                                             106,056          3,255
     *
        Malvern    Bancorp    Inc.
                                             122,028          3,197
        GAMCO     Investors     Inc.  Class   A
                                             107,805          3,196
        First  Guaranty     Bancshares      Inc.
                                             123,575          3,089
        Union   Bankshares      Inc.
                                             57,784         3,060
        Federal    Agricultural      Mortgage     Corp.   Class   A
                                             41,769         3,039
        Middlefield      Banc   Corp.
                                             62,863         3,030
        First  Financial     Northwest     Inc.
                                             195,218          3,028
     *
        Maui   Land   & Pineapple     Co.  Inc.
                                             174,732          3,023
                                462/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
        Tiptree    Inc.
                                             493,567          2,937
     *
        Hallmark     Financial     Services    Inc.
                                             273,785          2,856
     *
        Capstar    Financial     Holdings    Inc.
                                             134,266          2,789
     *
        Bay  Bancorp    Inc.
                                             226,029          2,780
     ^
        Greene    County    Bancorp    Inc.
                                             84,105         2,742
        Five  Oaks   Investment     Corp.
                                             676,213          2,705
     *,^
        Impac   Mortgage     Holdings    Inc.
                                             261,577          2,658
        Provident     Financial     Holdings    Inc.
                                             144,128          2,652
     *
        Ashford    Inc.
                                             28,292         2,631
        Sotherly    Hotels   Inc.
                                             392,483          2,532
     *,^
        Atlantic    Coast   Financial     Corp.
                                             258,634          2,439
        DNB   Financial     Corp.
                                             69,832         2,353
        1st  Constitution      Bancorp
                                             127,386          2,350
     ^
        Sussex   Bancorp
                                             87,059         2,342
        United   Bancorp    Inc.
                                             175,556          2,326
     ^
        Innovative     Industrial     Properties     Inc.
                                             70,542         2,279
     *,^
        Select   Bancorp    Inc.
                                             178,553          2,255
        MSB   Financial     Corp.
                                             121,527          2,175
     ^
        Wheeler    REIT   Inc.
                                             216,286          2,159
     *,^
        Bluegreen     Vacations     Corp.
                                             112,727          2,058
     *
        Consumer     Portfolio    Services    Inc.
                                             491,566          2,040
     *
        Provident     Bancorp    Inc.
                                             75,478         1,996
        American     River   Bankshares
                                             130,024          1,983
        Two  River   Bancorp
                                             107,775          1,954
        Blue  Capital    Reinsurance      Holdings    Ltd.
                                             161,959          1,952
        HopFed    Bancorp    Inc.
                                             136,965          1,948
        RBB   Bancorp
                                             68,145         1,865
        CB  Financial     Services    Inc.
                                             58,568         1,778
     *
        Aspen   Group   Inc.
                                             195,693          1,746
        Global   Self  Storage    Inc.
                                             353,584          1,637
        Summit    State   Bank
                                             126,542          1,620
     *
        Coastway     Bancorp    Inc.
                                             71,216         1,517
        Plumas    Bancorp
                                             62,769         1,447
     *
        Jason   Industries     Inc.
                                             597,574          1,416
     *
        Metropolitan      Bank   Holding    Corp.
                                             33,108         1,394
        First  US  Bancshares      Inc.
                                             102,757          1,315
     *
        PDL  Community      Bancorp
                                             86,211         1,309
        Condor    Hospitality     Trust   Inc.
                                             129,639          1,290
     *
        Anchor    Bancorp    Inc.
                                             51,344         1,273
        SB  Financial     Group   Inc.
                                             66,928         1,237
        Manning    & Napier   Inc.
                                             332,877          1,198
        Griffin    Industrial     Realty   Inc.
                                             32,564         1,195
        Eagle   Bancorp    Montana    Inc.
                                             56,692         1,188
     *,^
        ITUS   Corp.
                                             496,401          1,172
        Citizens    Community      Bancorp    Inc.
                                             85,675         1,156
        Mackinac     Financial     Corp.
                                             71,766         1,148
        AmeriServ     Financial     Inc.
                                             267,595          1,111
     *,^
        Altisource     Asset   Management      Corp.
                                             13,570         1,107
        Bancorp    of New  Jersey   Inc.
                                             60,176         1,098
                                463/562


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     *
        Nicholas    Financial     Inc.
                                             124,786          1,098
        Urstadt    Biddle   Properties     Inc.
                                             64,362         1,091
        Medley    Management      Inc.  Class   A
                                             163,603          1,063
     ^
        US  Global   Investors     Inc.  Class   A
                                             271,098          1,057
        Hennessy     Advisors    Inc.
                                             62,773         1,038
        PB  Bancorp    Inc.
                                             96,384         1,036
     *
        Randolph     Bancorp    Inc.
                                             66,307         1,028
     ^
        Manhattan     Bridge   Capital    Inc.
                                             172,279          1,021
        Elmira   Savings    Bank
                                             49,500         1,010
     *
        Tremont    Mortgage     Trust
                                             67,538          992
     *,^
        IZEA   Inc.
                                             211,017           954
        Old  Point   Financial     Corp.
                                             30,404          905
        First  Savings    Financial     Group   Inc.
                                             15,518          892
     *
        Security    National    Financial     Corp.   Class   A
                                             151,600           803
     *
        Esquire    Financial     Holdings    Inc.
                                             39,067          773
                                464/562















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                                               バンガード・インデックス・ファンズ(E14945)
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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     *,^
        Transcontinental        Realty   Investors     Inc.
                                             23,300          730
     *
        1347   Property    Insurance     Holdings    Inc.
                                             91,546          668
        Norwood     Financial     Corp.
                                             18,411          608
     *
        Conifer    Holdings    Inc.
                                             103,597           601
     *
        Porter   Bancorp    Inc.
                                             40,593          585
     *
        Luther   Burbank    Corp.
                                             47,779          575
     *
        Severn    Bancorp    Inc.
                                             77,211          564
     *
        JW  Mays   Inc.
                                             13,855          526
        Citizens    First  Corp.
                                             21,296          511
     ^
        Sachem    Capital    Corp.
                                             113,787           448
     *
        Central    Federal    Corp.
                                             156,639           431
        Pathfinder     Bancorp    Inc.
                                             27,342          417
        RAIT   Financial     Trust
                                            1,086,351           407
     *
        HV  Bancorp    Inc.
                                             25,024          386
     *,^
        Walter    Investment     Management      Corp.
                                             444,717           375
     *
        First  Acceptance      Corp.
                                             280,268           334
     *,^
        National    Holdings    Corp.
                                             93,836          310
        Ottawa    Bancorp    Inc.
                                             20,756          305
     *,^
        ZAIS   Group   Holdings     Inc.
                                             73,304          285
        United   Security    Bancshares
                                             25,050          276
        Sound   Financial     Bancorp    Inc.
                                              7,911         271
     *
        Community      First  Bancshares      Inc.
                                             22,878          264
        United   Community      Bancorp
                                             11,773          250
        Wellesley     Bank
                                              8,312         241
     *,^
        CPI  Card   Group   Inc.
                                             61,565          226
     *
        Intersections      Inc.
                                             85,474          193
        WVS   Financial     Corp.
                                             11,313          175
     *
        FFBW   Inc.
                                             14,001          154
     *
        Eagle   Financial     Bancorp    Inc.
                                              9,424         151
        Oxbridge     Re  Holdings    Ltd.
                                             67,076          144
     *
        Income    Opportunity      Realty   Investors     Inc.
                                             12,550          141
     *
        Bancorp    34 Inc.
                                              9,502         140
     *
        Asta  Funding    Inc.
                                             13,646          101
     *
        Performant     Financial     Corp.
                                             60,291           99
     *
        RMG   Networks     Holding    Corp.
                                             102,173           84
     *
        Opiant   Pharmaceuticals        Inc.
                                              3,300          76
     *
        National    Holdings    Corp.   Warrants     Exp.  01/18/2022
                                             92,151           69
        Bank   of the  James   Financial     Group   Inc.
                                              4,403          67
        Southwest     Georgia    Financial     Corp.
                                              2,784          67
        Cohen   & Co.  Inc.
                                              7,649          61
     *,^
        Naked   Brand   Group   Inc.
                                             37,541           54
        IF Bancorp    Inc.
                                              2,021          40
     *
        ICC  Holdings    Inc.
                                              1,600          26
        First  Community      Corp.
                                               967         22
     *
        Broadway     Financial     Corp.
                                              5,342          13
        Baldwin    & Lyons   Inc.
                                               225          5
     *
        HomeTown      Bankshares      Corp.
                                               400          4
     *
        FSB  Bancorp    Inc.
                                               200          4
        Atlantic    American     Corp.
                                              1,052           4
                                465/562


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     *
        Equitable     Financial     Corp.
                                               263          3
        GWG   Holdings    Inc.
                                               300          3
        Glen   Burnie   Bancorp
                                               100          1
        Canadian     Imperial    Bank   of Commerce
                                                        -
                                                   135,795,888
     Health   Care  (12.5%)
        Johnson    & Johnson
                                           64,720,544         9,042,754
        Pfizer   Inc.
                                           143,596,574          5,201,068
        UnitedHealth      Group   Inc.
                                           23,347,645         5,147,222
        AbbVie    Inc.
                                           38,462,505         3,719,709
        Merck   & Co.  Inc.
                                           65,669,237         3,695,208
        Amgen    Inc.
                                           17,490,589         3,041,613
        Medtronic     plc
                                           32,616,588         2,633,789
        Bristol-Myers       Squibb    Co.
                                           39,434,795         2,416,564
        Abbott   Laboratories
                                           41,934,913         2,393,225
                                466/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
        Gilead   Sciences    Inc.
                                           31,482,378         2,255,398
        Eli  Lilly   & Co.
                                           23,879,004         2,016,821
     *
        Celgene    Corp.
                                           18,975,558         1,980,289
        Thermo    Fisher   Scientific     Inc.
                                            9,661,106         1,834,451
     *
        Biogen    Inc.
                                            5,096,881         1,623,713
        Aetna   Inc.
                                            7,859,435         1,417,763
        Anthem    Inc.
                                            6,188,335         1,392,437
        Becton    Dickinson     and  Co.
                                            6,420,853         1,374,448
        Allergan    plc
                                            8,015,501         1,311,176
        Cigna   Corp.
                                            5,942,635         1,206,890
        Stryker    Corp.
                                            7,212,986         1,116,859
     *
        Express    Scripts   Holding    Co.
                                           13,650,797         1,018,895
     *
        Intuitive    Surgical    Inc.
                                            2,700,031         985,349
     *
        Vertex    Pharmaceuticals        Inc.
                                            6,094,571         913,332
        Humana    Inc.
                                            3,443,354         854,193
        Zoetis   Inc.
                                           11,746,752          846,236
     *
        Boston    Scientific     Corp.
                                           33,093,479          820,387
        Baxter   International      Inc.
                                           12,470,051          806,064
     *
        Illumina    Inc.
                                            3,519,236         768,918
     *
        Regeneron     Pharmaceuticals        Inc.
                                            1,907,312         717,073
     *
        Alexion    Pharmaceuticals        Inc.
                                            5,114,137         611,600
     *
        HCA   Healthcare     Inc.
                                            6,826,174         599,611
        Zimmer    Biomet    Holdings    Inc.
                                            4,878,745         588,718
     *
        Edwards    Lifesciences      Corp.
                                            5,099,700         574,787
     *
        Mylan   NV
                                           12,281,506          519,631
     *
        Incyte   Corp.
                                            4,322,693         409,402
     *
        Centene    Corp.
                                            3,950,924         398,569
     *
        Laboratory     Corp.   of America    Holdings
                                            2,453,856         391,415
     *
        Align   Technology      Inc.
                                            1,738,793         386,342
     *
        BioMarin     Pharmaceutical       Inc.
                                            4,229,910         377,181
     *
        IQVIA    Holdings    Inc.
                                            3,772,974         369,374
        Dentsply    Sirona   Inc.
                                            5,532,506         364,205
     *
        Waters    Corp.
                                            1,824,423         352,460
     *
        IDEXX    Laboratories      Inc.
                                            2,102,888         328,850
        Quest   Diagnostics      Inc.
                                            3,284,373         323,478
        ResMed    Inc.
                                            3,420,890         289,715
     *
        Hologic    Inc.
                                            6,644,301         284,044
     *
        Alnylam    Pharmaceuticals        Inc.
                                            2,150,871         273,268
        Teleflex    Inc.
                                            1,085,114         269,998
        Perrigo    Co.  plc
                                            3,055,590         266,325
     *
        Henry   Schein   Inc.
                                            3,783,141         264,366
        Cooper    Cos.  Inc.
                                            1,179,038         256,889
     *
        Varian    Medical    Systems    Inc.
                                            2,210,626         245,711
        Universal     Health   Services    Inc.  Class   B
                                            2,111,573         239,347
     *
        DaVita    Inc.
                                            3,312,730         239,345
     *
        Nektar   Therapeutics      Class   A
                                            3,795,227         226,651
     *
        Exelixis    Inc.
                                            7,129,502         216,737
     *
        WellCare     Health   Plans   Inc.
                                            1,073,021         215,795
     *
        Bluebird    Bio  Inc.
                                            1,182,427         210,590
                                467/562


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     *
        Alkermes     plc
                                            3,703,395         202,687
     *
        ABIOMED      Inc.
                                            1,012,293         189,714
     *
        Jazz  Pharmaceuticals        plc
                                            1,372,307         184,781
        STERIS    plc
                                            2,047,069         179,057
        West   Pharmaceutical       Services    Inc.
                                            1,789,824         176,602
     *
        Neurocrine     Biosciences      Inc.
                                            2,130,737         165,324
     *
        Sage   Therapeutics      Inc.
                                             951,899         156,787
     *
        Exact   Sciences    Corp.
                                            2,885,533         151,606
     *
        Ionis   Pharmaceuticals        Inc.
                                            3,002,397         151,021
     *
        United   Therapeutics      Corp.
                                             991,847         146,744
     *
        Bioverativ     Inc.
                                            2,605,050         140,464
        Hill-Rom     Holdings    Inc.
                                            1,583,610         133,482
     *
        Catalent    Inc.
                                            3,200,776         131,488
     *
        Charles    River   Laboratories      International      Inc.
                                            1,140,430         124,820
     *
        Seattle   Genetics    Inc.
                                            2,257,778         120,791
                                468/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     *
        Bio-Rad    Laboratories      Inc.  Class   A
                                             505,416         120,628
     *
        MEDNAX     Inc.
                                            2,256,483         120,586
     *
        DexCom    Inc.
                                            2,092,921         120,113
        Bio-Techne      Corp.
                                             898,441         116,393
        HealthSouth      Corp.
                                            2,258,053         111,570
     *
        PRA   Health   Sciences    Inc.
                                            1,220,332         111,136
     *
        Envision    Healthcare     Corp.
                                            2,923,152         101,024
     *
        Insulet   Corp.
                                            1,400,409          96,628
     *
        Masimo    Corp.
                                            1,121,769          95,126
     *
        Juno  Therapeutics      Inc.
                                            2,063,527          94,324
     *
        Molina    Healthcare     Inc.
                                            1,169,104          89,647
        Healthcare     Services    Group   Inc.
                                            1,676,343          88,377
        Cantel   Medical    Corp.
                                             855,896         88,046
        Bruker   Corp.
                                            2,444,160          83,884
     *
        INC  Research    Holdings    Inc.  Class   A
                                            1,891,297          82,461
     *
        Sarepta    Therapeutics      Inc.
                                            1,478,075          82,240
     *
        FibroGen     Inc.
                                            1,680,801          79,670
     *
        ICU  Medical    Inc.
                                             363,554         78,528
     *
        Portola    Pharmaceuticals        Inc.
                                            1,573,319          76,589
     *
        Clovis   Oncology     Inc.
                                            1,120,888          76,220
     *
        Puma   Biotechnology       Inc.
                                             770,977         76,211
     *
        TESARO     Inc.
                                             916,307         75,934
     *
        Haemonetics      Corp.
                                            1,269,691          73,744
     *
        Blueprint     Medicines     Corp.
                                             975,154         73,536
     *
        Integra    LifeSciences      Holdings    Corp.
                                            1,506,846          72,118
     *,^
        ACADIA     Pharmaceuticals        Inc.
                                            2,394,085          72,086
     *
        Neogen    Corp.
                                             872,773         71,751
     *
        NuVasive     Inc.
                                            1,226,209          71,721
        Patterson     Cos.  Inc.
                                            1,956,238          70,679
     *
        Penumbra     Inc.
                                             735,873         69,246
     *
        Globus    Medical    Inc.
                                            1,657,790          68,135
     *
        Akorn   Inc.
                                            2,100,702          67,706
     *
        Acadia    Healthcare     Co.  Inc.
                                            2,015,585          65,769
     *
        Ligand    Pharmaceuticals        Inc.
                                             455,807         62,414
     *
        Array   BioPharma     Inc.
                                            4,747,711          60,771
     *
        Avexis    Inc.
                                             539,662         59,724
     *
        Halozyme     Therapeutics      Inc.
                                            2,909,882          58,954
     *
        Amicus    Therapeutics      Inc.
                                            4,033,173          58,037
     *
        Horizon    Pharma    plc
                                            3,950,376          57,675
     *
        Insmed    Inc.
                                            1,847,465          57,604
     *
        Myriad    Genetics    Inc.
                                            1,674,172          57,499
     *
        Agios   Pharmaceuticals        Inc.
                                             993,654         56,807
     *
        Prestige    Brands    Holdings    Inc.
                                            1,272,865          56,528
     *
        Wright    Medical    Group   NV
                                            2,525,832          56,073
     *
        Magellan     Health   Inc.
                                             574,788         55,496
     *
        Aerie   Pharmaceuticals        Inc.
                                             891,336         53,257
     *
        Halyard    Health   Inc.
                                            1,125,656          51,983
     *
        Mallinckrodt      plc
                                            2,285,817          51,568
     *,^
        Immunomedics       Inc.
                                            3,112,957          50,305
                                469/562


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     *
        Merit   Medical    Systems    Inc.
                                            1,143,531          49,401
     *
        Ironwood     Pharmaceuticals        Inc.  Class   A
                                            3,255,021          48,793
     *
        Loxo   Oncology     Inc.
                                             577,361         48,602
     *
        Inogen   Inc.
                                             405,783         48,321
     *
        LifePoint     Health   Inc.
                                             949,587         47,289
     *
        Supernus     Pharmaceuticals        Inc.
                                            1,181,110          47,067
     *
        Brookdale     Senior   Living   Inc.
                                            4,473,089          43,389
     *
        Medicines     Co.
                                            1,580,475          43,210
     *
        Ultragenyx     Pharmaceutical       Inc.
                                             925,955         42,946
     *
        Select   Medical    Holdings    Corp.
                                            2,401,593          42,388
     *
        Pacira   Pharmaceuticals        Inc.
                                             927,652         42,347
     *
        Omnicell     Inc.
                                             869,351         42,164
     *,^
        Corcept    Therapeutics      Inc.
                                            2,325,852          42,005
     *
        Nevro   Corp.
                                             605,680         41,816
     *,^
        OPKO   Health   Inc.
                                            8,094,624          39,664
                                470/562















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                                               バンガード・インデックス・ファンズ(E14945)
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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     *
        Spectrum     Pharmaceuticals        Inc.
                                            2,063,021          39,094
     *,^
        Spark   Therapeutics      Inc.
                                             758,867         39,021
     *
        Acceleron     Pharma    Inc.
                                             915,871         38,870
     *
        NxStage    Medical    Inc.
                                            1,587,653          38,469
     *,^
        Teladoc    Inc.
                                            1,090,272          37,996
     *
        Endo   International      plc
                                            4,830,973          37,440
     *
        Global   Blood   Therapeutics      Inc.
                                             946,278         37,236
     *
        Emergent     BioSolutions      Inc.
                                             792,044         36,806
     *,^
        Tenet   Healthcare     Corp.
                                            2,419,428          36,679
     *
        Amedisys     Inc.
                                             692,703         36,512
     *
        Varex   Imaging    Corp.
                                             905,138         36,359
     *
        Ignyta   Inc.
                                            1,356,054          36,207
     *
        Tivity   Health   Inc.
                                             952,538         34,815
     *
        AnaptysBio      Inc.
                                             340,684         34,314
     *
        HMS   Holdings    Corp.
                                            2,021,137          34,258
     *
        Repligen    Corp.
                                             937,629         34,017
     *
        Esperion    Therapeutics      Inc.
                                             505,660         33,293
     *
        Sangamo     Therapeutics      Inc.
                                            2,023,835          33,191
     *
        Novocure     Ltd.
                                            1,610,008          32,522
     *
        Arena   Pharmaceuticals        Inc.
                                             954,203         32,414
     *
        Zogenix    Inc.
                                             784,550         31,421
        CONMED     Corp.
                                             603,718         30,771
     *,^
        MiMedx    Group   Inc.
                                            2,424,959          30,579
     *
        Quidel   Corp.
                                             704,081         30,522
     *,^
        Radius   Health   Inc.
                                             958,938         30,465
     *
        Aimmune     Therapeutics      Inc.
                                             793,535         30,011
     *
        Impax   Laboratories      Inc.
                                            1,797,538          29,929
        Owens   & Minor   Inc.
                                            1,482,723          27,994
     *,^
        Dynavax    Technologies       Corp.
                                            1,484,528          27,761
     *
        Natus   Medical    Inc.
                                             717,469         27,407
     *,^
        Theravance      Biopharma     Inc.
                                             978,125         27,280
     *
        OraSure    Technologies       Inc.
                                            1,404,701          26,493
     *
        Innoviva    Inc.
                                            1,845,928          26,194
     *,^
        Editas   Medicine     Inc.
                                             847,010         26,029
        Ensign   Group   Inc.
                                            1,170,364          25,982
        Abaxis    Inc.
                                             518,966         25,699
        Analogic    Corp.
                                             303,600         25,426
     *,^
        TherapeuticsMD        Inc.
                                            4,177,431          25,232
     *,^
        Intercept    Pharmaceuticals        Inc.
                                             426,906         24,940
     *
        Revance    Therapeutics      Inc.
                                             689,429         24,647
     *
        Acorda    Therapeutics      Inc.
                                            1,130,839          24,256
     *
        Momenta     Pharmaceuticals        Inc.
                                            1,738,631          24,254
     *
        LHC   Group   Inc.
                                             395,115         24,201
     *
        MyoKardia      Inc.
                                             571,117         24,044
     *
        Foundation      Medicine     Inc.
                                             349,433         23,831
     *,^
        Heron   Therapeutics      Inc.
                                            1,309,962          23,710
     *
        Orthofix    International      NV
                                             416,229         22,768
     *
        Dermira    Inc.
                                             811,293         22,562
     *
        REGENXBIO       Inc.
                                             670,390         22,290
                                471/562


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     *
        BioTelemetry       Inc.
                                             740,110         22,129
     *
        iRhythm    Technologies       Inc.
                                             392,653         22,008
     *
        Intersect    ENT   Inc.
                                             664,996         21,546
        Atrion   Corp.
                                             33,850         21,346
     *,^
        Omeros    Corp.
                                            1,090,406          21,187
     *
        Xencor    Inc.
                                             966,343         21,182
        US  Physical    Therapy    Inc.
                                             290,423         20,969
     *
        ImmunoGen      Inc.
                                            3,207,361          20,559
     *
        Enanta   Pharmaceuticals        Inc.
                                             345,191         20,256
     *
        AxoGen    Inc.
                                             710,712         20,113
     *
        Retrophin     Inc.
                                             933,706         19,673
     *,^
        Accelerate     Diagnostics      Inc.
                                             740,668         19,405
        Kindred    Healthcare     Inc.
                                            1,987,567          19,279
     *,^
        Flexion    Therapeutics      Inc.
                                             764,445         19,142
     *
        Anika   Therapeutics      Inc.
                                             353,241         19,043
                                472/562















                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     *
        Cardiovascular       Systems    Inc.
                                             794,665         18,826
        Luminex    Corp.
                                             948,566         18,687
     *
        Assembly     Biosciences      Inc.
                                             410,843         18,591
     *,^
        Glaukos    Corp.
                                             706,560         18,123
     *
        K2M   Group   Holdings    Inc.
                                             996,242         17,932
     *,^
        Lannett    Co.  Inc.
                                             768,732         17,835
     *
        Alder   Biopharmaceuticals         Inc.
                                            1,550,892          17,758
     *
        Lantheus    Holdings     Inc.
                                             854,291         17,470
     *,^
        Intrexon    Corp.
                                            1,480,048          17,050
     *
        Almost    Family    Inc.
                                             302,759         16,758
     *
        Amphastar     Pharmaceuticals        Inc.
                                             830,182         15,973
     *
        MacroGenics      Inc.
                                             836,276         15,889
     *
        Genomic    Health   Inc.
                                             463,837         15,863
     *
        PTC  Therapeutics      Inc.
                                             945,067         15,764
     *
        Vanda   Pharmaceuticals        Inc.
                                            1,031,275          15,675
     *,^
        Eagle   Pharmaceuticals        Inc.
                                             291,986         15,598
     *,^
        Epizyme    Inc.
                                            1,233,062          15,475
     *
        Madrigal    Pharmaceuticals        Inc.
                                             168,464         15,463
     *,^
        Aclaris    Therapeutics      Inc.
                                             625,163         15,417
     *
        NeoGenomics       Inc.
                                            1,728,062          15,311
     *
        Intra-Cellular       Therapies     Inc.
                                            1,041,954          15,087
     *
        AngioDynamics        Inc.
                                             889,497         14,792
     *
        Audentes     Therapeutics      Inc.
                                             469,632         14,676
     *
        Five  Prime   Therapeutics      Inc.
                                             666,872         14,618
        Meridian    Bioscience     Inc.
                                            1,042,598          14,596
     *
        AtriCure    Inc.
                                             786,873         14,353
     *
        HealthStream       Inc.
                                             614,820         14,239
     *
        Triple-S    Management      Corp.   Class   B
                                             566,846         14,086
     *
        CryoLife    Inc.
                                             725,293         13,889
     *
        Cutera   Inc.
                                             303,143         13,748
        Invacare    Corp.
                                             815,418         13,740
     *,^
        La  Jolla  Pharmaceutical       Co.
                                             425,428         13,690
     *
        Akebia    Therapeutics      Inc.
                                             919,370         13,671
        National    HealthCare      Corp.
                                             223,567         13,624
     *
        Rigel   Pharmaceuticals        Inc.
                                            3,458,173          13,418
     *
        CytomX    Therapeutics      Inc.
                                             631,071         13,322
     *
        ANI  Pharmaceuticals        Inc.
                                             205,095         13,218
     *,^
        Adamas    Pharmaceuticals        Inc.
                                             387,014         13,116
     *,^
        Synergy    Pharmaceuticals        Inc.
                                            5,879,357          13,111
     *,^
        ZIOPHARM      Oncology     Inc.
                                            3,094,939          12,813
     *
        Exactech    Inc.
                                             257,857         12,751
     *
        Heska   Corp.
                                             156,292         12,536
     *
        Iovance    Biotherapeutics       Inc.
                                            1,557,804          12,462
     *
        CorVel    Corp.
                                             232,825         12,316
     *,^
        Sucampo     Pharmaceuticals        Inc.  Class   A
                                             680,114         12,208
     *
        BioCryst    Pharmaceuticals        Inc.
                                            2,381,179          11,692
     *
        Concert    Pharmaceuticals        Inc.
                                             444,991         11,512
     *,^
        Abeona    Therapeutics      Inc.
                                             719,065         11,397
     *,^
        Community      Health   Systems    Inc.
                                            2,616,797          11,148
                                473/562


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     *,^
        AMAG    Pharmaceuticals        Inc.
                                             832,931         11,036
        LeMaitre     Vascular    Inc.
                                             345,924         11,014
     *
        Depomed     Inc.
                                            1,367,620          11,009
     *
        Mirati   Therapeutics      Inc.
                                             597,489         10,904
     *
        Intellia    Therapeutics      Inc.
                                             562,041         10,802
     *,^
        TG  Therapeutics      Inc.
                                            1,300,856          10,667
     *
        STAAR    Surgical    Co.
                                             687,780         10,661
     *,^
        Endologix     Inc.
                                            1,962,892          10,501
     *
        Progenics     Pharmaceuticals        Inc.
                                            1,750,207          10,414
     *,^
        Lexicon    Pharmaceuticals        Inc.
                                            1,052,238          10,396
     *,^
        Reata   Pharmaceuticals        Inc.  Class   A
                                             361,469         10,237
     *
        G1  Therapeutics      Inc.
                                             515,551         10,229
     *,^
        Collegium     Pharmaceutical       Inc.
                                             553,163         10,211
     *,^
        GlycoMimetics       Inc.
                                             600,009         10,074
     *,^
        Keryx   Biopharmaceuticals         Inc.
                                            2,149,012           9,993
                                474/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     *
        Karyopharm      Therapeutics      Inc.
                                            1,029,792           9,886
     *,^
        Tactile    Systems    Technology      Inc.
                                             339,862          9,849
     *
        PDL  BioPharma     Inc.
                                            3,585,431           9,824
     *,^
        ViewRay     Inc.
                                            1,050,439           9,727
     *
        Paratek    Pharmaceuticals        Inc.
                                             535,194          9,580
     *
        Cerus   Corp.
                                            2,816,612           9,520
     *
        Cytokinetics      Inc.
                                            1,160,386           9,457
     *,^
        Novavax     Inc.
                                            7,583,721           9,404
     *,^
        Celldex    Therapeutics      Inc.
                                            3,304,849           9,386
     *,^
        Invitae    Corp.
                                            1,024,558           9,303
     *,^
        Kura   Oncology     Inc.
                                             607,634          9,297
     *
        Cymabay     Therapeutics      Inc.
                                            1,007,339           9,268
     *,^
        Achaogen     Inc.
                                             858,770          9,223
     *,^
        Entellus    Medical    Inc.
                                             374,410          9,132
     *
        Achillion     Pharmaceuticals        Inc.
                                            3,105,682           8,944
     *,^
        BioScrip    Inc.
                                            3,066,581           8,924
     *
        Voyager    Therapeutics      Inc.
                                             531,795          8,828
     *
        Atara   Biotherapeutics       Inc.
                                             486,705          8,809
     *
        Enzo   Biochem    Inc.
                                            1,076,342           8,772
     *
        RadNet    Inc.
                                             867,469          8,761
     *
        Stemline    Therapeutics      Inc.
                                             557,289          8,694
     *
        R1  RCM   Inc.
                                            1,966,753           8,673
     *,^
        Inovio   Pharmaceuticals        Inc.
                                            2,099,923           8,673
     *
        Rhythm    Pharmaceuticals        Inc.
                                             297,459          8,644
     *,^
        Coherus    Biosciences      Inc.
                                             980,706          8,630
     *
        Aduro   Biotech    Inc.
                                            1,124,493           8,434
     *
        Surmodics     Inc.
                                             299,829          8,395
     *
        Accuray    Inc.
                                            1,936,438           8,327
     *,^
        Idera   Pharmaceuticals        Inc.
                                            3,787,001           7,991
     *,^
        Corbus    Pharmaceuticals        Holdings    Inc.
                                            1,106,750           7,858
     *,^
        Cara  Therapeutics      Inc.
                                             641,963          7,858
        Utah   Medical    Products    Inc.
                                             96,440         7,850
     *
        Medpace    Holdings    Inc.
                                             215,833          7,826
     *
        Capital    Senior   Living   Corp.
                                             579,381          7,816
     *
        AVEO    Pharmaceuticals        Inc.
                                            2,769,376           7,727
     *
        Tetraphase     Pharmaceuticals        Inc.
                                            1,224,779           7,716
     *
        Catalyst    Pharmaceuticals        Inc.
                                            1,968,675           7,698
     *,^
        Insys   Therapeutics      Inc.
                                             781,550          7,518
     *
        Natera   Inc.
                                             800,588          7,197
     *,^
        Marinus    Pharmaceuticals        Inc.
                                             867,114          7,076
     *
        Pacific    Biosciences      of California     Inc.
                                            2,624,285           6,928
     *,^
        Rockwell     Medical    Inc.
                                            1,190,225           6,927
     *,^
        Ampio   Pharmaceuticals        Inc.
                                            1,691,161           6,883
     *
        Savara   Inc.
                                             459,595          6,820
     *,^
        Geron   Corp.
                                            3,740,421           6,733
     *,^
        MannKind     Corp.
                                            2,861,516           6,639
     *
        Antares    Pharma    Inc.
                                            3,254,083           6,476
     *
        Protagonist      Therapeutics      Inc.
                                             301,950          6,281
     *
        BioSpecifics      Technologies       Corp.
                                             143,302          6,209
                                475/562


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     *
        Addus   HomeCare     Corp.
                                             177,333          6,171
     *,^
        Bellicum    Pharmaceuticals        Inc.
                                             730,163          6,141
     *
        Corium    International      Inc.
                                             636,418          6,116
     *,^
        Kadmon    Holdings    Inc.
                                            1,681,328           6,086
     *,^
        Agenus    Inc.
                                            1,850,980           6,034
     *
        Civitas    Solutions     Inc.
                                             349,868          5,983
     *,^
        NewLink     Genetics    Corp.
                                             726,442          5,891
     *
        Kindred    Biosciences      Inc.
                                             619,073          5,850
     *
        Ardelyx    Inc.
                                             859,546          5,673
     *,^
        Akcea   Therapeutics      Inc.
                                             321,110          5,574
     *,^
        Neos   Therapeutics      Inc.
                                             545,133          5,560
     *,^
        Surgery    Partners    Inc.
                                             447,406          5,414
     *,^
        Jounce   Therapeutics      Inc.
                                             424,513          5,413
     *
        Melinta    Therapeutics      Inc.
                                             335,336          5,298
     *
        GenMark     Diagnostics      Inc.
                                            1,267,375           5,285
                                476/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     *,^
        Denali   Therapeutics      Inc.
                                             336,992          5,271
     *,^
        Seres   Therapeutics      Inc.
                                             515,677          5,229
     *
        Fate  Therapeutics      Inc.
                                             854,628          5,222
     *
        Arrowhead     Pharmaceuticals        Inc.
                                            1,377,533           5,069
     *,^
        Athersys    Inc.
                                            2,762,547           5,000
     *
        Aratana    Therapeutics      Inc.
                                             946,728          4,980
     *
        Calithera    Biosciences      Inc.
                                             593,654          4,957
     *,^
        XOMA    Corp.
                                             139,118          4,953
     *,^
        American     Renal   Associates     Holdings    Inc.
                                             282,718          4,919
     *,^
        Senseonics     Holdings    Inc.
                                            1,848,114           4,916
     *
        RTI  Surgical    Inc.
                                            1,186,290           4,864
     *
        Chimerix     Inc.
                                            1,042,116           4,825
     *,^
        Sientra    Inc.
                                             340,981          4,794
     *
        Minerva    Neurosciences       Inc.
                                             775,347          4,691
     *,^
        BioTime    Inc.
                                            2,160,648           4,645
     *,^
        Vericel    Corp.
                                             846,488          4,613
     *
        Tocagen    Inc.
                                             438,900          4,499
     *
        Cascadian     Therapeutics      Inc.
                                            1,214,738           4,495
     *
        ChemoCentryx       Inc.
                                             754,879          4,492
     *
        Quorum    Health   Corp.
                                             718,687          4,485
     *,^
        Tyme   Technologies       Inc.
                                             692,000          4,415
     *,^
        Endocyte     Inc.
                                            1,025,298           4,388
     *,^
        Sorrento    Therapeutics      Inc.
                                            1,153,993           4,385
     *,^
        MediciNova      Inc.
                                             677,747          4,385
     *,^
        Edge   Therapeutics      Inc.
                                             464,871          4,356
     *
        Deciphera     Pharmaceuticals        Inc.
                                             187,950          4,261
     *,^
        Palatin   Technologies       Inc.
                                            4,917,884           4,224
     *,^
        BioDelivery      Sciences    International      Inc.
                                            1,414,198           4,172
     *,^
        Mustang    Bio  Inc.
                                             347,622          4,168
     *,^
        Teligent    Inc.
                                            1,127,691           4,094
     *
        FONAR    Corp.
                                             166,582          4,056
     *
        NanoString      Technologies       Inc.
                                             537,122          4,012
     ^
        Riot  Blockchain      Inc.
                                             140,861          4,000
     *
        Fluidigm    Corp.
                                             661,818          3,898
     *
        PetIQ   Inc.
                                             177,622          3,879
     *,^
        Vital   Therapies     Inc.
                                             651,367          3,876
     *,^
        Dova   Pharmaceuticals        Inc.
                                             133,771          3,853
     *
        Recro   Pharma    Inc.
                                             416,391          3,852
     *,^
        Zynerba    Pharmaceuticals        Inc.
                                             305,185          3,821
     *
        Peregrine     Pharmaceuticals        Inc.
                                             965,478          3,746
     *
        Selecta    Biosciences      Inc.
                                             379,329          3,721
     *,^
        Syros   Pharmaceuticals        Inc.
                                             356,018          3,464
     *,^
        Adamis    Pharmaceuticals        Corp.
                                             781,945          3,441
     *
        Miragen    Therapeutics      Inc.
                                             324,650          3,386
     *
        Otonomy     Inc.
                                             606,314          3,365
     *,^
        Merrimack     Pharmaceuticals        Inc.
                                             325,027          3,332
     *,^
        CareDx    Inc.
                                             448,039          3,289
     *
        Conatus    Pharmaceuticals        Inc.
                                             710,819          3,284
     *
        Kala  Pharmaceuticals        Inc.
                                             177,385          3,280
                                477/562


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     *,^
        CytoSorbents       Corp.
                                             502,127          3,264
     *
        ArQule    Inc.
                                            1,974,605           3,258
     *
        Immune    Design    Corp.
                                             833,775          3,252
     *
        Syndax    Pharmaceuticals        Inc.
                                             370,266          3,244
     *,^
        Optinose    Inc.
                                             171,184          3,235
     *,^
        Anavex    Life  Sciences    Corp.
                                             993,461          3,199
     *,^
        Organovo     Holdings    Inc.
                                            2,362,328           3,166
     *,^
        Dicerna    Pharmaceuticals        Inc.
                                             350,298          3,163
     *
        Durect   Corp.
                                            3,398,631           3,133
     *
        Veracyte     Inc.
                                             467,588          3,053
     *,^
        Clearside     Biomedical      Inc.
                                             432,905          3,030
     *,^
        Aldeyra    Therapeutics      Inc.
                                             429,986          2,924
     *,^
        Viking    Therapeutics      Inc.
                                             715,869          2,906
     *,^
        NantKwest     Inc.
                                             635,282          2,852
     *
        SeaSpine     Holdings    Corp.
                                             281,105          2,845
                                478/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     *,^
        Advaxis    Inc.
                                             994,754          2,825
     *
        Harvard    Bioscience     Inc.
                                             855,650          2,824
     *
        Verastem     Inc.
                                             886,976          2,723
        Psychemedics       Corp.
                                             132,234          2,719
     *,^
        Cidara   Therapeutics      Inc.
                                             395,429          2,689
     *,^
        GTx  Inc.
                                             209,702          2,665
     *
        Ovid   therapeutics      Inc.
                                             269,127          2,656
     *
        AAC   Holdings    Inc.
                                             289,838          2,609
     *
        Ocular   Therapeutix      Inc.
                                             580,670          2,584
     *,^
        Sienna   Biopharmaceuticals         Inc.
                                             141,704          2,572
     *
        Fortress    Biotech    Inc.
                                             644,427          2,571
     *
        Sunesis    Pharmaceuticals        Inc.
                                             693,738          2,560
     *
        Zafgen    Inc.
                                             541,528          2,502
     *
        ConforMIS      Inc.
                                            1,045,299           2,488
     *
        OncoMed     Pharmaceuticals        Inc.
                                             603,065          2,473
     *
        Curis   Inc.
                                            3,509,307           2,456
     *,^
        Corindus    Vascular    Robotics    Inc.
                                            2,399,515           2,423
     *
        Molecular     Templates     Inc.
                                             239,228          2,397
     *,^
        Chembio    Diagnostics      Inc.
                                             288,580          2,366
     *
        Ophthotech      Corp.
                                             755,769          2,358
     *,^
        Pulse   Biosciences      Inc.
                                             98,205         2,318
     *
        Spring   Bank   Pharmaceuticals        Inc.
                                             169,085          2,274
     *,^
        Infinity    Pharmaceuticals        Inc.
                                            1,116,666           2,267
     *
        Corvus    Pharmaceuticals        Inc.
                                             215,263          2,230
     *,^
        Calyxt   Inc.
                                             100,688          2,218
     *,^
        Ohr  Pharmaceutical       Inc.
                                            1,160,502           2,159
     *
        Adverum     Biotechnologies        Inc.
                                             615,877          2,156
     *,^
        Regulus    Therapeutics      Inc.
                                            2,068,201           2,151
     *
        CTI  BioPharma     Corp.
                                             790,558          2,119
     *,^
        CASI   Pharmaceuticals        Inc.
                                             650,989          2,116
     *
        Eiger   BioPharmaceuticals         Inc.
                                             149,465          2,085
     *,^
        Invuity    Inc.
                                             335,182          2,078
     *
        OrthoPediatrics       Corp.
                                             107,941          2,071
     *,^
        Agile   Therapeutics      Inc.
                                             754,951          2,031
     *,^
        Nobilis    Health   Corp.
                                            1,482,407           2,001
     *,^
        T2  Biosystems      Inc.
                                             482,950          1,990
     *
        Versartis     Inc.
                                             888,732          1,955
     *,^
        Galectin    Therapeutics      Inc.
                                             584,459          1,952
     *,^
        AcelRx    Pharmaceuticals        Inc.
                                             952,160          1,928
     *
        Trevena    Inc.
                                            1,192,683           1,908
     *
        IRIDEX    Corp.
                                             249,167          1,899
     *
        Aptevo    Therapeutics      Inc.
                                             446,531          1,893
     *
        Axsome    Therapeutics      Inc.
                                             327,155          1,832
     *,^
        Alimera    Sciences    Inc.
                                            1,374,781           1,828
     *
        ADMA    Biologics     Inc.
                                             558,763          1,794
     *,^
        Mersana    Therapeutics      Inc.
                                             108,574          1,784
     *
        Alpine   Immune    Sciences    Inc.
                                             158,018          1,770
     *,^
        Matinas    BioPharma     Holdings    Inc.
                                            1,524,744           1,769
     *
        Celcuity    Inc.
                                             93,214         1,766
                                479/562


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     *
        MEI  Pharma    Inc.
                                             835,645          1,755
     *
        Bovie   Medical    Corp.
                                             665,652          1,731
     *
        Ra  Pharmaceuticals        Inc.
                                             203,349          1,728
     *,^
        Sophiris    Bio  Inc.
                                             714,237          1,621
     *,^
        BrainStorm      Cell  Therapeutics      Inc.
                                             412,248          1,616
     *,^
        Ekso   Bionics    Holdings    Inc.
                                             743,108          1,583
     *,^
        iRadimed     Corp.
                                             104,396          1,582
     *,^
        Viveve    Medical    Inc.
                                             310,713          1,544
     *,^
        Synthetic     Biologics     Inc.
                                            3,029,029           1,539
     *,^
        Aradigm    Corp.
                                             229,343          1,537
     *,^
        Inotek   Pharmaceuticals        Corp.
                                             583,988          1,524
     *,^
        XBiotech     Inc.
                                             382,203          1,506
     *,^
        SCYNEXIS      Inc.
                                             631,526          1,465
     *
        Cumberland      Pharmaceuticals        Inc.
                                             194,545          1,444
     *,^
        Bellerophon      Therapeutics      Inc.
                                             545,979          1,409
                                480/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     *,^
        Oncocyte     Corp.
                                             296,293          1,378
     *,^
        pSivida    Corp.
                                            1,179,356           1,274
     *
        Cogentix    Medical    Inc.
                                             402,102          1,267
     *,^
        Rexahn    Pharmaceuticals        Inc.
                                             622,815          1,258
     *
        Allena   Pharmaceuticals        Inc.
                                             124,629          1,254
     *
        Apellis    Pharmaceuticals        Inc.
                                             56,444         1,225
     *,^
        VIVUS    Inc.
                                            2,436,427           1,225
     *
        Aeglea    BioTherapeutics        Inc.
                                             226,243          1,224
     *
        scPharmaceuticals         Inc.
                                             101,200          1,223
     *,^
        BioLife    Solutions     Inc.
                                             195,545          1,173
     *,^
        Alphatec    Holdings    Inc.
                                             434,913          1,157
     *
        Electromed      Inc.
                                             188,884          1,147
     *,^
        Second    Sight   Medical    Products    Inc.
                                             593,577          1,134
     *,^
        Obalon    Therapeutics      Inc.
                                             170,838          1,129
     *,^
        Navidea    Biopharmaceuticals         Inc.
                                            3,119,346           1,118
     *,^
        Gemphire     Therapeutics      Inc.
                                             137,813          1,096
     *,^
        Actinium     Pharmaceuticals        Inc.
                                            1,627,008           1,080
     *
        OvaScience      Inc.
                                             760,632          1,065
     *,^
        ContraFect     Corp.
                                            1,031,017           1,041
     *,^
        Egalet   Corp.
                                            1,039,777           1,040
     *
        aTyr   Pharma    Inc.
                                             295,572          1,034
     *
        Pfenex   Inc.
                                             386,882          1,029
     *,^
        Vermillion     Inc.
                                             530,555          1,024
     *
        Misonix    Inc.
                                             105,030          1,008
        Digirad    Corp.
                                             390,006          1,004
     *
        Proteostasis      Therapeutics      Inc.
                                             172,205          1,004
     *,^
        Genesis    Healthcare     Inc.
                                            1,313,128           1,002
     *,^
        Asterias    Biotherapeutics       Inc.  Class   A
                                             420,817           947
     *,^
        Novan   Inc.
                                             217,128           916
     *,^
        Celsion    Corp.
                                             334,710           897
     *
        Juniper    Pharmaceuticals        Inc.
                                             183,990           892
     *
        KalVista    Pharmaceuticals        Inc.
                                             88,302          861
     *
        InfuSystem      Holdings    Inc.
                                             372,833           857
     *,^
        OncoSec    Medical    Inc.
                                             525,329           854
     *
        Odonate    Therapeutics      Inc.
                                             33,840          846
     *,^
        Synlogic    Inc.
                                             85,034          825
     *,^
        Imprimis    Pharmaceuticals        Inc.
                                             482,969           821
     *,^
        KemPharm      Inc.
                                             199,072           806
     *,^
        CytRx   Corp.
                                             475,286           803
     *,^
        Genocea    Biosciences      Inc.
                                             678,663           787
     *,^
        Cancer    Genetics    Inc.
                                             421,856           780
     *
        Krystal    Biotech    Inc.
                                             73,230          770
     *
        Applied    Genetic    Technologies       Corp.
                                             202,816           730
     *,^
        Evoke   Pharma    Inc.
                                             320,197           724
     *
        vTv  Therapeutics      Inc.  Class   A
                                             120,289           723
     *
        Flex  Pharma    Inc.
                                             199,119           695
     *,^
        Fulgent    Genetics    Inc.
                                             155,059           679
     *,^
        CorMedix     Inc.
                                            1,339,725           673
     *,^
        Pernix   Therapeutics      Holdings    Inc.
                                             276,171           663
                                481/562


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     *,^
        NanoViricides       Inc.
                                             738,883           650
     *
        Aileron    Therapeutics      Inc.
                                             61,275          646
     *,^
        Capricor    Therapeutics      Inc.
                                             408,359           645
     *,^
        Cleveland     BioLabs    Inc.
                                             155,269           623
     *,^
        Moleculin     Biotech    Inc.
                                             324,851           604
     *
        Vical   Inc.
                                             322,281           590
     *
        Catabasis     Pharmaceuticals        Inc.
                                             392,389           585
     *
        Joint   Corp.
                                             113,375           566
     *
        Aevi   Genomic    Medicine     Inc.
                                             467,823           561
     *,^
        ContraVir     Pharmaceuticals        Inc.
                                            1,553,823           559
     *,^
        Neuralstem      Inc.
                                             323,301           556
     *,^
        InVivo    Therapeutics      Holdings    Corp.
                                             684,677           527
     *
        Histogenics      Corp.
                                             255,667           524
     *,^
        Tracon    Pharmaceuticals        Inc.
                                             154,856           519
     *
        Five  Star  Senior   Living   Inc.
                                             323,637           485
                                482/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     *,^
        Restoration      Robotics    Inc.
                                             104,056           479
     *
        Quanterix     Corp.
                                             22,069          474
     *,^
        Microbot     Medical    Inc.
                                             448,366           457
     *,^
        Anthera    Pharmaceuticals        Inc.
                                             276,716           457
     *,^
        Repros    Therapeutics      Inc.
                                             689,136           455
     *,^
        Tonix   Pharmaceuticals        Holding    Corp.
                                             130,509           450
        Diversicare      Healthcare     Services    Inc.
                                             44,377          444
     *,^
        HTG   Molecular     Diagnostics      Inc.
                                             216,628           440
     ^
        Pain  Therapeutics      Inc.
                                             109,368           437
     *
        Wright    Medical    Group   Inc.  CVR
                                             288,011           435
     *,^
        Athenex    Inc.
                                             26,883          427
     *,^
        Myomo    Inc.
                                             113,615           426
     *
        Aviragen     Therapeutics      Inc.
                                             751,522           426
     *,^
        Cyclacel    Pharmaceuticals        Inc.
                                             244,005           425
     *,^
        Titan   Pharmaceuticals        Inc.
                                             314,060           416
     *,^
        Apricus    Biosciences      Inc.
                                             211,849           390
     *,^
        Oncobiologics       Inc.
                                             298,375           388
     *,^
        Orexigen     Therapeutics      Inc.
                                             294,563           380
     *
        Biolase    Inc.
                                             857,379           366
     *,^
        Aethlon    Medical    Inc.
                                             315,217           359
     *,^
        Biocept    Inc.
                                             512,481           356
     *,^
        Altimmune      Inc.
                                             176,000           350
     *,^
        Bio-Path    Holdings    Inc.
                                            1,720,927           348
     *,^
        IsoRay    Inc.
                                             848,470           339
     *,^
        Sensus   Healthcare     Inc.
                                             64,581          336
     *,^
        TapImmune      Inc.
                                             85,047          335
     *
        Caladrius     Biosciences      Inc.
                                             94,201          331
     *,^
        CAS   Medical    Systems    Inc.
                                             424,399           327
     *,^
        PLx  Pharma    Inc.
                                             46,643          322
     *
        Biomerica     Inc.
                                             78,342          295
     *,^
        CEL-SCI     Corp.
                                             147,869           279
     *
        ImmuCell     Corp.
                                             31,666          278
     *
        Chiasma    Inc.
                                             161,721           275
     *,^
        Catasys    Inc.
                                             68,118          255
     *,^
        Diffusion     Pharmaceuticals        Inc.
                                             210,391           250
     *,^
        AzurRx    BioPharma     Inc.
                                             67,316          249
     *,^
        Zosano    Pharma    Corp.
                                             459,745           239
     *,^
        Leap   Therapeutics      Inc.
                                             37,468          234
     *,^
        Trovagene     Inc.
                                             738,894           227
     *
        Proteon    Therapeutics      Inc.
                                             114,390           217
     *
        Daxor   Corp.
                                             46,117          211
     *,^
        Sonoma    Pharmaceuticals        Inc.
                                             38,184          210
     *
        Spero   Therapeutics      Inc.
                                             17,637          207
     *,^
        ReShape    Lifesciences      Inc.
                                             138,455           205
     *,^
        Tandem    Diabetes    Care  Inc.
                                             84,752          200
     *,^
        Eleven    Biotherapeutics       Inc.
                                             239,630           194
     *,^
        Heat  Biologics     Inc.
                                             503,096           193
     *
        Pro-Dex    Inc.
                                             27,970          192
     *
        Champions      Oncology     Inc.
                                             47,321          184
                                483/562


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     *,^
        EyeGate    Pharmaceuticals        Inc.
                                             169,869           182
     *,^
        Galena    Biopharma     Inc.
                                             676,855           177
     *,^
        Cytori   Therapeutics      Inc.
                                             542,465           163
     *,^
        Achieve    Life  Sciences    Inc.
                                             120,418           163
     *,^
        OpGen    Inc.
                                             869,597           162
     *
        Apollo   Endosurgery      Inc.
                                             28,953          162
     *,^
        Immune    Pharmaceuticals        Inc.
                                             275,667           157
     *,^
        Argos   Therapeutics      Inc.
                                            1,033,736           155
     *,^
        Avenue    Therapeutics      Inc.
                                             41,385          151
     *,^
        Pulmatrix     Inc.
                                             106,878           151
     *
        Onconova     Therapeutics      Inc.
                                             95,403          143
     *,^
        BioPharmX      Corp.
                                            1,253,040           138
     *,^
        Novus   Therapeutics      Inc.
                                             32,360          125
     *,^
        Cellectar    Biosciences      Inc.
                                             90,348          124
     *,^
        iBio  Inc.
                                             683,866           121
                                484/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     *
        Retractable      Technologies       Inc.
                                             177,573           121
     *
        Fibrocell    Science    Inc.
                                             184,212           120
     *
        Presbia    plc
                                             31,568          120
     *,^
        Dare   Bioscience     Inc.
                                             47,341          102
     *,^
        Co-Diagnostics       Inc.
                                             30,012           82
     *,^
        Alliqua    BioMedical      Inc.
                                             44,607           82
     *
        Bioanalytical      Systems    Inc.
                                             32,712           81
     *,^
        Hemispherx      Biopharma     Inc.
                                             228,709           79
     *,^
        Cesca   Therapeutics      Inc.
                                             26,268           79
     *,^
        Precipio    Inc.
                                             62,198           76
     *,^
        Milestone     Scientific     Inc.
                                             62,570           74
     *
        ARCA   biopharma     Inc.
                                             44,395           61
     *,^
        Amedica    Corp.
                                             18,376           60
     *,^
        NantHealth      Inc.
                                             17,533           53
     *,^
        Soleno   Therapeutics      Inc.
                                             28,882           52
     *,^
        Citius   Pharmaceuticals        Inc.
                                              8,350          33
     *
        Regional    Health   Properties     Inc.
                                             164,977           28
     *
        NovaBay     Pharmaceuticals        Inc.
                                              5,351          21
     *
        American     Shared   Hospital    Services
                                              4,591          12
        MGC   Diagnostics      Corp.
                                               500          5
     *
        Sunesis    Pharmaceuticals        Inc.  Warrants
                                             12,500           4
     *
        ProPhase     Labs   Inc.
                                               749          2
     *
        Galena    Biopharma     Inc  Warrants     Exp.  03/18/2020
                                                        -
                                             157,500
                                                    83,049,726
     Industrials     (13.3%)
        Boeing    Co.
                                           13,638,101         4,022,012
        General    Electric    Co.
                                           209,030,693          3,647,586
        3M  Co.
                                           14,352,804         3,378,219
        Honeywell     International      Inc.
                                           18,353,252         2,814,655
        Union   Pacific    Corp.
                                           18,973,969         2,544,409
        United   Technologies       Corp.
                                           18,279,165         2,331,873
        Accenture     plc  Class   A
                                           14,814,853         2,268,006
        Caterpillar     Inc.
                                           14,339,551         2,259,626
     *
        PayPal    Holdings    Inc.
                                           27,522,038         2,026,172
        United   Parcel   Service    Inc.  Class   B
                                           16,563,932         1,973,593
        Lockheed     Martin   Corp.
                                            5,874,399         1,885,976
        FedEx   Corp.
                                            5,816,730         1,451,507
        Danaher    Corp.
                                           15,077,564         1,399,499
        Raytheon     Co.
                                            6,968,324         1,309,000
        Northrop    Grumman     Corp.
                                            4,196,429         1,287,926
        General    Dynamics     Corp.
                                            6,117,734         1,244,653
        Deere   & Co.
                                            7,743,729         1,211,971
        Automatic     Data  Processing     Inc.
                                           10,155,998         1,190,181
        Illinois    Tool   Works   Inc.
                                            7,020,798         1,171,420
        CSX   Corp.
                                           20,463,493         1,125,697
        Emerson    Electric    Co.
                                           15,466,331         1,077,849
        Norfolk    Southern    Corp.
                                            6,896,140         999,251
        Waste   Management      Inc.
                                           10,468,209          903,406
        Johnson    Controls    International      plc
                                           22,302,639          849,954
                                485/562


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        Eaton   Corp.   plc
                                           10,617,859          838,917
        Sherwin-Williams         Co.
                                            2,028,778         831,880
        TE  Connectivity      Ltd.
                                            8,477,105         805,664
        Fidelity    National    Information      Services    Inc.
                                            8,035,812         756,090
        Cummins     Inc.
                                            3,799,901         671,215
     *
        Fiserv   Inc.
                                            5,024,787         658,900
        Amphenol     Corp.   Class   A
                                            7,362,865         646,460
        Parker-Hannifin        Corp.
                                            3,209,579         640,568
        Roper   Technologies       Inc.
                                            2,463,623         638,078
        Rockwell     Automation      Inc.
                                            3,096,051         607,910
        PACCAR     Inc.
                                            8,472,754         602,243
        Fortive    Corp.
                                            7,534,351         545,110
        Ingersoll-Rand       plc
                                            6,022,164         537,117
        Rockwell     Collins    Inc.
                                            3,925,150         532,329
        Paychex    Inc.
                                            7,790,554         530,381
                                486/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
        Agilent    Technologies       Inc.
                                            7,757,391         519,512
        Waste   Connections      Inc.
                                            6,355,902         450,888
     *
        FleetCor    Technologies       Inc.
                                            2,158,417         415,344
        Vulcan    Materials     Co.
                                            3,187,202         409,141
        AMETEK     Inc.
                                            5,563,413         403,181
        WestRock     Co.
                                            6,128,660         387,393
        Global   Payments     Inc.
                                            3,834,574         384,378
     *
        Mettler-Toledo       International      Inc.
                                             616,490         381,928
        Fastenal    Co.
                                            6,930,642         379,037
        Dover   Corp.
                                            3,750,781         378,791
        L3  Technologies       Inc.
                                            1,882,382         372,429
     *
        Verisk   Analytics     Inc.  Class   A
                                            3,770,856         362,002
        Republic    Services    Inc.  Class   A
                                            5,240,589         354,316
     *
        United   Rentals    Inc.
                                            2,037,846         350,326
        Martin   Marietta    Materials     Inc.
                                            1,514,377         334,738
        Masco   Corp.
                                            7,576,469         332,910
        Textron    Inc.
                                            5,711,165         323,195
        Ball  Corp.
                                            8,440,963         319,490
        Cintas   Corp.
                                            2,047,277         319,027
        Total   System    Services    Inc.
                                            3,990,408         315,601
        TransDigm      Group   Inc.
                                            1,126,182         309,272
        WW  Grainger    Inc.
                                            1,304,515         308,192
        CH  Robinson     Worldwide      Inc.
                                            3,359,952         299,338
        Xylem   Inc.
                                            4,325,863         295,024
     *
        Vantiv    Inc.  Class   A
                                            3,916,054         288,026
        Alliance    Data  Systems    Corp.
                                            1,131,719         286,868
        Pentair    plc
                                            3,932,913         277,742
        Expeditors     International      of Washington      Inc.
                                            4,283,438         277,096
        Packaging     Corp.   of America
                                            2,274,152         274,149
     *
        XPO   Logistics    Inc.
                                            2,887,508         264,467
        Kansas    City  Southern
                                            2,495,207         262,546
     *
        CoStar   Group   Inc.
                                             870,431         258,474
        Huntington      Ingalls   Industries     Inc.
                                            1,091,639         257,299
        Broadridge     Financial     Solutions     Inc.
                                            2,806,852         254,245
        Fortune    Brands    Home   & Security    Inc.
                                            3,658,428         250,383
     *
        Trimble    Inc.
                                            6,068,843         246,638
        Owens   Corning
                                            2,678,659         246,276
        Spirit   AeroSystems      Holdings    Inc.  Class   A
                                            2,787,969         243,250
        JB  Hunt   Transport     Services    Inc.
                                            2,112,061         242,845
        IDEX   Corp.
                                            1,839,255         242,726
        Cognex    Corp.
                                            3,963,373         242,400
        Jack  Henry   & Associates     Inc.
                                            1,865,334         218,169
     *
        TransUnion
                                            3,954,759         217,354
        AO  Smith   Corp.
                                            3,521,825         215,817
        Sealed   Air  Corp.
                                            4,349,290         214,420
     *,^
        Sensata    Technologies       Holding    NV
                                            4,127,448         210,954
        Old  Dominion     Freight    Line  Inc.
                                            1,586,887         208,755
        ManpowerGroup        Inc.
                                            1,595,685         201,232
        Lennox    International      Inc.
                                             956,904         199,285
                                487/562


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        PerkinElmer      Inc.
                                            2,650,268         193,788
        Jacobs   Engineering      Group   Inc.
                                            2,902,495         191,449
     *
        Keysight    Technologies       Inc.
                                            4,474,194         186,126
     *
        Berry   Global   Group   Inc.
                                            3,149,143         184,760
     *
        First  Data  Corp.   Class   A
                                           10,993,694          183,705
        Graco   Inc.
                                            4,047,186         183,014
     *
        Crown   Holdings    Inc.
                                            3,240,703         182,290
        Allegion    plc
                                            2,290,779         182,254
        Orbital    ATK   Inc.
                                            1,384,518         182,064
     *
        IPG  Photonics     Corp.
                                             841,351         180,158
        Acuity   Brands    Inc.
                                            1,015,718         178,766
        Hubbell    Inc.  Class   B
                                            1,316,699         178,202
        Universal     Display    Corp.
                                            1,020,094         176,119
        Fluor   Corp.
                                            3,370,850         174,104
        Nordson    Corp.
                                            1,181,053         172,906
                                488/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     *
        HD  Supply    Holdings    Inc.
                                            4,273,199         171,056
     *
        Arrow   Electronics     Inc.
                                            2,118,537         170,352
        Carlisle    Cos.  Inc.
                                            1,495,195         169,929
        Xerox   Corp.
                                            5,818,115         169,598
     ^
        Wabtec    Corp.
                                            2,081,295         169,480
     *
        Coherent    Inc.
                                             593,536         167,508
        Oshkosh    Corp.
                                            1,810,329         164,541
        Toro   Co.
                                            2,467,551         160,958
        Robert   Half  International      Inc.
                                            2,867,086         159,238
        FLIR   Systems    Inc.
                                            3,338,256         155,629
        Donaldson     Co.  Inc.
                                            3,137,865         153,598
     *
        WEX   Inc.
                                            1,033,355         145,941
     *
        Quanta    Services    Inc.
                                            3,726,308         145,736
        BWX   Technologies       Inc.
                                            2,392,046         144,695
     *
        AECOM
                                            3,783,684         140,564
        Knight-Swift      Transportation       Holdings    Inc.
                                            3,207,881         140,249
        Allison    Transmission       Holdings    Inc.
                                            3,247,712         139,879
     *
        Stericycle     Inc.
                                            2,055,987         139,787
     *
        Teledyne     Technologies       Inc.
                                             766,133         138,785
        Trinity    Industries     Inc.
                                            3,648,245         136,663
        Hexcel    Corp.
                                            2,156,872         133,403
     *
        Zebra   Technologies       Corp.
                                            1,279,642         132,827
        Flowserve     Corp.
                                            3,146,605         132,566
        Lincoln    Electric    Holdings    Inc.
                                            1,425,557         130,553
        AptarGroup      Inc.
                                            1,510,252         130,305
        Booz   Allen   Hamilton     Holding    Corp.   Class   A
                                            3,339,731         127,344
        Sonoco    Products    Co.
                                            2,394,222         127,229
        MDU   Resources     Group   Inc.
                                            4,709,927         126,603
        Eagle   Materials     Inc.
                                            1,110,787         125,852
        Watsco    Inc.
                                             730,272         124,175
        Macquarie     Infrastructure       Corp.
                                            1,930,182         123,918
        Genpact    Ltd.
                                            3,720,148         118,077
        National    Instruments      Corp.
                                            2,828,785         117,762
     *
        Genesee    & Wyoming     Inc.  Class   A
                                            1,483,836         116,822
        Curtiss-Wright       Corp.
                                             955,752         116,458
        EMCOR    Group   Inc.
                                            1,422,528         116,292
        AGCO    Corp.
                                            1,626,059         116,149
        Avnet   Inc.
                                            2,912,707         115,401
        Graphic    Packaging     Holding    Co.
                                            7,460,616         115,267
        HEICO    Corp.   Class   A
                                            1,446,497         114,346
        Air  Lease   Corp.   Class   A
                                            2,359,583         113,472
        ITT  Inc.
                                            2,115,956         112,929
        MAXIMUS      Inc.
                                            1,562,714         111,859
        Crane   Co.
                                            1,216,204         108,510
        Littelfuse     Inc.
                                             547,197         108,247
        Ryder   System    Inc.
                                            1,273,493         107,190
        Jabil  Inc.
                                            4,040,526         106,064
        Landstar    System    Inc.
                                            1,008,207         104,954
        Bemis   Co.  Inc.
                                            2,188,132         104,571
                                489/562


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        MSC   Industrial     Direct   Co.  Inc.  Class   A
                                            1,073,720         103,786
        Woodward     Inc.
                                            1,327,245         101,587
     *
        Euronet    Worldwide      Inc.
                                            1,201,865         101,281
        Kennametal      Inc.
                                            1,949,098          94,356
        Terex   Corp.
                                            1,929,361          93,034
     *
        CoreLogic     Inc.
                                            1,990,822          91,996
     *
        Louisiana-Pacific        Corp.
                                            3,485,162          91,520
        Brink's    Co.
                                            1,155,159          90,911
        Valmont    Industries     Inc.
                                             544,235         90,261
        Deluxe    Corp.
                                            1,165,341          89,545
     *
        Owens-Illinois       Inc.
                                            3,927,693          87,077
        Maxar   Technologies       Ltd.
                                            1,349,291          86,786
     *
        Kirby   Corp.
                                            1,294,932          86,501
     *
        KLX   Inc.
                                            1,240,094          84,636
        John  Bean   Technologies       Corp.
                                             761,024         84,321
                                490/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     *
        Summit    Materials     Inc.  Class   A
                                            2,649,393          83,297
        Timken    Co.
                                            1,691,837          83,154
        Regal   Beloit   Corp.
                                            1,072,940          82,187
     *
        USG   Corp.
                                            2,044,283          78,828
        Belden    Inc.
                                            1,019,975          78,711
     *
        MasTec    Inc.
                                            1,594,998          78,075
     *
        Conduent     Inc.
                                            4,815,713          77,822
        Barnes   Group   Inc.
                                            1,227,076          77,637
     *
        WESCO    International      Inc.
                                            1,132,695          77,193
     *
        Trex   Co.  Inc.
                                             708,951         76,843
     *
        Colfax   Corp.
                                            1,931,464          76,525
     *
        On  Assignment      Inc.
                                            1,188,519          76,386
     *
        Generac    Holdings    Inc.
                                            1,496,965          74,130
        Cimpress     NV
                                             597,043         71,574
     *
        Rogers    Corp.
                                             437,929         70,909
        EnerSys
                                            1,016,561          70,783
     *
        RBC   Bearings    Inc.
                                             553,793         69,999
     *
        Moog   Inc.  Class   A
                                             782,577         67,967
     *
        Clean   Harbors    Inc.
                                            1,243,399          67,392
        KBR   Inc.
                                            3,372,893          66,884
        Vishay    Intertechnology        Inc.
                                            3,199,115          66,382
     *
        Rexnord    Corp.
                                            2,497,970          64,997
     *
        JELD-WEN      Holding    Inc.
                                            1,649,123          64,926
     *
        TopBuild     Corp.
                                             855,203         64,773
        Tetra   Tech   Inc.
                                            1,342,668          64,649
        MSA   Safety   Inc.
                                             829,459         64,300
        Applied    Industrial     Technologies       Inc.
                                             938,089         63,884
     *
        II-VI   Inc.
                                            1,352,133          63,483
        UniFirst    Corp.
                                             376,282         62,049
     *
        Armstrong     World   Industries     Inc.
                                            1,017,505          61,610
        Granite    Construction      Inc.
                                             959,685         60,873
     *
        Proto   Labs   Inc.
                                             576,116         59,340
     *
        WageWorks      Inc.
                                             956,027         59,274
     *
        Builders    FirstSource      Inc.
                                            2,710,915          59,071
        ABM   Industries     Inc.
                                            1,563,589          58,979
        GATX    Corp.
                                             933,577         58,031
     *
        AMN   Healthcare     Services    Inc.
                                            1,153,741          56,822
        Simpson    Manufacturing       Co.  Inc.
                                             980,512         56,291
     *
        Gardner    Denver    Holdings    Inc.
                                            1,657,913          56,253
        Silgan   Holdings    Inc.
                                            1,862,728          54,746
     *
        Sanmina    Corp.
                                            1,655,580          54,634
     *
        Itron   Inc.
                                             797,136         54,365
     *
        Esterline    Technologies       Corp.
                                             725,151         54,169
        Convergys     Corp.
                                            2,243,535          52,723
        Universal     Forest   Products    Inc.
                                            1,398,136          52,598
     *
        Anixter    International      Inc.
                                             685,533         52,101
        Insperity    Inc.
                                             900,858         51,664
        Korn/Ferry     International
                                            1,245,964          51,558
        Watts   Water   Technologies       Inc.  Class   A
                                             672,556         51,081
                                491/562


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                                                 有価証券報告書（外国投資信託受益証券）
     *
        Masonite     International      Corp.
                                             687,054         50,945
     *
        Navistar    International      Corp.
                                            1,185,647          50,841
     *
        Aerojet    Rocketdyne      Holdings    Inc.
                                            1,626,062          50,733
     *
        Meritor    Inc.
                                            2,126,809          49,895
     *
        Plexus   Corp.
                                             815,317         49,506
        Schneider     National    Inc.  Class   B
                                            1,692,478          48,337
        Covanta    Holding    Corp.
                                            2,852,440          48,206
        Mueller    Water   Products    Inc.  Class   A
                                            3,825,920          47,939
        EnPro   Industries     Inc.
                                             510,745         47,760
        Mueller    Industries     Inc.
                                            1,339,788          47,469
        Triton   International      Ltd.
                                            1,261,874          47,257
     *
        ExlService     Holdings    Inc.
                                             777,248         46,907
     *
        SPX  FLOW    Inc.
                                             976,771         46,445
     *
        American     Woodmark      Corp.
                                             351,315         45,759
        Greif   Inc.  Class   A
                                             738,350         44,729
                                492/562















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                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     *
        Ambarella     Inc.
                                             758,853         44,583
     *
        TriNet   Group   Inc.
                                            1,002,133          44,435
        Exponent     Inc.
                                             619,720         44,062
        World   Fuel  Services    Corp.
                                            1,562,192          43,960
        Franklin    Electric    Co.  Inc.
                                             957,075         43,930
     *
        Saia  Inc.
                                             613,013         43,371
        Albany    International      Corp.
                                             698,544         42,926
        Otter   Tail  Corp.
                                             950,681         42,258
        Forward    Air  Corp.
                                             727,691         41,799
        Brady   Corp.   Class   A
                                            1,097,299          41,588
        Werner    Enterprises     Inc.
                                            1,049,390          40,559
     *
        FTI  Consulting     Inc.
                                             917,867         39,432
        Chicago    Bridge   & Iron  Co.  NV
                                            2,442,655          39,424
        Kaman    Corp.
                                             664,118         39,077
        Comfort    Systems    USA   Inc.
                                             895,056         39,069
     *
        Floor   & Decor   Holdings    Inc.  Class   A
                                             802,455         39,064
        Sun  Hydraulics     Corp.
                                             586,890         37,966
     *
        Patrick    Industries     Inc.
                                             546,051         37,923
     *
        Installed    Building    Products    Inc.
                                             498,931         37,894
     *
        Novanta    Inc.
                                             749,492         37,475
        Mobile    Mini   Inc.
                                            1,079,813          37,254
        Greenbrier     Cos.  Inc.
                                             689,825         36,768
     *
        Hub  Group   Inc.  Class   A
                                             766,680         36,724
        Boise   Cascade    Co.
                                             920,301         36,720
     *
        BMC   Stock   Holdings    Inc.
                                            1,450,890          36,708
     *
        Harsco    Corp.
                                            1,940,372          36,188
     *
        Atlas   Air  Worldwide      Holdings    Inc.
                                             611,000         35,835
        ESCO   Technologies       Inc.
                                             588,999         35,487
     *,^
        MACOM     Technology      Solutions     Holdings    Inc.
                                            1,086,024          35,339
     *
        Benchmark      Electronics     Inc.
                                            1,207,534          35,139
        Cubic   Corp.
                                             591,950         34,895
        AAON    Inc.
                                             950,331         34,877
        Actuant    Corp.   Class   A
                                            1,377,093          34,840
     *
        TTM   Technologies       Inc.
                                            2,203,431          34,528
     *
        Integer    Holdings    Corp.
                                             756,393         34,265
        General    Cable   Corp.
                                            1,145,338          33,902
        Altra   Industrial     Motion    Corp.
                                             668,346         33,685
        Methode    Electronics     Inc.
                                             837,516         33,584
     *
        Paylocity     Holding    Corp.
                                             695,568         32,803
        AZZ   Inc.
                                             634,737         32,435
     *,^
        Axon   Enterprise     Inc.
                                            1,206,039          31,960
     *
        Milacron    Holdings     Corp.
                                            1,667,259          31,911
     *,^
        US  Concrete    Inc.
                                             380,680         31,844
        Badger    Meter   Inc.
                                             665,365         31,804
     *
        Knowles    Corp.
                                            2,168,769          31,794
        Apogee    Enterprises     Inc.
                                             691,842         31,638
        Triumph    Group   Inc.
                                            1,150,862          31,303
        Standex    International      Corp.
                                             307,237         31,292
        Aircastle    Ltd.
                                            1,337,840          31,292
                                493/562


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                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
        H&E   Equipment     Services    Inc.
                                             769,325         31,273
     *
        Air  Transport     Services    Group   Inc.
                                            1,350,504          31,251
        ManTech     International      Corp.   Class   A
                                             622,201         31,228
        Tennant    Co.
                                             429,276         31,187
        Matson    Inc.
                                            1,041,453          31,077
        AAR   Corp.
                                             788,784         30,991
     *
        Imperva    Inc.
                                             777,316         30,859
     *
        SPX  Corp.
                                             976,942         30,666
        Manitowoc      Co.  Inc.
                                             761,563         29,960
        Raven   Industries     Inc.
                                             871,712         29,943
        HEICO    Corp.
                                             315,608         29,778
     *
        GMS   Inc.
                                             790,273         29,746
     *
        TriMas    Corp.
                                            1,100,364          29,435
        Astec   Industries     Inc.
                                             501,403         29,332
     *
        Sykes   Enterprises     Inc.
                                             930,910         29,277
                                494/562















                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
        Wabash    National    Corp.
                                            1,346,324          29,215
     *
        Aerovironment       Inc.
                                             514,856         28,914
        Federal    Signal   Corp.
                                            1,435,473          28,839
     *
        Cotiviti    Holdings    Inc.
                                             885,618         28,526
     *
        Advanced     Disposal    Services    Inc.
                                            1,167,141          27,941
     *
        TrueBlue     Inc.
                                            1,012,112          27,833
     *
        OSI  Systems    Inc.
                                             430,233         27,698
        Viad   Corp.
                                             491,116         27,208
        Primoris    Services    Corp.
                                             990,968         26,944
        US  Ecology    Inc.
                                             524,780         26,764
        Kadant    Inc.
                                             265,009         26,607
        McGrath    RentCorp
                                             558,942         26,259
     *
        Continental      Building    Products    Inc.
                                             925,683         26,058
        Heartland     Express    Inc.
                                            1,102,774          25,739
        Multi-Color      Corp.
                                             343,021         25,675
        Alamo   Group   Inc.
                                             224,304         25,317
     *
        Gibraltar    Industries     Inc.
                                             762,949         25,177
     *
        MINDBODY       Inc.  Class   A
                                             814,120         24,790
     *
        Fabrinet
                                             863,601         24,785
     *
        Tutor   Perini   Corp.
                                             964,169         24,442
        Materion    Corp.
                                             485,810         23,610
        Encore    Wire   Corp.
                                             476,438         23,179
     ^
        Sturm   Ruger   & Co.  Inc.
                                             408,415         22,810
     *
        Kratos   Defense    & Security    Solutions     Inc.
                                            2,150,379          22,773
     *
        ICF  International      Inc.
                                             433,142         22,740
        Lindsay    Corp.
                                             254,384         22,437
        REV   Group   Inc.
                                             688,769         22,406
        MTS   Systems    Corp.
                                             409,704         22,001
     *,^
        Inovalon    Holdings    Inc.  Class   A
                                            1,464,782          21,972
     *
        Huron   Consulting     Group   Inc.
                                             541,253         21,894
     *
        Casella    Waste   Systems    Inc.  Class   A
                                             936,223         21,552
     *
        NCI  Building    Systems    Inc.
                                            1,107,991          21,384
        ArcBest    Corp.
                                             593,713         21,225
        AVX   Corp.
                                            1,226,358          21,216
     *
        Navigant     Consulting     Inc.
                                            1,091,110          21,178
     *
        Cardtronics      plc  Class   A
                                            1,116,997          20,687
        Schnitzer     Steel   Industries     Inc.
                                             611,360         20,481
     *
        Lydall   Inc.
                                             395,634         20,078
        Kelly   Services    Inc.  Class   A
                                             729,203         19,885
        CIRCOR     International      Inc.
                                             403,096         19,623
        Douglas    Dynamics     Inc.
                                             514,598         19,452
        Advanced     Drainage    Systems    Inc.
                                             815,066         19,439
     *
        CBIZ   Inc.
                                            1,257,126          19,423
        Quanex    Building    Products    Corp.
                                             827,782         19,370
     *
        Aegion    Corp.   Class   A
                                             758,942         19,300
     *
        FARO   Technologies       Inc.
                                             408,258         19,188
     *
        Thermon    Group   Holdings    Inc.
                                             807,516         19,114
        EVERTEC      Inc.
                                            1,399,164          19,099
        CTS  Corp.
                                             741,610         19,096
                                495/562


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                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
     *
        PGT  Innovations      Inc.
                                            1,131,940          19,073
        Marten    Transport     Ltd.
                                             920,343         18,683
        Columbus     McKinnon     Corp.
                                             465,044         18,592
     *
        KEMET    Corp.
                                            1,219,625          18,368
     *,^
        Evolent    Health   Inc.  Class   A
                                            1,462,317          17,987
        Hyster-Yale      Materials     Handling     Inc.
                                             211,033         17,972
     *
        Echo   Global   Logistics     Inc.
                                             641,236         17,955
     *
        Veeco   Instruments      Inc.
                                            1,182,395          17,559
        Global   Brass   & Copper    Holdings    Inc.
                                             529,261         17,519
        NN  Inc.
                                             623,688         17,214
        Griffon    Corp.
                                             843,908         17,174
     *
        Atkore   International      Group   Inc.
                                             787,494         16,892
     *,^
        American     Outdoor    Brands    Corp.
                                            1,306,526          16,776
     *
        Astronics     Corp.
                                             402,036         16,672
     *
        Electro    Scientific     Industries     Inc.
                                             759,449         16,275
                                496/562















                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
        Quad/Graphics       Inc.
                                             716,975         16,204
        Argan   Inc.
                                             357,803         16,101
     *
        Control4    Corp.
                                             538,156         16,016
     *
        Donnelley     Financial     Solutions     Inc.
                                             818,570         15,954
        RR  Donnelley     & Sons   Co.
                                            1,670,666          15,537
        RPX   Corp.
                                            1,131,311          15,205
        Kforce   Inc.
                                             583,846         14,742
        Cass  Information      Systems    Inc.
                                             237,503         13,825
     *
        MYR   Group   Inc.
                                             385,799         13,785
        Myers   Industries     Inc.
                                             685,134         13,360
        TeleTech     Holdings    Inc.
                                             330,425         13,300
     *
        Engility    Holdings    Inc.
                                             457,241         12,972
     *
        TimkenSteel      Corp.
                                             845,901         12,849
        Gorman-Rupp       Co.
                                             402,602         12,565
        Insteel   Industries     Inc.
                                             440,921         12,487
        Ennis   Inc.
                                             596,227         12,372
        LSC  Communications        Inc.
                                             813,579         12,326
     *
        Everi   Holdings    Inc.
                                            1,602,306          12,081
        Spartan    Motors    Inc.
                                             757,993         11,938
     *
        YRC   Worldwide      Inc.
                                             803,439         11,553
     *
        InnerWorkings       Inc.
                                            1,121,052          11,244
     *
        Kimball    Electronics     Inc.
                                             616,081         11,243
     *
        DXP   Enterprises     Inc.
                                             379,566         11,224
     *
        CAI  International      Inc.
                                             387,265         10,967
     *
        Cross   Country    Healthcare     Inc.
                                             848,420         10,826
     *
        NV5   Global   Inc.
                                             196,764         10,655
        Barrett   Business    Services    Inc.
                                             164,151         10,586
        Heidrick    & Struggles     International      Inc.
                                             430,237         10,562
        Resources     Connection      Inc.
                                             679,452         10,498
     *
        Wesco    Aircraft    Holdings    Inc.
                                            1,380,159          10,213
        VSE  Corp.
                                             209,897         10,165
     *
        Sterling    Construction      Co.  Inc.
                                             623,087         10,144
     *
        Bazaarvoice      Inc.
                                            1,859,775          10,136
     *,^
        Team   Inc.
                                             679,853         10,130
        NVE   Corp.
                                             117,757         10,127
     *
        Mistras    Group   Inc.
                                             414,524          9,729
     *
        International      Seaways    Inc.
                                             525,846          9,707
        Mesa   Laboratories      Inc.
                                             77,702         9,658
     *
        Ply  Gem   Holdings    Inc.
                                             507,740          9,393
        Park-Ohio     Holdings    Corp.
                                             203,655          9,358
        B. Riley   Financial     Inc.
                                             504,217          9,126
     *
        Vicor   Corp.
                                             433,513          9,060
        CRA   International      Inc.
                                             191,041          8,587
     *
        Covenant     Transportation       Group   Inc.  Class   A
                                             297,596          8,550
        DMC   Global   Inc.
                                             339,542          8,506
     *,^
        Energous     Corp.
                                             437,294          8,505
     *
        Daseke    Inc.
                                             594,202          8,491
     *
        Armstrong     Flooring    Inc.
                                             500,135          8,462
        Park  Electrochemical        Corp.
                                             429,759          8,445
                                497/562


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                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
     *
        Eagle   Bulk   Shipping    Inc.
                                            1,768,188           7,921
     *
        Landec    Corp.
                                             625,243          7,878
        Daktronics     Inc.
                                             855,295          7,809
     *
        Ducommun      Inc.
                                             274,102          7,798
     *,^
        Energy    Recovery     Inc.
                                             883,064          7,727
     *
        Heritage-Crystal        Clean   Inc.
                                             354,873          7,718
        Essendant     Inc.
                                             825,685          7,654
     *
        Great   Lakes   Dredge    & Dock   Corp.
                                            1,408,260           7,605
        American     Railcar    Industries     Inc.
                                             182,508          7,600
     *
        Horizon    Global   Corp.
                                             533,795          7,484
     *
        PHH   Corp.
                                             717,034          7,385
     *
        Roadrunner      Transportation       Systems    Inc.
                                             953,454          7,351
     *
        Commercial      Vehicle    Group   Inc.
                                             663,077          7,088
        Hurco   Cos.  Inc.
                                             164,009          6,921
        Miller   Industries     Inc.
                                             251,924          6,500
                                498/562















                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
        Omega    Flex  Inc.
                                             90,399         6,455
     *
        GP  Strategies     Corp.
                                             276,939          6,425
     *
        Vishay    Precision     Group   Inc.
                                             255,423          6,424
        Allied   Motion    Technologies       Inc.
                                             185,435          6,136
     *
        Twin   Disc  Inc.
                                             229,543          6,099
        Powell    Industries     Inc.
                                             212,812          6,097
     *,^
        Babcock    & Wilcox    Enterprises     Inc.
                                            1,057,831           6,008
     *
        UFP  Technologies       Inc.
                                             209,195          5,816
        Bel  Fuse  Inc.  Class   B
                                             230,787          5,810
     *
        Hill  International      Inc.
                                            1,029,286           5,610
     *
        Foundation      Building    Materials     Inc.
                                             378,239          5,594
     *
        CryoPort    Inc.
                                             651,193          5,594
     *,^
        Hudson    Technologies       Inc.
                                             917,657          5,570
     *
        Iteris   Inc.
                                             798,613          5,566
     *
        ServiceSource       International      Inc.
                                            1,764,150           5,451
     *,^
        Blue  Bird  Corp.
                                             273,594          5,445
     *
        Sparton    Corp.
                                             234,956          5,418
        National    Research    Corp.   Class   A
                                             142,878          5,329
     *
        LB  Foster   Co.  Class   A
                                             195,628          5,311
        FreightCar     America    Inc.
                                             308,772          5,274
     *
        Layne   Christensen      Co.
                                             419,147          5,260
     *,^
        Forterra    Inc.
                                             458,345          5,088
     *
        Willdan    Group   Inc.
                                             210,309          5,035
     *
        Franklin    Covey   Co.
                                             241,937          5,020
     *
        Acacia   Research    Corp.
                                            1,231,814           4,989
        Graham    Corp.
                                             237,610          4,973
        National    Research    Corp.   Class   B
                                             87,371         4,969
     ^
        Advanced     Emissions     Solutions     Inc.
                                             511,393          4,940
     *
        Orion   Group   Holdings    Inc.
                                             621,254          4,864
     *
        Era  Group   Inc.
                                             445,659          4,791
        Hardinge     Inc.
                                             274,122          4,775
     *
        Overseas     Shipholding      Group   Inc.  Class   A
                                            1,699,431           4,656
     *
        Astronics     Corp.   Class   B
                                             111,320          4,636
        LSI  Industries     Inc.
                                             669,774          4,608
     ^
        Celadon    Group   Inc.
                                             696,454          4,457
        Universal     Logistics    Holdings    Inc.
                                             184,031          4,371
     ^
        EnviroStar     Inc.
                                             106,814          4,273
     *,^
        Maxwell    Technologies       Inc.
                                             738,356          4,253
     *
        Northwest     Pipe  Co.
                                             221,568          4,241
        Eastern    Co.
                                             154,082          4,029
     *
        Information      Services    Group   Inc.
                                             940,165          3,920
        CECO   Environmental       Corp.
                                             752,337          3,859
     *
        Radiant    Logistics    Inc.
                                             800,706          3,683
     *
        PRGX   Global   Inc.
                                             518,653          3,682
        United   States   Lime   & Minerals    Inc.
                                             46,332         3,572
     *
        IES  Holdings    Inc.
                                             206,191          3,557
     *
        Intevac    Inc.
                                             518,049          3,549
        Crawford     & Co.  Class   B
                                             342,589          3,296
     *
        Huttig   Building    Products    Inc.
                                             492,582          3,276
                                499/562


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        BG  Staffing    Inc.
                                             203,010          3,236
     *
        Manitex    International      Inc.
                                             336,259          3,228
     *,^
        Asure   Software    Inc.
                                             226,261          3,195
     *
        Gencor    Industries     Inc.
                                             192,869          3,192
     *
        USA   Truck   Inc.
                                             175,321          3,179
     *,^
        MicroVision      Inc.
                                            1,875,205           3,057
     *
        StarTek    Inc.
                                             303,216          3,023
        NACCO    Industries     Inc.  Class   A
                                             79,918         3,009
     *
        Ameresco     Inc.  Class   A
                                             347,654          2,990
        Crawford     & Co.  Class   A
                                             350,679          2,981
     *,^
        CyberOptics      Corp.
                                             193,613          2,904
     *
        Goldfield     Corp.
                                             590,960          2,896
     *
        IntriCon    Corp.
                                             129,608          2,566
     *
        Lawson    Products    Inc.
                                             100,929          2,498
     *
        PFSweb    Inc.
                                             334,575          2,486
                                500/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     *
        Napco   Security    Technologies       Inc.
                                             277,803          2,431
     *
        Willis   Lease   Finance    Corp.
                                             97,102         2,425
     *
        General    Finance    Corp.
                                             347,103          2,360
     *,^
        ExOne   Co.
                                             279,558          2,348
     *
        PAM   Transportation       Services    Inc.
                                             66,676         2,319
        Richardson      Electronics     Ltd.
                                             336,052          2,265
     *
        Arotech    Corp.
                                             636,010          2,258
     *
        Transcat    Inc.
                                             147,758          2,106
     *
        BlueLinx     Holdings    Inc.
                                             214,455          2,093
        Global   Water   Resources     Inc.
                                             222,045          2,074
     *
        ARC   Document     Solutions     Inc.
                                             808,195          2,061
     *,^
        Nuverra    Environmental       Solutions     Inc.
                                             111,848          2,033
     *
        Nuvectra     Corp.
                                             255,633          1,984
     *
        Aspen   Aerogels    Inc.
                                             394,699          1,926
     *
        Perceptron     Inc.
                                             190,302          1,855
     *
        ModusLink      Global   Solutions     Inc.
                                             738,578          1,839
     *
        Frequency     Electronics     Inc.
                                             191,069          1,788
     *
        DHI  Group   Inc.
                                             932,175          1,771
     *,^
        CUI  Global   Inc.
                                             643,279          1,769
     *,^
        ClearSign     Combustion      Corp.
                                             464,971          1,674
     *,^
        Workhorse     Group   Inc.
                                             652,080          1,669
     *
        Key  Technology      Inc.
                                             85,625         1,578
     *
        American     Superconductor        Corp.
                                             401,263          1,457
     *
        Sharps   Compliance      Corp.
                                             341,266          1,396
     *
        ALJ  Regional    Holdings    Inc.
                                             433,960          1,367
     *,^
        Mattersight      Corp.
                                             535,988          1,367
     *
        Hudson    Global   Inc.
                                             604,026          1,359
     *
        Ultralife    Corp.
                                             196,161          1,285
     *,^
        Revolution     Lighting    Technologies       Inc.
                                             388,578          1,278
     *
        CPI  Aerostructures       Inc.
                                             141,504          1,266
     *,^
        UQM   Technologies       Inc.
                                             883,506          1,228
     *
        Perma-Pipe      International      Holdings    Inc.
                                             136,141          1,225
     *
        Xerium    Technologies       Inc.
                                             285,836          1,218
        Black   Box  Corp.
                                             320,731          1,139
     *
        Ballantyne     Strong   Inc.
                                             233,667          1,087
     *
        LightPath     Technologies       Inc.  Class   A
                                             472,290          1,048
     *,^
        ShotSpotter      Inc.
                                             73,739         1,036
     *,^
        Aqua   Metals   Inc.
                                             437,765           932
     *
        Taylor   Devices    Inc.
                                             67,427          910
     *
        Luna   Innovations      Inc.
                                             363,141           882
        Espey   Manufacturing       & Electronics     Corp.
                                             36,513          875
     *,^
        Digital   Power   Corp.
                                             269,100           864
     *
        Lincoln    Educational      Services    Corp.
                                             411,937           832
     *
        IEC  Electronics     Corp.
                                             192,084           791
     *,^
        Applied    DNA   Sciences    Inc.
                                             489,800           779
     *,^
        eMagin    Corp.
                                             461,171           761
        Issuer   Direct   Corp.
                                             41,182          756
        Greif   Inc.  Class   B
                                             10,847          752
     *
        Volt  Information      Sciences    Inc.
                                             184,237           700
                                501/562


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     *
        Perma-Fix     Environmental       Services
                                             189,166           690
     *
        SigmaTron     International      Inc.
                                             67,689          686
     *,^
        Capstone     Turbine    Corp.
                                             884,853           681
     *
        Universal     Technical     Institute    Inc.
                                             253,672           609
     *
        Innovative     Solutions     & Support    Inc.
                                             206,801           608
     *
        Broadwind     Energy    Inc.
                                             215,360           586
     *
        Houston    Wire   & Cable   Co.
                                             77,154          556
        AMCON     Distributing      Co.
                                              5,948         540
     *,^
        Energy    Focus   Inc.
                                             215,166           525
     *
        Wireless    Telecom    Group   Inc.
                                             207,343           504
     *,^
        Synthesis     Energy    Systems    Inc.
                                             167,199           478
     *
        Air  T Inc.
                                             19,270          475
     *,^
        Vertex    Energy    Inc.
                                             440,810           414
     *,^
        Air  Industries     Group
                                             218,563           369
        Chicago    Rivet   & Machine    Co.
                                             11,328          360
                                502/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     *,^
        Odyssey    Marine    Exploration      Inc.
                                             93,730          354
     *
        Orion   Energy    Systems    Inc.
                                             393,206           346
     *
        DLH   Holdings    Corp.
                                             52,984          326
     *,^
        Research    Frontiers    Inc.
                                             305,937           318
     ^
        Cemtrex    Inc.
                                             120,430           310
     *
        ASV   Holdings    Inc.
                                             29,943          304
     *
        AMREP    Corp.
                                             41,838          293
        RF  Industries     Ltd.
                                             106,818           288
     *,^
        Polar   Power   Inc.
                                             54,712          278
     *,^
        Digital   Ally  Inc.
                                             99,249          268
     *,^
        Payment    Data  Systems    Inc.
                                             105,913           266
        Bel  Fuse  Inc.  Class   A
                                             10,580          248
     *,^
        EnSync    Inc.
                                             618,294           245
     *
        Fuel  Tech   Inc.
                                             210,278           236
     *
        Pioneer    Power   Solutions     Inc.
                                             30,547          234
     *,^
        GEE   Group   Inc.
                                             81,570          227
        Ecology    and  Environment      Inc.
                                             21,480          226
     *
        Image   Sensing    Systems    Inc.
                                             74,588          224
     *,^
        Limbach    Holdings    Inc.
                                             16,095          223
     *
        ENGlobal     Corp.
                                             210,413           185
     *
        Echelon    Corp.
                                             30,896          174
     *
        Sypris   Solutions     Inc.
                                             127,117           174
     *
        Rubicon    Technology      Inc.
                                             21,565          173
     *
        Continental      Materials     Corp.
                                              8,941         170
     *,^
        Turtle   Beach   Corp.
                                             360,823           163
     *
        Dorian   LPG  Ltd.
                                             15,135          124
     *
        Astrotech     Corp.
                                             33,837          113
     *
        SIFCO    Industries     Inc.
                                             16,533          110
     *
        AeroCentury      Corp.
                                              6,716         102
     *
        Tecogen    Inc.
                                             37,877          102
     *,^
        Quest   Resource     Holding    Corp.
                                             39,194           91
     *,^
        Industrial     Services    of America    Inc.
                                             55,088           90
     *,^
        American     Electric    Technologies       Inc.
                                             43,277           65
        Servotronics      Inc.
                                              4,914          55
     *
        Command     Security    Corp.
                                             16,985           52
     *,^
        SG  Blocks   Inc.
                                              8,584          51
     *
        Coda   Octopus    Group   Inc.
                                              3,731          18
     *,^
        Professional      Diversity     Network    Inc.
                                              2,485          10
     *
        Electro-Sensors        Inc.
                                              1,291           5
     *,^
        Patriot   National    Inc.
                                             129,819            5
     *
        Jewett-Cameron        Trading    Co.  Ltd.
                                               185          3
     *
        JetPay   Corp.
                                               400          1
     *,^
        Meridian    Waste   Solutions     Inc.
                                               600          1
     *,2
        LGL   Group   Inc.  Warrants     Exp.  06/08/2018
                                                        -
                                              3,000
                                                    88,296,072
     Oil  & Gas  (5.7%)
        Exxon   Mobil   Corp.
                                           102,086,256          8,538,494
        Chevron    Corp.
                                           45,755,089         5,728,080
        Schlumberger       Ltd.
                                           33,387,013         2,249,951
                                503/562


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        ConocoPhillips
                                           28,814,212         1,581,612
        EOG   Resources     Inc.
                                           13,928,566         1,503,032
        Occidental     Petroleum     Corp.
                                           18,442,832         1,358,499
        Phillips    66
                                           10,381,143         1,050,053
        Halliburton      Co.
                                           19,974,467          976,152
        Valero    Energy    Corp.
                                           10,545,521          969,239
        Kinder   Morgan    Inc.
                                           45,747,055          826,649
        Marathon     Petroleum     Corp.
                                           11,770,910          776,645
        Pioneer    Natural    Resources     Co.
                                            4,100,963         708,851
        Anadarko     Petroleum     Corp.
                                           13,188,137          707,412
        Williams     Cos.  Inc.
                                           19,921,657          607,411
     *
        Concho    Resources     Inc.
                                            3,583,383         538,296
        Devon   Energy    Corp.
                                           12,033,211          498,175
        Andeavor
                                            3,571,444         408,359
        Apache    Corp.
                                            9,181,552         387,645
                                504/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
        EQT   Corp.
                                            6,209,275         353,432
        Marathon     Oil  Corp.
                                           20,473,079          346,609
        Hess   Corp.
                                            7,274,376         345,315
        Noble   Energy    Inc.
                                           11,722,525          341,594
        National    Oilwell    Varco   Inc.
                                            9,154,273         329,737
        Baker   Hughes    a GE  Co.
                                           10,314,331          326,345
        Cabot   Oil  & Gas  Corp.
                                           11,144,932          318,745
     *
        Diamondback       Energy    Inc.
                                            2,364,603         298,531
        Cimarex    Energy    Co.
                                            2,295,231         280,041
     *
        Cheniere    Energy    Inc.
                                            4,868,674         262,129
        Targa   Resources     Corp.
                                            5,195,099         251,547
        HollyFrontier       Corp.
                                            4,270,845         218,753
     *
        Parsley    Energy    Inc.  Class   A
                                            5,719,101         168,370
        OGE   Energy    Corp.
                                            4,797,862         157,898
        Helmerich     & Payne   Inc.
                                            2,353,143         152,107
     *
        Newfield     Exploration      Co.
                                            4,808,915         151,625
     *
        WPX   Energy    Inc.
                                            9,587,258         134,893
     *
        Energen    Corp.
                                            2,340,919         134,767
     *
        First  Solar   Inc.
                                            1,887,244         127,427
     *
        RSP  Permian    Inc.
                                            3,054,561         124,260
        Patterson-UTI       Energy    Inc.
                                            5,356,244         123,247
        Murphy    Oil  Corp.
                                            3,953,135         122,745
     *
        Continental      Resources     Inc.
                                            2,259,442         119,683
     ^
        Core   Laboratories      NV
                                            1,061,360         116,272
        Range   Resources     Corp.
                                            5,973,443         101,907
     *
        Antero   Resources     Corp.
                                            5,317,551         101,033
     *,^
        Transocean      Ltd.
                                            9,418,892         100,594
     *,^
        Weatherford      International      plc
                                           23,906,744           99,691
        PBF  Energy    Inc.  Class   A
                                            2,518,403          89,277
     *,^
        Chesapeake      Energy    Corp.
                                           20,798,661           82,363
     *
        PDC   Energy    Inc.
                                            1,585,484          81,716
     *,^
        Centennial     Resource     Development       Inc.  Class   A
                                            3,759,654          74,441
     *
        Matador    Resources     Co.
                                            2,348,695          73,115
     *
        Southwestern       Energy    Co.
                                           12,356,085           68,947
        Ensco   plc  Class   A
                                           10,495,047           62,026
        Delek   US  Holdings    Inc.
                                            1,764,351          61,646
        SM  Energy    Co.
                                            2,689,715          59,389
     *
        Callon   Petroleum     Co.
                                            4,863,292          59,089
     *
        Whiting    Petroleum     Corp.
                                            2,183,674          57,824
        SemGroup     Corp.   Class   A
                                            1,898,042          57,321
     *
        QEP  Resources     Inc.
                                            5,804,459          55,549
     *
        Oasis   Petroleum     Inc.
                                            6,485,383          54,542
        CNX   Resources     Corp.
                                            3,609,578          52,808
        Oceaneering      International      Inc.
                                            2,362,511          49,943
     *
        Gulfport    Energy    Corp.
                                            3,743,379          47,766
     *
        Rowan    Cos.  plc  Class   A
                                            3,041,477          47,630
     *
        SRC  Energy    Inc.
                                            5,517,615          47,065
        Nabors    Industries     Ltd.
                                            6,868,655          46,913
     *
        C&J  Energy    Services    Inc.
                                            1,369,244          45,829
                                505/562


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        Pattern    Energy    Group   Inc.  Class   A
                                            2,117,382          45,503
     *
        McDermott      International      Inc.
                                            6,812,659          44,827
     *
        Dril-Quip     Inc.
                                             915,461         43,667
     *
        Ultra   Petroleum     Corp.
                                            4,754,001          43,071
     *
        Laredo    Petroleum     Inc.
                                            3,794,729          40,262
     ^
        RPC  Inc.
                                            1,561,906          39,875
     *
        Carrizo    Oil  & Gas  Inc.
                                            1,866,992          39,730
     *
        MRC   Global   Inc.
                                            2,177,242          36,839
     *
        Superior    Energy    Services    Inc.
                                            3,704,139          35,671
     *,^
        Extraction     Oil  & Gas  Inc.
                                            2,487,874          35,601
     *
        Chart   Industries     Inc.
                                             751,777         35,228
     *
        Oil  States   International      Inc.
                                            1,243,681          35,196
     *
        ProPetro    Holding    Corp.
                                            1,506,023          30,361
     *
        Forum   Energy    Technologies       Inc.
                                            1,952,327          30,359
     *
        NOW   Inc.
                                            2,641,172          29,132
                                506/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     *
        Unit  Corp.
                                            1,278,702          28,131
     *,^
        Diamond     Offshore    Drilling    Inc.
                                            1,496,452          27,819
     *
        Noble   Corp.   plc
                                            5,919,774          26,757
     *
        Halcon    Resources     Corp.
                                            3,428,555          25,954
     *
        Helix   Energy    Solutions     Group   Inc.
                                            3,435,618          25,905
     *
        Exterran    Corp.
                                             816,869         25,682
     *,^
        California     Resources     Corp.
                                             981,839         19,087
     *,^
        Tellurian     Inc.
                                            1,877,854          18,290
        Archrock     Inc.
                                            1,713,401          17,991
     *
        SEACOR     Holdings    Inc.
                                             381,866         17,650
     *
        SandRidge     Energy    Inc.
                                             826,926         17,423
     *
        Newpark     Resources     Inc.
                                            2,012,850          17,311
     *
        Ring   Energy    Inc.
                                            1,232,669          17,134
        CVR   Energy    Inc.
                                             425,714         15,854
     *
        Select   Energy    Services    Inc.  Class   A
                                             866,961         15,813
        Green   Plains   Inc.
                                             931,041         15,688
     *
        Denbury    Resources     Inc.
                                            7,098,125          15,687
     *,^
        Keane   Group   Inc.
                                             824,513         15,674
     *
        Stone   Energy    Corp.
                                             481,333         15,480
     *
        Par  Pacific    Holdings    Inc.
                                             781,053         15,059
     *,^
        Resolute    Energy    Corp.
                                             456,276         14,359
     *
        Penn   Virginia    Corp.
                                             342,173         13,382
     *,^
        Plug  Power   Inc.
                                            5,536,889          13,067
     *
        Jagged   Peak   Energy    Inc.
                                             808,395         12,756
     *
        Tidewater     Inc.
                                             503,602         12,288
     *
        Bill  Barrett   Corp.
                                            2,369,452          12,155
     *
        Bonanza    Creek   Energy    Inc.
                                             430,522         11,878
     *
        REX   American     Resources     Corp.
                                             141,313         11,699
     *,^
        WildHorse     Resource     Development       Corp.
                                             622,539         11,461
     *
        TETRA    Technologies       Inc.
                                            2,635,805          11,255
     *,^
        SunPower     Corp.   Class   A
                                            1,322,511          11,149
     *
        Basic   Energy    Services    Inc.
                                             458,710         10,766
     *
        Matrix   Service    Co.
                                             603,769         10,747
     *
        Renewable     Energy    Group   Inc.
                                             896,699         10,581
     *
        Abraxas    Petroleum     Corp.
                                            3,714,486           9,138
     *,^
        Sanchez    Energy    Corp.
                                            1,684,114           8,943
     *
        Solaris   Oilfield    Infrastructure       Inc.  Class   A
                                             405,251          8,676
     *
        Natural    Gas  Services    Group   Inc.
                                             314,957          8,252
        Panhandle     Oil  and  Gas  Inc.  Class   A
                                             380,727          7,824
     *
        Midstates     Petroleum     Co.  Inc.
                                             465,115          7,712
     *
        W&T   Offshore    Inc.
                                            2,256,797           7,470
        Bristow    Group   Inc.
                                             553,860          7,461
     *
        Green   Brick   Partners    Inc.
                                             614,588          6,945
     *
        TPI  Composites      Inc.
                                             329,262          6,737
     *
        Trecora    Resources
                                             455,031          6,143
     *
        Flotek   Industries     Inc.
                                            1,307,956           6,095
     *
        Pioneer    Energy    Services    Corp.
                                            1,790,993           5,463
     *
        SilverBow     Resources     Inc.
                                             171,072          5,084
     *,^
        CARBO    Ceramics     Inc.
                                             477,697          4,863
                                507/562


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        Gulf  Island   Fabrication      Inc.
                                             362,038          4,860
     *
        Earthstone     Energy    Inc.  Class   A
                                             442,914          4,708
     *
        Mammoth     Energy    Services    Inc.
                                             237,668          4,665
     *
        SEACOR     Marine    Holdings    Inc.
                                             397,963          4,656
     *,^
        NextDecade      Corp.
                                             552,370          4,596
     *
        Eclipse    Resources     Corp.
                                            1,887,556           4,530
        Evolution     Petroleum     Corp.
                                             661,203          4,529
     *
        Pacific    Ethanol    Inc.
                                             953,170          4,337
     *
        ION  Geophysical      Corp.
                                             219,564          4,336
     *
        Smart   Sand   Inc.
                                             488,888          4,234
     *
        Geospace     Technologies       Corp.
                                             317,569          4,119
     *,^
        Enphase    Energy    Inc.
                                            1,676,885           4,041
     *,^
        Gastar   Exploration      Inc.
                                            3,552,286           3,730
     *
        Energy    XXI  Gulf  Coast   Inc.
                                             607,779          3,489
     *
        PHI  Inc.
                                             301,216          3,485
                                508/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     *,^
        Lilis  Energy    Inc.
                                             630,352          3,221
     *
        Parker   Drilling    Co.
                                            3,198,041           3,198
     *,^
        NCS   Multistage     Holdings    Inc.
                                             216,831          3,196
     *
        Independence       Contract    Drilling    Inc.
                                             780,582          3,107
     *,^
        Key  Energy    Services    Inc.
                                             260,791          3,075
        Adams    Resources     & Energy    Inc.
                                             66,406         2,889
     *,^
        Approach     Resources     Inc.
                                             924,596          2,737
     *,^
        Comstock     Resources     Inc.
                                             322,507          2,728
     *,^
        FuelCell    Energy    Inc.
                                            1,592,033           2,706
     *,^
        Zion  Oil  & Gas  Inc.
                                            1,211,646           2,617
     *,^
        Hornbeck     Offshore    Services    Inc.
                                             798,105          2,482
     *,^
        Jones   Energy    Inc.  Class   A
                                            1,997,029           2,197
     *
        Contango     Oil  & Gas  Co.
                                             459,974          2,166
     *,^
        Northern    Oil  and  Gas  Inc.
                                            1,056,723           2,166
     *
        Dawson    Geophysical      Co.
                                             411,309          2,044
     *
        Willbros    Group   Inc.
                                            1,408,037           1,999
     *
        Isramco    Inc.
                                             17,021         1,781
     *
        Goodrich     Petroleum     Corp.
                                             160,000          1,746
     *
        Lonestar    Resources     US  Inc.  Class   A
                                             400,880          1,592
     *,^
        Amyris    Inc.
                                             419,220          1,572
     *
        Ranger    Energy    Services    Inc.
                                             170,100          1,570
     *,^
        EP  Energy    Corp.   Class   A
                                             552,891          1,305
     *,^
        Torchlight     Energy    Resources     Inc.
                                             793,893          1,064
     *,^
        Erin  Energy    Corp.
                                             345,889           951
     *,^
        Rosehill    Resources     Inc.
                                             112,200           882
     *
        PetroQuest     Energy    Inc.
                                             447,372           846
     *
        PHI  Inc.
                                             70,644          832
     *
        VAALCO     Energy    Inc.
                                            1,074,850           749
     *
        Mitcham    Industries     Inc.
                                             232,826           738
     *,^
        Eco-Stim     Energy    Solutions     Inc.
                                             476,542           600
     *,^
        Stone   Energy    Corp.   Warrants     Exp.  02/28/2021
                                             116,107           581
     *,^
        Ocean   Power   Technologies       Inc.
                                             499,865           550
     *,^
        Enservco     Corp.
                                             553,228           356
     *,^
        Ideal   Power   Inc.
                                             146,040           207
     *
        Superior    Drilling    Products    Inc.
                                             113,740           167
     *,^
        Yuma   Energy    Inc.
                                             91,843          107
     *,^
        Aemetis    Inc.
                                             137,486           76
     *,^
        Houston    American     Energy    Corp.
                                             120,121           40
     ^
        EXCO   Resources     Inc.
                                             140,771           30
     *,^
        Tidewater     Inc.  Warrants
                                              8,839          21
     *,^
        Tidewater     Inc.  Warrants
                                              9,555          20
     *,^
        SAExploration       Holdings    Inc.
                                              8,164          18
     *,^
        Bonanza    Creek   Energy    Inc.  Warrants     Exp.  04/28/2020
                                             33,839           9
     *,^
        Rex  Energy    Corp.
                                              4,401           6
     *
        Basic   Energy    Services    Inc.  Warrants     Exp.  12/23/2023
                                              4,640           5
     2
        Harvest    Natural    Resources     Inc.
                                                        -
                                             51,829
                                                    37,758,375
           3
     Other   (0.0%)
     *,2
        Dyax   Corp.   CVR   Exp.  12/31/2019
                                            2,750,063           5,500
                                509/562

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     *,2
        Herbalife     Ltd.  CVR
                                             234,057          2,270
     *,^,2
        Tobira   Therapeutics      CVR   Exp.  12/31/2028
                                             201,001           911
     *,2
        NewStar    Financial     Inc
                                             551,185           298
     *,2
        Ocera   Therapeutics      CVR   Line
                                             653,477           176
     *,2
        Ambit   Biosciences      Corp.   CVR
                                             201,330           121
     *,2
        Media   General    Inc.  CVR
                                            2,351,934            91
     *,2
        Omthera    Pharmaceuticals        Inc.  CVR
                                             121,311           73
     *
        Kadmon    Warrants     Exp.  09/29/2022
                                             169,257           18
     *,2
        Alexza    Pharmaceuticals        Inc.  CVR
                                             327,391           12
     *,2
        Achieve    Life  Sciences    Inc.  CVR
                                             228,587            2
     *,2
        Seventy    Seven   Energy    Inc.  Escrow    Line
                                              7,222           1
     *,2
        Clinical    Data  CVR
                                             216,285            -
     *,2
        Chelsea    Therapeutics      International      Ltd.  CVR
                                            1,157,305             -
     *,2
        Adolor    Corp.   Rights   Exp.  07/01/2019
                                             592,629            -
                                510/562
















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     *,^,2
        Biosante    Pharmaceutical       Inc.  CVR
                                             253,823            -
     *,2
        NuPathe    Inc.  CVR
                                                        -
                                             158,681
                                                      9,473
     Technology      (18.5%)
        Apple   Inc.
                                           111,385,671         18,849,797
        Microsoft     Corp.
                                           185,889,867         15,901,019
     *
        Facebook     Inc.  Class   A
                                           57,482,974         10,143,446
     *
        Alphabet    Inc.  Class   A
                                            7,176,778         7,560,018
     *
        Alphabet    Inc.  Class    C 
                                            7,172,896         7,505,718
        Intel  Corp.
                                           112,809,258          5,207,275
        Cisco   Systems    Inc.
                                           119,127,654          4,562,589
        Oracle   Corp.
                                           75,440,549         3,566,829
        International      Business    Machines     Corp.
                                           21,200,610         3,252,598
        NVIDIA    Corp.
                                           13,146,656         2,543,878
        Broadcom     Ltd.
                                            9,833,581         2,526,247
        Texas   Instruments      Inc.
                                           23,756,919         2,481,173
        QUALCOMM       Inc.
                                           35,533,167         2,274,833
     *
        Adobe   Systems    Inc.
                                           11,881,467         2,082,108
     *
        salesforce.com       Inc.
                                           16,536,159         1,690,492
        Applied    Materials     Inc.
                                           25,705,993         1,314,090
     *
        Micron    Technology      Inc.
                                           26,407,543         1,085,878
        Cognizant     Technology      Solutions     Corp.   Class   A
                                           14,212,329         1,009,360
        Intuit   Inc.
                                            5,854,912         923,788
        HP  Inc.
                                           40,251,647          845,687
        Analog    Devices    Inc.
                                            8,884,057         790,948
        Lam  Research    Corp.
                                            3,903,308         718,482
        Corning    Inc.
                                           20,944,373          670,010
        DXC   Technology      Co.
                                            6,875,667         652,501
        Western    Digital   Corp.
                                            7,128,390         566,921
     *
        Autodesk     Inc.
                                            5,282,821         553,798
        Hewlett    Packard    Enterprise     Co.
                                           38,432,692          551,893
     *
        ServiceNow      Inc.
                                            4,160,711         542,515
     *
        Cerner   Corp.
                                            7,611,433         512,934
     *
        Red  Hat  Inc.
                                            4,267,396         512,514
        Microchip     Technology      Inc.
                                            5,636,059         495,297
        Skyworks     Solutions     Inc.
                                            4,418,548         419,541
        Symantec     Corp.
                                           14,938,333          419,170
        Xilinx   Inc.
                                            6,048,215         407,771
        Harris   Corp.
                                            2,873,777         407,071
     *
        Dell  Technologies       Inc.  Class   V
                                            4,895,901         397,939
        KLA-Tencor      Corp.
                                            3,777,538         396,906
     *
        Twitter    Inc.
                                           15,216,200          365,341
        NetApp    Inc.
                                            6,500,754         359,622
        Maxim    Integrated     Products    Inc.
                                            6,785,362         354,739
        Motorola     Solutions     Inc.
                                            3,904,238         352,709
     *
        Workday     Inc.  Class   A
                                            3,300,915         335,835
     *
        Synopsys     Inc.
                                            3,617,146         308,326
     *
        Palo  Alto  Networks     Inc.
                                            2,102,869         304,790
     *
        Citrix   Systems    Inc.
                                            3,457,862         304,292
                                511/562


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     *
        ANSYS    Inc.
                                            2,042,039         301,385
        Seagate    Technology      plc
                                            6,971,660         291,694
     *
        Cadence    Design    Systems    Inc.
                                            6,800,655         284,403
     *
        Splunk    Inc.
                                            3,372,579         279,384
     *
        Arista   Networks     Inc.
                                            1,145,002         269,740
        Juniper    Networks     Inc.
                                            9,033,570         257,457
        CDW   Corp.
                                            3,689,832         256,406
     *
        Gartner    Inc.
                                            2,073,639         255,369
     *
        Akamai    Technologies       Inc.
                                            3,871,811         251,823
        CA  Inc.
                                            7,565,034         251,764
        CDK   Global   Inc.
                                            3,315,793         236,350
        Leidos   Holdings    Inc.
                                            3,641,929         235,159
     *,^
        VeriSign     Inc.
                                            2,021,572         231,349
     *,^
        VMware    Inc.  Class   A
                                            1,837,158         230,233
     *,^
        Advanced     Micro   Devices    Inc.
                                           22,088,853          227,073
                                512/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     *
        IAC/InterActiveCorp
                                            1,835,007         224,385
     *
        ON  Semiconductor       Corp.
                                           10,215,836          213,920
     *
        Square   Inc.
                                            6,154,292         213,369
     *
        Qorvo   Inc.
                                            3,063,539         204,032
        Marvell    Technology      Group   Ltd.
                                            9,465,627         203,227
        Teradyne     Inc.
                                            4,746,824         198,750
     *
        F5  Networks     Inc.
                                            1,508,748         197,978
     *
        CommScope      Holding    Co.  Inc.
                                            4,598,490         173,961
        SS&C   Technologies       Holdings    Inc.
                                            4,203,742         170,167
     *
        PTC  Inc.
                                            2,784,040         169,186
     *
        Fortinet    Inc.
                                            3,565,770         155,788
     *
        Tyler   Technologies       Inc.
                                             859,012         152,088
     *,^
        Snap   Inc.
                                           10,399,441          151,936
     *
        Ultimate    Software    Group   Inc.
                                             683,514         149,163
     *
        Microsemi     Corp.
                                            2,827,288         146,029
        LogMeIn     Inc.
                                            1,267,299         145,106
     *
        Veeva   Systems    Inc.  Class   A
                                            2,622,471         144,970
     *
        GoDaddy     Inc.  Class   A
                                            2,859,394         143,770
        Garmin    Ltd.
                                            2,263,598         134,843
     *
        Guidewire     Software    Inc.
                                            1,814,859         134,771
     *
        Cavium    Inc.
                                            1,583,037         132,706
     *
        EPAM    Systems    Inc.
                                            1,209,019         129,885
     *
        athenahealth      Inc.
                                             962,702         128,078
        MKS   Instruments      Inc.
                                            1,306,567         123,471
        CSRA   Inc.
                                            3,944,771         118,028
        Cypress    Semiconductor       Corp.
                                            7,627,066         116,236
     *
        Aspen   Technology      Inc.
                                            1,755,550         116,217
     *
        Nuance    Communications        Inc.
                                            6,948,196         113,603
     *
        Teradata    Corp.
                                            2,917,716         112,215
        Fair  Isaac   Corp.
                                             724,363         110,972
     *
        ARRIS    International      plc
                                            4,282,938         110,029
        Blackbaud     Inc.
                                            1,155,825         109,214
     *
        Tableau    Software    Inc.  Class   A
                                            1,545,950         106,980
        Monolithic     Power   Systems    Inc.
                                             950,128         106,756
        Entegris    Inc.
                                            3,403,858         103,647
     *
        NCR   Corp.
                                            2,928,410          99,537
     *,^
        ViaSat   Inc.
                                            1,328,944          99,471
        SYNNEX     Corp.
                                             720,751         97,986
     *,^
        Paycom    Software    Inc.
                                            1,142,319          91,762
     *
        Proofpoint     Inc.
                                            1,027,919          91,289
     *
        Integrated     Device    Technology      Inc.
                                            3,049,524          90,662
     *
        Silicon    Laboratories      Inc.
                                            1,024,038          90,423
        DST  Systems    Inc.
                                            1,454,659          90,291
     *
        Tech   Data  Corp.
                                             917,900         89,927
     *
        Cree  Inc.
                                            2,357,609          87,562
     *
        Medidata     Solutions     Inc.
                                            1,336,756          84,710
        j2 Global   Inc.
                                            1,104,708          82,886
     *
        Nutanix    Inc.
                                            2,339,453          82,536
     *
        Manhattan     Associates     Inc.
                                            1,661,129          82,292
                                513/562


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        Science    Applications      International      Corp.
                                            1,040,267          79,653
     *
        Cirrus   Logic   Inc.
                                            1,534,033          79,555
     *
        Dycom    Industries     Inc.
                                             710,647         79,187
     *
        Zendesk    Inc.
                                            2,322,432          78,591
     *
        CACI   International      Inc.  Class   A
                                             590,810         78,194
     *,^
        2U  Inc.
                                            1,194,661          77,068
     *
        HubSpot    Inc.
                                             814,107         71,967
     *
        RingCentral      Inc.  Class   A
                                            1,486,458          71,945
     *
        Ciena   Corp.
                                            3,436,495          71,926
     *
        Ellie  Mae  Inc.
                                             787,263         70,381
     *,^
        Lumentum     Holdings    Inc.
                                            1,418,883          69,383
     *
        RealPage     Inc.
                                            1,495,610          66,256
     *
        Advanced     Energy    Industries     Inc.
                                             957,868         64,637
     *
        ACI  Worldwide      Inc.
                                            2,849,908          64,607
     *
        Verint   Systems    Inc.
                                            1,533,465          64,175
        InterDigital      Inc.
                                             835,913         63,655
                                514/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     *
        Allscripts     Healthcare     Solutions     Inc.
                                            4,336,528          63,096
     *
        NetScout     Systems    Inc.
                                            1,995,330          60,758
     *
        FireEye    Inc.
                                            4,224,773          59,992
     *
        New  Relic   Inc.
                                             994,616         57,459
        Cabot   Microelectronics        Corp.
                                             607,200         57,125
     *
        Mercury    Systems    Inc.
                                            1,097,422          56,353
     *
        Finisar   Corp.
                                            2,752,971          56,023
     *
        Semtech    Corp.
                                            1,587,486          54,292
     *
        CommVault      Systems    Inc.
                                            1,000,384          52,520
     *
        EchoStar    Corp.   Class   A
                                             872,607         52,269
     *
        Box  Inc.
                                            2,421,067          51,133
        Pitney   Bowes   Inc.
                                            4,520,242          50,536
     *
        Envestnet     Inc.
                                            1,006,225          50,160
        Power   Integrations      Inc.
                                             680,638         50,061
     *
        Viavi   Solutions     Inc.
                                            5,470,880          47,815
     *
        VeriFone     Systems    Inc.
                                            2,691,365          47,664
     *
        Callidus    Software    Inc.
                                            1,627,969          46,641
        Progress    Software    Corp.
                                            1,091,367          46,459
        Cogent    Communications        Holdings    Inc.
                                             991,348         44,908
     *
        Cornerstone      OnDemand      Inc.
                                            1,253,881          44,300
        Pegasystems      Inc.
                                             933,368         44,008
        TiVo   Corp.
                                            2,802,155          43,714
     *
        Qualys    Inc.
                                             735,182         43,633
     *
        NETGEAR      Inc.
                                             723,167         42,486
        Ebix  Inc.
                                             531,704         42,138
     *
        BroadSoft     Inc.
                                             759,324         41,687
     *
        Premier    Inc.  Class   A
                                            1,377,011          40,195
        Plantronics     Inc.
                                             795,942         40,100
     *,^
        Ubiquiti    Networks     Inc.
                                             563,211         39,999
     *
        Cloudera    Inc.
                                            2,346,091          38,757
     *,^
        Match   Group   Inc.
                                            1,217,512          38,120
        Brooks    Automation      Inc.
                                            1,597,990          38,112
     *
        MaxLinear     Inc.
                                            1,439,687          38,037
     *
        Rambus    Inc.
                                            2,638,373          37,518
     *,^
        Twilio   Inc.  Class   A
                                            1,571,579          37,089
     *
        Pure  Storage    Inc.  Class   A
                                            2,249,360          35,675
        CSG   Systems    International      Inc.
                                             809,669         35,480
     *
        Extreme    Networks     Inc.
                                            2,732,502          34,211
     *,^
        Inphi   Corp.
                                             921,989         33,745
     *
        Synaptics     Inc.
                                             831,901         33,226
     *
        Electronics     For  Imaging    Inc.
                                            1,123,996          33,192
     *
        Insight   Enterprises     Inc.
                                             863,232         33,053
     *
        Bottomline     Technologies       de Inc.
                                             919,043         31,872
     *
        Q2  Holdings    Inc.
                                             853,472         31,450
     *
        MuleSoft     Inc.  Class   A
                                            1,350,718          31,418
     *
        Five9   Inc.
                                            1,259,595          31,339
     *
        MicroStrategy       Inc.  Class   A
                                             227,560         29,879
        Xperi   Corp.
                                            1,206,278          29,433
     *
        Coupa   Software    Inc.
                                             894,268         27,919
                                515/562


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     *
        Virtusa    Corp.
                                             632,683         27,889
     *
        FormFactor      Inc.
                                            1,742,612          27,272
     *
        Diodes    Inc.
                                             948,854         27,204
     ^
        Diebold    Nixdorf    Inc.
                                            1,626,309          26,590
     *
        Barracuda     Networks     Inc.
                                             960,174         26,405
     *,^
        Oclaro   Inc.
                                            3,871,951          26,097
     *
        Alarm.com     Holdings    Inc.
                                             681,563         25,729
        NIC  Inc.
                                            1,515,971          25,165
     *
        CEVA    Inc.
                                             530,526         24,484
     *
        Web.com     Group   Inc.
                                            1,122,452          24,469
     *
        ePlus   Inc.
                                             324,165         24,377
     *
        Varonis    Systems    Inc.
                                             495,996         24,081
     *
        Cray   Inc.
                                             986,690         23,878
     *
        Blucora    Inc.
                                            1,069,013          23,625
        Monotype     Imaging    Holdings    Inc.
                                             951,276         22,926
                                516/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     *,^
        3D  Systems    Corp.
                                            2,644,399          22,848
        ADTRAN     Inc.
                                            1,151,171          22,275
     *
        Hortonworks      Inc.
                                            1,104,900          22,220
     *
        ScanSource      Inc.
                                             615,711         22,042
     *
        Infinera    Corp.
                                            3,423,753          21,672
     *
        Axcelis    Technologies       Inc.
                                             748,981         21,496
     *
        Boingo    Wireless    Inc.
                                             916,913         20,631
     *
        Amkor    Technology      Inc.
                                            2,051,245          20,615
     *
        SPS  Commerce     Inc.
                                             420,385         20,426
     *
        Super   Micro   Computer     Inc.
                                             935,893         19,584
     *
        Vocera    Communications        Inc.
                                             632,241         19,106
     *
        Blackline     Inc.
                                             573,642         18,815
     *,^
        Acacia   Communications        Inc.
                                             519,110         18,807
     *,^
        Shutterstock      Inc.
                                             426,884         18,369
     *
        Syntel   Inc.
                                             788,053         18,117
     *
        CalAmp    Corp.
                                             829,859         17,784
     *
        Quality    Systems    Inc.
                                            1,304,439          17,714
     *
        Rudolph    Technologies       Inc.
                                             729,927         17,445
     *
        PROS   Holdings    Inc.
                                             658,801         17,425
     *
        Ultra   Clean   Holdings    Inc.
                                             728,105         16,812
     *,^
        Applied    Optoelectronics        Inc.
                                             442,758         16,745
     *
        Instructure     Inc.
                                             505,344         16,727
     *
        Lattice   Semiconductor       Corp.
                                            2,841,450          16,424
     *
        Everbridge     Inc.
                                             545,195         16,203
        Switch   Inc.
                                             863,308         15,704
     *
        Silver   Spring   Networks     Inc.
                                             965,110         15,673
     *
        Perficient     Inc.
                                             816,243         15,566
     *,^
        Gogo   Inc.
                                            1,353,990          15,273
     *
        IXYS   Corp.
                                             624,610         14,959
     *
        Presidio    Inc.
                                             770,194         14,765
     *
        LivePerson      Inc.
                                            1,275,511          14,668
     *
        Nanometrics      Inc.
                                             578,598         14,419
     *
        Photronics     Inc.
                                            1,685,495          14,369
     *
        Carbonite     Inc.
                                             569,511         14,295
     *
        CommerceHub       Inc.
                                             689,768         14,202
     *
        Loral   Space   & Communications        Inc.
                                             318,395         14,025
        Cohu   Inc.
                                             635,767         13,955
     *
        Alteryx    Inc.  Class   A
                                             548,142         13,852
     *
        Endurance     International      Group   Holdings    Inc.
                                            1,582,880          13,296
     *
        Ichor   Holdings    Ltd.
                                             524,723         12,908
     *
        Apptio   Inc.  Class   A
                                             544,002         12,795
     *
        Appfolio    Inc.
                                             301,244         12,502
     *,^
        Benefitfocus      Inc.
                                             456,855         12,335
     *
        Xcerra   Corp.
                                            1,225,987          12,002
        Comtech    Telecommunications          Corp.
                                             539,424         11,932
        Systemax     Inc.
                                             358,602         11,931
     *
        Workiva    Inc.
                                             556,856         11,917
     *
        Okta   Inc.
                                             464,541         11,897
     *
        Actua   Corp.
                                             732,679         11,430
                                517/562


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     *
        USA   Technologies       Inc.
                                            1,159,054          11,301
        Forrester    Research    Inc.
                                             241,640         10,680
     *
        PDF  Solutions     Inc.
                                             664,802         10,437
     *
        VASCO    Data  Security    International      Inc.
                                             746,986         10,383
     *,^
        Unisys   Corp.
                                            1,250,613          10,192
     *
        Rapid7    Inc.
                                             533,585          9,957
     *
        Limelight     Networks     Inc.
                                            2,179,176           9,610
     *
        Ribbon    Communications        Inc.
                                            1,234,102           9,540
        Computer     Programs     & Systems    Inc.
                                             310,377          9,327
     *
        A10  Networks     Inc.
                                            1,194,980           9,225
     *,^
        Yext   Inc.
                                             762,440          9,172
     *,^
        Digimarc     Corp.
                                             248,714          8,991
     *
        Cision   Ltd.
                                             748,531          8,885
     *
        Model   N Inc.
                                             562,667          8,862
        Hackett    Group   Inc.
                                             561,201          8,816
                                518/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     *,^
        Impinj   Inc.
                                             384,840          8,670
     *
        Vectrus    Inc.
                                             279,921          8,636
     *
        Altair   Engineering      Inc.  Class   A
                                             352,308          8,427
     *
        Tabula    Rasa   HealthCare      Inc.
                                             299,685          8,406
     *
        AXT   Inc.
                                             936,752          8,150
        QAD   Inc.  Class   A
                                             204,398          7,941
     *
        DSP  Group   Inc.
                                             624,669          7,808
        PC  Connection      Inc.
                                             296,219          7,764
        American     Software    Inc.  Class   A
                                             665,611          7,741
     *
        Harmonic     Inc.
                                            1,837,196           7,716
     *
        Alpha   & Omega    Semiconductor       Ltd.
                                             468,197          7,660
     *
        Internap    Corp.
                                             485,900          7,633
     *
        SailPoint    Technologies       Holding    Inc.
                                             514,106          7,455
     *
        Synchronoss      Technologies       Inc.
                                             827,293          7,396
     *
        Rosetta    Stone   Inc.
                                             555,219          6,924
     *,^
        KeyW   Holding    Corp.
                                            1,173,682           6,890
     *,^
        TransEnterix      Inc.
                                            3,548,501           6,849
     *
        Mitek   Systems    Inc.
                                             745,162          6,669
     *
        CommerceHub       Inc.  Class   A
                                             300,716          6,613
     *
        Upland    Software    Inc.
                                             302,989          6,563
     *
        Calix   Inc.
                                            1,080,814           6,431
     *
        Sigma   Designs    Inc.
                                             907,801          6,309
     *
        WideOpenWest        Inc.
                                             584,296          6,176
     *
        Zix  Corp.
                                            1,387,768           6,078
     *,^
        NeoPhotonics       Corp.
                                             916,719          6,032
     *
        Digi  International      Inc.
                                             620,377          5,925
     *
        Brightcove     Inc.
                                             821,372          5,832
     *,^
        Castlight    Health   Inc.  Class   B
                                            1,545,683           5,796
     *
        MongoDB     Inc.
                                             192,371          5,710
     *
        Quantenna     Communications        Inc.
                                             462,416          5,641
     *,^
        Appian    Corp.   Class   A
                                             171,111          5,387
     *
        ChannelAdvisor        Corp.
                                             593,254          5,339
     *
        MobileIron      Inc.
                                            1,362,373           5,313
     *
        Agilysys    Inc.
                                             431,850          5,303
     *,^
        Immersion     Corp.
                                             718,877          5,075
        Preformed     Line  Products    Co.
                                             70,580         5,015
     *,^
        Kopin   Corp.
                                            1,528,590           4,891
     *
        Aerohive     Networks     Inc.
                                             837,762          4,884
     *
        RigNet    Inc.
                                             319,157          4,771
     *,^
        VirnetX    Holding    Corp.
                                            1,263,963           4,677
     *
        Pixelworks     Inc.
                                             738,793          4,677
     *
        Meet   Group   Inc.
                                            1,644,944           4,639
     *
        Ooma   Inc.
                                             384,271          4,592
     *
        Amber   Road   Inc.
                                             596,529          4,379
     *,^
        ForeScout     Technologies       Inc.
                                             134,683          4,295
        Simulations      Plus  Inc.
                                             260,718          4,198
     *
        Telenav    Inc.
                                             756,451          4,160
     *
        EMCORE     Corp.
                                             628,293          4,052
     *
        Quantum     Corp.
                                             719,397          4,050
                                519/562


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     *
        KVH   Industries     Inc.
                                             385,252          3,987
     *,^
        Exela   Technologies       Inc.
                                             733,206          3,776
     *,^
        QuickLogic      Corp.
                                            2,064,240           3,592
     *
        Clearfield     Inc.
                                             279,441          3,423
     *
        Seachange     International      Inc.
                                             860,467          3,382
     *,^
        Park  City  Group   Inc.
                                             332,173          3,172
     *
        Telaria    Inc.
                                             781,324          3,149
     *,^
        Veritone    Inc.
                                             133,400          3,095
     *,^
        SITO   Mobile    Ltd.
                                             447,601          3,008
        TESSCO     Technologies       Inc.
                                             147,714          2,976
        PC-Tel    Inc.
                                             403,760          2,976
        AstroNova     Inc.
                                             206,261          2,888
     *
        ID  Systems    Inc.
                                             414,467          2,876
     *
        Datawatch     Corp.
                                             300,838          2,858
     *
        Amtech    Systems    Inc.
                                             280,709          2,827
                                520/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     *
        VOXX    International      Corp.   Class   A
                                             492,421          2,758
     *
        PAR   Technology      Corp.
                                             289,316          2,705
     *
        eGain   Corp.
                                             461,647          2,424
     *
        GSI  Technology      Inc.
                                             291,749          2,322
     *
        Adesto    Technologies       Corp.
                                             360,043          2,322
     *
        Data  I/O  Corp.
                                             188,803          2,273
     *
        Computer     Task   Group   Inc.
                                             439,802          2,243
     *
        Aquantia    Corp.
                                             191,176          2,166
     *,^
        SecureWorks       Corp.   Class   A
                                             234,363          2,079
     *
        Key  Tronic   Corp.
                                             301,701          2,061
        TransAct     Technologies       Inc.
                                             150,302          1,991
     *,^
        Airgain    Inc.
                                             219,697          1,975
     *
        Aware   Inc.
                                             432,908          1,948
     *
        Fusion   Telecommunications          International      Inc.
                                             502,642          1,885
     *
        Casa   Systems    Inc.
                                             104,787          1,861
     *
        inTEST    Corp.
                                             208,952          1,807
     *
        Edgewater     Technology      Inc.
                                             285,696          1,783
     *
        Great   Elm  Capital    Group   Inc.
                                             414,611          1,679
     *,^
        Resonant     Inc.
                                             222,043          1,659
        RCM   Technologies       Inc.
                                             255,019          1,604
     *
        BSQUARE      Corp.
                                             337,101          1,568
     *
        Bandwidth     Inc.  Class   A
                                             67,765         1,567
     *,^
        Synacor    Inc.
                                             677,563          1,558
     *,^
        CVD   Equipment     Corp.
                                             130,667          1,518
     *,^
        Neurotrope      Inc.
                                             212,046          1,493
     *
        LRAD   Corp.
                                             590,732          1,471
        GlobalSCAPE       Inc.
                                             408,661          1,451
        Concurrent     Computer     Corp.
                                             241,743          1,395
        ClearOne     Inc.
                                             155,448          1,391
     *
        Aviat   Networks     Inc.
                                             79,979         1,213
        QAD   Inc.  Class   B
                                             38,958         1,188
     *,^
        Ominto    Inc.
                                             339,216          1,150
     *
        Support.com      Inc.
                                             473,810          1,147
     *,^
        Aehr   Test  Systems
                                             414,457          1,123
     *,^
        Inseego    Corp.
                                             673,718          1,085
     *,^
        Rimini   Street   Inc.
                                             134,806          1,066
     *,^
        Atomera    Inc.
                                             219,062           949
     *
        SendGrid     Inc.
                                             39,523          947
     *,^
        NXT-ID    Inc.
                                             270,315           946
     *,^
        Everspin    Technologies       Inc.
                                             123,476           926
     *
        Icad  Inc.
                                             265,114           912
     *
        GSE  Systems    Inc.
                                             275,429           895
     *
        Innodata    Inc.
                                             643,214           875
     *
        iPass   Inc.
                                            1,597,520           831
        Pendrell    Corp.
                                              1,391         828
     *
        Xplore   Technologies       Corp.
                                             292,147           827
     *
        Identiv    Inc.
                                             241,980           808
     *
        Marin   Software    Inc.
                                             72,462          797
     *
        WidePoint     Corp.
                                            1,138,832           741
                                521/562


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        Network-1     Technologies       Inc.
                                             304,119           730
     *,^
        Tintri   Inc.
                                             138,412           706
     *
        DASAN    Zhone   Solutions     Inc.
                                             71,691          664
     *
        Evolving     Systems    Inc.
                                             137,615           647
     *
        Finjan   Holdings    Inc.
                                             298,075           644
     *,^
        Neonode    Inc.
                                             843,592           627
     *
        NetSol   Technologies       Inc.
                                             131,905           627
     *
        Intermolecular       Inc.
                                             388,778           533
        CSP  Inc.
                                             30,760          489
     *
        Radisys    Corp.
                                             481,423           484
        RELM   Wireless    Corp.
                                             129,063           458
     *
        Westell    Technologies       Inc.  Class   A
                                             121,863           457
     *
        SharpSpring      Inc.
                                             101,651           447
     *,^
        Intellicheck      Inc.
                                             161,682           414
     *
        Smith   Micro   Software    Inc.
                                             127,545           362
                                522/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
     *,^
        ParkerVision      Inc.
                                             331,909           352
     *
        Streamline     Health   Solutions     Inc.
                                             206,127           348
     *,^
        Netlist   Inc.
                                            1,089,336           335
     *,^
        Sunworks     Inc.
                                             317,501           333
     *
        Lantronix     Inc.
                                             164,876           333
        Communications        Systems    Inc.
                                             73,726          268
     *,^
        Inuvo   Inc.
                                             315,731           256
     *
        ARC   Group   Worldwide      Inc.
                                             117,147           246
     *
        Qumu   Corp.
                                             105,861           242
     *
        Majesco
                                             41,159          221
     *,^
        FORM    Holdings     Corp.
                                             149,947           205
     *
        Determine     Inc.
                                             95,026          172
     *
        RumbleON      Inc.  Class   B
                                             27,561          142
     *,^
        CynergisTek      Inc.
                                             34,796          141
     *
        Cinedigm     Corp.   Class   A
                                             81,007          122
     *
        BroadVision      Inc.
                                             33,284          120
     *
        Xcel  Brands    Inc.
                                             31,471          104
     *,^
        xG  Technology      Inc.
                                             63,270          102
     *
        Trio-Tech     International
                                             14,020           98
     *
        Socket   Mobile    Inc.
                                             20,235           72
     *
        Sonic   Foundry    Inc.
                                             17,328           52
     *
        ADDvantage      Technologies       Group   Inc.
                                             29,519           44
     *,2
        Gerber   Scientific     Inc.  CVR
                                             388,581           44
     *
        Mastech    Digital   Inc.
                                              4,280          43
        SilverSun     Technologies       Inc.
                                              2,301          10
     *
        Intelligent     Systems    Corp.
                                              1,683           8
     *
        CMTSU    Liquidation      Inc.
                                             401,000            7
     *,^
        MYnd   Analytics     Inc.
                                                        4
                                              1,200
                                                   122,336,304
     Telecommunications          (1.9%)
        AT&T    Inc.
                                           147,965,786          5,752,910
        Verizon    Communications        Inc.
                                           98,328,595         5,204,532
     *
        T-Mobile     US  Inc.
                                            7,013,723         445,442
        CenturyLink      Inc.
                                           23,178,893          386,624
     *
        Zayo   Group   Holdings    Inc.
                                            4,762,715         175,268
     *,^
        Sprint   Corp.
                                           14,432,244           85,006
        Telephone     & Data  Systems    Inc.
                                            2,375,624          66,042
     *
        Vonage    Holdings    Corp.
                                            4,949,328          50,335
        Shenandoah      Telecommunications          Co.
                                            1,125,985          38,058
     *
        GTT   Communications        Inc.
                                             783,442         36,783
     *
        Straight    Path  Communications        Inc.  Class   B
                                             172,349         31,331
     *
        8x8  Inc.
                                            2,101,621          29,633
     *,^
        Iridium    Communications        Inc.
                                            2,032,370          23,982
     *
        General    Communication        Inc.  Class   A
                                             567,903         22,160
     *
        Cincinnati     Bell  Inc.
                                            1,029,560          21,466
        Consolidated      Communications        Holdings    Inc.
                                            1,736,498          21,168
     *
        ORBCOMM      Inc.
                                            1,720,830          17,518
     *,^
        Globalstar     Inc.
                                           13,335,304           17,469
        ATN   International      Inc.
                                             259,333         14,331
                                523/562


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     ^
        Frontier    Communications        Corp.
                                            1,880,980          12,715
     *
        United   States   Cellular    Corp.
                                             323,542         12,175
     *
        pdvWireless      Inc.
                                             289,293          9,286
        Spok   Holdings    Inc.
                                             479,524          7,505
        Windstream      Holdings    Inc.
                                            3,595,524           6,652
     *
        HC2  Holdings    Inc.
                                             888,607          5,287
        IDT  Corp.   Class   B
                                             422,763          4,481
     *
        Hawaiian     Telcom    Holdco    Inc.
                                             138,772          4,282
     *
        Intelsat    SA
                                            1,240,306           4,205
     *
        Alaska   Communications        Systems    Group   Inc.
                                            1,191,425           3,193
     *
        Otelco   Inc.  Class   A
                                             22,756          304
     *
        CPS  Technologies       Corp.
                                                        13
                                              7,700
                                                    12,510,156
     Utilities    (3.0%)
        NextEra    Energy    Inc.
                                           11,335,995         1,770,569
                                524/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
        Duke   Energy    Corp.
                                           16,879,505         1,419,735
        Dominion     Energy    Inc.
                                           15,517,935         1,257,884
        Southern    Co.
                                           24,091,022         1,158,537
        Exelon    Corp.
                                           23,141,122          911,992
        American     Electric    Power   Co.  Inc.
                                           11,865,174          872,921
        Sempra    Energy
                                            6,051,112         646,985
        Consolidated      Edison   Inc.
                                            7,468,058         634,411
        Public   Service    Enterprise     Group   Inc.
                                           12,196,133          628,101
        Xcel  Energy    Inc.
                                           12,237,162          588,730
        PG&E   Corp.
                                           12,395,257          555,679
        PPL  Corp.
                                           16,581,804          513,207
        WEC   Energy    Group   Inc.
                                            7,604,095         505,140
        Edison   International
                                            7,851,108         496,504
        ONEOK    Inc.
                                            9,241,301         493,947
        Eversource     Energy
                                            7,627,792         481,924
        DTE   Energy    Co.
                                            4,322,806         473,174
        American     Water   Works   Co.  Inc.
                                            4,289,671         392,462
        Entergy    Corp.
                                            4,341,402         353,347
        Ameren    Corp.
                                            5,843,955         344,735
        FirstEnergy      Corp.
                                           10,717,039          328,156
        CMS   Energy    Corp.
                                            6,778,680         320,632
        CenterPoint      Energy    Inc.
                                           10,381,390          294,416
        Alliant   Energy    Corp.
                                            5,571,603         237,406
        Atmos   Energy    Corp.
                                            2,688,477         230,913
        Pinnacle    West   Capital    Corp.
                                            2,689,709         229,109
        NiSource     Inc.
                                            8,110,087         208,186
        NRG   Energy    Inc.
                                            7,244,625         206,327
        UGI  Corp.
                                            4,192,761         196,850
        Westar    Energy    Inc.  Class   A
                                            3,421,025         180,630
        AES  Corp.
                                           15,976,279          173,023
        Aqua   America    Inc.
                                            4,283,649         168,048
        Great   Plains   Energy    Inc.
                                            5,190,671         167,347
     *
        Calpine    Corp.
                                            8,679,383         131,319
        SCANA    Corp.
                                            3,275,959         130,318
        Vectren    Corp.
                                            1,993,882         129,642
     *
        Vistra   Energy    Corp.
                                            6,186,084         113,329
        IDACORP     Inc.
                                            1,218,203         111,295
        WGL   Holdings    Inc.
                                            1,244,064         106,790
        National    Fuel  Gas  Co.
                                            1,856,721         101,953
        Portland    General    Electric    Co.
                                            2,149,782          97,987
        Hawaiian     Electric    Industries     Inc.
                                            2,624,005          94,858
        ONE   Gas  Inc.
                                            1,268,001          92,894
        ALLETE     Inc.
                                            1,224,120          91,026
        New  Jersey   Resources     Corp.
                                            2,097,308          84,312
        Southwest     Gas  Holdings    Inc.
                                            1,038,570          83,584
        Spire   Inc.
                                            1,109,437          83,374
        Avista   Corp.
                                            1,556,270          80,132
        PNM   Resources     Inc.
                                            1,914,667          77,448
        Black   Hills   Corp.
                                            1,286,782          77,348
                                525/562


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        Avangrid     Inc.
                                            1,521,404          76,953
        NorthWestern       Corp.
                                            1,165,355          69,572
        South   Jersey   Industries     Inc.
                                            1,933,085          60,370
        Ormat   Technologies       Inc.
                                             907,823         58,064
        El Paso  Electric    Co.
                                             977,242         54,090
        MGE   Energy    Inc.
                                             846,276         53,400
        California     Water   Service    Group
                                            1,164,113          52,792
        American     States   Water   Co.
                                             889,791         51,528
        Northwest     Natural    Gas  Co.
                                             695,252         41,472
     *
        Dynegy    Inc.
                                            2,687,226          31,844
        Chesapeake      Utilities    Corp.
                                             377,427         29,647
        SJW  Group
                                             398,840         25,458
        Unitil   Corp.
                                             370,498         16,902
        Connecticut      Water   Service    Inc.
                                             283,981         16,303
     *
        Evoqua    Water   Technologies       Corp.
                                             680,900         16,144
                                526/562















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     Total   Stock   Market    Index   Fund
                                                      Market

                                                      Value
                                             Shares         ($000)
        Middlesex     Water   Co.
                                             378,961         15,124
     *
        Sunrun    Inc.
                                            1,988,059          11,730
        York   Water   Co.
                                             336,580         11,410
     *
        TerraForm     Power   Inc.  Class   A
                                             735,151          8,792
        Artesian    Resources     Corp.   Class   A
                                             204,533          7,887
     *,^
        Cadiz   Inc.
                                             548,251          7,813
     *
        Atlantic    Power   Corp.
                                            2,932,572           6,892
     *,^
        AquaVenture       Holdings    Ltd.
                                             266,094          4,130
     *
        Pure  Cycle   Corp.
                                             490,531          4,096
     ^
        Spark   Energy    Inc.  Class   A
                                             279,655          3,468
     *,^
        Vivint   Solar   Inc.
                                             705,847          2,859
        Genie   Energy    Ltd.  Class   B
                                             379,378          1,654
     *
        US  Geothermal      Inc.
                                                      1,404
                                             406,921
                                                    19,870,434
     Total   Common     Stocks   (Cost   $409,537,038)                                 661,465,480
                                Coupon

                      1
     Temporary     Cash   Investments      (0.7%)
     Money    Market    Fund   (0.7%)
     4,5
        Vanguard     Market    Liquidity     Fund
                                 1.458%           45,238,970         4,524,349
                                               Face

                                      Maturity       Amount
                                        Date     ($000)
     U.S.  Government      and  Agency    Obligations      (0.0%)
        United   States   Treasury    Bill              1.008%       1/4/18        800        800
        United   States   Treasury    Bill              1.075%      2/22/18       60,000        59,894
     6
                                                     108,728
        United   States   Treasury    Bill              1.169%      3/22/18      109,050
                                                     169,422
     Total   Temporary     Cash   Investments      (Cost   $4,693,602)                            4,693,771
     Total   Investments      (100.5%)     (Cost   $414,230,640)                              666,159,251
                                                     Amount

                                                      ($000)
     Other   Assets   and  Liabilities     (-0.5%)
     Other   Assets
     Investment     in Vanguard                                          36,381
     Receivables      for  Investment     Securities     Sold                               597,670
     Receivables      for  Accrued    Income                                     720,762
     Receivables      for  Capital    Shares   Issued                                  555,772
     Unrealized     Appreciation      - Swap   Contracts                                   755
     Other   Assets                                              13,495
     Total   Other   Assets   (0.3%)                                       1,924,835
     Liabilities
     Payables    for  Investment     Securities     Purchased                                (847,582)
     Collateral     for  Securities     on Loan                                   (2,211,757)
     Payables    for  Capital    Shares   Redeemed                                  (2,213,298)
     Payables    to Vanguard                                           (218,756)
     Variation     Margin    Payable-Futures        Contracts                                 (14,444)
     Unrealized     Depreciation      - Swap   Contracts                                  (1,078)
     Total   Liabilities     (-0.8%)                                        (5,506,915)
     Net  Assets   (100.0%)                                         662,577,171
                                527/562


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     Total   Stock   Market    Index   Fund
     At December     31,  2017,   net  assets   consisted     of:

                                                     Amount
                                                      ($000)
     Paid-in    Capital                                           412,411,988
     Overdistributed        Net  Investment     Income                                  (98,960)
     Accumulated      Net  Realized    Losses                                   (1,663,394)
     Unrealized     Appreciation      (Depreciation)
      Investment     Securities                                        251,928,611
      Futures    Contracts                                             (751)
      Swap   Contracts                                              (323)
     Net  Assets                                             662,577,171
     Investor    Shares-Net     Assets

     Applicable     to 1,900,547,682       outstanding      $.001   par  value   shares   of
     beneficial     interest    (unlimited     authorization)                                 126,766,010
     Net  Asset   Value   Per  Share-Investor       Shares                                $66.70
     ETF  Shares-Net     Assets

     Applicable     to 670,211,061      outstanding      $.001   par  value   shares   of
     beneficial     interest    (unlimited     authorization)                                  91,862,048
     Net  Asset   Value   Per  Share-ETF     Shares                                 $137.06
     Admiral    Shares-Net     Assets

     Applicable     to 2,849,166,062       outstanding      $.001   par  value   shares   of
     beneficial     interest    (unlimited     authorization)                                 190,099,458
     Net  Asset   Value   Per  Share-Admiral       Shares                                $66.72
     Institutional      Shares-Net     Assets

     Applicable     to 1,701,675,121       outstanding      $.001   par  value   shares   of
     beneficial     interest    (unlimited     authorization)                                 113,556,787
     Net  Asset   Value   Per  Share-Institutional         Shares                               $66.73
     Institutional      Plus  Shares-Net     Assets

     Applicable     to 1,007,876,158       outstanding      $.001   par  value   shares   of
     beneficial     interest    (unlimited     authorization)                                 126,130,339
     Net  Asset   Value   Per  Share-Institutional         Plus  Shares                            $125.14
     Institutional      Select   Shares-Net     Assets

     Applicable     to 107,853,635      outstanding      $.001   par  value   shares   of
     beneficial     interest    (unlimited     authorization)                                  14,162,529
     Net  Asset   Value   Per  Share-Institutional         Select   Shares                           $131.31
     •
       See  Note   A in the  Notes   to Financial     Statements.
     *
       Non-income-producing           security.
     ^
       Includes     partial    security    positions     on  loan   to  broker-dealers.        The  total   value   of  securities     on  loan   is
       $2,033,653,000.
     1
       The  fund  invests    a portion    of its cash  reserves    in equity   markets    through    the  use  of index   futures    contracts
       and  swap   contracts.     After   giving   effect   to futures    and  swap   investments,      the  fund's   effective    common    stock
       and  temporary     cash  investment     positions    represent    100.0%    and  0.5%,   respectively,      of net  assets.
     2
       Security    value   determined     using   significant     unobservable      inputs.
     3
       “Other”    represents     securities     that  are  not  classified     by the  fund's   benchmark     index.
     4
       Affiliated     money   market    fund  available     only  to Vanguard     funds   and  certain   trusts   and  accounts    managed    by
       Vanguard.     Rate  shown   is the  7-day   yield.
     5
       Includes    $2,211,757,000       of collateral     received    for  securities     on loan.
     6
       Securities     with  a value   of $91,669,000      have   been  segregated     as initial   margin    for  open   futures   contracts.
       ADR-American        Depositary     Receipt.
       CVR-Contingent        Value   Rights.
       REIT-Real     Estate   Investment     Trust.
                                528/562



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     Total   Stock   Market    Index   Fund
     Derivative     Financial     Instruments      Outstanding      as of Period   End

     Futures   Contracts

                                                       ($000)
                                                     Value   and
                                                     Unrealized
                                    Number   of Long
                                             Notional        Appreciation
                             Expiration       (Short   Contracts)       Amount      (Depreciation)
     Long  Futures   Contracts
                                        6,603     883,481         (2,111)
     E-mini   S&P  500  Index                  March   2018
                                        1,914     147,043         1,159
     E-mini   Russell   2000  Index                March   2018
                                         240     45,658         201
     E-mini   S&P  Mid-Cap    400  Index              March   2018
                                                       (751)
     Unrealized    appreciation     (depreciation)     on open  futures   contracts    is required   to be treated   as realized   gain  (loss)  for tax purposes.

     Total  Return   Swaps

                                                     Value   and
                                              Floating
                                                     Unrealized
                                             Interest   Rate
                                        Notional            Appreciation
                                              Received
                         Termination               Amount            (Depreciation)
                                                 1
     Reference    Entity                    Date    Counterparty         ($000)      (Paid)        ($000)
     Ambac   Financial    Group                1/10/18       GSCM       8,120     (1.895%)          649
     Gaming   and  Leisure   Properties    Inc.           3/21/18       GSCM      17,645     (2.051%)          106
     SLM  Corp.                    2/26/18        GSI     38,985     (1.964%)         (1,078)
                                                       (323)
     GSCM-Goldman       Sachs  Capital   Management.

     GSI-Goldman     Sachs  International.
     1 Payment   received/paid     monthly.
     Unrealized    appreciation     (depreciation)     on open  swap  contracts    is required   to be treated   as ordinary   income   (loss)  for tax purposes.

     At December    31, 2017,  the counterparties     had  deposited    in segregated    accounts   cash  of $3,960,000    in connection    with  open  swap  contracts.

    次へ

                                529/562








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     Total   Stock   Market    Index   Fund
     Statement      of Operations

                                          Year   Ended       Year   Ended

                                         December     31,     December     31,
                                             2018          2017
                                            ($000)          ($000)
     Investment     Income
     Income
     Dividends                                     13,933,848          11,052,585
                                               1          2
     Interest                                       54,283          32,311
     Securities     Lending-Net                                  126,669          109,770
     Total   Income                                   14,114,800          11,194,666
     Expenses
     The  Vanguard     Group-Note      B
      Investment     Advisory     Services                            24,218          19,506
      Management      and  Administrative-Investor           Shares                 158,387          138,370
      Management      and  Administrative-ETF          Shares                    21,276          21,717
      Management      and  Administrative-Admiral           Shares                  60,985          48,094
      Management      and  Administrative-Institutional             Shares                27,571          25,275
      Management      and  Administrative-Institutional             Plus  Shares              20,989          15,652
      Management      and  Administrative-Institutional             Select   Shares              1,082           653
      Marketing     and  Distribution-Investor          Shares                     17,741          16,089
      Marketing     and  Distribution-ETF        Shares                       3,627          3,508
      Marketing     and  Distribution-Admiral          Shares                     10,293          9,942
      Marketing     and  Distribution-Institutional            Shares                   2,877          2,645
      Marketing     and  Distribution-Institutional            Plus  Shares                 1,500          1,389
      Marketing     and  Distribution-Institutional            Select   Shares                  1          1
     Custodian     Fees                                   2,430          4,951
     Auditing    Fees                                    421          439
     Shareholders'      Reports    and  Proxy-Investor       Shares                    1,252          4,146
     Shareholders'      Reports    and  Proxy-ETF     Shares                      1,097          3,311
     Shareholders'      Reports    and  Proxy-Admiral       Shares                     511         2,531
     Shareholders'      Reports    and  Proxy-Institutional         Shares                    902         1,883
                                530/562









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     Total   Stock   Market    Index   Fund

     Statement      of Operations

                                         Year   Ended        Year   Ended

                                        December     31,     December     31,
                                            2018          2017
                                            ($000)          ($000)
     Shareholders'      Reports    and  Proxy-Institutional         Plus  Shares                 31          63
     Shareholders'      Reports    and  Proxy-Institutional         Select   Shares                 1          -
     Trustees'    Fees  and  Expenses                                437          424
     Total   Expenses                                    357,629          320,589
     Net  Investment     Income                              13,757,171          10,874,077
     Realized    Net  Gain   (Loss)
                                              1,3          2
     Investment     Securities     Sold                           6,732,944          4,038,675
     Futures    Contracts                                  (205,348)           513,428
     Swap   Contracts                                    (16,547)           (3,817)
     Realized    Net  Gain   (Loss)                             6,511,049          4,548,286
     Change    in Unrealized     Appreciation      (Depreciation)
                                               1          2
     Investment     Securities                               (56,813,515)           97,109,096
     Futures    Contracts                                  (113,904)           19,407
     Swap   Contracts                                    (1,888)            176
     Change    in Unrealized     Appreciation      (Depreciation)                    (56,929,307)           97,128,679
     Net  Increase    (Decrease)     in Net  Assets   Resulting     from   Operations            (36,661,087)          112,551,042
     1
      Interest    income,    realized    net  gain   (loss),   and  change    in  unrealized     appreciation      (depreciation)       from   an
      affiliated    company     of the  fund  were   $51,265,000,      ($296,000),      and  $364,000,     respectively.      Purchases     and  sales
      are  for  temporary     cash  investment     purposes.
     2
      Interest    income,    realized    net  gain   (loss),   and  change    in  unrealized     appreciation      (depreciation)       from   an
      affiliated    company     of the  fund  were   $30,754,000,      $64,000,    and  $95,000,    respectively.      Purchases     and  sales   are
      for  temporary     cash  investment     purposes.
     3
      Includes    $6,485,855,000        of net  gain  (loss)   resulting    from   in-kind    redemptions;      such  gain  (loss)   is not  taxable
      to the  fund.
                                531/562









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     Total   Stock   Market    Index   Fund

     Statement      of Changes     in Net  Assets

                                             Year   Ended   December     31,

                                             2018          2017
                                            ($000)          ($000)
     Increase    (Decrease)     in Net  Assets
     Operations
     Net  Investment     Income                              13,757,171          10,874,077
     Realized    Net  Gain   (Loss)                             6,511,049          4,548,286
     Change    in Unrealized     Appreciation      (Depreciation)                    (56,929,307)          97,128,679
     Net  Increase    (Decrease)     in Net  Assets   Resulting     from   Operations            (36,661,087)         112,551,042
     Distributions
     Net  Investment     Income
      Investor    Shares                                (2,268,803)          (2,050,561)
      ETF  Shares                                  (1,838,334)          (1,517,300)
      Admiral    Shares                                (3,685,244)          (3,194,026)
      Institutional      Shares                              (2,243,070)          (1,832,069)
      Institutional      Plus  Shares                            (2,615,192)          (2,069,350)
      Institutional      Select   Shares                            (351,965)          (220,025)
     Realized    Capital    Gain
      Investor    Shares                                    -          -
      ETF  Shares                                      -          -
      Admiral    Shares                                    -          -
      Institutional      Shares                                   -          -
      Institutional      Plus  Shares                                -          -
      Institutional      Select   Shares                                -          -
     Total   Distributions                                  (13,002,608)          (10,883,331)
     Capital    Share   Transactions
      Investor    Shares                                2,806,888          2,531,635
      ETF  Shares                                 10,133,992          7,977,735
      Admiral    Shares                                8,992,303          8,806,511
      Institutional      Shares                              9,953,282         17,246,738
      Institutional      Plus  Shares                            19,272,078          22,241,001
      Institutional      Select   Shares                           8,123,645          3,653,908
     Net  Increase    (Decrease)     from   Capital    Share   Transactions                 59,282,188          62,457,528
     Total   Increase    (Decrease)                               9,618,493         164,125,239
     Net  Assets
     Beginning     of Period                               662,577,171          498,451,932
                                                         1
     End  of Period                                 672,195,664          662,577,171
     1
      Net  Assets   - End  of Period   includes    undistributed      (overdistributed)        net  investment     income    of ($98,960,000).
                                532/562






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     Total   Stock   Market    Index   Fund

     Financial     Highlights

     Investor    Shares

                                             Year   Ended   December     31,

     For  a Share   Outstanding
     Throughout      Each   Period                  2018      2017      2016      2015      2014
     Net  Asset   Value,   Beginning     of Period           $66.70      $56.06      $50.78      $51.58      $46.67
     Investment     Operations
                                 1      1
     Net  Investment     Income                   1.275      1.086      1.022      .954      .854
     Net  Realized    and  Unrealized     Gain   (Loss)   on
     Investments                          (4.703)      10.630      5.282      (.807)      4.907
     Total   from   Investment     Operations               (3.428)      11.716      6.304      .147     5.761
     Distributions
     Dividends     from   Net  Investment     Income           (1.192)      (1.076)      (1.024)      (.947)      (.851)
     Distributions      from   Realized    Capital    Gains            -      -      -      -      -
     Total   Distributions                       (1.192)      (1.076)      (1.024)      (.947)      (.851)
     Net  Asset   Value,   End  of Period              $62.08      $66.70      $56.06      $50.78      $51.58
           2

     Total   Return                       -5.26%      21.05%      12.53%      0.29%     12.43%
     Ratios/Supplemental          Data
     Net  Assets,    End  of Period   (Millions)            $121,266      $126,766      $103,932      $96,323     $117,966
     Ratio   of Total   Expenses     to Average    Net  Assets       0.14%      0.14%      0.15%      0.16%      0.17%
     Ratio   of Net  Investment     Income    to Average    Net
     Assets                          1.86%      1.77%      1.98%      1.85%      1.77%
                3
     Portfolio    Turnover     Rate                  3%      3%      4%      3%      3%
     1
      Calculated     based   on average    shares   outstanding.
     2
      Total   returns    do  not  include    account    service    fees  that  may   have   applied    in  the  periods    shown.    Fund
      prospectuses      provide    information      about   any  applicable     account    service    fees.
     3
      Excludes     the  value   of portfolio    securities     received    or delivered     as a result   of in-kind    purchases     or redemptions
      of the  fund's   capital   shares,   including     ETF  Creation    Units.
     See  accompanying       Notes,   which   are  an integral    part  of the  Financial     Statements.

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     Total   Stock   Market    Index   Fund

     Financial     Highlights

     ETF  Shares

                                             Year   Ended   December     31,

     For  a Share   Outstanding
     Throughout      Each   Period                  2018      2017      2016      2015      2014
     Net  Asset   Value,   Beginning     of Period           $137.06      $115.21      $104.34      $106.00      $95.91
     Investment     Operations
                                 1      1
     Net  Investment     Income                   2.781      2.361      2.214      2.082      1.874
     Net  Realized    and  Unrealized     Gain   (Loss)   on
     Investments                          (9.676)      21.832      10.871      (1.675)      10.085
     Total   from   Investment     Operations               (6.895)      24.193      13.085       .407     11.959
     Distributions
     Dividends     from   Net  Investment     Income           (2.605)      (2.343)      (2.215)      (2.067)      (1.869)
     Distributions      from   Realized    Capital    Gains            -      -      -      -      -
     Total   Distributions                       (2.605)      (2.343)      (2.215)      (2.067)      (1.869)
     Net  Asset   Value,   End  of Period              $127.56      $137.06      $115.21      $104.34      $106.00
     Total   Return                       -5.13%      21.16%      12.68%      0.40%     12.56%

     Ratios/Supplemental          Data
     Net  Assets,    End  of Period   (Millions)             $94,809      $91,862      $69,889      $57,434      $50,886
     Ratio   of Total   Expenses     to Average    Net  Assets       0.03%      0.04%      0.04%      0.05%      0.05%
     Ratio   of Net  Investment     Income    to Average    Net
     Assets                          1.97%      1.87%      2.09%      1.96%      1.89%
                2
     Portfolio    Turnover     Rate                  3%      3%      4%      3%      3%
     1
      Calculated     based   on average    shares   outstanding.
     2
      Excludes     the  value   of portfolio    securities     received    or delivered     as a result   of in-kind    purchases     or redemptions
      of the  fund's   capital   shares,   including     ETF  Creation    Units.
     See  accompanying       Notes,   which   are  an integral    part  of the  Financial     Statements.

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     Total   Stock   Market    Index   Fund

     Financial     Highlights

     Admiral    Shares

                                            Year   Ended   December     31,

     For  a Share   Outstanding
     Throughout      Each   Period                  2018      2017      2016      2015      2014
     Net  Asset   Value,   Beginning     of Period           $66.72      $56.08      $50.79      $51.60      $46.69
     Investment     Operations
                                 1      1
     Net  Investment     Income                  1.344      1.148      1.077      1.013       .912
     Net  Realized    and  Unrealized     Gain   (Loss)   on
     Investments                          (4.711)      10.633      5.291      (.818)      4.908
     Total   from   Investment     Operations               (3.367)      11.781      6.368      .195      5.820
     Distributions
     Dividends     from   Net  Investment     Income           (1.263)      (1.141)      (1.078)      (1.005)       (.910)
     Distributions      from   Realized    Capital    Gains           -      -      -      -      -
     Total   Distributions                       (1.263)      (1.141)      (1.078)      (1.005)       (.910)
     Net  Asset   Value,   End  of Period              $62.09      $66.72      $56.08      $50.79      $51.60
           2

     Total   Return                      -5.17%      21.17%      12.66%      0.39%      12.56%
     Ratios/Supplemental          Data
     Net  Assets,    End  of Period   (Millions)            $185,102      $190,099      $151,612      $126,363      $117,476
     Ratio   of Total   Expenses     to Average    Net  Assets       0.04%      0.04%      0.04%      0.05%      0.05%
     Ratio   of Net  Investment     Income    to Average    Net
     Assets                          1.96%      1.87%      2.09%      1.96%      1.89%
                3
     Portfolio    Turnover     Rate                  3%      3%      4%      3%      3%
     1
      Calculated     based   on average    shares   outstanding.
     2
      Total   returns    do  not  include    account    service    fees  that  may   have   applied    in  the  periods    shown.    Fund
      prospectuses      provide    information      about   any  applicable     account    service    fees.
     3
      Excludes     the  value   of portfolio    securities     received    or delivered     as a result   of in-kind    purchases     or redemptions
      of the  fund's   capital   shares,   including     ETF  Creation    Units.
     See  accompanying       Notes,   which   are  an integral    part  of the  Financial     Statements.

                                535/562








                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
     Total   Stock   Market    Index   Fund

     Financial     Highlights

     Institutional      Shares

                                             Year   Ended   December     31,

     For  a Share   Outstanding
     Throughout      Each   Period                  2018      2017      2016      2015      2014
     Net  Asset   Value,   Beginning     of Period           $66.73      $56.09      $50.80      $51.60      $46.69
     Investment     Operations
                                 1      1
     Net  Investment     Income                   1.354      1.153      1.082      1.017      .915
     Net  Realized    and  Unrealized     Gain   (Loss)   on
     Investments                          (4.715)      10.630      5.291      (.808)      4.908
     Total   from   Investment     Operations               (3.361)      11.783      6.373      .209     5.823
     Distributions
     Dividends     from   Net  Investment     Income           (1.269)      (1.143)      (1.083)      (1.009)      (.913)
     Distributions      from   Realized    Capital    Gains            -      -      -      -      -
     Total   Distributions                       (1.269)      (1.143)      (1.083)      (1.009)      (.913)
     Net  Asset   Value,   End  of Period              $62.10      $66.73      $56.09      $50.80      $51.60
     Total   Return                       -5.16%      21.17%      12.67%      0.42%     12.56%

     Ratios/Supplemental          Data
     Net  Assets,    End  of Period   (Millions)            $115,115      $113,557      $79,443      $57,438      $96,674
     Ratio   of Total   Expenses     to Average    Net  Assets       0.03%     0.035%      0.03%      0.04%      0.04%
     Ratio   of Net  Investment     Income    to Average    Net
     Assets                          1.97%      1.87%      2.10%      1.97%      1.90%
                2
     Portfolio    Turnover     Rate                  3%      3%      4%      3%      3%
     1
      Calculated     based   on average    shares   outstanding.
     2
      Excludes     the  value   of portfolio    securities     received    or delivered     as a result   of in-kind    purchases     or redemptions
      of the  fund's   capital   shares,   including     ETF  Creation    Units.
     See  accompanying       Notes,   which   are  an integral    part  of the  Financial     Statements.

                                536/562









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     Total   Stock   Market    Index   Fund

     Financial     Highlights

     Institutional      Plus  Shares

                                                     April   28,

                                                       1
                                     Year   Ended   December     31,
                                                     2015   to
     For  a Share   Outstanding
                                                     Dec.  31,
     Throughout      Each   Period                    2018       2017       2016       2015
     Net  Asset   Value,   Beginning     of Period            $125.14       $105.18        $95.26       $100.00
     Investment     Operations
                                   2       2
     Net  Investment     Income                    2.555       2.182       2.042       1.335
     Net  Realized    and  Unrealized     Gain   (Loss)   on
     Investments                           (8.842)       19.938        9.924       (4.631)
     Total   from   Investment     Operations                 (6.287)       22.120       11.966       (3.296)
     Distributions
     Dividends     from   Net  Investment     Income            (2.393)       (2.160)       (2.046)       (1.444)
     Distributions      from   Realized    Capital    Gains             -       -       -       -
     Total   Distributions                         (2.393)       (2.160)       (2.046)       (1.444)
     Net  Asset   Value,   End  of Period               $116.46       $125.14       $105.18        $95.26
     Total   Return                        -5.15%       21.19%       12.69%       -3.28%

     Ratios/Supplemental          Data
     Net  Assets,    End  of Period   (Millions)              $135,641       $126,130        $85,031       $63,093
                                                         3
     Ratio   of Total   Expenses     to Average    Net  Assets         0.02%       0.02%       0.02%       0.02%
     Ratio   of Net  Investment     Income    to Average    Net
                                                         3
     Assets                           1.98%       1.89%       2.11%       1.99%
                4                                         5
     Portfolio    Turnover     Rate                    3%       3%       4%       3%
     1  Inception.
     2
      Calculated     based   on average    shares   outstanding.
     3  Annualized.
     4
      Excludes     the  value   of portfolio    securities     received    or delivered     as a result   of in-kind    purchases     or redemptions
      of the  fund's   capital   shares,   including     ETF  Creation    Units.
     5
      Reflects    the  fund's   portfolio    turnover    for  the  fiscal   year  ended   December     31,  2015.
     See  accompanying       Notes,   which   are  an integral    part  of the  Financial     Statements.

                                537/562








                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
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     Total   Stock   Market    Index   Fund

     Financial     Highlights

     Institutional      Select   Shares

                                                     June  27,

                                                       1
                                   Year   Ended   December     31,
                                                     2016   to
     For  a Share   Outstanding
                                                     Dec.  31,
     Throughout      Each   Period                      2018          2017          2016
     Net  Asset   Value,   Beginning     of Period               $131.31          $110.37          $97.70
     Investment     Operations
                                     2          2
     Net  Investment     Income                       2.704          2.311          1.181
     Net  Realized    and  Unrealized     Gain   (Loss)   on
     Investments                              (9.290)          20.908          12.718
     Total   from   Investment     Operations                   (6.586)          23.219          13.899
     Distributions
     Dividends     from   Net  Investment     Income               (2.524)          (2.279)          (1.229)
     Distributions      from   Realized    Capital    Gains                -          -          -
     Total   Distributions                           (2.524)          (2.279)          (1.229)
     Net  Asset   Value,   End  of Period                  $122.20          $131.31          $110.37
     Total   Return                           -5.14%          21.20%          14.24%

     Ratios/Supplemental          Data
     Net  Assets,    End  of Period   (Millions)                 $20,262          $14,163          $8,545
                                                         3
     Ratio   of Total   Expenses     to Average    Net  Assets           0.01%          0.01%          0.01%
     Ratio   of Net  Investment     Income    to Average    Net
                                                         3
     Assets                              1.99%          1.90%          2.15%
                4                                         5
     Portfolio    Turnover     Rate                      3%          3%          4%
     1  Inception.
     2
      Calculated     based   on average    shares   outstanding.
     3  Annualized.
     4
      Excludes     the  value   of portfolio    securities     received    or delivered     as a result   of in-kind    purchases     or redemptions
      of the  fund's   capital   shares,   including     ETF  Creation    Units.
     5
      Reflects    the  fund's   portfolio    turnover    for  the  fiscal   year  ended   December     31,  2016.
     See  accompanying       Notes,   which   are  an integral    part  of the  Financial     Statements.

                                538/562








                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
     Total   Stock   Market    Index   Fund

     Notes    to Financial     Statements

     Vanguard     Total   Stock   Market    Index   Fund   is registered     under   the  Investment      Company     Act  of 1940   as an open-

     end  investment      company,     or mutual    fund.   The  fund   offers   six  classes    of shares:    Investor    Shares,    ETF  Shares,
     Admiral    Shares,    Institutional      Shares,    Institutional      Plus  Shares,    and  Institutional      Select   Shares.    Each   of the  share
     classes    has  different     eligibility     and  minimum     purchase     requirements,       and  is designed     for  different     type   of
     investors.     ETF  Shares   are  listed   for  trading    on NYSE   Arca;   they  can  be purchased     and  sold  through    a broker.
     On  November     19,  2018,   the  fund  announced     changes    to the  availability      and  minimum     investment     criteria    of the

     Investor    and  Admiral    Share   classes.    It is anticipated      that  all  of  the  outstanding      Investor    Shares    will  be
     automatically       converted     to  Admiral    Shares    beginning     in  April   2019,   with   the  exception     of  those   held   by
     Vanguard     funds   and  certain   other   institutional      investors.
     A.  The  following     significant     accounting     policies    conform    to generally     accepted    accounting     principles     for  U.S.

     investment     companies.     The  fund  consistently      follows    such  policies    in preparing     its financial    statements.
     1. Security    Valuation:      Securities     are  valued    as  of  the  close   of  trading    on  the  New   York   Stock   Exchange

     (generally     4 p.m.,   Eastern    time)   on the  valuation     date.   Equity   securities     are  valued   at the  latest   quoted   sales   prices
     or official    closing    prices   taken   from   the  primary    market    in which   each  security    trades;   such  securities     not  traded
     on the  valuation     date  are  valued   at the  mean   of the  latest   quoted   bid  and  asked   prices.   Securities     for  which   market
     quotations     are  not  readily   available,     or whose   values   have   been  materially     affected    by events   occurring     before   the
     fund's   pricing    time  but  after  the  close   of the  securities'     primary    markets,    are  valued   by  methods    deemed    by  the
     board   of trustees    to represent     fair  value.   Investments      in Vanguard     Market    Liquidity     Fund   are  valued   at that  fund's
     net  asset   value.   Temporary      cash  investments      are  valued   using   the  latest   bid  prices   or using   valuations     based   on a
     matrix   system    (which    considers     such  factors   as security    prices,   yields,   maturities,     and  ratings),    both  as furnished
     by independent      pricing    services.
     2. Futures    Contracts:     The  fund  uses  index   futures    contracts    to a limited    extent,   with  the  objectives     of maintaining

     full  exposure    to the  stock   market,    maintaining      liquidity,     and  minimizing      transaction     costs.   The  fund  may  purchase
     futures    contracts    to immediately      invest   incoming     cash  in the  market,    or sell  futures    in response    to cash  outflows,
     thereby    simulating     a fully  invested    position    in the  underlying     index   while   maintaining      a cash  balance    for  liquidity.
     The  primary    risks  associated     with  the  use  of futures   contracts    are  imperfect     correlation     between    changes    in market
     values   of stocks   held  by  the  fund   and  the  prices   of futures    contracts,     and  the  possibility     of an  illiquid    market.
     Counterparty      risk  involving     futures    is mitigated     because    a regulated     clearinghouse       is the  counterparty      instead    of
     the  clearing    broker.    To  further    mitigate    counterparty      risk,   the  fund   trades   futures    contracts     on  an  exchange,
     monitors    the  financial    strength    of its clearing    brokers    and  clearinghouse,       and  has  entered    into  clearing    agreements
     with  its clearing    brokers.    The  clearinghouse       imposes    initial   margin    requirements      to secure   the  fund's   performance
     and  requires    daily   settlement     of variation    margin    representing      changes    in the  market    value   of each  contract.    Any
     assets   pledged    as initial   margin    for  open   contracts    are  noted   in the  Statement     of Net  Assets.
     Futures    contracts    are  valued   at their  quoted   daily   settlement     prices.   The  notional    amounts    of the  contracts    are  not

     recorded    in the  Statement     of Net  Assets.    Fluctuations      in the  value   of the  contracts    are  recorded    in the  Statement     of
     Net  Assets   as an asset   (liability)     and  in the  Statement     of Operations     as unrealized     appreciation      (depreciation)       until
     the  contracts    are  closed,    when   they  are  recorded    as realized    futures   gains   (losses).
     During    the  years   ended   December     31,  2018   and  December     31,  2017,   the  fund's   average    investments      in long  and

     short   futures    contracts     represented      less  than  1%  and  0%  and  less  than  1%  and  0%  of net  assets,   respectively,
     based   on the  average    of the  notional    amounts    at each  quarter-end      during   the  period.
                                539/562





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     Total   Stock   Market    Index   Fund

     3. Swap   Contracts:     The  fund  has  entered    into  equity   swap   contracts    to earn  the  total  return   on  selected    reference

     stocks   in the  fund's   target   index.   Under   the  terms   of the  swaps,   the  fund  receives    the  total  return   on the  referenced
     stock   (i.e.,  receiving     the  increase    or paying   the  decrease    in value   of the  selected    reference     stock   and  receiving     the
     equivalent     of any  dividends     in respect    of the  selected    referenced     stock)   over  a specified    period   of time,   applied    to
     a notional    amount    that  represents     the  value   of a designated     number    of shares   of the  selected    reference     stock   at the
     beginning     of the  equity   swap   contract.    The  fund  also  pays  a floating    rate  that  is based   on short-term     interest    rates,
     applied    to the  notional    amount.    At the  same   time,   the  fund  generally     invests    an amount    approximating       the  notional
     amount    of the  swap   in high-quality      temporary     cash  investments.
     The  notional    amounts    of swap   contracts    are  not  recorded    in the  Statement     of Net  Assets.    Swaps   are  valued   daily

     based   on  market    quotations     received    from   independent      pricing    services    or recognized     dealers    and  the  change    in
     value   is recorded    in the  Statement     of Net  Assets   as an  asset   (liability)     and  in the  Statement     of Operations     as
     unrealized     appreciation      (depreciation)       until  termination      of the  swap,   at which   time  realized    gain  (loss)   is recorded.
     A risk  associated     with  all types   of swaps   is the  possibility     that  a counterparty      may  default    on its obligation     to pay
     net  amounts    due  to  the  fund.   The  fund's   maximum     amount    subject    to  counterparty      risk  is the  unrealized
     appreciation      on  the  swap   contract.    The  fund   mitigates     its  counterparty      risk  by  entering    into  swaps   only  with  a
     diverse    group   of prequalified      counterparties,       monitoring      their   financial     strength,     entering    into  master    netting
     arrangements       with  its  counterparties,       and  requiring     its  counterparties       to transfer    collateral     as security    for  their
     performance.       In the  absence    of a default,    the  collateral     pledged    or received    by  the  fund   cannot    be  repledged,
     resold,   or rehypothecated.        In the  event   of a counterparty's       default    (including     bankruptcy),      the  fund  may  terminate
     any  swap   contracts    with  that  counterparty,       determine     the  net  amount    owed   by either   party   in accordance      with  its
     master   netting   arrangements,       and  sell  or retain   any  collateral     held  up to the  net  amount    owed   to the  fund  under   the
     master   netting    arrangements.       The  swap   contracts     contain    provisions     whereby    a counterparty      may  terminate     open
     contracts    if the  fund  net  assets   decline    below   a certain   level,   triggering     a payment    by  the  fund  if the  fund  is in a
     net  liability    position    at the  time  of the  termination.      The  payment    amount    would   be reduced    by  any  collateral     the
     fund  has  pledged.    Any  securities     pledged    as collateral     for  open   contracts    are  noted   in the  Statement     of Net  Assets.
     The  value   of collateral     received    or pledged    is compared     daily   to the  value   of the  swap   contracts     exposure     with
     each  counterparty,      and  any  difference,     if in excess   of a specified    minimum     transfer    amount,    is adjusted    and  settled
     within   two  business    days.
     During    the  years   ended   December     31,  2018   and  December     31,  2017,   the  fund's   average    amounts    of investments      in

     total  return   swaps   represented      less  than  1%  and  less  than  1%  of net  assets,   respectively,      based   on the  average    of
     notional    amounts    at each  quarter-end      during   the  period.
     4. Federal    Income    Taxes:    The  fund   intends    to continue     to qualify    as  a regulated     investment      company     and

     distribute     all  of its taxable    income.    Management      has  analyzed    the  fund's   tax  positions     taken   for  all  open   federal
     income    tax  years   (December      31,  2014-2018),      and  has  concluded     that  no  provision     for  federal    income    tax  is
     required    in the  fund's   financial    statements.
     5. Distributions:       Distributions      to shareholders      are  recorded    on the  ex-dividend      date.   Distributions      are  determined

     on  a tax  basis   and  may  differ   from   net  investment      income    and  realized    capital    gains   for  financial     reporting
     purposes.
                                540/562







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     Total   Stock   Market    Index   Fund

     6. Securities     Lending:    To  earn  additional     income,    the  fund  lends   its securities     to qualified    institutional      borrowers.

     Security    loans   are  subject    to termination      by  the  fund  at any  time,   and  are  required    to be secured    at all  times   by
     collateral     in an  amount    at least   equal   to the  market    value   of securities     loaned.    Daily   market    fluctuations      could
     cause   the  value   of loaned   securities     to be more   or less  than  the  value   of the  collateral     received.     When   this  occurs,
     the  collateral     is adjusted    and  settled   before   the  opening    of the  market    on  the  next  business    day.  The  fund  further
     mitigates     its  counterparty      risk  by  entering    into  securities     lending    transactions      only   with   a diverse    group   of
     prequalified      counterparties,       monitoring      their   financial     strength,     and  entering    into  master    securities     lending
     agreements      with   its  counterparties.       The  master    securities     lending    agreements      provide    that,   in the  event   of a
     counterparty's       default   (including     bankruptcy),      the  fund  may  terminate     any  loans   with  that  borrower,     determine     the
     net  amount    owed,   and  sell  or retain   the  collateral     up  to the  net  amount    owed   to the  fund;   however,     such  actions
     may  be  subject    to legal   proceedings.      While   collateral     mitigates     counterparty      risk,  in the  event   of a default,    the
     fund   may   experience      delays   and  costs   in recovering     the  securities     loaned.    The  fund   invests    cash   collateral
     received    in Vanguard     Market    Liquidity     Fund,   and  records    a liability    in the  Statement     of Net  Assets   for  the  return
     of the  collateral,     during   the  period   the  securities     are  on loan.   Securities     lending    income    represents     fees  charged    to
     borrowers     plus  income    earned   on invested    cash  collateral,     less  expenses    associated     with  the  loan.   During    the  term
     of the  loan,   the  fund  is entitled    to all distributions      made   on or in respect    of the  loaned   securities.
     7. Credit   Facility:    The  fund  and  certain   other   funds   managed    by The  Vanguard     Group   ("Vanguard")       participate     in

     a $3.1  billion   committed     credit   facility    provided    by a syndicate     of lenders    pursuant    to a credit   agreement     that  may
     be  renewed    annually;     each   fund   is individually      liable   for  its  borrowings,      if any,   under   the  credit   facility.
     Borrowings      may  be utilized    for  temporary     and  emergency     purposes,     and  are  subject    to the  fund's   regulatory     and
     contractual      borrowing     restrictions.      The  participating      funds   are  charged    administrative       fees   and  an  annual
     commitment      fee  of 0.10%   of the  undrawn    amount    of the  facility;    these   fees  are  allocated    to the  funds   based   on a
     method    approved     by the  fund's   board   of trustees    and  included    in Management      and  Administrative       expenses    on the
     fund's   Statement     of Operations.      Any  borrowings      under   this  facility    bear  interest    at a rate  based   upon   the  higher   of
     the  one-month     London    Interbank     Offered    Rate,   federal   funds   effective    rate,  or overnight     bank   funding    rate  plus  an
     agreed-upon      spread.
     The  fund   had  no  borrowings      outstanding      at December     31,  2018,   December     31,  2017,   or at any  time  during   the

     period   then  ended.
     8. Other:   Dividend     income    is recorded    on  the  ex-dividend      date.   Interest    income    includes    income    distributions

     received    from   Vanguard     Market    Liquidity     Fund   and  is accrued    daily.   Premiums     and  discounts     on debt  securities
     purchased     are  amortized     and  accreted,    respectively,      to interest    income    over  the  lives   of the  respective     securities.
     Security    transactions      are  accounted     for  on the  date  securities     are  bought    or sold.   Costs   used  to determine     realized
     gains   (losses)    on the  sale  of investment     securities     are  those   of the  specific    securities     sold.
     Each   class   of shares   has  equal   rights   as to assets   and  earnings,    except   that  each  class   separately     bears   certain   class-

     specific    expenses     related    to maintenance      of shareholder      accounts    (included     in Management      and  Administrative
     expenses),     shareholder      reporting,     and  the  proxy.   Marketing     and  distribution      expenses    are  allocated    to each  class   of
     shares   based   on a method    approved     by the  board   of trustees.    Income,    other   non-class-specific         expenses,     and  gains
     and  losses   on investments      are  allocated    to each  class   of shares   based   on its relative    net  assets.
     B. In accordance      with  the  terms   of a Funds'   Service    Agreement      (the  “FSA”)    between    Vanguard     and  the  fund,

     Vanguard     furnishes     to the  fund   investment      advisory,     corporate     management,       administrative,       marketing,     and
     distribution      services    at Vanguard's      cost  of operations     (as  defined    by  the  FSA).   These   costs   of operations     are
     allocated     to the  fund   based   on  methods    and  guidelines     approved     by  the  board   of trustees.    Vanguard     does   not
     require    reimbursement        in  the  current    period    for  certain    costs   of  operations      (such    as  deferred
     compensation/benefits           and  risk/insurance       costs);   the  fund's   liability    for  these   costs   of operations     is included    in
     Payables     to Vanguard     on  the  Statement     of Net  Assets.    All  other   costs   of operations     payable    to Vanguard     are
     generally     settled   twice   a month.
                                541/562




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     Total   Stock   Market    Index   Fund

     Upon   the  request    of Vanguard,     the  fund  may  invest   up to 0.40%   of its net  assets   as capital   in Vanguard.     For  the

     years   ended   December     31,  2018   and  December     31,  2017,   the  fund   had  contributed      to Vanguard     capital   in the
     amount    of $38,011,000      and  $36,381,000,      respectively,      representing      0.01%   and  0.01%,    respectively,      of the  fund's
     net  assets   and  15.20%    and  14.55%,    respectively,      of Vanguard's      capitalization.       The  fund's   trustees    and  officers    are
     also  directors    and  employees,     respectively,      of Vanguard.
     C. Various    inputs   may  be used  to determine     the  value   of the  fund's   investments.      These   inputs   are  summarized      in

     three   broad   levels   for  financial    statement     purposes.     The  inputs   or methodologies       used  to value   securities     are  not
     necessarily     an indication     of the  risk  associated     with  investing     in those   securities.
     Level   1-Quoted     prices   in active   markets    for  identical    securities.

     Level   2-Other    significant      observable      inputs   (including     quoted    prices   for  similar    securities,     interest    rates,
     prepayment      speeds,    credit   risk,  etc.).
     Level   3-Significant      unobservable      inputs   (including     the  fund's   own  assumptions      used  to determine     the  fair  value   of
     investments).       Any  investments      valued    with  significant     unobservable       inputs   are  noted   on  the  Statement     of Net
     Assets.
     The  following     table   summarizes      the  market    value   of the  fund's   investments      as of December     31,  2018,   based   on

     the  inputs   used  to value   them:
                                   Level   1      Level   2      Level   3

     Investments                               ($000)         ($000)         ($000)
     Common     Stocks                        668,268,616             154        5,973
     Temporary     Cash   Investments                     5,691,905          263,813            -
                1
     Futures    Contracts-Assets                           30,362            -         -
                  1
     Futures    Contracts-Liabilities                            (320)           -         -
     Swap   Contracts-Liabilities                               -       (2,211)            -
     Total                            673,990,563           261,756          5,973
     1 Represents     variation    margin    on the  last  day  of the  reporting    period.
     The  following     table   summarizes      the  market    value   of the  fund's   investments      as of December     31,  2017,   based   on

     the  inputs   used  to value   them:
                                   Level   1      Level   2      Level   3

     Investments                               ($000)         ($000)         ($000)
     Common     Stocks                        661,452,119              87       13,274
     Temporary     Cash   Investments                     4,524,349          169,422            -
                  1
     Futures    Contracts-Liabilities                           (14,444)            -         -
     Swap   Contracts-Assets                               -        755          -
     Swap   Contracts-Liabilities                               -       (1,078)            -
     Total                            665,962,024           169,186          13,274
     1 Represents     variation    margin    on the  last  day  of the  reporting    period.
                                542/562






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     Total   Stock   Market    Index   Fund

     D.  Permanent     differences      between    book-basis     and  tax-basis     components      of net  assets   are  reclassified      among

     capital   accounts    in the  financial    statements     to reflect   their  tax  character.     These   reclassifications        have   no effect   on
     net  assets   or net  asset   value   per  share.   As  of December     31,  2018,   permanent     differences     primarily     attributable      to
     the  accounting      for  in-kind    redemptions,       passive    foreign    investment      companies,      and  swap   agreements      were
     reclassified      between    the  following     accounts:
                                                     Amount

                                                      ($000)
     Paid-in    Capital                                            6,485,473
     Total   Distributable      Earnings    (Loss)                                  (6,485,473)
     Temporary      differences      between    book-basis     and  tax-basis    components      of total  distributable      earnings    (loss)   arise

     when   certain    items   of income,    gain,   or loss  are  recognized     in different    periods    for  financial    statement     and  tax
     purposes;     these   differences     will  reverse    at some   time  in the  future.   The  differences     are  primarily     related   to the  tax
     deferral    of losses   on wash   sales;   the  realization     of unrealized     gains   or losses   on certain   futures   contracts,     and  swap
     agreements;      and  unrealized     gains   on  passive    foreign    investment     companies.      As  of December     31,  2018,   the  tax-
     basis   components      of total  distributable      earnings    (loss)   are  detailed    in the  table   as follows:
                                                     Amount

                                                      ($000)
                                                     807,370
     Undistributed       Ordinary    Income
                                                        -
     Undistributed       Long-Term      Gains
                                                    (1,732,284)
     Capital    Loss  Carryforwards       (Non-Expiring)
                                                   195,107,884
     Net  Unrealized     Gains   (Losses)
     As  of December     31,  2018,   gross   unrealized     appreciation      and  depreciation      for  investments      and  derivatives      based

     on cost  for  U.S.  federal   income    tax  purposes    were   as follows:
                                                     Amount

                                                      ($000)
                                                   479,122,577
     Tax  Cost
                                                   223,890,207
     Gross   Unrealized     Appreciation
                                                   (28,782,323)
     Gross   Unrealized     Depreciation
                                                   195,107,884
     Net  Unrealized     Appreciation      (Depreciation)
     Distributions      are  determined      on  a tax  basis   and  may  differ   from   net  investment      income    and  realized    capital   gains   for

     financial    reporting     purposes.     Differences      may  be permanent     or temporary.     Permanent     differences     are  reclassified      among
     capital   accounts    in the  financial    statements     to reflect   their  tax  character.     Temporary     differences     arise  when   certain   items
     of income,    expense,    gain,   or loss  are  recognized     in different    periods    for  financial    statement     and  tax  purposes.     These
     differences      will  reverse    at some   time  in the  future.   Differences      in classification      may  also  result   from   the  treatment     of
     short-term     gains   as ordinary    income    for  tax  purposes.
     During    the  year  ended   December     31,  2017,   the  fund  realized    $5,768,376,000        of net  capital   gains   resulting    from   in-kind

     redemptions-in       which   shareholders      exchanged     fund  shares   for  securities     held  by  the  fund  rather   than  for  cash.   Because
     such   gains   are  not  taxable    to the  fund,   and  are  not  distributed     to shareholders,       they   have   been   reclassified      from
     accumulated      net  realized    losses   to paid-in    capital.
                                543/562





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     Total   Stock   Market    Index   Fund

     For  tax  purposes,     at December     31,  2017,   the  fund  had  $110,357,000       of ordinary    income    available     for  distribution.

     The  fund  had  available     capital   losses   of $1,660,426,000        that  maybe   carried    forward    indefinitely      to offset   future
     net  capital   gains.
     At  December     31,  2017,   the  cost  of investment     securities     for  tax  purposes    was  $414,242,793,000.         Net  unrealized

     appreciation      of investment      securities     for  tax  purposes     was  $251,916,458,000,         consisting     of unrealized     gains   of
     $264,454,492,000         on  securities     that  had  risen   in value   since   their   purchase     and  $12,538,034,000        in unrealized
     losses   on securities     that  had  fallen   in value   since   their  purchase.
     E.  During    the  years   ended   December     31,  2018   and  December     31,  2017,   purchases     and  sales   of investment

     securities,     other   than  temporary     cash  investments      were:
                  ($000)          ($000)

                Purchases            Sales
     2018           93,038,834          35,268,959
     2017           91,249,809          26,635,458
     F. During    the  year  ended   December     31,  2018   and  December     31,  2017,   purchases     and  sales,   in connection     with  in-

     kind  purchases     and  sales   of the  fund's   capital   share   were:
                  ($000)          ($000)

                Purchases            Sales
     2018           21,745,488          10,979,688
     2017           18,352,925          8,363,542
                                544/562












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     Total   Stock   Market    Index   Fund

     G. Capital    share   transactions      for  each  class   of shares   were:

                                               Year  Ended   December    31,

                                        2018               2017
                                Amount       Shares       Amount       Shares
                                 ($000)       (000)        ($000)       (000)
     Investor   Shares
     Issued                           16,009,467        241,652       12,556,777        208,299
     Issued   in Lieu  of Cash  Distributions                  2,255,725        33,764       2,038,790        32,768
     Redeemed                          (15,458,304)        (222,427)       (12,063,932)        (194,415)
     Net  Increase   (Decrease)-Investor        Shares               2,806,888        52,989       2,531,635        46,652
     ETF  Shares
     Issued                           18,928,131        135,252       16,459,854        130,270
     Issued   in Lieu  of Cash  Distributions                      -       -        -       -
     Redeemed                           (8,794,139)        (62,200)       (8,482,119)        (66,700)
     Net  Increase   (Decrease)-ETF      Shares                10,133,992        73,052       7,977,735        63,570
     Admiral   Shares
     Issued                           29,607,545        433,536       27,046,065        443,009
     Issued   in Lieu  of Cash  Distributions                  3,114,582        46,549       2,736,033        43,962
     Redeemed                          (23,729,824)        (348,197)       (20,975,587)        (341,277)
     Net  Increase   (Decrease)-Admiral        Shares               8,992,303        131,888       8,806,511       145,694
     Institutional     Shares
     Issued                           27,433,744        407,227       26,728,536        439,870
     Issued   in Lieu  of Cash  Distributions                  2,093,941        31,328       1,703,342        27,314
     Redeemed                          (19,574,403)        (286,645)       (11,185,140)        (181,865)
     Net  Increase   (Decrease)-Institutional         Shares             9,953,282        151,910       17,246,738        285,319
     Institutional     Plus  Shares
     Issued                           31,228,823        248,199       27,613,297        245,814
     Issued   in Lieu  of Cash  Distributions                  2,582,398        20,611       2,052,478        17,549
     Redeemed                          (14,539,143)        (112,031)       (7,424,774)        (63,880)
     Net  Increase   (Decrease)-Institutional         Plus  Shares           19,272,078        156,779       22,241,001        199,483
     Institutional     Select  Shares
     Issued                           9,064,355        64,847       4,173,338        34,645
     Issued   in Lieu  of Cash  Distributions                   351,965        2,683       220,024        1,788
     Redeemed                           (1,292,675)        (9,583)       (739,454)        (6,005)
     Net  Increase   (Decrease)-Institutional         Select  Shares           8,123,645        57,947       3,653,908        30,428
     H.  Management      has  determined      that  no  events   or transactions      occurred    subsequent      to December     31,  2018,   that

     would   require    recognition      or disclosure     in these   financial    statements.
                                545/562







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      （２）【損益計算書】

        ファンドの損益計算書については、「１財務諸表、（１）貸借対照表」の項目に記載したファンドの

       損益計算書を御参照下さい。
      （３）【投資有価証券明細表等】

       ①【投資株式明細表】

         ファンドの投資株式明細表については、「１財務諸表、（１）貸借対照表」の項目に記載したファ

        ンドの純資産計算書を御参照下さい。
       ②【株式以外の投資有価証券明細表】

         ファンドの株式以外の投資有価証券明細表については、「１財務諸表、（１）貸借対照表」の項目

        に記載したファンドの純資産計算書を御参照下さい。
       ③【投資不動産明細表】

         該当なし。

       ④【その他投資資産明細表】

         該当なし。

       ⑤【借入金明細表】

         該当なし。

                                546/562









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     ２【ファンドの現況】

      【純資産額計算書】
     （全受益証券クラス）                                         （ 2019  年４月末日現在）
                                      米ドル          千円（   Ⅴ ．を除く）
     Ⅰ ．  資産総額                            809,285,641,909              90,518,599,048
     Ⅱ ．  負債総額                             4,674,834,501              522,880,239
                    （注１）
     Ⅲ ．                              804,610,807,407              89,995,718,808
         純資産総額（       Ⅰ － Ⅱ ）
              （注２）
     Ⅳ ．                                   8,962,521,943       口
         発行済口数
                          （注
         １口当り純資産価格（            Ⅲ ／ Ⅳ ）
     Ⅴ ．                                   89.78           10,041   円
         ３）
      （注１）アドミラル受益証券の純資産総額は、                   222,973,266,889       米ドルである。
      （注２）アドミラル受益証券の発行済口数は、                   3,044,696,050      口である。
      （注３）アドミラル受益証券の１口当り純資産価格は、                       73.23  米ドルである。
                                547/562















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     第４【外国投資信託受益証券事務の概要】

      （イ）ファンド証券の名義書換

        ファンド記名式証券の名義書換機関は次のとおりである。
        取扱機関　ザ・バンガード・グループ・インク
        取次場所　郵送先住所：アメリカ合衆国、ペンシルバニア州　                                19482   、
                     バレーフォージ、         P.O.   Box  2600
        日本の受益者については、ファンド証券の保管を販売取扱会社に委託している場合、その販売取扱会
       社の責任で必要な名義書換手続がとられ、それ以外の場合については自己の責任で行う。
        名義書換の費用は徴収されない。
      （ロ）受益者集会

        年次受益者集会は開催されない。トラストの契約および信託宣言または                                     1940  年法により要求されてい
       る場合には、臨時受益者集会が随時開催される。
      （ハ）受益者に対する特典、譲渡制限

        受益者に対する特典はない。
        ファンドはいかなる者によるファンド証券の取得も制限することができる。
                                548/562













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     第二部【特別情報】

     第１【管理会社の概況】

     １【管理会社の概況】

      （イ）資本の額
        該当なし。
      （ロ）トラストの機構
        受託者はトラストの資産および運営につき唯一の所有者であるかのような絶対的な支配権をもつが、
       修正･再録済契約および信託宣言に定められるようにその権限を第三者に付与できる。修正･再録済契約
       および信託宣言は、受託者が、トラストの利益になるために必要、適当かつ望ましいと考えるすべての
       行為、書類の作成権限を定めている。
        受託者の数は受託者会の随時定めるところに従うものとし、常に１名以上とする。欠員が生じた場
       合、残余の受託者は、その裁量により適切と判断する者を受託者に任命し当該欠員を補充する。受託者
       は、各シリーズの発行済受益証券の３分の２の議決により、受益者集会においていつでも解任される。
       受託者の任期は、途中解任、辞任、変更または死亡がない限り本トラストの存続期間とする。
        トラストの受託者は、修正･再録済契約および信託宣言により受益証券を発行し、それを複数のシリー
       ズに分割できる。各シリーズの資産は、すべての目的において当該シリーズに取消不能のものとして帰
       属する。別個のシリーズの間の権利、特権および優先権は受託者が定める。受託者は特定のシリーズの
       受益証券を受託者が認める内容を異にするクラスに分割できる。
        修正･再録済契約および信託宣言に基づき、受益者は、証書が規定する範囲で、次にかかげる事項につ
       いてのみ議決することができる。
       （ ⅰ ）修正･再録済契約および信託宣言第４条１項に定める受託者の選任または解任
       （ ⅱ ） 1940  年法の適用規定（第          16 条（ａ）項を含む。）により要求されるトラストに関する追加的事項
       （ ⅲ ）その他法律に要請されない限り受託者が必要または望ましいと考える事項
        各受益者は、受益者会に議決のため提出された各議案についての基準日に当該受益者が保有する受益
       証券１口当り（端数を含む。）の純資産価格の１米ドルに対し１議決権（端数については端数の議決
       権）を有する。受託者の選任については累積投票は行われない。議決権の行使は、本人または委任状に
       より行われる。受益者により、または受益者のために署名された委任状は、その行使時またはそれ以前
       に争われない限り有効とみなされ、無効の立証責任は効力を争う者に課せられる。
        受益者会は、受託者により招集される。受益者会は、受託者の指定する場所で開催される。受益者集
       会の書面による通知は、当該受益者集会の                      90 日以内かつ      10 日以上前に受託者により手渡しまたは郵券を
       貼付した郵便で、集会の時間および場所を明記して、トラストの受益者名簿に記載されている受益者の
       住所宛に送付される。
        1940  年法または修正･再録済契約および信託宣言に別異に定められる場合の他、議決権のある総発行済
       受益証券の      50 ％を超える受益証券を表象する発行済受益証券を受益者名簿上保有する受益者が本人また
       は委任状により出席した場合、当該集会での議決のための定足数が満たされる。受益者会は、集会を他
       の日および時刻に延期する旨の議案を適正に認める過半数の議決により、定足数に足りていたかを問わ
       ず、随時延期され、当該集会は当初集会が予定されていた期日後合理的期間内に、追加的通知をするこ
       となく開催することができる。
        受託者は、修正･再録済契約および信託宣言により、トラストの業務を遂行するため修正･再録済契約
       および信託宣言と矛盾しない内容の付属定款を定める権限を付与されている。付属定款は、受託者会が
       会長、社長、財務役および秘書役を任命することを意図している。受託者は、トラストの業務上要求さ
       れる他の役員または代理人を選任または任命することができる。受託者は、役員または委員会により下
                                549/562


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                                                 有価証券報告書（外国投資信託受益証券）
       位の役員、または代理人を任命する権限を委譲することができる。受託者はトラストの付属定款を、当
       該権限が受益者に留保されていない範囲で変更または廃止することができる。
        受託者は、裁量により定期または所定の受託者会の開催を定めることができる。これらの会議につい
       ては通知を不要とする。定期または所定の会議以外の受託者会は、受託者または、いずれかの受託者が
       招集した場合に開催される。定期または所定会議以外の会議の日時と場所の通知は各受託者に少なくと
       も会議の２日前に郵送するか、または、会議の少なくとも１日前までに各受託者に電報、海外電報、電
       信または直接配達で行わなければならない。
        通常または特別受託者会においても、本人出席の受託者の過半数が会議の議事に関する定足数を構成
       する。法律、修正･再録済契約および信託宣言またはトラストの付属定款に別段の定めのある場合を除
       き、受託者がなすべき決議は、定足数をみたす会議で出席受託者の過半数によるか、または全受託者の
       書面による同意により行うものとする。
        修正･再録済契約および信託宣言は、同書所定の状況と条件のもとで、トラストの受託者、役員および
       受益者の補償規定を備えている。
     ２【事業の内容及び営業の概況】

       トラストは、組入証券の購入、売却、申込みおよび交換ならびにファンド資産に直接または間接に付随
      する権利の行使を含む管理・運用業務を行う。
       ザ・バンガード・グループ・インクは、トラストの投資運用会社、名義書換および配当支払代行会社で
      ある。バンガードは、ファンドの投資顧問会社でもある。ＪＰモルガン・チェース・バンクは、ファンド
      の保管銀行であり、ファンド資産を維持し、全ての必要なファンド資産の帳簿および記録を保管し、米国
      外の副保管銀行あるいは証券預託所の任命につき責任を負う。
                                550/562












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     ３【管理会社の経理状況】

       該当なし。
                                551/562




















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     ４【利害関係人との取引制限】

       ファンドは、投資顧問、法人の所在地事務代行会社、支払事務代行会社、販売会社、授権代理人、また
      はこれらの取締役、役員、従業員もしくは主要株主（自己または他人（ノミニー名義を含む。）の名義で
      かかる会社の全発行済株式の               10 ％を超えて保有する株主をいう。）であって本人としてもしくは自己の計
      算で取引する者との間で、証券（ファンドの受益証券を除く。）の売却、購入もしくは貸付け、または金
      銭の貸付けもしくは借入れをしてはならない。ただし、かかる取引が、前記の制限の範囲内で、かつ
      （ａ）公開の実勢相場で決まる価格、または（ｂ）国際的に認知された証券市場もしくは金融市場におけ
      る実勢競争価格もしくは金利で行われる場合を除く。
     ５【その他】

      （１）受託者および役員の変更
        受託者は、各シリーズの発行済受益証券の３分の２の賛成決議により解任される。欠員が生じた場合
       は、残余の受託者は、その裁量により適切と判断する者を受託者に任命する。受託者は適切と考える数
       の受託者を追加することができる。受託者は適切と考える役員を選任または解任することができる。
      （２）契約および信託宣言の変更
        修正・再録済契約および信託宣言はいつでも受託者の多数の署名をもって改訂または修正される。
      （３）訴訟事件その他の重要事項
        本書提出前１年以内において、トラストに重要な悪影響を与え、または与えることが予想される未公
       表の事実はない。
        ファンドの会計年度の最終日は、                 12 月 31 日である。
                                552/562












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                                                 有価証券報告書（外国投資信託受益証券）
     第２【その他の関係法人の概況】

     １【名称、資本金の額及び事業の内容】

      （１）ザ・バンガード・グループ・インク（「投資運用会社」、「投資顧問会社」および「名義書換およ
         び配当支払代行会社」）
         （ The  Vanguard     Group,    Inc.  ）
       ① 　資本の額
         2019  年４月末日現在　         250,032,582      米ドル（約      279  億 6,614   万円）
       ② 　事業の内容
         ザ・バンガード・グループ・インク（「バンガード」）は、                               1974  年に米国ペンシルバニア法に基づ
        き設立され、       1940  年投資顧問業者法に基づき投資顧問会社として登録されている。
         バンガードは、修正・再録済ファンド・サービス契約に基づき設立され、運営される。ファンド・
        サービス契約第５修正契約は、各バンガード・ファンドはその純資産価額の最大                                          0.40  ％をバンガード
        に投資するよう要請されうることを定めている。各バンガード・ファンドが出資した金額は、各バン
        ガード・ファンドの相対的純資産価額と当該ファンドのバンガードへの出資の割合的関係を保つため
        に随時調整される。
         2018  年 12 月 31 日現在、ファンド純資産価額の                0.01  ％を表象する       38,011,000      米ドル（その他の資産に
        含まれる。）をバンガードに対して出資しているが、これは、バンガードの資本の                                          15.20   ％にあたる。
      （２）   JP モルガン・チェース・バンク（「保管銀行」）

         （ JP  Morgan    Chase   Bank  ）
       ① 　資本金の額
         2019  年４月末日現在　約          2,169   億米ドル（約       24 兆 2,603   億円）
       ② 　事業の内容
         JP モルガン・チェース・バンクは、金融機関としての業務を行っている。
      （３）バンガード・インベストメンツ・ジャパン株式会社（「代行協会員」）

       ① 　資本金の額
         2019  年４月末日現在　５億           1,850   万円
       ② 　事業の内容
         バンガード・インベストメンツ・ジャパン株式会社は、日本において第一種金融商品取引業および
        投資運用業を営んでいる。
      （４）マネックス証券株式会社（「日本における販売会社」）

       ① 　資本金の額
         2019  年３月末日現在　         12,200   百万円
       ② 　事業の内容
         マネックス証券株式会社は、日本において第一種金融商品取引業を営んでいる。
     ２【関係業務の概要】

      （１）ザ・バンガード・グループ・インク（「投資運用会社」、「投資顧問会社」および「名義書換およ
         び配当支払代行会社」）
         （ The  Vanguard     Group,    Inc.  ）
                                553/562


                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
        バンガードは、ファンドの投資運用会社ならびに名義書換および配当支払代行会社としての行為を行
       う。バンガードは、ファンドの投資顧問会社としても従事する。
      （２）   JP モルガン・チェース・バンク（「保管銀行」）

         （ JP  Morgan    Chase   Bank  ）
        JP モルガン・チェース・バンクは保管銀行として行為し、ファンドに保管業務を提供する。
      （３）バンガード・インベストメンツ・ジャパン株式会社（「代行協会員」）

        バンガード・インベストメンツ・ジャパン株式会社は、日本におけるファンドの代行協会員としての
       業務を行う。
      （４）マネックス証券株式会社（「日本における販売会社」）

        マネックス証券株式会社は、日本における販売会社としての業務を行う。
     ３【資本関係】

       ファンドは、       2018  年 12 月 31 日現在、バンガードの資本の               15.20   ％を出資している。
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                                                 有価証券報告書（外国投資信託受益証券）
     第３【投資信託制度の概要】

      １．デラウェア州における投資信託の概要

        デラウェア籍法定トラストは、デラウェア州法第                          12 編第  38 章を準拠法とする。第            38 章の規定の要旨に
       ついては、「第一部　ファンド情報－第１　ファンドの状況－１　ファンドの性格－（４）ファンドに
       係る法制度の概要」を参照のこと。トラストを設立するには、基本証書を締結し、デラウェア州州務長
       官およびトラストの主たる営業所の所在地である市または町の書記官に信託約款を提出する。デラウェ
       ア籍法定トラストはアメリカ合衆国の登録された投資運用会社に共通の企業形態である。
      ２．デラウェア籍法定トラストとしてデラウェア州において設立されたミューチュアル・ファンドの制度

        について
        デラウェア籍法定トラストは、法人、パートナーシップと同様、最も広い意味での企業組織である。
       デラウェア籍法定トラストは株式（受益証券）を発行することができ、自由に譲渡することができる。
       また株主（受益証券所持者）はトラストの収益から配当を受領することができる。各組織の経営と所有
       は分離している。法定トラストを統括する文書に別途規定されている場合を除き、デラウェア籍法定ト
       ラストの事業および実務は、かかるトラストの受託者に運営されるか、あるいはかかる受託者の指導下
       におかれる。法定トラスト法第                3806  項を参照のこと。
        また、登録された投資会社（ミューチュアル・ファンド）として、デラウェア籍法定トラストは、
       1940  年法およびその他の関連する連邦法および州法により規律される。デラウェア籍法定トラストが登
       録されたミューチュアル・ファンドとして機能する限りにおいて、トラストの受益者は連邦証券法に基
       づく権利および保護を享受する。連邦法は、                        SEC  に提出されるファンドの登録届出書（                     Registration
       Statement     ）の内容についての虚偽および誤解を与える記載または重要な事実の脱漏を禁じている。更
       に、各種証券法は、ミューチュアル・ファンドの募集、販売および広告に関して同様の禁止規定を設け
       ている。
      （１）デラウェア籍法定トラストの設定
        デラウェア籍法定トラストは基本証書（「契約および信託宣言」）、および法定トラスト法第                                                 3810  項
       に基づくトラスト証書の提出により設立される。契約および信託宣言に定める規定に従い、信託財産を
       受託者に移転し、受託者は利益の為にトラストを管理・運営し、受益者の保有する受益証券は、自由に
       譲渡することができる。
        契約および信託宣言の中には、トラストの名称、目的、受託者の報酬、権限および責任、受益者集
       会、受益者の権利、配当金支払い、買戻し、トラストの存続期間・終了、準拠法等に関する規定がおか
       れるのが一般的である。
        ミューチュアル・ファンドとして登録するには                        1933  年法および      1940  年法に基づき登録届出書を              SEC  に提
       出しなければならない。
      （２）受益証券の発行
        投資信託の受益証券を発行するためには投資信託は目論見書を作成しなければならない。目論見書に
       は当該投資信託および受益証券に関する開示事項を記述しなければならず、すなわち、受益証券販売手
       数料、過去      10 年間（または投資信託運用期間中）の投資信託の経理状況、目的、投資方針、投資制限、
       受益証券の販売価格、受益証券の販売・買戻しに関する手続、受益証券の所有に伴う配当、課税に関す
       る情報、投資信託の運用およびそれに伴う費用、投資信託の受益証券の内容その他受益証券の購入希望
       者への提供が望ましい事項が含まれる。
        受益証券の発行に関係する法令は、連邦証券法、各州のブルー・スカイ・ロー、内国歳入法等であ
       る。
                                555/562


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                                                 有価証券報告書（外国投資信託受益証券）
        受益証券の発行には投資信託が有効な登録届出書を提出済であることを要する。投資信託の発行した
       各受益証券は他のすべての発行済受益証券と同一の議決権を有する。
      （３）ミューチュアル・ファンドの管理および運営
        ミューチュアル・ファンドの管理および運営は通常、投資顧問会社との間に投資顧問契約を締結する
       ことにより行われる。投資顧問会社となるためには、                            1940  年投資顧問業者法の下で投資顧問業者として
       の登録を行っていると共に当該投資信託の受託者会および取締役会の承諾を受けていることを要件とす
       る。投資顧問会社は、投資顧問契約に基づき信託資産の管理・運営に関し、監督官庁および受益証券所
       有者に対する諸々の開示を行う。
        投資顧問会社に対しては投資信託の純資産価格に応じて算出される投資各局省報酬が支払われる。投
       資顧問会社は通常、投資信託との間に投資信託資産の投資・再投資に関して投資顧問契約をする。当該
       投資および再投資は、投資信託の目論見書その他の規制文書に定める投資目的や投資制限に従う。
       （イ）資産評価
         投資信託の受益証券１口当りの純資産価格は、各営業日にニューヨーク証券取引所における通常取
        引の終了時点において計算される。投資信託の純資産価額は、資産総額から負債総額を差引いて算出
        する。受益証券１口当りの純資産価格は、純資産総額を計算時点における発行済受益証券の総口数で
        除したものである。
       （ロ）受益証券の販売、買戻しおよび保管
        ①　受益証券の販売は、投資信託の元引受業者との契約に基づき証券業者が行う。投資信託が採択し
          た販売計画に従い、投資信託は元引受業者に販売手数料を支払う。受益証券１口当りの販売価格
          は、投資信託が注文を受けた後、最初に計算される１口当り純資産価格に、必要に応じ、所定の
          販売手数料を加えたものである。なお、販売価格については目論見書に記載されている。
        ②　受益証券の買戻しも投資信託の元引受業者を通じて行われ、受益証券１口を単位とし、買戻価格
          は投資信託が買戻し注文と券面が発行されている場合には当該券面を受領した後、最初に計算さ
          れる１口当り純資産価格とする。なお、一定の                        SEC  の規則に基づき、投資信託は一定の期間買戻し
          請求に応じないことができる。元引受業者は買戻しについて手数料を請求することができる。
        ③　受益証券の保管
          投資者の     受益証券     は通常ブックエントリー方式で投資信託の名義書換代行会社によって保管され
          る。投資信託の受益証券の券面は発行されない。なお、名義書換代行会社は、受益者に対し、受
          益者の口座明細書を発行する。
       （ハ）開示制度の概要
        ①　受益者に対する開示：              1940  年法の規定により、投資信託は受益者に対して財務情報を含む運営に
          関する年次有価証券報告書および半期報告書を送付する。
        ②　  SEC  に対する開示：        1940  年法の規定に基づき、投資信託は年次有価証券報告書および半期報告書に
          より「ファンド」の財務状況および営業活動の詳細を報告する。
      （４）受益者の権利およびその行使手続
         受益者が受益権を投資信託に対して直接行使するには、受益証券名義人として投資信託に登録され
        ていなければならない。受益者の権利として代表的なものは議決権であるが、それ以外にも、配当金
        請求権、残余財産分配請求権、会計帳簿等閲覧請求権、受益証券譲渡権、その他登録届出書（目論見
        書の記載を含む。）に関する権利などである。
       ①　議決権
         受益者は、各受益証券の純資産価格を１米ドル１議決権を有し、トラスト、内規およびあらゆる該
        当する法律によるファンドの告知のもとに受益者が議決する資格を与えられたいかなる事項に限り、
        端数持分に応じた議決権を有する。議決権は受益者総会において行使するものとするが、当該事項に
        関して議決権を有する発行済受益証券の過半数を保有する受益者の書面による承認があれば総会を開
                                556/562


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                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
        催することなく行使することができる。総会は、受託者または付属定款で指定された者が招集し、投
        資信託の本店または受託者の指定する場所において開催する。
         総会の定足数として法令または規則において別途定める場合を除き、議決権ある発行済受益証券の
        50 ％以上を保有する受益者が出席することを要し（委任状によるものを含む。）、法令、信託約款ま
        たは付属定款に別段の定めがない限り、出席した議決権ある発行済受益証券の過半数をもって（委任
        状によるものを含む。）決議を行う。
       ②　買戻請求権
         受益者は何時でも投資信託に対し、受益証券を純資産価格で買戻すことを請求する権利を有する。
        ただし、投資信託は          1940  年法に基づく       SEC  の規則により、一定の期間、買戻し請求に応じないことがで
        きる。
       ③　配当金請求権
         受益者は受益証券１口当り一定の配当金を受領する権利を有する。配当金支払の為の基準日が定め
        られ、支払は、通常、基準日の月または翌月に支払いが実施される。
       ④　残余財産分配請求権
         受益者は、償還によりその保有する受益証券の口数に応じて残余財産の分配を受ける権利を有す
        る。
       ⑤　会計帳簿等閲覧請求権
         受益者は、信託宣言閲覧権、裁判所の決定に応じた会計帳簿閲覧権、および受益者総会の議事録の
        閲覧権を有する。
       ⑥　受益証券を譲渡する権利
         受益証券は譲渡制限はなく、自由に譲渡することができる。
       ⑦　登録届出書に関する権利
         1933  年法により、登録届出書に重要な事項に関する虚偽の記載、または記載すべきもしくは誤解を
        生ぜしめないための重要な事実の脱漏がある場合、証券の取得者は、当該登録届出書に署名した者、
        その提出時の発行体の受託者（または同様の地位にあった者）、その作成に関与した者、当該証券の
        引受人に対し訴訟提起をする権利を有する。
                                557/562










                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
      （５）関係会社その他
       ①　管理会社
         投資顧問契約に定める条件ならびに投資信託の投資目的と投資制限の下で、投資信託資産の管理・
        運営を業とする会社である。管理会社は                     1940  年投資顧問業者法の下で投資顧問業者として登録し、か
        つ受託者会、取締役会、受益者総会の承認を得た者でなければならない。
       ②　投資顧問会社
         通常は投資管理会社であり、多くの場合投資信託の発起人または設定者である。投資顧問会社の業
        務は投資管理会社と同様であり、投資顧問契約に定める資産投資の管理ならびに一般管理、事務、記
        帳、会計等の業務に従事する。
       ③　引受・販売会社
         常にではないが通常、投資顧問会社との関連を有することが多い。引受・販売会社は                                             SEC  にブロー
        カー／ディーラーとして登録するとともに、金融取引業規制機構の会員でなければならない。
       ④　保管受託銀行
         投資信託は通常、銀行を保管受託銀行に指定し、受益証券その他の資産を保管させる。銀行が保管
        受託銀行となるには、合計              50 万米ドル以上の資本、剰余金、利益を有し、またアメリカ合衆国証券取
        引所の会員であることを要するか、またはアメリカ合衆国証券取引所の設立にかかる中央証券保管機
        関もしくはアメリカ合衆国証券協会の登録会員であることを要する。
      （６）準拠法および監督官庁
       （イ）デラウェア籍法定トラストとして設定されたミューチュアル・ファンドの設立、運営等に関する
          準拠法
         「第一部　ファンド情報－第１　ファンドの状況－１　ファンドの性格－（４）ファンドに係る法
        制度の概要」を参照のこと。
       （ロ）監督官庁の概要
         「第一部　ファンド情報－第１　ファンドの状況－１　ファンドの性格－（６）監督官庁の概要」
        を参照のこと。
      （７）解散、終了その他
       （イ）解散および終了
         デラウェア籍法定トラスト法の下では、法定トラストの解散および終了には契約および信託宣言が
        適用される。契約および信託宣言ならびに適用される証券法の条項に従い、トラストを解散しまたは
        終了するには、トラストの受託者会および取締役会の承認、受益証券所有者への通知ならびに                                                SEC  に対
        する関係書面の提出を要することがある。トラストを清算するには受益証券所有者に投資信託の全資
        産を分配することを要する。
       （ロ）信託約款の修正
         法定トラストの契約および信託宣言への変更は、契約および信託宣言ならびに適用される証券法の
        規定が適用され、適用される契約および信託宣言ならびに証券法の条項に従い、受託者会の決議また
        は書面による承認により修正されるが、受益証券所有者の利益を害するおそれがあるか、または                                                  1940
        年法により要求される特定の事項については、発行済受益証券の過半数決議による承認に従う。
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                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
      （８）デラウェア籍法定トラストに対する課税
        投資信託は、内国歳入法（              Internal     Revenue     Code  ）第  851  節に定める要件に合致すれば規制投資会社
       （ Regulated      Investment      Company    ）として適格となる。ファンドがすべての純投資収益および純課税
       キャピタルゲイン（もしあれば）を毎年受益者に分配していれば、連邦所得税の対象から免除される。
       投資信託が受益者に支払う利益からの配当金および短期純収益からの分配金は通常の収入として課税対
       象となる。また、受益者が受領する長期純収益金からの分配金は、受益証券保有期間にかかわらず長期
       のキャピタルゲインとして課税対象となる。
                                559/562


















                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
     第４【参考情報】

      ファンドについては、当計算期間において、以下の書類が提出されている。

      201  8 年６月   29 日     有価証券報告書（第          26 期）
      201  8 年９月   2 8 日     半期報告書（第        27 期中）
     第５【その他】

       該当事項なし。

                                560/562
















                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
                             （訳文）
                      独立登録会計事務所の監査報告書

     バンガード・インデックス・ファンズの受託者会及びバンガード・トータル・ストック・マーケッ

     ト・インデックス・ファンドの受益者各位
     財務書類に対する意見

     私どもは、      2018  年 12 月 31 日および     2017  年 12 月 31 日現在のバンガード・トータル・ストック・マーケッ
     ト・インデックス・ファンド（バンガード・インデックス・ファンズを構成するファンドの１つであ
     る。以下総称して「ファンド」という）の添付の純資産計算書、                                  2018  年 12 月 31 日に終了した各２年間
     の計算期間の損益計算書および純資産変動計算書（関連する注記を含む）、並びに各表示計算期間の
     財務ハイライト（以下総称して「財務書類」という）の監査を行った。私どもの意見では、財務書類
     は、全ての重要な点において、ファンドの                       2018  年 12 月 31 日および     2017  年 12 月 31 日現在の財政状態、
     2018  年 12 月 31 日に終了した各２年間の計算期間の経営成績および純資産の変動並びに各表示計算期間
     の財務ハイライトを、米国において一般に公正妥当と認められている会計原則に準拠して、適正に表
     示している。
     監査意見の根拠

     これらの財務書類は、ファンドのマネジメントが責任を負うものである。私どもの責任は、私どもの
     監査に基づいてファンドの財務書類について意見を表明することである。私どもは、公開企業会計監
     視委員会（米国）（以下「              PCAOB   」という）に登録された会計事務所であり、米国連邦証券取引法並び
     に証券取引委員会および             PCAOB   の適用される規則と規制に準拠して、ファンドに対して独立性を保持す
     る必要がある。
     私どもは、      PCAOB   の基準に準拠してこれらの財務書類の監査を実施しており、これらの基準は、財務書
     類に誤謬または不正による重要な虚偽表示がないかどうかについての合理的な保証を得るために、私
     どもが監査を計画し実施することを求めている。
     私どもの監査は、誤謬または不正による財務書類の重要な虚偽表示のリスクを評価し、当該リスクに
     対応した監査手続を実施することを含んでいる。かかる手続は、試査による財務書類の金額および開
     示事項に関する証拠の検証を含んでいる。また私どもの監査は、適用された会計原則やマネジメント
     によってなされた重要な見積もりについての評価、並びに財務書類の全般的な表示の評価を含んでい
     る。私どもの手続は、            2018  年 12 月 31 日および     2017  年 12 月 31 日現在において保有されている、対象とな
     る名義書換代行会社の所有権の記録の照合とカストディアンおよびブローカーに対する書面による有
     価証券の確認を含んでいる。ブローカーから回答を受領できなかった場合には、私どもは代替的監査
     手続を実施する。私どもは、私どもの監査が、私どもの意見表明に関する合理的な基礎を与えるもの
     であると確信している。
     プライスウォーターハウスクーパース　エルエルピー

     フィラデルフィア、ペンシルバニア州
     2019  年２月   13 日

     私どもは、      1975  年より、バンガード・グループ・ファンズの１社以上の投資会社の監査人を務めてい

     る。
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                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                 有価証券報告書（外国投資信託受益証券）
                  Report   of Independent      Registered     Public   Accounting      Firm

     To  the  Board   of Trustees    of Vanguard     Index   Funds   and  Shareholders      of Vanguard     Total   Stock   Market    Index

     Fund
     Opinions    on the  Financial     Statements

     We  have   audited    the  accompanying       statement     of net  assets   of Vanguard     Total   Stock   Market    Index   Fund   (one  of

     the  funds   constituting      Vanguard     Index   Funds,   referred    to hereafter    as the  "Fund")    as of December     31,  2018   and
     December     31,  2017,   the  related   statements     of operations     and  changes    in net  assets   for  each  of the  two  years   in the
     period   ended   December     31,  2018,   including     the  related   notes,   and  the  financial    highlights     for  each  of the  periods
     indicated     therein    (collectively      referred    to as the  “financial     statements").      In our  opinion,    the  financial    statements
     present    fairly,   in all material    respects,    the  financial    position    of the  Fund   as of December     31,  2018   and  December
     31,  2017,   the  results   of its operations     and  changes    in its net  assets   for  each  of the  two  years   in the  period   ended
     December     31,  2018   and  the  financial     highlights     for  each   of the  periods    indicated     therein    in conformity      with
     accounting     principles     generally     accepted    in the  United   States   of America.
     Basis   for  Opinions

     These   financial    statements     are  the  responsibility       of the  Fund's    management.       Our  responsibility       is to express    an
     opinion    on  the  Fund's    financial    statements     based   on  our  audits.   We  are  a public   accounting     firm  registered     with
     the  Public   Company     Accounting      Oversight     Board   (United    States)   ("PCAOB")      and  are  required    to be independent
     with   respect    to the  Fund   in accordance      with   the  U.S.   federal    securities     laws   and  the  applicable     rules   and
     regulations     of the  Securities     and  Exchange     Commission      and  the  PCAOB.
     We  conducted     our  audits   of these   financial    statements     in accordance      with  the  standards     of the  PCAOB.     Those

     standards     require    that  we  plan  and  perform    the  audit   to obtain   reasonable     assurance     about   whether    the  financial
     statements     are  free  of material    misstatement,       whether    due  to error   or fraud.
     Our  audits   included    performing     procedures     to assess   the  risks  of material    misstatement      of the  financial    statements,

     whether    due  to error   or fraud,   and  performing      procedures     that  respond    to those   risks.   Such   procedures     included
     examining,     on a test  basis,   evidence    regarding     the  amounts    and  disclosures     in the  financial    statements.     Our  audits
     also  included    evaluating     the  accounting     principles     used  and  significant     estimates     made   by management,      as well  as
     evaluating     the  overall    presentation      of the  financial    statements.     Our  procedures     included    confirmation      of securities
     owned   as of December     31,  2018   and  December     31,  2017   by  correspondence        with  the  custodian     and  brokers    and
     by  agreement     to the  underlying     ownership     records    of the  transfer    agent;   when   replies    were   not  received    from
     brokers,    we  performed     other   auditing    procedures.      We  believe    that  our  audits   provide    a reasonable     basis   for  our
     opinion.
     PricewaterhouseCoopers            LLP

     Philadelphia,      Pennsylvania
     February    13,  2019
     We  have   served   as the  auditor    of one  or more   investment      companies     in The  Vanguard     Group   of Funds   since

     1975.
     （  ; ）上記は、監査報告書の原本に記載された事項を電子化したものであり、その原本は本書提出会

        社が別途保管しております。
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