バンガード・インデックス・ファンズ-バンガード・スモールキャップ・インデックス・ファンド 半期報告書(外国投資信託受益証券) 第59期(平成31年1月1日-令和1年12月31日)

提出書類 半期報告書(外国投資信託受益証券)-第59期(平成31年1月1日-令和1年12月31日)
提出日
提出者 バンガード・インデックス・ファンズ-バンガード・スモールキャップ・インデックス・ファンド
カテゴリ 半期報告書(外国投資信託受益証券)

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                                               バンガード・インデックス・ファンズ(E14945)
                                                   半期報告書(外国投資信託受益証券)
     【表紙】

     【提出書類】                半期報告書

     【提出先】                関東財務局長

     【提出日】                令和元年9月       30 日

     【計算期間】                第 59 期中(自 平成        31 年1月1日 至 令和元年6月                30 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・

                     スモールキャップ・インデックス・ファンド
                     ( VANGUARD     INDEX   FUNDS   - VANGUARD     SMALL-CAP      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

                                  1/70




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     1【ファンドの運用状況】

              Ⓡ                                Ⓡ
        バンガード       ・スモールキャップ・インデックス・ファンド                         ( VANGUARD      SMALL   - CAP  INDEX   FUND  )
       (以下「ファンド」という。)の運用状況は次のとおりである。
      (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7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            92,863,729,033                 98.99
                 小計                  92,863,729,033                 98.99
           現金・預金およびその他の資産
                                     948,335,107                1.01
               (負債控除後)
                 合計                  93,812,064,140                100.00
               (純資産総額)                   (約  10,191,743      百万円)
       (注1)アドミラル受益証券の純資産総額は、                   40,801,986,078      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。
       (注3)    米ドルの円貨換算は、便宜上、             2019  年7月   31 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=
           108.64   円)による。以後、別段の記載がない限り同様とする。
       (注4)ファンド証券は米ドル建のため、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5)    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がある。
       (注6)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。
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                                                   半期報告書(外国投資信託受益証券)
      (2)【運用実績】

       ①【純資産の推移】
         2019  年7月末日前1年以内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
         2018  年8月末日               38,830       4,218,491           79.39         8,625
            9月末日              38,323       4,163,411           77.86         8,459
            10 月末日             34,463       3,744,060           70.01         7,606
            11 月末日             35,184       3,822,390           71.53         7,771
            12 月末日             31,382       3,409,340           63.23         6,869
         2019  年1月末日               35,033       3,805,985           70.72         7,683
            2月末日              36,758       3,993,389           74.13         8,053
            3月末日              36,502       3,965,577           73.23         7,956
            4月末日              37,849       4,111,915           75.87         8,243
            5月末日              35,399       3,845,747           70.37         7,645
            6月末日              37,922       4,119,846           75.09         8,158
            7月末日              40,802       4,432,729           76.04         8,261
       ②【分配の推移】

         2018  年8月から      2019  年7月の各月の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)
                                       1口当り分配金
                                   米ドル               円
                2018  年8月                   -              -
                   9月                 0.310             33.678
                   10 月                 -              -
                   11 月                 -              -
                   12 月               0.343             37.264
                2019  年1月                   -              -
                   2月                  -              -
                   3月                 0.229             24.879
                   4月                  -              -
                   5月                  -              -
                   6月                 0.232             25.204
                   7月                  -              -
                                  3/70




                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                   半期報告書(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(%)
           2018  年8月1日-       2019  年7月末日               1.55
        (注)収益率(%)=         100×  (a-b)/b
            a=  2019  年7月末日の1口当り純資産価格(当該期間の分配金の合計額を加えた額)
            b=  2018  年7月末日の1口当り純資産価格(分配落の額)
      (3)【その他】

       ①  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7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
       1.27  %      1.69  %      11.00   %      9.09  %      13.88   %      9.12  %
        * 設定日は、     2000  年 11 月 13 日である。
       ② 年次運用実績

     (アドミラル受益証券)
        年     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(%)
        2018            - 10.67               1.36             - 9.31
        2017             14.59               1.65              16.24
        2016             16.44               1.86              18.30
       ③ 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8月       0.64    2017  年5月      - 1.16    2018  年2月      - 4.07    2018  年 11 月     2.17
      2016  年9月      - 0.07    2017  年6月       2.04    2018  年3月       0.83    2018  年 12 月    - 11.60
      2016  年 10 月    - 4.10    2017  年7月       1.11    2018  年4月       0.34    2019  年1月       11.85
      2016  年 11 月     8.60    2017  年8月      - 0.94    2018  年5月       5.08    2019  年2月       4.82
      2016  年 12 月     1.30    2017  年9月       4.01    2018  年6月       0.48    2019  年3月      - 1.21
      2017  年1月       1.57    2017  年 10 月     1.55    2018  年7月       1.84    2019  年4月       3.61
      2017  年2月       2.37    2017  年 11 月     3.10    2018  年8月       4.49    2019  年5月      - 7.25
      2017  年3月      - 0.56    2017  年 12 月    - 0.14    2018  年9月      - 1.93    2019  年6月       7.05
      2017  年4月       0.85    2018  年1月       2.85    2018  年 10 月    - 10.08     2019  年7月       1.27
                                  4/70




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                                                   半期報告書(外国投資信託受益証券)
       ④  ポートフォリオの内容(              2019  年7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                 0.47  %
                  株式               99.53   %
     株式の特徴

     組入れ銘柄数                                           1,406
     メジアン・マーケット・キャピタリゼーション                                        45 億米ドル
     PER  (株価収益率)                                        19.2  倍
     PBR  (株価純資産倍率)                                         2.2  倍
     ROE  (株主資本利益率)                                         9.5  %
     利益成長率                                          11.5  %
     米国以外の保有率                                            0 %
     回転率(年)(        2018  年 12 月末現在)                             14.5  %
     現金等比率                                          0.47  %
       ⑤ 歴史的変動率(米ドルベース実績値)(                       2019  年7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・スモールキャップ・
                                    1.00                1.00
     インデックス
     ダウ・ジョーンズ米国トータル・
                                    0.89                1.17
     ストック・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・スモールキャップ・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る。               スプライスト・スモールキャップ・インデックスは                     2003  年5月
            16 日までラッセル      2000  インデックスに、その後          2013  年1月   30 日まで   MSCI  US スモールキャップ       1750  インデックスに、そ
            の後は   CRSP  US スモールキャップ・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。
                                  5/70






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     2【販売及び買戻しの実績】

       2019  年7月末日前1年間における販売および買戻しの実績ならびに                                 2019  年7月末日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)

                          本邦内に             本邦内に             本邦内に

                   販売口数            買戻し口数             発行済口数
                          おける             おける             おける
                   (千口)             (千口)             (千口)
                          販売口数            買戻し口数             発行済口数
     18 /8/1-      19 /7/
     31               138,306        0.000      90,157     5,763.689        536,576     91,291.000
                                  6/70
















                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                   半期報告書(外国投資信託受益証券)
     3【ファンドの経理状況】

       ① ファンドの日本文の中間財務書類は、米国における諸法令及び一般に公正妥当と認められた会計原

        則に準拠して作成された原文の中間財務書類を翻訳したものである。これは、「中間財務諸表等の用
        語、様式及び作成方法に関する規則」第                     76 条第4項ただし書きの規定の適用によるものである。
       ② ファンドの原文の中間財務書類は、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。)の監査を受けていない。
       ③ ファンドの原文の中間財務書類は米ドルで表示されている。日本文の中間財務書類には、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7月   31 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=                              108.64   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。
                                  7/70















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      (1)【資産及び負債の状況】

     スモールキャップ・インデックス・ファンド

     財務書類(未監査)
     純資産計算書

     2019  年6月   30 日現在
     当ファンドは、各会計年度の第1四半期および第3四半期に、証券取引委員会(                                           SEC  )に保有ポート

     フォリオを網羅した表を様式               N-PORT   に係る報告書の付属書類として提出する。当ファンドの様式                                N -
     PORT  に係る報告書は、         SEC  のウェブサイト(         www.sec.gov      )で入手可能である。
                                                    市場価格

                                              株数     ( 千米ドル     )
              1
     普通株式     (99.0   % )
     素材   (3.9  % )
        RPM  International        Inc.
                                           3,354,187          204,974
        Royal   Gold   Inc.
                                           1,675,663          171,739
        Steel   Dynamics     Inc.
                                           5,402,115          163,144
        Versum    Materials      Inc.
                                           2,795,776          144,206
        WR  Grace   & Co.
                                           1,712,976          130,375
        Ashland     Global    Holdings     Inc.
                                           1,605,322          128,378
     *
        Ingevity     Corp.
                                           1,069,837          112,515
     *
        Alcoa   Corp.
                                           4,741,945          111,009
        Huntsman     Corp.
                                           5,077,406          103,782
        Chemours     Co.
                                           4,194,136          100,659
        Olin   Corp.
                                           4,216,314          92,379
        NewMarket      Corp.
                                            229,122         91,864
        Scotts    Miracle-Gro       Co.
                                            922,704         90,886
     *
        Univar    Inc.
                                           4,120,971          90,826
        Balchem     Corp.
                                            824,183         82,394
     *
        Axalta    Coating     Systems     Ltd.
                                           2,703,233          80,475
        Sensient     Technologies       Corp.
                                           1,079,839          79,347
        Reliance     Steel   & Aluminum     Co.
                                            819,525         77,543
     ^
        Cleveland-Cliffs          Inc.
                                           7,221,838          77,057
        Domtar    Corp.
                                           1,605,769          71,505
        United    States    Steel   Corp.
                                           4,405,764          67,452
        Quaker    Chemical     Corp.
                                            323,058         65,542
        Cabot   Corp.
                                           1,341,445          64,000
        PolyOne     Corp.
                                           1,983,697          62,268
     *
        Element     Solutions      Inc.
                                           5,904,920          61,057
        HB  Fuller    Co.
                                           1,294,254          60,053
        Carpenter      Technology      Corp.
                                           1,205,025          57,817
        Innospec     Inc.
                                            623,389         56,878
        Commercial      Metals    Co.
                                           3,004,216          53,625
        Minerals     Technologies       Inc.
                                            894,309         47,855
        Compass     Minerals     International        Inc.
                                            863,929         47,473
        Stepan    Co.
                                            515,773         47,405
                                  8/70


                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                   半期報告書(外国投資信託受益証券)
        Peabody     Energy    Corp.
                                           1,906,565          45,948
        Worthington       Industries      Inc.
                                            944,202         38,014
        Kaiser    Aluminum     Corp.
                                            388,933         37,964
        Arch   Coal   Inc.   Class   A
                                            385,052         36,276
        Materion     Corp.
                                            525,666         35,645
     *
        GCP  Applied     Technologies       Inc.
                                           1,478,071          33,464
     *
        Ferro   Corp.
                                           2,081,966          32,895
        Tronox    Holdings     plc  Class   A
                                           2,494,574          31,881
        Warrior     Met  Coal   Inc.
                                           1,197,655          31,283
        Schweitzer-Mauduit           International        Inc.
                                            808,144         26,814
     *
        Kraton    Corp.
                                            840,496         26,114
     *
        Contura     Energy    Inc.
                                            485,528         25,199
     ^
        US  Silica    Holdings     Inc.
                                           1,924,952          24,620
        Hecla   Mining    Co.
                                          12,538,276           22,569
     *
        Coeur   Mining    Inc.
                                           4,775,498          20,726
        PH  Glatfelter      Co.
                                           1,152,012          19,446
     *,^
        AK  Steel   Holding     Corp.
                                           7,621,758          18,064
        Schnitzer      Steel   Industries      Inc.
                                            664,351         17,386
     *
        PQ  Group   Holdings     Inc.
                                           1,062,568          16,842
     *
        CONSOL    Energy    Inc.
                                            615,342         16,374
     *
        Koppers     Holdings     Inc.
                                            513,445         15,075
                                  9/70













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

                                              株数     ( 千米ドル     )
        Innophos     Holdings     Inc.
                                            514,863         14,988
        Tredegar     Corp.
                                            778,608         12,940
        Resolute     Forest    Products     Inc.
                                           1,530,730          11,021
        Haynes    International        Inc.
                                            320,975         10,210
        Kronos    Worldwide      Inc.
                                            612,469          9,383
        American     Vanguard     Corp.
                                            585,592          9,024
     *
        Century     Aluminum     Co.
                                           1,270,300           8,778
        FutureFuel      Corp.
                                            689,491          8,060
     *
        SunCoke     Energy    Inc.
                                            848,790          7,537
     ^
        Rayonier     Advanced     Materials      Inc.
                                            775,853          5,035
     *
        TimkenSteel       Corp.
                                            430,982          3,504
     *
        Clearwater      Paper   Corp.
                                                      3,475
                                            187,955
                                                    3,573,036
     消費財    (6.6  % )
     *
        US  Foods   Holding     Corp.
                                           5,585,899          199,752
     *
        Middleby     Corp.
                                           1,424,585          193,316
     *
        Post   Holdings     Inc.
                                           1,782,020          185,277
        Pool   Corp.
                                            966,540         184,609
        Gentex    Corp.
                                           6,539,738          160,943
        Ingredion      Inc.
                                           1,705,992          140,727
        Polaris     Industries      Inc.
                                           1,480,830          135,096
     *
        Zynga   Inc.   Class   A
                                          21,537,127          132,023
     *
        Deckers     Outdoor     Corp.
                                            745,466         131,180
        Leggett     & Platt   Inc.
                                           3,356,820          128,801
        Toll   Brothers     Inc.
                                           3,361,405          123,095
        Flowers     Foods   Inc.
                                           4,869,801          113,320
        Carter's     Inc.
                                           1,157,737          112,926
     *
        Skechers     U.S.A.    Inc.   Class   A
                                           3,436,039          108,201
     *
        Herbalife      Nutrition      Ltd.
                                           2,511,597          107,396
        Brunswick      Corp.
                                           2,222,086          101,972
     *,^
        Mattel    Inc.
                                           8,822,572          98,901
        Valvoline      Inc.
                                           4,812,638          93,991
        Goodyear     Tire   & Rubber    Co.
                                           5,931,041          90,745
     *
        Tempur    Sealy   International        Inc.
                                           1,188,146          87,174
     *
        Darling     Ingredients       Inc.
                                           4,213,025          83,797
     *
        Helen   of  Troy   Ltd.
                                            639,124         83,463
     *
        Boston    Beer   Co.  Inc.   Class   A
                                            212,408         80,239
        Hanesbrands       Inc.
                                           4,622,401          79,598
        Thor   Industries      Inc.
                                           1,334,372          77,994
     *
        TreeHouse      Foods   Inc.
                                           1,432,537          77,500
     *
        Fox  Factory     Holding     Corp.
                                            926,965         76,484
        Dana   Inc.
                                           3,673,615          73,252
        Lancaster      Colony    Corp.
                                            492,902         73,245
        Harley-Davidson         Inc.
                                           2,029,952          72,733
        Nu  Skin   Enterprises       Inc.   Class   A
                                           1,419,313          70,001
        Columbia     Sportswear      Co.
                                            698,745         69,986
        Sanderson      Farms   Inc.
                                            510,043         69,652
        Herman    Miller    Inc.
                                           1,499,008          67,006
                                 10/70


                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                   半期報告書(外国投資信託受益証券)
        Steven    Madden    Ltd.
                                           1,966,548          66,764
     *
        Capri   Holdings     Ltd.
                                           1,833,971          63,602
     *,^
        iRobot    Corp.
                                            681,195         62,425
     *
        Dorman    Products     Inc.
                                            714,852         62,292
        Energizer      Holdings     Inc.
                                           1,601,633          61,887
        J&J  Snack   Foods   Corp.
                                            384,147         61,828
        Wolverine      World   Wide   Inc.
                                           2,147,708          59,148
     *
        Taylor    Morrison     Home   Corp.   Class   A
                                           2,747,014          57,577
        KB  Home
                                           2,222,594          57,187
        WD-40   Co.
                                            351,123         55,843
        LCI  Industries
                                            605,736         54,516
     *
        Welbilt     Inc.
                                           3,228,371          53,914
     *
        Meritor     Inc.
                                           2,129,106          51,631
     *,^
        Beyond    Meat   Inc.
                                            306,432         49,238
     *
        Meritage     Homes   Corp.
                                            923,476         47,411
        Spectrum     Brands    Holdings     Inc.
                                            869,941         46,777
        Delphi    Technologies       plc
                                           2,242,886          44,858
     *
        Hain   Celestial      Group   Inc.
                                           1,989,485          43,570
                                 11/70














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

                                              株数     ( 千米ドル     )
     *
        TRI  Pointe    Group   Inc.
                                           3,612,331          43,240
     *,^
        Visteon     Corp.
                                            720,633         42,215
        MDC  Holdings     Inc.
                                           1,247,107          40,880
        Cooper    Tire   & Rubber    Co.
                                           1,277,559          40,307
        HNI  Corp.
                                           1,097,126          38,816
     *
        Hostess     Brands    Inc.   Class   A
                                           2,642,663          38,160
        Steelcase      Inc.   Class   A
                                           2,175,331          37,198
     *
        American     Axle   & Manufacturing        Holdings     Inc.
                                           2,913,555          37,177
     *
        Edgewell     Personal     Care   Co.
                                           1,377,211          37,116
        Universal      Corp.
                                            605,860         36,818
        La-Z-Boy     Inc.
                                           1,189,413          36,467
     *
        Gentherm     Inc.
                                            853,197         35,689
        Coca-Cola      Consolidated       Inc.
                                            118,123         35,348
     *
        G-III   Apparel     Group   Ltd.
                                           1,120,907          32,977
     ^
        B&G  Foods   Inc.
                                           1,581,600          32,897
     *
        Pilgrim's      Pride   Corp.
                                           1,280,880          32,522
     *
        Kontoor     Brands    Inc.
                                           1,153,040          32,308
        Oxford    Industries      Inc.
                                            421,162         31,924
     *
        Crocs   Inc.
                                           1,571,254          31,032
        Cal-Maine      Foods   Inc.
                                            743,054         31,000
        Inter   Parfums     Inc.
                                            446,976         29,719
     *
        Sleep   Number    Corp.
                                            731,176         29,532
     *
        Garrett     Motion    Inc.
                                           1,917,121          29,428
     *
        USANA   Health    Sciences     Inc.
                                            356,090         28,284
        Vector    Group   Ltd.
                                           2,857,702          27,863
     *
        Central     Garden    & Pet  Co.  Class   A
                                           1,099,748          27,098
        Knoll   Inc.
                                           1,162,559          26,716
     *,^
        Fitbit    Inc.   Class   A
                                           5,708,035          25,115
        Seaboard     Corp.
                                             6,042        24,994
        Interface      Inc.   Class   A
                                           1,566,558          24,015
        Sturm   Ruger   & Co.  Inc.
                                            430,688         23,464
        Acushnet     Holdings     Corp.
                                            885,278         23,247
        Fresh   Del  Monte   Produce     Inc.
                                            801,100         21,590
        Andersons      Inc.
                                            772,592         21,045
     *
        Cooper-Standard         Holdings     Inc.
                                            457,686         20,971
        Tupperware      Brands    Corp.
                                           1,073,672          20,432
        Callaway     Golf   Co.
                                           1,183,146          20,303
        ACCO   Brands    Corp.
                                           2,466,155          19,409
     *,^
        YETI   Holdings     Inc.
                                            654,294         18,942
        Medifast     Inc.
                                            146,547         18,802
     *
        Modine    Manufacturing        Co.
                                           1,259,080          18,017
     *
        Cavco   Industries      Inc.
                                            112,921         17,790
     ^
        Tootsie     Roll   Industries      Inc.
                                            464,725         17,162
        Phibro    Animal    Health    Corp.   Class   A
                                            533,103         16,937
     *,^
        GoPro   Inc.   Class   A
                                           3,011,258          16,442
     *
        American     Woodmark     Corp.
                                            190,212         16,096
        Tenneco     Inc.   Class   A
                                           1,349,775          14,969
     ^
        National     Beverage     Corp.
                                            307,828         13,738
                                 12/70


                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                   半期報告書(外国投資信託受益証券)
     *,^
        Sonos   Inc.
                                           1,206,902          13,686
     *,^
        Fossil    Group   Inc.
                                           1,179,554          13,565
     *
        Vista   Outdoor     Inc.
                                           1,515,443          13,457
        Ethan   Allen   Interiors      Inc.
                                            630,253         13,273
        National     Presto    Industries      Inc.
                                            138,014         12,875
     *
        American     Outdoor     Brands    Corp.
                                           1,353,432          12,194
        Movado    Group   Inc.
                                            414,164         11,182
     *
        elf  Beauty    Inc.
                                            666,488          9,398
     *
        Central     Garden    & Pet  Co.
                                            265,214          7,148
     *,^
        Revlon    Inc.   Class   A
                                            129,094          2,495
        Dean   Foods   Co.
                                            992,456           917
        Titan   International        Inc.
                                             6,704          33
     *
        Arlo   Technologies       Inc.
                                                        1
                                              160
                                                    6,131,298
     消費者サービス         (11.8   % )
     *
        Burlington      Stores    Inc.
                                           1,699,166          289,113
     *
        Bright    Horizons     Family    Solutions      Inc.
                                           1,486,427          224,257
     *
        Trade   Desk   Inc.   Class   A
                                            936,066         213,217
                                 13/70














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

                                              株数     ( 千米ドル     )
        Service     Corp.   International
                                           4,429,668          207,220
     *
        Liberty     Media   Corp-Liberty       Formula     One
                                           4,929,075          184,397
     *,^
        GrubHub     Inc.
                                           2,331,134          181,805
     *
        ServiceMaster        Global    Holdings     Inc.
                                           3,477,514          181,144
     *
        Etsy   Inc.
                                           2,919,971          179,199
     *
        Caesars     Entertainment        Corp.
                                          14,625,367          172,872
     *
        Five   Below   Inc.
                                           1,430,766          171,721
     *
        Roku   Inc.
                                           1,887,430          170,963
        Dunkin'     Brands    Group   Inc.
                                           2,115,070          168,486
     *
        Planet    Fitness     Inc.   Class   A
                                           2,162,162          156,627
        Sabre   Corp.
                                           7,025,445          155,965
        Cable   One  Inc.
                                            131,228         153,667
        H&R  Block   Inc.
                                           5,199,277          152,339
        Casey's     General     Stores    Inc.
                                            936,617         146,103
     *
        Grand   Canyon    Education      Inc.
                                           1,233,866          144,387
     *
        JetBlue     Airways     Corp.
                                           7,704,069          142,448
        Wyndham     Hotels    & Resorts     Inc.
                                           2,489,097          138,742
     *
        IAA  Inc.
                                           3,403,931          132,004
     *
        Madison     Square    Garden    Co.  Class   A
                                            467,274         130,809
     ^
        Williams-Sonoma         Inc.
                                           2,007,749          130,504
        Foot   Locker    Inc.
                                           2,872,593          120,419
     *
        Ollie's     Bargain     Outlet    Holdings     Inc.
                                           1,380,378          120,245
        New  York   Times   Co.  Class   A
                                           3,591,282          117,148
        Vail   Resorts     Inc.
                                            514,210         114,761
        Nexstar     Media   Group   Inc.   Class   A
                                           1,120,514          113,172
     *
        Chegg   Inc.
                                           2,879,268          111,111
        Aaron's     Inc.
                                           1,730,475          106,268
        Cracker     Barrel    Old  Country     Store   Inc.
                                            615,894         105,152
     *
        Performance       Food   Group   Co.
                                           2,550,807          102,109
        Dolby   Laboratories       Inc.   Class   A
                                           1,561,255          100,857
        Churchill      Downs   Inc.
                                            874,292         100,605
        Marriott     Vacations      Worldwide      Corp.
                                           1,039,951          100,251
        Wyndham     Destinations       Inc.
                                           2,276,232          99,927
        Cinemark     Holdings     Inc.
                                           2,691,134          97,150
        Six  Flags   Entertainment        Corp.
                                           1,940,630          96,410
        Strategic      Education      Inc.
                                            532,574         94,798
     *
        frontdoor      Inc.
                                           2,164,770          94,276
        Tribune     Media   Co.  Class   A
                                           2,036,922          94,147
        Texas   Roadhouse      Inc.   Class   A
                                           1,746,785          93,750
        Wendy's     Co.
                                           4,720,466          92,427
        Sinclair     Broadcast      Group   Inc.   Class   A
                                           1,600,636          85,842
        KAR  Auction     Services     Inc.
                                           3,403,931          85,098
     *
        BJ's   Wholesale      Club   Holdings     Inc.
                                           3,199,405          84,464
        TEGNA   Inc.
                                           5,524,294          83,693
     *
        Spirit    Airlines     Inc.
                                           1,749,213          83,490
     ^
        World   Wrestling      Entertainment        Inc.   Class   A
                                           1,141,554          82,432
        Extended     Stay   America     Inc.
                                           4,814,341          81,314
     *
        LiveRamp     Holdings     Inc.
                                           1,674,387          81,174
                                 14/70


                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                   半期報告書(外国投資信託受益証券)
     *
        AutoNation      Inc.
                                           1,935,432          81,172
        Choice    Hotels    International        Inc.
                                            925,354         80,515
        AMERCO
                                            200,438         75,876
        SkyWest     Inc.
                                           1,246,612          75,632
     *
        Hilton    Grand   Vacations      Inc.
                                           2,318,364          73,770
        Graham    Holdings     Co.  Class   B
                                            105,568         72,845
        Wingstop     Inc.
                                            750,127         71,075
        Morningstar       Inc.
                                            491,156         71,041
        Monro   Inc.
                                            803,850         68,568
     *,^
        Eldorado     Resorts     Inc.
                                           1,488,001          68,552
     *
        Floor   & Decor   Holdings     Inc.   Class   A
                                           1,633,753          68,454
        American     Eagle   Outfitters      Inc.
                                           3,946,834          66,701
     *
        Liberty     Expedia     Holdings     Inc.   Class   A
                                           1,388,634          66,363
     *
        Murphy    USA  Inc.
                                            779,861         65,532
     *
        Adtalem     Global    Education      Inc.
                                           1,444,033          65,054
        Lithia    Motors    Inc.   Class   A
                                            541,603         64,332
     *
        Yelp   Inc.   Class   A
                                           1,873,778          64,046
     *
        TripAdvisor       Inc.
                                           1,369,783          63,407
                                 15/70














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

                                              株数     ( 千米ドル     )
     *
        Qurate    Retail    Group   Inc.   QVC  Group   Class   A
                                           5,117,280          63,403
     *,^
        Cargurus     Inc.
                                           1,733,307          62,590
     *
        AMC  Networks     Inc.   Class   A
                                           1,096,601          59,754
        Dick's    Sporting     Goods   Inc.
                                           1,709,643          59,205
     *
        Sotheby's
                                           1,010,822          58,759
     *
        Penn   National     Gaming    Inc.
                                           2,848,728          54,866
     *
        Sprouts     Farmers     Market    Inc.
                                           2,855,696          53,944
        Hillenbrand       Inc.
                                           1,358,672          53,763
        Boyd   Gaming    Corp.
                                           1,988,772          53,578
        Meredith     Corp.
                                            971,360         53,483
        John   Wiley   & Sons   Inc.   Class   A
                                           1,161,615          53,272
     *
        National     Vision    Holdings     Inc.
                                           1,713,437          52,654
     *,^
        RH
                                            443,940         51,319
     *
        Avis   Budget    Group   Inc.
                                           1,450,213          50,989
        Jack   in  the  Box  Inc.
                                            625,653         50,922
     *
        Shake   Shack   Inc.   Class   A
                                            687,791         49,658
        Allegiant      Travel    Co.  Class   A
                                            332,824         47,760
        Core-Mark      Holding     Co.  Inc.
                                           1,177,530          46,771
     ^
        Cheesecake      Factory     Inc.
                                           1,036,535          45,317
     *
        Shutterfly      Inc.
                                            881,308         44,550
     *
        Groupon     Inc.   Class   A
                                          12,422,730           44,473
        Bloomin'     Brands    Inc.
                                           2,338,857          44,228
        Nordstrom      Inc.
                                           1,382,090          44,033
     *
        SeaWorld     Entertainment        Inc.
                                           1,399,095          43,372
     *
        Laureate     Education      Inc.   Class   A
                                           2,699,934          42,416
     *
        Asbury    Automotive      Group   Inc.
                                            492,477         41,535
     *
        Sally   Beauty    Holdings     Inc.
                                           3,075,007          41,021
        Dine   Brands    Global    Inc.
                                            425,486         40,621
        Penske    Automotive      Group   Inc.
                                            852,254         40,312
        Red  Rock   Resorts     Inc.   Class   A
                                           1,816,011          39,008
     ^
        Brinker     International        Inc.
                                            956,424         37,635
        Dave   & Buster's     Entertainment        Inc.
                                            928,458         37,575
        Group   1 Automotive      Inc.
                                            457,735         37,484
     *,^
        Carvana     Co.  Class   A
                                            596,150         37,313
        Bed  Bath   & Beyond    Inc.
                                           3,198,156          37,163
     ^
        Children's      Place   Inc.
                                            383,492         36,577
     *
        Urban   Outfitters      Inc.
                                           1,585,874          36,079
     *,^
        Stitch    Fix  Inc.   Class   A
                                           1,080,109          34,553
     *
        Cars.com     Inc.
                                           1,700,269          33,529
     *
        Rent-A-Center        Inc.
                                           1,253,713          33,386
     *
        Clear   Channel     Outdoor     Holdings     Inc.
                                           6,942,168          32,767
        Hawaiian     Holdings     Inc.
                                           1,164,194          31,934
     *
        MSG  Networks     Inc.
                                           1,475,487          30,602
        Lions   Gate   Entertainment        Corp.   Class   B
                                           2,597,800          30,160
     *
        K12  Inc.
                                            987,412         30,027
        Designer     Brands    Inc.   Class   A
                                           1,555,799          29,825
        PriceSmart      Inc.
                                            582,041         29,754
        Big  Lots   Inc.
                                           1,016,561          29,084
                                 16/70


                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                   半期報告書(外国投資信託受益証券)
     *
        Herc   Holdings     Inc.
                                            628,843         28,820
     *
        Scientific      Games   Corp.
                                           1,430,169          28,346
        Office    Depot   Inc.
                                          13,662,573           28,145
        Abercrombie       & Fitch   Co.
                                           1,713,125          27,479
     *
        ANGI   Homeservices       Inc.   Class   A
                                           2,054,512          26,729
        Matthews     International        Corp.   Class   A
                                            759,836         26,480
     *
        Upwork    Inc.
                                           1,637,274          26,327
        International        Speedway     Corp.   Class   A
                                            561,363         25,200
     *,^
        Hertz   Global    Holdings     Inc.
                                           1,522,796          24,304
        Gannett     Co.  Inc.
                                           2,971,344          24,246
        Signet    Jewelers     Ltd.
                                           1,347,495          24,093
     ^
        Papa   John's    International        Inc.
                                            532,404         23,809
     *
        Weight    Watchers     International        Inc.
                                           1,231,862          23,529
     *
        Liberty     TripAdvisor       Holdings     Inc.   Class   A
                                           1,879,220          23,302
        BJ's   Restaurants       Inc.
                                            525,801         23,104
     *
        Liberty     Media   Corp-Liberty       Formula     One  Class   A
                                            620,653         22,257
        EW  Scripps     Co.  Class   A
                                           1,390,927          21,267
     *
        Quotient     Technology      Inc.
                                           1,880,730          20,199
                                 17/70














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

                                              株数     ( 千米ドル     )
        Guess?    Inc.
                                           1,184,552          19,131
     *
        Stamps.com      Inc.
                                            417,960         18,921
        Scholastic      Corp.
                                            556,690         18,504
     ^
        Lions   Gate   Entertainment        Corp.   Class   A
                                           1,489,254          18,243
     ^
        Dillard's      Inc.   Class   A
                                            292,489         18,216
        Caleres     Inc.
                                            910,248         18,132
        Entercom     Communications         Corp.   Class   A
                                           3,105,769          18,013
     *
        Michaels     Cos.   Inc.
                                           2,052,506          17,857
     *
        Genesco     Inc.
                                            418,932         17,717
     *
        Houghton     Mifflin     Harcourt     Co.
                                           2,733,794          15,747
     *
        BrightView      Holdings     Inc.
                                            822,513         15,389
        Weis   Markets     Inc.
                                            394,547         14,365
        New  Media   Investment      Group   Inc.
                                           1,506,864          14,225
     ^
        GameStop     Corp.   Class   A
                                           2,547,582          13,935
     *
        Zumiez    Inc.
                                            519,100         13,548
     ^
        Buckle    Inc.
                                            767,799         13,291
        Sonic   Automotive      Inc.   Class   A
                                            561,970         13,122
     *
        TrueCar     Inc.
                                           2,384,987          13,022
     ^
        AMC  Entertainment        Holdings     Inc.   Class   A
                                           1,361,776          12,705
     *
        Regis   Corp.
                                            723,235         12,006
     *
        United    Natural     Foods   Inc.
                                           1,328,103          11,913
     *
        Grocery     Outlet    Holding     Corp.
                                            352,327         11,585
     ^
        Rite   Aid  Corp.
                                           1,419,885          11,373
     *,^
        Revolve     Group   Inc.
                                            309,420         10,675
        National     CineMedia      Inc.
                                           1,543,528          10,126
        Chico's     FAS  Inc.
                                           2,960,797           9,978
     *
        Party   City   Holdco    Inc.
                                           1,290,301           9,458
     *
        Diplomat     Pharmacy     Inc.
                                           1,470,086           8,953
     *
        At  Home   Group   Inc.
                                           1,254,105           8,352
     *
        Fiesta    Restaurant      Group   Inc.
                                            568,750          7,473
        Emerald     Expositions       Events    Inc.
                                            655,678          7,311
     *
        American     Public    Education      Inc.
                                            203,080          6,007
     *
        El  Pollo   Loco   Holdings     Inc.
                                            562,671          5,998
        Speedway     Motorsports       Inc.
                                            266,711          4,947
     *,^
        Lumber    Liquidators       Holdings     Inc.
                                            352,377          4,070
     *,^
        JC  Penney    Co.  Inc.
                                           3,565,840           4,065
     ^
        Tailored     Brands    Inc.
                                            634,615          3,662
     *,^
        Lands'    End  Inc.
                                            268,569          3,282
     *,^
        Hertz   Global    Holdings     Inc.   Rights    Exp.   07/12/2019
                                           1,484,377           2,895
     *
        Express     Inc.
                                            787,028          2,149
     *
        Biglari     Holdings     Inc.   Class   B
                                             19,163         1,990
     *
        Biglari     Holdings     Inc.
                                             2,805         1,488
     *
        RealReal     Inc.
                                             45,865         1,325
     *
        Ascena    Retail    Group   Inc.
                                           1,937,804           1,182
        Barnes    & Noble   Inc.
                                              101          1
        Cato   Corp.   Class   A
                                                        1
                                               50
                                                   10,940,421
     金融   (25.4   % )
                                 18/70


                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                   半期報告書(外国投資信託受益証券)
        MarketAxess       Holdings     Inc.
                                            916,533         294,592
        Sun  Communities       Inc.
                                           2,201,593          282,222
        Equity    LifeStyle      Properties      Inc.
                                           2,081,417          252,559
        National     Retail    Properties      Inc.
                                           4,171,985          221,157
        Brown   & Brown   Inc.
                                           6,141,181          205,730
        Gaming    and  Leisure     Properties      Inc.
                                           5,232,940          203,980
        Omega   Healthcare      Investors      Inc.
                                           5,493,644          201,891
        RenaissanceRe        Holdings     Ltd.
                                           1,130,806          201,295
        Apartment      Investment      & Management      Co.
                                           3,827,553          191,837
        Kilroy    Realty    Corp.
                                           2,589,544          191,134
        Liberty     Property     Trust
                                           3,804,231          190,364
        Lamar   Advertising       Co.  Class   A
                                           2,191,413          176,869
        American     Financial      Group   Inc.
                                           1,725,976          176,861
        Medical     Properties      Trust   Inc.
                                          10,117,560          176,450
        East   West   Bancorp     Inc.
                                           3,727,708          174,345
        STORE   Capital     Corp.
                                           5,248,161          174,186
                                 19/70















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

                                              株数     ( 千米ドル     )
        CyrusOne     Inc.
                                           2,895,302          167,117
        Douglas     Emmett    Inc.
                                           4,154,930          165,532
        LPL  Financial      Holdings     Inc.
                                           2,028,933          165,500
        Erie   Indemnity      Co.  Class   A
                                            650,458         165,398
        Old  Republic     International        Corp.
                                           7,370,421          164,950
        New  Residential       Investment      Corp.
                                          10,625,581          163,528
        American     Campus    Communities       Inc.
                                           3,517,696          162,377
        Signature      Bank
                                           1,342,165          162,187
        Assurant     Inc.
                                           1,523,516          162,072
        CubeSmart
                                           4,831,875          161,578
        Americold      Realty    Trust
                                           4,906,572          159,071
        American     Homes   ▶ Rent   Class   A
                                           6,520,651          158,517
        Starwood     Property     Trust   Inc.
                                           6,811,677          154,761
        Commerce     Bancshares      Inc.
                                           2,553,269          152,328
     *
        Credit    Acceptance      Corp.
                                            312,714         151,300
     *
        GCI  Liberty     Inc.   Class   A
                                           2,453,705          150,805
        First   American     Financial      Corp.
                                           2,725,771          146,374
     ^
        VICI   Properties      Inc.
                                           6,584,146          145,115
        EPR  Properties
                                           1,938,931          144,625
        Healthcare      Trust   of  America     Inc.   Class   A
                                           5,258,984          144,254
        Park   Hotels    & Resorts     Inc.
                                           5,161,625          142,254
        Brixmor     Property     Group   Inc.
                                           7,638,316          136,573
        Cullen/Frost       Bankers     Inc.
                                           1,455,386          136,311
        Kemper    Corp.
                                           1,577,394          136,113
        Cousins     Properties      Inc.
                                           3,752,752          135,737
        Popular     Inc.
                                           2,477,099          134,358
        Synovus     Financial      Corp.
                                           3,831,454          134,101
        Hanover     Insurance      Group   Inc.
                                           1,041,921          133,678
        Hudson    Pacific     Properties      Inc.
                                           3,957,762          131,675
     *,^
        Zillow    Group   Inc.
                                           2,804,279          130,091
        Primerica      Inc.
                                           1,082,906          129,895
        CIT  Group   Inc.
                                           2,469,995          129,774
     *
        Howard    Hughes    Corp.
                                           1,047,104          129,673
        JBG  SMITH   Properties
                                           3,265,220          128,454
        Radian    Group   Inc.
                                           5,330,490          121,802
        Axis   Capital     Holdings     Ltd.
                                           2,040,361          121,708
        First   Horizon     National     Corp.
                                           8,086,222          120,727
     *
        MGIC   Investment      Corp.
                                           9,123,026          119,877
        Eaton   Vance   Corp.
                                           2,771,067          119,516
        First   Industrial      Realty    Trust   Inc.
                                           3,246,829          119,289
        PacWest     Bancorp
                                           3,044,693          118,225
     ^
        Blackstone      Mortgage     Trust   Inc.   Class   A
                                           3,267,851          116,270
        Sterling     Bancorp
                                           5,372,607          114,329
        Life   Storage     Inc.
                                           1,196,667          113,779
        Selective      Insurance      Group   Inc.
                                           1,514,157          113,395
        New  York   Community      Bancorp     Inc.
                                          11,347,031          113,243
        Webster     Financial      Corp.
                                           2,358,132          112,648
     *
        Essent    Group   Ltd.
                                           2,393,786          112,484
                                 20/70


                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                   半期報告書(外国投資信託受益証券)
        Prosperity      Bancshares      Inc.
                                           1,701,818          112,405
        Highwoods      Properties      Inc.
                                           2,657,289          109,746
        EastGroup      Properties      Inc.
                                            943,511         109,428
        CoreSite     Realty    Corp.
                                            944,537         108,782
     *
        Brighthouse       Financial      Inc.
                                           2,958,525          108,548
        Lazard    Ltd.   Class   A
                                           3,153,715          108,456
        Spirit    Realty    Capital     Inc.
                                           2,531,798          108,007
        Rexford     Industrial      Realty    Inc.
                                           2,667,804          107,699
        Pinnacle     Financial      Partners     Inc.
                                           1,872,822          107,650
     *
        Western     Alliance     Bancorp
                                           2,407,043          107,643
        Wintrust     Financial      Corp.
                                           1,451,437          106,187
        IBERIABANK      Corp.
                                           1,395,155          105,823
        Hospitality       Properties      Trust
                                           4,210,063          105,252
        FirstCash      Inc.
                                           1,047,904          104,811
        Assured     Guaranty     Ltd.
                                           2,468,040          103,855
        Healthcare      Realty    Trust   Inc.
                                           3,307,930          103,604
                                 21/70















                                                           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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                                                    市場価格

                                              株数     ( 千米ドル     )
        Stifel    Financial      Corp.
                                           1,720,957          101,640
     ^
        First   Financial      Bankshares      Inc.
                                           3,298,604          101,564
        Rayonier     Inc.
                                           3,315,846          100,470
        FNB  Corp.
                                           8,307,782          97,783
        STAG   Industrial      Inc.
                                           3,226,001          97,554
        United    Bankshares      Inc.
                                           2,616,480          97,045
        Equity    Commonwealth
                                           2,974,767          96,739
        Ryman   Hospitality       Properties      Inc.
                                           1,184,628          96,062
        Bank   OZK
                                           3,136,304          94,371
        Pebblebrook       Hotel   Trust
                                           3,335,071          93,982
        Umpqua    Holdings     Corp.
                                           5,636,074          93,502
        Outfront     Media   Inc.
                                           3,624,581          93,478
        RLI  Corp.
                                           1,082,770          92,804
        Janus   Henderson      Group   plc
                                           4,246,163          90,868
        Chimera     Investment      Corp.
                                           4,789,796          90,383
        Sabra   Health    Care   REIT   Inc.
                                           4,586,201          90,302
        First   Hawaiian     Inc.
                                           3,462,871          89,584
        Associated      Banc-Corp
                                           4,197,058          88,726
        Glacier     Bancorp     Inc.
                                           2,163,777          87,741
        Two  Harbors     Investment      Corp.
                                           6,924,466          87,733
        Hancock     Whitney     Corp.
                                           2,189,157          87,698
        Bank   of  Hawaii    Corp.
                                           1,050,336          87,083
        Community      Bank   System    Inc.
                                           1,318,782          86,829
        Valley    National     Bancorp
                                           8,052,132          86,802
        Apple   Hospitality       REIT   Inc.
                                           5,444,857          86,355
        Weingarten      Realty    Investors
                                           3,136,254          85,996
        BankUnited      Inc.
                                           2,516,227          84,898
        Navient     Corp.
                                           6,110,570          83,409
        PS  Business     Parks   Inc.
                                            493,003         83,086
     *,^
        LendingTree       Inc.
                                            197,697         83,039
        TCF  Financial      Corp.
                                           3,986,191          82,873
        Physicians      Realty    Trust
                                           4,738,632          82,642
        MFA  Financial      Inc.
                                          11,502,880           82,591
        Jones   Lang   LaSalle     Inc.
                                            586,375         82,497
        National     Health    Investors      Inc.
                                           1,050,419          81,964
        Legg   Mason   Inc.
                                           2,099,438          80,367
        Sunstone     Hotel   Investors      Inc.
                                           5,846,310          80,153
        Federated      Investors      Inc.   Class   B
                                           2,458,428          79,899
        Evercore     Inc.   Class   A
                                            893,007         79,094
        White   Mountains      Insurance      Group   Ltd.
                                             77,318         78,977
        Terreno     Realty    Corp.
                                           1,607,834          78,848
     *
        Texas   Capital     Bancshares      Inc.
                                           1,283,125          78,745
        RLJ  Lodging     Trust
                                           4,437,829          78,727
        UMB  Financial      Corp.
                                           1,190,480          78,357
        CenterState       Bank   Corp.
                                           3,333,811          76,778
        Paramount      Group   Inc.
                                           5,393,119          75,558
        Corporate      Office    Properties      Trust
                                           2,862,039          75,472
        Chemical     Financial      Corp.
                                           1,825,721          75,055
                                 22/70


                                                           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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        Home   BancShares      Inc.
                                           3,857,608          74,298
        Old  National     Bancorp
                                           4,448,201          73,796
        Washington      Federal     Inc.
                                           2,054,328          71,758
        CVB  Financial      Corp.
                                           3,395,545          71,408
        BancorpSouth       Bank
                                           2,453,169          71,240
        Apollo    Commercial      Real   Estate    Finance     Inc.
                                           3,861,396          71,011
        Fulton    Financial      Corp.
                                           4,317,726          70,681
        Atlantic     Union   Bankshares      Corp.
                                           1,987,666          70,224
        Cathay    General     Bancorp
                                           1,954,730          70,194
        SLM  Corp.
                                           7,007,557          68,113
        CNO  Financial      Group   Inc.
                                           4,072,376          67,927
        Columbia     Banking     System    Inc.
                                           1,871,544          67,712
        Empire    State   Realty    Trust   Inc.
                                           4,557,253          67,493
        Independent       Bank   Corp.
                                            882,454         67,199
        South   State   Corp.
                                            902,581         66,493
        QTS  Realty    Trust   Inc.   Class   A
                                           1,413,179          65,261
                                 23/70















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

                                              株数     ( 千米ドル     )
        Cadence     BanCorp     Class   A
                                           3,120,813          64,913
        Santander      Consumer     USA  Holdings     Inc.
                                           2,703,278          64,771
        OneMain     Holdings     Inc.
                                           1,909,808          64,571
        Brandywine      Realty    Trust
                                           4,506,264          64,530
        Piedmont     Office    Realty    Trust   Inc.   Class   A
                                           3,214,147          64,058
        Retail    Properties      of  America     Inc.
                                           5,445,943          64,044
        PotlatchDeltic         Corp.
                                           1,636,449          63,789
        Kennedy-Wilson         Holdings     Inc.
                                           3,090,914          63,580
        Investors      Bancorp     Inc.
                                           5,698,031          63,533
        CoreCivic      Inc.
                                           3,038,819          63,086
        American     Equity    Investment      Life   Holding     Co.
                                           2,319,501          62,998
        Columbia     Property     Trust   Inc.
                                           2,991,142          62,036
        GEO  Group   Inc.
                                           2,938,312          61,734
        Colony    Capital     Inc.
                                          12,319,380           61,597
        First   BanCorp
                                           5,550,435          61,277
        Argo   Group   International        Holdings     Ltd.
                                            826,588         61,209
        Taubman     Centers     Inc.
                                           1,480,900          60,465
        Macerich     Co.
                                           1,802,562          60,368
        Affiliated      Managers     Group   Inc.
                                            654,922         60,345
        Agree   Realty    Corp.
                                            942,006         60,335
        First   Citizens     BancShares      Inc.   Class   A
                                            133,413         60,072
        Xenia   Hotels    & Resorts     Inc.
                                           2,873,823          59,919
     *
        Green   Dot  Corp.   Class   A
                                           1,221,605          59,737
     *
        Zillow    Group   Inc.   Class   A
                                           1,299,960          59,486
        First   Midwest     Bancorp     Inc.
                                           2,885,054          59,057
        American     Assets    Trust   Inc.
                                           1,248,555          58,832
        CareTrust      REIT   Inc.
                                           2,442,355          58,079
        First   Financial      Bancorp
                                           2,379,236          57,625
        Acadia    Realty    Trust
                                           2,104,311          57,595
        United    Community      Banks   Inc.
                                           2,015,332          57,558
        Jefferies      Financial      Group   Inc.
                                           2,985,452          57,410
        International        Bancshares      Corp.
                                           1,508,114          56,871
        WSFS   Financial      Corp.
                                           1,362,236          56,260
        BOK  Financial      Corp.
                                            730,824         55,163
        Washington      REIT
                                           2,036,205          54,428
        Simmons     First   National     Corp.   Class   A
                                           2,311,501          53,766
        Lexington      Realty    Trust
                                           5,711,341          53,744
        DiamondRock       Hospitality       Co.
                                           5,150,572          53,257
        Invesco     Mortgage     Capital     Inc.
                                           3,237,784          52,193
     *
        Enstar    Group   Ltd.
                                            298,398         52,005
        Great   Western     Bancorp     Inc.
                                           1,445,240          51,624
        Urban   Edge   Properties
                                           2,962,738          51,344
     *
        Cannae    Holdings     Inc.
                                           1,756,123          50,892
        Renasant     Corp.
                                           1,411,677          50,736
        WesBanco     Inc.
                                           1,312,239          50,587
        LegacyTexas       Financial      Group   Inc.
                                           1,240,027          50,482
        Senior    Housing     Properties      Trust
                                           6,056,954          50,091
        Retail    Opportunity       Investments       Corp.
                                           2,898,017          49,643
                                 24/70


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                                               バンガード・インデックス・ファンズ(E14945)
                                                   半期報告書(外国投資信託受益証券)
        Trustmark      Corp.
                                           1,485,127          49,380
        ProAssurance       Corp.
                                           1,361,769          49,173
        First   Merchants      Corp.
                                           1,266,394          47,996
     *
        Genworth     Financial      Inc.   Class   A
                                          12,843,671           47,650
        Pacific     Premier     Bancorp     Inc.
                                           1,514,967          46,782
        LTC  Properties      Inc.
                                           1,009,133          46,077
        Banner    Corp.
                                            847,446         45,889
        Mack-Cali      Realty    Corp.
                                           1,962,698          45,711
        SITE   Centers     Corp.
                                           3,446,483          45,631
        Independent       Bank   Group   Inc.
                                            828,469         45,533
        Northwest      Bancshares      Inc.
                                           2,574,622          45,339
        Eagle   Bancorp     Inc.
                                            834,498         45,171
        Ameris    Bancorp
                                           1,148,735          45,019
        Ares   Management      Corp.
                                           1,719,249          44,993
        Towne   Bank
                                           1,642,379          44,804
     *
        Cushman     & Wakefield      plc
                                           2,490,374          44,528
                                 25/70















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

                                              株数     ( 千米ドル     )
        Capitol     Federal     Financial      Inc.
                                           3,219,187          44,328
        Mercury     General     Corp.
                                            706,639         44,165
        HFF  Inc.   Class   A
                                            966,923         43,976
        Brookfield      Property     REIT   Inc.   Class   A
                                           2,296,212          43,375
        First   Interstate      BancSystem      Inc.   Class   A
                                           1,089,873          43,170
        Virtu   Financial      Inc.   Class   A
                                           1,944,939          42,361
        Uniti   Group   Inc.
                                           4,456,877          42,340
        Moelis    & Co.  Class   A
                                           1,205,137          42,120
        Horace    Mann   Educators      Corp.
                                           1,043,538          42,044
        Global    Net  Lease   Inc.
                                           2,139,869          41,984
        Houlihan     Lokey   Inc.   Class   A
                                            940,836         41,895
        Hope   Bancorp     Inc.
                                           3,038,037          41,864
        Chesapeake      Lodging     Trust
                                           1,467,642          41,710
        Redwood     Trust   Inc.
                                           2,492,868          41,207
        Ladder    Capital     Corp.   Class   A
                                           2,456,393          40,801
        Westamerica       Bancorporation
                                            662,202         40,798
        Alexander      & Baldwin     Inc.
                                           1,740,907          40,215
        PennyMac     Mortgage     Investment      Trust
                                           1,826,594          39,875
        National     General     Holdings     Corp.
                                           1,733,568          39,768
        Walker    & Dunlop    Inc.
                                            743,692         39,572
        ServisFirst       Bancshares      Inc.
                                           1,142,631          39,147
        NBT  Bancorp     Inc.
                                           1,043,588          39,145
     ^
        Tanger    Factory     Outlet    Centers     Inc.
                                           2,391,005          38,758
        Hilltop     Holdings     Inc.
                                           1,787,207          38,014
        BGC  Partners     Inc.   Class   A
                                           7,239,329          37,862
        Artisan     Partners     Asset   Management      Inc.   Class   A
                                           1,357,230          37,351
        Provident      Financial      Services     Inc.
                                           1,513,535          36,703
        Park   National     Corp.
                                            369,063         36,681
     *
        Axos   Financial      Inc.
                                           1,324,369          36,089
        Safety    Insurance      Group   Inc.
                                            379,174         36,071
        Newmark     Group   Inc.   Class   A
                                           4,007,838          35,990
     *
        LendingClub       Corp.
                                          10,831,303           35,527
     ^
        Seritage     Growth    Properties      Class   A
                                            813,684         34,956
        Berkshire      Hills   Bancorp     Inc.
                                           1,098,602          34,485
        Industrial      Logistics      Properties      Trust
                                           1,652,155          34,398
     *,^
        Redfin    Corp.
                                           1,866,742          33,564
        First   Commonwealth       Financial      Corp.
                                           2,488,560          33,521
        Employers      Holdings     Inc.
                                            775,411         32,777
        Colony    Credit    Real   Estate    Inc.
                                           2,085,697          32,328
     ^
        Office    Properties      Income    Trust
                                           1,223,101          32,131
        Kite   Realty    Group   Trust
                                           2,109,137          31,911
        OFG  Bancorp
                                           1,321,793          31,419
        FGL  Holdings
                                           3,734,608          31,371
        Clearway     Energy    Inc.
                                           1,842,796          31,070
        Cohen   & Steers    Inc.
                                            602,552         30,995
        S&T  Bancorp     Inc.
                                            823,833         30,877
     *
        PRA  Group   Inc.
                                           1,096,511          30,856
        Brookline      Bancorp     Inc.
                                           1,987,305          30,565
                                 26/70


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     ^
        Waddell     & Reed   Financial      Inc.   Class   A
                                           1,807,097          30,124
        City   Holding     Co.
                                            392,920         29,964
        Hamilton     Lane   Inc.   Class   A
                                            521,093         29,734
     ^
        American     Finance     Trust   Inc.
                                           2,695,883          29,385
        TPG  RE  Finance     Trust   Inc.
                                           1,512,402          29,174
     *
        World   Acceptance      Corp.
                                            177,569         29,141
        ARMOUR    Residential       REIT   Inc.
                                           1,544,205          28,784
        American     National     Insurance      Co.
                                            241,426         28,119
        BancFirst      Corp.
                                            502,448         27,966
        Tompkins     Financial      Corp.
                                            339,193         27,678
        Kearny    Financial      Corp.
                                           2,068,110          27,485
        Universal      Health    Realty    Income    Trust
                                            322,521         27,392
        United    Fire   Group   Inc.
                                            556,394         26,963
        Boston    Private     Financial      Holdings     Inc.
                                           2,202,212          26,581
        TFS  Financial      Corp.
                                           1,454,839          26,289
        Getty   Realty    Corp.
                                            854,211         26,276
                                 27/70















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                                               バンガード・インデックス・ファンズ(E14945)
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                                                    市場価格

                                              株数     ( 千米ドル     )
        Granite     Point   Mortgage     Trust   Inc.
                                           1,346,418          25,838
        Piper   Jaffray     Cos.
                                            343,552         25,516
     *,^
        Encore    Capital     Group   Inc.
                                            749,845         25,397
        National     Bank   Holdings     Corp.   Class   A
                                            685,153         24,871
        Flagstar     Bancorp     Inc.
                                            713,615         23,649
        RPT  Realty
                                           1,937,190          23,459
     *
        Focus   Financial      Partners     Inc.   Class   A
                                            831,610         22,711
        Central     Pacific     Financial      Corp.
                                            720,402         21,583
        WisdomTree      Investments       Inc.
                                           3,417,405          21,085
     ^
        Realogy     Holdings     Corp.
                                           2,901,482          21,007
     *
        Ambac   Financial      Group   Inc.
                                           1,193,092          20,104
        Alexander's       Inc.
                                             53,879         19,951
        Franklin     Street    Properties      Corp.
                                           2,680,114          19,779
     *
        MBIA   Inc.
                                           2,118,343          19,722
        iStar   Inc.
                                           1,559,768          19,372
        Heartland      Financial      USA  Inc.
                                            430,640         19,263
     *
        Third   Point   Reinsurance       Ltd.
                                           1,845,654          19,047
     *
        Marcus    & Millichap      Inc.
                                            614,324         18,952
        Virtus    Investment      Partners     Inc.
                                            175,675         18,868
        Capstead     Mortgage     Corp.
                                           2,251,283          18,798
     ^
        Washington      Prime   Group   Inc.
                                           4,901,160          18,722
     *
        Columbia     Financial      Inc.
                                           1,217,754          18,388
        Saul   Centers     Inc.
                                            327,326         18,373
        Investors      Real   Estate    Trust
                                            311,927         18,301
        RMR  Group   Inc.   Class   A
                                            388,721         18,262
        Oritani     Financial      Corp.
                                            995,891         17,667
        Northfield      Bancorp     Inc.
                                           1,102,195          17,205
        FBL  Financial      Group   Inc.   Class   A
                                            257,720         16,443
        Urstadt     Biddle    Properties      Inc.   Class   A
                                            780,704         16,395
        Hersha    Hospitality       Trust   Class   A
                                            986,760         16,321
        Summit    Hotel   Properties      Inc.
                                           1,378,048          15,806
        State   Auto   Financial      Corp.
                                            450,005         15,750
        PennyMac     Financial      Services     Inc.
                                            698,321         15,489
        Dime   Community      Bancshares      Inc.
                                            806,841         15,322
        Front   Yard   Residential       Corp.
                                           1,247,735          15,247
     *
        St.  Joe  Co.
                                            876,066         15,138
        National     Western     Life   Group   Inc.   Class   A
                                             58,648         15,073
        Nelnet    Inc.   Class   A
                                            254,024         15,043
        Clearway     Energy    Inc.   Class   A
                                            907,811         14,688
        New  Senior    Investment      Group   Inc.
                                           2,165,141          14,550
        AG  Mortgage     Investment      Trust   Inc.
                                            842,282         13,392
        Retail    Value   Inc.
                                            383,592         13,349
        KKR  Real   Estate    Finance     Trust   Inc.
                                            604,058         12,033
        CorePoint      Lodging     Inc.
                                            950,331         11,775
        Anworth     Mortgage     Asset   Corp.
                                           2,587,500           9,807
     ^
        Pennsylvania       REIT
                                           1,434,680           9,325
     *
        Tejon   Ranch   Co.
                                            506,313          8,400
        Ashford     Hospitality       Trust   Inc.
                                           2,550,812           7,576
                                 28/70


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     *
        Greenlight      Capital     Re  Ltd.   Class   A
                                            753,464          6,397
     *
        EZCORP    Inc.   Class   A
                                            624,109          5,910
     *
        Forestar     Group   Inc.
                                            273,962          5,356
        Spirit    MTA  REIT
                                            561,837          4,686
        GAMCO   Investors      Inc.   Class   A
                                            163,823          3,141
        Greenhill      & Co.  Inc.
                                            169,274          2,300
     ^
        CBL  & Associates      Properties      Inc.
                                           2,043,260           2,125
        Associated      Capital     Group   Inc.   Class   A
                                             49,974         1,869
     *
        Altisource      Portfolio      Solutions      SA
                                             66,934         1,316
        Urstadt     Biddle    Properties      Inc.
                                             57,800          988
        WP  Carey   Inc.
                                              352         29
     *
        On  Deck   Capital     Inc.
                                              121          1
     *
        Longfin     Corp.
                                                        -
                                               18
                                                   23,629,153
                                 29/70















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                                                    市場価格

                                              株数     ( 千米ドル     )
     ヘルスケア      (11.7   % )
        STERIS    plc
                                           2,164,092          322,190
     *,^
        Sarepta     Therapeutics       Inc.
                                           1,797,476          273,126
     *
        Array   BioPharma      Inc.
                                           5,671,280          262,750
     *
        Sage   Therapeutics       Inc.
                                           1,307,733          239,433
        West   Pharmaceutical         Services     Inc.
                                           1,879,766          235,253
     *
        Molina    Healthcare      Inc.
                                           1,522,008          217,860
     *
        Ionis   Pharmaceuticals         Inc.
                                           3,229,595          207,566
        Bio-Techne      Corp.
                                            968,960         202,018
     *
        Catalent     Inc.
                                           3,724,443          201,902
     *
        Neurocrine      Biosciences       Inc.
                                           2,333,511          197,018
     *
        Exact   Sciences     Corp.
                                           1,651,247          194,913
     *
        Masimo    Corp.
                                           1,228,526          182,829
     *,^
        Insulet     Corp.
                                           1,525,969          182,170
        Hill-Rom     Holdings     Inc.
                                           1,708,083          178,700
     *
        Charles     River   Laboratories       International        Inc.
                                           1,247,333          176,997
     *
        Bio-Rad     Laboratories       Inc.   Class   A
                                            538,125         168,212
     *
        Exelixis     Inc.
                                           7,716,197          164,895
     *
        Haemonetics       Corp.
                                           1,309,250          157,555
        Encompass      Health    Corp.
                                           2,405,949          152,441
     *
        PRA  Health    Sciences     Inc.
                                           1,511,725          149,888
        Chemed    Corp.
                                            408,559         147,424
        Bruker    Corp.
                                           2,608,433          130,291
     *
        Penumbra     Inc.
                                            799,304         127,889
     *
        ICU  Medical     Inc.
                                            500,621         126,111
     *,^
        Bluebird     Bio  Inc.
                                            985,576         125,365
     *
        Novocure     Ltd.
                                           1,958,851          123,858
     *,^
        Teladoc     Health    Inc.
                                           1,742,507          115,720
     *
        Horizon     Therapeutics       plc
                                           4,723,129          113,638
     *
        Blueprint      Medicines      Corp.
                                           1,185,902          111,866
     *
        Avantor     Inc.
                                           5,784,637          110,429
     *
        Syneos    Health    Inc.
                                           2,122,831          108,455
     *
        HealthEquity       Inc.
                                           1,524,833          99,724
     *
        Amedisys     Inc.
                                            820,690         99,640
     *
        Integra     LifeSciences       Holdings     Corp.
                                           1,747,886          97,619
     *
        Wright    Medical     Group   NV
                                           3,223,469          96,124
     *
        Repligen     Corp.
                                           1,085,752          93,320
     *
        LHC  Group   Inc.
                                            764,781         91,453
     *
        Tandem    Diabetes     Care   Inc.
                                           1,411,258          91,054
     *
        Spark   Therapeutics       Inc.
                                            883,923         90,496
     *
        Alkermes     plc
                                           3,999,225          90,143
     *
        FibroGen     Inc.
                                           1,981,461          89,522
     *
        Ultragenyx      Pharmaceutical         Inc.
                                           1,401,438          88,991
     *
        United    Therapeutics       Corp.
                                           1,117,390          87,223
     *
        Omnicell     Inc.
                                           1,000,646          86,086
     *
        Mirati    Therapeutics       Inc.
                                            829,334         85,421
     *
        Globus    Medical     Inc.
                                           1,952,152          82,576
     *
        Neogen    Corp.
                                           1,328,561          82,517
                                 30/70


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     *
        Merit   Medical     Systems     Inc.
                                           1,331,759          79,320
     *
        Nektar    Therapeutics       Class   A
                                           2,223,233          79,103
     *
        Amicus    Therapeutics       Inc.
                                           6,283,771          78,421
     *
        NuVasive     Inc.
                                           1,326,663          77,663
        Ensign    Group   Inc.
                                           1,354,101          77,075
     *
        Global    Blood   Therapeutics       Inc.
                                           1,448,445          76,188
     *,^
        Acadia    Healthcare      Co.  Inc.
                                           2,152,140          75,217
     *
        Arena   Pharmaceuticals         Inc.
                                           1,265,040          74,169
        Cantel    Medical     Corp.
                                            903,952         72,895
     *
        HMS  Holdings     Corp.
                                           2,222,433          71,985
     *
        Guardant     Health    Inc.
                                            821,073         70,883
     *
        ACADIA    Pharmaceuticals         Inc.
                                           2,576,456          68,869
     *
        Medicines      Co.
                                           1,836,557          66,979
     *
        Glaukos     Corp.
                                            883,298         66,601
     *
        PTC  Therapeutics       Inc.
                                           1,424,624          64,108
     *
        Agios   Pharmaceuticals         Inc.
                                           1,272,506          63,473
                                 31/70















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                                               バンガード・インデックス・ファンズ(E14945)
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                                                    市場価格

                                              株数     ( 千米ドル     )
        CONMED    Corp.
                                            721,797         61,764
     *,^
        Immunomedics       Inc.
                                           4,152,188          57,591
     ^
        Healthcare      Services     Group   Inc.
                                           1,886,172          57,189
     *
        Halozyme     Therapeutics       Inc.
                                           3,320,785          57,051
     *
        Insmed    Inc.
                                           2,224,162          56,939
     *
        Quidel    Corp.
                                            912,749         54,144
     *
        Emergent     BioSolutions       Inc.
                                           1,113,678          53,802
     *
        MEDNAX    Inc.
                                           2,129,680          53,732
     *
        Intercept      Pharmaceuticals         Inc.
                                            670,880         53,382
     *
        MyoKardia      Inc.
                                           1,056,310          52,963
     *
        Avanos    Medical     Inc.
                                           1,210,005          52,768
     *
        WageWorks      Inc.
                                           1,018,021          51,705
     *
        Tenet   Healthcare      Corp.
                                           2,500,237          51,655
     *,^
        Ligand    Pharmaceuticals         Inc.
                                            450,299         51,402
     *
        Xencor    Inc.
                                           1,221,139          49,981
     *
        iRhythm     Technologies       Inc.
                                            628,313         49,687
     *
        Myriad    Genetics     Inc.
                                           1,778,157          49,397
     *
        Nevro   Corp.
                                            744,309         48,254
     *
        Acceleron      Pharma    Inc.
                                           1,151,160          47,290
        Patterson      Cos.   Inc.
                                           2,063,423          47,252
     *
        Reata   Pharmaceuticals         Inc.   Class   A
                                            497,924         46,979
     *
        Medpace     Holdings     Inc.
                                            689,493         45,107
     *,^
        Portola     Pharmaceuticals         Inc.
                                           1,661,278          45,070
     *
        Select    Medical     Holdings     Corp.
                                           2,752,163          43,677
     *
        REGENXBIO      Inc.
                                            849,005         43,613
     *
        Pacira    BioSciences       Inc.
                                            999,319         43,460
     *
        Supernus     Pharmaceuticals         Inc.
                                           1,266,882          41,921
     *
        Prestige     Consumer     Healthcare      Inc.
                                           1,309,935          41,499
     *
        Ironwood     Pharmaceuticals         Inc.   Class   A
                                           3,766,000          41,200
     *
        Magellan     Health    Inc.
                                            552,859         41,039
     *
        Cambrex     Corp.
                                            856,710         40,103
     *
        BioTelemetry       Inc.
                                            828,781         39,906
     *
        Natera    Inc.
                                           1,425,103          39,304
     *
        Genomic     Health    Inc.
                                            660,988         38,450
     *,^
        Heron   Therapeutics       Inc.
                                           1,938,950          36,045
     *
        Aerie   Pharmaceuticals         Inc.
                                           1,184,504          35,002
     *
        Iovance     Biotherapeutics         Inc.
                                           1,415,892          34,718
     *
        Brookdale      Senior    Living    Inc.
                                           4,734,538          34,136
     *,^
        Denali    Therapeutics       Inc.
                                           1,605,047          33,321
     *
        Inogen    Inc.
                                            479,692         32,024
     *
        Momenta     Pharmaceuticals         Inc.
                                           2,508,564          31,232
     *
        Varex   Imaging     Corp.
                                            990,366         30,355
     *
        Editas    Medicine     Inc.
                                           1,210,618          29,951
     *
        AnaptysBio      Inc.
                                            528,925         29,842
     *
        Radius    Health    Inc.
                                           1,200,726          29,250
     *,^
        Corcept     Therapeutics       Inc.
                                           2,608,391          29,084
     *,^
        Allogene     Therapeutics       Inc.
                                           1,082,586          29,067
     *
        Arrowhead      Pharmaceuticals         Inc.
                                           1,086,759          28,799
                                 32/70


                                                           EDINET提出書類
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     *
        NeoGenomics       Inc.
                                           1,237,849          27,158
     *
        Zogenix     Inc.
                                            538,328         25,721
     *
        Tricida     Inc.
                                            633,066         24,981
     *
        Innoviva     Inc.
                                           1,715,169          24,973
     *
        Epizyme     Inc.
                                           1,986,440          24,930
     *
        Orthofix     Medical     Inc.
                                            470,904         24,901
     *,^
        Allakos     Inc.
                                            554,298         24,018
     *,^
        Madrigal     Pharmaceuticals         Inc.
                                            220,214         23,081
        Luminex     Corp.
                                           1,105,084          22,809
     *,^
        OPKO   Health    Inc.
                                           9,023,740          22,018
     *
        Spectrum     Pharmaceuticals         Inc.
                                           2,556,276          22,010
     *
        Endo   International        plc
                                           5,228,131          21,540
     *,^
        Alder   Biopharmaceuticals           Inc.
                                           1,820,204          21,424
     *
        Aimmune     Therapeutics       Inc.
                                           1,017,408          21,182
     *
        CorVel    Corp.
                                            242,969         21,141
        National     HealthCare      Corp.
                                            260,098         21,107
                                 33/70















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                                                    市場価格

                                              株数     ( 千米ドル     )
     *
        Amneal    Pharmaceuticals         Inc.
                                           2,832,008          20,306
     *
        Mallinckrodt       plc
                                           2,197,445          20,173
     *,^
        Clovis    Oncology     Inc.
                                           1,299,148          19,318
     *
        Tivity    Health    Inc.
                                           1,147,338          18,862
     *,^
        Theravance      Biopharma      Inc.
                                           1,093,586          17,858
     *
        HealthStream       Inc.
                                            681,224         17,616
     *
        STAAR   Surgical     Co.
                                            573,852         16,860
     *
        Sangamo     Therapeutics       Inc.
                                           1,497,220          16,125
     *,^
        Esperion     Therapeutics       Inc.
                                            324,114         15,078
     *
        Intra-Cellular         Therapies      Inc.
                                           1,155,606          15,000
     *,^
        Intellia     Therapeutics       Inc.
                                            909,616         14,890
     *,^
        Intrexon     Corp.
                                           1,836,002          14,064
        Meridian     Bioscience      Inc.
                                           1,117,181          13,272
     *,^
        Rubius    Therapeutics       Inc.
                                            811,122         12,759
     *
        Akorn   Inc.
                                           2,439,919          12,566
     *,^
        ZIOPHARM     Oncology     Inc.
                                           2,098,725          12,236
     *
        Gossamer     Bio  Inc.
                                            503,012         11,157
     *,^
        Akcea   Therapeutics       Inc.
                                            470,607         11,036
     *
        G1  Therapeutics       Inc.
                                            359,540         11,023
     *
        Natus   Medical     Inc.
                                            422,468         10,853
     *
        Puma   Biotechnology        Inc.
                                            851,517         10,823
     *
        Atara   Biotherapeutics         Inc.
                                            511,250         10,281
     *,^
        Shockwave      Medical     Inc.
                                            177,718         10,146
     *
        Acorda    Therapeutics       Inc.
                                           1,259,952           9,664
     *
        Achillion      Pharmaceuticals         Inc.
                                           3,442,896           9,227
     *
        Silk   Road   Medical     Inc.
                                            150,014          7,270
     *,^
        Lexicon     Pharmaceuticals         Inc.
                                           1,100,896           6,925
     *,^
        TherapeuticsMD         Inc.
                                           2,503,616           6,509
     *,^
        Alector     Inc.
                                            267,398          5,081
     *
        Kiniksa     Pharmaceuticals         Ltd.   Class   A
                                            361,529          4,895
     *
        Turning     Point   Therapeutics       Inc.
                                            111,611          4,543
     *
        PDL  BioPharma      Inc.
                                           1,368,086           4,296
     *,^
        AMAG   Pharmaceuticals         Inc.
                                            394,530          3,941
     *
        Surgery     Partners     Inc.
                                            465,622          3,790
     *,^
        Community      Health    Systems     Inc.
                                           1,396,501           3,729
     *
        Adaptive     Biotechnologies         Corp.
                                             58,561         2,828
        Owens   & Minor   Inc.
                                            734,723          2,351
     *,^
        Moderna     Inc.
                                            109,611          1,605
     *
        Bridgebio      Pharma    Inc.
                                             19,793          534
     *
        American     Renal   Associates      Holdings     Inc.
                                             50,915          379
     *,^,§
        Synergy     Pharmaceuticals         Inc.
                                           2,001,166             13
     *
        Accuray     Inc.
                                              181          1
     *
        Five   Prime   Therapeutics       Inc.
                                               71         -
     *
        Cyclerion      Therapeutics       Inc.
                                               30         -
     *,^
        Insys   Therapeutics       Inc.
                                                        -
                                              429
                                                   10,898,599
     資本財・サービス          (20.3   % )
        IDEX   Corp.
                                           1,937,956          333,600
                                 34/70


                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                   半期報告書(外国投資信託受益証券)
     *
        Zebra   Technologies       Corp.
                                           1,381,095          289,326
        PerkinElmer       Inc.
                                           2,839,323          273,540
        Allegion     plc
                                           2,404,736          265,844
        Lennox    International        Inc.
                                            953,745         262,280
     *
        Teledyne     Technologies       Inc.
                                            927,288         253,956
     *
        WEX  Inc.
                                           1,106,615          230,287
        Booz   Allen   Hamilton     Holding     Corp.   Class   A
                                           3,406,888          225,570
     *
        Fair   Isaac   Corp.
                                            705,186         221,442
        Spirit    AeroSystems       Holdings     Inc.   Class   A
                                           2,645,998          215,305
        Graco   Inc.
                                           4,261,351          213,835
     *
        Euronet     Worldwide      Inc.
                                           1,263,972          212,651
        Carlisle     Cos.   Inc.
                                           1,459,546          204,935
        Universal      Display     Corp.
                                           1,086,844          204,392
        AptarGroup      Inc.
                                           1,618,528          201,248
        Nordson     Corp.
                                           1,322,111          186,827
     *
        Berry   Global    Group   Inc.
                                           3,367,919          177,119
                                 35/70















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

                                              株数     ( 千米ドル     )
     *
        HD  Supply    Holdings     Inc.
                                           4,370,972          176,063
        Hexcel    Corp.
                                           2,171,034          175,593
        Toro   Co.
                                           2,579,913          172,596
        Sonoco    Products     Co.
                                           2,562,869          167,458
        Donaldson      Co.  Inc.
                                           3,265,406          166,079
        Woodward     Inc.
                                           1,430,388          161,863
        Owens   Corning
                                           2,775,715          161,547
        Genpact     Ltd.
                                           4,147,844          157,991
     *
        AECOM
                                           4,024,711          152,335
        Oshkosh     Corp.
                                           1,788,510          149,323
        ManpowerGroup        Inc.
                                           1,530,596          147,856
        ITT  Inc.
                                           2,246,212          147,082
     *
        Genesee     & Wyoming     Inc.   Class   A
                                           1,445,497          144,550
        Acuity    Brands    Inc.
                                           1,020,565          140,746
        Quanta    Services     Inc.
                                           3,636,549          138,880
        Curtiss-Wright         Corp.
                                           1,092,217          138,854
        Watsco    Inc.
                                            824,574         134,843
        National     Instruments       Corp.
                                           3,202,220          134,461
        Jack   Henry   & Associates      Inc.
                                            989,490         132,512
        MDU  Resources      Group   Inc.
                                           5,069,078          130,782
        BWX  Technologies       Inc.
                                           2,428,744          126,538
        EMCOR   Group   Inc.
                                           1,433,038          126,251
        Lincoln     Electric     Holdings     Inc.
                                           1,523,548          125,418
        Avnet   Inc.
                                           2,719,077          123,093
        Insperity      Inc.
                                           1,002,644          122,463
        AGCO   Corp.
                                           1,572,044          121,943
        Armstrong      World   Industries      Inc.
                                           1,251,696          121,665
        Fluor   Corp.
                                           3,577,752          120,534
        MAXIMUS     Inc.
                                           1,633,558          118,498
     *
        Gardner     Denver    Holdings     Inc.
                                           3,357,811          116,180
     *
        Kirby   Corp.
                                           1,456,866          115,092
        Air  Lease   Corp.   Class   A
                                           2,701,542          111,682
        Jabil   Inc.
                                           3,518,364          111,180
     *
        Stericycle      Inc.
                                           2,323,348          110,940
        Landstar     System    Inc.
                                           1,026,798          110,884
     *
        Generac     Holdings     Inc.
                                           1,592,762          110,554
        Tetra   Tech   Inc.
                                           1,403,660          110,257
        Crane   Co.
                                           1,301,009          108,556
     *
        Trex   Co.  Inc.
                                           1,495,289          107,212
        Littelfuse      Inc.
                                            600,224         106,186
     *
        RBC  Bearings     Inc.
                                            634,271         105,803
        Graphic     Packaging      Holding     Co.
                                           7,545,329          105,484
        Eagle   Materials      Inc.
                                           1,127,624          104,531
     ^
        Knight-Swift       Transportation         Holdings     Inc.
                                           3,097,044          101,707
        Cognex    Corp.
                                           2,083,312          99,957
        nVent   Electric     plc
                                           4,021,481          99,693
        HEICO   Corp.   Class   A
                                            961,188         99,358
        Brink's     Co.
                                           1,208,429          98,100
                                 36/70


                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                   半期報告書(外国投資信託受益証券)
     *
        Axon   Enterprise      Inc.
                                           1,511,793          97,072
        MSA  Safety    Inc.
                                            889,755         93,771
        FLIR   Systems     Inc.
                                           1,732,699          93,739
     *
        Mercury     Systems     Inc.
                                           1,323,193          93,087
        John   Bean   Technologies       Corp.
                                            768,203         93,052
     *
        Clean   Harbors     Inc.
                                           1,286,869          91,496
        KBR  Inc.
                                           3,611,557          90,072
        Timken    Co.
                                           1,749,141          89,801
        Regal   Beloit    Corp.
                                           1,092,843          89,296
        Flowserve      Corp.
                                           1,678,411          88,435
     *
        CoreLogic      Inc.
                                           2,059,786          86,161
        MSC  Industrial      Direct    Co.  Inc.   Class   A
                                           1,151,714          85,526
        AO  Smith   Corp.
                                           1,805,330          85,139
     *
        Coherent     Inc.
                                            618,512         84,346
        Louisiana-Pacific          Corp.
                                           3,149,794          82,588
     *
        Rogers    Corp.
                                            474,332         81,860
                                 37/70















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

                                              株数     ( 千米ドル     )
     *
        FTI  Consulting      Inc.
                                            970,841         81,395
     *,^
        Allegheny      Technologies       Inc.
                                           3,213,584          80,982
     *
        Aerojet     Rocketdyne      Holdings     Inc.
                                           1,805,998          80,855
     *
        MasTec    Inc.
                                           1,557,176          80,241
     *
        Novanta     Inc.
                                            847,154         79,887
        Ryder   System    Inc.
                                           1,361,502          79,376
        Kennametal      Inc.
                                           2,102,548          77,773
     *
        Arrow   Electronics       Inc.
                                           1,089,393          77,641
     *
        ASGN   Inc.
                                           1,280,466          77,596
        Moog   Inc.   Class   A
                                            828,613         77,566
        Exponent     Inc.
                                           1,323,994          77,507
     *
        Rexnord     Corp.
                                           2,540,793          76,783
     *
        Paylocity      Holding     Corp.
                                            813,808         76,351
        Macquarie      Infrastructure         Corp.
                                           1,869,590          75,793
     *
        Proto   Labs   Inc.
                                            649,861         75,397
        UniFirst     Corp.
                                            392,387         73,992
        GATX   Corp.
                                            923,004         73,185
     *
        TriNet    Group   Inc.
                                           1,075,194          72,898
     *
        TopBuild     Corp.
                                            879,973         72,827
     *
        SiteOne     Landscape      Supply    Inc.
                                           1,045,052          72,422
        Allison     Transmission       Holdings     Inc.
                                           1,523,775          70,627
        Barnes    Group   Inc.
                                           1,244,947          70,140
     *
        Integer     Holdings     Corp.
                                            831,796         69,804
     *
        Resideo     Technologies       Inc.
                                           3,129,702          68,603
        Owens-Illinois         Inc.
                                           3,960,662          68,401
        Simpson     Manufacturing        Co.  Inc.
                                           1,024,127          68,063
     *,^
        XPO  Logistics      Inc.
                                           1,176,350          68,005
        ABM  Industries      Inc.
                                           1,690,299          67,612
        EnerSys
                                            982,866         67,326
        Valmont     Industries      Inc.
                                            529,338         67,125
        Watts   Water   Technologies       Inc.   Class   A
                                            705,470         65,736
        HEICO   Corp.
                                            486,050         65,038
        Albany    International        Corp.   Class   A
                                            782,247         64,856
     *
        AMN  Healthcare      Services     Inc.
                                           1,191,019          64,613
     *
        Beacon    Roofing     Supply    Inc.
                                           1,745,192          64,083
     *
        Colfax    Corp.
                                           2,250,036          63,068
        Silgan    Holdings     Inc.
                                           1,990,940          60,923
        Applied     Industrial      Technologies       Inc.
                                            982,119         60,430
        Belden    Inc.
                                           1,006,311          59,946
     *
        Pluralsight       Inc.   Class   A
                                           1,952,074          59,187
        Brady   Corp.   Class   A
                                           1,193,336          58,855
        Altra   Industrial      Motion    Corp.
                                           1,640,160          58,849
        World   Fuel   Services     Corp.
                                           1,627,878          58,538
     *
        WESCO   International        Inc.
                                           1,145,436          58,016
     *
        Advanced     Disposal     Services     Inc.
                                           1,815,450          57,931
        Granite     Construction       Inc.
                                           1,190,651          57,366
     *
        Itron   Inc.
                                            909,704         56,920
        Universal      Forest    Products     Inc.
                                           1,484,705          56,508
                                 38/70


                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                   半期報告書(外国投資信託受益証券)
     *
        II-VI   Inc.
                                           1,539,714          56,292
     *
        Harsco    Corp.
                                           2,045,583          56,131
        Vishay    Intertechnology         Inc.
                                           3,374,195          55,742
     *
        Summit    Materials      Inc.   Class   A
                                           2,859,698          55,049
        Trinity     Industries      Inc.
                                           2,650,277          54,993
     *
        ExlService      Holdings     Inc.
                                            830,107         54,895
        Korn   Ferry
                                           1,366,604          54,760
        Covanta     Holding     Corp.
                                           3,008,339          53,879
        Otter   Tail   Corp.
                                           1,007,199          53,190
        Tradeweb     Markets     Inc.   Class   A
                                           1,180,320          51,710
        ESCO   Technologies       Inc.
                                            624,484         51,595
        Terex   Corp.
                                           1,634,341          51,318
     *
        Sanmina     Corp.
                                           1,666,483          50,461
     *
        Builders     FirstSource       Inc.
                                           2,981,757          50,272
     *
        Cimpress     NV
                                            548,125         49,819
        AAON   Inc.
                                            991,778         49,767
                                 39/70















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

                                              株数     ( 千米ドル     )
     *
        OSI  Systems     Inc.
                                            437,256         49,248
        Cubic   Corp.
                                            753,419         48,580
        EVERTEC     Inc.
                                           1,472,830          48,162
        Comfort     Systems     USA  Inc.
                                            938,220         47,840
        Franklin     Electric     Co.  Inc.
                                           1,004,563          47,717
        Triton    International        Ltd.
                                           1,452,801          47,594
     *
        SPX  FLOW   Inc.
                                           1,082,091          45,296
        Deluxe    Corp.
                                           1,113,525          45,276
        Kaman   Corp.
                                            708,221         45,107
     *
        Dycom   Industries      Inc.
                                            761,394         44,823
        ManTech     International        Corp.   Class   A
                                            679,112         44,720
     *
        Plexus    Corp.
                                            765,799         44,700
        Badger    Meter   Inc.
                                            740,287         44,188
     *
        Navistar     International        Corp.
                                           1,263,994          43,545
     *
        Anixter     International        Inc.
                                            726,146         43,358
     *
        Saia   Inc.
                                            669,081         43,269
        Forward     Air  Corp.
                                            728,270         43,077
     *
        Knowles     Corp.
                                           2,343,976          42,918
        Matson    Inc.
                                           1,084,865          42,147
     *
        Conduent     Inc.
                                           4,284,856          41,092
        Mueller     Industries      Inc.
                                           1,371,521          40,144
        Mueller     Water   Products     Inc.   Class   A
                                           4,019,588          39,472
        Actuant     Corp.   Class   A
                                           1,546,520          38,369
        McGrath     RentCorp
                                            613,724         38,143
     *
        SPX  Corp.
                                           1,140,732          37,667
     *,^
        Verra   Mobility     Corp.   Class   A
                                           2,831,527          37,065
        Werner    Enterprises       Inc.
                                           1,152,169          35,809
     *
        Air  Transport      Services     Group   Inc.
                                           1,459,516          35,612
     *
        TriMas    Corp.
                                           1,147,373          35,534
        Mobile    Mini   Inc.
                                           1,164,445          35,434
     *
        JELD-WEN     Holding     Inc.
                                           1,665,244          35,353
     *
        Ambarella      Inc.
                                            799,834         35,297
     *
        Hub  Group   Inc.   Class   A
                                            836,699         35,125
        Helios    Technologies       Inc.
                                            728,431         33,806
        EnPro   Industries      Inc.
                                            524,129         33,460
        Raven   Industries      Inc.
                                            905,036         32,473
        Advanced     Drainage     Systems     Inc.
                                            973,232         31,912
     *
        Masonite     International        Corp.
                                            605,542         31,900
     *
        Installed      Building     Products     Inc.
                                            535,767         31,728
     *
        Aerovironment        Inc.
                                            548,241         31,124
        AAR  Corp.
                                            843,389         31,028
     *
        Atkore    International        Group   Inc.
                                           1,195,939          30,939
        Encore    Wire   Corp.
                                            516,217         30,240
        AZZ  Inc.
                                            653,962         30,095
     *
        Huron   Consulting      Group   Inc.
                                            587,028         29,574
     *
        Atlas   Air  Worldwide      Holdings     Inc.
                                            659,520         29,441
        Aircastle      Ltd.
                                           1,380,144          29,342
        Boise   Cascade     Co.
                                           1,013,967          28,503
                                 40/70


                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                   半期報告書(外国投資信託受益証券)
        Triumph     Group   Inc.
                                           1,219,068          27,917
     *
        Sykes   Enterprises       Inc.
                                           1,014,893          27,869
        Apogee    Enterprises       Inc.
                                            640,839         27,838
        Tennant     Co.
                                            452,365         27,685
        Rush   Enterprises       Inc.   Class   A
                                            751,731         27,453
        MTS  Systems     Corp.
                                            465,600         27,252
        Methode     Electronics       Inc.
                                            920,727         26,305
     *
        Kratos    Defense     & Security     Solutions      Inc.
                                           1,146,408          26,241
        Schneider      National     Inc.   Class   B
                                           1,429,263          26,070
     *
        Livent    Corp.
                                           3,765,197          26,055
     *
        Cardtronics       plc  Class   A
                                            951,297         25,989
     *,^
        Inovalon     Holdings     Inc.   Class   A
                                           1,786,498          25,922
        Greenbrier      Cos.   Inc.
                                            844,167         25,663
     *
        Milacron     Holdings     Corp.
                                           1,842,162          25,422
     *
        TTM  Technologies       Inc.
                                           2,452,849          25,019
     *
        Evo  Payments     Inc.   Class   A
                                            788,611         24,865
                                 41/70















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                                                    市場価格

                                              株数     ( 千米ドル     )
        Benchmark      Electronics       Inc.
                                            979,337         24,601
        H&E  Equipment      Services     Inc.
                                            838,164         24,382
        Standex     International        Corp.
                                            331,509         24,247
        Primoris     Services     Corp.
                                           1,142,083          23,904
     *
        FARO   Technologies       Inc.
                                            449,622         23,641
     *
        CIRCOR    International        Inc.
                                            513,681         23,629
     *
        Continental       Building     Products     Inc.
                                            880,207         23,387
     *
        Fabrinet
                                            468,564         23,274
     *
        TrueBlue     Inc.
                                           1,054,829          23,270
        Lindsay     Corp.
                                            279,432         22,972
        Wabash    National     Corp.
                                           1,379,785          22,449
        AVX  Corp.
                                           1,329,747          22,074
        Navigant     Consulting      Inc.
                                            951,323         22,061
        Kelly   Services     Inc.   Class   A
                                            837,472         21,933
     *
        Thermon     Group   Holdings     Inc.
                                            854,889         21,928
        Greif   Inc.   Class   A
                                            656,182         21,359
        Heartland      Express     Inc.
                                           1,173,766          21,210
     *
        SEACOR    Holdings     Inc.
                                            434,698         20,652
        Kforce    Inc.
                                            576,940         20,245
        Astec   Industries      Inc.
                                            601,465         19,584
     *
        Parsons     Corp.
                                            508,723         18,752
     *
        GMS  Inc.
                                            845,449         18,600
        ArcBest     Corp.
                                            644,229         18,109
     *,^
        MACOM   Technology      Solutions      Holdings     Inc.
                                           1,188,150          17,977
        Griffon     Corp.
                                           1,047,327          17,721
        GrafTech     International        Ltd.
                                           1,504,427          17,301
        TTEC   Holdings     Inc.
                                            358,200         16,689
     *
        Manitowoc      Co.  Inc.
                                            932,124         16,592
        Quanex    Building     Products     Corp.
                                            876,372         16,555
     *,^
        GreenSky     Inc.   Class   A
                                           1,305,193          16,041
     *
        Wesco   Aircraft     Holdings     Inc.
                                           1,437,293          15,954
     *
        Evolent     Health    Inc.   Class   A
                                           1,927,596          15,324
     *
        Veeco   Instruments       Inc.
                                           1,248,471          15,256
     *
        Tutor   Perini    Corp.
                                           1,056,651          14,656
     *
        Aegion    Corp.   Class   A
                                            793,450         14,599
        Hyster-Yale       Materials      Handling     Inc.
                                            256,076         14,151
        Gorman-Rupp       Co.
                                            427,795         14,045
     *
        Gates   Industrial      Corp.   plc
                                           1,148,804          13,108
     *
        Astronics      Corp.
                                            319,743         12,860
        Resources      Connection      Inc.
                                            797,941         12,775
     ^
        Maxar   Technologies       Inc.
                                           1,533,420          11,991
     *
        Team   Inc.
                                            745,098         11,415
        Briggs    & Stratton     Corp.
                                           1,043,245          10,683
     *
        Donnelley      Financial      Solutions      Inc.
                                            800,484         10,678
        REV  Group   Inc.
                                            652,053          9,396
     ^
        ADT  Inc.
                                           1,441,928           8,825
     *
        Vicor   Corp.
                                            242,977          7,544
        Greif   Inc.   Class   B
                                            168,239          7,344
                                 42/70


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     *
        Mistras     Group   Inc.
                                            446,177          6,412
        Quad/Graphics        Inc.
                                            799,352          6,323
     *
        International        Seaways     Inc.
                                            323,246          6,142
        Rush   Enterprises       Inc.   Class   B
                                            112,616          4,157
        RR  Donnelley      & Sons   Co.
                                            823,235          1,622
     *,^
        Armstrong      Flooring     Inc.
                                             40,066          395
        Park   Electrochemical         Corp.
                                               40         1
     *
        Dorian    LPG  Ltd.
                                                        -
                                               20
                                                   18,877,286
     石油・ガス      (3.2  % )
        Helmerich      & Payne   Inc.
                                           2,651,325          134,210
     *
        Parsley     Energy    Inc.   Class   A
                                           6,817,941          129,609
     *
        First   Solar   Inc.
                                           1,885,426          123,835
     *
        WPX  Energy    Inc.
                                          10,750,449          123,738
        Murphy    Oil  Corp.
                                           4,201,754          103,573
        EQT  Corp.
                                           6,514,691          102,997
                                 43/70















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                                                    市場価格

                                              株数     ( 千米ドル     )
        Equitrans      Midstream      Corp.
                                           5,197,659          102,446
     *
        Transocean      Ltd.
                                          14,779,513           94,737
     ^
        Antero    Midstream      Corp.
                                           7,102,599          81,396
        PBF  Energy    Inc.   Class   A
                                           2,596,161          81,260
        Delek   US  Holdings     Inc.
                                           1,959,084          79,382
        Cimarex     Energy    Co.
                                           1,290,325          76,555
     *
        Chart   Industries      Inc.
                                            898,532         69,079
     *
        Apergy    Corp.
                                           1,965,762          65,932
     *,^
        Chesapeake      Energy    Corp.
                                          33,273,734           64,884
     *
        PDC  Energy    Inc.
                                           1,687,126          60,838
        Core   Laboratories       NV
                                           1,124,909          58,810
        Patterson-UTI        Energy    Inc.
                                           5,026,096          57,850
     *
        Matador     Resources      Co.
                                           2,846,471          56,588
     *
        Oceaneering       International        Inc.
                                           2,510,003          51,179
     *
        Oasis   Petroleum      Inc.
                                           8,356,621          47,466
        Arcosa    Inc.
                                           1,233,039          46,399
        Range   Resources      Corp.
                                           6,516,856          45,488
     *
        Dril-Quip      Inc.
                                            939,543         45,098
     *
        QEP  Resources      Inc.
                                           6,203,209          44,849
     *
        Southwestern       Energy    Co.
                                          13,797,401           43,600
     *,^
        Whiting     Petroleum      Corp.
                                           2,321,777          43,371
     *,^
        McDermott      International        Inc.
                                           4,440,235          42,893
     ^
        Ensco   Rowan   plc  Class   A
                                           5,016,636          42,792
     *
        ProPetro     Holding     Corp.
                                           2,043,042          42,291
     *
        NOW  Inc.
                                           2,768,844          40,868
     *
        Cactus    Inc.   Class   A
                                           1,217,035          40,308
     *
        Callon    Petroleum      Co.
                                           5,939,867          39,144
        CVR  Energy    Inc.
                                            766,347         38,310
     *
        Centennial      Resource     Development       Inc.   Class   A
                                           4,805,884          36,477
        Archrock     Inc.
                                           3,409,377          36,139
        SM  Energy    Co.
                                           2,837,021          35,519
     *
        Antero    Resources      Corp.
                                           6,396,615          35,373
     *
        MRC  Global    Inc.
                                           2,003,009          34,291
     *
        Magnolia     Oil  & Gas  Corp.   Class   A
                                           2,747,369          31,815
     *
        Helix   Energy    Solutions      Group   Inc.
                                           3,676,486          31,728
     *
        SRC  Energy    Inc.
                                           6,328,118          31,387
     *
        CNX  Resources      Corp.
                                           3,710,431          27,123
        Nabors    Industries      Ltd.
                                           8,948,919          25,952
        SemGroup     Corp.   Class   A
                                           2,081,154          24,974
     *
        Oil  States    International        Inc.
                                           1,353,009          24,760
     *
        Carrizo     Oil  & Gas  Inc.
                                           2,227,528          22,320
     *,^
        Tellurian      Inc.
                                           2,506,636          19,677
     *
        Gulfport     Energy    Corp.
                                           3,653,210          17,937
     *,^
        SunPower     Corp.   Class   A
                                           1,648,538          17,623
     *
        C&J  Energy    Services     Inc.
                                           1,479,943          17,434
        Berry   Petroleum      Corp.
                                           1,616,842          17,138
     *
        Newpark     Resources      Inc.
                                           2,266,070          16,814
     *,^
        Denbury     Resources      Inc.
                                          12,118,003           15,026
                                 44/70


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     ^
        Liberty     Oilfield     Services     Inc.   Class   A
                                            911,643         14,750
     *,^
        Diamond     Offshore     Drilling     Inc.
                                           1,629,823          14,456
     *
        Laredo    Petroleum      Inc.
                                           4,580,807          13,284
     *
        Noble   Corp.   plc
                                           6,523,078          12,198
     *
        Unit   Corp.
                                           1,357,211          12,066
     *
        Jagged    Peak   Energy    Inc.
                                           1,389,722          11,493
     *
        Exterran     Corp.
                                            798,869         11,360
     *
        KLX  Energy    Services     Holdings     Inc.
                                            527,724         10,781
     *,^
        Extraction      Oil  & Gas  Inc.
                                           2,474,090          10,713
     ^
        RPC  Inc.
                                           1,401,466          10,105
     *
        Keane   Group   Inc.
                                           1,087,572           7,308
     *
        Forum   Energy    Technologies       Inc.
                                           2,003,086           6,851
        Green   Plains    Inc.
                                            513,789          5,539
     *
        FTS  International        Inc.
                                            858,019          4,788
     *
        Superior     Energy    Services     Inc.
                                           1,851,981           2,408
     *,^
        Covia   Holdings     Corp.
                                            145,596           285
                                 45/70















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                                                    市場価格

                                              株数     ( 千米ドル     )
     *
        Roan   Resources      Inc.
                                                       150
                                             86,164
                                                    2,989,817
             2
     その他    (0.0  % )
     *,§
        Herbalife      Ltd.   CVR
                                            228,911          2,221
     *,§
        A Schulman     Inc.   CVR
                                            670,110           290
     *,§
        NewStar     Financial      Inc.   CVR
                                            651,238           169
     *,§
        Media   General     Inc.   CVR
                                           2,475,062             96
     *,§
        Clinical     Data   CVR
                                                        -
                                            297,875
                                                      2,776
     テクノロジー       (12.4   % )
     *
        Tableau     Software     Inc.   Class   A
                                           1,939,159          321,939
        Leidos    Holdings     Inc.
                                           3,691,988          294,805
     *
        Zendesk     Inc.
                                           2,803,339          249,581
     *
        PTC  Inc.
                                           2,648,799          237,756
     *
        EPAM   Systems     Inc.
                                           1,328,608          229,982
     *
        Aspen   Technology      Inc.
                                           1,764,778          219,327
     *
        ON  Semiconductor        Corp.
                                          10,546,864          213,152
     *
        Guidewire      Software     Inc.
                                           2,083,568          211,232
        Teradyne     Inc.
                                           4,385,193          210,095
        Cypress     Semiconductor        Corp.
                                           9,345,739          207,849
     *
        Tyler   Technologies       Inc.
                                            931,999         201,330
     *
        Coupa   Software     Inc.
                                           1,568,973          198,648
     *
        RingCentral       Inc.   Class   A
                                           1,710,444          196,564
     *
        HubSpot     Inc.
                                           1,023,136          174,465
     *
        Proofpoint      Inc.
                                           1,423,619          171,190
     *
        Okta   Inc.
                                           1,329,223          164,172
     *
        Ciena   Corp.
                                           3,991,232          164,159
     *
        Cree   Inc.
                                           2,691,193          151,191
     *
        Paycom    Software     Inc.
                                            636,755         144,365
        Monolithic      Power   Systems     Inc.
                                           1,045,508          141,959
     *,^
        MongoDB     Inc.
                                            903,554         137,422
     *
        Medidata     Solutions      Inc.
                                           1,512,172          136,867
     *
        DocuSign     Inc.   Class   A
                                           2,659,349          132,196
        Science     Applications       International        Corp.
                                           1,513,645          131,021
     *
        CACI   International        Inc.   Class   A
                                            636,587         130,239
        Entegris     Inc.
                                           3,464,322          129,289
     *
        RealPage     Inc.
                                           2,058,368          121,135
     *
        ViaSat    Inc.
                                           1,473,174          119,062
     *
        Nuance    Communications         Inc.
                                           7,422,305          118,534
     *
        Alteryx     Inc.   Class   A
                                           1,071,400          116,911
     *
        Manhattan      Associates      Inc.
                                           1,653,419          114,632
     *
        Silicon     Laboratories       Inc.
                                           1,106,469          114,409
     *
        Anaplan     Inc.
                                           2,263,258          114,227
     *
        Zscaler     Inc.
                                           1,429,196          109,534
     *
        New  Relic   Inc.
                                           1,262,952          109,258
     *
        Smartsheet      Inc.   Class   A
                                           2,236,020          108,223
        MKS  Instruments       Inc.
                                           1,389,126          108,199
     *
        Teradata     Corp.
                                           2,997,155          107,448
                                 46/70


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        j2  Global    Inc.
                                           1,190,688          105,840
        Blackbaud      Inc.
                                           1,256,900          104,951
     *
        Lumentum     Holdings     Inc.
                                           1,954,362          104,382
        SYNNEX    Corp.
                                           1,048,331          103,156
     *
        Tech   Data   Corp.
                                            942,517         98,587
     *
        NCR  Corp.
                                           3,066,528          95,369
     *
        Avalara     Inc.
                                           1,317,098          95,095
        LogMeIn     Inc.
                                           1,275,875          94,006
     *
        Nutanix     Inc.
                                           3,621,422          93,940
     *
        ACI  Worldwide      Inc.
                                           2,682,535          92,118
     *
        Verint    Systems     Inc.
                                           1,684,586          90,597
     *
        Ceridian     HCM  Holding     Inc.
                                           1,802,363          90,479
     *
        Pure   Storage     Inc.   Class   A
                                           5,820,050          88,872
     *
        Envestnet      Inc.
                                           1,261,400          86,242
        Perspecta      Inc.
                                           3,548,778          83,077
     *
        Q2  Holdings     Inc.
                                           1,072,274          81,879
                                 47/70















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                                                    市場価格

                                              株数     ( 千米ドル     )
     *
        Semtech     Corp.
                                           1,702,694          81,814
        Cabot   Microelectronics          Corp.
                                            741,969         81,676
     *
        Cornerstone       OnDemand     Inc.
                                           1,378,291          79,844
     *
        CommScope      Holding     Co.  Inc.
                                           4,948,432          77,839
     *
        Viavi   Solutions      Inc.
                                           5,839,139          77,602
        CDK  Global    Inc.
                                           1,554,393          76,849
     *
        FireEye     Inc.
                                           5,125,563          75,910
     *
        Everbridge      Inc.
                                            842,414         75,329
     *
        Five9   Inc.
                                           1,448,096          74,273
     *
        Qualys    Inc.
                                            849,381         73,964
        Pegasystems       Inc.
                                           1,009,218          71,866
        Brooks    Automation      Inc.
                                           1,843,897          71,451
     *,^
        Finisar     Corp.
                                           3,014,093          68,932
     *
        Cirrus    Logic   Inc.
                                           1,485,203          64,903
     *
        Rapid7    Inc.
                                           1,106,146          63,980
        Cogent    Communications         Holdings     Inc.
                                           1,062,608          63,076
     *
        Box  Inc.
                                           3,547,331          62,469
     *
        Premier     Inc.   Class   A
                                           1,581,709          61,861
     *
        2U  Inc.
                                           1,608,930          60,560
     *
        Covetrus     Inc.
                                           2,423,480          59,278
        Power   Integrations       Inc.
                                            718,630         57,620
     *
        Blackline      Inc.
                                           1,053,431          56,369
     *
        Inphi   Corp.
                                           1,097,542          54,987
     *
        Advanced     Energy    Industries      Inc.
                                            972,532         54,724
     *
        Insight     Enterprises       Inc.
                                            910,956         53,018
        InterDigital       Inc.
                                            810,223         52,178
     *
        CommVault      Systems     Inc.
                                           1,048,397          52,021
     *
        EchoStar     Corp.   Class   A
                                           1,166,867          51,716
     *
        Alarm.com      Holdings     Inc.
                                            926,472         49,566
        Progress     Software     Corp.
                                           1,135,746          49,541
     *
        Allscripts      Healthcare      Solutions      Inc.
                                           4,249,399          49,421
     *
        Lattice     Semiconductor        Corp.
                                           3,374,250          49,230
     *,^
        Elastic     NV
                                            658,584         49,170
     *
        Bottomline      Technologies       DE  Inc.
                                           1,108,488          49,040
     *
        NetScout     Systems     Inc.
                                           1,877,283          47,664
     ^
        Ubiquiti     Networks     Inc.
                                            361,463         47,532
     *
        Varonis     Systems     Inc.
                                            738,742         45,758
     *
        Acacia    Communications         Inc.
                                            932,361         43,970
     *
        SailPoint      Technologies       Holding     Inc.
                                           2,169,473          43,476
     *
        Workiva     Inc.
                                            728,877         42,340
     *
        LivePerson      Inc.
                                           1,494,499          41,906
        CSG  Systems     International        Inc.
                                            844,153         41,220
     *
        Electronics       For  Imaging     Inc.
                                           1,094,799          40,409
     *
        Yext   Inc.
                                           1,978,705          39,752
     *
        MaxLinear      Inc.
                                           1,632,336          38,262
     *
        Diodes    Inc.
                                           1,028,987          37,424
     *
        Cray   Inc.
                                           1,057,134          36,809
     *
        Blucora     Inc.
                                           1,184,764          35,981
                                 48/70


                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                   半期報告書(外国投資信託受益証券)
     *
        SVMK   Inc.
                                           2,155,354          35,585
     *
        Appfolio     Inc.
                                            345,517         35,336
     *
        Rambus    Inc.
                                           2,856,917          34,397
     *
        Avaya   Holdings     Corp.
                                           2,849,773          33,941
     *
        Altair    Engineering       Inc.   Class   A
                                            802,168         32,400
        Plantronics       Inc.
                                            855,719         31,696
     *,^
        Cloudera     Inc.
                                           5,930,078          31,192
     *
        FormFactor      Inc.
                                           1,933,623          30,300
     *
        MicroStrategy        Inc.   Class   A
                                            207,891         29,793
     *
        Zuora   Inc.   Class   A
                                           1,837,570          28,152
     *
        NextGen     Healthcare      Inc.
                                           1,377,328          27,409
     ^
        Ebix   Inc.
                                            543,448         27,292
     *
        Cision    Ltd.
                                           2,314,034          27,144
        NIC  Inc.
                                           1,652,680          26,509
     *
        Synaptics      Inc.
                                            894,193         26,057
        Xperi   Corp.
                                           1,264,480          26,036
                                 49/70















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

                                              株数     ( 千米ドル     )
     *,^
        3D  Systems     Corp.
                                           2,850,602          25,941
     *
        PROS   Holdings     Inc.
                                            409,712         25,918
        TiVo   Corp.
                                           3,063,969          22,581
     *
        ScanSource      Inc.
                                            677,077         22,046
     *
        SolarWinds      Corp.
                                           1,186,268          21,756
     *
        Tenable     Holdings     Inc.
                                            736,789         21,028
     ^
        Switch    Inc.
                                           1,590,724          20,823
     *,^
        Pivotal     Software     Inc.   Class   A
                                           1,958,829          20,685
     *,^
        Appian    Corp.   Class   A
                                            556,235         20,063
        Shutterstock       Inc.
                                            506,760         19,860
     *
        NETGEAR     Inc.
                                            779,650         19,717
        ADTRAN    Inc.
                                           1,235,700          18,844
     *
        Carbon    Black   Inc.
                                           1,093,378          18,281
     *,^
        Benefitfocus       Inc.
                                            661,604         17,963
        Monotype     Imaging     Holdings     Inc.
                                           1,027,221          17,298
        Pitney    Bowes   Inc.
                                           3,891,703          16,657
        Presidio     Inc.
                                           1,187,314          16,231
     *
        Amkor   Technology      Inc.
                                           2,133,034          15,912
     *
        Virtusa     Corp.
                                            355,012         15,773
     *,^
        Eventbrite      Inc.   Class   A
                                            923,312         14,958
     *,^
        Pagerduty      Inc.
                                            286,881         13,498
     *,^
        nLight    Inc.
                                            660,253         12,677
     *
        CEVA   Inc.
                                            509,676         12,411
     *
        Infinera     Corp.
                                           4,231,517          12,314
        Forrester      Research     Inc.
                                            261,762         12,311
     *
        Unisys    Corp.
                                           1,264,215          12,288
     *
        Loral   Space   & Communications         Inc.
                                            335,277         11,570
     *
        Diebold     Nixdorf     Inc.
                                            943,398          8,642
     *
        Endurance      International        Group   Holdings     Inc.
                                           1,765,454           8,474
     *
        Sciplay     Corp.   Class   A
                                            579,182          7,941
     *
        Castlight      Health    Inc.   Class   B
                                           2,121,002           6,851
     *
        Fastly    Inc.   Class   A
                                            319,158          6,473
     *
        MobileIron      Inc.
                                           1,000,207           6,201
     *,^
        Gogo   Inc.
                                           1,415,303           5,633
        Computer     Programs     & Systems     Inc.
                                            173,581          4,824
     *
        WideOpenWest       Inc.
                                            645,094          4,683
        Systemax     Inc.
                                            191,126          4,235
     *
        Casa   Systems     Inc.
                                            642,444          4,131
     *
        Ribbon    Communications         Inc.
                                            694,203          3,395
     *,^
        SecureWorks       Corp.   Class   A
                                            183,435          2,438
     *
        Change    Healthcare      Inc.
                                                      2,201
                                            150,752
                                                   11,544,302
     通信サービス       (0.5  % )
        Telephone      & Data   Systems     Inc.
                                           2,451,141          74,515
     *
        Vonage    Holdings     Corp.
                                           5,873,679          66,549
     *
        Iridium     Communications         Inc.
                                           2,473,349          57,530
     *
        8x8  Inc.
                                           2,332,139          56,205
        Shenandoah      Telecommunications           Co.
                                           1,201,758          46,292
                                 50/70


                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                   半期報告書(外国投資信託受益証券)
     *
        Intelsat     SA
                                           1,979,836          38,508
     *,^
        GTT  Communications         Inc.
                                           1,151,886          20,273
     *
        United    States    Cellular     Corp.
                                            416,956         18,625
        ATN  International        Inc.
                                            273,401         15,783
     *,^
        Globalstar      Inc.
                                          14,863,772           7,135
        Consolidated       Communications         Holdings     Inc.
                                            976,766          4,815
     *
        Cincinnati      Bell   Inc.
                                            587,004          2,906
     *
        Frontier     Communications         Corp.
                                                        -
                                              231
                                                     409,136
     公益事業     (3.2  % )
        Atmos   Energy    Corp.
                                           2,999,862          316,665
        UGI  Corp.
                                           4,457,160          238,057
        Aqua   America     Inc.
                                           5,527,624          228,678
        IDACORP     Inc.
                                           1,290,023          129,557
        Portland     General     Electric     Co.
                                           2,288,580          123,972
        Hawaiian     Electric     Industries      Inc.
                                           2,791,759          121,581
                                 51/70















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

                                              株数     ( 千米ドル     )
        ONE  Gas  Inc.
                                           1,344,690          121,425
        Black   Hills   Corp.
                                           1,545,456          120,808
        National     Fuel   Gas  Co.
                                           2,209,418          116,547
        Southwest      Gas  Holdings     Inc.
                                           1,289,875          115,599
        NRG  Energy    Inc.
                                           3,254,668          114,304
        New  Jersey    Resources      Corp.
                                           2,274,896          113,222
        ALLETE    Inc.
                                           1,320,397          109,870
        PNM  Resources      Inc.
                                           2,036,308          103,668
        Spire   Inc.
                                           1,231,216          103,324
        NorthWestern       Corp.
                                           1,290,981          93,144
        South   Jersey    Industries      Inc.
                                           2,355,248          79,442
        Avista    Corp.
                                           1,679,121          74,889
        American     States    Water   Co.
                                            940,805         70,786
        El  Paso   Electric     Co.
                                           1,038,874          67,942
        Ormat   Technologies       Inc.
                                           1,035,709          65,654
        MGE  Energy    Inc.
                                            882,536         64,496
        California      Water   Service     Group
                                           1,228,340          62,191
        Pattern     Energy    Group   Inc.   Class   A
                                           2,509,021          57,933
        Northwest      Natural     Holding     Co.
                                            777,851         54,061
     *,^
        Sunrun    Inc.
                                           2,494,777          46,802
        TerraForm      Power   Inc.   Class   A
                                           1,886,987          26,984
     *
        Evoqua    Water   Technologies       Corp.
                                           1,777,993          25,319
     *,^
        Bloom   Energy    Corp.   Class   A
                                           1,223,149          15,008
     *,^
        Vivint    Solar   Inc.
                                                      3,957
                                            542,050
                                                    2,985,885
     普通株式総額       ( 原価   $72,633,957)
                                                   91,981,709
                             クーポン

                1
     短期現物投資       (2.5  % )
     マネー・マーケット・ファンド                 (2.4  % )
     3,4
        バンガード・マーケット・
        リクイディティ・ファンド                      2.499   %          22,566,131         2,257,065
                                            額面金額

                                     満期日      ( 千米ドル     )
     米国政府機関債         (0.1  % )
     5
        米国財務省短期証券                 2.319   % -2.344   %   8/22/19         39,500         39,380
     短期現物投資合計          ( 原価   $2,295,998)
                                                    2,296,445
     投資総額     (101.5   % ) ( 原価   $74,929,955)
                                                   94,278,154
                                 52/70






                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                   半期報告書(外国投資信託受益証券)
                                                   ( 千米ドル     )

     その他の資産および負債
     その他の資産
     バンガードに対する投資                                                 4,365
     売却投資有価証券に係る未収入金                                                 44,422
     未収収益                                                116,018
     発行済資本持分に係る未収入金                                                234,926
     未収変動証拠金-先物契約                                                 9,264
     未実現利益-       OTC  スワップ契約                                         1,897
            4,6
     その他の資産                                                 35,223
     その他の資産合計          (0.5  % )
                                                     446,115
     負債

     購入投資有価証券に係る未払金                                               (278,849)
     貸付有価証券に係る担保                                              (1,343,039)
     資本持分の買戻しに係る未払金                                                (80,822)
     分配に係る未払金                                                (78,344)
     バンガードに対する未払金                                                (19,350)
     未実現損失-       OTC  スワップ契約                                        (1,217)
     その他の負債                                                  (218)
     負債合計     (-2.0   % )
                                                   (1,801,839)
                                                   92,922,430
     純資産    (100.0   % )
                                               (10,095,093      百万円   )
     2019  年6月   30 日現在の純資産の内訳:

                                         ( 千米ドル     )      ( 百万円   )

     払込出資金                                     75,405,176          8,192,018
     分配可能利益(損失)合計                                     17,517,254          1,903,074
     純資産                                     92,922,430          10,095,093
     インベスター受益証券

     発行済受益証券        43,266,078      口に対する純資産
     (額面   0.001   米ドル:授権口数は無制限)                               3,248,267           352,892
     受益証券1口当たり純資産価額-インベスター受益証券                                    75.08   米ドル         8,157   円
     ETF  受益証券

     発行済受益証券        160,634,691      口に対する純資産
     (額面   0.001   米ドル:授権口数は無制限)                              25,172,709          2,734,763
     受益証券1口当たり純資産価額-                 ETF  受益証券                 156.71   米ドル         17,025   円
     アドミラル受益証券

     発行済受益証券        504,998,212      口に対する純資産
     (額面   0.001   米ドル:授権口数は無制限)                              37,921,888          4,119,834
     受益証券1口当たり純資産価額-アドミラル受益証券                                    75.09   米ドル         8,158   円
     インスティテューショナル受益証券

     発行済受益証券        233,360,471      口に対する純資産
     (額面   0.001   米ドル:授権口数は無制限)                              17,523,194          1,903,720
     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                                    75.09   米ドル         8,158   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        41,784,780      口に対する純資産
     (額面   0.001   米ドル:授権口数は無制限)                               9,056,372           983,884
     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                                   216.74   米ドル         23,547   円
     *  配当を出さない有価証券。

                                 53/70


                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                   半期報告書(外国投資信託受益証券)
     ^  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が含まれている。貸付有価
       証券の価値総額は         1,297,515,000       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     1.5  %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                 1,343,039,000       米ドルを含む。うち、            1,313,026,000       米ドルはバン
       ガード・マーケット・リクイディティ・ファンドとして、                              30,013,000      米ドルは現金で保有されて
       いる。
     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                               37,087,000      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                              4,060,000     米ドル。
     CVR  -不確定価額受領権          (Contingent       Value   Rights)
     REIT  -不動産投資信託         (Real   Estate    Investment      Trust)
     OTC  -店頭   (Over-the-Counter)
     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
                                        5,842      457,750        11,296
     E-mini   ラッセル    2000  インデックス                  2019  年9月
                                        1,847      360,165         8,446
     E-mini   S&P  ミッド・キャップ       400 インデックス
                                2019  年9月
                                                      19,742
     店頭トータル・リターンスワップ                                            (単位:千米ドル)

                                       受領
                                      (支払)
                                                   契約額および
                           契約                契約額および
                                         1
     参照企業                 満期日     相手方     名目元本      変動金利       未実現利益      未実現(損失)
     Assurant    Inc.
                  2020  年2月4日        GSI     2,669     (2.590   % )       ▶       -
     Assurant    Inc.
                  2020  年2月4日        GSI     2,669     (2.590   % )       -       (12)
     Pitney   Bowes   Inc.
                  2020  年2月4日        GSI     2,954     (2.590   % )       40        -
     SLM  Corp.
                  2020  年2月4日        GSI    37,560     (3.020   % )      1,584         -
     VICI  Properties     Inc.
                  2020  年2月4日        GSI    56,111     (3.020   % )       -      (1,205)
     VICI  Properties     Inc.
                  2020  年2月4日        GSI    18,651     (3.248   % )       -        -
     VICI  Properties     Inc.
                  2020  年2月4日        GSI    16,260     (3.252   % )       269        -
                                               1,897       (1,217)
     1

      月次の支払に係る受取/支払金利
     GSI-Goldman      Sachs   International
     添付の注記は財務書類の不可欠の一部である。

    次へ

                                 54/70





                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                   半期報告書(外国投資信託受益証券)
     損益計算書
                                スモールキャップ・インデックス・ファンド
                                       2019  年6月   30 日に
                                       終了した6ヶ月間
                                  千米ドル              百万円
     投資収益
     収益
     配当金                                  527,328              57,289
       1
     利息                                   10,581              1,150
                                        11,949              1,298
     貸付有価証券-純額
                                       549,858              59,737
      収益総額
     費用

     バンガード・グループ-注記B
     投資運用サービス                                   1,953               212
     マネジメントおよび管理
      -インベスター受益証券                                  2,697               293
      - ETF  受益証券                               4,200               456
      -アドミラル受益証券                                  6,909               751
      -インスティテューショナル受益証券                                  2,544               276
      -インスティテューショナル・
       プラス受益証券                                  976              106
     マーケティングおよび販売
      -インベスター受益証券                                   160              17
      - ETF  受益証券                                 527              57
      -アドミラル受益証券                                   883              96
      -インスティテューショナル受益証券                                   246              27
      -インスティテューショナル・
       プラス受益証券                                   46              5
     カストディー報酬                                     475              52
     受益者報告
      -インベスター受益証券                                    32              3
      - ETF  受益証券                                 625              68
      -アドミラル受益証券                                   197              21
      -インスティテューショナル受益証券                                    90              10
      -インスティテューショナル・
       プラス受益証券                                   33              ▶
                                          22              2
     受託者報酬および費用
                                        22,615              2,457
     費用総額
                                       527,243              57,280
     投資純利益
     実現純利益(損失)
              1 ,2
     売却投資有価証券                                 2,079,353               225,901
     先物契約                                   55,107              5,987
                                        9,505              1,033
     スワップ契約
                                      2,143,965               232,920
     実現純利益(損失)
     未実現利益(損失)の変動
            1
     投資有価証券                                 12,496,160              1,357,583
     先物契約                                   47,090              5,116
                                        3,186               346
     スワップ契約
     未実現利益(損失)の変動                                 12,546,436              1,363,045
     運用による純資産の純増加(減少)額                                 15,217,644              1,653,245
     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       10,041,000      米ドル、     30,000   米ドルおよび       321,000    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 現物償還による          2,844,187,000       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な一部である。

                                 55/70



                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                   半期報告書(外国投資信託受益証券)
     純資産変動計算書
                              スモールキャップ・インデックス・ファンド
                             2019  年6月   30 日に          2018  年 12 月 31 日
                             終了した6ヶ月間                 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                        527,243         57,280      1,294,560         140,641
     実現純利益(損失)                       2,143,965         232,920       6,040,556         656,246
                           12,546,436         1,363,045       (15,419,365)         (1,675,160)
     未実現利益(損失)の変動
     運用による純資産の純増加
                           15,217,644         1,653,245       (8,084,249)         (878,273)
     (減少)額
     分配

     投資純利益
      インベスター受益証券                       (19,323)         (2,099)       (53,605)         (5,824)
      ETF  受益証券                     (154,687)         (16,805)       (338,290)         (36,752)
      アドミラル受益証券                      (230,921)         (25,087)       (513,969)         (55,838)
      インスティテューショナル
      受益証券                      (108,110)         (11,745)       (239,319)         (26,000)
      インスティテューショナル・
      プラス受益証券                       (55,767)         (6,059)       (138,982)         (15,099)
     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
                            (568,808)         (61,795)      (1,284,165)         (139,512)
     分配総額
     資本持分取引
      インベスター受益証券                      (685,845)         (74,510)       (629,069)         (68,342)
      ETF  受益証券                     277,303         30,126      1,850,347         201,022
      アドミラル受益証券                       638,891         69,409      1,357,792         147,511
      インスティテューショナル
      受益証券                       325,468         35,359       895,441         97,281
      インスティテューショナル・
                            (229,685)         (24,953)       (793,473)         (86,203)
      プラス受益証券
     資本持分取引による純増加
                             326,132         35,431      2,681,038         291,268
     (減少)額
                           14,974,968         1,626,881       (6,687,376)         (726,517)
     増加(減少)総額
     純資産
                           77,947,462         8,468,212       84,634,838         9,194,729
     期首
                           92,922,430        10,095,093        77,947,462         8,468,212
     期末
     添付の注記は財務書類の不可欠な一部である。

                                 56/70




                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                   半期報告書(外国投資信託受益証券)
     財務ハイライト
                              スモールキャップ・インデックス・ファンド

                                   インベスター受益証券
                           2019  年
                                        12 月 31 日終了計算期間
                          6月  30 日に
                          終了した
                          6ヶ月間      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     米ドル
     各期間の発行済受益証券1口当たり
                             63.21     70.76     61.75     53.03     55.86     52.69
     期首純資産価額
     投資運用

                               1     1     1
     投資純利益                        0.391     0.967     0.876     0.843     0.727     0.730
     投資に係る実現および
                            11.893     (7.552)      9.011     8.734     (2.840)      3.148
     未実現純利益(損失)
                            12.284     (6.585)      9.887     9.577     (2.113)      3.878
     投資運用による総額
     分配

     投資純利益による配当                        (0.414)     (0.965)     (0.877)     (0.857)     (0.717)     (0.708)
                              -     -     -     -     -     -
     実現キャピタルゲインによる分配
                            (0.414)     (0.965)     (0.877)     (0.857)     (0.717)     (0.708)
     分配総額
                             75.08     63.21     70.76     61.75     53.03     55.86
     期末純資産価額
        2

                            19.46  %   -9.43  %   16.10  %   18.17  %   -3.78  %   7.37  %
     総収益率
     比率/補足データ

     期末純資産(百万米ドル)                        3,248     3,332     4,345     4,401     4,058     4,606
     平均純資産に対する総費用の比率                        0.17  %   0.17  %   0.17  %   0.18  %   0.20  %   0.23  %
     平均純資産に対する投資純利益の比率                        1.24  %   1.34  %   1.36  %   1.55  %   1.33  %   1.40  %
               3
     ポートフォリオの回転率                         16 %    15 %    15 %    14 %    11 %    10 %
     当期の経費率、投資純利益比率および回転率は年率換算されている。

     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な一部である。

                                 57/70







                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                   半期報告書(外国投資信託受益証券)
     財務ハイライト
                              スモールキャップ・インデックス・ファンド

                                      ETF  受益証券
                           2019  年
                                        12 月 31 日終了計算期間
                          6月  30 日に
                          終了した
                          6ヶ月間      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     米ドル
     各期間の発行済受益証券1口当たり
                            131.94     147.71     128.90     110.71     116.61     110.02
     期首純資産価額
     投資運用

                               1     1     1
     投資純利益                        0.893     2.239     2.037     1.899     1.668     1.707
     投資に係る実現および
                            24.838     (15.808)      18.768     18.221     (5.931)      6.556
     未実現純利益(損失)
                            25.731     (13.569)      20.805     20.120     (4.263)      8.263
     投資運用による総額
     分配

     投資純利益による配当                        (0.961)     (2.201)     (1.995)     (1.930)     (1.637)     (1.673)
                              -     -     -     -     -     -
     実現キャピタルゲインによる分配
                            (0.961)     (2.201)     (1.995)     (1.930)     (1.637)     (1.673)
     分配総額
                            156.71     131.94     147.71     128.90     110.71     116.61
     期末純資産価額
                            19.52  %   -9.30  %   16.24  %   18.31  %   -3.65  %   7.51  %

     総収益率
     比率/補足データ

     期末純資産(百万米ドル)                        25,173     20,914     21,605     16,153     11,478      9,833
     平均純資産に対する総費用の比率                        0.05  %   0.05  %   0.05  %   0.06  %   0.08  %   0.09  %
     平均純資産に対する投資純利益の比率                        1.36  %   1.46  %   1.48  %   1.67  %   1.45  %   1.54  %
               2
     ポートフォリオの回転率                         16 %    15 %    15 %    14 %    11 %    10 %
     当期の経費率、投資純利益比率および回転率は年率換算されている。

     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。

                                 58/70







                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                   半期報告書(外国投資信託受益証券)
     財務ハイライト
                              スモールキャップ・インデックス・ファンド

                                    アドミラル受益証券
                           2019  年
                                        12 月 31 日終了計算期間
                          6月  30 日に
                          終了した
                          6ヶ月間      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     米ドル
     各期間の発行済受益証券1口当たり
                             63.23     70.78     61.77     53.05     55.87     52.72
     期首純資産価額
     投資運用

                               1     1     1
     投資純利益                        0.427     1.067     0.970     0.910     0.797     0.817
     投資に係る実現および
                            11.894     (7.563)      8.997     8.733     (2.833)      3.133
     未実現純利益(損失)
                            12.321     (6.496)      9.967     9.643     (2.036)      3.950
     投資運用による総額
     分配

     投資純利益による配当                        (0.461)     (1.054)     (0.957)     (0.923)     (0.784)     (0.800)
                              -     -     -     -     -     -
     実現キャピタルゲインによる分配
                            (0.461)     (1.054)     (0.957)     (0.923)     (0.784)     (0.800)
     分配総額
                             75.09     63.23     70.78     61.77     53.05     55.87
     期末純資産価額
        2

                            19.51  %   -9.31  %   16.24  %   18.30  %   -3.64  %   7.50  %
     総収益率
     比率/補足データ

     期末純資産(百万米ドル)                        37,922     31,382     33,801     27,778     21,441     20,034
     平均純資産に対する総費用の比率                        0.05  %   0.05  %   0.05  %   0.06  %   0.08  %   0.09  %
     平均純資産に対する投資純利益の比率                        1.36  %   1.46  %   1.48  %   1.67  %   1.45  %   1.54  %
               3
     ポートフォリオの回転率                         16 %    15 %    15 %    14 %    11 %    10 %
     当期の経費率、投資純利益比率および回転率は年率換算されている。

     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な一部である。

                                 59/70







                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                   半期報告書(外国投資信託受益証券)
     財務ハイライト
                              スモールキャップ・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
                           2019  年
                                        12 月 31 日終了計算期間
                          6月  30 日に
                          終了した
                          6ヶ月間      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     米ドル
     各期間の発行済受益証券1口当たり
                             63.22     70.78     61.77     53.05     55.87     52.71
     期首純資産価額
     投資運用

                               1     1     1
     投資純利益                        0.431     1.076     0.975     0.915     0.803     0.821
     投資に係る実現および
                            11.904     (7.575)      8.998     8.734     (2.834)      3.144
     未実現純利益(損失)
                            12.335     (6.499)      9.973     9.649     (2.031)      3.965
     投資運用による総額
     分配

     投資純利益による配当                        (0.465)     (1.061)     (0.963)     (0.929)     (0.789)     (0.805)
                              -     -     -     -     -     -
     実現キャピタルゲインによる分配
                            (0.465)     (1.061)     (0.963)     (0.929)     (0.789)     (0.805)
     分配総額
                             75.09     63.22     70.78     61.77     53.05     55.87
     期末純資産価額
                            19.54  %   -9.32  %   16.25  %   18.32  %   -3.63  %   7.53  %

     総収益率
     比率/補足データ

     期末純資産(百万米ドル)                        17,523     14,454     15,352     13,030     10,036      9,975
     平均純資産に対する総費用の比率                        0.04  %   0.04  %   0.04  %   0.05  %   0.07  %   0.08  %
     平均純資産に対する投資純利益の比率                        1.37  %   1.47  %   1.49  %   1.68  %   1.46  %   1.55  %
               2
     ポートフォリオの回転率                         16 %    15 %    15 %    14 %    11 %    10 %
     当期の経費率、投資純利益比率および回転率は年率換算されている。

     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。

                                 60/70







                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                   半期報告書(外国投資信託受益証券)
     財務ハイライト
                              スモールキャップ・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
                           2019  年
                                        12 月 31 日終了計算期間
                          6月  30 日に
                          終了した
                          6ヶ月間      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     米ドル
     各期間の発行済受益証券1口当たり
                            182.49     204.30     178.28     153.11     161.27     152.16
     期首純資産価額
     投資運用

                               1     1     1
     投資純利益                        1.260     3.102     2.835     2.660     2.353     2.405
     投資に係る実現および
                            34.342     (21.825)      25.980     25.213     (8.203)      9.062
     未実現純利益(損失)
                            35.602     (18.723)      28.815     27.873     (5.850)     11.467
     投資運用による総額
     分配

     投資純利益による配当                        (1.352)     (3.087)     (2.795)     (2.703)     (2.310)     (2.357)
                              -     -     -     -     -     -
     実現キャピタルゲインによる分配
                            (1.352)     (3.087)     (2.795)     (2.703)     (2.310)     (2.357)
     分配総額
                            216.74     182.49     204.30     178.28     153.11     161.27
     期末純資産価額
                            19.54  %   -9.30  %   16.27  %   18.33  %   -3.62  %   7.55  %

     総収益率
     比率/補足データ

     期末純資産(百万米ドル)                        9,056     7,866     9,531     8,080     6,925     6,024
     平均純資産に対する総費用の比率                        0.03  %   0.03  %   0.03  %   0.04  %   0.05  %    0.06  %
     平均純資産に対する投資純利益の比率                        1.38  %   1.48  %   1.50  %   1.69  %   1.48  %    1.57  %
               2
     ポートフォリオの回転率                         16 %    15 %    15 %    14 %    11 %    10 %
     当期の経費率、投資純利益比率および回転率は年率換算されている。

     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。

                                 61/70







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

     バンガード・スモールキャップ・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およびインスティテューショナ
     ル・プラス受益証券の5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。
     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
        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。
        2019  年6月   30 日に終了した6ヶ月間において、四半期平均名目元本総額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%を占めていた。
                                 62/70



                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                   半期報告書(外国投資信託受益証券)
      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。
        2019  年6月   30 日に終了した6ヶ月間において、四半期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、純資産の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(                                   2015  年から   2018  年 12 月 31 日)並び
        に 2019  年6月   30 日に終了した期間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。
      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
                                 63/70


                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                   半期報告書(外国投資信託受益証券)
        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
        43 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。
        2019  年6月    30 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。債務証券に係るプレミアムお
        よびディスカウントは、直近の償還日までに償却される一部の償還可能な債務証券に係るプレミアム
        を除き、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)および受益者報告について、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。
     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。
                                 64/70


                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                   半期報告書(外国投資信託受益証券)
       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。      2019  年6月    30 日現在、当ファンドはバンガードの資本に対して                          4,365,000     米ドルを拠出した
       が、  これは当ファンドの純資産の               0.00  %であり、バンガードの資本組入れに対して                       1.75  %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。
     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。
                                 65/70














                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                   半期報告書(外国投資信託受益証券)
       以下の表は、       2019  年6月   30 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                      91,978,920               -        2,789
        短期現物投資                       2,257,065            39,380            -
                1
                                             -          -
        先物契約-資産                         9,264
        スワップ契約-資産                           -         1,897            -
        スワップ契約-負債                           -        (1,217)            -
        合計                      94,245,249             40,060           2,789
       1 報告期間の最終日の変動証拠金を示している。
     D.  2019  年6月   30 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                                           74,934,248
        未実現利益総額                                           27,569,833
        未実現損失総額                                           (8,205,505)
        未実現純利益(損失)                                           19,364,328
       当ファンドの課税ベースのキャピタルゲインおよびキャピタルロスは各年度末にのみ確定する。税務目

       的上、   2018  年 12 月 31 日現在、当ファンドには、将来の純キャピタルゲインと相殺するために無期限に繰
       越可能である合計         1,114,310,000       米ドルのキャピタルロスがあった。当ファンドは、                          2019  年 12 月 31 日に終
       了する計算期間に課税対象となる純キャピタルゲインが実現した場合、このキャピタルゲインを相殺す
       るために当該キャピタルロスを利用する予定である。当計算期間に純キャピタルロスが実現した場合に
       は、このキャピタルロスを上記の繰越損失残高に加算する予定である。
     E.  2019  年6月    30 日に終了した6ヶ月間において、当ファンドは短期現物投資以外の投資有価証券を

       12,299,740,000        米ドル購入し、        12,000,062,000        米ドル売却した。購入と売却には、当ファンドの資本持
       分の現物による買戻しおよび償還に関連して、それぞれ                             3,979,416,000       米ドルおよび       5,149,955,000       米ド
       ルが含まれている。
       当ファンドは、        1940  年投資会社法の規則          17a-7   に準拠して受託者会が承認した手続に従い、バンガードや

       その関連会社が管理する他のバンガード・ファンドまたは口座から有価証券を購入し、当該ファンドま
       たは口座に有価証券を売却した。                 2019  年6月   30 日に終了した6ヶ月間において、かかる購入および売却
       はそれぞれ      2,205,409,000       米ドルおよび       450,430,000      米ドルであった。これらの金額は上記の投資有価証
       券の購入および売却に含まれている。
                                 66/70



                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                   半期報告書(外国投資信託受益証券)
     F.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。

                              2019  年6月   30 日に         2018  年 12 月 31 日

                              終了した6ヶ月間                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                          108,053        1,500       587,503        8,034
     現金分配に代えて発行                           18,236         251      50,656         725
        1
     買戻し                          (812,134)       (11,199)      (1,267,228)         (17,455)
     純増加(減少)額
     -インベスター受益証券                          (685,845)        (9,448)       (629,069)        (8,696)
     ETF  受益証券
     発行                         5,450,369         36,001      13,439,385         86,521
     現金分配に代えて発行                             -       -        -       -
     買戻し                         (5,173,066)         (33,875)      (11,589,038)         (74,275)
     純増加(減少)額
     - ETF  受益証券                       277,303        2,126      1,850,347         12,246
     アドミラル受益証券
       1
     発行                         3,659,336         50,509      7,056,077         97,331
     現金分配に代えて発行                          206,156        2,839       460,730        6,590
     買戻し                         (3,226,601)         (44,690)      (6,159,015)         (85,107)
     純増加(減少)額
     -アドミラル受益証券                          638,891        8,658      1,357,792         18,814
     インスティテューショナル受益証券
     発行                         1,678,030         23,272      3,820,210         52,425
     現金分配に代えて発行                          102,280        1,409       227,800        3,259
     買戻し                         (1,454,842)         (19,929)      (3,152,569)         (43,975)
     純増加(減少)額
     -インスティテューショナル受益証券                          325,468        4,752       895,441       11,709
     インスティテューショナル・プラス
     受益証券
     発行                          706,688        3,318      1,060,207         5,115
     現金分配に代えて発行                           55,767         266      138,407         682
     買戻し                          (992,140)        (4,901)      (1,992,087)         (9,346)
     純増加(減少)額
     -インスティテューショナル・プラス
      受益証券                          (229,685)        (1,317)       (793,473)        (3,549)
     1   2018  年 11 月、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。その結果、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た。インベスター受益証券-買戻しおよびアドミラル
       受益証券-発行には、            2019  年6月   30 日に終了した6ヶ月間の転換による                   407,517,000      米ドルが含ま
       れている。
     G.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、                                      2019  年6月   30 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。
                                 67/70



                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                   半期報告書(外国投資信託受益証券)
      (2)【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)資産及び負債の状況」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)資産及び負債の状況」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。

                                 68/70











                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                   半期報告書(外国投資信託受益証券)
     4【管理会社の概況】

      (1)【資本金の額】
        該当なし。
      (2)【事業の内容及び営業の状況】

        バンガード・インデックス・ファンズ(以下「トラスト」という。)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(以下「バンガード」という。)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。
      (3)【その他】

       訴訟事件その他の重要事項
        本書提出前6か月以内において、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。
        ファンドの事業年度の最終日は、                 12 月 31 日である。
                                 69/70













                                                           EDINET提出書類
                                               バンガード・インデックス・ファンズ(E14945)
                                                   半期報告書(外国投資信託受益証券)
     5【管理会社の経理の概況】

       該当なし。
      (1)【資産及び負債の状況】

        該当なし。
      (2)【損益の状況】

        該当なし。
                                 70/70

















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