バンガード・インデックス・ファンズーバンガード・トータル・ストック・マーケット・インデックス・ファンド 有価証券報告書（外国投資信託受益証券） 第29期(令和2年1月1日－令和2年12月31日)

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

    【提出先】                  関東財務局長

    【提出日】                  令和３   年６月   30 日

    【計算期間】                  第 29 期（自　     令和２   年１月１日　至　令和           ２ 年12月31日）

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

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

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

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

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

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

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

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

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

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

     （注１）米ドルの円貨換算は、便宜上、                 2021  年４月   30 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＝  108.93   円）による。以後、別段の記載がない限り同様とする。
     （注２）ファンド証券は米ドル建てのため、以下の金額表示は別段の記載がない限り、米ドルをもって行う。
     （注３）本書の中で金額および比率を表示する場合、四捨五入してある。したがって、合計の数字が一致しない場合がある。
        また、円貨への換算は、本書の中でそれに対応する数字につき所定の換算率で単純計算のうえ、必要な場合四捨五入
        してある。したがって、本書中の同一情報につき異なった円貨表示がなされている場合もある。
     （注４）本書の中で、計算期間（以下「会計年度」ともいう。）とは毎年１月１日に始まり12月31日に終わる一年を指す。
                                  1/470


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    第一部【ファンド情報】

    第１【ファンドの状況】

    １【ファンドの性格】

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

        1975  年12月31日　　トラストの信託宣言締結
                  トラストは、ペンシルバニア州ビジネス・トラストとして設立された。
        1998  年１月23日　　契約および信託宣言の締結
        1998  年１月28日　　トラストは、デラウェア籍法定トラストとして再編された。
        2002  年７月19日　　修正・再録済契約および信託宣言の締結
        2008  年11月19日　　修正・再録済契約および信託宣言の締結
                                  2/470







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

       ①　ファンドの仕組み
                           ファンドの仕組み
        （注）バンガード・インベストメンツ・ジャパン株式会社の営業終了に伴い、代行協会員は、2021年１月29日付けで、Teneo














          Partners株式会社に変更された。以下同じ。
                                  3/470





                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
       ②　投資運用会社とファンドの関係法人との契約関係

     ファンドの運営上の役割                     会社名                契約および委託内容
     ① 投資運用会社、             ザ・バンガード・グループ・インク                    2009  年６月８日付で締結された
                   （The   Vanguard     Group,    Inc.）       ファンド・サービス契約第５修正
      投資顧問会社、
                                                 （注１）
                   （以下「バンガード」という。）
      名義書換および
                                      契約（随時修正済）               に基づ
      配当支払代行会社
                                      き、バンガードは、ファンドの運
                                      用、管理、名義書換代行、配当支
                                      払代行および投資顧問業務を行
                                      う。
     ② 保管銀行             JP  モルガン・チェース・バンク                  2017  年８月14日付で締結された修
                                      正・再録包括保管契約（随時修正
                   （JP   Morgan    Chase   Bank）
                                         （注２）
                                      済）      に基づき、ファンド資
                                      産の保管業務を行う。
     ③ 代行協会員             Teneo   Partners     株式会社            2021  年１月１日付で締結され、同
                                      年１月29日に効力を生じた代行協
                   （Teneo     Partners     Japan   Limited.）
                                                   （注３）
                                      会員契約（随時修正済）                 に
                                      基づき、日本における代行協会員
                                      業務を行う。
     ④日本における              マネックス証券株式会社                    2005  年５月１日付で締結された受
                  （Monex,     Inc.)               益証券販売・買戻契約（随時修正
      販売会社
                                         （注４）
                                      済）      に基づき、日本におけ
                                      る受益証券の販売・買戻しの取扱
                                      業務を行う。
        （注１）    ファンド・サービス契約第５修正契約とは、トラストとバンガードとの間で締結された、トラストがファンド
           の運営・事務代行業務等に関する権限をバンガードに付与することを約する契約である。
        （注２）    修正・再録済包括保管契約とは、保管銀行とトラストの間で締結された、保管銀行がファンド資産について保
           管業務を行うことを約する契約である。
        （注３）    代行協会員契約とは、日本における代行協会員がファンドの受益証券に関する目論見書の配布、ファンド受益
           証券１口当りの純資産価格の公表ならびに日本の法令および日本証券業協会規則により作成を要する運用報告
           書等の文書の配布等を行うことを約する契約である。
        （注４）    受益証券販売・買戻契約とは、受益証券の日本における募集の目的でトラストから交付を受けた受益証券を販
           売会社が日本の法令・規則および目論見書に準拠して販売することを約する契約である。
       ③　トラストの概要

                バンガード・インデックス・ファンズ（Vanguard                          Index   Funds）
     トラスト
     ① 設立準拠法           トラストは、ペンシルバニア州ビジネス・トラストとして1975年に設立さ
                れ、1998年７月にデラウェア籍法定トラストとして再編された。
                トラストは、1940年法に基づき、SECに登録されている、オープン・エンド分
                散型運用投資会社である。
     ② 事業の目的           トラストは主として有価証券に投資する１もしくはそれ以上のシリーズ（ま
                たはサブ・ファンド）を通じて1940年法に基づき登録された投資会社の事業
                の遂行、運営および実行を行うために設立された。
     ③ 資本の額           該当なし。
                                  4/470



                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
     ④ 沿革           1975  年12月31日　　ペンシルバニア州ビジネス・トラストとして設立
                1998  年１月23日　　契約および信託宣言の締結
                1998  年１月28日　　デラウェア籍法定トラストとして再編
                2002  年７月19日　　修正・再録済契約および信託宣言の締結
                2008  年11月19日　　修正・再録済契約および信託宣言の締結
     ⑤ 大株主の状況           2021  年３月31日現在のファンドのアドミラル受益証券の発行済受益証券の
                ５％以上を保有する株主
                該当なし。
     ⑥代表者の役職氏名            会長兼最高経営責任者
                モーティマー・Ｊ．バックリー
                （ Mortimer     J.  Buckley    , Chairman     and  Chief   Executive      Officer    ）
     （４）【ファンドに係る法制度の概要】

        トラストは、デラウェア州一般法およびコモン・ローに基づいて設立され、かつ同法の規制を受け
       る。ファンドの運営に関して、ファンドは、さらに1940年法（改訂済）、アメリカ合衆国1986年内国歳
       入法（改訂済）（以下「内国歳入法」という。）、および各法規の下で制定された規則の規制を受け
       る。ファンドの受益証券の販売に関して、ファンドは、1933年証券法（以下「1933年法」という。）、
       1934年証券取引所法、ブルー・スカイ・ロー（アメリカ合衆国の様々な州における証券州法、以下「ブ
       ルー・スカイ・ロー」という。）およびかかる法規の下で制定された規則の規制を受ける。かかる準拠
       法の内容は以下のとおりである。
       （イ）デラウェア籍法定トラスト法（デラウェア州法第38章以降参照）（「デラウェア籍法定トラスト
          の取扱い」）（以下「法定トラスト法」という。）
         1988  年10月１日以降、デラウェア州では、デラウェア籍法定トラストを明確に承認した法定トラス
        ト法を採用している。法定トラスト法の主要な目的は、コモン・ローの近代化およびデラウェア法の
        体系化により商業活動におけるトラストの利用に関して確実性をもたらすことである。
         法定トラスト法は、法定トラストのトラスト契約に対して、あらゆる適切な、受託者および受益者
        の権利義務の設定を許可している。法定トラストに関連する文字どおり全ての事象に関して、受託者
        および受益者の議決権ならびに全ての該当クラスまたはシリーズは、拡大、制限または削減すること
        ができる。かかる融通性は、義務的条項に制限されることの多い、非主流的な商業組織およびコモ
        ン・ロー・トラストに対して有利となる。
         法定トラスト法のもとでは、デラウェア籍法定トラストの受益者は、デラウェア州企業の株主と同
        様の個人的責任の制限を受ける。信託約款に別途の規定がない限り、法定トラストは、法定トラスト
        またはいかなる受益者に対して、当該法定トラストの責務を負わない受託者に運営されるか、または
        かかる受託者の指導下におかれる。法定トラストは、受託者の最低１名がデラウェア州に在住してい
        ることを規定している。ただし、登録された投資会社であるかまたは将来的に登録された投資会社に
        なるトラストについてはこの規定の適用は除外される。受託者の義務は信託約款に規定される。さら
        に信託約款は、かかる信託約款が規定する権利、権限および義務を有して当該法定トラストを運営す
        る役員、従業員またはその他の人物の任命を規定することもできる。
         法定トラストの運営に責任を有する受託者またはその他の人物が、当該法定トラストまたは受益者
        に関連して有する義務（忠実義務も含む。）および責務に関しては、かかる人物の責任はトラスト契
        約により拡大または縮小することができる。加えて、かかる人物につき、法定トラスト、いかなる受
        益者またはいかなる受託者に対してもトラスト契約の条項に対する善意の依拠に対しての責務は有さ
        ない。
       （ロ）デラウェア州コモン・ロー
                                  5/470


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
         コモン・ローは裁判所の判例によって形成された不文法の体系である。デラウェア州裁判所により
        なされた判断を通じて形成された一定の法理論は、デラウェア州の法定トラストおよびかかるトラス
        トの受託者に適用される。
       （ハ）1940年法
         1940  年法はSECに対し、同法の規定の遵守を強制させるため権限を付与している。同法は、（                                             ⅰ ）投
        資会社の財務内容およびその基本方針の開示、（                         ⅱ ）SECに対する登録届出書の提出、（                   ⅲ ）SECおよ
        び受益者に対する特定の報告書の提出および交付を要求し、投資会社が業務の性格その他の基本方針
        を受益者の承認なく変更することを一般的に禁止し、また信託資産の保管およびより一般的に、投資
        信託の業務および運営に関して規制している。
       （ニ）1933年法
         1933  年法は、証券の販売に関する規制を定める。同法は、登録届出書（目論見書を含む。）により
        当該発行もしくは販売に係わる当該証券についての情報の開示を要求し、当該証券の発行もしくは販
        売に係わる詐欺行為を違法としている。
       （ホ）1934年証券取引所法
         1934  年証券取引所法は、受益証券の売買を規制し、継続的開示義務、委任状、企業内部情報の不当
        な利用その他の詐欺的行為に関しても規定している。また、証券市場に関する規制および証券業者に
        関する広範な規制を行っている。
       （ヘ）内国歳入法
         内国歳入法は、投資信託が規制を受けた投資会社としての取扱いを受ける資格を定める。
     （５）【開示制度の概要】

       （１）米国における開示
        ①　SECに対する開示
          1933  年法および1940年法の規定により、ファンドはSECに対して、定期的に届出書（書式N-1A）を
         提出しファンドの情報を更新する。
        ②　受益者に対する開示
          1940  年法の規定により、ファンドは受益者に対して、財務情報を含む年次有価証券報告書および
         半期報告書を送付する。
       （２）日本における開示
        ａ．監督官庁に対する開示
         ① 　金融商品取引法上の開示
           受託者は日本における１億円以上のファンドの受益証券の募集をする場合、有価証券届出書を
          財務省関東財務局長に提出する。投資者およびその他希望する者は、金融商品取引法に基づく有
          価証券報告書等の開示書類に関する電子開示システム（EDINET）等においてかかる書面を閲覧す
          ることができる。
           受益証券の販売取扱会社は、交付目論見書（金融商品取引法の規定により、あらかじめまたは
          同時に交付しなければならない目論見書をいう。）を投資者に交付する。また、投資者から請求
          があった場合は、請求目論見書（金融商品取引法の規定により、投資者から請求された場合に交
          付しなければならない目論見書をいう。）を交付する。受託者は、ファンドの財務状況等を開示
          するために、各事業年度終了後６カ月以内に有価証券報告書を、各半期終了後３カ月以内に半期
          報告書を、さらに、ファンドに関する重要な事項について変更があった場合にはそのつど臨時報
          告書を、それぞれ財務省関東財務局長に提出する。投資者およびその他希望する者は、EDINET等
          においてかかる書面を閲覧することができる。
         ② 　投資信託及び投資法人に関する法律に従う開示
                                  6/470


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

        ファンドは、SEC         およびアメリカ合衆国諸州の証券監督当局の監督に服する。
       （イ）SEC
        ⅰ）登録申請の受理（1940年法　第７条および第８条）
          投資会社はSECが規定する様式に従い、登録通知を提出して登録をしなければならない。
          投資会社は、当該通知書がSECに提出されたときに登録されたものとみなされ、その後SECに登録
          届出書を提出しなければならない。
        ⅱ）登録投資会社の登録の停止または取消し（1940年法　第８条）
          投資会社が登録届出書または報告書の提出を怠った場合に、もしくは完全に虚偽の記載がある場
          合は、SECの命令により登録会社としての登録資格を停止または取消されることがある。
        ⅲ）受託者および役員に対する監督（1940年法　第９条（ｂ））
          SEC  は受託者や役員が故意に連邦証券法に違反する行為を行った時は、その在職を禁止することが
          できる。
        ⅳ）登録届出書の審査（1933年法　第５条、第８条および第10条）
          投資信託は、受益証券を公衆に販売するために、ファンドは登録届出書をSECに提出し、その届出
          書が効力を発していなければならない。
          登録届出書は様式N-1Aに従い、同様式、およびさらに一般的には1933年法および同法規則で定め
          る事項を記載しなければならない。SECは登録届出書を審査し、不備等があった場合は補正命令を
          発しまたは効力停止処分に付することができる。登録届出書様式N-1AのＡ項およびＢ項の記載は
          それぞれ投資会社の目論見書および追加情報説明書からなる。
        ⅴ）事業活動の監督（1940年法　第12条）
          SEC  は、証券の信用取引、空売り、引受、他の投資会社発行証券の取得、額面株式発行会社の設
          立、保険会社の議決権株式の取得等の投資会社による事業活動を規制している。
        ⅵ）定期報告書の受理（1940年法　第30条）
          SEC  は、年次報告書等の提出を要求する。また、かかる報告書の内容に関する規制を制定し、監督
          権限を行使している。
       （ロ）州の証券監督当局
                                  7/470


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
        ⅰ ）免許制に関する規定
          ブローカー、ディーラー、証券販売外務員およびある種の投資顧問に対し、州の免許の取得、ま
          たは少なくとも州機関における登録がほとんどの州において要求されている。
        ⅱ ）証券の登録に関する規定
          米国内50州の各州において、合法的に受益証券を販売または募集する前に、SECに受益証券を登録
          し、受益証券の有効性を通知しなければならない。
        ⅲ ）詐欺的行為の防止に関する規定
          一般的に、受益証券の発行および販売を規定する州法である通称ブルー・スカイ・ローは、証券
          販売に関する詐欺的行為に関し、罰金刑および／もしくは自由刑の課せられる起訴、差止命令、
          供託金支払命令、免許または登録の一時停止または取消、民事上の損害賠償責任等の制裁に関し
          規定している。
                                  8/470
















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

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

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

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

        ファンドのベンチマーク・インデックスに対応して、ファンドは多様な会社、産業および／または政
       府もしくは政府系機関の株式に投資する。
       パフォーマンスの相対的一貫性

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

        インデックス・ファンドは、一般的に積極運用ファンドと比べて運用に費用がかからない。調査費用
       は少なく、またはかけず、概して取引活動、仲介手数料およびその他の取引費用を積極運営ファンドと
       比べて最小限にとどめる。
        インデックス・ファンドの、そのパフォーマンスを目標のインデックスに一致させる能力はまた、特
       にキャッシュ・フローの時期および規模ならびに当該インデックス・ファンドの規模によって影響を受
       ける可能性がある。市場混乱および規制上の制限もまた、インデックス・ファンドの、インデックスに
       追従するためにそのエクスポージャーを要求される水準に調整する能力に悪影響を及ぼす可能性があ
       る。
       証券選別

        ファンドは、米国の株式市場全体の収益率を測るベンチマーク・インデックスのパフォーマンスに追
       随することを意図している。ファンドは通常インデックス追従のサンプリング手法を用いて、コン
       ピューター・プログラムを使用し主要な特徴の観点から目標インデックスに類似した証券を選択する。
       これらは産業、時価総額別比率、およびその他証券の特性の調整を含む。
        ファンドは、株式市場リスクに服する。株式市場リスクとは、株価全体が下降する可能性をいう。株
       式市場は、価格上昇期と下降期とが周期的に変動する傾向がある。さらに、ファンドの目標インデック
       スは時に、特定の市場セクターの株式に焦点を合わせることがあり、ファンドは、そのセクターにおい
       て、その割合に比例したより高いリスクに服する。
                                  9/470


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
        株式公開企業の株式は、企業の発行済株式の時価である時価総額によって分類される。かかる分類に
       は一般的に、小型株、中型株および大型株が含まれる。バンガード・ファンドの投資顧問の間でも、小
       型 株、中型株、大型株の公式な定義は存在せず、時価総額の幅は時とともに変化することを理解するこ
       とが重要である。ファンドの株式保有高の2020年12月31日現在の資産加重平均時価総額は、1,090億米ド
       ルであった。
        ファンドはまた、サンプリング手法のリスクに服する。ファンドのために選別された証券が全体とし
       てファンドの目標インデックスと合致するパフォーマンスを残さないこともある。
       回転率

        ファンドは通常、長期の投資を追求するが、保有期間に関らず証券を売買することがある。インデッ
       クス・ファンドは一般に、従来型（取引所で取引されていない）ファンド証券の受益者による買戻し請
       求に対応するため、または目標指数の構成を変更するために証券を売買する。大型株の株式インデック
       スは長期間にわたり大きな変動をしないため、その回転率は著しく低い傾向がある。中小規模の株式イ
       ンデックス・ファンドの回転率は、その追跡する指数が企業の合併、成長、または破綻の結果変化する
       可能性が大きいため、大規模株式インデックス・ファンドに比べ高い傾向にある（ただし、活発に運用
       される株式ファンドと比較すると依然として相対的に低い。）。例えば、回転率が100％とすると、１年
       間でファンドの総資産の100％の有価証券が売却され、別の有価証券に100％入れ替わることを意味す
       る。一般的に、回転率が高ければ高いほど、取引コストがファンドのリターンに与える影響は大きくな
       る。また、回転率の高いファンドは、短期キャピタル・ゲインを含むキャピタル・ゲインを生み出す可
       能性が高く、それは受益者に分配されなければならず、課税口座を通じて投資する受益者に課税される
       ことになる。今期において、ファンドのポートフォリオの平均回転率は、ポートフォリオの平均価格の
       ８％であった。
       その他の投資方針およびリスク

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

        ファンドの日次現金残高は、コストの低いマネー・マーケット・ファンドであるバンガード・マー
       ケット・リクイディティ・ファンドおよび／またはバンガード・ミュニシパル・キャッシュ・マネジメ
       ント・ファンド（以下「CMTファンド」という。）に投資することができる。CMTファンドに投資する
                                 10/470


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

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

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

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

        バンガード・ファンド（マネー・マーケット・ファンドおよび短期公社債投信を除くが、バンガー
       ド・ショート・ターム・インフレーション・プロテクテッド・セキュリティーズ・インデックス・ファ
       ンドを含む。）は、企図して頻繁な取引を受け入れていない。各バンガード・ファンド（マネー・マー
       ケット・ファンドおよび短期公社債投信を除くが、バンガード・ショート・ターム・インフレーショ
       ン・プロテクテッド・セキュリティーズ・インデックス・ファンドを含む。）の受託者会は、頻繁な取
       引を発見しかつ自粛させるために、また、場合によっては、かかる取引に関連する費用をファンドに補
                                 11/470


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                Ⓡ         TM
       填するために合理的に策定された方針および手続を採用した。バンガードETF                                           （Vanguard      ETF   ）
       （注）
         受益証券の頻繁な取引は、通常、ポートフォリオの管理を妨げず、また、ファンドの受益者に損害
       を もたらさないため、これらの方針および手続はETF受益証券には適用されない。あらゆる場合におい
       て、バンガードが頻繁な取引またはマーケット・タイミングを発見または防止することができるという
       保証はないものの、かかる問題に対応すべく以下の方針が採用された。
       ・各バンガード・ファンドは、通知することなく、また、その金額にかかわらず、購入申込（他のバン
        ガード・ファンドからの乗換えを含む。）を拒否する権利を有する。例えば、購入申込は、投資者が
        過去に頻繁な取引を行ったことがあるという理由により、またはバンガードがかかる購入がファンド
        の運用もしくはパフォーマンスに悪影響を及ぼす可能性があると判断した場合、拒否され得る。
       ・各バンガード・ファンド（マネー・マーケット・ファンドおよび短期公社債投信を除くが、バンガー
        ド・ショート・ターム・インフレーション・プロテクテッド・セキュリティーズ・インデックス・
        ファンドを含む。）は、通常、一定の場合を除き、投資者がいずれかのファンド勘定から買戻しまた
        は乗換えを行ってから30暦日は当該ファンド勘定への当該投資者の購入または乗換えを禁止してい
        る。
       ・特定のバンガード・ファンドは、取引の際の買取手数料および／または買戻手数料を請求している。
        各バンガード・ファンド（リテールおよび政府マネー・マーケット・ファンドを除く。）は、その純
       資産額の決定に際して、適切な場合、「第一部　ファンド情報－第２　管理及び運営－３　資産管理等
       の概要－（１）資産の評価」に記載された公正価値による値付けを使用する。公正価値による価格決定
       により特定の頻繁な取引戦略の収益性が減少しまたは排斥されることがある。
        マーケット・タイミング取引を行う投資者は、バンガード・ファンドに投資してはならない。
       （注）米国特許取得番号6,879,964               7,337,138     7,720,749     7,925,573     8,090,646     8,417,623
                                 12/470












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

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

        ファンドによる資金の借入能力は、その投資方針と投資制限、1940年法、SECとそのスタッフおよびそ
       の他管轄権を有する監督当局により発せられる時々の適用免除、禁止行為通達書、解釈、その他公告事
       項によって制限される。1940年法の下では、ファンドは、暫定目的または緊急目的でのファンドの総資
       産の５％を超えない借入を除き、借入額の300％の連続資産補填率（すなわち、借入金を除いた負債控除
       後の借入金を含む総資産）を維持しなければならない。ファンドの総資産（借入時点）の５％を超える
       暫定目的の借入については連続資産補填率が維持されなければならない。市場変動の結果またはその他
       の理由で300％の資産補填率が低下した場合は、ファンドは、投資の見地からは当該時に証券を売却する
       ことがたとえ不利であっても、債務を縮小して300％の資産補填率を回復するために、３日（日曜日と休
       日を除く。）以内にそのポートフォリオ保有分の一部を売却しなければならないことがある。
        借入は、ファンドのポートフォリオの市場価格の値上がりまたは値下がりの純資産価額への影響を増
       幅させる傾向がある。借入金は、当該借入による資金で買付けた証券の利益により回収できるか、回収
       できない金利負担を被ることになる。ファンドはまた、借入に関連して最低平均残高を維持すること、
       または与信限度の維持のための約定手数料等の手数料を支払うことを要求されることがあり、これら要
       件のいずれも表示金利以上に借入費用を増大させることになりうる。
        あるファンドの資本構成へのレバレッジ効果があるか、または経済上借入に相当する取引は、1940年
       法の趣旨上ファンドによる借入の形態を成すとみなされるとの立場をSECは取っている。かかる取引に
       は、逆買戻し特約付売買契約の締結、モーゲージ・ダラー・ロール取引の執行、証券の空売り（既に保
       有している証券の空売り（売りつなぎを除く。））、一部デリバティブ（先物契約等）の売買、プット
       オプションやコールオプションの売り（または買い）、セール・バイバックの執行、確定コミットメン
       トやスタンドバイ・コミットメント契約の締結、発行日取引、受渡し繰延取引または先物予約取引の執
       行およびその他の類似の取引への参加（これら一連の取引についてのさらなる記述は、請求によりその
       英語版を入手することができる追加情報説明書に記載される。）が含まれうる。借入取引は、1940年法
       の第18条（ｇ）項に定義される「優先証券」のファンドによる発行になるとはみなされず、したがっ
       て、かかる取引は、当該ファンドが相殺資金高を維持する場合、当該借入取引に基づくファンドの潜在
       的経済エクスポージャーに等しい価値（毎日の市場マーク・ベースで決定されるところによる。）の流
       動資産（かかる流動性については、受託者会によって確立された手続きに従いアドバイザーが決定す
       る。）を分離している場合、または適用SEC指針に従い当該取引を別途「カバー」する（当該取引を「カ
       バーする」と総称する。）場合は、ファンドによる借入に本来適用される300％資産補填率要件の対象と
       ならない。ファンドは借入取引をカバーするために不利な時期または価格で証券を売買しなければなら
                                 13/470


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
       ないことがある。そのほか、買戻しの充足のためまたはその他の債務を履行するために分離資産が充当
       できないことがある。
       普通株式

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

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

                                 14/470


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
        預託証券（参加証券としても売られる。）とは、ある証券または「預託機関」に預託された証券プー
       ルに対する所有権を証する証券である。預託証券は、保証付または無保証のことがあり、米国預託証券
       （ADR）、     欧州預託証券（EDR）およびグローバル預託証券（GDR）が含まれる。ADRについては、その預
       託機関は往々にして米国の金融機関であり、原証券は米国以外の国の発行体によって発行される。その
       他の預託証券については、その預託機関は米国以外の国のまたは米国の機関のことがあり、その原証券
       は米国以外の国のまたは米国の発行体のことがある。預託証券は必ずしも原証券と同一の通貨建てでは
       ない。ADRは一般に、記名式で発行され、米ドル建てであって、米国証券市場での使用のためのものであ
       る。GDRやEDRのようなその他の預託証券は、無記名式で発行されることがあり、その他の通貨建てで
       あって、一般に米国以外の証券市場での使用のためのものである。かかる２種類の預託証書のファシリ
       ティ（無保証または保証付）は類似しているが、所有者の権利と義務および市場参入者の取引慣行に関
       しては相違点がある。預託機関は、原発行体による参加（またはその承諾）なしに無保証のファシリ
       ティを設定することができる。ただし、預託機関は往々にして、当該ファシリティの設定前に原発行体
       からの異議申立不可書を請求する。無保証預託証書の所持人は原則として、当該ファシリティに係る全
       コストを負担する。預託機関は通常、原証券の預託時と回収時、配当金の米ドルまたはその他通貨への
       換算時、現金以外の分配の処分時、およびその他サービスの履行時に手数料を請求する。無保証ファシ
       リティの預託機関は往々にして、原発行体から受け取った通信連絡を株主に伝える義務、または原証券
       に関る議決権を預託証券所持人に移譲する義務を負っていない。
        保証付預託証券のファシリティは、保証付預託証券のファシリティが預託契約を通じて預託機関と原
       発行体とによって共同で設定されること以外、原則として無保証ファシリティと同じ方法で設定され
       る。預託契約には、原発行体、預託機関、および預託証券所持人の権利と責務が定められる。保証付
       ファシリティについては、原発行体は概して、預託証券に係る費用（預託機関の配当支払手数料等）の
       一部を負担するが、ほとんどの保証付預託証券所持人は預託手数料や回収手数料等の費用を負担するこ
       とになろう。大方の保証付預託証券の預託機関は、原発行体の要請に応じ、株主総会通知、議決指図
       書、その他預託証券所持人への株主通信連絡や情報を配布することを承諾している。
        ファンドの投資目的の趣旨上、預託証券への投資は原証券への投資とみなされる。したがって、普通
       株式の所有権を表示する預託証券は普通株式として取り扱われる。預託証券は、米国以外の国の発行体
       の証券への直接投資に伴うリスクのすべてを取り除くものではない。
                                 15/470









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

        デリバティブとは、他の資産、基準レート、もしくは指数の価値に基づくまたは由来する価格を持つ
       金融商品である。デリバティブは、商品、株式、債券、金利、為替レート、関連指数等の多様な対象基
       準項目に関係していることがある。デリバティブには、先物契約、先物契約オプション、一部の先約取
       引、証券オプション、キャップ、フロア、カラー、スワップ契約、およびその他の一部の金融商品が含
       まれる。先物契約や一部オプション等の一定のデリバティブは、米国商品および証券取引所において取
       引され、一方、スワップ契約等のその他のデリバティブは直接相対取引され、店頭（OTC）市場で非公開
       に取引の実施ができ、また、決済機関を通じての清算（「清算されるデリバティブ」）も取引所または
       スワップ執行機関においての取引も可能である。ドッド・フランク・ウォール街改革及び消費者保護に
       関する法律（以下「ドッド・フランク法」という。）により、かかる一部の標準的なクレジット・デ
       フォルト・スワップおよび金利スワップ取引のようなスワップ契約は決済機関で決済されなければなら
       ず、また、取引所またはスワップ取引システムで取引しなければならない。当該規定により、取引の全
       体的な費用が増加することがある。デリバティブ規則改革の遵守は、デリバティブ市場に関連し発生す
       るリスクを低減する。一方で、規則は、なかでも、より標準的な商品の流動性を増加させ、その価値を
       低下させる、一方で、より標準的でない商品に関しての流動性を減少させ、その価値を上昇させうる。
       デリバティブの利用に伴うリスクは、デリバティブの元である証券または資産への直接投資に伴うリス
       クとは異なり、それよりも大きいであろう。
        デリバティブはヘッジ、リスク管理、全額投資の維持の追求、取引費用の軽減の追求、株式または債
       務証券またはその他投資対象への投資を刺激することの追求および株式または債務証券またはその他投
       資対象と比較してデリバティブが有利に価格設定されている時にポートフォリオ・ポジションをより効
       果的に利用するためにデリバティブを用いての付加価値の追求を含むがこれらに限定されない様々な目
       的のために使用されることがある。一部の投資者は、デリバティブを主に投機目的で使用しうるが、他
       のデリバティブの使用は投機的でないこともある。ファンドのアドバイザーによって採用されるデリバ
       ティブ戦略が成果を上げるとの保証はない。ファンドのOTCデリバティブ取引のその他当事者（通常、
       「取引相手」と称される。）は、1940年法と内国歳入法の特定条項の目的のため、当該OTCデリバティブ
       が同法の下で証券または投資としての資格を得る可能性があるとしても、その発行人とみなされない。
       ファンドのアドバイザーはOTCデリバティブ取引相手への資金の信用リスクを適宜調整監視する。
        デリバティブは、株式、債券、その他従来の投資対象とは異なる投資手法やリスク分析を必要とする
       高度に専門化された商品である。デリバティブの使用には原商品についての理解だけではなく、起こり
       うるあらゆる市況下でデリバティブの推移を見守ることの恩恵がない場合であってもデリバティブ自体
       についての理解も必要とする。
        ファンドが清算されるデリバティブ取引を行う場合、先物取次業者（Futures                                         Commission      Merchant
       （FCM））へ当初証拠金の預け入れが要される。当初証拠金は、一定期間における清算されるデリバティ
       ブの市場価値値動きと同額として一般的に計算される。ファンドの清算されるデリバティブの価値が減
       少した場合、ファンドは、価値変動の清算のため、FCMへの「変動証拠金」の追加支払いを要される。
       ファンドの清算されるデリバティブの価値が上昇した場合、FCMは、価値変動の清算のため、ファンドへ
       の「変動証拠金」の追加支払いを要される。本プロセスは、「値洗い」として知られており、日次で計
       算される。
        OTC  デリバティブについて、ファンドは、取引相手の支払不能もしくは破産の結果、または取引相手に
       よる所定の支払の履行不能もしくはその他契約条件の順守不履行の結果、損失を被りうるというリスク
       にさらされる。さらに、信用デリバティブの使用は、信用デリバティブの元となる発行体の信用性を
       ファンドのアドバイザーが正確に評価していない場合は損失となることがある。
        デリバティブは、特定のデリバティブの売買が困難である時に発生する流動性リスクを被ることがあ
       る。デリバティブ取引が特に大規模である場合、または関係市場が（一部のOTCデリバティブの場合のよ
                                 16/470


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
       うに）非流動的である場合、有利な時期もしくは価格で取引を開始することまたはポジションを清算す
       ることはできなくなるであろう。
        デリバティブは、特定のデリバティブが過去の価格もしくは対応する資金市場商品の価格と比較して
       異常に高くなる時に発生する価格設定リスク（「ベーシス」リスク）を被ることがある。一定の市況下
       では、損失の回避もしくは機会の利用のために適時に取引を開始すること、またはポジションを清算す
       ることが経済効果的にできなくなることがある。
        一部のデリバティブはレバレッジ構成要素であるため、原資産、基準レート、もしくは指数の価値ま
       たは水準の不利な変動は、デリバティブ自体への投資額を大幅に上回る損失をもたらすことがある。一
       部のデリバティブは、当初投資の規模に関らず、無限の損失の可能性を内包している。デリバティブ取
       引は、1940年法の第18条（ｇ）項に定義される「優先証券」のファンドによる発行になるとはみなされ
       ず、したがって、かかる取引は、ファンドが前述の「借入」の見出しの項に記載される要件に従うこと
       を条件として当該取引をカバーする場合は、ファンドによる借入に本来適用される300％資産補填率要件
       の対象とはならない。
        その他大方の投資対象と同様に、デリバティブは、当該商品の市場価格がファンドの利益を損なう形
       で変動するというリスクを被る。ファンドは、そのアドバイザーがファンドのために派生ポジションを
       設定する際に将来の市場動向または資産、基準レート、指数もしくはその他金融経済要素の評価値を不
       正確に予測するかもしれないというリスクを負う。アドバイザーがポートフォリオ投資に対するヘッジ
       として、またはその代替物としてデリバティブを利用しようとする場合、ファンドは、当該デリバティ
       ブがポートフォリオ投資との不完全な連関性または無連関性を維持または展開するというリスクに晒さ
       れる。このことは、ファンドに大きな損失をもたらしうる。デリバティブを含んだヘッジ戦略は、損失
       リスクを軽減しうる一方、利益の機会を低減したり、ファンドのその他投資対象の有利な価格動向を相
       殺することによって損失さえもたらすことがある。多くのデリバティブ、特にOTCデリバティブは複雑
       で、往々にして主観的に評価される。不適切な評価は取引相手への支払金の必要の増大またはファンド
       に対する価値の喪失をもたらしうる。
        ファンドは、商品取引法のルール4.5に従う意向であり、同ルールに基づき、あるファンドは、当該
       ファンドが特定の商品取引法に規制された金融商品（先物商品、オプションまたはスワップ等）への投
       資の制限および特定の販促規制への準拠等、特定の条件を充足する場合に、「コモディティ・プール・
       オペレーター（CPO）」の定義より除外されうる。したがって、バンガードは、ファンドに関して証券取
       引法に基づくCPOとして登録されておらず、また規制も受けていない。ファンドは、米国もしくは米国外
       の取引所、商品取引所または類似の団体において取引されているか、または自動相場表示システム上に
       上場されている先物契約および先物オプションのみを締結するものとする。
                                 17/470







                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
       取引所で取引されるファンド

        ファンドは、取引所で取引されるファンド（ETF）の受益証券を取得することがある。ファンドは概し
       て、ファンドが先物契約を取得する（しかも購入の代替として取得する）場合と同じ理由でETF受益証券
       を取得するであろう。すなわち、株式市場または債券市場の全体または一部に対するエクスポージャー
       を得るためにETF受益証券を取得するであろう。ETF受益証券は先物に勝る幾つかの利点を有している。
       市場、保有期間、その他要素の如何によっては、ETF受益証券は先物よりもコストが低く、税効果がより
       高いことがある。そのほか、ETF受益証券は、小額で取得でき、適格なまたは流動的な先物契約がない市
       場セクターや市場形態に対するエクスポージャーを提供し、またレバレッジを伴っていない。
        ETF  への投資は一般に、同一の投資目的、投資戦略、投資方針を有する従来型ファンド（すなわち、取
       引所で取引されていないファンド）への投資と同様な主要リスクを示す。ETFの価格は幅広く変動し、
       ファンドは、ETFによって保有される証券の価格が下がった場合にはETFへの投資金を喪失することがあ
       りうる。さらに、ETFは、従来型ファンドには該当しない下記のリスクを被る。（１）ETF受益証券の市
       場価格は、その純資産価額に対する割引価格またはプレミアムで取引されることがある。（２）ETF受益
       証券の活発な取引市場は発達しなかったり、維持されないことがある。（３）ETF受益証券の取引は、個
       別のまたは市場全体の取引停止（特定の受益証券の価格または全ての市場価格が一定の割合下がった場
       合、一定期間取引を停止する。）により停止される場合がある。ETF受益証券の取引はまた、受益証券が
       別の取引市場で上場されずに取引市場で上場が廃止された場合、上場取引所の担当者が以下の取引停止
       が公正で秩序ある市場であるため、または投資者を保護するために適切であると決定した場合にも、停
       止されることがある。
        大部分のETFは投資会社である。したがって、ファンドのETFの購入は「その他の投資会社」の見出し
       の下に記述されているファンドの他の投資会社に対する投資に関する一般的制限およびリスクの対象と
       なる。バンガードETF受益証券はバンガード・ファンドが保有するポートフォリオの収益を反映する、取
       引所で取引されるファンドである。ファンドのバンガードのETFへの投資もまた下記「その他の投資会
       社」の見出しの下に記述されているファンドの他の投資会社に対する投資に関する一般的制限およびリ
       スクの対象となる。ただし特定の条件を満たすことを前提に1940年法の第12条（ｄ）（１）に定義され
       る制限を越えてSECが登録済投資会社にETF受益証券を発行するバンガード・ファンドに対する投資を許
       可する場合を除く。
       米国以外の国の証券

        米国以外の国の証券は、米国以外の国の法人や米国以外の国の政府等、米国外で設立された、米国外
       を所在地とする、または米国外に主たる営業所を有する主体によって発行された株式または債務証券で
       ある。ある証券が米国外で組織された会社の発行する証券だとしても、その会社の主要な運営が米国内
       から行なわれている、またはその会社の株式が主に米国の証券取引所で取引されている場合は、米国以
       外の国の証券とは看做されない。米国以外の国の証券は米国または米国以外の国の証券市場で取引され
       る。ファンドは、米国以外の国の証券を直接取得するか、または預託証券もしくは米国以外の国の証券
       に替わる同様な商品の預託持分（預託証券）を間接的に取得することによって（前述を参照）米国以外
       の国の投資を行う。米国以外の国の証券への直接投資は米国以外の国の証券取引所または店頭（OTC）市
       場で行われる。米国以外の国の証券への投資は、米国企業または米国政府の証券への投資には概して伴
       わない一定の特殊なリスク勘案事項を伴っている。
        米国以外の国の発行体は一般に、米国の発行体に適用されるものに相応する統一的な会計監査・財務
       報告基準の対象となっていないため、一部の米国以外の国の発行体については、米国の発行体よりも公
       開入手できる情報が少ないことがある。多くの米国以外の諸国では証券の所有権の証拠が不確実なこと
       がある。その結果、ファンドが損失を被るリスクが存在し、ファンドによる取引明細が取引時に不正確
       または不正に記入されるというリスクを含むが、これに限られない。米国以外の国の発行体の証券は一
                                 18/470


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
       般に、対応する米国発行体の証券よりも値動きが大きく流動性が低く、また米国以外への投資は複雑で
       不明確性をかかえた構成を通じて行われることがある。一部の国々では、米国におけるよりも証券取引
       所、  ブローカー、上場企業に対する政府の監督規制が少ない。米国以外の証券市場において取引される
       有価証券が、発行体、証券取引所もしくは政府当局によって停止されうるリスクもまた高い。さらに、
       一部の米国以外の諸国に関しては、押収もしくは没収的課税、政治社会的不安定、戦争、テロ事件、国
       有化、資金もしくはその他資産の移動制限、またはかかる国々への米国投資に影響しうる外交的展開が
       起こりうる。さらに、外国により米国に課せられた、もしくは米国により外国に課せられた経済的また
       はその他の制裁は、一定の投資証券にかかるファンドの購入、販売、保持、受領、引渡またはその他の
       取引能力を阻害しうる。また、制裁は、米国以外の国の証券の価値および／または流動性にも影響しう
       る。
        アドバイザーは当該状況下でファンドによる米国以外の国の証券のポートフォリオ取引に関し最も有
       利な執行コストを得ようと努めるであろうが、手数料およびその他の取引費用は一般に、米国証券に関
       るものよりも高額である。そのほか、主として米国以外の国の証券についての保管取決めに関る費用
       は、主として米国内証券に投資するファンドの費用よりも幾分高くなることが予想される。さらに、破
       産法は管轄により異なり、現金預金は保管銀行の債権者によって左右されうる。一部の米国以外の国の
       政府は、米国以外の国の証券の売却にかかるキャピタル・ゲインからの、または証券取引からの配当や
       利息収入に対し源泉徴収税またはその他の税を課す。一部の国々ではかかる税金の一部はファンドに
       よって回収可能であるが、米国以外の国の源泉徴収税の非回収部分は、かかる証券からの受取収入を低
       減することになる。
        ファンドによって保有される非米ドル建ての米国以外の国の証券の価格は、為替レートの変動によっ
       て大きく影響されることがある。米国以外の国の証券の米ドル価格は一般に、当該証券の指定米国以外
       の国の通貨に対する米ドル価値の上昇時には値下がりし、また当該通貨に対する米ドル価値の下落時に
       は値上がりする傾向がある（「米国以外の国の証券－米国以外の国の通貨取引」の項で指摘されるよう
       に、ファンドはその通貨リスクをヘッジしようとすることがある。）。さらに、ファンド資産の価額
       は、米国以外の国の証券の売買のための様々な通貨間の換算において生じる損失やその他費用、通貨規
       制、取引管理規制、通貨切下げ、政治経済動向によって影響されることがある。
       米国以外の国の証券－米国以外の国の通貨取引

        ファンドの非米ドル建て米国以外の国の証券の米ドル価格は、米国以外の国の為替レートの変動や取
       引管理規制の変更によって有利または不利に影響されることがあり、またファンドは様々な通貨間の換
       算に関連する費用を負担することがある。かかる要素の純資産価額への影響を最小限に留めるために、
       ファンドは、米国以外の国の証券への投資に関連して米国以外の国の通貨取引を行うことがある。ファ
       ンドは、米国以外の国の証券への投資に伴う通貨リスクをヘッジするためにのみ米国以外の国の通貨取
       引を実施する。かかる取引は、ヘッジ対象通貨の価値の下落による損失リスクを最小限に留める傾向は
       あるが、当該通貨の価値が値上がりした場合に起こりうる利益の可能性をも限定することになりうる。
        為替取引は、為替市場の実勢レートによる現物（すなわち、現金）ベースで、または米国以外の国の
       通貨の先渡契約により行われる。通貨予約は、当該契約の期日に指定された価格で、将来のある期日
       （両当事者が合意した契約期日からある確定日数の期日）に特定の通貨を売買する義務を伴う。かかる
       契約は大手商業銀行との間または銀行間市場への参加者であるその他の通貨トレーダーとの間で結ばれ
       る。為替取引は、スワップ契約またはその他デリバティブの利用によっても行われることがある。為替
       取引は借入とみなされうる。為替取引は、1940年法の第18条（ｇ）項に定義される「優先証券」のファ
       ンドによる発行となるものとはみなされず、したがって、かかる取引は、ファンドが前述の「借入」の
       見出しの項に記載される要件に従うことを条件として当該取引をカバーする場合は、ファンドによる借
       入に本来適用される300％資産補填率要件の対象とはならない。
                                 19/470


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

        先物契約および先物オプションは、デリバティブである。先物契約は、将来の特定時点にいずれかの
       商品の特定数量を特定価格で購入し、または売却するという二当事者間の標準化された契約である。か
       かる商品は、資産、参照レート、または指数から構成することができる。証券先物契約は、単一の持分
       証券または対象証券の狭い証券指数の特定数量の売却に関係する。先物契約の価格は、対象となる商品
       の価値と平行的に増減する傾向がある。先物契約の買い手は、決済日に対象商品を購入する契約の当事
       者となり、先物契約を「ロング（買建て）する」といわれる。先物契約の売り手は、決算日に対象商品
       を売却する契約の当事者となり、先物契約を「ショート（売建て）する」といわれる。先物契約が売買
       される価格は、電子的市場または取引所の場でトレーダー（自己売買主体）またはブローカー（委託売
       買主体）として行為する取引所会員間の公開気配売買（オープン・アウトクライ）により決定される。
       未決済の先物契約は、当該契約の条件に応じて、決済日における対象商品の現物受渡しまたは現金決済
       額の支払によりこれを清算し、またはクローズすることができる。（証券先物などの）一部の金融先物
       契約では、満期日における現物決済が規定されている。その他の（金利、非米国通貨および広範囲の証
                                 20/470


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
       券指数などの）金融先物契約では、一般に、満期日における現金決済が規定されている。現金決済され
       る先物契約の場合、現金決済額は、当該契約の最終取引日における最終清算価格または関連する商品の
       市 場価値と当該契約開始時の関連する商品の価格の差額に等しい。ただし、大半の先物契約は期日まで
       保有されることはなく、その代わり、同一の先物契約の反対ポジションの設定により、決済日前に反対
       売買により相殺される。
        先物契約の買い手または売り手は、決済日まで当該契約を保有しない限り、対象商品を引き渡し、ま
       たは原商品の対価を支払う必要はない。しかし、買い手も売り手も、先物契約の約定時にFCMに「当初証
       拠金」を預託しなければならない。当初証拠金は、多くの場合、一定期間における当該先物契約の市場
       価値値動きと同額として計算される。先物契約のファンドのポジションの価値が下落した場合、当該
       ファンドは、追加の「変動証拠金」をFCMに支払い、価値の変動を清算しなければならない。先物契約の
       ファンドのポジションの価値が上昇した場合、FCMは、当該ファンドに対して追加の「変動証拠金」を支
       払い、価値の変動を清算しなければならない。このプロセスを「値洗い」といい、日次で計算される。
       先物取引は、1940年法の第18条（ｇ）項に定義される「優先証券」のファンドによる発行となるものと
       はみなされず、したがって、かかる取引は、ファンドが前述の「借入」の見出しの項に記載される要件
       に従うことを条件として当該取引をカバーする場合は、ファンドによる借入に本来適用される300％資産
       補填率要件の対象とはならない。
        先物契約を対象とするオプション（または先物オプション）は、当該オプションの満期を迎える前の
       いずれかの時点に特定の先物契約を特定の価格（行使価格またはストライク・プライスという。）で購
       入（コール・オプションの場合）し、または売却（プット・オプションの場合）する権利（義務ではな
       い）を伴う。オプションの売り手は、オプション・ライターと呼ばれる。オプションの価格は「プレミ
       アム（オプション料）」という。オプションの買い手に生じうる損失は、プレミアムの金額に取引費用
       を加算した額に限定される。これは、たとえば、オプションがその満期日前に保有され、行使されない
       場合に発生しうる。一般にオプションの売り手（オプション・ライター）は、オプションの買い手が支
       払うプレミアムを得ることを目的としてオプションを売却する。オプションの売り手が売却したオプ
       ションが行使されずに満期を迎えた場合、オプションの売り手はプレミアムの全額を留保する。しか
       し、オプションの売り手は無制限の金銭的リスクを負う。これは、オプションの売り手に生じうる損失
       が、オプションが売られたときに受領したプレミアムにより相殺される部分を除き、満期日に当該オプ
       ションが「イン・ザ・マネー」である金額に等しいからである。コール・オプションは、対象資産の先
       物契約の価格が当該オプションの行使価格を上回る場合に「イン・ザ・マネー」である。プット・オプ
       ションは、当該オプションの行使価格が対象資産の先物契約の価格を上回る場合に「イン・ザ・マ
       ネー」である。一般に、オプションの買い手が実現する利益は、オプションの売り手にとっての損失を
       表す。
        先物オプションの売り手のポジションをとるファンドは、先物契約の場合において上記に記載されて
       いるように、当該オプションに関して当初証拠金および変動証拠金を預託しなければならない。先物オ
       プション取引は、1940年法の第18条（ｇ）項に定義される「優先証券」のファンドによる発行となるも
       のとはみなされず、したがって、かかる取引は、ファンドが前述の「借入」の見出しの項に記載される
       要件に従うことを条件として当該取引をカバーする場合は、ファンドによる借入に本来適用される300％
       資産補填率要件の対象とはならない。
       先物契約および先物契約についてのオプションにおけるリスク

        先物契約上および先物契約についてのオプション取引上の損失のリスクは、必要預託証拠金の額が低
       い反面、先物およびオプションの価格決定に包含されるレバレッジの度合いが極めて高いこと、および
       潜在的に先物市場の変動性が高いことという理由によって重大なものとなる可能性がある。その結果、
       先物ポジションにおける比較的小さな価格変動も投資者に直ちに重大な損失（または収益）を与える可
       能性がある。例えば、購入時に先物契約の価額の10％に相当する証拠金を預託した場合、その後先物契
                                 21/470


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

        SEC  は、登録されたオープン・エンド型バンガード・ファンドがバンガードのインターファンド・レン
       ディング・プログラムに参加することを許容する免除を与えている。このプログラムはバンガード・
       ファンドが、一時的または緊急の目的のために相互に資金の借入れおよび貸付を行うことを許容してい
       る。プログラムは、（１）通常の銀行との間での同種の取引におけるよりもより有利な利息を得られる
       ものでない限りファンドはプログラムを通じて借入れまたは貸付を行ってはならない（２）ファンド
       は、借入によって、プログラムによる借入残高総額が借入時の当該ファンドの純資産の15％を超えるこ
       とになる場合は資金を借り入れることはできず、また（３）あるファンドによる一ファンドに対する
       ファンド間借入は貸手側ファンドの純資産の５％を超えてはならないとする要件を含む、多くの条件に
                                 22/470


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

        各バンガード・ファンドは、特定の投資目標を達成する目的でのみ、証券およびその他の証書に投資
       を行う。したがって、バンガード・ファンドは、個別または集合的に経営に関する決定に支配権を持つ
       ために企業の発行済議決権付株式を取得することを目的とはしていない。バンガード・ファンドは、経
       営権を支配する目的で企業への投資を行わない。
                                 23/470
















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

        オプションはデリバティブである。証券（または指数）オプションは、「プレミアム」の支払の見返
       りとして、当該オプションの失効日前に特定の行使価格で当該オプションの原証券（または当該指数の
       現金価額）を当該オプションのライターから買い取る（コールオプションの場合）または当該オプショ
       ンのライターに売り付ける（プットオプションの場合）権利（ただし、義務ではない）を当該オプショ
       ン所有者に付与する契約である。証券オプションのライターは、当該オプションの行使時に、行使価格
       の支払に応じ原証券を引き渡す義務（コールオプションの場合）、または原証券の受渡しに応じ行使価
       格を支払う義務（プットオプションの場合）を負う。指数オプションのライターは、当該オプションの
       行使時に、当該指数オプションに係る特定の乗数で乗じた行使価格差引き後の当該指数の現金価額に等
       しい金額を支払う義務を負う。指数オプションの乗数は、当該オプションが表示する投資ポジションの
       規模を決定する。原商品、失効期日、契約規模およびストライク価格に関し標準化されている取引所で
       取引されるオプションとは異なり、OTCオプション（取引所で取引されないオプション）の条件は一般
       に、オプション契約の他方当事者との交渉により設定される。この種の取決めは、買取人またはライ
       ターの必要に応じてオプションを適応させる大きな柔軟性を買取人またはライターに対し認めるもので
       あるが、OTCオプションは一般的に、取引所で取引される決済されたオプションについてではなく取引当
       事者に対する信用リスクを伴い、信用リスクは適用ある決済期間の関与を通して相互化される。
        オプションの買い手（または所持人）は、オプションを「ロング」すると言われ、またオプションの
       売り手（またはライター）は、オプションを「ショート」すると言われる。コールオプションは、あら
       かじめ決定された当該オプションの権利行使価格であるストライク価格で原証券を買い取る権利を所持
       人に対し認める（またライターに対し原証券の売付を義務付ける。）。プットオプションは、ストライ
       ク価格で原証券を売り付ける権利を所持人に対し認める（またライターに対し原証券の買取を義務付け
       る。）。オプションの買取価格は「プレミアム」と呼ばれる。オプションの買い手にとって潜在する損
       失は、プレミアムに取引費用を加算した金額に限定される。これは、オプションが失効日まで保有さ
       れ、行使されない場合に該当する。一般に、オプションのライターは、オプションの買い手が支払うプ
       レミアムを獲得する目的でオプションを売り付けるが、予想されるオプション価格の上昇または下落に
       よる利益を求めることもある。オプションのライターにより売り付けられたオプションが行使されるこ
       となく期限切れとなった場合、ライターは当該プレミアムの全額を確保する。ただし、オプションのラ
       イターは、当該オプションの引受時に受領したプレミアムで相殺される範囲内を除いた発生しうる損失
       が失効日現在の「イン・ザ・マネー」のオプションの金額に等しいために、無限の経済的リスクを負っ
       ている。原ポジションの価額が当該オプションの行使価格を超える場合にコールオプションは「イン・
       ザ・マネー」とされる。当該オプションの行使価格が原ポジションの価額を超える場合にプットオプ
       ションは「イン・ザ・マネー」とされる。一般に、オプションの買い手によって実現される利益は、オ
       プションのライターの損失を表示する。オプションの引受は、1940年法の第18条（ｇ）項に定義される
       「優先証券」のファンドによる発行になるとはみなされず、またかかる取引は、ファンドが前述の「借
       入」の見出しの項に記載される要件に従うことを条件として当該取引をカバーする場合は、ファンドに
       よる借入に本来適用される300％の資産補填率要件の対象とはならない。
        特定オプションの取引市場が利用できなくなった場合、かかるオプションへの投資者（ファンド等）
       は、取引の再開までそのポジションを決済できなくなり、また対象持分の価格がかかる期間中に不利に
       動いた場合は多額の損失に直面することになりうる。市場が依然利用可能であったとしても、オプショ
       ン価格が対象持分や関連権益の価格に対し通常の関係または予想される関係を維持しない期間が生じう
       る。投資者の関心の欠如、ボラティリティの変化、またはその他の要素もしくは条件が、特定オプショ
       ンの市場の流動性、効率性、継続性、または秩序にさえ不利に影響しうる。
        ファンドは、そのアドバイザーが将来の市場動向を正確に予測しないかもしれないというリスクを負
       う。アドバイザーがポートフォリオ投資に対するヘッジとして、またはその代替としてオプションを利
                                 24/470


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
       用しようとする場合、ファンドは、当該オプションがポートフォリオ投資との不完全な連関性または無
       連関性を維持または展開するというリスクに晒され、ファンドに大きな損失をもたらしうる。オプショ
       ン を含んだヘッジ戦略は、損失リスクを軽減しうる一方、利益の機会を低減したり、ファンドのその他
       投資対象の有利な価格動向を相殺することによって損失さえもたらすことがある。多くのオプション、
       特にOTCオプションは複雑で、往々にして主観的要素に基づき評価される。不適切な評価は取引相手への
       支払金の必要の増大またはファンドに対する価値の喪失をもたらしうる。
       OTC  スワップ契約

        OTC  スワップ契約はデリバティブの一種で、特定の資産、基準レート、または指数を参照して計算され
       る支払金を伴う指定額（概念上の金額）に基づき指定日（定期的支払日）に支払を交換する両当事者
       （取引当事者）間の契約である。
        OTC  スワップ契約の例には、金利スワップ、クレジット・デフォルト・スワップ、エクイティ・スワッ
       プ、商品スワップ、非米国為替スワップ、指数スワップ、エクセス・リターン・スワップおよびトータ
       ル・リターン・スワップが含まれるが、それらに限らない。ほとんどのOTCスワップ契約には、両当事者
       の定期的支払日が同日の時は、支払は純額計算され、純額のみが純支払金の受取資格のある相手方当事
       者に対し支払われる旨規定されている。したがって、あるスワップ契約に基づくファンドの当座の債務
       （または権利）は原則として、各当事者によって保有されるポジションの相対的価額を基準として、当
       該契約に基づき支払われるまたは受け取られる純額に等しくなる。OTCスワップ契約は多様な取引を可能
       にする。例えば、確定利付きの支払は変動利付きの支払と交換することができ、米ドル建ての支払は異
       なる通貨建ての支払と交換することができ、またある資産、基準レートまたは指数の価格に連動した支
       払は別の資産、基準レート、または指数の価格に連動した支払と交換することができる。
        「スワップション」とも呼ばれるOTCスワップ契約OTCオプションは、市場ベースの「プレミアム」の
       支払と引き換えに、ある将来の期日にスワップを結ぶ権利（ただし、義務ではない）を買手に付与する
       オプションである。受取勘定スワップションは、特定の資産、基準レート、または指数に係るトータ
       ル・リターンを受け取る権利を所有者に付与する。支払勘定スワップションは、特定の資産、基準レー
       ト、または指数に係るトータル・リターンを支払う権利を所有者に付与する。スワップションには、一
       方取引当事者による既存のスワップの解約または延長を認めるオプションも含まれる。
        ファンドによるOTCスワップ契約の利用は一定のリスクを伴っており、かかるリスクは、スワップ契約
       の対象資産である証券やその他投資対象に直接投資することに伴うリスクとは異なることがあり、また
       それを上回ることがある。OTCスワップは、株式、債券、その他従来型投資対象に伴うものとは異なる投
       資手法、リスク分析および税務計画を要する高度に専門化された商品である。OTCスワップの使用には、
       対象となる資産、基準レート、または指数についての理解だけではなく、起こりうるあらゆる市況下で
       スワップの推移を見守ることの恩恵がない場合であってもスワップ自体についての理解を必要とする。
        OTC  スワップ契約は、特定のスワップの売買が困難である時に発生する流動性リスクを被ることがあ
       る。OTCスワップ取引が特に大規模である場合、または関係市場が（OTCスワップの場合のように）非流
       動的である場合、有利な時期もしくは価格で取引を開始することまたはポジションを清算することがで
       きなくなることがあり、そのことが大きな損失をもたらすことになりうる。そのほか、OTCスワップ取引
       はファンドの非流動性証券への投資制限の対象となることがある。
        OTC  スワップ契約は、特定のスワップが過去の価格または対応する資金市場商品の価格と比較して異常
       に高く（または安く）なる時に発生する価格設定リスクを被ることがある。一定の市況下では、損失の
       回避もしくは機会の活用のために、またはスワップ契約の本来の価値を実現するために適時に取引を開
       始すること、またはポジションを清算することが経済的にできなくなることがある。
        特定のOTCスワップ契約はレバレッジ構成要素を含んでいるため、対象の資産、基準レート、もしくは
       指数の価値または水準の不利な変動は、スワップ自体への投資額を大幅に上回る損失をもたらすことが
       ある。特定OTCスワップは、当初投資の規模に関らず、無限の損失の可能性を内包している。レバレッジ
                                 25/470


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
       されたOTCスワップ取引は、1940年法の第18条（ｇ）項に定義される「優先証券」のファンドによる発行
       になるとはみなされず、またかかる取引は、ファンドが前述の「借入」の見出しの項に記載される要件
       に 従うことを条件として当該取引をカバーする場合は、ファンドによる借入に本来適用される300％資産
       補填率要件の対象とはならない。
        その他大方の投資対象と同様に、OTCスワップ契約は、当該商品の市場価格がファンドの利益を損なう
       形で変動するというリスクを被る。ファンドは、そのアドバイザーがファンドのためにOTCスワップポジ
       ションを設定する際に将来の市場動向または資産、基準レート、指数もしくはその他金融経済要素の評
       価値を不正確に予測するかもしれないというリスクを負う。アドバイザーがポートフォリオ投資に対す
       るヘッジとして、またはその代替物としてOTCスワップを利用しようとする場合、ファンドは、当該OTC
       スワップがポートフォリオ投資との不完全な連関性または無連関性を維持または展開するというリスク
       に晒される。このことは、当ファンドに大きな損失をもたらしうる。スワップ商品を含んだヘッジ戦略
       は、損失リスクを軽減しうる一方、利益の機会をも低減したり、ファンドのその他投資対象の有利な価
       格動向を相殺することによって損失さえもたらすことがある。多くのOTCスワップは複雑で、往々にして
       主観的に評価される。不適切な評価は取引相手への支払金の必要の増大またはファンドに対する価値の
       喪失をもたらしうる。
        OTC  スワップ契約の使用は、他方当事者の支払不能もしくは破産の結果、または取引相手による所定の
       支払の履行不能もしくはその他契約条件の順守不履行の結果、損失を被りうるというリスクを伴う。さ
       らに、クレジット・デフォルト・スワップの使用は、クレジット・スワップのベースである発行体の信
       用性をファンドのアドバイザーが正確に評価していない場合は損失をもたらしうる。
       米国以外の国の証券-米国以外の国の投資会社

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

        ファンドは、適用法またはSEC免除の認める範囲内でその他の投資会社に投資することがある。1940年
       法の第12条（ｄ）（１）に基づき、ファンドはその資産の10％までを投資会社の株式に投資することが
       でき、また一般に、当該投資が取得投資会社の議決権付株式の３％以上を表象しない限りは、その資産
       の５％までを一投資会社に投資することができる。なお、バンガードがアドバイザーを務めるファンド
       は、クローズド・エンド型投資会社の議決権付株式を全体として10％を超えて保有しない。1940年法お
       よびそれに関する定めは、例えば、投資会社の同じグループの中でほかのファンドに投資するファンド
       など、これら制限の一定の免除を規定している。ファンドがその他の投資会社に投資する場合、株主は
       ファンドの費用（営業費やアドバイザー報酬を含む）中の比例応分の負担分だけではなく、間接的には
       対象投資会社に係る同様な費用をも負担することになる。投資開発事業法人（BDCs）のような投資会社
       は会社の経営と類似しており、発生する費用はファンドの受益者より直接支払われず、ファンドの純資
       産価格に計算されることがない。しかしSECの規定は投資開発事業法人で発生するいかなる費用も、
       「ファンド取得手数料および費用」としてファンドの経費率に含むよう要求している。そのため投資開
       発事業法人のファンドの経費率は、ファンド取得手数料および費用と同様に、ファンドがポートフォリ
       オマネジメント、管理サービスおよび他の受益者サービスに実際に何を費やしたかを誇張する。ファン
       ド取得手数料および費用はファンドの実際の費用をはっきりと示すファンドの財務書類に含まれない。
       株主はまた、ファンドの投資に伴うリスクだけではなく、対象投資会社のポートフォリオに伴うリスク
                                 26/470


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
       にも晒されることになろう。クローズド・エンド型投資会社等一部のタイプの投資会社は、その純資産
       価額に対するプレミアムでまたはディスカウントで証券取引所または店頭において取引される一定数の
       株 式を発行する。その他の株式は純資産価格で継続して募集されるが、流通市場で取引されることもあ
       る。
        ファンドによる株式クラスの購入は、その他の投資会社（対象ファンド）の特定の株式クラスに限定
       されることがある。一定の場合において、投資者は当該対象ファンドの低コストの株式を個別に購入す
       ることができるため、全体の費用負担は少なくなる一方で、投資対象の類似のポートフォリオを構築
       し、長期にわたって維持することができる。
       優先株式

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

        エクイティREITは、直接不動産を所有し賃貸借収入により収益をあげる。エクイティREITはまた、財
       産を売却することで利益を得、キャピタル・ゲインを創出する可能性がある。モーゲージREITは、商業
       不動産デベロッパーに対して、建設、開発および長期モーゲージ・ローンの貸出しを行い、これらの
       ローンに付される金利収入を得る。ハイブリッドREITは、物件およびモーゲージの双方を所有する。法
       人レベルにおける課税回避のため、REITは、その収益のほとんどを株主に配当しなければならない。
       REITへの投資は、不動産への直接投資と同様のリスクの多くに服する。一般的に、不動産価値は、物件
       の需要・供給、経済全般または地域経済状況および物件を利用する特定商業の経済状況等を含むがこれ
       らに限られないさまざまな要因に影響される。結局のところ、REITのパフォーマンスは、所有する物件
       の種類や立地およびREITがどれだけうまくその物件を管理できるかどうかによる。例えば、賃料収入
       は、空室の長期化、近隣物件との競争の激化、テナントの賃料滞納、賃貸の規則規定、賃料収入の変
       動、市場における賃貸相場のばらつきまたは管理能力不足によって、減少しうる。物件価値は、同一地
       域における建設の過剰、環境責任、自然災害による無保険損害、近隣の全体的な価値減少、事故や不良
       による損害、固定資産税の上昇または土地区画法の変更によって、減少しうる。
        REIT  の価値はまた、金利の変動によっても影響を受ける可能性がある。金利の上昇は、一般的に、不
       動産計画の調達コストを上昇させ、当該上昇はエクイティREITの価値の減少を引き起こしうる。金利の
       低下局面では、抵当権設定者は、モーゲージREITに所有されるモーゲージの期限前返済を選択すること
       ができ、当該期限前返済は、REITの利益の減少を引き起こしうる。REITはまた、キャッシュ・フローへ
       の重度の依存、借り手による不履行および税ならびに法律上の要請の変更にも服する。加えて、REIT
       は、内国歳入法（Internal              Revenue     Code）上の免税者として非適格となる可能性および／または、1940
       年法からの免除を保てなくなる可能性を有する。
                                 27/470


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

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

        非流動性証券／投資対象とは、ファンドが合理的に予想する投資対象であり、投資対象の市場価値を
       著しく変動させる売却または処分を行わない限り、現在の市場状況において７暦日以内に売却または処
       分することができない投資対象をいう。SECは一般に、ミューチュアル・ファンドの非流動性証券／投資
       対象の保有持分の総額を純資産の15％（マネー・マーケット・ファンドの場合は５％）までに制限して
       いる。非流動性証券の値付けおよび売却には困難が生ずる場合があり、終了時を特定できないある期
       間、非流動性証券／投資対象の値付けおよび売却を行なうことができないこともある。非流動性証券に
       は、（１）７日後よりも後に期限を迎えるレポ契約（その契約に請求／買戻しに関する定めのない場
       合）、（２）店頭オプション、その他のデリバティブ（一定のスワップ契約を含む。）、（３）期限前
       支払いの対象とならず、または期限前支払時の引出しペナルティのない定期預金（オーバーナイト預金
       を除く。）、（４）特定の貸付金の利子および債務証書、（５）特定の地方リース債務、（６）未公開
       株式投資、（７）1933年法のセクション４（ａ）（２）に従い発行されたコマーシャル・ペーパーおよ
       び（８）連邦証券法規の下で売却が制限されている証券等、広範な投資対象が含まれうる。非流動性証
       券には、連邦証券法規の下で一般に適格機関投資家である購入者に対してのみ再売却することができる
       制限付私募証券が含まれる。
        ファンドが保有する制限付証券に関して市場が発展した場合には、ファンドの受託者会の承認した手
       続およびガイドラインに基づき、流動証券として取り扱われることがある。
       逆買戻し特約付売買契約

        逆買戻し特約付売買契約では、ファンドは、資金の見返りとして銀行またはブローカー／ディーラー
       等の他者に対し証券を売却し、合意された価格と時期により当該証券を買い戻すことを承諾する。逆買
       戻し特約付売買契約に基づき、ファンドは契約期間中継続して原証券に対する元本と利息の支払を受け
                                 28/470


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
       る。逆買戻し特約付売買契約は、ファンドに買戻し義務があるファンドが売却した証券の買戻し価格以
       下にファンドの保有する証券の市場価格が値下がりするというリスクを伴う。かかる損失に加えて、
       ファ  ンドの費用は、逆買戻し特約付売買契約から受け取った資金の投資によってファンドが得た利益を
       超えることがある。逆買戻し特約付売買契約は1940年法の趣旨上借入取引とみなされうる。逆買戻し特
       約付売買契約の取引は、1940年法の第18条（ｇ）項に定義される「優先証券」のファンドによる発行と
       なるものとはみなされず、またかかる取引は、前述の「借入」の見出しの項に記載される要件に従うこ
       とを条件としてファンドが当該取引をカバーする場合は、ファンドによる借入に本来適用される300％資
       産補填率要件の対象とはならない。ファンドは、アドバイザーによって信用性が精査され満足すべきと
       される者とのみ逆買戻し特約付売買契約を締結する。逆買戻し特約付売買契約における購入者が破産し
       た場合、または破産申立をした場合、他の関係者、受託者または受信者が証券の買戻しの権利の履行を
       決定するまでの間、ファンドの販売による収益の使途は制限される。ファンドが逆買戻し特約付売買契
       約により売却された証券を買い戻せない場合、ファンドは証券の価格とファンドが証券について受領し
       た支払額の差額を損失として認識する。
       証券貸付

        ファンドは、金融機関（典型的にはブローカー、ディーラーおよび銀行）に対して、ファンドの収益
       を生み出すために証券を貸し付けることができる。貸付証券には、取引相手方リスク、信用リスク、市
       場リスク、規制リスク、オペレーショナル・リスクを含む一定のリスクが存在する。投資顧問は、とり
       わけ証券貸借に関して決定を行う際には、借主の信用度を考慮し、受託者会による監督に服するものと
       する。借り手が、支払不能またはその他の理由により、貸付証券を返還する義務を履行しなかった場
       合、ファンドに、貸付証券の回収または担保の取得に関する遅延および費用が生じる可能性がある。か
       かる遅延および費用は、一部のタイプの非米国証券やグローバルな規制制度の対象となっている特定の
       タイプの借主の場合、より大きい可能性がある。貸付証券を回収することができなかった場合、ファン
       ドは、担保を売却し、市場において代替証券を購入することができる。担保投資は、市場の上昇または
       低迷に左右される。担保の価額は、代替投資対象の購入時までに代替投資対象の価額を下回ってしまう
       可能性もある。現在、ファンドは、現金担保を、品質の高い短期金融市場商品に投資する関連マネー・
       マーケット・ファンドに投資している。
        貸付契約の条件ならびに貸付証券の方式および総額は1940年法および同法に基づくSEC規則またはその
       解釈と両立しなくてはならない。これらの条項は、ファンドが貸し付けることのできる証券の数量を
       ファンドの総資産の33と１／３％に制限しており、次の点を要求している。すなわち、（１）借主は、
       常時、貸出証券の価値の100％を下回らない価値を有する、現金、変更不可能な信用状、または米国政府
       の発行もしくは保証する証券からなる担保を設定しかつ維持しなくてはならないこと、（２）借主は貸
       付証券の価格が上昇した場合は（つまり、借主は毎日値洗いを行う。）、いつでも担保を追加しなくて
       はならないこと、（３）貸付はいつでもファンドによって解約されうるものでなくてはならないこと、
       および（４）ファンドが合理的な額の利息（ファンドによる現金担保の短期利付投資証券への投資を含
       む。）、貸出証券の配当およびその市場価値の上昇利益を受領するものでなくてはならない。ファンド
       によって締結された貸付契約は、その他のいかなる適用規制要件を遵守する。現在、SECは、それが書面
       の契約によるものでありかつ投資会社の受託者によって承認されている限り、投資会社が貸出証券に関
       して交渉により定められた合理的な報酬を支払うことに異議を述べていない。さらに、貸付証券と共に
       議決権が譲渡されるものとするが、貸付証券に影響を及ぼす重大な事由が発生したことをファンドが認
       識しており、かつこれに関し、証券の保有者が議決権を行使するまたは同意する権限を有する場合、貸
       し手は、議決権の行使または同意までに貸付証券を回収する権限を有さなければならない。ファンドは
       証券の回収に遅れが生じ、ファンドの議決権を行使する権限に影響が出るリスクを負担する。
        バンガードの証券貸付方針に従って、バンガードの債券ファンドおよびマネー・マーケット・ファン
       ドはその投資証券の貸付を認められておらず、貸付を行わない。
                                 29/470


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
       租税に関する事項          －  デリバティブ、ヘッジおよび関連取引にかかる米国連邦税制措置

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

        定期預金は、米国の短期金融商品の発行体に関連するものと同様のリスク、特に、信用リスクにさら
       される（また、その次に挙げられるリスクとしては、収益リスク、市場リスクや流動性リスクがあ
       る。）。さらに、米国の銀行の米国外支店および米国以外の国の銀行の米国外支店の定期預金は、一定
       のソブリンリスクにさらされることがある。かかるリスクの一つに、国家が米ドル建て資本の海外流出
       を禁止する可能性が挙げられる。その他にも、政治および経済の不利な動向、金融市場および金融機関
       に対する政府規制の程度および性質、米国以外の国の源泉徴収税の課税や、米国以外の発行体の公用収
       用および国有化のリスクがある。しかしながら、これらの発行体の定期預金は、バンガード・ファンド
       の投資先である米国の発行体と同種の信用分析を受けることになっており、少なくとも、かかるファン
       ドについて承認された米国の発行体と同等の財務力を有するものである。
       ワラント

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

        発行日取引、受渡し繰延取引および先物予約取引は、事前に決定された価格または利回りで特定証券
       を売買する約定を伴うもので、かかる約定では支払および受渡しは当該種類の証券の通常の決済期間の
       後に行われる。概して、証券が受け渡されるまでは買手には利息は発生しない。かかる取引のいずれか
       に基づき証券を買い付ける場合、当該証券に関わる支払は受渡し日まで必要とされない。ただし、買い
       手は、所有権を得ると共に、価格と利回りの変動リスクや証券が予定通り発行されないリスク等所有に
       係るリスクを負う。ファンドがかかる取引のいずれかに基づき証券を売却した場合は、ファンドは当該
       証券に関し更なる利益または損失には参加しない。受渡し繰延取引の他方当事者が証券に関わる受渡し
       または支払を行わない場合、ファンドは有利な価格もしくは利回りの機会を逃すか、または損失を被る
       ことになりうる。ファンドは発行日取引または先物予約取引を再取決めし、受渡し前に原証券を売り付
       けることができるが、このことはファンドにとって原資の値上がりまたは損失となりうる。発行日取
                                 30/470


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
       引、受渡し繰延取引および先約取引は、前述の「借入」の見出しの項に記載される要件に従い、かつリ
       スクを条件としてファンドが当該取引をカバーする場合は、ファンドによる借入に本来適用される300％
       資 産補填率要件の対象とはならない。
     （３）【運用体制】

       （ｉ）投資運用体制
         バンガードは、バンガードのエクイティー・インデックス・グループ（以下「EIG」という。）を通
        し、ファンドの投資顧問会社として投資顧問業務を行っている。2020年12月末日現在、バンガードは
        約5.8兆米ドルの資産を運用している。同社はファンドの受託者および役員の監督の下で、ファンド・
        サービス契約に従ってファンドに投資顧問業務を提供している。
         ポートフォリオ・マネジャーは、下記（ⅲ）項記載のとおり、主にファンドの日々の運用について
        責任を負う。
       （ⅱ）投資運用方針の意思決定過程
         ファンドは投資目的のみならずその目的を追求するために使用する主要な投資戦略および投資方針
        を有している。投資戦略または投資方針が基本事項と指定されていない場合は、ファンドの運用を監
        督するファンドの受託者会は、受益者のために、受益者の議決なしにかかる投資戦略または投資方針
        を変更することができる。通常の状況下では、ファンドは目標インデックスによって構成された株式
        に少なくとも資産の80％を投資する。ファンドは受益者への60日前までの通知を行った時のみ、かか
        る80％方針を変更することができる。
         ファンドは、インデックス投資手法を用い、株式市場全体の収益率を測るベンチマーク・インデッ
        クスのパフォーマンスに追随することを意図している。ファンドは通常インデックス追従のサンプリ
        ング手法を用いて、コンピューター・プログラムを使用し主要な特徴の観点から目標インデックスに
        類似した証券を目標インデックスから選択する。これらは産業、時価総額別比率、およびその他証券
        の特性の調整を含む。
         SEC  の免責規則の条項に基づき、ファンドの受託者会は、受益者による事前の同意がなくとも、第三
        者投資顧問との顧問契約の諸条項の変更あるいは新たな第三者投資顧問の採用－現在の顧問の後任と
        してあるいは追加の顧問として－を行うことができる。ファンドの顧問の枠組みにおける重要な変更
        は書面により受益者に通知される。ファンドのスポンサーおよび全般的な管理者として、バンガード
        は、常に、追加的な投資顧問サービスをファンドに対して提供することができる。バンガードはま
        た、受託者会に対し、顧問の雇用、退職または交替の際には、現行の顧問契約の条項を修正すること
        を奨励する。ファンドは、バンガードの完全所有子会社である投資顧問に関し、類似するSEC免除を求
        める申請を行った。免除が認可されれば、ファンドは新たなSEC救済措置に依拠することができる。
       （ⅲ）任務と権限
         前述のとおり、バンガードはEIGを通し、ファンドの投資顧問会社として投資顧問業務を行ってお
        り、以下のポートフォリオ・マネジャーが主にファンドの日々の運用について責任を負う。
         ウォルター      ネジュマン（Walter           Nejman）、バンガードのポートフォリオ・マネジャー。2016年よ
        り、ファンドを共用運用している。
         ジェラルド      C.オライリー（Gerard            C.  O'Reilly）、バンガード社プリンシパル。1994年以来、ファ
        ンドの運用を行っている（2016年以来、共同運用）。
         上述のとおり、ファンドの受託者および役員がファンドの運用を監督することを前提として、バン
        ガードは投資顧問業務を行っている。
     （４）【分配方針】

        ファンドは、受益者に対して、全ての純所得（利息、配当から費用を控除した額）を、保有する資産
       の売却によって実現した短期または長期のネット・キャピタル・ゲイン同様分配する。ファンドは、資
                                 31/470


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
       本の払戻しとして扱われる分配を行う場合もある。所得の分配は通常年に４回、３月、６月、９月およ
       び12月に行われる。キャピタル・ゲインの分配があれば、通常年に１回、12月に行われる。さらに、
       ファ  ンドは、随時、追加配当を年度の一定時点で行うことがある。
        日本の投資者は所得またはキャピタル・ゲインの分配を現金で受領する。
        上記は、将来の分配金の支払およびその金額について保証するものではない。
     （５）【投資制限】

        ファンドは、以下の基本的投資制限に従わなくてはならない。基本的投資制限はファンドの株式の過
       半数にあたる受益者の承諾がなければ、いかなる方法によっても変更することはできない。かかる目的
       上、「過半数」の株式とは、（ⅰ）ファンドの純資産の50％以上に相当する受益証券を有する受益者ま
       たは委任状を有する代理人が出席した上でのファンドの純資産の67％以上の賛成投票を表象する株式、
       または（ⅱ）ファンドの純資産の50％以上を表象する株式のいずれか少ない方をいう。
       （１）借入れ
         ファンドは、1940年法またはその他の準拠法、その規則、もしくはSECまたはファンドに対する権限
        を有するその他の規制当局が認める範囲内でのみ、借り入れを行うことができる。
       （２）商品
         ファンドは、1940年法またはその他の準拠法、その規則、もしくはSECまたはファンドに対する権限
        を有するその他の規制当局が認める範囲内でのみ、商品に投資することができる。
       （３）分散
         総資産の75％について、ファンドは（１）単一発行体の発行済議決権付証券の10％以上を購入し、
        または（２）その結果、ファンドの総資産の５％以上が当該証券の発行体に投資されることとなるよ
        うな場合に証券を購入することはできない。本制限は米国政府またはその機関、または下部機構の債
        務には適用されない。
       （４）産業への集中投資
         ファンドは、インデックスの構成を目標インデックスに近似させるために必要な場合を除き、同じ
        部門または同じ産業グループで主要な事業活動を行う発行者の証券に集中して投資をしてはならな
        い。
       （５）投資目的
         ファンドの投資目的は株主決議なく変更できない。
       （６）貸付
         ファンドは、1940年法またはその他の準拠法、その規則、もしくはSECまたはファンドに対する権限
        を有するその他の規制当局が認める範囲内でのみ、他者への貸付を行うことができる。
       （７）不動産
         ファンドは、証券またはその他の証書を保有した結果として取得した場合を除き、不動産に直接投
        資をしてはならない。本制限は、ファンドが（１）不動産の投資、取引を行うか、または不動産取引
        に従事する企業により発行されるか、もしくは（２）不動産またはその利益により担保または保証さ
        れる証券またはその他の証書への投資を妨げるものではない。
       （８）優先返済証券
         ファンドは、1940年法またはその他の準拠法、その規則、もしくはSECまたはファンドに対する権限
        を有するその他の規制当局が認めた場合を除き、優先返済証券へ投資をしてはならない。
       （９）引受
         ファンドが1933年法に規定される証券の販売に関する引受会社とみなされる場合を除き、ファンド
        は他の発行者の証券の引受会社としての業務を行うことはできない。
                                 32/470


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
        前述の基本方針の準拠性は、通常証券が購入された時点に評価される。借入れについて1940年法に別
       段の規定がある場合を除き、割合についての規則は投資の時点で遵守されていれば、後に資産の市場価
       値の変化の結果割合が変動してもかかる規則違反にはならない。全ての基本方針は、該当する規制基準
       に 準拠していなければならない。
        これらの方針により、ファンドがバンガードの所有者利益を得ることを妨げられることはない。ファ
       ンドはバンガードの共同所有者として、バンガードの発行する証券を所有し、バンガードに対して貸付
       を行い、バンガードの経費またはその他の金融上の必要資金を分担することができる。
       ファンドのインベスター受益証券の日本における販売

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

       要な行動を行う。これはファンドの唯一の義務であり、かつかかる違反に関しての唯一の改善手段であ
       る。かかる投資制限は、（１）ファンド証券の日本国内における募集または販売が適する限り、また
       （２）日本証券業協会の外国証券の取引に関する規則において設定されている「外国投資信託受益証券
       の選別基準」によって必要とされる限り、効力を有する。
       （注）インベスター受益証券の募集は2017年11月30日に終了した。インベスター受益証券は2019年５月24日をもって、アドミラル
         受益証券に強制転換された。
                                 33/470










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

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

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

        パンデミック、自然災害または環境災害、戦争、テロ行為その他事由によって引き起こされる重大な
       市場混乱は、地域市場および世界市場ならびに通常の市場活動に悪影響を及ぼす可能性がある。市場混
       乱により、上記の、およびファンドの目論見書における政治リスク、社会的リスクおよび経済的リスク
       が増大することがある。さらに、市場混乱に起因して、市場ボラティリティの増大、規制上の取引停
       止、国内もしくは外国の取引所、市場もしくは政府の閉鎖が生じるか、または、市場参加者が事業継続
       計画に従った運営を無期限に行うことがある。市場混乱により、経済および市場が非常に混乱する可能
       性があり、また、個別の会社、セクター、産業、市場、通貨、金利およびインフレ率、信用格付け、投
       資者心理ならびにファンドの投資対象の価値およびファンドの運営に影響を及ぼすその他の要因に著し
       い影響が及ぶ。市場混乱により、ファンドの業務に不可欠な事業が終了することとなる可能性もあり、
                                 34/470


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
       その他ファンド・サービス・プロバイダーの従業員の、ファンドに代わって重要な職務を遂行する能力
       が妨害される可能性がある。
       サービス・プロバイダー、データ・プロバイダーおよびその他テクノロジーへの依存

        バンガード・ファンドは、いくつかの重要な役割を遂行するために、サービス・プロバイダーの実績
       に依存しているが、それにはファンドの運営に不可欠な役割が含まれている可能性がある。いかなる
       サービス・プロバイダーもファンドに対する義務を履行できない場合、ファンドの業務が中断し、ファ
       ンドのパフォーマンスに悪影響を及ぼす可能性がある。ファンドのサービス・プロバイダーが特定のテ
       クノロジーや情報ベンダー（例えば、取引システム、投資分析ツール、ベンチマーク分析、税務・会計
       ツール）に依存することも、ファンドとその投資者に悪影響を与える可能性がある。例えば、ファンド
       の投資顧問は、モデルおよび／またはデータを用いて、ファンドの潜在的な投資対象をスクリーニング
       することができる。モデルやデータが間違っていたり、不完全であったりすると判明した場合、このよ
       うなモデルやデータに依拠して行われた判断は、ファンドを潜在的なリスクに晒すことになる。
       先物契約の合衆国連邦租税上の取扱い

        ファンドは、米国連邦所得税の目的で、一定の先物契約における未実現純損益は、当該年度に実現し
       た損益と同様、各課税年度において通常認識するべきである。これらの場合、先物契約に関して認識さ
       れた損益は契約の保有期間に関わりなく、長期資本損益の60％および短期資本損益の40％とみなされ
       る。その他の先物取引（主に非米国先物取引）における損益は、契約が終了するまでは認識されず、契
       約の保有期間に応じて長期または短期として取り扱われる。ファンドが保有する証券の価格変動をヘッ
       ジすることを意図した先物の売却はかかる証券の保有期間に影響する可能性があり、その結果、処分時
       におけるかかる証券の損益の性質にも影響しうる。ファンドが保有する、損失を相殺する関連ポジショ
       ンの未認識収益の範囲において、先物取引のようなあるポジションにおける損失の認識の変更を要求さ
       れる可能性がある。
        ファンドは、米国連邦所得税の目的で、認識された先物取引におけるキャピタル・ゲイン純額を毎年
       株主に分配する。かかる分配はファンドの他の投資対象の実現キャピタル・ゲインの分配と一括して行
       われ、受益者には分配の性格が知らされる。
       非米国人との通貨取引の合衆国連邦租税上の取扱い

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

                                 35/470


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
        米国の源泉徴収および遺産税は、バンガード・ファンドの非米国投資者による投資に適用される。
       （２）リスクに対する管理体制

         ファンドの投資運用会社であるバンガードは定期的にファンドの投資および取引の状況を検査し、
        ファンドが要求されている規則に服しているかどうかの決定を下す。
         ファンドは、本書に記載のとおり、ヘッジ目的および／またはヘッジ目的以外の目的でデリバティ
        ブを利用している。ファンドは、デリバティブについて、ファンドに適用されるUCITSにかかるEU指令
        の準拠に基づくリスク管理方法を採用している。
                                 36/470

















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

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

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

        受託者報酬
         バンガード・ファンドすべてについて下記の受託者報酬表に記載された個人が受託者として行為
        し、各ファンドは受託者報酬を比例的に分担して支払う。ファンドは役員も分担して雇用する。ただ
        し、役員の報酬はファンドではなくザ・バンガード・グループ・インクによって支払われる。
         独立受託者
         ファンドは独立受託者（ファンドの役員ではない役員）の報酬を下記３項目に従って支払う。
        ＊　独立受託者は、ファンドへのサービスについて年次報酬を受領する。これは予定された受託者会
          に欠席した場合減額される。
        ＊　独立受託者は、受託者会への出席のための旅費その他の費用の払戻しを受けることができる。
        ＊　退任時、（65歳に達し、かつ５年間業務を遂行した後に）に、2001年１月１日以前に業務を開始
          していた独立受託者は別口座に退職給付金を受領する。2001年１月１日現在、各有資格受託者の
          別口座の初期残高は、従前の退職計画に従い各有資格受託者が取得した給付の現在額合計に等し
          いものであった。受託者が最後の配当を受けるまで、各有資格受託者の別口座に毎年7.5％の利子
          が振り込まれる。2001年１月１日またはそれ以後に業務を開始した独立受託者は、かかる計画に
          参加する資格を有しない。
         「関係」受託者
         バックリー氏が受託者となっているが、かかる受託者としては報酬を受領せず、バンガードの役員
        として報酬を受領する。
         報酬表
         下記の表は各受託者の報酬明細を記載したものである。各受託者についてトラストによる報酬およ
        び退職給付金として支払われる額を記載した。また、表は、各受託者が退職時にバンガード・ファン
        ドの全てから受領すると想定される給付の全額および各受託者がバンガード・ファンドの全てから支
        払いを受ける報酬の全額を示している。
                                 37/470





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

                                               受託者に支払われ
                          ファンドの費用の一           2021  年１月１日に
                ファンドからの                               るバンガード・
                          部として生じる年金           生じた年次退職給
     受託者の氏名
                報酬総額（１）                               ファンド全ての報
                          退職給付（１）           付金（２）
                                               酬総額（３）
     モーティマー・Ｊ．
                   なし          なし          なし          なし
     バックリー
     エマソン・Ｕ．フル
                 116,047    米ドル         なし          なし        287,500    米ドル
     ウッド
     エイミー・グートマ
                 116,047    米ドル         なし          なし        287,500    米ドル
     ン
     Ｆ．ジョセフ・ロー
                 124,120    米ドル         なし          なし        307,500    米ドル
     リー
     マーク・ラフリッジ            144,299    米ドル         なし          なし        357,500    米ドル
     スコット・Ｃ．マル
                 116,047    米ドル         なし          なし        287,500    米ドル
     パス
     ディアナ・マリガン            116,047    米ドル         なし          なし        287,500    米ドル
     アンドレ・Ｆ．ペロ
                 116,047    米ドル         なし          なし        287,500    米ドル
     ルド
     サラ・ブルーム・ラ
                 124,120    米ドル         なし          なし        307,500    米ドル
     スキン
     ピーター・Ｆ．ヴォ
                 124,120    米ドル         なし          なし        307,500    米ドル
     ラナキス
       （１）本表に示される金額は、2020年12月31日に終了したトラストの会計年度に基づくものである。ト
          ラスト傘下の各ファンドは株式数に応じた責任がある。
       （２）各受託者は、バンガード・ファンドの受託者として少なくとも５年間（連続した60か月）の業務
          を終えて初めて退職給付金を受領する資格を得る。年次退職給付金は、月毎に分割で支払われ、
          受託者退職の翌月から始まり10年間の支払（120か月の支払）の後終了する。2001年１月１日以降
          に業務を開始した受託者は退職給付計画に参加する資格がない。
       （３）本表に記載される金額は、2020年暦年について211のバンガード・ファンドの受託者としての業務
          に対して各受託者に支払われる報酬総額を反映する。
        管理費用

         2020  年12月31日現在、ファンドのアドミラル受益証券に対する経費率（ファンドの合計年間運営費
        用の平均純資産額における割合）は、平均純資産額の0.04％であった。
        （注１）経費率は管理費用（投資顧問費用、会社運営、運用、マーケティングおよび分配業務に関する費用）ならびに投資先
           ファンドの費用・報酬（ファンドが他の投資先ファンドの受益証券の取得を通じて間接的に負担する費用）を含む。
        （注２）投資先ファンドの費用・報酬は米国の法令の下で開示が要求されており、これによって経費率は増加するが、ファンド
           の投資者が直接負担するものではなく、ファンドの純資産価額の算出の際にも考慮されない。
         バンガードは、修正・再録済ファンド・サービス契約に基づき設立され、運営される。修正・再録
        済ファンド・サービス契約は、各バンガード・ファンドはその純資産価額の最大0.40％をバンガード
        に投資するよう要請されうることを定めている。各バンガード・ファンドが出資した金額は、各バン
        ガード・ファンドの相対的純資産価額と当該ファンドのバンガードへの出資の割合的関係を保つため
        に随時調整される。2020年12月31日現在、ファンドは純資産価額の0.01％未満を表象する額をバン
        ガードに対して出資している。
         ファンドは、200を超えるファンドを有するザ・バンガード・グループ・インクのメンバーである。
        ザ・バンガード・グループのすべてのファンド（ファンズ・オブ・ファンズを除く。）は、人事、オ
        フィススペースおよび設備等の管理業務ならびに営業活動に関連する費用を分担して負担する。バン
                                 38/470


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
        ガード・マーケティング・コーポレーション（以下「VMC」という。）は、ファンドにマーケティング
        業務を提供する。各ファンド（ファンド・オブ・ファンズを除く。）またはファンドの各受益証券ク
        ラ ス（複数の受益証券クラスを有するファンドの場合）は、バンガード・ファンドのマーケティング
        費用の割当分を支払う。2020年12月31日終了年度において、ファンドにより生じたバンガードの費用
        およびVMCの費用は、ファンドの平均月次純資産価額における割合として示すと、運営業務、管理業務
        および名義書換業務については0.04％、マーケティング業務および販売業務については0.01％未満で
        あった。
         ファンドは、バンガードからの全ての投資顧問サービスをそのエクイティー・インデックス・グ
        ループを通して受け取る。これらのサービスはバンガードが直接雇用する熟練したアドバイザリー・
        スタッフにより提供される。アドバイザリー・スタッフの報酬およびその他の費用はこれらのサービ
        スを利用する複数のファンド間で配分される。2020年12月31日終了年度において、ファンドは約
        16,106,000米ドルの投資顧問費用を負担した。
     （４）【その他の手数料等】

       口座管理手数料
        日本においては、各受益者の平均保有残高に年率0.648％（税抜0.60％）の比率を乗じた口座管理手数
       料が四半期毎に課され後払いされる。各四半期最終日前に一部または全額償還された受益者について
       は、口座管理手数料は当該受益者の保有期間に比例して課され、各償還時に徴収される。四半期毎の徴
       収は、当該四半期中の部分償還について課された口座管理手数料を差し引いて行われる。
        口座管理手数料は、以下の方法で計算され、各受益者から徴収されるものとする。
       １．各暦四半期の最終日に、ファンドにおける受益者の日々の平均口座残高を計算する。この計算は日
         本円で行う。
       ２．かように計算された日々の平均口座残高を基礎として、年間手数料64.8ベーシス・ポイントのうち
         ４分の１の手数料を計算する（各四半期最終日前に一部または全額償還された受益者については、
         口座管理手数料は当該受益者の保有期間に比例して課され、各償還時に徴収されることに注意され
         たい。四半期毎の徴収は、当該四半期中の部分償還について課された口座管理手数料を差し引いて
         行われる。）。
       ３．販売会社の口座管理手数料の徴収方法については、代行協会員または販売会社にご確認願いたい。
                                 39/470









                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
     （５）【課税上の取扱い】

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

        （１）受益証券は、特定口座を取り扱う金融商品取引業者の特定口座において取り扱うことができ
           る。
        （２）国内における支払の取扱者を通じて支払いを受ける場合、ファンドの分配金は、公募国内株式
           投資信託の普通分配金と同じ取扱いとなる。
        （３）国内における支払の取扱者を通じて支払いを受ける場合、日本の個人受益者が支払いを受ける
           ファンドの分配金については、20.315％（所得税15.315％、住民税５％）（2038年１月１日以
           後は20％（所得税15％、住民税５％））の税率による源泉徴収が行われる。
                                 40/470


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
           日本の個人受益者は、総合課税または申告分離課税のいずれかを選択して確定申告をすること
           もできるが、確定申告不要を選択することにより、源泉徴収された税額のみで課税関係を終了
           さ せることもできる。
           申告分離課税を選択した場合、一定の上場株式等の譲渡損失（繰越損失を含む。）との損益通
           算が可能である。
        （４）日本の法人受益者が支払いを受けるファンドの分配金（表示通貨ベースの償還金額と元本相当
           額との差益を含む。）については、国内における支払の取扱者を通じて支払いを受ける場合、
           所得税のみ15.315％の税率による源泉徴収が日本国内で行われ（一定の公共法人等を除
           く。）、一定の場合、支払調書が税務署長に提出される（2038年１月１日以後は15％の税率と
           なる。）。
        （５）配当等純投資収益および短期純実現売買益の分配金には、原則として現行10％のアメリカ合衆
           国連邦所得税が源泉徴収され、控除後の金額が日本国内において支払われる。長期純実現売買
           益の分配金については、アメリカ合衆国連邦所得税は源泉徴収されず、その全額が日本国内に
           おいて支払われる。連邦所得税源泉徴収額については、外国税額控除の適用が可能である。
        （６）日本の個人受益者が、受益証券を買戻請求等により譲渡した場合（他のクラスの受益証券に転
           換した場合を含む。）は、上場株式等に係る譲渡益課税の対象とされ、受益証券の譲渡損益に
           対して、源泉徴収選択口座において、20.315％（所得税15.315％、住民税５％）（2038年１月
           １日以後は20％（所得税15％、住民税５％））の税率による源泉徴収が行われる。受益証券の
           譲渡損益は申告分離課税の対象となり、税率は源泉徴収税率と同一であるが、確定申告不要を
           選択した場合は源泉徴収された税額のみで課税関係は終了する。
           譲渡損益は、一定の他の上場株式等の譲渡損益および一定の上場株式等の配当所得等との損益
           通算が可能である。確定申告を行う場合、一定の譲渡損失の翌年以降３年間の繰越も可能であ
           る。
        （７）日本の個人受益者の場合、ファンドの償還についても譲渡があったものとみなされ、（６）と
           同様の取扱いとなる。
        （８）日本の個人受益者についての分配金ならびに譲渡および買戻しの対価については、一定の場
           合、支払調書が税務署長に提出される。
        （注）日本の受益者は、個人であるか法人であるかにかかわらず、アメリカ合衆国デラウェア州に住所または登記上の営業所も
          しくは恒久的施設を有しない場合、受益証券への投資に対しアメリカ合衆国デラウェア州税務当局により課税されること
          は一切ない。
       Ⅲ　本書の日付現在では、ファンドは、税法上、公募外国株式投資信託として取り扱われる。ただし、
        将来における税務当局の判断によりこれと異なる取扱いがなされる可能性もある。
       Ⅳ　税制等の変更により上記ⅠないしⅢに記載されている取扱いは変更されることがある。税金の取扱
        いの詳細については、税務専門家等に確認することを推奨する。
                                 41/470







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

     （１）【投資状況】
    資産別および地域別の投資状況
    （全受益証券クラス）                                       （2021年４月末日現在）
                                                   （注２）
                                    時価合計
                                               投資比率
         資産の種類               国名
                                   （米ドル）
                                                 （％）
                        米国          1,207,914,905,493                  99.46
                        英国            4,217,689,824                0.35
                      プエルトリコ               384,918,307               0.03
                       バミューダ               379,904,405               0.03
                        タイ              88,964,146              0.01
          普通株式            アイルランド                42,049,469              0.00
                       イスラエル               38,358,915              0.00
                        日本              33,006,958              0.00
                        カナダ               6,756,884              0.00
                      スウェーデン                2,261,147              0.00
                       ヨルダン                276,236             0.00
                小計                  1,213,109,091,785                  99.89
          現金・預金およびその他の資産
                                    1,312,622,144                0.11
              （負債控除後）
                合計                  1,214,421,713,929                 100.00
              （ 純資産総額      ）           （約132,286,957百万円）
       （注１）2021年４月末日現在、アドミラル受益証券の純資産総額は306,497,038,896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。
                                 42/470










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

       ①【投資有価証券の主要銘柄】（上位30銘柄）
    （アドミラル受益証券）                                        （2021年４月末日現在）
                                                      投資
                                   取得金額（米ドル）           時価（米ドル）
     順位       銘柄       国名     業種      株数                        比率
                                  単価     金額     単価     金額
                                                      （％）
     １.  APPLE  INC         米国   情報技術        426,376,436     21.50    9,165,833,455      131.46    56,051,446,277       4.62
       MICROSOFT   CORP
     ２.              米国   情報技術        212,836,462     55.50    11,812,157,848      252.18    53,673,098,987       4.42
       AMAZON.COM    INC
     ３.              米国   一般消費財・サービス        12,078,793     711.48     8,593,835,271     3,467.42     41,882,248,424       3.45
       FACEBOOK   INC-A
     ４.              米国   情報技術        67,878,821     96.11    6,524,052,976      325.08    22,066,047,131       1.82
       ALPHABET   INC-A
     ５.              米国   情報技術        8,480,904    632.31     5,362,571,120     2,353.50     19,959,807,564       1.64
       ALPHABET   INC-C
     ６.              米国   情報技術        7,862,271    622.77     4,896,393,926     2,410.12     18,949,016,583       1.56
       TESLA  INC
     ７.              米国   一般消費財・サービス        21,669,446     72.43    1,569,436,704      709.44    15,373,171,770       1.27
     ８.  BERKSHIRE   HATH-B        米国   金融        50,305,293     134.74     6,778,363,597      274.95    13,831,440,310       1.14
       JPMORGAN   CHASE
     ９.              米国   金融        86,120,843     59.64    5,136,293,626      153.81    13,246,246,862       1.09
     10.  JOHNSON&JOHNSON           米国   ヘルスケア        74,183,401     92.82    6,885,749,041      162.73    12,071,864,845       0.99
       VISA  INC-CLASS   A
     11.              米国   情報技術        47,638,787     55.85    2,660,521,229      233.56    11,126,515,092       0.92
       UNITEDHEALTH    GRP
     12.              米国   ヘルスケア        26,775,607     110.28     2,952,794,250      398.80    10,678,112,072       0.88
       NVIDIA  CORP
     13.              米国   情報技術        16,594,594     88.97    1,476,356,015      600.38    9,963,062,346      0.82
       HOME  DEPOT  INC
     14.              米国   一般消費財・サービス        30,381,777     83.31    2,531,179,132      323.67    9,833,669,762      0.81
       MASTERCARD    INC-A
     15.              米国   情報技術        25,020,194     71.88    1,798,508,753      382.06    9,559,215,320      0.79
       WALT  DISNEY  CO
     16.              米国   情報技術        51,228,303     75.36    3,860,416,591      186.02    9,529,488,924      0.78
       PROCTER   & GAMBLE
     17.              米国   生活必需品        69,486,268     75.56    5,250,675,919      133.42    9,270,857,877      0.76
       BANK  OF AMERICA
     18.              米国   金融        219,291,307     17.73    3,887,523,101      40.53    8,887,876,673      0.73
       PAYPAL  HOLDINGS
     19.              米国   情報技術        33,050,024     44.45    1,469,043,106      262.29    8,668,690,795      0.71
       COMCAST   CORP-A
     20.              米国   情報技術        128,999,421     22.72    2,930,813,922      56.15    7,243,317,489      0.60
       ADOBE  INC
     21.              米国   情報技術        13,507,365     97.18    1,312,591,749      508.34    6,866,333,924      0.57
       EXXON  MOBIL  CORP
     22.              米国   エネルギー        119,316,851     74.48    8,887,039,649      57.24    6,829,696,551      0.56
       INTEL  CORP
     23.              米国   情報技術        114,653,519     30.00    3,439,082,234      57.53    6,596,016,948      0.54
       NETFLIX   INC
     24.              米国   情報技術        12,498,598     126.39     1,579,695,426      513.47    6,417,655,115      0.53
       VERIZON   COMMUNIC
     25.              米国   情報技術        110,940,740     46.01    5,104,305,034      57.79    6,411,265,365      0.53
       AT&T  INC
     26.              米国   情報技術        201,103,253     32.01    6,436,806,710      31.41    6,316,653,177      0.52
       PFIZER  INC
     27.              米国   ヘルスケア        156,867,590     27.23    4,271,199,455      38.65    6,062,932,354      0.50
       ABBOTT  LABS
     28.              米国   ヘルスケア        49,990,055     42.34    2,116,643,428      120.08    6,002,805,804      0.49
       COCA-COLA   CO/THE
     29.              米国   生活必需品        109,158,331     37.75    4,120,486,207      53.98    5,892,366,707      0.49
     30.  SALESFORCE.COM           米国   情報技術        24,602,692     82.25    2,023,533,023      230.32    5,666,492,021      0.47
       ②【投資不動産物件】

         該当なし（2021年４月末日現在）。
       ③【その他投資資産の主要なもの】

         該当なし（2021年４月末日現在）。
                                 43/470






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

       ①【純資産の推移】
         下記会計年度末および2020年５月から2021年４月までの期間における各月末の純資産の推移は次の
        とおりである。
    （アドミラル受益証券）

                            純資産総額               １口当りの純資産価格
                       百万米ドル          百万円         米ドル          円
         第27会計年度末
                        185,102        20,163,161           62.09          6,763
        （2018年12月31日）
         第28会計年度末
                        252,536        27,508,746           79.69          8,681
        （2019年12月31日）
         第29会計年度末
                        273,622        29,805,644           94.74         10,320
        （2020年12月31日）
           2020  年５月          232,798        25,358,686           74.89          8,158
               ６月         236,274        25,737,327           76.26          8,307
               ７月         246,610        26,863,227           80.57          8,776
               ８月         261,924        28,531,381           86.35          9,406
               ９月         248,342        27,051,894           82.94          9,035
               10 月        238,707        26,002,354           81.16          8,841
               11 月        264,583        28,821,026           91.06          9,919
               12 月        273,622        29,805,644           94.74         10,320
           2021  年１月          272,078        29,637,457           94.43         10,286
               ２月         280,758        30,582,969           97.44         10,614
               ３月         291,064        31,705,602          100.50          10,947
               ４月         306,497        33,386,718          105.66          11,510
                                 44/470









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

         下記会計年度における１口当り分配金の額および2020年５月から2021年４月までの期間における各
        月の１口当り分配金の額は次のとおりである。
    （アドミラル受益証券）

                                          配当総額
                                    米ドル              円
        第27会計年度(18／１／１－18／12／31)                            1.263            137.579
        第28会計年度(19／１／１－19／12／31)                            1.406            153.156
        第29会計年度(20／１／１－20／12／31)                            1.339            145.857
               2020  年５月                     －             －
                  ６月                  0.339             36.927
                  ７月                   －             －
                  ８月                   －             －
                  ９月                  0.326             35.511
                  10 月                  －             －
                  11 月                  －             －
                  12 月                 0.378             41.176
               2021  年１月                     －             －
                  ２月                   －             －
                  ３月                  0.324             35.293
                  ４月                   －             －
                                 45/470











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

    （アドミラル受益証券）
                 期間                  収益率（％）
       第27会計年度（18／１／１－18／12／31）                              －5.05
       第28会計年度（19／１／１－19／12／31）                              30.61
       第29会計年度（20／１／１－20／12／31）                              20.57
        （注）収益率（％）＝100           ×（ａ－ｂ）／ｂ
               ａ＝会計年度末の１口当り純資産価格＋当該会計年度の分配金の合計額
               ｂ＝当該会計年度の直前の会計年度末の１口当り純資産価格（分配落の額）
       ④【その他】

        （ⅰ）トータル・リターン
          トータル・リターンは、過去の運用実績を表すものであって、将来の実績を保証するものではな
         い。受益証券価格、リターンは大きく変動することに留意しなければならない。投資者の保有する
         株式は、償還された時、取得時の価格より高くまたは低くなることがある。年次平均リターンは受
         益証券価格の変動、分配およびキャピタル・ゲインの再投資を含む。ただし、リターンには受益者
         がファンドの分配金またはファンドの受益証券の買戻しに関して支払う税金は反映されていない。
    （アドミラル受益証券）                                       （2021年４月末日現在）
                                                      *
      過去１か月         過去１年         過去３年         過去５年         過去10年
                                                  設定来
       5.13  ％      51.05   ％      18.95   ％      17.67   ％      14.02   ％      8.28  ％
         ＊ 設定日は、2000年11月13日である。
        （ⅱ）年次運用実績

    （アドミラル受益証券）
               キャピタル・リターン               インカム・リターン              トータル・リターン
        年
                   （％）              （％）              （％）
        2020            18.89               2.10              20.99
        2019            28.35               2.45              30.80
        2018           －6.94                1.77             －5.17
                                 46/470








                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
        （ⅲ）月次運用実績

    （アドミラル受益証券）
            トータル・             トータル・             トータル・             トータル・
           リターン（％）             リターン（％）             リターン（％）             リターン（％）
     2018  年５月       2.82    2019  年２月       3.51    2019  年11月       3.78    2020  年８月       7.17
     2018  年６月       0.67    2019  年３月       1.45    2019  年12月       2.86    2020  年９月      －3.56
     2018  年７月       3.35    2019  年４月       3.98    2020  年１月      －0.08     2020  年10月      －2.15
     2018  年８月       3.45    2019  年５月      －6.43     2020  年２月      －8.16     2020  年11月       12.20
     2018  年９月       0.16    2019  年６月       6.99    2020  年３月      －13.77      2020  年12月       4.46
     2018  年10月      －7.40     2019  年７月       1.44    2020  年４月       13.26     2021  年１月      －0.33
     2018  年11月       2.08    2019  年８月      －2.01     2020  年５月       5.37    2021  年２月       3.19
     2018  年12月      －9.30     2019  年９月       1.70    2020  年６月       2.29    2021  年３月       3.48
     2019  年１月       8.60    2019  年10月       2.11    2020  年７月       5.65    2021  年４月       5.13
        （ⅳ）ポートフォリオの内容（2021年４月末日現在）

         （全受益証券クラス）
          ファンドアセットアロケーション
                短期準備金                   0 ％
                  株式                100  ％
        株式の特徴
        組入れ銘柄数                                     3,781
        メジアン・マーケット・キャピタリゼーショ
                                         1,218   億米ドル
        ン
        PER  （株価収益率）                                   27.3  倍
        PBR  （株価純資産倍率）                                    4.1  倍
        ROE  （株主資本利益率）                                   17.4  ％
        利益成長率                                     18.6  ％
        米国以外の保有率                                     0.1  ％
        回転率（年）（2020年12月末現在）                                     8.0  ％
        現金等比率                                       0 ％
                                 47/470







                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
        （ⅴ）歴史的変動率（米ドルベース実績値）（2021年４月末日現在）

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

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

                  販売口数            買戻し口数             発行済口数

                       本邦内におけ             本邦内におけ             本邦内におけ
                  （千口）             （千口）             （千口）
                       る販売口数             る買戻し口数             る発行済口数
        第27会計年度
                   480,085          0    348,197          0   2,981,054           0
     （18／１／１－18／12／31）
        第28会計年度
                   571,155          0    383,118      8,365.655      3,169,091        218,990
     （19／１／１－19／12／31）
        第29会計年度
                   469,051          0    749,884       14,183     2,888,258        204,807
     （20／１／１－20／12／31）
                                 48/470






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

    １【申込（販売）手続等】

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

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

     （１）【資産の評価】
                                 49/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
        受益証券の価格、すなわち「純資産価格」または「NAV」は、ニューヨーク証券取引所の通常取引終了
       時、通常米国東部標準時間時午後４時に、ニューヨーク証券取引所が営業する各日（営業日）に計算さ
       れ る。万一、ニューヨーク証券取引所が不測の混乱状態となり、取引日終了時点で利用不可となった場
       合には、ファンドは当該日を営業日として取扱い、純資産価格をNASDAQ（またはNASDAQが利用不可の場
       合には、バンガードの裁量で決定されるその他の代替市場）における通常取引終了時点で計算する権限
       を有する。各受益証券クラスは個有の純資産価格を有しており、各受益証券クラスに配分された純資産
       を各クラスの発行済ファンド受益証券口数で除し、負債の額を差し引くことにより計算される。純資産
       価格はニューヨーク証券取引所が閉鎖する米国の休日またはその他の日については計算されず、ファン
       ドは受益証券の販売または買戻しを行わない。ただし、ファンドが当該日において価値が変動する有価
       証券（当該日が取引日である米国外の市場において取引される非米国証券等）を保有する限り、当該日
       においても、ファンド資産の価値が影響を受けることがある。
        バンガード・ファンドにより保有される株式は、信頼のおける相場価格が、当該株式が取引されてい
       る主要な取引所または市場から容易に利用できる場合、「時価」によって評価される。当該有価証券
       は、通常、公式終値、最終報告売値で評価されるか、当該日に売買がなかった場合は、最終買呼値と売
       呼値の中間値で評価される。市場相場が容易に利用できないか、または正確に証券の価値を反映できな
       いとファンドが判断した場合、株式は公正価格（その所有者が現時点で当該証券を売却した場合に受領
       すると合理的に予想される金額）により値付けされる。ファンドによって保有される非米国証券は、独
       立した第三者機関より取得したニューヨーク証券取引所の通常取引終了時の為替レートを使用して米ド
       ルに換算される。インスティチューショナル・マネー・マーケット・ファンド受益証券を含む、ファン
       ドにより保有されているいずれのミューチュアル・ファンドの受益証券の価額についても、受益証券の
       純資産価格を基準とする。ファンドが保有するETF受益証券またはクローズド・エンド型ファンドの受益
       証券の価額は、受益証券の市場価額を基準とする。
        ファンドによる価格設定時の前であるが、当該証券が売買される主要取引所または市場の終了後に発
       生する事由によってファンドが保有する証券の価格が大きく影響された場合も、ファンドは適正価値で
       の価格設定を採用する。このようなことは、ファンドによる価格設定時前の長時間閉じられている非米
       国取引所で売買される非米国証券には通常よく発生する。障害事由は、企業固有のもの（例えば、収益
       報告、合併発表）、当該国固有のものまたはグローバルなもの（例えば、自然災害、経済政治ニュー
       ス、テロ事件、金利変更）でありうる。障害事由には、特定のしきい値を超えるかその他非米国証券の
       価格に影響するとされる米国市場の価格動向も含まれる。
        稀ではあるが、適正価値による価格設定は、例えば、（１）証券の取引が停止され、ファンドによる
       価格設定時前に再開されない場合、または一日の途上で証券が売買されていない場合、および（２）あ
       る証券の価格がNAVに影響しうるような証券をファンドが十分に保有している場合は、米国内証券につい
       ても採用されることがある。
        適正価値による価格は、受託者会によって採択された手続きに従いバンガードが決定する。適正価値
       での価格設定が採用される場合、ファンドがNAVを算出するために採用する証券価格は、当該証券の相場
       価格または公表価格とは異なることがある。
     （２）【受益証券の転換】
        日本においては、受益証券をトラストの他のクラスまたはシリーズの証券に転換することができな
       い。
     （３）【保管】
        保管の必要を省くため、ファンドは受益証券について券面を発行しない。
     （４）【信託期間】
        契約および信託宣言中で規定される方式により終了されない限り、トラストは期限の定めなく存続す
       る。
     （５）【計算期間】
                                 50/470


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
        ファンドの決算期は毎年12月31日である。
     （６）【その他】
       （１）解散
         受益者への60日前の事前の書面による通知によって受託者会はいつでもトラストを終了させること
        ができる。いずれのシリーズもそのシリーズの受益者への60日前の事前の書面による通知によって受
        託者会はいつでも当該シリーズを終了させることができる。
       （２）関係法人との契約の更改等に関する手続
        ⅰ 　契約および信託宣言
          契約および信託宣言の原本または写しは、トラストの事務所に保管され受益者の閲覧に供され
         る。契約および信託宣言の写しは、アメリカ合衆国においてSECに届け出られる。契約および信託宣
         言は、現職の受託者の過半数が署名をした文書により再録および／または修正をすることができ
         る。かかる再録および／または修正は文書の作成および承認により直ちに効力を生ずる。トラスト
         の証明書は同様の手続により再録および／または修正されるが、かかる再録および／または修正は
         デラウエア州の州務長官事務所への届出後直ちに、または証明書に規定される将来の日付において
         効力を生じる。
          日本においては、契約および信託宣言の重要な変更は、公告するか日本の受益者に通知される。
        ⅱ 　代行協会員契約
          代行協会員契約は、他の契約当事者に対し、３か月前の書面による終了通知をなすことにより終
         了できる。同契約は日本の法律に準拠し、それに従い解釈される。
        ⅲ 　受益証券販売・買戻契約
          受益証券販売・買戻契約は、一方の当事者が他の当事者に対し、書面による通知を３ヶ月前にな
         すことにより解約できる。同契約は、日本国の法律に準拠し、同法により解釈されるものとする。
         本契約に基づき提起される補償およびその他の訴訟は、東京地方裁判所が管轄を有するものとし、
         ザ・バンガード・グループ・インクは、かかる東京地方裁判所の管轄に服する。
        ⅳ 　包括保管契約
          包括保管契約は、相手方当事者に、契約終了の60日以上前に、書面による通知を交付または送付
         することにより、包括保管契約を終了することができる。
          同契約は、ニューヨーク州の法律に準拠し、同法に従い解釈されるものとする。
        ⅴ 　ファンド・サービス契約
          ファンド・サービス契約第５修正契約（随時修正済）は、すべての当事者の相互の合意によって
         終了または修正されるまで、すべての当事者に関して十分な効力を維持するものとする。ファンド
         の構成ファンドは、本契約の各当事者に少なくとも90日の書面の予告をして、いずれかの月の最終
         日に本契約から撤退することを選択することができる。
    ４【受益者の権利等】

     （１）【受益者の権利等】
        日本の受益者は、通常、その受益権を直接行使するためには、受益証券名義人としてその名義を登録
       しなければならない。したがって、販売取扱会社に受益証券の保管を委託している日本の受益者は、受
       益証券を販売取扱会社の名義で登録しているため、直接受益権を行使することは出来ない。日本の受益
       者は販売取扱会社との間の約定に基づき販売取扱会社をして受益権を自己のために行使させることがで
       きる。
        受益証券の保管を販売取扱会社に委託しない日本の受益者は、自己の責任において権利行使を行う。
        受益者の有する主な権利は次のとおりである。
       ①　議決権
                                 51/470


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
         受益者は、①受益権の権限および優先性に重大な不利益を及ぼす契約および信託宣言の変更に関わ
        る事項の場合、②受託者が受益者に議決権を与えることが必要または望ましいと決定した場合、③統
        合または合併、証券の転換、証券の交換、資産の売却が提案された場合および取引を承認するために
        1940  年法により受益者の議決が要求されている場合、④1940年法の下で議決権が要求されている場
        合、には議決権が与えられる。1940年法は、ファンドの純資産の10％以上を代表する受益者の書面に
        よる請求にしたがって受託者を選任解任する場合、ファンドの基本的方針を変更する場合および何ら
        かの統合を行う場合を含む様々な状況の下で、受益者の議決を要求している。法律上の要求がない限
        り、ファンドの受益者は、基準日に保有される純資産価額の１米ドルにつき１議決権を与えられ、基
        準日に保有される純資産価額の１米ドルの端数につき端数議決権を与えられる。しかし、特定の事項
        に影響を受けるファンドまたはクラスの受益権は、当該事項について議決権を与えられる。さらに、
        各クラスは、受益者に提示される事項のうち当該クラスのみに関わる事項に関しては絶対的議決権を
        有し、当該クラスが他のクラスとは異なる利害関係をもつ事項に関しては独立した議決権を有する。
        累積投票はできず、株主の過半数による議決のない限り修正できない。
       ②　買戻請求権
         受益者は受益権を純資産価額で買い戻すことを請求する権利を有する。
       ③　配当金請求権
         ファンドの受益者は、ファンドが各クラスについて宣言する配当またはその他の分配金を受領する
        権利を有する。配当に関しては、ファンドの他の受益権に優先権を有する受益権は存在しない。配当
        はファンドの資産からなされ、基準日に受益者が保有するクラスの受益権数にしたがって特定のクラ
        スの受益者のすべてに比例的に支払われる。１口当りの所得の分配は、クラス別の純資産価格および
        多角的クラス・プランに基づく費用の割当て方によって同じファンドの独立クラス間で異なることが
        ある。
       ④　残余財産分配請求権
         ファンドの解散の場合、受益者は持株数に応じた額をファンドの純資産額から受領する権利を有す
        る。受益証券のクラスが精算される場合、かかるクラスの受益者は、持株数に応じた額をかかるクラ
        スに配分されるファンドの純資産額から受領する権利を有する。受益者は、現金、証券またはその組
        み合わせにより受領することができる。
       ⑤　会計帳簿等閲覧請求権
         受益者は、信託宣言の閲覧権、裁判所の決定に応じた会計帳簿閲覧権、および受益者集会の議事録
        の閲覧権を有する。
       ⑥　受益権を譲渡する権利
         受益権は、法律による制限を除いて、譲渡制限はなく、日本において日本の投資者に自由に譲渡す
        ることが出来る。
     （２）【為替管理上の取扱い】
        日本の受益者に対する受益証券の分配金、買戻代金等の送金に関して、アメリカ合衆国における外国
       為替管理上の制限はない。
     （３）【本邦における代理人】
        森・濱田松本法律事務所　東京都千代田区丸の内二丁目６番１号　丸の内パークビルディング
        上記法律事務所は、日本においてファンドを代表しそのために行動する真実かつ法律上の代理人であ
       り、以下の行為を委任されている。
        ①　法律上および日本証券業協会の規則上の問題について一切の通信、請求、訴状その他の訴訟関係
          書類を受領すること、
        ②　日本におけるファンドの受益証券の募集、販売および買戻しの取引に関する一切の紛争、見解の
          相違に関する一切の裁判上、裁判外の行為を行うこと、
                                 52/470


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
          日本国財務省関東財務局長に対する募集、継続開示等に関する届出ならびに金融庁長官に対する
          届出に関する代理人は、
            弁護士　三浦　健
            森・濱田松本法律事務所　
            東京都千代田区丸の内二丁目６番１号　丸の内パークビルディング
          である。
     （４）【裁判管轄等】
        日本の投資者が取得したファンド証券の取引に関連する訴訟の裁判管轄権は下記の裁判所が有するこ
       とをファンドは承認している。
        東京地方裁判所　東京都千代田区霞が関一丁目１番４号
        確定した判決の執行手続は、関連する法域の適用法律に従って行われる。
                                 53/470
















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

    １【財務諸表】

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

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

        円換算額が併記されている。日本円による金額は、2021年４月30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＝                        108.93   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。
                                 54/470












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

    トータル・ストック・マーケット・インデックス・ファンド

    財務書類
    投資有価証券明細表

    2020  年12月31日現在
    当ファンドは、各計算期間に４回、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提出す

    る。第２四半期および第４四半期では、当ファンドが保有する投資有価証券を網羅した表は
    vanguard.comおよび様式N-CSRで入手可能で、800-662-7447に電話して無料で郵送してもらうこともで
    きる（訳注：日本の受益者については、適用されない。）。各計算期間の第１四半期および第３四半
    期では、当ファンドが保有する投資有価証券を網羅した表は様式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-CSRおよび様式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)
    普通株式     (99.49％)
    素材   (1.94％)
        Linde   plc
                                          14,777,165         3,893,931
        Air  Products     and  Chemicals      Inc.
                                          6,230,854        1,702,394
        Ecolab    Inc.
                                          7,239,170        1,566,267
        Newmont     Corp.
                                          22,651,246         1,356,583
        Dow  Inc.
                                          20,880,272         1,158,855
        Freeport-McMoRan          Inc.
                                          40,973,917         1,066,141
        Fastenal     Co.
                                          16,179,822          790,061
        LyondellBasell         Industries      NV  Class   A
                                          7,052,116          646,397
        International        Paper   Co.
                                          11,127,129          553,241
        Nucor   Corp.
                                          8,505,042          452,383
        Albemarle      Corp.
                                          3,010,971          444,178
        Celanese     Corp.   Class   A
                                          3,294,977          428,149
        FMC  Corp.
                                          3,662,057          420,880
        Eastman     Chemical     Co.
                                          3,811,572          382,224
        Avery   Dennison     Corp.
                                          2,348,958          364,347
    1
        International        Flavors     & Fragrances      Inc.
                                          2,812,744          306,139
        CF  Industries      Holdings     Inc.
                                          5,999,282          232,232
        Mosaic    Co.
                                          9,565,001          220,091
        Scotts    Miracle-Gro       Co.
                                          1,100,065          219,067
        Reliance     Steel   & Aluminum     Co.
                                          1,801,597          215,741
        Steel   Dynamics     Inc.
                                          5,671,437          209,106
        Royal   Gold   Inc.
                                          1,852,851          197,069
    1
        Cleveland-Cliffs          Inc.
                                          11,313,914          164,731
        Timken    Co.
                                          1,900,176          146,998
        Huntsman     Corp.
                                          5,633,815          141,634
        Ashland     Global    Holdings     Inc.
                                          1,727,891          136,849
        Rexnord     Corp.
                                          3,223,966          127,314
        Valvoline      Inc.
                                          5,250,942          121,507
    *
        RBC  Bearings     Inc.
                                           671,807        120,280
                                 55/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
        Chemours     Co.
                                          4,657,320          115,455
        Hexcel    Corp.
                                          2,367,445          114,797
    *
        Alcoa   Corp.
                                          4,944,650          113,974
        Element     Solutions      Inc.
                                          5,938,493          105,290
        Avient    Corp.
                                          2,575,072          103,724
        Balchem     Corp.
                                           898,735        103,552
        W R Grace   & Co.
                                          1,875,748          102,829
        Olin   Corp.
                                          4,039,182          99,202
        Hecla   Mining    Co.
                                          14,897,281           96,534
        NewMarket      Corp.
                                           241,936         96,361
        United    States    Steel   Corp.
                                          5,664,707          94,997
        Quaker    Chemical     Corp.
                                           374,756         94,959
    *
        Univar    Solutions      Inc.
                                          4,819,440          91,618
        UFP  Industries      Inc.
                                          1,619,445          89,960
    *
        Ingevity     Corp.
                                          1,158,907          87,764
        Sensient     Technologies       Corp.
                                          1,180,682          87,099
    *
        Arconic     Corp.
                                          2,779,178          82,820
    *,1
        MP  Materials      Corp.
                                          2,389,301          76,864
        Westlake     Chemical     Corp.
                                           897,005         73,196
        Stepan    Co.
                                           582,223         69,471
        Commercial      Metals    Co.
                                          3,350,437          68,818
        Cabot   Corp.
                                          1,515,071          67,996
    *
        Coeur   Mining    Inc.
                                          6,245,426          64,640
        Innospec     Inc.
                                           676,973         61,422
        Minerals     Technologies       Inc.
                                           946,640         58,805
                                 56/470











                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数     (千米ドル)
        Compass     Minerals     International        Inc.
                                           949,379         58,596
        Boise   Cascade     Co.
                                          1,100,533          52,605
        Mueller     Industries      Inc.
                                          1,450,142          50,915
        Domtar    Corp.
                                          1,565,693          49,554
        Worthington       Industries      Inc.
                                           954,578         49,008
        Kaiser    Aluminum     Corp.
                                           420,366         41,574
    *
        GCP  Applied     Technologies       Inc.
                                          1,698,622          40,172
        Carpenter      Technology      Corp.
                                          1,336,140          38,908
        Materion     Corp.
                                           572,530         36,482
        GrafTech     International        Ltd.
                                          3,400,640          36,251
        Tronox    Holdings     plc  Class   A
                                          2,384,397          34,860
        Schweitzer-Mauduit           International        Inc.
                                           860,894         34,617
        Neenah    Inc.
                                           470,563         26,032
    *,1
        Amyris    Inc.
                                          4,050,469          25,012
    *
        Kraton    Corp.
                                           842,401         23,410
        Schnitzer      Steel   Industries      Inc.   Class   A
                                           719,394         22,956
        Glatfelter      Corp.
                                          1,245,180          20,396
    *
        Koppers     Holdings     Inc.
                                           578,975         18,041
        PQ  Group   Holdings     Inc.
                                          1,190,958          16,983
    *
        Clearwater      Paper   Corp.
                                           442,846         16,717
    *,1
        Energy    Fuels   Inc.
                                          3,816,894          16,260
    *
        AdvanSix     Inc.
                                           776,505         15,522
    *
        Century     Aluminum     Co.
                                          1,381,776          15,241
        Hawkins     Inc.
                                           283,208         14,815
        US  Silica    Holdings     Inc.
                                          2,082,063          14,616
        Tredegar     Corp.
                                           856,182         14,298
        American     Vanguard     Corp.
                                           788,705         12,241
        Omega   Flex   Inc.
                                            80,378        11,735
        Verso   Corp.   Class   A
                                           903,514         10,860
    *
        Resolute     Forest    Products     Inc.
                                          1,577,451          10,317
    *,1
        Uranium     Energy    Corp.
                                          5,767,169          10,150
    *
        Rayonier     Advanced     Materials      Inc.
                                          1,471,279           9,593
        FutureFuel      Corp.
                                           739,556          9,392
    *
        Unifi   Inc.
                                           471,002          8,356
    *,1
        Hycroft     Mining    Holding     Corp.
                                          1,041,762           8,178
        Haynes    International        Inc.
                                           334,002          7,963
    *
        Intrepid     Potash    Inc.
                                           317,926          7,678
    *
        Gatos   Silver    Inc.
                                           569,900          7,426
    *
        NN  Inc.
                                          1,071,678           7,041
    *
        Ryerson     Holding     Corp.
                                           478,307          6,524
        Gold   Resource     Corp.
                                          2,127,378           6,191
        Culp   Inc.
                                           364,281          5,781
        Eastern     Co.
                                           216,852          5,226
    *
        TimkenSteel       Corp.
                                           984,920          4,600
        Olympic     Steel   Inc.
                                           302,343          4,030
    *,1
        Ur-Energy      Inc.
                                          4,663,358           3,736
    *,1
        Golden    Minerals     Co.
                                          4,693,586           3,567
    *,1
        Marrone     Bio  Innovations       Inc.
                                          2,590,345           3,238
        Northern     Technologies       International        Corp.
                                           240,001          2,534
                                 57/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *
        Synalloy     Corp.
                                           283,958          2,215
    *
        LSB  Industries      Inc.
                                           644,293          2,184
    *
        Universal      Stainless      & Alloy   Products     Inc.
                                           278,310          2,082
    *,1
        Ampco-Pittsburgh          Corp.
                                           357,448          1,959
        United-Guardian         Inc.
                                            71,737         1,024
        Friedman     Industries      Inc.
                                           129,003           885
    *,2
        Fortitude      Gold   Corp.
                                           607,822           638
    *
        AgroFresh      Solutions      Inc.
                                           231,250           525
    *
        CPS  Technologies       Corp.
                                           109,990           306
        Chicago     Rivet   & Machine     Co.
                                            11,238          257
    *
        Hycroft     Mining    Holding     Corp.   Warrants     Exp.   10/06/2025
                                           155,000           242
    *,1
        US  Gold   Corp.
                                            14,205          235
    *
        Flexible     Solutions      International        Inc.
                                            86,857          216
    *,1
        United    States    Antimony     Corp.
                                           409,122           214
        NL  Industries      Inc.
                                            29,666          142
                                 58/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数     (千米ドル)
    *
        Paramount      Gold   Nevada    Corp.
                                            65,976           77
    *
        Solitario      Zinc   Corp.
                                           107,374           60
    *,2
        Partners     LP  CVR
                                                       12
                                            61,021
                                                  20,970,407
    消費財    (16.55％)
    *
        Amazon.com      Inc.
                                          12,021,587        39,153,467
    *
        Tesla   Inc.
                                          21,373,005        15,082,288
    *
        Walt   Disney    Co.
                                          50,934,403         9,228,295
        Home   Depot   Inc.
                                          30,337,348         8,058,206
    *
        Netflix     Inc.
                                          12,456,771         6,735,750
        Walmart     Inc.
                                          39,940,405         5,757,409
        NIKE   Inc.   Class   B
                                          35,313,135         4,995,749
        Costco    Wholesale      Corp.
                                          12,440,675         4,687,398
        McDonald’s       Corp.
                                          21,003,423         4,506,915
        Starbucks      Corp.
                                          33,090,821         3,540,056
        Lowe’s     Cos.   Inc.
                                          20,649,509         3,314,453
    *
        Booking     Holdings     Inc.
                                          1,154,857        2,572,178
        Target    Corp.
                                          14,116,776         2,492,034
        TJX  Cos.   Inc.
                                          30,415,443         2,077,071
        Activision      Blizzard     Inc.
                                          21,819,663         2,025,956
    *
        Uber   Technologies       Inc.
                                          32,266,475         1,645,590
        Estee   Lauder    Cos.   Inc.   Class   A
                                          5,729,406        1,525,111
        Dollar    General     Corp.
                                          7,024,907        1,477,338
        General     Motors    Co.
                                          34,309,754         1,428,658
        Ross   Stores    Inc.
                                          10,035,406         1,232,448
        Electronic      Arts   Inc.
                                          8,175,754        1,174,038
    *
        Lululemon      Athletica      Inc.
                                          3,347,073        1,164,882
    *
        Chipotle     Mexican     Grill   Inc.   Class   A
                                           789,769       1,095,181
    *
        Peloton     Interactive       Inc.   Class   A
                                          6,841,644        1,038,014
        Aptiv   plc
                                          7,615,099          992,171
        Ford   Motor   Co.
                                         110,144,951           968,174
    *
        Trade   Desk   Inc.   Class   A
                                          1,180,865          945,873
        eBay   Inc.
                                          18,497,996          929,524
    *
        O’Reilly      Automotive      Inc.
                                          2,042,168          924,224
        Yum!   Brands    Inc.
                                          8,506,592          923,476
        Marriott     International        Inc.   Class   A
                                          6,861,709          905,197
        Hilton    Worldwide      Holdings     Inc.
                                          7,825,086          870,619
        Southwest      Airlines     Co.
                                          16,696,587          778,228
    *
        AutoZone     Inc.
                                           653,906        775,166
    *
        Copart    Inc.
                                          5,978,504          760,765
        VF  Corp.
                                          8,815,427          752,926
        Delta   Air  Lines   Inc.
                                          18,001,787          723,852
    *
        Dollar    Tree   Inc.
                                          6,635,970          716,950
        DR  Horton    Inc.
                                          9,790,950          674,792
    *
        Take-Two     Interactive       Software     Inc.
                                          3,233,592          671,908
        Best   Buy  Co.  Inc.
                                          6,584,811          657,098
        Las  Vegas   Sands   Corp.
                                          10,757,773          641,163
    *
        Etsy   Inc.
                                          3,552,540          632,032
        Lennar    Corp.   Class   A
                                          7,607,419          579,914
                                 59/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
        ViacomCBS      Inc.   Class   B
                                          15,398,353          573,743
        Garmin    Ltd.
                                          4,290,873          513,446
        Expedia     Group   Inc.
                                          3,827,687          506,786
    *
        Burlington      Stores    Inc.
                                          1,863,651          487,438
    *
        Carvana     Co.  Class   A
                                          1,988,300          476,277
        Tractor     Supply    Co.
                                          3,286,284          461,986
        Tiffany     & Co.
                                          3,422,966          449,949
    *,1
        Wayfair     Inc.   Class   A
                                          1,948,639          440,022
        Darden    Restaurants       Inc.
                                          3,666,278          436,727
    *
        CarMax    Inc.
                                          4,617,909          436,208
    *
        Ulta   Beauty    Inc.
                                          1,505,986          432,459
        Domino’s      Pizza   Inc.
                                          1,112,360          426,546
    *
        Caesars     Entertainment        Inc.
                                          5,569,410          413,640
    *
        NVR  Inc.
                                            99,350        405,334
                                 60/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数     (千米ドル)
        Genuine     Parts   Co.
                                          4,020,585          403,787
        Pool   Corp.
                                          1,078,957          401,911
        Royal   Caribbean      Cruises     Ltd.
                                          5,358,412          400,220
        Omnicom     Group   Inc.
                                          6,054,020          377,589
        MGM  Resorts     International
                                          11,775,262          371,039
    *,1
        DraftKings      Inc.   Class   A
                                          7,743,659          360,545
    *
        Penn   National     Gaming    Inc.
                                          4,155,331          358,896
    *
        United    Airlines     Holdings     Inc.
                                          8,279,952          358,108
        Hasbro    Inc.
                                          3,661,705          342,516
    *
        Lyft   Inc.   Class   A
                                          6,945,794          341,247
        Carnival     Corp.
                                          15,655,781          339,104
        Fortune     Brands    Home   & Security     Inc.
                                          3,928,286          336,733
        Whirlpool      Corp.
                                          1,768,017          319,109
        Vail   Resorts     Inc.
                                          1,135,493          316,757
        PulteGroup      Inc.
                                          7,235,306          311,986
    *
        Chegg   Inc.
                                          3,440,663          310,795
        Wynn   Resorts     Ltd.
                                          2,732,196          308,274
        Advance     Auto   Parts   Inc.
                                          1,915,881          301,770
    *
        Bright    Horizons     Family    Solutions      Inc.
                                          1,711,502          296,073
    *
        Live   Nation    Entertainment        Inc.
                                          3,982,964          292,668
    *
        Zynga   Inc.   Class   A
                                          28,967,284          285,907
    *
        Five   Below   Inc.
                                          1,581,601          276,749
        Aramark
                                          7,096,432          273,071
        Lear   Corp.
                                          1,699,357          270,249
        BorgWarner      Inc.
                                          6,879,526          265,825
        Fox  Corp.   Class   A
                                          8,955,578          260,786
        Interpublic       Group   of  Cos.   Inc.
                                          11,049,538          259,885
    *
        Floor   & Decor   Holdings     Inc.   Class   A
                                          2,787,281          258,799
    *
        LKQ  Corp.
                                          7,329,536          258,293
    *
        IAA  Inc.
                                          3,798,796          246,846
        News   Corp.   Class   A
                                          13,679,487          245,820
    1
        American     Airlines     Group   Inc.
                                          15,569,717          245,534
        Tapestry     Inc.
                                          7,834,345          243,491
        Rollins     Inc.
                                          6,212,913          242,739
        Gentex    Corp.
                                          6,980,962          236,864
        L Brands    Inc.
                                          6,295,425          234,127
        Newell    Brands    Inc.
                                          10,814,393          229,590
        Service     Corp.   International
                                          4,647,328          228,184
    *,1
        Norwegian      Cruise    Line   Holdings     Ltd.
                                          8,952,171          227,654
    *
        Deckers     Outdoor     Corp.
                                           792,398        227,244
    *
        Mohawk    Industries      Inc.
                                          1,609,497          226,859
    *
        Liberty     Media   Corp.-Liberty        Formula     One  Class    C 
                                          5,280,515          224,950
        Williams-Sonoma         Inc.
                                          2,165,714          220,556
        New  York   Times   Co.  Class   A
                                          4,234,709          219,231
    *
        Discovery      Inc.   Class    C 
                                          8,366,033          219,106
        Nielsen     Holdings     plc
                                          10,126,228          211,334
    *,1
        Airbnb    Inc.   Class   A
                                          1,399,134          205,393
        Lithia    Motors    Inc.   Class   A
                                           698,278        204,365
    *
        SiteOne     Landscape      Supply    Inc.
                                          1,252,740          198,722
                                 61/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *
        Liberty     Media   Corp.-Liberty        SiriusXM     Class    C 
                                          4,524,823          196,875
    *
        RH
                                           437,915        195,976
        Churchill      Downs   Inc.
                                           994,029        193,627
    1
        Sirius    XM  Holdings     Inc.
                                          30,097,848          191,723
    *
        Terminix     Global    Holdings     Inc.
                                          3,722,489          189,884
        PVH  Corp.
                                          2,021,759          189,823
        Kohl’s     Corp.
                                          4,481,880          182,368
        Alaska    Air  Group   Inc.
                                          3,491,722          181,570
    *,1
        Chewy   Inc.   Class   A
                                          1,995,812          179,404
    *
        Capri   Holdings     Ltd.
                                          4,259,730          178,909
    *
        Planet    Fitness     Inc.   Class   A
                                          2,301,212          178,643
    *
        Mattel    Inc.
                                          9,859,817          172,054
        Dolby   Laboratories       Inc.   Class   A
                                          1,763,137          171,253
        Leggett     & Platt   Inc.
                                          3,749,125          166,086
        Gap  Inc.
                                          7,967,987          160,874
                                 62/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数     (千米ドル)
        Harley-Davidson         Inc.
                                          4,339,429          159,257
        Marriott     Vacations      Worldwide      Corp.
                                          1,157,739          158,865
        Polaris     Inc.
                                          1,654,612          157,651
        Wyndham     Hotels    & Resorts     Inc.
                                          2,639,225          156,876
    *
        AutoNation      Inc.
                                          2,215,396          154,612
    *
        YETI   Holdings     Inc.
                                          2,215,763          151,713
    *
        Tempur    Sealy   International        Inc.
                                          5,558,082          150,068
    *
        BJ’s   Wholesale      Club   Holdings     Inc.
                                          3,908,092          145,694
        Texas   Roadhouse      Inc.   Class   A
                                          1,857,464          145,179
        Fox  Corp.   Class   B
                                          4,967,071          143,449
        Hanesbrands       Inc.
                                          9,836,291          143,413
        Toll   Brothers     Inc.
                                          3,213,257          139,680
    *,1
        Discovery      Inc.   Class   A
                                          4,600,885          138,441
    *
        Skechers     U.S.A.    Inc.   Class   A
                                          3,851,334          138,417
        Thor   Industries      Inc.
                                          1,485,587          138,145
    *
        Ollie’s     Bargain     Outlet    Holdings     Inc.
                                          1,582,481          129,399
        Nexstar     Media   Group   Inc.   Class   A
                                          1,184,532          129,339
    *
        Digital     Turbine     Inc.
                                          2,275,912          128,726
        Ralph   Lauren    Corp.   Class   A
                                          1,237,231          128,350
    *
        JetBlue     Airways     Corp.
                                          8,743,417          127,129
    *
        Grand   Canyon    Education      Inc.
                                          1,332,423          124,062
    *
        Fox  Factory     Holding     Corp.
                                          1,173,258          124,025
    *
        frontdoor      Inc.
                                          2,420,089          121,513
        Qurate    Retail    Inc.   Class   A
                                          10,970,495          120,346
        Foot   Locker    Inc.
                                          2,966,347          119,959
        Carter’s      Inc.
                                          1,234,203          116,101
    *
        Crocs   Inc.
                                          1,813,156          113,612
        AMERCO
                                           246,046        111,695
        Wingstop     Inc.
                                           835,616        110,761
        Wendy’s     Co.
                                          5,045,151          110,590
        Choice    Hotels    International        Inc.
                                          1,010,933          107,897
        Wyndham     Destinations       Inc.
                                          2,399,784          107,654
        Sabre   Corp.
                                          8,807,081          105,861
        PROG   Holdings     Inc.
                                          1,922,454          103,563
    *
        National     Vision    Holdings     Inc.
                                          2,269,814          102,800
        Murphy    USA  Inc.
                                           760,496         99,526
    *
        Cardlytics      Inc.
                                           696,426         99,429
    *
        Liberty     Media   Corp.-Liberty        SiriusXM     Class   A
                                          2,288,937          98,859
    *
        Visteon     Corp.
                                           786,597         98,734
    1
        Macy’s     Inc.
                                          8,718,534          98,084
    1
        Nordstrom      Inc.
                                          3,127,113          97,597
    *
        Madison     Square    Garden    Sports    Corp.
                                           528,623         97,319
    *
        Stamps.com      Inc.
                                           487,994         95,740
    *,1
        Stitch    Fix  Inc.   Class   A
                                          1,623,277          95,319
    *
        Boyd   Gaming    Corp.
                                          2,208,424          94,786
    *
        Scientific      Games   Corp.
                                          2,274,774          94,380
    1
        Dick’s     Sporting     Goods   Inc.
                                          1,673,110          94,046
    *
        Taylor    Morrison     Home   Corp.   Class   A
                                          3,494,900          89,644
    *
        Under   Armour    Inc.   Class   A
                                          5,197,887          89,248
                                 63/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
        Cracker     Barrel    Old  Country     Store   Inc.
                                           670,406         88,440
    *
        Meritage     Homes   Corp.
                                          1,061,898          87,946
        LCI  Industries
                                           674,699         87,495
    *
        Shake   Shack   Inc.   Class   A
                                          1,024,088          86,822
        Warner    Music   Group   Corp.   Class   A
                                          2,282,677          86,719
    *
        Under   Armour    Inc.   Class    C 
                                          5,815,850          86,540
        H&R  Block   Inc.
                                          5,455,515          86,524
        TEGNA   Inc.
                                          6,152,695          85,830
    1
        American     Eagle   Outfitters      Inc.
                                          4,228,287          84,862
        KB  Home
                                          2,440,497          81,805
        Hyatt   Hotels    Corp.   Class   A
                                          1,087,674          80,760
        Dana   Inc.
                                          4,084,317          79,726
        Six  Flags   Entertainment        Corp.
                                          2,284,154          77,890
        Columbia     Sportswear      Co.
                                           886,751         77,484
        Steven    Madden    Ltd.
                                          2,184,030          77,140
                                 64/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数     (千米ドル)
    *
        2U  Inc.
                                          1,915,469          76,638
    *
        Asbury    Automotive      Group   Inc.
                                           518,452         75,559
    *
        Hilton    Grand   Vacations      Inc.
                                          2,370,887          74,327
        Papa   John’s     International        Inc.
                                           875,731         74,306
        Allegiant      Travel    Co.  Class   A
                                           382,071         72,303
        Brinker     International        Inc.
                                          1,271,902          71,951
        Wolverine      World   Wide   Inc.
                                          2,271,613          70,988
        Goodyear     Tire   & Rubber    Co.
                                          6,496,020          70,872
    *
        Sonos   Inc.
                                          3,008,787          70,376
    *
        TripAdvisor       Inc.
                                          2,428,531          69,893
        MDC  Holdings     Inc.
                                          1,410,832          68,566
        KAR  Auction     Services     Inc.
                                          3,670,934          68,316
    *
        Dorman    Products     Inc.
                                           770,212         66,870
        Extended     Stay   America     Inc.
                                          4,484,368          66,413
    *
        LGI  Homes   Inc.
                                           626,348         66,299
    *,1
        Spirit    Airlines     Inc.
                                          2,709,800          66,255
    *
        Selectquote       Inc.
                                          3,181,874          66,024
        Strategic      Education      Inc.
                                           682,668         65,079
        Callaway     Golf   Co.
                                          2,688,812          64,558
        Group   1 Automotive      Inc.
                                           487,855         63,977
    *
        TRI  Pointe    Group   Inc.
                                          3,691,721          63,682
    *,1
        iRobot    Corp.
                                           787,307         63,213
        World   Wrestling      Entertainment        Inc.   Class   A
                                          1,309,635          62,928
    *
        Sleep   Number    Corp.
                                           746,125         61,078
        Coty   Inc.   Class   A
                                          8,693,139          61,026
    1
        Bed  Bath   & Beyond    Inc.
                                          3,421,873          60,772
    1
        Kontoor     Brands    Inc.
                                          1,450,807          58,845
    *
        Gentherm     Inc.
                                           897,159         58,513
        Graham    Holdings     Co.  Class   B
                                           109,231         58,262
    *
        Madison     Square    Garden    Entertainment        Corp.
                                           548,123         57,575
        Cooper    Tire   & Rubber    Co.
                                          1,397,576          56,602
        Rush   Enterprises       Inc.   Class   A
                                          1,363,749          56,486
        Jack   in  the  Box  Inc.
                                           608,467         56,466
        Herman    Miller    Inc.
                                          1,667,660          56,367
    *,1
        Lordstown      Motors    Corp.
                                          2,788,423          55,936
        Rent-A-Center        Inc.
                                          1,441,898          55,210
    *,1
        Overstock.com        Inc.
                                          1,146,592          55,002
        Winnebago      Industries      Inc.
                                           912,064         54,669
        SkyWest     Inc.
                                          1,327,926          53,529
        John   Wiley   & Sons   Inc.   Class   A
                                          1,161,308          53,025
        Penske    Automotive      Group   Inc.
                                           889,778         52,844
        PriceSmart      Inc.
                                           578,417         52,688
    *
        Avis   Budget    Group   Inc.
                                          1,381,625          51,535
    *,1
        Fisker    Inc.
                                          3,474,753          50,905
    1
        Cinemark     Holdings     Inc.
                                          2,840,579          49,454
        La-Z-Boy     Inc.
                                          1,206,599          48,071
        Big  Lots   Inc.
                                          1,106,527          47,503
        Monro   Inc.
                                           885,480         47,196
    *
        Knowles     Corp.
                                          2,558,335          47,150
                                 65/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *
        Fitbit    Inc.   Class   A
                                          6,858,298          46,636
    *
        Adtalem     Global    Education      Inc.
                                          1,361,995          46,240
    *
        SeaWorld     Entertainment        Inc.
                                          1,447,591          45,729
        Red  Rock   Resorts     Inc.   Class   A
                                          1,800,844          45,093
    *
        Skyline     Champion     Corp.
                                          1,416,242          43,819
        Bloomin’      Brands    Inc.
                                          2,240,711          43,515
    *
        Laureate     Education      Inc.   Class   A
                                          2,984,761          43,458
    *
        ODP  Corp.
                                          1,480,702          43,385
    1
        Cheesecake      Factory     Inc.
                                          1,167,529          43,269
    *
        Tupperware      Brands    Corp.
                                          1,311,353          42,475
    *
        Urban   Outfitters      Inc.
                                          1,654,032          42,343
    *
        Purple    Innovation      Inc.   Class   A
                                          1,284,701          42,318
    *
        Sally   Beauty    Holdings     Inc.
                                          3,205,450          41,799
        HNI  Corp.
                                          1,193,671          41,134
    1
        Sinclair     Broadcast      Group   Inc.   Class   A
                                          1,287,191          40,997
                                 66/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数     (千米ドル)
    *
        Gray   Television      Inc.
                                          2,252,734          40,301
    *
        Cavco   Industries      Inc.
                                           229,135         40,202
        Lennar    Corp.   Class   B
                                           648,635         39,696
    *
        Vista   Outdoor     Inc.
                                          1,632,089          38,778
        Signet    Jewelers     Ltd.
                                          1,413,664          38,551
    *
        Century     Communities       Inc.
                                           839,810         36,767
    *
        Glu  Mobile    Inc.
                                          4,060,308          36,583
    1
        Dave   & Buster’s      Entertainment        Inc.
                                          1,213,973          36,443
    *
        Central     Garden    & Pet  Co.  Class   A
                                           992,916         36,073
        Acushnet     Holdings     Corp.
                                           882,148         35,762
    *
        Malibu    Boats   Inc.   Class   A
                                           572,253         35,731
        Abercrombie       & Fitch   Co.  Class   A
                                          1,750,394          35,638
    *
        M/I  Homes   Inc.
                                           797,841         35,336
    *,1
        Leslie’s      Inc.
                                          1,266,927          35,157
    *
        Boot   Barn   Holdings     Inc.
                                           805,330         34,919
    *
        Liberty     Media   Corp.-Liberty        Formula     One  Class   A
                                           904,016         34,344
    *
        Everi   Holdings     Inc.
                                          2,397,092          33,104
    *
        WW  International        Inc.
                                          1,344,315          32,801
    *
        RealReal     Inc.
                                          1,675,163          32,733
    *
        elf  Beauty    Inc.
                                          1,275,940          32,141
        Levi   Strauss     & Co.  Class   A
                                          1,590,303          31,933
        Sturm   Ruger   & Co.  Inc.
                                           484,091         31,500
    *
        Lions   Gate   Entertainment        Corp.   Class   B
                                          3,026,507          31,415
        Franchise      Group   Inc.
                                          1,002,341          30,521
    *,1
        Michaels     Cos.   Inc.
                                          2,332,510          30,346
        Steelcase      Inc.   Class   A
                                          2,214,943          30,012
        Inter   Parfums     Inc.
                                           489,094         29,585
    *
        GoPro   Inc.   Class   A
                                          3,483,023          28,839
    *
        Clean   Energy    Fuels   Corp.
                                          3,635,516          28,575
        Oxford    Industries      Inc.
                                           432,678         28,345
    *
        QuinStreet      Inc.
                                          1,308,938          28,064
    *,1
        Blink   Charging     Co.
                                           656,249         28,055
        Camping     World   Holdings     Inc.   Class   A
                                          1,074,686          27,996
    *
        At  Home   Group   Inc.
                                          1,806,374          27,927
    *,1
        GameStop     Corp.   Class   A
                                          1,468,071          27,658
    *
        G-III   Apparel     Group   Ltd.
                                          1,144,804          27,178
    *
        Liberty     Media   Corp.-Liberty        Braves    Class    C 
                                          1,081,046          26,896
        Smith   & Wesson    Brands    Inc.
                                          1,478,393          26,241
    *,1
        AMC  Networks     Inc.   Class   A
                                           730,637         26,135
        Dine   Brands    Global    Inc.
                                           448,345         26,004
    *
        American     Axle   & Manufacturing        Holdings     Inc.
                                          3,088,340          25,757
        Matthews     International        Corp.   Class   A
                                           861,296         25,322
        Guess?    Inc.
                                          1,117,403          25,276
    *
        Denny’s     Corp.
                                          1,683,805          24,718
    *
        XPEL   Inc.
                                           475,181         24,500
    *
        ANGI   Homeservices       Inc.   Class   A
                                          1,853,176          24,453
    *
        Stride    Inc.
                                          1,117,538          23,725
        Buckle    Inc.
                                           812,243         23,717
        Sonic   Automotive      Inc.   Class   A
                                           606,670         23,399
                                 67/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *
        Lumber    Liquidators       Holdings     Inc.
                                           760,493         23,378
    *
        Perdoceo     Education      Corp.
                                          1,823,384          23,029
        EW  Scripps     Co.  Class   A
                                          1,496,598          22,883
        BJ’s   Restaurants       Inc.
                                           593,420         22,841
        Viad   Corp.
                                           619,368         22,403
    *
        Stoneridge      Inc.
                                           733,434         22,172
        Hawaiian     Holdings     Inc.
                                          1,243,129          22,003
    *
        iHeartMedia       Inc.   Class   A
                                          1,687,431          21,903
    *
        Revolve     Group   Inc.
                                           700,390         21,831
        Standard     Motor   Products     Inc.
                                           525,331         21,255
    *
        Bally’s     Corp.
                                           422,966         21,246
        Knoll   Inc.
                                          1,432,991          21,036
    *
        Zumiez    Inc.
                                           571,366         21,015
        Meredith     Corp.
                                          1,094,218          21,009
    *
        Cars.com     Inc.
                                          1,847,897          20,881
                                 68/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数     (千米ドル)
    *
        Monarch     Casino    & Resort    Inc.
                                           338,128         20,700
    *
        Hibbett     Sports    Inc.
                                           446,969         20,641
    *
        Sportsman’s       Warehouse      Holdings     Inc.
                                          1,152,575          20,228
    *,1
        Children’s       Place   Inc.
                                           396,401         19,860
    *
        1-800-Flowers.com          Inc.   Class   A
                                           756,947         19,681
    *
        MarineMax      Inc.
                                           555,974         19,476
    *
        Lions   Gate   Entertainment        Corp.   Class   A
                                          1,701,155          19,342
    *
        Quotient     Technology      Inc.
                                          1,997,079          18,812
    *
        America’s      Car-Mart     Inc.
                                           166,782         18,319
    *
        Aaron’s     Co.  Inc.
                                           952,070         18,051
    *,1
        Party   City   Holdco    Inc.
                                          2,916,520          17,937
        Collectors      Universe     Inc.
                                           231,029         17,420
        Interface      Inc.   Class   A
                                          1,634,050          17,158
    *
        MSG  Networks     Inc.   Class   A
                                          1,151,362          16,971
        Ruth’s     Hospitality       Group   Inc.
                                           929,707         16,484
    *
        Universal      Electronics       Inc.
                                           314,017         16,473
        Johnson     Outdoors     Inc.   Class   A
                                           145,465         16,384
    *
        Central     Garden    & Pet  Co.
                                           408,108         15,757
    *
        Accel   Entertainment        Inc.   Class   A
                                          1,529,835          15,451
    *
        Chuy’s     Holdings     Inc.
                                           581,022         15,391
        Caleres     Inc.
                                           982,611         15,378
        Carriage     Services     Inc.   Class   A
                                           480,870         15,061
    *
        Lindblad     Expeditions       Holdings     Inc.
                                           860,255         14,728
        Systemax     Inc.
                                           406,954         14,606
    *
        Clear   Channel     Outdoor     Holdings     Inc.
                                          8,807,806          14,533
    *
        Green   Brick   Partners     Inc.
                                           621,983         14,281
    *
        Cooper-Standard         Holdings     Inc.
                                           410,812         14,243
    *
        Nautilus     Inc.
                                           783,725         14,217
    *,1
        Eastman     Kodak   Co.
                                          1,742,697          14,186
        News   Corp.   Class   B
                                           780,705         13,873
        Designer     Brands    Inc.   Class   A
                                          1,806,081          13,817
    *,1
        Corsair     Gaming    Inc.
                                           376,770         13,647
        Ethan   Allen   Interiors      Inc.
                                           674,790         13,638
    *
        Tenneco     Inc.   Class   A
                                          1,285,463          13,626
    *
        American     Public    Education      Inc.
                                           437,390         13,332
        Citi   Trends    Inc.
                                           263,803         13,106
        National     Presto    Industries      Inc.
                                           147,534         13,046
    *
        MasterCraft       Boat   Holdings     Inc.
                                           519,305         12,900
        Scholastic      Corp.
                                           511,497         12,787
        Winmark     Corp.
                                            68,739        12,772
    *
        Lovesac     Co.
                                           287,099         12,371
    *
        Genesco     Inc.
                                           406,983         12,246
    *
        TravelCenters        of  America     Inc.
                                           374,644         12,213
        Kimball     International        Inc.   Class   B
                                          1,021,478          12,207
    *,1
        Vuzix   Corp.
                                          1,340,720          12,174
    *
        Beazer    Homes   USA  Inc.
                                           803,129         12,167
    *,1
        CarParts.com       Inc.
                                           952,131         11,797
    *,1
        Gannett     Co.  Inc.
                                          3,492,858          11,736
    *
        Motorcar     Parts   of  America     Inc.
                                           591,085         11,597
                                 69/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *,1
        Akoustis     Technologies       Inc.
                                           942,033         11,521
    *
        Fossil    Group   Inc.
                                          1,319,759          11,442
        Haverty     Furniture      Cos.   Inc.
                                           407,684         11,281
    *
        Golden    Entertainment        Inc.
                                           549,486         10,929
    *
        Liquidity      Services     Inc.
                                           682,762         10,863
    *
        Houghton     Mifflin     Harcourt     Co.
                                          3,182,276          10,597
    *
        Shift   Technologies       Inc.
                                          1,252,500          10,358
    *
        Daily   Journal     Corp.
                                            25,566        10,329
        RCI  Hospitality       Holdings     Inc.
                                           261,636         10,319
    *
        Boston    Omaha   Corp.   Class   A
                                           372,076         10,288
    *
        Noodles     & Co.  Class   A
                                          1,289,303          10,185
    *
        El  Pollo   Loco   Holdings     Inc.
                                           545,864          9,880
        Hooker    Furniture      Corp.
                                           300,311          9,685
    *,1
        Academy     Sports    & Outdoors     Inc.
                                           456,677          9,467
    *
        Turtle    Beach   Corp.
                                           433,561          9,343
                                 70/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数     (千米ドル)
    *
        American     Outdoor     Brands    Inc.
                                           545,009          9,281
        Shoe   Carnival     Inc.
                                           228,088          8,936
    *
        Red  Robin   Gourmet     Burgers     Inc.
                                           446,746          8,591
        Clarus    Corp.
                                           552,740          8,512
    1
        Dillard’s      Inc.   Class   A
                                           131,326          8,280
    *
        Liberty     TripAdvisor       Holdings     Inc.   Class   A
                                          1,859,898           8,072
    *,1
        Arcimoto     Inc.
                                           585,788          7,750
        Entercom     Communications         Corp.   Class   A
                                          3,073,948           7,593
    *
        Movado    Group   Inc.
                                           449,538          7,471
    *
        Del  Taco   Restaurants       Inc.
                                           813,495          7,370
    *
        Liberty     Media   Corp.-Liberty        Braves    Class   A
                                           293,755          7,306
        Flexsteel      Industries      Inc.
                                           208,316          7,285
    *
        Aspen   Group   Inc.
                                           639,232          7,115
    *
        Regis   Corp.
                                           771,450          7,090
        Marcus    Corp.
                                           524,112          7,065
    *
        VOXX   International        Corp.   Class   A
                                           539,481          6,884
    *,1
        Container      Store   Group   Inc.
                                           719,981          6,869
        Superior     Group   of  Cos.   Inc.
                                           289,079          6,718
        Rocky   Brands    Inc.
                                           236,904          6,650
    *
        OneWater     Marine    Inc.   Class   A
                                           223,647          6,506
        Escalade     Inc.
                                           303,117          6,417
        National     CineMedia      Inc.
                                          1,678,395           6,244
        Tilly’s     Inc.   Class   A
                                           761,453          6,213
    *
        Carrols     Restaurant      Group   Inc.
                                           984,550          6,183
    *,1
        Kirkland’s       Inc.
                                           345,642          6,180
    *
        Mesa   Air  Group   Inc.
                                           906,914          6,067
    *
        Fiesta    Restaurant      Group   Inc.
                                           531,186          6,056
    *,1
        Lakeland     Industries      Inc.
                                           221,517          6,036
    *
        Lands’     End  Inc.
                                           276,211          5,958
        Strattec     Security     Corp.
                                           120,586          5,952
        Chico’s     FAS  Inc.
                                          3,738,238           5,944
    *,1
        Funko   Inc.   Class   A
                                           569,401          5,910
    *
        Universal      Technical      Institute      Inc.
                                           897,040          5,795
        Cato   Corp.   Class   A
                                           602,770          5,781
    *
        CuriosityStream         Inc.
                                           413,600          5,770
    *
        Fluent    Inc.
                                          1,045,832           5,553
    *
        PlayAGS     Inc.
                                           766,654          5,520
    *
        Century     Casinos     Inc.
                                           854,896          5,463
    1
        Big  5 Sporting     Goods   Corp.
                                           534,933          5,462
        Bassett     Furniture      Industries      Inc.
                                           263,021          5,281
    *
        Conn’s     Inc.
                                           442,911          5,178
    1
        AMC  Entertainment        Holdings     Inc.   Class   A
                                          2,382,581           5,051
    *
        Barnes    & Noble   Education      Inc.
                                          1,080,295           5,023
    *
        Vera   Bradley     Inc.
                                           626,113          4,984
    *,1
        Alta   Equipment      Group   Inc.
                                           496,300          4,903
    *
        Leaf   Group   Ltd.
                                          1,048,255           4,874
        Tribune     Publishing      Co.
                                           352,822          4,834
    *,1
        LiveXLive      Media   Inc.
                                          1,465,752           4,808
    *
        Bluegreen      Vacations      Holding     Corp.   Class   A
                                           351,096          4,750
                                 71/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
        Lifetime     Brands    Inc.
                                           308,810          4,694
    *
        VistaGen     Therapeutics       Inc.
                                          2,297,273           4,457
    *
        Lincoln     Educational       Services     Corp.
                                           683,370          4,442
    *
        Gaia   Inc.   Class   A
                                           441,699          4,364
    *
        Delta   Apparel     Inc.
                                           213,870          4,292
        Educational       Development       Corp.
                                           279,313          4,290
    *
        Hovnanian      Enterprises       Inc.   Class   A
                                           128,819          4,233
    *
        MDC  Partners     Inc.   Class   A
                                          1,680,706           4,219
    *
        Casper    Sleep   Inc.
                                           683,869          4,206
        A-Mark    Precious     Metals    Inc.
                                           161,424          4,141
    *
        Cumulus     Media   Inc.   Class   A
                                           469,052          4,090
    *
        J Alexander’s       Holdings     Inc.
                                           552,041          4,024
    *
        Zovio   Inc.   Class   A
                                           818,164          3,878
        Entravision       Communications         Corp.   Class   A
                                          1,352,260           3,719
        Wayside     Technology      Group   Inc.
                                           192,328          3,673
                                 72/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数     (千米ドル)
    *,1
        Lazydays     Holdings     Inc.
                                           225,600          3,666
        Hamilton     Beach   Brands    Holding     Co.  Class   A
                                           195,169          3,417
    *,1
        Drive   Shack   Inc.
                                          1,385,320           3,297
    *
        ZAGG   Inc.
                                           780,631          3,255
    *
        Thryv   Holdings     Inc.
                                           238,128          3,215
    *
        Full   House   Resorts     Inc.
                                           811,768          3,190
        Emerald     Holding     Inc.
                                           585,342          3,173
    *
        Duluth    Holdings     Inc.   Class   B
                                           296,974          3,136
        Weyco   Group   Inc.
                                           195,920          3,103
        Nathan’s      Famous    Inc.
                                            55,565         3,068
    *
        HyreCar     Inc.
                                           418,571          2,989
        Marine    Products     Corp.
                                           203,976          2,966
        Saga   Communications         Inc.   Class   A
                                           120,553          2,896
    *,1
        Kura   Sushi   USA  Inc.   Class   A
                                           137,956          2,690
    *
        Chicken     Soup   For  The  Soul   Entertainment        Inc.
                                           134,048          2,680
    *
        Legacy    Housing     Corp.
                                           176,960          2,674
    *
        Reading     International        Inc.   Class   A
                                           526,251          2,642
    *
        Envela    Corp.
                                           489,201          2,544
    *
        Biglari     Holdings     Inc.   Class   A
                                             4,329        2,532
        Acme   United    Corp.
                                            75,799         2,284
    *,1
        Potbelly     Corp.
                                           510,250          2,245
    *,1
        Revlon    Inc.   Class   A
                                           179,814          2,136
    *
        Superior     Industries      International        Inc.
                                           502,788          2,056
    *
        Red  Lion   Hotels    Corp.
                                           550,589          1,905
    *,1
        ContextLogic       Inc.   Class   A
                                           101,538          1,852
    *
        Lee  Enterprises       Inc.
                                          1,445,498           1,821
    *,1
        LMP  Automotive      Holdings     Inc.
                                            70,694         1,765
        Rush   Enterprises       Inc.   Class   B
                                            46,261         1,753
    *,1
        Luby’s     Inc.
                                           592,426          1,682
    *
        Build-A-Bear       Workshop     Inc.
                                           386,900          1,652
        Townsquare      Media   Inc.   Class   A
                                           239,377          1,594
    *
        Marchex     Inc.   Class   B
                                           796,594          1,561
    *
        ONE  Group   Hospitality       Inc.
                                           398,718          1,475
    *
        Travelzoo
                                           153,651          1,450
    *
        Biglari     Holdings     Inc.   Class   B
                                            12,594         1,400
    *
        Kewaunee     Scientific      Corp.
                                            97,556         1,230
    *
        iMedia    Brands    Inc.
                                           229,675          1,098
    *,1
        Express     Inc.
                                          1,204,436           1,096
    *
        FlexShopper       Inc.
                                           424,874          1,092
    *
        New  Home   Co.  Inc.
                                           226,301          1,061
    *
        Good   Times   Restaurants       Inc.
                                           350,735          1,000
        Crown   Crafts    Inc.
                                           137,660           984
    *
        Urban   One  Inc.
                                           817,509           956
    *
        Muscle    Maker   Inc.
                                           487,573           853
        Ark  Restaurants       Corp.
                                            42,422          823
    *,1
        RumbleON     Inc.   Class   B
                                            26,080          788
    *
        Charles     & Colvard     Ltd.
                                           609,632           750
    *,1
        SRAX   Inc.   Class   A
                                           206,107           641
    *
        BBQ  Holdings     Inc.
                                           121,270           585
                                 73/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *
        Vince   Holding     Corp.
                                            85,346          543
    *,1
        Allied    Esports     Entertainment        Inc.
                                           298,452           472
        Beasley     Broadcast      Group   Inc.   Class   A
                                           314,277           468
    *
        Canterbury      Park   Holding     Corp.
                                            35,605          424
        A H Belo   Corp.   Class   A
                                           260,368           393
    1
        Hall   of  Fame   Resort    & Entertainment        Co.
                                           309,054           380
    *,1
        Dolphin     Entertainment        Inc.
                                            92,846          316
    *,1
        Sequential      Brands    Group   Inc.
                                            21,522          309
    *,1
        Monaker     Group   Inc.
                                           129,486           294
    *
        StoneMor     Inc.
                                            98,400          259
        Jerash    Holdings     US  Inc.
                                            41,854          250
    1
        Salem   Media   Group   Inc.   Class   A
                                           220,213           229
    *
        Eastside     Distilling      Inc.
                                           144,325           185
    *,1
        Xcel   Brands    Inc.
                                           151,456           183
        CompX   International        Inc.
                                            12,502          178
                                 74/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数     (千米ドル)
    *
        Mediaco     Holding     Inc.   Class   A
                                            67,571          176
    *
        Unique    Fabricating       Inc.
                                            27,935          154
    *
        Live   Ventures     Inc.
                                             3,993          49
    *,1
        J.  Jill   Inc.
                                             9,723          36
    *
        Hovnanian      Enterprises       Inc.   Class   B
                                              772         25
    *
        JAKKS   Pacific     Inc.
                                                       9
                                             1,900
                                                  178,858,969
    生活必需品      (5.17％)
        Procter     & Gamble    Co.
                                          69,888,389         9,724,270
        Coca-Cola      Co.
                                         109,040,409          5,979,776
        PepsiCo     Inc.
                                          38,971,974         5,779,544
        Philip    Morris    International        Inc.
                                          43,909,884         3,635,299
        CVS  Health    Corp.
                                          36,896,248         2,520,014
        Mondelez     International        Inc.   Class   A
                                          40,346,903         2,359,083
        Altria    Group   Inc.
                                          52,419,939         2,149,218
        Colgate-Palmolive          Co.
                                          24,169,865         2,066,765
        Kimberly-Clark         Corp.
                                          9,591,310        1,293,196
        General     Mills   Inc.
                                          17,265,698         1,015,223
        Sysco   Corp.
                                          13,637,503         1,012,721
        Constellation        Brands    Inc.   Class   A
                                          4,523,429          990,857
    *
        Monster     Beverage     Corp.
                                          10,444,355          965,894
        Walgreens      Boots   Alliance     Inc.
                                          20,756,763          827,780
        Corteva     Inc.
                                          21,099,417          816,969
        Archer-Daniels-Midland             Co.
                                          15,718,015          792,345
        McKesson     Corp.
                                          4,536,386          788,968
        Brown-Forman       Corp.   Class   B
                                          9,878,641          784,660
        Clorox    Co.
                                          3,569,940          720,842
        McCormick      & Co.  Inc.   (Non-Voting)
                                          7,006,731          669,844
        Kroger    Co.
                                          20,773,032          659,752
        Hershey     Co.
                                          4,169,580          635,152
        Church    & Dwight    Co.  Inc.
                                          6,982,661          609,098
        Kraft   Heinz   Co.
                                          17,242,437          597,623
        Tyson   Foods   Inc.   Class   A
                                          8,288,940          534,139
        Keurig    Dr  Pepper    Inc.
                                          15,924,395          509,581
        Conagra     Brands    Inc.
                                          13,101,095          475,046
        Kellogg     Co.
                                          7,264,055          452,042
        AmerisourceBergen          Corp.   Class   A
                                          4,035,588          394,519
        J M Smucker     Co.
                                          3,064,853          354,297
        Hormel    Foods   Corp.
                                          7,571,766          352,920
        Lamb   Weston    Holdings     Inc.
                                          4,117,180          324,187
        Campbell     Soup   Co.
                                          5,540,520          267,884
    *
        Darling     Ingredients       Inc.
                                          4,573,826          263,818
    *
        Boston    Beer   Co.  Inc.   Class   A
                                           251,630        250,193
        Bunge   Ltd.
                                          3,744,493          245,564
        Molson    Coors   Beverage     Co.  Class   B
                                          5,025,086          227,084
    *
        US  Foods   Holding     Corp.
                                          5,645,645          188,056
        Casey’s     General     Stores    Inc.
                                          1,043,027          186,305
    *
        Performance       Food   Group   Co.
                                          3,760,993          179,061
    *
        Post   Holdings     Inc.
                                          1,680,719          169,769
                                 75/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *,1
        Beyond    Meat   Inc.
                                          1,328,950          166,119
    *
        Helen   of  Troy   Ltd.
                                           715,236        158,918
    *
        Freshpet     Inc.
                                          1,081,598          153,576
        Ingredion      Inc.
                                          1,792,700          141,032
    *
        Herbalife      Nutrition      Ltd.
                                          2,803,512          134,709
        Flowers     Foods   Inc.
                                          5,162,650          116,831
        WD-40   Co.
                                           381,093        101,249
        Lancaster      Colony    Corp.
                                           537,539         98,762
    *
        Hain   Celestial      Group   Inc.
                                          2,379,280          95,528
        Spectrum     Brands    Holdings     Inc.
                                          1,155,280          91,244
    *
        Grocery     Outlet    Holding     Corp.
                                          2,323,696          91,205
        Nu  Skin   Enterprises       Inc.   Class   A
                                          1,431,177          78,185
    *
        Simply    Good   Foods   Co.
                                          2,418,611          75,848
        Sanderson      Farms   Inc.
                                           562,683         74,387
        Energizer      Holdings     Inc.
                                          1,737,221          73,276
                                 76/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数     (千米ドル)
        Primo   Water   Corp.
                                          4,308,553          67,558
    *
        TreeHouse      Foods   Inc.
                                          1,579,567          67,116
    *
        Sprouts     Farmers     Market    Inc.
                                          3,315,866          66,649
        J & J Snack   Foods   Corp.
                                           395,487         61,447
        Medifast     Inc.
                                           312,066         61,271
        Edgewell     Personal     Care   Co.
                                          1,512,070          52,287
    1
        B&G  Foods   Inc.
                                          1,793,558          49,735
    *
        GrowGeneration         Corp.
                                          1,220,884          49,104
    *
        Hostess     Brands    Inc.   Class   A
                                          3,214,008          47,053
        Reynolds     Consumer     Products     Inc.
                                          1,431,100          42,990
        Vector    Group   Ltd.
                                          3,649,191          42,513
    *
        Celsius     Holdings     Inc.
                                           807,553         40,628
    *
        Cal-Maine      Foods   Inc.
                                          1,072,394          40,258
        Core-Mark      Holding     Co.  Inc.
                                          1,252,852          36,796
        Coca-Cola      Consolidated       Inc.
                                           136,566         36,363
        Universal      Corp.
                                           642,732         31,243
    1
        Utz  Brands    Inc.
                                          1,395,523          30,785
        Calavo    Growers     Inc.
                                           436,232         30,288
    1
        National     Beverage     Corp.
                                           323,586         27,472
    *
        BellRing     Brands    Inc.   Class   A
                                          1,089,000          26,474
    *
        Pilgrim’s      Pride   Corp.
                                          1,345,291          26,381
    *
        USANA   Health    Sciences     Inc.
                                           340,453         26,249
    *
        United    Natural     Foods   Inc.
                                          1,536,789          24,543
    *
        Chefs’     Warehouse      Inc.
                                           905,072         23,251
    *,1
        Rite   Aid  Corp.
                                          1,454,855          23,030
        Fresh   Del  Monte   Produce     Inc.
                                           952,198         22,919
        ACCO   Brands    Corp.
                                          2,696,705          22,787
    *,1
        Veru   Inc.
                                          2,496,253          21,593
        Weis   Markets     Inc.
                                           450,682         21,547
        Seaboard     Corp.
                                             6,952        21,072
        Andersons      Inc.
                                           843,669         20,678
        John   B Sanfilippo      & Son  Inc.
                                           241,010         19,006
        MGP  Ingredients       Inc.
                                           383,848         18,064
    1
        PetMed    Express     Inc.
                                           533,210         17,095
        Ingles    Markets     Inc.   Class   A
                                           382,625         16,323
        SpartanNash       Co.
                                           915,335         15,936
        Turning     Point   Brands    Inc.
                                           342,325         15,254
    1
        Tootsie     Roll   Industries      Inc.
                                           458,330         13,612
    *,1
        Tattooed     Chef   Inc.
                                           542,800         12,425
    *
        Whole   Earth   Brands    Inc.
                                          1,118,162          12,188
    *
        Hydrofarm      Holdings     Group   Inc.
                                           224,096         11,783
        Limoneira      Co.
                                           542,126          9,026
    *
        Landec    Corp.
                                           798,849          8,668
    *,3
        Lifevantage       Corp.
                                           915,829          8,536
    *,1
        HF  Foods   Group   Inc.
                                          1,088,885           8,188
    *,1
        22nd   Century     Group   Inc.
                                          3,706,225           8,154
    *,1
        AquaBounty      Technologies       Inc.
                                           923,581          8,091
    *
        Seneca    Foods   Corp.   Class   A
                                           199,576          7,963
    *,1
        Vital   Farms   Inc.
                                           311,133          7,875
                                 77/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
        Alico   Inc.
                                           244,260          7,577
        Oil-Dri     Corp.   of  America
                                           213,120          7,263
    *,1
        NewAge    Inc.
                                          2,708,479           7,123
        Village     Super   Market    Inc.   Class   A
                                           250,304          5,522
    *
        Nature’s      Sunshine     Products     Inc.
                                           351,732          5,258
    *,1
        Laird   Superfood      Inc.
                                            95,216         4,506
    *
        Mission     Produce     Inc.
                                           253,176          3,810
        Natural     Grocers     by  Vitamin     Cottage     Inc.
                                           264,872          3,639
    *
        Farmer    Bros   Co.
                                           544,752          2,544
        Ocean   Bio-Chem     Inc.
                                           181,238          2,421
    *
        Natural     Alternatives       International        Inc.
                                           216,379          2,255
    *,1
        Blue   Apron   Holdings     Inc.   Class   A
                                           395,731          2,212
    *
        S&W  Seed   Co.
                                           441,910          1,295
    *,1
        Alkaline     Water   Co.  Inc.
                                          1,152,203           1,164
    *
        Bridgford      Foods   Corp.
                                            62,829         1,145
                                 78/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数     (千米ドル)
    *
        Coffee    Holding     Co.  Inc.
                                           230,234           884
    *
        Calyxt    Inc.
                                           201,911           852
        Rocky   Mountain     Chocolate      Factory     Inc.
                                           162,623           659
        Brown-Forman       Corp.   Class   A
                                             8,471          622
    *
        Greenlane      Holdings     Inc.   Class   A
                                           154,563           612
        Mannatech      Inc.
                                            30,933          575
    *
        Reed’s     Inc.
                                           861,155           509
    *
        Arcadia     Biosciences       Inc.
                                           173,044           438
    *
        Willamette      Valley    Vineyards      Inc.
                                            66,863          426
    *
        RiceBran     Technologies
                                           560,464           342
    *
        Lifeway     Foods   Inc.
                                            45,393          246
    *
        MedAvail     Holdings     Inc.
                                                       2
                                              116
                                                  55,864,395
    エネルギー      (2.28％)
        Exxon   Mobil   Corp.
                                         119,134,661          4,910,731
        Chevron     Corp.
                                          54,244,455         4,580,944
        ConocoPhillips
                                          30,107,429         1,203,996
        Phillips     66
                                          12,311,308          861,053
        Schlumberger       NV
                                          39,077,298          853,057
        EOG  Resources      Inc.
                                          16,449,367          820,330
        Marathon     Petroleum      Corp.
                                          18,338,478          758,479
        Kinder    Morgan    Inc.
                                          54,220,912          741,200
        Valero    Energy    Corp.
                                          11,488,933          649,929
        Williams     Cos.   Inc.
                                          28,201,278          565,436
    *
        Enphase     Energy    Inc.
                                          3,208,018          562,911
        Pioneer     Natural     Resources      Co.
                                          4,636,840          528,090
        ONEOK   Inc.
                                          12,519,763          480,509
        Occidental      Petroleum      Corp.
                                          26,145,451          452,578
        Halliburton       Co.
                                          23,554,130          445,173
    *,1
        Plug   Power   Inc.
                                          12,834,396          435,214
        Hess   Corp.
                                          7,802,407          411,889
    *
        Cheniere     Energy    Inc.
                                          6,404,566          384,466
        Baker   Hughes    Co.  Class   A
                                          18,269,972          380,929
        Concho    Resources      Inc.
                                          5,557,777          324,296
    *
        First   Solar   Inc.
                                          2,532,199          250,485
        Diamondback       Energy    Inc.
                                          4,433,188          214,566
        Cabot   Oil  & Gas  Corp.
                                          11,306,369          184,068
        Targa   Resources      Corp.
                                          6,421,102          169,389
        Devon   Energy    Corp.
                                          10,701,221          169,186
        Apache    Corp.
                                          10,547,207          149,665
        National     Oilwell     Varco   Inc.
                                          10,840,316          148,838
        Marathon     Oil  Corp.
                                          21,985,896          146,646
        Parsley     Energy    Inc.   Class   A
                                          8,653,741          122,883
        Cimarex     Energy    Co.
                                          2,930,553          109,925
        HollyFrontier        Corp.
                                          4,156,548          107,447
        New  Fortress     Energy    Inc.   Class   A
                                          1,969,661          105,554
        Ovintiv     Inc.
                                          7,294,169          104,744
        EQT  Corp.
                                          7,834,368          99,575
    *,1
        FuelCell     Energy    Inc.
                                          8,893,105          99,336
                                 79/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
        Equitrans      Midstream      Corp.
                                          11,664,413           93,782
    *
        Array   Technologies       Inc.
                                          2,152,945          92,878
    *
        WPX  Energy    Inc.
                                          11,220,442           91,447
    *
        ChampionX      Corp.
                                          5,595,388          85,609
    *
        Renewable      Energy    Group   Inc.
                                          1,054,297          74,665
        Arcosa    Inc.
                                          1,345,263          73,895
        Helmerich      & Payne   Inc.
                                          2,930,324          67,866
        Antero    Midstream      Corp.
                                          8,798,739          67,838
    *
        PDC  Energy    Inc.
                                          2,860,398          58,724
    *,1
        SunPower     Corp.
                                          2,147,361          55,058
    *
        CNX  Resources      Corp.
                                          5,047,926          54,518
    *
        Southwestern       Energy    Co.
                                          18,133,893           54,039
        World   Fuel   Services     Corp.
                                          1,705,333          53,138
    *
        TPI  Composites      Inc.
                                           999,764         52,768
        Murphy    Oil  Corp.
                                          4,006,692          48,481
                                 80/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数     (千米ドル)
    *
        Range   Resources      Corp.
                                          6,537,382          43,800
    *
        Matador     Resources      Co.
                                          3,146,595          37,948
    *,1
        Transocean      Ltd.
                                          16,069,609           37,121
        Archrock     Inc.
                                          4,270,367          36,981
    *,1
        Antero    Resources      Corp.
                                          6,534,570          35,613
        Cactus    Inc.   Class   A
                                          1,351,702          35,239
    *
        Ameresco     Inc.   Class   A
                                           662,684         34,619
        Delek   US  Holdings     Inc.
                                          2,071,339          33,286
        Core   Laboratories       NV
                                          1,228,369          32,564
        Warrior     Met  Coal   Inc.
                                          1,433,351          30,559
    *
        Dril-Quip      Inc.
                                          1,008,739          29,879
    *,1
        HighPeak     Energy    Inc.
                                          1,715,610          27,398
        Patterson-UTI        Energy    Inc.
                                          4,869,290          25,612
    1
        Continental       Resources      Inc.
                                          1,522,005          24,809
    *
        Magnolia     Oil  & Gas  Corp.   Class   A
                                          3,386,470          23,908
    *
        Bristow     Group   Inc.
                                           829,425         21,830
        Liberty     Oilfield     Services     Inc.   Class   A
                                          2,096,852          21,619
    *
        Oceaneering       International        Inc.
                                          2,709,559          21,541
    *
        NOW  Inc.
                                          2,976,367          21,370
        SM  Energy    Co.
                                          3,194,122          19,548
        PBF  Energy    Inc.   Class   A
                                          2,701,119          19,178
        DMC  Global    Inc.
                                           435,534         18,837
    *
        Arch   Resources      Inc.
                                           420,816         18,419
    *
        ProPetro     Holding     Corp.
                                          2,439,322          18,027
    *
        Par  Pacific     Holdings     Inc.
                                          1,264,620          17,679
    *
        American     Superconductor         Corp.
                                           700,015         16,394
    *
        Helix   Energy    Solutions      Group   Inc.
                                          3,878,356          16,289
        QEP  Resources      Inc.
                                          6,640,242          15,870
    *
        NexTier     Oilfield     Solutions      Inc.
                                          4,418,093          15,198
    *
        MRC  Global    Inc.
                                          2,219,268          14,714
        Brigham     Minerals     Inc.   Class   A
                                          1,224,445          13,457
    *
        Green   Plains    Inc.
                                          1,021,265          13,450
        CVR  Energy    Inc.
                                           873,840         13,020
    *,1
        Beam   Global
                                           175,946         12,981
    *,1
        Callon    Petroleum      Co.
                                           983,514         12,943
    *
        REX  American     Resources      Corp.
                                           164,138         12,059
    *
        Bonanza     Creek   Energy    Inc.
                                           592,477         11,453
    *,1
        Gevo   Inc.
                                          2,684,822          11,411
    1
        Nabors    Industries      Ltd.
                                           195,605         11,390
        SunCoke     Energy    Inc.
                                          2,513,075          10,932
    *
        Pacific     Ethanol     Inc.
                                          1,837,378           9,977
    *,1
        Northern     Oil  & Gas  Inc.
                                          1,070,318           9,376
    *
        Tidewater      Inc.
                                          1,079,916           9,330
    *
        Matrix    Service     Co.
                                           811,320          8,941
        Berry   Corp.
                                          2,251,991           8,287
    *,1
        Tellurian      Inc.
                                          6,297,920           8,061
    *
        Select    Energy    Services     Inc.   Class   A
                                          1,937,981           7,946
    *
        Centennial      Resource     Development       Inc.   Class   A
                                          5,069,093           7,604
    *
        Oil  States    International        Inc.
                                          1,509,651           7,578
                                 81/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *
        Talos   Energy    Inc.
                                           917,313          7,559
    *,1
        Centrus     Energy    Corp.   Class   A
                                           318,791          7,374
    *
        FTS  International        Inc.   Class   A
                                           365,359          7,015
        Solaris     Oilfield     Infrastructure         Inc.   Class   A
                                           852,665          6,941
    *,1
        Contango     Oil  & Gas  Co.
                                          2,973,883           6,810
    *
        RPC  Inc.
                                          2,156,249           6,792
    *,1
        W&T  Offshore     Inc.
                                          3,127,653           6,787
    *
        Laredo    Petroleum      Inc.
                                           300,171          5,913
    *
        Contura     Energy    Inc.
                                           495,155          5,630
    *
        Penn   Virginia     Corp.
                                           501,119          5,086
    *
        Geospace     Technologies       Corp.
                                           539,672          4,620
    *
        Altus   Midstream      Co.
                                            96,167         4,564
    *
        Natural     Gas  Services     Group   Inc.
                                           462,192          4,382
    *
        Trecora     Resources
                                           595,475          4,162
        NACCO   Industries      Inc.   Class   A
                                           153,422          4,035
                                 82/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数     (千米ドル)
    *
        Flotek    Industries      Inc.
                                          1,909,932           4,030
    *
        VAALCO    Energy    Inc.
                                          2,183,682           3,865
    *
        Newpark     Resources      Inc.
                                          1,756,738           3,373
    *
        Peabody     Energy    Corp.
                                          1,349,535           3,252
        Falcon    Minerals     Corp.
                                          1,005,005           3,166
    *
        Exterran     Corp.
                                           708,310          3,131
    *
        Capstone     Turbine     Corp.
                                           278,631          2,981
    *
        Goodrich     Petroleum      Corp.
                                           272,216          2,747
    *
        CONSOL    Energy    Inc.
                                           376,623          2,715
    *
        Earthstone      Energy    Inc.   Class   A
                                           470,000          2,505
    *
        Battalion      Oil  Corp.
                                           264,325          2,194
    *,1
        American     Resources      Corp.   Class   A
                                          1,074,231           2,095
    *,1
        NextDecade      Corp.
                                           962,481          2,012
    *
        SandRidge      Energy    Inc.
                                           646,359          2,004
    *
        TETRA   Technologies       Inc.
                                          2,241,894           1,931
        Evolution      Petroleum      Corp.
                                           642,835          1,832
    *
        Profire     Energy    Inc.
                                          2,085,380           1,778
    *
        Gulf   Island    Fabrication       Inc.
                                           568,490          1,740
    *
        Forum   Energy    Technologies       Inc.
                                           137,230          1,633
        Adams   Resources      & Energy    Inc.
                                            67,594         1,629
    *,1
        Aemetis     Inc.
                                           629,217          1,567
    *,1
        Torchlight      Energy    Resources      Inc.
                                          2,181,856           1,527
    *,1
        Orbital     Energy    Group   Inc.
                                           694,843          1,522
    *
        SEACOR    Marine    Holdings     Inc.
                                           506,645          1,373
    *
        Epsilon     Energy    Ltd.
                                           353,256          1,311
    *
        MIND   Technology      Inc.
                                           491,592          1,101
    *
        Smart   Sand   Inc.
                                           618,477          1,064
    *
        PrimeEnergy       Resources      Corp.
                                            21,616          933
    *,1
        SilverBow      Resources      Inc.
                                           166,456           884
    *
        Dawson    Geophysical       Co.
                                           395,903           839
    *,1
        ION  Geophysical       Corp.
                                           295,671           718
    *,1
        PEDEVCO     Corp.
                                           460,492           695
        PHX  Minerals     Inc.
                                           293,956           676
    *
        Ramaco    Resources      Inc.
                                           233,281           672
    *,1
        KLX  Energy    Services     Holdings     Inc.
                                           102,886           665
    *
        Ranger    Energy    Services     Inc.
                                           179,415           653
    *,1
        Ring   Energy    Inc.
                                           971,271           641
        Hallador     Energy    Co.
                                           415,417           611
    1
        Amplify     Energy    Corp.
                                           456,959           599
    *,1
        Peck   Co.  Holdings     Inc.
                                            94,900          565
    *,1
        Nine   Energy    Service     Inc.
                                           194,528           529
    *,1
        Abraxas     Petroleum      Corp.
                                           140,843           323
    *,1
        Sundance     Energy    Inc.
                                           140,836           245
    *,1
        HighPoint      Resources      Corp.
                                            26,374          242
    *
        US  Well   Services     Inc.
                                           575,129           238
    *
        NCS  Multistage      Holdings     Inc.
                                             5,982          135
    *
        Independence       Contract     Drilling     Inc.
                                            40,118          118
    *
        Mammoth     Energy    Services     Inc.
                                             9,379          42
    *,1
        Talos   Energy    Inc.   Warrants     Exp.   02/28/2021
                                           116,107            5
                                 83/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *
        Tidewater      Inc.   Class   A Warrants     Exp.   07/31/2023
                                             8,839           4
    *
        Tidewater      Inc.   Class   B Warrants     Exp.   07/31/2023
                                             9,555           3
    *,1
        FTS  International        Inc.   Warrants     Exp.   11/19/2023
                                                       -
                                            22,671
                                                  24,683,051
    金融   (10.52％)
    *
        Berkshire      Hathaway     Inc.   Class   B
                                          50,126,473        11,622,825
        JPMorgan     Chase   & Co.
                                          85,921,780        10,918,081
        Bank   of  America     Corp.
                                         219,465,477          6,651,999
        Citigroup      Inc.
                                          58,681,209         3,618,283
        Wells   Fargo   & Co.
                                         110,703,268          3,341,025
        Morgan    Stanley
                                          40,807,265         2,796,522
        BlackRock      Inc.
                                          3,871,390        2,793,363
        Goldman     Sachs   Group   Inc.
                                          9,701,444        2,558,368
        Charles     Schwab    Corp.
                                          43,006,082         2,281,043
        S&P  Global    Inc.
                                          6,781,357        2,229,235
                                 84/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数     (千米ドル)
        CME  Group   Inc.
                                          10,123,049         1,842,901
        Truist    Financial      Corp.
                                          38,030,984         1,822,825
        Intercontinental          Exchange     Inc.
                                          15,754,810         1,816,372
        US  Bancorp
                                          38,250,187         1,782,076
        PNC  Financial      Services     Group   Inc.
                                          11,954,717         1,781,253
        Marsh   & McLennan     Cos.   Inc.
                                          14,304,393         1,673,614
        Chubb   Ltd.
                                          10,817,560         1,665,039
        Progressive       Corp.
                                          16,512,857         1,632,791
        Aon  plc  Class   A
                                          6,448,315        1,362,335
        Moody’s     Corp.
                                          4,501,615        1,306,549
        Blackstone      Group   Inc.   Class   A
                                          19,017,319         1,232,512
        Travelers      Cos.   Inc.
                                          7,144,732        1,002,906
        MSCI   Inc.   Class   A
                                          2,223,487          992,854
        T.  Rowe   Price   Group   Inc.
                                          6,346,821          960,845
        Bank   of  New  York   Mellon    Corp.
                                          22,497,981          954,814
        American     International        Group   Inc.
                                          24,278,956          919,201
        IHS  Markit    Ltd.
                                          10,115,305          908,658
        Allstate     Corp.
                                          8,147,560          895,661
        MetLife     Inc.
                                          18,998,275          891,969
        Prudential      Financial      Inc.
                                          11,135,800          869,372
        Aflac   Inc.
                                          18,794,019          835,770
        Discover     Financial      Services
                                          8,637,607          781,963
        Willis    Towers    Watson    plc
                                          3,635,054          765,833
        First   Republic     Bank
                                          4,868,459          715,323
        Arthur    J Gallagher      & Co.
                                          5,421,140          670,649
        Ameriprise      Financial      Inc.
                                          3,332,422          647,590
        KKR  & Co.  Inc.
                                          15,152,099          613,508
        MarketAxess       Holdings     Inc.
                                          1,020,082          582,018
        State   Street    Corp.
                                          7,871,819          572,911
    *
        SVB  Financial      Group
                                          1,465,108          568,213
        Fifth   Third   Bancorp
                                          20,102,256          554,219
        Nasdaq    Inc.
                                          4,119,229          546,786
        Northern     Trust   Corp.
                                          5,590,420          520,692
        Broadridge      Financial      Solutions      Inc.
                                          3,248,070          497,604
        Hartford     Financial      Services     Group   Inc.
                                          10,134,833          496,404
        KeyCorp
                                          27,705,820          454,652
        M&T  Bank   Corp.
                                          3,459,552          440,401
        Regions     Financial      Corp.
                                          27,265,310          439,517
        Citizens     Financial      Group   Inc.
                                          12,121,873          433,478
    *
        Markel    Corp.
                                           382,289        395,019
    *
        Arch   Capital     Group   Ltd.
                                          10,932,355          394,330
        Principal      Financial      Group   Inc.
                                          7,723,246          383,150
        Cincinnati      Financial      Corp.
                                          4,323,640          377,756
        Ally   Financial      Inc.
                                          10,529,433          375,480
    *
        Berkshire      Hathaway     Inc.   Class   A
                                             1,051       365,554
        Huntington      Bancshares      Inc.
                                          28,860,489          364,508
        FactSet     Research     Systems     Inc.
                                          1,075,394          357,568
        Annaly    Capital     Management      Inc.
                                          39,319,212          332,247
        Brown   & Brown   Inc.
                                          6,813,857          323,045
                                 85/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
        Fidelity     National     Financial      Inc.
                                          7,861,465          307,305
        Raymond     James   Financial      Inc.
                                          3,142,327          300,626
        Loews   Corp.
                                          6,593,804          296,853
        Equitable      Holdings     Inc.
                                          11,311,695          289,466
        Apollo    Global    Management      Inc.   Class   A
                                          5,803,447          284,253
        Cboe   Global    Markets     Inc.
                                          3,046,823          283,720
        Everest     Re  Group   Ltd.
                                          1,131,024          264,761
        Lincoln     National     Corp.
                                          5,165,148          259,859
        Globe   Life   Inc.
                                          2,663,656          252,941
        W R Berkley     Corp.
                                          3,784,970          251,398
        RenaissanceRe        Holdings     Ltd.
                                          1,445,266          239,654
        AGNC   Investment      Corp.
                                          15,345,538          239,390
        LPL  Financial      Holdings     Inc.
                                          2,244,551          233,927
        Alleghany      Corp.
                                           380,391        229,638
        Assurant     Inc.
                                          1,667,786          227,186
                                 86/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数     (千米ドル)
        Comerica     Inc.
                                          3,963,168          221,383
        Reinsurance       Group   of  America     Inc.
                                          1,908,530          221,199
        SEI  Investments       Co.
                                          3,723,438          213,986
        Voya   Financial      Inc.
                                          3,590,943          211,183
        Franklin     Resources      Inc.
                                          8,427,060          210,592
        Eaton   Vance   Corp.
                                          3,097,224          210,394
        Invesco     Ltd.
                                          11,674,218          203,482
        Zions   Bancorp     NA
                                          4,641,812          201,640
        East   West   Bancorp     Inc.
                                          3,975,875          201,617
        First   Horizon     Corp.
                                          15,708,723          200,443
        Signature      Bank
                                          1,453,776          196,681
        Commerce     Bancshares      Inc.
                                          2,938,955          193,089
        American     Financial      Group   Inc.
                                          2,082,523          182,471
        Erie   Indemnity      Co.  Class   A
                                           716,344        175,934
        Prosperity      Bancshares      Inc.
                                          2,468,522          171,217
        Carlyle     Group   Inc.
                                          5,374,286          168,968
        Old  Republic     International        Corp.
                                          8,166,312          160,958
        TCF  Financial      Corp.
                                          4,309,429          159,535
        People’s      United    Financial      Inc.
                                          12,084,329          156,250
        First   American     Financial      Corp.
                                          2,999,563          154,867
        Western     Alliance     Bancorp
                                          2,548,038          152,755
    *
        Athene    Holding     Ltd.   Class   A
                                          3,499,444          150,966
        Morningstar       Inc.
                                           650,758        150,696
        Primerica      Inc.
                                          1,117,395          149,653
        Starwood     Property     Trust   Inc.
                                          7,553,267          145,778
        South   State   Corp.
                                          2,008,205          145,193
        Ares   Management      Corp.   Class   A
                                          3,046,223          143,325
        Cullen/Frost       Bankers     Inc.
                                          1,600,982          139,654
        Stifel    Financial      Corp.
                                          2,766,708          139,608
        Tradeweb     Markets     Inc.   Class   A
                                          2,178,089          136,022
        First   Financial      Bankshares      Inc.
                                          3,752,847          135,759
        Kemper    Corp.
                                          1,751,138          134,540
        Janus   Henderson      Group   plc
                                          4,079,542          132,626
        Popular     Inc.
                                          2,350,346          132,371
        SLM  Corp.
                                          10,605,464          131,402
        New  York   Community      Bancorp     Inc.
                                          12,446,403          131,310
        Pinnacle     Financial      Partners     Inc.
                                          2,030,245          130,748
        Interactive       Brokers     Group   Inc.   Class   A
                                          2,139,835          130,359
        Essent    Group   Ltd.
                                          3,011,950          130,116
        Synovus     Financial      Corp.
                                          3,960,949          128,216
        RLI  Corp.
                                          1,196,456          124,611
        Jefferies      Financial      Group   Inc.
                                          5,060,770          124,495
        Affiliated      Managers     Group   Inc.
                                          1,217,626          123,833
        Glacier     Bancorp     Inc.
                                          2,654,237          122,121
        Kinsale     Capital     Group   Inc.
                                           605,520        121,183
        MGIC   Investment      Corp.
                                          9,543,176          119,767
        Lazard    Ltd.   Class   A
                                          2,815,439          119,093
        Unum   Group
                                          5,157,850          118,321
        United    Bankshares      Inc.
                                          3,644,886          118,094
                                 87/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
        New  Residential       Investment      Corp.
                                          11,867,877          117,967
        Selective      Insurance      Group   Inc.
                                          1,672,096          111,997
        Hanover     Insurance      Group   Inc.
                                           956,533        111,838
        Radian    Group   Inc.
                                          5,407,779          109,508
        Axis   Capital     Holdings     Ltd.
                                          2,156,936          108,688
        Blackstone      Mortgage     Trust   Inc.   Class   A
                                          3,946,288          108,641
    *
        Open   Lending     Corp.   Class   A
                                          3,088,829          107,985
        Bank   OZK
                                          3,450,769          107,906
    *
        Trupanion      Inc.
                                           900,468        107,795
    *
        Cannae    Holdings     Inc.
                                          2,424,891          107,350
        Webster     Financial      Corp.
                                          2,545,658          107,299
        Evercore     Inc.   Class   A
                                           973,911        106,780
        Valley    National     Bancorp
                                          10,684,701          104,176
        CIT  Group   Inc.
                                          2,816,891          101,126
        OneMain     Holdings     Inc.
                                          2,083,005          100,318
                                 88/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数     (千米ドル)
        Sterling     Bancorp
                                          5,529,761          99,425
        Wintrust     Financial      Corp.
                                          1,618,756          98,890
        Umpqua    Holdings     Corp.
                                          6,346,857          96,091
        Houlihan     Lokey   Inc.   Class   A
                                          1,426,693          95,917
    *,1
        Credit    Acceptance      Corp.
                                           274,678         95,077
        Community      Bank   System    Inc.
                                          1,480,531          92,252
    *
        Brighthouse       Financial      Inc.
                                          2,502,559          90,605
        BankUnited      Inc.
                                          2,591,281          90,125
        CNO  Financial      Group   Inc.
                                          3,954,703          87,913
        UMB  Financial      Corp.
                                          1,260,214          86,942
    *,1
        LendingTree       Inc.
                                           316,190         86,570
        First   Hawaiian     Inc.
                                          3,651,304          86,098
        FNB  Corp.
                                          9,038,004          85,861
        Bank   of  Hawaii    Corp.
                                          1,115,571          85,475
    *,1
        Eastern     Bankshares      Inc.
                                          5,229,790          85,298
        PacWest     Bancorp
                                          3,357,181          85,272
    *
        Texas   Capital     Bancshares      Inc.
                                          1,426,245          84,862
        Hancock     Whitney     Corp.
                                          2,442,211          83,084
        Pacific     Premier     Bancorp     Inc.
                                          2,635,940          82,584
        White   Mountains      Insurance      Group   Ltd.
                                            82,453        82,507
        Artisan     Partners     Asset   Management      Inc.   Class   A
                                          1,623,964          81,750
        PennyMac     Financial      Services     Inc.
                                          1,230,557          80,749
        Home   BancShares      Inc.
                                          4,094,453          79,760
        BancorpSouth       Bank
                                          2,876,926          78,943
        Federated      Hermes    Inc.
                                          2,680,430          77,438
        FirstCash      Inc.
                                          1,093,229          76,570
        First   Citizens     BancShares      Inc.   Class   A
                                           132,508         76,095
        Old  National     Bancorp
                                          4,522,480          74,892
        Walker    & Dunlop    Inc.
                                           800,077         73,623
        Associated      Banc-Corp
                                          4,293,084          73,197
        Moelis    & Co.  Class   A
                                          1,550,874          72,519
        American     Equity    Investment      Life   Holding     Co.
                                          2,612,916          72,273
        Atlantic     Union   Bankshares      Corp.
                                          2,185,842          72,002
        Columbia     Banking     System    Inc.
                                          1,987,070          71,336
        Ameris    Bancorp
                                          1,832,231          69,753
        Virtu   Financial      Inc.   Class   A
                                          2,769,410          69,706
        CVB  Financial      Corp.
                                          3,552,556          69,275
        Assured     Guaranty     Ltd.
                                          2,162,145          68,086
        Chimera     Investment      Corp.
                                          6,635,844          68,017
        United    Community      Banks   Inc.
                                          2,390,498          67,986
        Cathay    General     Bancorp
                                          2,104,809          67,754
    *
        Enstar    Group   Ltd.
                                           330,569         67,730
        Independent       Bank   Corp.   (Massachusetts)
                                           914,465         66,793
        National     General     Holdings     Corp.
                                          1,946,463          66,530
        Investors      Bancorp     Inc.
                                          6,248,500          65,984
    *,1
        Rocket    Cos.   Inc.   Class   A
                                          3,225,495          65,219
    *,1
        QuantumScape       Corp.
                                           763,363         64,466
    *,1
        GCM  Grosvenor      Inc.   Class   A
                                          4,834,656          64,398
        Independent       Bank   Group   Inc.
                                          1,026,470          64,175
                                 89/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *
        Mr  Cooper    Group   Inc.
                                          2,033,257          63,092
        WSFS   Financial      Corp.
                                          1,399,757          62,821
        Hamilton     Lane   Inc.   Class   A
                                           779,656         60,852
        First   Merchants      Corp.
                                          1,591,448          59,536
        Flagstar     Bancorp     Inc.
                                          1,449,327          59,075
        Simmons     First   National     Corp.   Class   A
                                          2,671,348          57,674
        Fulton    Financial      Corp.
                                          4,462,600          56,764
        Cadence     Bancorp     Class   A
                                          3,447,709          56,611
        First   Bancorp     (XNYS)
                                          6,135,866          56,573
        International        Bancshares      Corp.
                                          1,508,453          56,476
        WesBanco     Inc.
                                          1,883,776          56,438
    *
        eXp  World   Holdings     Inc.
                                           883,279         55,753
        Goosehead      Insurance      Inc.   Class   A
                                           444,642         55,474
    *
        Palomar     Holdings     Inc.
                                           616,852         54,801
    *
        NMI  Holdings     Inc.   Class   A
                                          2,395,259          54,253
                                 90/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数     (千米ドル)
    *
        Genworth     Financial      Inc.   Class   A
                                          14,272,476           53,950
        Washington      Federal     Inc.
                                          2,095,888          53,948
        BOK  Financial      Corp.
                                           785,829         53,814
        ServisFirst       Bancshares      Inc.
                                          1,308,650          52,725
    *
        Axos   Financial      Inc.
                                          1,379,090          51,757
        Navient     Corp.
                                          5,198,208          51,046
        MFA  Financial      Inc.
                                          13,107,004           50,986
        Hilltop     Holdings     Inc.
                                          1,837,687          50,555
    *
        PRA  Group   Inc.
                                          1,272,373          50,462
        First   Midwest     Bancorp     Inc.
                                          3,158,576          50,285
        Renasant     Corp.
                                          1,484,794          50,008
        Piper   Sandler     Cos.
                                           493,987         49,843
        PennyMac     Mortgage     Investment      Trust
                                          2,829,947          49,779
        Cohen   & Steers    Inc.
                                           660,343         49,063
    *
        eHealth     Inc.
                                           689,627         48,695
    *,1
        Lemonade     Inc.
                                           395,623         48,464
        Two  Harbors     Investment      Corp.
                                          7,583,606          48,308
        Horace    Mann   Educators      Corp.
                                          1,119,386          47,059
        Arbor   Realty    Trust   Inc.
                                          3,305,546          46,873
        BancFirst      Corp.
                                           797,592         46,819
        First   Financial      Bancorp
                                          2,663,604          46,693
        Capitol     Federal     Financial      Inc.
                                          3,733,250          46,666
        First   Interstate      BancSystem      Inc.   Class   A
                                          1,139,618          46,462
        Trustmark      Corp.
                                          1,691,286          46,189
        Towne   Bank
                                          1,950,885          45,807
        PJT  Partners     Inc.   Class   A
                                           593,883         44,690
        Virtus    Investment      Partners     Inc.
                                           204,073         44,284
        Waddell     & Reed   Financial      Inc.   Class   A
                                          1,737,315          44,249
        Northwest      Bancshares      Inc.
                                          3,466,315          44,161
        Park   National     Corp.
                                           419,978         44,102
        Apollo    Commercial      Real   Estate    Finance     Inc.
                                          3,946,546          44,083
        Banner    Corp.
                                           916,612         42,705
    *
        Seacoast     Banking     Corp.   of  Florida
                                          1,418,338          41,770
        Sandy   Spring    Bancorp     Inc.
                                          1,295,796          41,712
        Heartland      Financial      USA  Inc.
                                          1,024,071          41,342
        Argo   Group   International        Holdings     Ltd.
                                           931,821         40,721
        Westamerica       Bancorp
                                           720,110         39,815
        New  York   Mortgage     Trust   Inc.
                                          10,749,359           39,665
        James   River   Group   Holdings     Ltd.
                                           803,883         39,511
        Mercury     General     Corp.
                                           746,661         38,983
        Santander      Consumer     USA  Holdings     Inc.
                                          1,770,103          38,978
    *
        Focus   Financial      Partners     Inc.   Class   A
                                           894,255         38,900
        NBT  Bancorp     Inc.
                                          1,180,511          37,894
        Live   Oak  Bancshares      Inc.
                                           789,335         37,462
        Provident      Financial      Services     Inc.
                                          2,022,859          36,331
    1
        Broadmark      Realty    Capital     Inc.
                                          3,553,699          36,248
    *
        BRP  Group   Inc.   Class   A
                                          1,206,995          36,174
        Stewart     Information       Services     Corp.
                                           746,733         36,112
        Hope   Bancorp     Inc.
                                          3,286,221          35,853
                                 91/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
        BGC  Partners     Inc.   Class   A
                                          8,955,678          35,823
        Lakeland     Financial      Corp.
                                           665,792         35,673
        Veritex     Holdings     Inc.
                                          1,369,998          35,154
    *
        Encore    Capital     Group   Inc.
                                           891,911         34,740
        Eagle   Bancorp     Inc.
                                           827,153         34,161
        Meta   Financial      Group   Inc.
                                           898,245         32,840
        First   Commonwealth       Financial      Corp.
                                          2,997,415          32,792
        Safety    Insurance      Group   Inc.
                                           418,385         32,592
        FB  Financial      Corp.
                                           931,763         32,360
        Brightsphere       Investment      Group   Inc.
                                          1,671,473          32,226
        Great   Western     Bancorp     Inc.
                                          1,536,952          32,122
        OceanFirst      Financial      Corp.
                                          1,705,896          31,781
        First   Busey   Corp.
                                          1,466,852          31,611
        AMERISAFE      Inc.
                                           543,585         31,218
        City   Holding     Co.
                                           444,357         30,905
                                 92/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数     (千米ドル)
        Nelnet    Inc.   Class   A
                                           419,431         29,880
    *
        Triumph     Bancorp     Inc.
                                           610,483         29,639
        iStar   Inc.
                                          1,969,993          29,254
        Redwood     Trust   Inc.
                                          3,320,471          29,154
        Southside      Bancshares      Inc.
                                           915,768         28,416
    *
        Silvergate      Capital     Corp.   Class   A
                                           381,232         28,329
        National     Bank   Holdings     Corp.   Class   A
                                           854,019         27,978
        OFG  Bancorp
                                          1,490,205          27,628
        S&T  Bancorp     Inc.
                                          1,086,650          26,992
        ProAssurance       Corp.
                                          1,504,453          26,764
        First   Bancorp     (XNGS)
                                           790,710         26,750
    *
        LendingClub       Corp.
                                          2,530,783          26,725
        TFS  Financial      Corp.
                                          1,508,869          26,601
        Tompkins     Financial      Corp.
                                           375,379         26,502
        Ladder    Capital     Corp.   Class   A
                                          2,703,486          26,440
        Brookline      Bancorp     Inc.
                                          2,178,836          26,233
        Employers      Holdings     Inc.
                                           814,457         26,217
        Enterprise      Financial      Services     Corp.
                                           737,515         25,776
        Premier     Financial      Corp.
                                          1,113,975          25,621
    *
        StoneX    Group   Inc.
                                           427,163         24,733
        Stock   Yards   Bancorp     Inc.
                                           607,556         24,594
        Kearny    Financial      Corp.
                                          2,324,392          24,546
        German    American     Bancorp     Inc.
                                           720,379         23,837
        Berkshire      Hills   Bancorp     Inc.
                                          1,385,937          23,727
    *
        Columbia     Financial      Inc.
                                          1,519,641          23,646
        Heritage     Financial      Corp.
                                          1,006,063          23,532
    *
        Enova   International        Inc.
                                           921,427         22,824
        TriCo   Bancshares
                                           641,506         22,632
        American     National     Group   Inc.
                                           232,241         22,323
    *,1
        Riot   Blockchain      Inc.
                                          1,283,657          21,809
        B.  Riley   Financial      Inc.
                                           488,250         21,590
    *
        Third   Point   Reinsurance       Ltd.
                                          2,189,637          20,845
        First   Foundation      Inc.
                                          1,038,124          20,762
        WisdomTree      Investments       Inc.
                                          3,879,306          20,754
        Meridian     Bancorp     Inc.
                                          1,373,128          20,473
        Banc   of  California      Inc.
                                          1,377,023          20,256
        Boston    Private     Financial      Holdings     Inc.
                                          2,362,708          19,965
    *
        Ambac   Financial      Group   Inc.
                                          1,289,507          19,833
        Washington      Trust   Bancorp     Inc.
                                           441,691         19,788
        HomeStreet      Inc.
                                           585,551         19,762
    *,1
        StepStone      Group   Inc.   Class   A
                                           490,482         19,521
    *
        Watford     Holdings     Ltd.
                                           561,441         19,426
        Preferred      Bank
                                           379,007         19,128
        ARMOUR    Residential       REIT   Inc.
                                          1,770,270          19,101
        First   Bancshares      Inc.
                                           609,432         18,819
        National     Western     Life   Group   Inc.   Class   A
                                            90,201        18,621
        TPG  RE  Finance     Trust   Inc.
                                          1,729,859          18,371
        Northfield      Bancorp     Inc.
                                          1,472,308          18,154
        Allegiance      Bancshares      Inc.
                                           528,798         18,048
                                 93/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
        ConnectOne      Bancorp     Inc.
                                           909,557         18,000
    *
        Bancorp     Inc.
                                          1,317,654          17,986
        TrustCo     Bank   Corp.
                                          2,690,490          17,946
        Ellington      Financial      Inc.
                                          1,195,564          17,742
        Cowen   Inc.   Class   A
                                           676,216         17,575
        Origin    Bancorp     Inc.
                                           620,988         17,245
    1
        Invesco     Mortgage     Capital     Inc.
                                          5,094,346          17,219
        Horizon     Bancorp     Inc.
                                          1,082,868          17,174
        Great   Southern     Bancorp     Inc.
                                           348,960         17,064
        Lakeland     Bancorp     Inc.
                                          1,340,486          17,024
        Federal     Agricultural       Mortgage     Corp.   Class    C 
                                           227,575         16,897
    *
        Nicolet     Bankshares      Inc.
                                           251,547         16,690
        Capstead     Mortgage     Corp.
                                          2,857,809          16,604
        Bryn   Mawr   Bank   Corp.
                                           542,160         16,587
    *
        GoHealth     Inc.   Class   A
                                          1,207,465          16,494
                                 94/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数     (千米ドル)
        Univest     Financial      Corp.
                                           785,319         16,162
        QCR  Holdings     Inc.
                                           402,605         15,939
        KKR  Real   Estate    Finance     Trust   Inc.
                                           886,619         15,888
        Granite     Point   Mortgage     Trust   Inc.
                                          1,580,409          15,788
        United    Fire   Group   Inc.
                                           614,916         15,434
        Community      Trust   Bancorp     Inc.
                                           408,740         15,144
    *
        Customers      Bancorp     Inc.
                                           799,394         14,845
        Central     Pacific     Financial      Corp.
                                           776,403         14,759
        CBTX   Inc.
                                           567,787         14,484
    *,1
        Upstart     Holdings     Inc.
                                           348,404         14,197
    *
        CrossFirst      Bankshares      Inc.
                                          1,302,402          14,001
        Camden    National     Corp.
                                           390,901         13,986
        Ready   Capital     Corp.
                                          1,119,996          13,944
        Dime   Community      Bancshares      Inc.
                                           878,788         13,858
        Peoples     Bancorp     Inc.
                                           510,058         13,817
        FBL  Financial      Group   Inc.   Class   A
                                           262,009         13,758
        Heritage     Commerce     Corp.
                                          1,550,118          13,750
        Bank   First   Corp.
                                           211,864         13,733
        First   Financial      Corp.
                                           341,309         13,260
    *
        TriState     Capital     Holdings     Inc.
                                           756,425         13,162
        Cambridge      Bancorp
                                           187,838         13,102
    *
        World   Acceptance      Corp.
                                           127,594         13,043
    *
        Assetmark      Financial      Holdings     Inc.
                                           533,191         12,903
    *
        International        Money   Express     Inc.
                                           809,430         12,562
        Universal      Insurance      Holdings     Inc.
                                           830,022         12,542
        Merchants      Bancorp
                                           447,761         12,372
        Arrow   Financial      Corp.
                                           404,369         12,095
    *,1
        Root   Inc.   Class   A
                                           764,480         12,010
        Flushing     Financial      Corp.
                                           720,657         11,992
        Diamond     Hill   Investment      Group   Inc.
                                            80,166        11,966
        Waterstone      Financial      Inc.
                                           633,853         11,929
        1st  Source    Corp.
                                           294,820         11,881
    *
        Oportun     Financial      Corp.
                                           595,619         11,537
        Bank   of  Marin   Bancorp
                                           332,720         11,426
        Mercantile      Bank   Corp.
                                           417,092         11,332
        Republic     Bancorp     Inc.   Class   A
                                           313,775         11,318
        Business     First   Bancshares      Inc.
                                           549,527         11,188
        Bridge    Bancorp     Inc.
                                           455,729         11,020
        Independent       Bank   Corp.   (Michigan)
                                           594,127         10,974
        Peapack-Gladstone          Financial      Corp.
                                           476,923         10,855
        Orchid    Island    Capital     Inc.
                                          2,061,105          10,759
        First   Mid  Bancshares      Inc.
                                           317,861         10,699
    *
        MoneyGram      International        Inc.
                                          1,930,467          10,550
        First   of  Long   Island    Corp.
                                           588,981         10,513
    *
        Atlantic     Capital     Bancshares      Inc.
                                           659,953         10,506
        Hanmi   Financial      Corp.
                                           924,660         10,486
        Midland     States    Bancorp     Inc.
                                           586,729         10,485
        Hingham     Institution       For  Savings
                                            48,167        10,404
        Altabancorp
                                           370,393         10,341
                                 95/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
        Bar  Harbor    Bankshares
                                           444,328         10,037
        MidWestOne      Financial      Group   Inc.
                                           402,554          9,863
        Victory     Capital     Holdings     Inc.   Class   A
                                           395,724          9,818
        First   Internet     Bancorp
                                           337,260          9,693
    *
        MBIA   Inc.
                                          1,445,129           9,509
        Dynex   Capital     Inc.
                                           532,696          9,482
        Financial      Institutions       Inc.
                                           421,398          9,481
        Byline    Bancorp     Inc.
                                           604,169          9,334
        Southern     National     Bancorp     of  Virginia     Inc.
                                           766,997          9,288
    *
        Equity    Bancshares      Inc.   Class   A
                                           428,297          9,247
        First   Community      Bankshares      Inc.
                                           419,656          9,056
    *
        Amerant     Bancorp     Inc.
                                           595,451          9,051
        CNB  Financial      Corp.
                                           423,459          9,015
        Farmers     National     Banc   Corp.
                                           674,673          8,953
        Curo   Group   Holdings     Corp.
                                           616,366          8,833
                                 96/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数     (千米ドル)
        State   Auto   Financial      Corp.
                                           495,142          8,784
        First   Bancorp     Inc.
                                           341,288          8,669
        HCI  Group   Inc.
                                           163,650          8,559
        Reliant     Bancorp     Inc.
                                           449,121          8,363
    *,1
        Citizens     Inc.   Class   A
                                          1,453,877           8,331
        Sierra    Bancorp
                                           347,307          8,308
        Anworth     Mortgage     Asset   Corp.
                                          3,016,088           8,174
        SmartFinancial         Inc.
                                           448,076          8,128
        Carter    Bankshares      Inc.
                                           752,986          8,072
        Old  Second    Bancorp     Inc.
                                           798,796          8,068
    *
        Metropolitan       Bank   Holding     Corp.
                                           219,921          7,977
        Heritage     Insurance      Holdings     Inc.
                                           781,639          7,918
        Investors      Title   Co.
                                            51,530         7,884
        American     National     Bankshares      Inc.
                                           297,080          7,786
        FS  Bancorp     Inc.
                                           141,741          7,767
        HomeTrust      Bancshares      Inc.
                                           400,553          7,735
        MVB  Financial      Corp.
                                           338,993          7,688
    *
        Southern     First   Bancshares      Inc.
                                           216,795          7,664
        PCSB   Financial      Corp.
                                           477,386          7,610
        Civista     Bancshares      Inc.
                                           430,751          7,551
        West   Bancorp     Inc.
                                           388,459          7,497
        Home   Bancorp     Inc.
                                           264,799          7,412
        Summit    Financial      Group   Inc.
                                           333,231          7,358
        Citizens     & Northern     Corp.
                                           369,939          7,340
        Regional     Management      Corp.
                                           245,584          7,333
        Capstar     Financial      Holdings     Inc.
                                           489,037          7,213
        Metrocity      Bankshares      Inc.
                                           489,695          7,061
        Guaranty     Bancshares      Inc.
                                           233,205          6,984
    1
        Fidelity     D&D  Bancorp     Inc.
                                           107,043          6,889
    *
        Bridgewater       Bancshares      Inc.
                                           545,022          6,807
        Oppenheimer       Holdings     Inc.   Class   A
                                           216,413          6,802
        Sculptor     Capital     Management      Inc.   Class   A
                                           446,216          6,782
        RBB  Bancorp
                                           435,513          6,698
        Peoples     Financial      Services     Corp.
                                           179,437          6,596
        Farmers     & Merchants      Bancorp     Inc.
                                           286,434          6,588
        Capital     City   Bank   Group   Inc.
                                           266,595          6,553
    *
        EZCORP    Inc.   Class   A
                                          1,353,296           6,482
    *
        BayCom    Corp.
                                           423,883          6,430
        Amalgamated       Bank   Class   A
                                           466,041          6,403
        Great   Ajax   Corp.
                                           605,515          6,334
    *
        Professional       Holding     Corp.   Class   A
                                           410,010          6,326
        First   Bank
                                           670,869          6,293
        Spirit    of  Texas   Bancshares      Inc.
                                           371,883          6,248
    *
        FVCBankcorp       Inc.
                                           424,036          6,233
        Territorial       Bancorp     Inc.
                                           256,341          6,160
        Donegal     Group   Inc.   Class   A
                                           429,326          6,041
        Western     New  England     Bancorp     Inc.
                                           868,906          5,987
        Richmond     Mutual    Bancorp     Inc.
                                           438,183          5,986
        ChoiceOne      Financial      Services     Inc.
                                           192,646          5,935
                                 97/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    1
        First   Capital     Inc.
                                            95,637         5,792
        Enterprise      Bancorp     Inc.
                                           225,881          5,771
        ACNB   Corp.
                                           230,377          5,759
        Central     Valley    Community      Bancorp
                                           384,697          5,728
        First   Choice    Bancorp
                                           308,412          5,703
        Macatawa     Bank   Corp.
                                           679,676          5,689
        Century     Bancorp     Inc.   Class   A
                                            73,216         5,664
        LCNB   Corp.
                                           379,490          5,575
        South   Plains    Financial      Inc.
                                           292,685          5,546
    *
        Greenlight      Capital     Re  Ltd.   Class   A
                                           751,974          5,497
        National     Bankshares      Inc.
                                           173,766          5,441
        Ames   National     Corp.
                                           221,800          5,328
        Southern     Missouri     Bancorp     Inc.
                                           174,893          5,324
        Provident      Bancorp     Inc.
                                           442,422          5,309
        Alerus    Financial      Corp.
                                           193,077          5,285
                                 98/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数     (千米ドル)
        BCB  Bancorp     Inc.
                                           471,654          5,221
        Northeast      Bank
                                           231,674          5,217
        Norwood     Financial      Corp.
                                           197,130          5,159
        Independence       Holding     Co.
                                           125,524          5,146
    *
        Ocwen   Financial      Corp.
                                           177,771          5,139
        ESSA   Bancorp     Inc.
                                           342,141          5,132
        Westwood     Holdings     Group   Inc.
                                           351,917          5,103
        Crawford     & Co.  Class   B
                                           704,475          5,072
        Greenhill      & Co.  Inc.
                                           417,350          5,067
        Timberland      Bancorp     Inc.
                                           208,600          5,061
        HarborOne      Bancorp     Inc.
                                           464,076          5,040
        Mid  Penn   Bancorp     Inc.
                                           224,424          4,915
        Northrim     Bancorp     Inc.
                                           144,118          4,893
    *
        Howard    Bancorp     Inc.
                                           413,712          4,886
        Codorus     Valley    Bancorp     Inc.
                                           287,994          4,884
    *
        NI  Holdings     Inc.
                                           295,905          4,859
        Investar     Holding     Corp.
                                           292,064          4,831
        Red  River   Bancshares      Inc.
                                            97,294         4,821
        First   Business     Financial      Services     Inc.
                                           260,134          4,789
        Penns   Woods   Bancorp     Inc.
                                           183,326          4,768
        Cherry    Hill   Mortgage     Investment      Corp.
                                           510,459          4,666
        Silvercrest       Asset   Management      Group   Inc.   Class   A
                                           334,802          4,650
        Bank   of  Commerce     Holdings
                                           468,474          4,638
        Orrstown     Financial      Services     Inc.
                                           275,942          4,567
        Parke   Bancorp     Inc.
                                           291,150          4,542
    *
        Maiden    Holdings     Ltd.
                                          1,819,834           4,531
    1
        Western     Asset   Mortgage     Capital     Corp.
                                          1,381,670           4,504
        First   United    Corp.
                                           282,562          4,380
        Bankwell     Financial      Group   Inc.
                                           222,434          4,349
        First   Savings     Financial      Group   Inc.
                                            66,579         4,328
    *
        Elevate     Credit    Inc.
                                          1,078,391           4,303
    *
        Coastal     Financial      Corp.
                                           204,107          4,286
        1st  Constitution       Bancorp
                                           269,997          4,285
        PCB  Bancorp
                                           423,033          4,277
    1
        AG  Mortgage     Investment      Trust   Inc.
                                          1,433,470           4,229
        Meridian     Corp.
                                           202,638          4,215
        Bank   of  Princeton
                                           180,012          4,214
    *
        Exantas     Capital     Corp.
                                          1,051,036           4,194
        Community      Financial      Corp.
                                           155,381          4,114
    *
        Pioneer     Bancorp     Inc.
                                           382,935          4,048
        Protective      Insurance      Corp.   Class   B
                                           291,675          3,999
        Premier     Financial      Bancorp     Inc.
                                           299,825          3,985
        Community      Bankers     Trust   Corp.
                                           587,292          3,964
        Ellington      Residential       Mortgage     REIT
                                           304,013          3,964
    *
        Select    Bancorp     Inc.
                                           418,563          3,964
    *
        MainStreet      Bancshares      Inc.
                                           228,556          3,865
        OP  Bancorp
                                           501,377          3,861
        HBT  Financial      Inc.
                                           254,808          3,860
    *
        Safeguard      Scientifics       Inc.
                                           604,479          3,857
                                 99/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
        Marlin    Business     Services     Corp.
                                           313,850          3,842
        Unity   Bancorp     Inc.
                                           216,264          3,795
    *
        ProSight     Global    Inc.
                                           293,338          3,764
        Manning     & Napier    Inc.
                                           597,618          3,747
        Shore   Bancshares      Inc.
                                           251,725          3,675
        Chemung     Financial      Corp.
                                           106,691          3,622
    *
        Capital     Bancorp     Inc.
                                           257,818          3,591
    *
        MMA  Capital     Holdings     Inc.
                                           145,710          3,584
    *
        Republic     First   Bancorp     Inc.
                                          1,251,377           3,566
        Standard     AVB  Financial      Corp.
                                           107,897          3,516
        Evans   Bancorp     Inc.
                                           126,425          3,482
        Riverview      Bancorp     Inc.
                                           658,764          3,465
        United    Insurance      Holdings     Corp.
                                           605,851          3,465
        Eagle   Bancorp     Montana     Inc.
                                           162,151          3,441
    *
        Malvern     Bancorp     Inc.
                                           219,520          3,403
                                100/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数     (千米ドル)
    *
        Esquire     Financial      Holdings     Inc.
                                           176,119          3,380
    *
        Arlington      Asset   Investment      Corp.   Class   A
                                           891,951          3,372
        Middlefield       Banc   Corp.
                                           142,578          3,208
        First   Community      Corp.
                                           186,326          3,166
        C&F  Financial      Corp.
                                            84,601         3,140
        Pzena   Investment      Management      Inc.   Class   A
                                           429,472          3,135
        Hawthorn     Bancshares      Inc.
                                           142,270          3,116
        Mackinac     Financial      Corp.
                                           241,856          3,086
    *
        Trean   Insurance      Group   Inc.
                                           233,192          3,055
        FNCB   Bancorp     Inc.
                                           466,042          2,983
    *
        California      Bancorp
                                           187,796          2,922
    *,1
        Guild   Holdings     Co.  Class   A
                                           171,100          2,898
        Citizens     Community      Bancorp     Inc.
                                           260,400          2,836
        Level   One  Bancorp     Inc.
                                           140,044          2,833
        Provident      Financial      Holdings     Inc.
                                           178,766          2,808
    *
        Heritage     Global    Inc.
                                          1,031,972           2,745
    *
        Medallion      Financial      Corp.
                                           559,905          2,744
        Crawford     & Co.  Class   A
                                           367,705          2,717
        Prudential      Bancorp     Inc.
                                           193,946          2,686
        Luther    Burbank     Corp.
                                           273,008          2,675
        CB  Financial      Services     Inc.
                                           132,764          2,657
    *
        Velocity     Financial      Inc.
                                           424,863          2,647
    *
        First   Western     Financial      Inc.
                                           135,093          2,644
    *
        PDL  Community      Bancorp
                                           250,855          2,636
        Lument    Finance     Trust   Inc.
                                           805,878          2,635
        GAMCO   Investors      Inc.   Class   A
                                           148,087          2,627
        SB  Financial      Group   Inc.
                                           143,155          2,617
        Peoples     Bancorp     of  North   Carolina     Inc.
                                           113,094          2,603
    *
        Altisource      Portfolio      Solutions      SA
                                           201,981          2,601
        First   Financial      Northwest      Inc.
                                           224,248          2,556
        First   Northwest      Bancorp
                                           162,578          2,536
    *
        Pacific     Mercantile      Bancorp
                                           490,923          2,523
        First   Guaranty     Bancshares      Inc.
                                           140,910          2,504
    *
        SWK  Holdings     Corp.
                                           172,716          2,485
        Auburn    National     Bancorp     Inc.
                                            59,198         2,468
        American     River   Bankshares
                                           184,160          2,422
        Oak  Valley    Bancorp
                                           141,641          2,354
        Federal     Agricultural       Mortgage     Corp.   Class   A
                                            35,652         2,326
        BankFinancial        Corp.
                                           263,321          2,312
    *
        Great   Elm  Group   Inc.
                                           837,425          2,295
    *
        Siebert     Financial      Corp.
                                           540,866          2,272
        Associated      Capital     Group   Inc.   Class   A
                                            64,436         2,263
        Greene    County    Bancorp     Inc.
                                            88,514         2,256
        United    Security     Bancshares
                                           319,796          2,255
        Nexpoint     Real   Estate    Finance     Inc.
                                           131,900          2,179
        Ohio   Valley    Banc   Corp.
                                            88,132         2,080
        Plumas    Bancorp
                                            87,896         2,066
        Bank7   Corp.
                                           140,514          1,995
        County    Bancorp     Inc.
                                            90,149         1,990
                                101/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
        Partners     Bancorp
                                           304,800          1,981
    *
        Consumer     Portfolio      Services     Inc.
                                           444,873          1,886
    *
        Hallmark     Financial      Services     Inc.
                                           520,624          1,853
    *
        Randolph     Bancorp     Inc.
                                            80,909         1,785
        Old  Point   Financial      Corp.
                                            93,609         1,775
        BM  Technologies       Inc.
                                           123,019          1,727
        Sterling     Bancorp     Inc.
                                           370,328          1,681
        FedNat    Holding     Co.
                                           279,982          1,657
        Salisbury      Bancorp     Inc.
                                            43,118         1,607
    *
        BBX  Capital     Inc.
                                           277,597          1,580
    *
        Security     National     Financial      Corp.   Class   A
                                           188,168          1,571
        Union   Bankshares      Inc.
                                            60,661         1,560
        Colony    Bankcorp     Inc.
                                           105,757          1,549
        Sachem    Capital     Corp.
                                           369,704          1,538
        Franklin     Financial      Services     Corp.
                                            56,128         1,517
                                102/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数     (千米ドル)
    *
        FFBW   Inc.
                                           139,598          1,390
        Kingstone      Cos.   Inc.
                                           202,133          1,344
        AmeriServ      Financial      Inc.
                                           423,906          1,327
        Manhattan      Bridge    Capital     Inc.
                                           253,464          1,321
        Value   Line   Inc.
                                            39,223         1,293
        US  Global    Investors      Inc.   Class   A
                                           235,515          1,284
        Severn    Bancorp     Inc.
                                           177,711          1,269
        CF  Bankshares      Inc.
                                            69,650         1,200
        Landmark     Bancorp     Inc.
                                            52,201         1,193
        Hennessy     Advisors     Inc.
                                           136,122          1,161
        Riverview      Financial      Corp.
                                           120,668          1,104
    *
        Nicholas     Financial      Inc.
                                           124,481          1,043
    *
        Bogota    Financial      Corp.
                                           116,190          1,035
        Sound   Financial      Bancorp     Inc.
                                            32,368         1,028
        IF  Bancorp     Inc.
                                            46,727         1,006
    *,1
        GWG  Holdings     Inc.
                                           137,273           960
        Bank   of  South   Carolina     Corp.
                                            57,616          924
        Cortland     Bancorp
                                            48,247          898
        CBM  Bancorp     Inc.
                                            66,233          880
    *
        Rhinebeck      Bancorp     Inc.
                                            95,526          816
    *
        Impac   Mortgage     Holdings     Inc.
                                           244,016           742
    *
        Limestone      Bancorp     Inc.
                                            56,772          713
    1
        Emclaire     Financial      Corp.
                                            21,425          668
        Elmira    Savings     Bank
                                            52,075          599
    *
        Broadway     Financial      Corp.
                                           291,631           539
    *
        HV  Bancorp     Inc.
                                            26,133          449
    *
        Community      First   Bancshares      Inc.
                                            38,693          375
    *
        Altisource      Asset   Management      Corp.
                                            15,364          362
        Guaranty     Federal     Bancshares      Inc.
                                            20,761          356
    *,1
        Ashford     Inc.
                                            38,757          333
    *
        National     Holdings     Corp.
                                            96,260          292
        Summit    State   Bank
                                            21,601          286
    *
        FG  Financial      Group   Inc.
                                            34,257          145
    1
        Mid-Southern       Bancorp     Inc.
                                             8,848          127
        Lake   Shore   Bancorp     Inc.
                                             5,900          77
    *
        Cohen   & Co.  Inc.
                                             3,400          56
        Oconee    Federal     Financial      Corp.
                                             1,919          49
    *
        Kingsway     Financial      Services     Inc.
                                             9,484          45
    *
        Medley    Management      Inc.   Class   A
                                             3,709          30
        Protective      Insurance      Corp.
                                             1,535          23
    *
        National     Holdings     Corp.   Warrants     Exp.   01/18/2022
                                            92,151           12
    *
        Village     Bank   & Trust   Financial      Corp.
                                              200          7
        Washington      Prime   Group   Inc.
                                               2        -
    *,2
        Frontier     Financial      Corp.
                                                       -
                                               1
                                                  113,673,473
    ヘルスケア      (13.51％)
        Johnson     & Johnson
                                          74,205,534        11,678,467
        UnitedHealth       Group   Inc.
                                          26,742,136         9,377,932
        Merck   & Co.  Inc.
                                          71,326,645         5,834,520
                                103/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
        Pfizer    Inc.
                                         156,686,034          5,767,613
        Abbott    Laboratories
                                          49,962,922         5,470,440
        AbbVie    Inc.
                                          49,771,582         5,333,025
        Thermo    Fisher    Scientific      Inc.
                                          11,173,053         5,204,185
        Medtronic      plc
                                          37,922,340         4,442,223
        Eli  Lilly   & Co.
                                          24,271,804         4,098,051
        Danaher     Corp.
                                          18,025,035         4,004,081
        Bristol-Myers        Squibb    Co.
                                          63,734,382         3,953,444
        Amgen   Inc.
                                          16,416,065         3,774,382
    *
        Intuitive      Surgical     Inc.
                                          3,314,896        2,711,916
        Stryker     Corp.
                                          9,534,677        2,336,377
        Anthem    Inc.
                                          7,010,652        2,251,050
        Zoetis    Inc.
                                          13,406,156         2,218,719
        Cigna   Corp.
                                          10,186,672         2,120,661
        Gilead    Sciences     Inc.
                                          35,353,013         2,059,667
                                104/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数     (千米ドル)
        Becton    Dickinson      & Co.
                                          8,177,871        2,046,267
    *
        Vertex    Pharmaceuticals         Inc.
                                          7,349,132        1,736,894
    *
        Edwards     Lifesciences       Corp.
                                          17,568,067         1,602,735
        Humana    Inc.
                                          3,730,344        1,530,448
    *
        Illumina     Inc.
                                          4,116,696        1,523,178
    *
        Boston    Scientific      Corp.
                                          40,389,344         1,451,997
    *
        Regeneron      Pharmaceuticals         Inc.
                                          2,809,583        1,357,338
        HCA  Healthcare      Inc.
                                          7,631,781        1,255,123
    *
        IDEXX   Laboratories       Inc.
                                          2,406,662        1,203,018
        Baxter    International        Inc.
                                          14,330,080         1,149,846
    *
        Align   Technology      Inc.
                                          2,000,663        1,069,114
    *
        Biogen    Inc.
                                          4,342,762        1,063,369
    *
        Veeva   Systems     Inc.   Class   A
                                          3,816,293        1,038,986
        Agilent     Technologies       Inc.
                                          8,636,855        1,023,381
    *
        DexCom    Inc.
                                          2,709,113        1,001,613
    *
        Centene     Corp.
                                          16,350,273          981,507
    *
        IQVIA   Holdings     Inc.
                                          5,404,606          968,343
    *
        Moderna     Inc.
                                          8,919,968          931,869
    *
        Alexion     Pharmaceuticals         Inc.
                                          5,870,942          917,276
        Zimmer    Biomet    Holdings     Inc.
                                          5,841,828          900,167
        ResMed    Inc.
                                          4,085,074          868,323
    *
        Teladoc     Health    Inc.
                                          3,677,746          735,402
        Cerner    Corp.
                                          8,637,340          677,858
    *
        Seagen    Inc.
                                          3,807,417          666,831
    *
        Viatris     Inc.
                                          34,520,243          646,909
    *
        Exact   Sciences     Corp.
                                          4,480,648          593,641
        West   Pharmaceutical         Services     Inc.
                                          1,986,942          562,921
    *
        Laboratory      Corp.   of  America     Holdings
                                          2,745,764          558,900
        Cooper    Cos.   Inc.
                                          1,505,761          547,073
        Teleflex     Inc.
                                          1,314,862          541,158
    *
        Hologic     Inc.
                                          7,252,803          528,222
    *
        Catalent     Inc.
                                          4,630,363          481,882
    *
        Insulet     Corp.
                                          1,855,810          474,401
    *
        Incyte    Corp.
                                          5,256,665          457,225
    *
        Horizon     Therapeutics       plc
                                          6,222,894          455,205
        STERIS    plc
                                          2,399,343          454,771
        PerkinElmer       Inc.
                                          3,166,071          454,331
        Quest   Diagnostics       Inc.
                                          3,796,496          452,428
    *
        Varian    Medical     Systems     Inc.
                                          2,583,857          452,201
    *
        BioMarin     Pharmaceutical         Inc.
                                          5,137,126          450,475
        Cardinal     Health    Inc.
                                          8,269,106          442,893
    *
        Alnylam     Pharmaceuticals         Inc.
                                          3,281,885          426,547
    *
        Novocure     Ltd.
                                          2,433,581          421,107
    *
        ABIOMED     Inc.
                                          1,272,858          412,661
    *
        Elanco    Animal    Health    Inc.
                                          13,327,577          408,757
    *
        Avantor     Inc.
                                          13,887,226          390,925
    *
        Masimo    Corp.
                                          1,395,439          374,508
    *
        Sarepta     Therapeutics       Inc.
                                          2,116,466          360,836
    *
        Molina    Healthcare      Inc.
                                          1,677,836          356,842
                                105/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *
        Charles     River   Laboratories       International        Inc.
                                          1,407,302          351,628
        Bio-Techne      Corp.
                                          1,087,579          345,361
    *
        Bio-Rad     Laboratories       Inc.   Class   A
                                           589,394        343,581
        DENTSPLY     SIRONA    Inc.
                                          6,180,558          323,614
    *
        Guardant     Health    Inc.
                                          2,395,285          308,704
    *
        10X  Genomics     Inc.   Class   A
                                          2,032,803          287,845
        Universal      Health    Services     Inc.   Class   B
                                          2,087,480          287,029
    *
        Mirati    Therapeutics       Inc.
                                          1,276,198          280,304
    *
        Henry   Schein    Inc.
                                          4,043,466          270,346
    *
        Amedisys     Inc.
                                           916,361        268,796
    *
        Repligen     Corp.
                                          1,334,391          255,709
    *
        Neurocrine      Biosciences       Inc.
                                          2,647,915          253,803
    *
        Jazz   Pharmaceuticals         plc
                                          1,495,578          246,845
    *
        DaVita    Inc.
                                          2,058,068          241,617
        Chemed    Corp.
                                           448,409        238,827
                                106/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数     (千米ドル)
        Encompass      Health    Corp.
                                          2,813,104          232,616
    *
        Ultragenyx      Pharmaceutical         Inc.
                                          1,663,924          230,337
    *
        PRA  Health    Sciences     Inc.
                                          1,806,578          226,617
    *
        Natera    Inc.
                                          2,165,148          215,476
    *
        Denali    Therapeutics       Inc.
                                          2,536,835          212,485
    *
        Ionis   Pharmaceuticals         Inc.
                                          3,757,123          212,428
    *
        Arrowhead      Pharmaceuticals         Inc.
                                          2,748,622          210,902
    *,1
        Novavax     Inc.
                                          1,794,949          200,155
    *,1
        Invitae     Corp.
                                          4,731,821          197,837
    *
        Acceleron      Pharma    Inc.
                                          1,527,969          195,488
    *
        Adaptive     Biotechnologies         Corp.
                                          3,264,703          193,042
    *
        iRhythm     Technologies       Inc.
                                           807,158        191,466
    *
        Fate   Therapeutics       Inc.
                                          2,092,775          190,296
    *
        United    Therapeutics       Corp.
                                          1,253,086          190,206
        Hill-Rom     Holdings     Inc.
                                          1,881,147          184,296
    *
        TG  Therapeutics       Inc.
                                          3,512,776          182,735
    *
        Quidel    Corp.
                                          1,009,158          181,295
    *
        LHC  Group   Inc.
                                           845,207        180,300
    *
        ACADIA    Pharmaceuticals         Inc.
                                          3,371,422          180,236
    *
        Blueprint      Medicines      Corp.
                                          1,569,204          175,986
    *
        Exelixis     Inc.
                                          8,740,538          175,423
    *
        Iovance     Biotherapeutics         Inc.
                                          3,740,022          173,537
        Perrigo     Co.  plc
                                          3,854,011          172,351
    *
        Haemonetics       Corp.
                                          1,433,364          170,212
    *,1
        Penumbra     Inc.
                                           968,644        169,513
    *
        Amicus    Therapeutics       Inc.
                                          7,302,601          168,617
    *
        Halozyme     Therapeutics       Inc.
                                          3,822,041          163,239
    *
        Nevro   Corp.
                                           924,666        160,060
    *
        NeoGenomics       Inc.
                                          2,964,390          159,603
    *
        Tandem    Diabetes     Care   Inc.
                                          1,662,858          159,102
    *
        Twist   Bioscience      Corp.
                                          1,083,839          153,136
        Bruker    Corp.
                                          2,811,932          152,210
    *
        Envista     Holdings     Corp.
                                          4,503,671          151,909
    *
        HealthEquity       Inc.
                                          2,178,469          151,861
    *,1
        Bridgebio      Pharma    Inc.
                                          2,077,404          147,724
    *
        Omnicell     Inc.
                                          1,205,874          144,729
    *
        Globus    Medical     Inc.   Class   A
                                          2,130,147          138,928
    *
        Inspire     Medical     Systems     Inc.
                                           720,202        135,463
    *
        Allakos     Inc.
                                           960,281        134,439
    *
        Integra     LifeSciences       Holdings     Corp.
                                          2,019,095          131,080
    *
        Syneos    Health    Inc.
                                          1,912,352          130,289
    *
        Pacific     Biosciences       of  California      Inc.
                                          4,975,691          129,069
    *
        Sage   Therapeutics       Inc.
                                          1,474,234          127,536
    *
        Arena   Pharmaceuticals         Inc.
                                          1,633,587          125,508
    *
        Turning     Point   Therapeutics       Inc.
                                          1,025,406          124,946
    *
        Acadia    Healthcare      Co.  Inc.
                                          2,481,619          124,726
    *
        Kodiak    Sciences     Inc.
                                           845,282        124,180
    *
        Editas    Medicine     Inc.
                                          1,756,907          123,177
        Premier     Inc.   Class   A
                                          3,429,765          120,385
                                107/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *
        Emergent     BioSolutions       Inc.
                                          1,341,846          120,229
    *
        ICU  Medical     Inc.
                                           557,842        119,652
    *
        Tenet   Healthcare      Corp.
                                          2,978,774          118,942
    *
        PPD  Inc.
                                          3,457,263          118,308
    *
        Neogen    Corp.
                                          1,490,969          118,234
    *
        PTC  Therapeutics       Inc.
                                          1,920,057          117,181
    *
        Medpace     Holdings     Inc.
                                           803,093        111,791
        Ensign    Group   Inc.
                                          1,435,586          104,683
    *
        STAAR   Surgical     Co.
                                          1,292,565          102,397
    *
        Apellis     Pharmaceuticals         Inc.
                                          1,715,239          98,112
    *
        1Life   Healthcare      Inc.
                                          2,243,628          97,934
    *
        Insmed    Inc.
                                          2,877,748          95,800
    *
        CareDx    Inc.
                                          1,313,586          95,169
    *
        Reata   Pharmaceuticals         Inc.   Class   A
                                           741,814         91,703
    *
        HMS  Holdings     Corp.
                                          2,482,354          91,227
                                108/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数     (千米ドル)
        CONMED    Corp.
                                           808,471         90,549
    *
        ChemoCentryx       Inc.
                                          1,460,770          90,451
    *
        Glaukos     Corp.
                                          1,194,189          89,875
    *
        Alkermes     plc
                                          4,497,876          89,733
    *
        Shockwave      Medical     Inc.
                                           864,500         89,666
    *
        Nektar    Therapeutics       Class   A
                                          5,087,284          86,484
    *
        FibroGen     Inc.
                                          2,308,164          85,610
    *
        Intellia     Therapeutics       Inc.
                                          1,537,701          83,651
    *
        NanoString      Technologies       Inc.
                                          1,245,081          83,271
    *
        Select    Medical     Holdings     Corp.
                                          2,999,433          82,964
    *,1
        Multiplan      Corp.
                                          10,351,665           82,710
    *
        Merit   Medical     Systems     Inc.
                                          1,483,018          82,322
    *
        Bluebird     Bio  Inc.
                                          1,896,749          82,072
    *
        NuVasive     Inc.
                                          1,451,928          81,787
    *
        Veracyte     Inc.
                                          1,614,729          79,025
    *
        Arvinas     Inc.
                                           916,804         77,864
    *
        Agios   Pharmaceuticals         Inc.
                                          1,773,503          76,846
    *
        Corcept     Therapeutics       Inc.
                                          2,933,815          76,749
    *
        Global    Blood   Therapeutics       Inc.
                                          1,753,255          75,933
        Cantel    Medical     Corp.
                                           954,830         75,298
    *
        Integer     Holdings     Corp.
                                           923,466         74,976
    *
        R1  RCM  Inc.
                                          3,079,608          73,972
        Patterson      Cos.   Inc.
                                          2,454,532          72,728
    *,1
        Beam   Therapeutics       Inc.
                                           887,162         72,428
    *
        Xencor    Inc.
                                          1,613,823          70,411
    *
        Axsome    Therapeutics       Inc.
                                           839,796         68,418
    *
        Pacira    BioSciences       Inc.
                                          1,136,204          67,990
    *
        AtriCure     Inc.
                                          1,198,518          66,721
    *
        BioTelemetry       Inc.
                                           910,677         65,642
    *
        Intra-Cellular         Therapies      Inc.
                                          2,016,231          64,116
    *
        Deciphera      Pharmaceuticals         Inc.
                                          1,112,886          63,512
    *
        Avanos    Medical     Inc.
                                          1,335,540          61,275
    *
        Rocket    Pharmaceuticals         Inc.
                                          1,103,877          60,537
        Healthcare      Services     Group   Inc.
                                          2,074,025          58,280
    *
        Kura   Oncology     Inc.
                                          1,743,609          56,946
    *
        MEDNAX    Inc.
                                          2,302,200          56,496
    *
        Heron   Therapeutics       Inc.
                                          2,581,442          54,636
    *
        Silk   Road   Medical     Inc.
                                           848,101         53,413
    *
        Maravai     LifeSciences       Holdings     Inc.   Class   A
                                          1,885,350          52,884
    *
        Magellan     Health    Inc.
                                           634,247         52,541
        Owens   & Minor   Inc.
                                          1,932,212          52,266
    *
        REVOLUTION      Medicines      Inc.
                                          1,313,010          51,982
    *
        Progyny     Inc.
                                          1,209,828          51,285
    *
        Immunovant      Inc.
                                          1,102,822          50,939
    *
        Revance     Therapeutics       Inc.
                                          1,777,834          50,384
    *
        Eidos   Therapeutics       Inc.
                                           382,862         50,377
    *
        Providence      Service     Corp.
                                           354,850         49,193
    *
        Sangamo     Therapeutics       Inc.
                                          3,143,407          49,053
    *
        Karuna    Therapeutics       Inc.
                                           482,203         48,987
                                109/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *
        Addus   HomeCare     Corp.
                                           417,272         48,858
    *
        Ironwood     Pharmaceuticals         Inc.   Class   A
                                          4,273,148          48,671
    *
        Prestige     Consumer     Healthcare      Inc.
                                          1,385,420          48,310
    *,1
        Vir  Biotechnology        Inc.
                                          1,799,671          48,195
    *
        GoodRx    Holdings     Inc.   Class   A
                                          1,175,786          47,431
    *
        Endo   International        plc
                                          6,504,813          46,705
    *,1
        Sorrento     Therapeutics       Inc.
                                          6,811,586          46,489
    *
        Cardiovascular         Systems     Inc.
                                          1,061,711          46,460
    *
        Mersana     Therapeutics       Inc.
                                          1,720,770          45,790
    *
        Inari   Medical     Inc.
                                           524,545         45,788
    *
        Allogene     Therapeutics       Inc.
                                          1,771,800          44,720
    *
        Atara   Biotherapeutics         Inc.
                                          2,230,312          43,781
    *,1
        Ligand    Pharmaceuticals         Inc.
                                           433,724         43,134
        US  Physical     Therapy     Inc.
                                           357,597         43,001
    *,1
        American     Well   Corp.   Class   A
                                          1,686,004          42,706
                                110/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数     (千米ドル)
    *
        AdaptHealth       Corp.   Class   A
                                          1,134,461          42,610
    *
        Y-mAbs    Therapeutics       Inc.
                                           860,365         42,597
    *
        Ocular    Therapeutix       Inc.
                                          2,019,158          41,797
    *,1
        Inovio    Pharmaceuticals         Inc.
                                          4,722,101          41,791
    *
        Zentalis     Pharmaceuticals         Inc.
                                           802,049         41,658
    *,1
        OPKO   Health    Inc.
                                          10,484,847           41,415
    *
        Pennant     Group   Inc.
                                           710,223         41,236
    *
        REGENXBIO      Inc.
                                           892,753         40,495
    *
        Seres   Therapeutics       Inc.
                                          1,644,956          40,301
    *
        Myriad    Genetics     Inc.
                                          2,030,869          40,160
    *
        Dicerna     Pharmaceuticals         Inc.
                                          1,792,512          39,489
    *
        Health    Catalyst     Inc.
                                           902,034         39,266
    *
        Cytokinetics       Inc.
                                          1,887,150          39,215
    *
        Vericel     Corp.
                                          1,266,248          39,102
    *
        Phreesia     Inc.
                                           711,511         38,607
    *
        Travere     Therapeutics       Inc.
                                          1,406,241          38,327
    *
        Codexis     Inc.
                                          1,704,995          37,220
    *,1
        BioCryst     Pharmaceuticals         Inc.
                                          4,950,793          36,883
    *
        Inovalon     Holdings     Inc.   Class   A
                                          2,009,343          36,510
    *
        Axonics     Modulation      Technologies       Inc.
                                           727,609         36,322
    *
        Heska   Corp.
                                           248,660         36,217
    *
        Evolent     Health    Inc.   Class   A
                                          2,213,399          35,481
    *
        Supernus     Pharmaceuticals         Inc.
                                          1,405,926          35,373
    *
        Translate      Bio  Inc.
                                          1,907,563          35,156
    *
        MacroGenics       Inc.
                                          1,513,965          34,609
    *
        ImmunoGen      Inc.
                                          5,342,825          34,461
    *
        Castle    Biosciences       Inc.
                                           506,796         34,031
    *
        Arcus   Biosciences       Inc.
                                          1,288,026          33,437
    *
        Rhythm    Pharmaceuticals         Inc.
                                          1,114,935          33,147
    *
        Coherus     Biosciences       Inc.
                                          1,902,345          33,063
    *
        Quanterix      Corp.
                                           708,052         32,924
    *
        Cerus   Corp.
                                          4,689,503          32,451
    *
        Sotera    Health    Co.
                                          1,176,192          32,275
    *
        Zogenix     Inc.
                                          1,602,432          32,033
    *,1
        Berkeley     Lights    Inc.
                                           355,682         31,802
    *
        Scholar     Rock   Holding     Corp.
                                           650,306         31,559
    *,1
        Madrigal     Pharmaceuticals         Inc.
                                           282,997         31,461
    *,1
        SmileDirectClub         Inc.
                                          2,608,663          31,147
    *
        Stoke   Therapeutics       Inc.
                                           501,183         31,038
    *
        Replimune      Group   Inc.
                                           762,519         29,090
    *
        Certara     Inc.
                                           862,096         29,070
    *
        SpringWorks       Therapeutics       Inc.
                                           400,049         29,012
    *
        Option    Care   Health    Inc.
                                          1,847,278          28,891
    *
        Arcturus     Therapeutics       Holdings     Inc.
                                           659,408         28,605
    *
        BioLife     Solutions      Inc.
                                           714,930         28,519
    *
        NextGen     Healthcare      Inc.
                                          1,551,669          28,302
        Luminex     Corp.
                                          1,213,451          28,055
    *,1
        Frequency      Therapeutics       Inc.
                                           793,650         27,984
    *
        CorVel    Corp.
                                           261,206         27,688
                                111/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *
        Karyopharm      Therapeutics       Inc.
                                          1,786,637          27,657
    *
        GenMark     Diagnostics       Inc.
                                          1,875,383          27,381
    *
        Keros   Therapeutics       Inc.
                                           385,435         27,189
    *
        Adverum     Biotechnologies         Inc.
                                          2,478,155          26,863
    *
        Theravance      Biopharma      Inc.
                                          1,466,437          26,059
        Atrion    Corp.
                                            40,191        25,812
    *,1
        Tabula    Rasa   HealthCare      Inc.
                                           591,827         25,354
    *
        Epizyme     Inc.
                                          2,322,181          25,219
    *
        Viela   Bio  Inc.
                                           696,926         25,068
    *
        Syndax    Pharmaceuticals         Inc.
                                          1,111,480          24,719
    *
        Lantheus     Holdings     Inc.
                                          1,819,233          24,541
    *
        CryoLife     Inc.
                                          1,026,448          24,234
    *
        Alector     Inc.
                                          1,594,488          24,125
    *
        Community      Health    Systems     Inc.
                                          3,238,375          24,061
    *
        ALX  Oncology     Holdings     Inc.
                                           278,951         24,046
                                112/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数     (千米ドル)
    *
        Outset    Medical     Inc.
                                           421,916         23,982
    *,1
        Omeros    Corp.
                                          1,671,189          23,873
    *
        Inogen    Inc.
                                           527,891         23,586
    *
        Pulmonx     Corp.
                                           341,561         23,575
    *
        Personalis      Inc.
                                           643,727         23,567
        National     HealthCare      Corp.
                                           353,873         23,501
    *
        Alphatec     Holdings     Inc.
                                          1,612,845          23,419
    *
        Brookdale      Senior    Living    Inc.
                                          5,272,084          23,355
    *
        Constellation        Pharmaceuticals         Inc.
                                           810,695         23,348
    *
        Athenex     Inc.
                                          2,104,267          23,273
    *,1
        IGM  Biosciences       Inc.
                                           261,849         23,119
    *,1
        PMV  Pharmaceuticals         Inc.
                                           374,543         23,038
    *
        Tivity    Health    Inc.
                                          1,174,267          23,004
    *
        Krystal     Biotech     Inc.
                                           383,252         22,995
    *
        Radius    Health    Inc.
                                          1,278,527          22,834
    *
        Tactile     Systems     Technology      Inc.
                                           506,494         22,762
    *
        MiMedx    Group   Inc.
                                          2,501,200          22,711
    *
        Hanger    Inc.
                                          1,031,394          22,680
    *
        RadNet    Inc.
                                          1,146,907          22,445
    *
        Sutro   Biopharma      Inc.
                                          1,031,042          22,384
    *
        Orthofix     Medical     Inc.
                                           518,670         22,292
    *
        Meridian     Bioscience      Inc.
                                          1,189,746          22,236
    *,1
        Precigen     Inc.
                                          2,174,701          22,182
    *
        Protagonist       Therapeutics       Inc.
                                          1,094,156          22,058
    *,1
        PetIQ   Inc.   Class   A
                                           569,569         21,900
    *
        Enanta    Pharmaceuticals         Inc.
                                           515,647         21,709
    *,1
        Shattuck     Labs   Inc.
                                           409,810         21,478
    *
        OraSure     Technologies       Inc.
                                          2,019,547          21,377
    *
        SI-BONE     Inc.
                                           709,306         21,208
    *
        Relay   Therapeutics       Inc.
                                           501,879         20,858
    *
        Amphastar      Pharmaceuticals         Inc.
                                          1,031,425          20,742
    *
        Black   Diamond     Therapeutics       Inc.
                                           629,825         20,186
    *
        Innoviva     Inc.
                                          1,626,645          20,154
    *
        Kadmon    Holdings     Inc.
                                          4,853,257          20,141
    *
        Intersect      ENT  Inc.
                                           873,499         20,003
    *
        Intercept      Pharmaceuticals         Inc.
                                           800,799         19,780
    *,1
        Esperion     Therapeutics       Inc.
                                           758,370         19,718
        LeMaitre     Vascular     Inc.
                                           484,921         19,639
    *,1
        Fulgent     Genetics     Inc.
                                           375,190         19,547
    *
        Accolade     Inc.
                                           447,750         19,477
    *
        Celldex     Therapeutics       Inc.
                                          1,108,985          19,429
    *
        Albireo     Pharma    Inc.
                                           516,900         19,389
    *
        Avid   Bioservices       Inc.
                                          1,670,143          19,273
    *
        Provention      Bio  Inc.
                                          1,134,414          19,217
    *
        Five   Prime   Therapeutics       Inc.
                                          1,128,425          19,195
    *
        TCR2   Therapeutics       Inc.
                                           618,446         19,129
    *
        Bioxcel     Therapeutics       Inc.
                                           413,758         19,116
    *
        MannKind     Corp.
                                          6,054,695          18,951
    *
        Vanda   Pharmaceuticals         Inc.
                                          1,438,877          18,907
                                113/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *
        Natus   Medical     Inc.
                                           943,030         18,898
    *
        Curis   Inc.
                                          2,266,214          18,560
    *
        Surgery     Partners     Inc.
                                           639,444         18,550
    *
        Varex   Imaging     Corp.
                                          1,086,509          18,123
    *
        Axogen    Inc.
                                          1,009,830          18,076
    *
        Collegium      Pharmaceutical         Inc.
                                           901,060         18,048
    *
        Cardiff     Oncology     Inc.
                                           998,625         17,965
    *
        Anika   Therapeutics       Inc.
                                           393,398         17,805
    *
        Cara   Therapeutics       Inc.
                                          1,175,401          17,784
    *
        Aerie   Pharmaceuticals         Inc.
                                          1,312,461          17,731
    *,1
        Praxis    Precision      Medicines      Inc.
                                           320,796         17,650
    *
        NGM  Biopharmaceuticals           Inc.
                                           582,308         17,641
    *
        Cerevel     Therapeutics       Holdings     Inc.
                                          1,063,100          17,626
    *
        IVERIC    bio  Inc.
                                          2,516,695          17,390
    *
        Gossamer     Bio  Inc.
                                          1,769,401          17,110
                                114/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数     (千米ドル)
        National     Research     Corp.
                                           399,247         17,068
    *,1
        Vaxart    Inc.
                                          2,954,374          16,869
    *
        Arcutis     Biotherapeutics         Inc.
                                           598,560         16,837
    *
        Antares     Pharma    Inc.
                                          4,181,160          16,683
    *
        Seer   Inc.
                                           296,611         16,652
    *,1
        Humanigen      Inc.
                                           950,100         16,627
    *,1
        Allovir     Inc.
                                           432,415         16,622
    *
        Rigel   Pharmaceuticals         Inc.
                                          4,731,676          16,561
    *
        HealthStream       Inc.
                                           749,619         16,372
    *
        Phathom     Pharmaceuticals         Inc.
                                           488,294         16,221
    *
        Forma   Therapeutics       Holdings     Inc.
                                           459,614         16,041
    *,1
        ZIOPHARM     Oncology     Inc.
                                          6,220,613          15,676
    *
        Surmodics      Inc.
                                           356,264         15,505
    *
        Amneal    Pharmaceuticals         Inc.
                                          3,379,238          15,443
    *
        ORIC   Pharmaceuticals         Inc.
                                           455,846         15,430
    *
        Olema   Pharmaceuticals         Inc.
                                           318,296         15,304
    *
        OrthoPediatrics         Corp.
                                           370,846         15,297
    *
        Eagle   Pharmaceuticals         Inc.
                                           328,292         15,289
    *,1
        BioNano     Genomics     Inc.
                                          4,945,464          15,232
    *
        AngioDynamics        Inc.
                                           985,795         15,112
    *
        Ardelyx     Inc.
                                          2,320,549          15,014
    *
        Nkarta    Inc.
                                           243,846         14,989
    *
        G1  Therapeutics       Inc.
                                           831,198         14,953
    *
        Passage     Bio  Inc.
                                           569,786         14,569
    *
        AnaptysBio      Inc.
                                           677,180         14,559
    *
        Flexion     Therapeutics       Inc.
                                          1,257,173          14,508
    *
        Apollo    Medical     Holdings     Inc.
                                           787,857         14,394
    *,1
        Geron   Corp.
                                          8,900,597          14,152
    *
        Triple-S     Management      Corp.   Class   B
                                           662,713         14,149
    *
        Kronos    Bio  Inc.
                                           471,068         14,071
    *,1
        Atea   Pharmaceuticals         Inc.
                                           336,745         14,069
    *
        Morphic     Holding     Inc.
                                           415,338         13,935
    *
        Prelude     Therapeutics       Inc.
                                           193,411         13,839
    *
        Kinnate     Biopharma      Inc.
                                           347,581         13,827
    *
        Spectrum     Pharmaceuticals         Inc.
                                          4,047,511          13,802
    *,1
        Vapotherm      Inc.
                                           512,820         13,774
    *
        Prevail     Therapeutics       Inc.
                                           594,373         13,712
    *,1
        Ontrak    Inc.
                                           215,943         13,343
    *
        iTeos   Therapeutics       Inc.
                                           393,498         13,308
    *
        Avrobio     Inc.
                                           937,651         13,071
    *
        Atreca    Inc.   Class   A
                                           798,662         12,898
    *
        Cutera    Inc.
                                           530,330         12,786
    *
        Nurix   Therapeutics       Inc.
                                           383,254         12,601
    *
        Athira    Pharma    Inc.
                                           363,709         12,457
    *
        Agenus    Inc.
                                          3,897,282          12,393
    *,1
        NantKwest      Inc.
                                           920,513         12,270
    *
        TransMedics       Group   Inc.
                                           616,157         12,262
    *
        Akero   Therapeutics       Inc.
                                           472,701         12,196
    *,1
        Ocugen    Inc.
                                          6,637,849          12,147
                                115/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *
        Fluidigm     Corp.
                                          2,019,255          12,116
    *
        Kiniksa     Pharmaceuticals         Ltd.   Class   A
                                           681,085         12,035
    *
        Dynavax     Technologies       Corp.
                                          2,699,285          12,012
    *
        Verastem     Inc.
                                          5,613,997          11,958
    *
        Durect    Corp.
                                          5,703,036          11,805
    *
        Vaxcyte     Inc.
                                           443,459         11,783
    *
        BioDelivery       Sciences     International        Inc.
                                          2,797,300          11,749
    *,1
        Clovis    Oncology     Inc.
                                          2,443,691          11,730
    *
        Eargo   Inc.
                                           260,546         11,678
    *,1
        Marinus     Pharmaceuticals         Inc.
                                           954,964         11,651
        Phibro    Animal    Health    Corp.   Class   A
                                           599,096         11,634
    *
        SeaSpine     Holdings     Corp.
                                           666,547         11,631
    *
        OptimizeRx      Corp.
                                           366,137         11,409
    *
        Precision      BioSciences       Inc.
                                          1,364,588          11,381
    *
        Cymabay     Therapeutics       Inc.
                                          1,977,267          11,350
                                116/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数     (千米ドル)
    *,1
        CEL-SCI     Corp.
                                           969,688         11,307
    *
        Annexon     Inc.
                                           451,562         11,303
    *,1
        Spero   Therapeutics       Inc.
                                           582,635         11,297
    *
        Avidity     Biosciences       Inc.
                                           440,884         11,251
    *,1
        Relmada     Therapeutics       Inc.
                                           346,063         11,098
    *,1
        Aspira    Women’s     Health    Inc.
                                          1,648,141          11,059
    *
        Syros   Pharmaceuticals         Inc.
                                          1,015,894          11,022
    *
        Catalyst     Pharmaceuticals         Inc.
                                          3,248,927          10,851
    *,1
        Cortexyme      Inc.
                                           385,752         10,716
    *
        Eiger   BioPharmaceuticals           Inc.
                                           867,085         10,656
    *
        Joint   Corp.
                                           405,263         10,642
    *
        Calithera      Biosciences       Inc.
                                          2,130,062          10,459
    *
        Aligos    Therapeutics       Inc.
                                           375,417         10,380
    *
        Akebia    Therapeutics       Inc.
                                          3,702,882          10,368
    *,1
        Kymera    Therapeutics       Inc.
                                           166,782         10,340
    *,1
        Viking    Therapeutics       Inc.
                                          1,821,857          10,257
    *
        Puma   Biotechnology        Inc.
                                           985,915         10,115
    *
        DermTech     Inc.
                                           311,247         10,097
    *
        Accuray     Inc.
                                          2,408,001          10,041
    *
        CytoSorbents       Corp.
                                          1,257,534          10,023
    *
        Molecular      Templates      Inc.
                                          1,062,361           9,976
    *,1
        Athersys     Inc.
                                          5,667,170           9,918
    *
        ViewRay     Inc.
                                          2,591,339           9,899
        Utah   Medical     Products     Inc.
                                           116,122          9,789
    *
        Forte   Biosciences       Inc.
                                           264,488          9,630
    *
        Concert     Pharmaceuticals         Inc.
                                           754,566          9,538
    *,1
        Anavex    Life   Sciences     Corp.
                                          1,764,601           9,529
    *,1
        Applied     Molecular      Transport      Inc.
                                           309,182          9,514
    *,1
        Trevena     Inc.
                                          4,431,569           9,484
    *
        SIGA   Technologies       Inc.
                                          1,303,193           9,474
    *
        Crinetics      Pharmaceuticals         Inc.
                                           654,599          9,236
    *
        RAPT   Therapeutics       Inc.
                                           466,063          9,205
    *
        Altimmune      Inc.
                                           808,631          9,121
        Invacare     Corp.
                                          1,007,876           9,020
    *
        Homology     Medicines      Inc.
                                           795,479          8,981
    *,1
        Pulse   Biosciences       Inc.
                                           376,415          8,981
    *
        Cue  Biopharma      Inc.
                                           713,327          8,924
    *
        MEI  Pharma    Inc.
                                          3,362,832           8,878
    *,1
        XOMA   Corp.
                                           199,047          8,784
    *
        Aeglea    BioTherapeutics         Inc.
                                          1,109,895           8,735
    *
        iCAD   Inc.
                                           657,197          8,675
    *
        InfuSystem      Holdings     Inc.
                                           459,855          8,636
    *
        Odonate     Therapeutics       Inc.
                                           449,649          8,633
    *,1
        TherapeuticsMD         Inc.
                                          7,106,586           8,599
    *
        Chinook     Therapeutics       Inc.
                                           542,166          8,599
    *,1
        Evelo   Biosciences       Inc.
                                           699,285          8,454
    *
        Otonomy     Inc.
                                          1,295,611           8,383
    *,1
        Paratek     Pharmaceuticals         Inc.
                                          1,292,583           8,092
    *
        Dyne   Therapeutics       Inc.
                                           385,227          8,090
                                117/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *
        Viemed    Healthcare      Inc.
                                          1,040,941           8,078
    *
        CytomX    Therapeutics       Inc.
                                          1,227,561           8,041
    *,1
        Co-Diagnostics         Inc.
                                           853,830          7,941
    *
        C4  Therapeutics       Inc.
                                           239,683          7,941
    *
        Agile   Therapeutics       Inc.
                                          2,763,477           7,931
    *
        Generation      Bio  Co.
                                           277,851          7,877
    *
        Applied     Therapeutics       Inc.
                                           351,051          7,727
    *,1
        Selecta     Biosciences       Inc.
                                          2,486,936           7,535
    *
        ANI  Pharmaceuticals         Inc.
                                           258,661          7,512
    *
        ChromaDex      Corp.
                                          1,546,354           7,422
    *
        Voyager     Therapeutics       Inc.
                                          1,032,649           7,383
    *
        Chiasma     Inc.
                                          1,691,399           7,358
    *
        Mirum   Pharmaceuticals         Inc.
                                           416,719          7,276
    *,1
        VYNE   Therapeutics       Inc.
                                          4,567,610           7,217
    *
        Akouos    Inc.
                                           361,487          7,168
                                118/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数     (千米ドル)
    *,1
        Ampio   Pharmaceuticals         Inc.
                                          4,451,452           7,078
    *
        Chimerix     Inc.
                                          1,460,274           7,053
    *
        Lannett     Co.  Inc.
                                          1,079,150           7,036
    *,1
        Matinas     BioPharma      Holdings     Inc.
                                          5,173,894           7,036
    *,1
        XBiotech     Inc.
                                           449,073          7,028
    *,1
        Kala   Pharmaceuticals         Inc.
                                          1,034,168           7,012
    *,1
        Taysha    Gene   Therapies      Inc.
                                           263,897          7,004
    *
        Inhibrx     Inc.
                                           211,843          6,984
    *
        Solid   Biosciences       Inc.
                                           919,416          6,969
    *,1
        Rubius    Therapeutics       Inc.
                                           906,537          6,881
    *
        Aldeyra     Therapeutics       Inc.
                                           999,919          6,859
    *
        Neoleukin      Therapeutics       Inc.
                                           482,134          6,798
    *
        Stereotaxis       Inc.
                                          1,332,352           6,782
    *
        CTI  BioPharma      Corp.
                                          2,095,658           6,748
    *
        Assembly     Biosciences       Inc.
                                          1,093,608           6,616
    *,1
        Zynex   Inc.
                                           487,559          6,563
    *
        SOC  Telemed     Inc.
                                           836,600          6,559
    *,1
        Xeris   Pharmaceuticals         Inc.
                                          1,319,237           6,491
    *
        Immunic     Inc.
                                           422,928          6,467
    *
        Neuronetics       Inc.
                                           579,251          6,435
    *,1
        Lexicon     Pharmaceuticals         Inc.
                                          1,874,975           6,412
    *,1
        Arbutus     Biopharma      Corp.
                                          1,800,274           6,391
    *
        Magenta     Therapeutics       Inc.
                                           812,736          6,372
    *,1
        Lumos   Pharma    Inc.
                                           177,113          6,325
    *,1
        Accelerate      Diagnostics       Inc.
                                           829,094          6,285
    *
        IntriCon     Corp.
                                           345,897          6,261
    *
        Apyx   Medical     Corp.
                                           866,145          6,236
    *
        Kezar   Life   Sciences     Inc.
                                          1,194,710           6,236
    *
        American     Renal   Associates      Holdings     Inc.
                                           544,530          6,235
    *
        Pliant    Therapeutics       Inc.
                                           273,877          6,222
    *
        GlycoMimetics        Inc.
                                          1,645,412           6,187
    *
        Fortress     Biotech     Inc.
                                          1,937,455           6,142
    *
        Repro-Med      Systems     Inc.
                                          1,020,227           6,142
    *
        TFF  Pharmaceuticals         Inc.
                                           428,497          6,136
    *
        ClearPoint      Neuro   Inc.
                                           385,675          6,128
    *,1
        Lineage     Cell   Therapeutics       Inc.
                                          3,474,464           6,115
    *,1
        Cassava     Sciences     Inc.
                                           890,577          6,074
    *
        Ideaya    Biosciences       Inc.
                                           431,817          6,045
    *
        Surface     Oncology     Inc.
                                           645,845          5,968
    *
        DiaMedica      Therapeutics       Inc.
                                           587,666          5,959
    *
        Larimar     Therapeutics       Inc.
                                           278,350          5,959
    *
        Oyster    Point   Pharma    Inc.
                                           315,184          5,932
    *
        iRadimed     Corp.
                                           259,999          5,928
    *,1
        Tarsus    Pharmaceuticals         Inc.
                                           140,837          5,821
    *,1
        Acutus    Medical     Inc.
                                           201,761          5,813
    *
        Sientra     Inc.
                                          1,470,623           5,721
    *
        89bio   Inc.
                                           233,237          5,684
    *
        Tricida     Inc.
                                           797,454          5,622
    *
        KalVista     Pharmaceuticals         Inc.
                                           295,770          5,617
                                119/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *,1
        CorMedix     Inc.
                                           754,295          5,604
    *
        Aclaris     Therapeutics       Inc.
                                           864,817          5,595
    *,1,2
        PDL  BioPharma      Inc.
                                          2,258,201           5,578
    *
        Oncternal      Therapeutics       Inc.
                                          1,121,238           5,494
    *
        CASI   Pharmaceuticals         Inc.
                                          1,856,320           5,476
    *
        Harpoon     Therapeutics       Inc.
                                           320,842          5,329
    *,1
        MediciNova      Inc.
                                          1,009,736           5,311
    *
        Harrow    Health    Inc.
                                           772,409          5,299
    *
        Organogenesis        Holdings     Inc.   Class   A
                                           686,200          5,167
    *
        Cabaletta      Bio  Inc.
                                           408,614          5,100
    *
        Surgalign      Holdings     Inc.
                                          2,326,952           5,096
    *
        Kindred     Biosciences       Inc.
                                          1,166,265           5,027
    *
        FONAR   Corp.
                                           288,340          5,006
    *,1,3
        Avenue    Therapeutics       Inc.
                                           838,827          4,991
    *
        UNITY   Biotechnology        Inc.
                                           945,377          4,954
                                120/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数     (千米ドル)
    *
        Misonix     Inc.
                                           395,234          4,940
    *,1
        Cogent    Biosciences       Inc.
                                           439,358          4,934
    *,1
        Oncorus     Inc.
                                           152,058          4,916
    *
        Harvard     Bioscience      Inc.
                                          1,143,819           4,907
    *,1
        T2  Biosystems      Inc.
                                          3,894,342           4,829
    *
        Mustang     Bio  Inc.
                                          1,250,999           4,735
    *
        Foghorn     Therapeutics       Inc.
                                           230,537          4,673
    *
        Hookipa     Pharma    Inc.
                                           421,243          4,672
    *,1
        ADMA   Biologics      Inc.
                                          2,363,570           4,609
    *
        Alpine    Immune    Sciences     Inc.
                                           363,774          4,584
    *,1
        Evofem    Biosciences       Inc.
                                          1,891,104           4,558
    *
        Sesen   Bio  Inc.
                                          3,336,005           4,504
    *,1
        Novan   Inc.
                                          5,334,957           4,337
    *
        Dyadic    International        Inc.
                                           792,333          4,263
    *
        Adicet    Bio  Inc.
                                           303,156          4,259
    *,1
        Palatin     Technologies       Inc.
                                          6,080,943           4,110
    *
        ContraFect      Corp.
                                           811,988          4,101
    *
        AVEO   Pharmaceuticals         Inc.
                                           709,553          4,094
    *
        Fulcrum     Therapeutics       Inc.
                                           347,963          4,075
    *,1
        Castlight      Health    Inc.   Class   B
                                          3,132,276           4,072
    *,1
        9 Meters    Biopharma      Inc.
                                          4,740,175           4,072
    *
        Enzo   Biochem     Inc.
                                          1,601,433           4,036
    *
        Pandion     Therapeutics       Inc.
                                           267,595          3,974
    *
        SCYNEXIS     Inc.
                                           518,494          3,966
    *,1
        Senseonics      Holdings     Inc.
                                          4,538,512           3,957
    *
        Checkpoint      Therapeutics       Inc.
                                          1,450,118           3,843
    *
        Biodesix     Inc.
                                           190,315          3,837
    *,1
        Retractable       Technologies       Inc.
                                           354,604          3,808
    *
        Catalyst     Biosciences       Inc.
                                           600,549          3,789
    *,1
        Verrica     Pharmaceuticals         Inc.
                                           329,199          3,789
    *
        NeuBase     Therapeutics       Inc.
                                           540,651          3,779
    *,1
        Optinose     Inc.
                                           903,166          3,739
    *
        Jounce    Therapeutics       Inc.
                                           529,665          3,708
    *,1
        Inozyme     Pharma    Inc.
                                           179,610          3,707
    *,1
        Milestone      Scientific      Inc.
                                          1,745,143           3,700
    *
        Seelos    Therapeutics       Inc.
                                          2,319,138           3,664
    *,1
        Heat   Biologics      Inc.
                                           677,728          3,633
    *,3
        Dare   Bioscience      Inc.
                                          2,700,357           3,618
    *,1
        Kaleido     Biosciences       Inc.
                                           395,701          3,601
    *
        Champions      Oncology     Inc.
                                           330,195          3,563
    *
        SQZ  Biotechnologies         Co.
                                           122,760          3,558
    *
        Tela   Bio  Inc.
                                           235,599          3,543
    *
        MTBC   Inc.
                                           386,909          3,509
    *
        Ovid   therapeutics       Inc.
                                          1,517,953           3,506
    *
        Aptinyx     Inc.   Class   A
                                          1,011,321           3,499
    *
        Five   Star   Senior    Living    Inc.
                                           501,468          3,460
    *,1
        BrainStorm      Cell   Therapeutics       Inc.
                                           760,173          3,440
    *
        Aptevo    Therapeutics       Inc.
                                            92,858         3,403
    *,1
        Eton   Pharmaceuticals         Inc.
                                           415,148          3,375
                                121/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *
        Poseida     Therapeutics       Inc.
                                           305,719          3,354
    *
        NextCure     Inc.
                                           302,361          3,296
    *
        F-star    Therapeutics       Inc.
                                           333,742          3,294
    *
        Cyclerion      Therapeutics       Inc.
                                          1,074,904           3,289
    *,1
        Lipocine     Inc.
                                          2,396,307           3,259
    *
        Infinity     Pharmaceuticals         Inc.
                                          1,510,389           3,202
    *,1
        Inmune    Bio  Inc.
                                           185,350          3,192
    *
        Orgenesis      Inc.
                                           705,696          3,176
    *
        Leap   Therapeutics       Inc.
                                          1,409,450           3,171
    *,1
        PAVmed    Inc.
                                          1,494,292           3,168
    *
        Galera    Therapeutics       Inc.
                                           309,002          3,161
    *
        Strongbridge       Biopharma      plc
                                          1,297,600           3,153
    *
        Genocea     Biosciences       Inc.
                                          1,292,641           3,128
    *
        Axcella     Health    Inc.
                                           600,493          3,117
    *
        LogicBio     Therapeutics       Inc.
                                           405,063          3,091
                                122/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数     (千米ドル)
    *
        Oncocyte     Corp.
                                          1,272,724           3,042
    *
        Abeona    Therapeutics       Inc.
                                          1,931,895           3,033
    *,1
        AcelRx    Pharmaceuticals         Inc.
                                          2,434,573           3,019
    *,1
        Hepion    Pharmaceuticals         Inc.
                                          1,373,400           3,008
    *
        Sio  Gene   Therapies      Inc.
                                          1,060,700           2,949
    *
        Clearside      Biomedical      Inc.
                                          1,071,059           2,935
    *
        Harmony     Biosciences       Holdings     Inc.
                                            80,904         2,925
    *,1,3
        180  Life   Sciences     Corp.
                                          1,069,400           2,919
    *
        Exicure     Inc.
                                          1,641,591           2,906
    *,1
        Aytu   BioScience      Inc.
                                           479,270          2,866
    *
        Adamas    Pharmaceuticals         Inc.
                                           658,862          2,853
    *,1
        Corbus    Pharmaceuticals         Holdings     Inc.
                                          2,248,182           2,810
    *
        X4  Pharmaceuticals         Inc.
                                           436,094          2,804
    *
        Exagen    Inc.
                                           209,758          2,769
    *,1
        NantHealth      Inc.
                                           847,572          2,738
    *,1
        Actinium     Pharmaceuticals         Inc.
                                           349,795          2,728
    *,1
        Onconova     Therapeutics       Inc.
                                          5,849,848           2,725
    *
        Minerva     Neurosciences        Inc.
                                          1,157,489           2,709
    *
        Cidara    Therapeutics       Inc.
                                          1,335,562           2,671
    *,1
        SELLAS    Life   Sciences     Group   Inc.
                                           455,983          2,649
    *,1
        Zomedica     Corp.
                                          11,486,155           2,649
    *
        Sanara    Medtech     Inc.
                                            52,782         2,634
    *,1
        Chembio     Diagnostics       Inc.
                                           547,682          2,601
    *
        Delcath     Systems     Inc.
                                           141,500          2,536
    *
        Summit    Therapeutics       Inc.
                                           533,363          2,507
    *
        scPharmaceuticals          Inc.
                                           473,719          2,506
    *
        Cellectar      Biosciences       Inc.
                                          1,203,237           2,503
    *
        LENSAR    Inc.
                                           343,067          2,487
    *
        Cerecor     Inc.
                                           939,669          2,481
    *,1
        BioSig    Technologies       Inc.
                                           624,067          2,434
    *
        Applied     Genetic     Technologies       Corp.
                                           594,128          2,430
    *,1
        Eloxx   Pharmaceuticals         Inc.
                                           607,180          2,417
    *,1
        La  Jolla   Pharmaceutical         Co.
                                           618,756          2,401
    *,1
        Galectin     Therapeutics       Inc.
                                          1,065,160           2,386
    *,1
        Outlook     Therapeutics       Inc.
                                          1,830,986           2,380
    *
        Aprea   Therapeutics       Inc.
                                           482,121          2,372
    *,1
        Aquestive      Therapeutics       Inc.
                                           443,278          2,372
    *
        Merrimack      Pharmaceuticals         Inc.
                                           344,147          2,371
    *,1
        Equillium      Inc.
                                           426,233          2,280
    *
        IMARA   Inc.
                                           103,014          2,271
    *,1
        Biomerica      Inc.
                                           452,719          2,255
    *
        Idera   Pharmaceuticals         Inc.
                                           613,295          2,251
    *
        Aerpio    Pharmaceuticals         Inc.
                                          2,290,914           2,245
    *
        Eyenovia     Inc.
                                           360,283          2,183
    *,1
        OncoSec     Medical     Inc.
                                           334,217          2,156
    *
        Pro-Dex     Inc.
                                            66,177         2,050
    *,1
        Soliton     Inc.
                                           264,866          2,034
    *,1
        Zynerba     Pharmaceuticals         Inc.
                                           615,486          2,031
    *,1
        cbdMD   Inc.
                                           678,500          2,002
                                123/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *
        Aravive     Inc.
                                           350,035          1,974
    *
        Recro   Pharma    Inc.
                                           684,253          1,950
    *
        Soleno    Therapeutics       Inc.
                                          1,006,617           1,943
    *
        Miragen     Therapeutics       Inc.
                                           117,532          1,933
    *
        Liquidia     Technologies       Inc.
                                           654,845          1,932
    *,1
        Biocept     Inc.
                                           432,307          1,919
    *
        Evoke   Pharma    Inc.
                                           738,992          1,907
    *
        Electromed      Inc.
                                           185,664          1,821
    *
        Tyme   Technologies       Inc.
                                          1,410,436           1,721
    *,1
        Graybug     Vision    Inc.
                                            58,407         1,695
    *,1
        Cocrystal      Pharma    Inc.
                                          1,201,742           1,634
    *,1
        Corvus    Pharmaceuticals         Inc.
                                           455,261          1,621
    *,1
        Pulmatrix      Inc.
                                          1,311,500           1,561
    *
        BioAtla     Inc.
                                            45,608         1,551
    *,1
        Evolus    Inc.
                                           446,336          1,500
                                124/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数     (千米ドル)
    *,1
        Rockwell     Medical     Inc.
                                          1,475,953           1,491
    *
        Lyra   Therapeutics       Inc.
                                           129,020          1,471
    *,1
        Bellerophon       Therapeutics       Inc.
                                           219,355          1,463
    *
        EyePoint     Pharmaceuticals         Inc.
                                           220,583          1,451
    *,1
        Organovo     Holdings     Inc.
                                           115,635          1,422
    *,1
        Windtree     Therapeutics       Inc.
                                           276,529          1,419
    *
        IRIDEX    Corp.
                                           563,826          1,415
    *
        Silverback      Therapeutics       Inc.
                                            30,071         1,393
    *,1
        PhaseBio     Pharmaceuticals         Inc.
                                           413,303          1,389
    *
        Savara    Inc.
                                          1,207,729           1,389
    *
        908  Devices     Inc.
                                            24,359         1,387
    *
        Celcuity     Inc.
                                           148,462          1,367
    *
        Gritstone      Oncology     Inc.
                                           346,656          1,366
    *,1
        Zosano    Pharma    Corp.
                                          2,566,514           1,353
    *
        Codiak    Biosciences       Inc.
                                            41,364         1,336
    *,1
        Conformis      Inc.
                                          1,991,378           1,314
    *,1
        Anixa   Biosciences       Inc.
                                           424,878          1,304
    *
        ElectroCore       Inc.
                                           814,243          1,270
    *
        Checkmate      Pharmaceuticals         Inc.
                                            85,390         1,246
    *
        Oak  Street    Health    Inc.
                                            20,346         1,244
    *,1
        Marker    Therapeutics       Inc.
                                           850,493          1,233
    *,1
        PDS  Biotechnology        Corp.
                                           568,427          1,216
    *
        Apollo    Endosurgery       Inc.
                                           341,395          1,161
    *
        Sensus    Healthcare      Inc.
                                           297,376          1,148
    *,1
        Synlogic     Inc.
                                           530,714          1,146
    *,1
        Catabasis      Pharmaceuticals         Inc.
                                           514,051          1,100
    *,1
        Spruce    Biosciences       Inc.
                                            44,356         1,078
    *
        Venus   Concept     Inc.
                                           609,965          1,055
    *,1
        Microbot     Medical     Inc.
                                           152,613          1,052
    *
        Yumanity     Therapeutics       Inc.
                                            59,786         1,016
    *
        Sigilon     Therapeutics       Inc.
                                            21,066         1,012
    *,1
        vTv  Therapeutics       Inc.   Class   A
                                           536,812           998
    *,1
        PLx  Pharma    Inc.
                                           179,441           991
    *
        Navidea     Biopharmaceuticals           Inc.
                                           449,841           967
    *,1
        Guardion     Health    Sciences     Inc.
                                          2,281,099            947
    *,1
        TransEnterix       Inc.
                                          1,496,006            935
    *
        IsoRay    Inc.
                                          1,988,559            895
        Psychemedics       Corp.
                                           165,302           841
    *
        Cumberland      Pharmaceuticals         Inc.
                                           280,820           826
    *
        Strata    Skin   Sciences     Inc.
                                           525,713           789
    *,1
        Soligenix      Inc.
                                           608,979           779
    *
        Brickell     Biotech     Inc.
                                           988,999           772
    *
        Assertio     Holdings     Inc.
                                          1,888,318            675
    *,1
        Neos   Therapeutics       Inc.
                                          1,064,676            665
    *,1
        Celsion     Corp.
                                           924,729           657
    *,1
        AgeX   Therapeutics       Inc.
                                           426,190           648
    *
        aTyr   Pharma    Inc.
                                           152,825           593
    *
        Daxor   Corp.
                                            47,328          592
    *
        Capital     Senior    Living    Corp.
                                            46,445          573
                                125/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *,1
        Citius    Pharmaceuticals         Inc.
                                           550,720           562
    *,1
        Progenity      Inc.
                                           105,149           558
    *,1
        Adamis    Pharmaceuticals         Corp.
                                          1,099,333            533
    *
        Genesis     Healthcare      Inc.
                                          1,001,376            485
    *
        Opiant    Pharmaceuticals         Inc.
                                            59,635          482
    *,1
        Oragenics      Inc.
                                          1,068,465            480
    *
        AzurRx    BioPharma      Inc.
                                           490,181           475
    *
        Cohbar    Inc.
                                           340,065           456
    *
        Ekso   Bionics     Holdings     Inc.
                                            72,357          444
    *,1
        Second    Sight   Medical     Products     Inc.
                                           236,310           442
    *,1
        Acorda    Therapeutics       Inc.
                                           637,877           440
    *
        Aridis    Pharmaceuticals         Inc.
                                            71,744          435
    *,1
        Precipio     Inc.
                                           209,095           433
    *
        Bioanalytical        Systems     Inc.
                                            34,320          422
    *
        Nephros     Inc.
                                            48,125          413
                                126/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数     (千米ドル)
    *,1
        PolarityTE      Inc.
                                           600,972           409
    *
        ImmuCell     Corp.
                                            66,289          394
    *
        Allena    Pharmaceuticals         Inc.
                                           302,628           387
    *,1
        Atossa    Therapeutics       Inc.
                                           397,420           378
    *,1
        Bellicum     Pharmaceuticals         Inc.
                                           106,715           377
    *
        Metacrine      Inc.
                                            46,494          365
    *,1
        Avinger     Inc.
                                           795,750           350
    *,1
        Millendo     Therapeutics       Inc.
                                           163,214           349
    *
        Caladrius      Biosciences       Inc.
                                           242,446           347
    *,1
        Sunesis     Pharmaceuticals         Inc.
                                           169,061           336
    *,1
        Aziyo   Biologics      Inc.   Class   A
                                            23,684          323
    *,1
        Sonnet    BioTherapeutics         Holdings     Inc.
                                           135,963           303
    *,1
        Vaccinex     Inc.
                                           139,733           289
    *,1
        Baudax    Bio  Inc.
                                           268,717           271
    *
        Alimera     Sciences     Inc.
                                            62,517          264
    *
        4D  Molecular      Therapeutics       Inc.
                                             6,112          253
    *
        Satsuma     Pharmaceuticals         Inc.
                                            54,078          249
    *
        Aileron     Therapeutics       Inc.
                                           237,597           247
    *
        Regulus     Therapeutics       Inc.
                                           171,946           232
    *
        Predictive      Oncology     Inc.
                                           295,185           216
    *,1
        Biolase     Inc.
                                           513,207           214
    *,1
        Bio-Path     Holdings     Inc.
                                            60,240          211
    *
        Entasis     Therapeutics       Holdings     Inc.
                                            79,862          197
    *
        Petros    Pharmaceuticals         Inc.
                                            43,424          191
    *
        Geron   Corp.   Warrants     Exp.   12/31/2025
                                          1,202,419            174
    *,1
        HTG  Molecular      Diagnostics       Inc.
                                            34,900          167
    *,1
        Interpace      Biosciences       Inc.
                                            48,778          153
    *
        Adial   Pharmaceuticals         Inc.
                                            90,165          153
    *,1
        Pulse   Biosciences       Inc.   Warrants     Exp.   06/05/2025
                                             8,313          140
    *
        Acer   Therapeutics       Inc.
                                            44,344          116
    *
        Helius    Medical     Technologies       Inc.
                                           294,462           111
    *
        American     Shared    Hospital     Services
                                            36,338           81
    *
        Trevi   Therapeutics       Inc.
                                            32,341           78
    *,1
        Histogen     Inc.
                                            87,394           66
    *
        Salarius     Pharmaceuticals         Inc.
                                            52,216           48
    *
        Lantern     Pharma    Inc.
                                             1,800          35
    *,1,2
        Synergy     Pharmaceuticals         LLC
                                          5,148,145            33
    *
        Annovis     Bio  Inc.
                                             4,400          33
    *
        NovaBay     Pharmaceuticals         Inc.
                                            40,000           28
    *
        Hoth   Therapeutics       Inc.
                                             8,642          20
    *
        Kintara     Therapeutics       Inc.
                                            15,900           20
    *,2
        Elanco    Animal    Health    Inc.   CVR
                                           575,457           15
    *,1,2
        Oncternal      Therapeutics       Inc.   CVR
                                             8,933           9
    *
        RA  Medical     Systems     Inc.
                                              508          4
    *,2
        Lantheus     Holdings     Inc.   CVR
                                                       -
                                          2,319,511
                                                  146,007,634
    資本財・サービス          (13.76％)
        Visa   Inc.   Class   A
                                          47,475,346        10,384,282
        Mastercard      Inc.   Class   A
                                          25,072,939         8,949,535
                                127/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *
        PayPal    Holdings     Inc.
                                          33,030,291         7,735,694
        Accenture      plc  Class   A
                                          17,857,580         4,664,578
        Honeywell      International        Inc.
                                          19,773,638         4,205,853
        Union   Pacific     Corp.
                                          18,997,450         3,955,649
        Boeing    Co.
                                          15,900,945         3,403,756
        United    Parcel    Service     Inc.   Class   B
                                          20,127,559         3,389,481
        Raytheon     Technologies       Corp.
                                          42,790,386         3,059,941
        3M  Co.
                                          16,255,715         2,841,336
        Caterpillar       Inc.
                                          15,312,606         2,787,201
        General     Electric     Co.
                                         246,904,328          2,666,567
        Fidelity     National     Information       Services     Inc.
                                          17,495,669         2,474,937
        Lockheed     Martin    Corp.
                                          6,698,136        2,377,704
    *
        Square    Inc.   Class   A
                                          10,813,193         2,353,383
        Deere   & Co.
                                          7,949,718        2,138,872
        American     Express     Co.
                                          17,022,253         2,058,161
                                128/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数     (千米ドル)
        Automatic      Data   Processing      Inc.
                                          11,486,836         2,023,981
        CSX  Corp.
                                          21,579,907         1,958,377
    *
        Fiserv    Inc.
                                          16,075,380         1,830,343
        Global    Payments     Inc.
                                          8,442,595        1,818,704
        FedEx   Corp.
                                          6,665,863        1,730,591
        Norfolk     Southern     Corp.
                                          7,167,364        1,703,037
        Sherwin-Williams          Co.
                                          2,304,091        1,693,300
        Illinois     Tool   Works   Inc.
                                          8,021,929        1,635,511
        DuPont    de  Nemours     Inc.
                                          20,673,559         1,470,097
        Emerson     Electric     Co.
                                          16,848,440         1,354,109
        Eaton   Corp.   plc
                                          11,225,501         1,348,632
        Northrop     Grumman     Corp.
                                          4,229,452        1,288,799
        Capital     One  Financial      Corp.
                                          12,887,189         1,273,899
        General     Dynamics     Corp.
                                          6,871,540        1,022,623
        Parker-Hannifin         Corp.
                                          3,630,859          989,082
        Trane   Technologies       plc
                                          6,778,737          984,001
        PPG  Industries      Inc.
                                          6,659,128          960,379
        Verisk    Analytics      Inc.   Class   A
                                          4,590,252          952,890
        Johnson     Controls     International        plc
                                          20,391,425          950,037
        Cummins     Inc.
                                          4,171,446          947,335
        Carrier     Global    Corp.
                                          24,429,569          921,483
    *
        TransDigm      Group   Inc.
                                          1,457,932          902,241
        Cintas    Corp.
                                          2,489,387          879,899
        Ball   Corp.
                                          9,244,966          861,446
        Paychex     Inc.
                                          9,137,017          851,387
        PACCAR    Inc.
                                          9,791,355          844,798
        Otis   Worldwide      Corp.
                                          12,210,797          824,839
        Rockwell     Automation      Inc.
                                          3,272,289          820,723
        Stanley     Black   & Decker    Inc.
                                          4,525,328          808,043
        AMETEK    Inc.
                                          6,498,405          785,917
    *
        Mettler-Toledo         International        Inc.
                                           671,009        764,736
    *
        Keysight     Technologies       Inc.
                                          5,238,114          691,902
        Equifax     Inc.
                                          3,436,104          662,618
    *
        FleetCor     Technologies       Inc.
                                          2,353,697          642,159
        Fortive     Corp.
                                          9,030,563          639,544
        Old  Dominion     Freight     Line   Inc.
                                          2,988,079          583,213
    *
        Zebra   Technologies       Corp.   Class   A
                                          1,508,791          579,874
        Vulcan    Materials      Co.
                                          3,746,107          555,585
        Synchrony      Financial
                                          15,630,584          542,538
        Kansas    City   Southern
                                          2,645,365          539,998
        TransUnion
                                          5,379,963          533,800
        WW  Grainger     Inc.
                                          1,289,215          526,438
        Xylem   Inc.
                                          5,081,009          517,196
        Dover   Corp.
                                          4,072,109          514,104
        Martin    Marietta     Materials      Inc.
                                          1,762,193          500,410
    *
        Ingersoll      Rand   Inc.
                                          10,615,187          483,628
    *
        Trimble     Inc.
                                          7,077,049          472,535
    *
        United    Rentals     Inc.
                                          2,032,650          471,392
        Expeditors      International        of  Washington      Inc.
                                          4,742,420          451,052
                                129/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *
        Waters    Corp.
                                          1,753,793          433,923
        IDEX   Corp.
                                          2,133,338          424,961
    *
        Teledyne     Technologies       Inc.
                                          1,041,840          408,380
        Masco   Corp.
                                          7,365,711          404,599
    *
        Generac     Holdings     Inc.
                                          1,778,947          404,550
        Jacobs    Engineering       Group   Inc.
                                          3,656,455          398,407
    *
        Fair   Isaac   Corp.
                                           779,469        398,340
    *
        Crown   Holdings     Inc.
                                          3,795,791          380,338
        Westinghouse       Air  Brake   Technologies       Corp.
                                          5,121,985          374,929
        Cognex    Corp.
                                          4,645,450          372,960
        Packaging      Corp.   of  America
                                          2,682,531          369,948
        CH  Robinson     Worldwide      Inc.
                                          3,822,856          358,852
        Jack   Henry   & Associates      Inc.
                                          2,168,246          351,234
        Graco   Inc.
                                          4,708,301          340,646
        Booz   Allen   Hamilton     Holding     Corp.   Class   A
                                          3,895,684          339,626
                                130/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数     (千米ドル)
        RPM  International        Inc.
                                          3,680,576          334,123
        JB  Hunt   Transport      Services     Inc.
                                          2,394,335          327,186
        HEICO   Corp.   Class   A
                                          2,759,202          322,992
        Westrock     Co.
                                          7,360,239          320,391
        Howmet    Aerospace      Inc.
                                          10,997,649          313,873
        Textron     Inc.
                                          6,462,142          312,315
    *
        XPO  Logistics      Inc.
                                          2,586,941          308,363
        Allegion     plc
                                          2,591,189          301,563
        Nordson     Corp.
                                          1,465,401          294,472
        Toro   Co.
                                          3,025,523          286,941
        Quanta    Services     Inc.
                                          3,903,021          281,096
    *
        Bill.com     Holdings     Inc.
                                          2,057,437          280,840
    *
        Trex   Co.  Inc.
                                          3,278,793          274,501
        Lennox    International        Inc.
                                           967,650        265,107
        Snap-on     Inc.
                                          1,539,971          263,551
        Western     Union   Co.
                                          11,634,888          255,269
    *
        WEX  Inc.
                                          1,250,253          254,464
        Pentair     plc
                                          4,699,831          249,514
        AptarGroup      Inc.
                                          1,814,229          248,350
        Hubbell     Inc.   Class   B
                                          1,534,635          240,615
        Carlisle     Cos.   Inc.
                                          1,510,052          235,840
        MKS  Instruments       Inc.
                                          1,552,814          233,621
        Owens   Corning
                                          3,073,879          232,877
    *
        Sensata     Technologies       Holding     plc
                                          4,412,719          232,727
        Genpact     Ltd.
                                          5,383,134          222,646
    *
        Axon   Enterprise      Inc.
                                          1,797,457          220,242
    *
        Paylocity      Holding     Corp.
                                          1,064,971          219,288
    *
        AECOM
                                          4,253,009          211,715
    *
        Berry   Global    Group   Inc.
                                          3,755,064          210,997
        A O Smith   Corp.
                                          3,831,377          210,036
        Watsco    Inc.
                                           926,774        209,961
    *
        Euronet     Worldwide      Inc.
                                          1,406,206          203,787
        Woodward     Inc.
                                          1,676,561          203,752
    *
        Middleby     Corp.
                                          1,573,065          202,800
        Sealed    Air  Corp.
                                          4,405,221          201,715
        Donaldson      Co.  Inc.
                                          3,538,423          197,727
        Huntington      Ingalls     Industries      Inc.
                                          1,146,010          195,372
        Lincoln     Electric     Holdings     Inc.
                                          1,665,725          193,641
        Robert    Half   International        Inc.
                                          3,075,959          192,186
        ITT  Inc.
                                          2,439,291          187,874
        Knight-Swift       Transportation         Holdings     Inc.
                                          4,266,577          178,428
        Tetra   Tech   Inc.
                                          1,521,584          176,169
        AGCO   Corp.
                                          1,694,234          174,659
    *
        TopBuild     Corp.
                                           937,434        172,563
        Brunswick      Corp.
                                          2,236,242          170,491
        Littelfuse      Inc.
                                           667,312        169,938
    *
        Axalta    Coating     Systems     Ltd.
                                          5,946,542          169,774
        Sonoco    Products     Co.
                                          2,801,131          165,967
        Oshkosh     Corp.
                                          1,925,027          165,687
                                131/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
        FLIR   Systems     Inc.
                                          3,727,451          163,374
        BWX  Technologies       Inc.
                                          2,690,758          162,199
        CoreLogic      Inc.
                                          2,086,785          161,350
        MSA  Safety    Inc.
                                          1,037,596          155,006
        MDU  Resources      Group   Inc.
                                          5,649,486          148,807
        Landstar     System    Inc.
                                          1,084,209          146,000
        ManpowerGroup        Inc.
                                          1,614,942          145,635
        EMCOR   Group   Inc.
                                          1,542,863          141,110
        Regal   Beloit    Corp.
                                          1,143,011          140,373
    *
        Mercury     Systems     Inc.
                                          1,567,684          138,050
        Curtiss-Wright         Corp.
                                          1,173,715          136,562
        Air  Lease   Corp.   Class   A
                                          3,073,689          136,533
        Flowserve      Corp.
                                          3,690,707          136,003
    *
        Builders     FirstSource       Inc.
                                          3,285,326          134,074
    *
        Saia   Inc.
                                           737,003        133,250
                                132/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数     (千米ドル)
        Allison     Transmission       Holdings     Inc.
                                          3,059,180          131,942
        Exponent     Inc.
                                          1,447,282          130,299
        Graphic     Packaging      Holding     Co.
                                          7,675,745          130,027
        Acuity    Brands    Inc.
                                          1,039,871          125,918
        MAXIMUS     Inc.
                                          1,717,240          125,685
    *
        Vontier     Corp.
                                          3,754,261          125,392
        KBR  Inc.
                                          4,041,185          124,994
    *
        ACI  Worldwide      Inc.
                                          3,122,927          120,014
    *
        Chart   Industries      Inc.
                                          1,017,963          119,906
        Eagle   Materials      Inc.
                                          1,175,498          119,137
    *
        ASGN   Inc.
                                          1,402,248          117,130
        Spirit    AeroSystems       Holdings     Inc.   Class   A
                                          2,964,061          115,865
        Simpson     Manufacturing        Co.  Inc.
                                          1,226,466          114,613
        Louisiana-Pacific          Corp.
                                          3,080,196          114,491
    *
        Proto   Labs   Inc.
                                           745,024        114,287
    *
        FTI  Consulting      Inc.
                                          1,012,176          113,080
        nVent   Electric     plc
                                          4,796,054          111,700
    *
        WESCO   International        Inc.
                                          1,417,167          111,248
    *
        Aerojet     Rocketdyne      Holdings     Inc.
                                          2,089,047          110,406
    *
        Colfax    Corp.
                                          2,856,455          109,231
        Crane   Co.
                                          1,391,980          108,101
    *
        MasTec    Inc.
                                          1,569,626          107,017
        Advanced     Drainage     Systems     Inc.
                                          1,279,597          106,949
    *
        WillScot     Mobile    Mini   Holdings     Corp.   Class   A
                                          4,528,694          104,930
    *
        Itron   Inc.
                                          1,084,172          103,972
    *
        Coherent     Inc.
                                           683,454        102,532
    *
        BMC  Stock   Holdings     Inc.
                                          1,902,307          102,116
        John   Bean   Technologies       Corp.
                                           896,246        102,056
        Valmont     Industries      Inc.
                                           581,792        101,773
        Armstrong      World   Industries      Inc.
                                          1,363,871          101,458
        Altra   Industrial      Motion    Corp.
                                          1,827,386          101,292
        Brink’s     Co.
                                          1,397,035          100,587
    *,1
        Bloom   Energy    Corp.   Class   A
                                          3,503,033          100,397
        EnerSys
                                          1,189,177          98,773
    *
        Kratos    Defense     & Security     Solutions      Inc.
                                          3,472,967          95,264
        Alliance     Data   Systems     Corp.
                                          1,278,409          94,730
        Triton    International        Ltd.
                                          1,949,722          94,581
        Ryder   System    Inc.
                                          1,524,025          94,124
        MSC  Industrial      Direct    Co.  Inc.   Class   A
                                          1,097,525          92,620
        Watts   Water   Technologies       Inc.   Class   A
                                           759,626         92,447
    *
        TriNet    Group   Inc.
                                          1,129,844          91,065
    *
        AMN  Healthcare      Services     Inc.
                                          1,325,604          90,472
        UniFirst     Corp.
                                           422,684         89,478
    *,1
        Virgin    Galactic     Holdings     Inc.
                                          3,650,151          86,618
    *
        Kirby   Corp.
                                          1,668,049          86,455
        Insperity      Inc.
                                          1,041,701          84,815
        Kennametal      Inc.
                                          2,340,136          84,807
    *
        Resideo     Technologies       Inc.
                                          3,985,856          84,739
        Applied     Industrial      Technologies       Inc.
                                          1,081,750          84,366
                                133/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
        GATX   Corp.
                                           983,836         81,835
        Silgan    Holdings     Inc.
                                          2,138,201          79,285
        Macquarie      Infrastructure         Corp.
                                          2,108,337          79,168
        EVERTEC     Inc.
                                          2,004,838          78,830
    *
        Livent    Corp.
                                          4,150,626          78,198
        AAON   Inc.
                                          1,164,255          77,575
    *
        Shift4    Payments     Inc.   Class   A
                                          1,023,228          77,151
    *
        ExlService      Holdings     Inc.
                                           905,604         77,094
        HEICO   Corp.
                                           579,816         76,768
        Badger    Meter   Inc.
                                           811,272         76,308
    *
        AZEK   Co.  Inc.   Class   A
                                          1,978,652          76,079
        Franklin     Electric     Co.  Inc.
                                          1,087,364          75,256
        HB  Fuller    Co.
                                          1,443,345          74,881
        ESCO   Technologies       Inc.
                                           724,429         74,776
    *,1
        Nikola    Corp.
                                          4,868,574          74,294
                                134/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数     (千米ドル)
    *
        Green   Dot  Corp.   Class   A
                                          1,275,030          71,147
        Hillenbrand       Inc.
                                          1,776,655          70,711
        ABM  Industries      Inc.
                                          1,867,412          70,663
    *,4
        API  Group   Corp.
                                          3,862,916          70,112
        Korn   Ferry
                                          1,579,707          68,717
        Matson    Inc.
                                          1,205,765          68,692
        Barnes    Group   Inc.
                                          1,352,170          68,542
    *
        SPX  FLOW   Inc.
                                          1,179,140          68,343
    *
        Masonite     International        Corp.
                                           687,920         67,650
        Moog   Inc.   Class   A
                                           844,826         66,995
    *
        Installed      Building     Products     Inc.
                                           654,938         66,758
        Brady   Corp.   Class   A
                                          1,259,449          66,524
        ManTech     International        Corp.   Class   A
                                           742,636         66,050
    *
        Gibraltar      Industries      Inc.
                                           902,424         64,920
    *
        Dycom   Industries      Inc.
                                           859,195         64,886
        Terex   Corp.
                                          1,857,283          64,801
        Werner    Enterprises       Inc.
                                          1,650,999          64,752
    *
        Summit    Materials      Inc.   Class   A
                                          3,218,051          64,618
    *
        SPX  Corp.
                                          1,175,038          64,087
        Albany    International        Corp.   Class   A
                                           864,439         63,467
    *
        Pluralsight       Inc.   Class   A
                                          3,022,143          63,344
        Trinity     Industries      Inc.
                                          2,400,210          63,342
    *
        Beacon    Roofing     Supply    Inc.
                                          1,573,313          63,231
        Maxar   Technologies       Inc.
                                          1,630,784          62,932
    *
        Navistar     International        Corp.
                                          1,412,373          62,088
    *
        Allegheny      Technologies       Inc.
                                          3,614,607          60,617
    *,1
        Workhorse      Group   Inc.
                                          3,059,637          60,520
        Forward     Air  Corp.
                                           765,973         58,857
        Federal     Signal    Corp.
                                          1,677,809          55,653
        Fluor   Corp.
                                          3,476,265          55,516
        Cubic   Corp.
                                           892,855         55,393
    *
        Atkore    International        Group   Inc.
                                          1,318,052          54,185
        Mueller     Water   Products     Inc.   Class   A
                                          4,326,747          53,565
    *
        Meritor     Inc.
                                          1,906,149          53,201
    *
        AeroVironment        Inc.
                                           609,464         52,962
        O-I  Glass   Inc.
                                          4,401,514          52,378
    *
        Vicor   Corp.
                                           565,163         52,119
        Belden    Inc.
                                          1,236,219          51,798
        Comfort     Systems     USA  Inc.
                                           959,816         50,544
    *
        Hub  Group   Inc.   Class   A
                                           879,607         50,138
    *
        Air  Transport      Services     Group   Inc.
                                          1,585,415          49,687
    *
        Repay   Holdings     Corp.   Class   A
                                          1,812,957          49,403
    *
        Verra   Mobility     Corp.   Class   A
                                          3,658,720          49,100
        Otter   Tail   Corp.
                                          1,146,340          48,846
    *,1
        Velodyne     Lidar   Inc.
                                          2,132,610          48,666
        CSW  Industrials       Inc.
                                           426,887         47,773
    *
        Welbilt     Inc.
                                          3,547,782          46,831
        McGrath     RentCorp
                                           695,814         46,689
    *
        JELD-WEN     Holding     Inc.
                                          1,834,563          46,525
                                135/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *,1
        CryoPort     Inc.
                                          1,049,187          46,038
    *
        Herc   Holdings     Inc.
                                           685,242         45,507
        Kadant    Inc.
                                           320,394         45,169
        Helios    Technologies       Inc.
                                           837,648         44,638
        Kaman   Corp.
                                           769,444         43,958
        EnPro   Industries      Inc.
                                           577,442         43,608
    *
        American     Woodmark     Corp.
                                           461,531         43,315
        Patrick     Industries      Inc.
                                           630,293         43,081
    *
        Atlas   Air  Worldwide      Holdings     Inc.
                                           789,336         43,050
        Alamo   Group   Inc.
                                           311,888         43,025
        Greif   Inc.   Class   A
                                           914,990         42,895
    *,1
        Hyliion     Holdings     Corp.
                                          2,598,550          42,824
    *
        OSI  Systems     Inc.
                                           443,339         41,328
    *
        TriMas    Corp.
                                          1,269,184          40,195
    *
        Sykes   Enterprises       Inc.
                                          1,064,834          40,112
                                136/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数     (千米ドル)
        Lindsay     Corp.
                                           308,712         39,657
    *
        Huron   Consulting      Group   Inc.
                                           649,318         38,277
        Mesa   Laboratories       Inc.
                                           133,403         38,239
        Enerpac     Tool   Group   Corp.   Class   A
                                          1,689,258          38,194
    *
        Cimpress     plc
                                           435,159         38,181
    *
        CBIZ   Inc.
                                          1,412,187          37,578
        TTEC   Holdings     Inc.
                                           506,409         36,932
        ICF  International        Inc.
                                           487,805         36,259
        Astec   Industries      Inc.
                                           622,723         36,043
    *
        Cardtronics       plc  Class   A
                                          1,005,931          35,509
        AZZ  Inc.
                                           748,050         35,488
        Granite     Construction       Inc.
                                          1,314,197          35,102
    *,1
        Advantage      Solutions      Inc.
                                          2,664,310          35,089
    *
        Ferro   Corp.
                                          2,378,455          34,797
        Schneider      National     Inc.   Class   B
                                          1,668,586          34,540
        Deluxe    Corp.
                                          1,181,277          34,493
    *
        FARO   Technologies       Inc.
                                           488,112         34,475
    *
        Evo  Payments     Inc.   Class   A
                                          1,276,333          34,474
        Primoris     Services     Corp.
                                          1,246,807          34,424
        AAR  Corp.
                                           949,936         34,407
        Encore    Wire   Corp.
                                           567,210         34,356
    *
        GMS  Inc.
                                          1,123,702          34,250
        Tennant     Co.
                                           485,317         34,055
        ADT  Inc.
                                          4,326,083          33,960
        Raven   Industries      Inc.
                                          1,020,404          33,765
        MTS  Systems     Corp.
                                           545,540         31,729
    *
        PGT  Innovations       Inc.
                                          1,529,075          31,101
        Greenbrier      Cos.   Inc.
                                           850,383         30,937
        Griffon     Corp.
                                          1,427,634          29,095
    *
        MYR  Group   Inc.
                                           483,125         29,036
        ArcBest     Corp.
                                           660,764         28,195
        Marten    Transport      Ltd.
                                          1,613,367          27,798
        Douglas     Dynamics     Inc.
                                           648,870         27,752
    *,1
        Eos  Energy    Enterprises       Inc.
                                          1,325,300          27,619
        Standex     International        Corp.
                                           355,751         27,578
        H&E  Equipment      Services     Inc.
                                           891,052         26,562
        Shyft   Group   Inc.
                                           931,981         26,450
        Wabash    National     Corp.
                                          1,463,513          25,216
        Heartland      Express     Inc.
                                          1,391,676          25,189
    *,1
        NV5  Global    Inc.
                                           316,945         24,969
    *
        Parsons     Corp.
                                           681,923         24,829
    *
        Construction       Partners     Inc.   Class   A
                                           829,533         24,148
        Columbus     McKinnon     Corp.
                                           621,784         23,901
        Kforce    Inc.
                                           545,306         22,952
    *
        Vivint    Smart   Home   Inc.
                                          1,101,169          22,849
        Apogee    Enterprises       Inc.
                                           716,517         22,699
    *
        SEACOR    Holdings     Inc.
                                           544,697         22,578
    *
        Conduent     Inc.
                                          4,666,134          22,397
    *
        Great   Lakes   Dredge    & Dock   Corp.
                                          1,693,762          22,307
                                137/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
        Myers   Industries      Inc.
                                          1,047,315          21,763
    *
        CIRCOR    International        Inc.
                                           557,195         21,419
        Quanex    Building     Products     Corp.
                                           938,690         20,811
        Kelly   Services     Inc.   Class   A
                                           989,639         20,357
        Gorman-Rupp       Co.
                                           614,236         19,932
        Chase   Corp.
                                           196,955         19,894
    *
        Paya   Holdings     Inc.   Class   A
                                          1,459,900          19,825
    *
        TrueBlue     Inc.
                                          1,033,069          19,308
        Argan   Inc.
                                           426,261         18,964
    *
        Echo   Global    Logistics      Inc.
                                           701,211         18,806
    *
        Energy    Recovery     Inc.
                                          1,360,706          18,560
    *
        Pactiv    Evergreen      Inc.
                                          1,013,887          18,392
    *
        SP  Plus   Corp.
                                           636,964         18,364
    *
        US  Concrete     Inc.
                                           439,943         17,585
    *
        BrightView      Holdings     Inc.
                                          1,162,058          17,570
                                138/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数     (千米ドル)
    *
        Aegion    Corp.   Class   A
                                           917,814         17,429
        Hyster-Yale       Materials      Handling     Inc.
                                           291,958         17,386
        Triumph     Group   Inc.
                                          1,358,614          17,064
    *
        Ducommun     Inc.
                                           317,436         17,046
    *
        Modine    Manufacturing        Co.
                                          1,335,374          16,772
    *
        Cornerstone       Building     Brands    Inc.
                                          1,806,568          16,765
    *
        Vectrus     Inc.
                                           321,172         15,969
    *
        Gates   Industrial      Corp.   plc
                                          1,250,846          15,961
    *
        PAE  Inc.
                                          1,681,971          15,441
    *
        Lydall    Inc.
                                           509,301         15,294
        Heidrick     & Struggles      International        Inc.
                                           520,481         15,292
    *
        USA  Technologies       Inc.
                                          1,427,200          14,957
        Cass   Information       Systems     Inc.
                                           383,071         14,905
    *
        Donnelley      Financial      Solutions      Inc.
                                           866,403         14,703
        CAI  International        Inc.
                                           470,427         14,696
    *
        Tutor   Perini    Corp.
                                          1,130,162          14,636
    *
        Forterra     Inc.
                                           837,665         14,404
        Barrett     Business     Services     Inc.
                                           208,990         14,255
    *
        Thermon     Group   Holdings     Inc.
                                           898,997         14,051
    *
        Sterling     Construction       Co.  Inc.
                                           750,305         13,963
    *
        Willdan     Group   Inc.
                                           332,871         13,881
    *
        Manitowoc      Co.  Inc.
                                          1,016,282          13,527
        Allied    Motion    Technologies       Inc.
                                           242,746         12,404
        Ennis   Inc.
                                           686,696         12,258
    *
        Ranpak    Holdings     Corp.   Class   A
                                           892,151         11,991
    *
        Aspen   Aerogels     Inc.
                                           706,602         11,793
        International        Seaways     Inc.
                                           705,848         11,527
        Insteel     Industries      Inc.
                                           513,521         11,436
        CRA  International        Inc.
                                           223,487         11,382
        Miller    Industries      Inc.
                                           298,262         11,340
        VSE  Corp.
                                           282,348         10,868
        Resources      Connection      Inc.
                                           856,988         10,772
    *
        Montrose     Environmental        Group   Inc.
                                           347,085         10,746
    *
        Foundation      Building     Materials      Inc.
                                           549,113         10,548
    *
        Titan   Machinery      Inc.
                                           536,930         10,497
    *
        DXP  Enterprises       Inc.
                                           459,876         10,223
    *
        Napco   Security     Technologies       Inc.
                                           384,170         10,073
        Kronos    Worldwide      Inc.
                                           666,976          9,945
    *
        IES  Holdings     Inc.
                                           215,774          9,934
    *
        UFP  Technologies       Inc.
                                           203,567          9,486
    *
        Team   Inc.
                                           848,460          9,248
    *
        Veritiv     Corp.
                                           439,557          9,138
    *
        Luna   Innovations       Inc.
                                           900,786          8,900
    *
        Commercial      Vehicle     Group   Inc.
                                          1,006,626           8,707
    *
        Vishay    Precision      Group   Inc.
                                           275,041          8,658
    *
        Astronics      Corp.
                                           651,945          8,625
    *
        Franklin     Covey   Co.
                                           385,040          8,575
    *
        Radiant     Logistics      Inc.
                                          1,443,275           8,371
        Park   Aerospace      Corp.
                                           620,131          8,316
                                139/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *
        ShotSpotter       Inc.
                                           217,052          8,183
    *
        Cross   Country     Healthcare      Inc.
                                           918,151          8,144
    *
        Northwest      Pipe   Co.
                                           286,630          8,112
    *
        BlueLinx     Holdings     Inc.
                                           273,836          8,012
    *
        I3  Verticals      Inc.   Class   A
                                           234,774          7,795
        Hurco   Cos.   Inc.
                                           257,763          7,733
    *
        GreenSky     Inc.   Class   A
                                          1,662,071           7,695
        Powell    Industries      Inc.
                                           260,591          7,685
    *
        Atlanticus      Holdings     Corp.
                                           301,063          7,415
    *
        Gencor    Industries      Inc.
                                           598,959          7,367
    *
        Lawson    Products     Inc.
                                           144,024          7,332
        Park-Ohio      Holdings     Corp.
                                           235,263          7,270
    *
        Daseke    Inc.
                                          1,249,504           7,260
    *
        Blue   Bird   Corp.
                                           394,893          7,211
    *
        Transcat     Inc.
                                           204,590          7,095
                                140/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数     (千米ドル)
        Titan   International        Inc.
                                          1,453,962           7,066
        LSI  Industries      Inc.
                                           820,582          7,024
    *
        Orion   Energy    Systems     Inc.
                                           699,328          6,902
    *,1
        Rekor   Systems     Inc.
                                           835,069          6,739
    *
        CECO   Environmental        Corp.
                                           960,107          6,682
    *
        YRC  Worldwide      Inc.
                                          1,471,575           6,519
        REV  Group   Inc.
                                           719,123          6,335
    *
        L B Foster    Co.  Class   A
                                           368,221          5,542
        United    States    Lime   & Minerals     Inc.
                                            47,932         5,464
        Graham    Corp.
                                           355,298          5,393
    *
        GP  Strategies      Corp.
                                           451,292          5,352
    *,1
        EVI  Industries      Inc.
                                           178,221          5,332
        Preformed      Line   Products     Co.
                                            76,983         5,269
    *,1
        Alpha   Pro  Tech   Ltd.
                                           467,491          5,213
    *
        Horizon     Global    Corp.
                                           564,056          4,845
    *
        Covenant     Logistics      Group   Inc.   Class   A
                                           311,736          4,617
    *
        ServiceSource        International        Inc.
                                          2,620,460           4,612
    *,1
        Eagle   Bulk   Shipping     Inc.
                                           239,002          4,541
    *
        Acacia    Research     Corp.
                                          1,150,984           4,535
    *
        US  Xpress    Enterprises       Inc.   Class   A
                                           662,565          4,532
    *
        Infrastructure         & Energy    Alternatives       Inc.
                                           266,408          4,414
    *,1
        ExOne   Co.
                                           462,239          4,387
        RR  Donnelley      & Sons   Co.
                                          1,931,025           4,364
        Universal      Logistics      Holdings     Inc.
                                           208,127          4,285
    *
        PRGX   Global    Inc.
                                           551,565          4,208
        BG  Staffing     Inc.
                                           309,138          4,170
    *
        Overseas     Shipholding       Group   Inc.   Class   A
                                          1,918,517           4,106
    *
        Broadwind      Inc.
                                           517,577          4,104
    *,3
        Research     Solutions      Inc.
                                          1,731,900           4,035
    *
        Orion   Group   Holdings     Inc.
                                           803,116          3,983
    *
        General     Finance     Corp.
                                           464,064          3,949
    *
        Information       Services     Group   Inc.
                                          1,188,314           3,898
    *
        PFSweb    Inc.
                                           578,269          3,892
    *
        Nesco   Holdings     Inc.
                                           520,909          3,839
    *
        Core   Molding     Technologies       Inc.
                                           263,220          3,706
    *
        Mayville     Engineering       Co.  Inc.
                                           268,889          3,609
    *,1
        MICT   Inc.
                                          1,723,800           3,586
    *
        Select    Interior     Concepts     Inc.   Class   A
                                           501,023          3,582
    *
        DHI  Group   Inc.
                                          1,604,903           3,563
    *
        Paysign     Inc.
                                           758,011          3,517
    *
        LightPath      Technologies       Inc.   Class   A
                                           871,749          3,417
    *
        Concrete     Pumping     Holdings     Inc.
                                           866,591          3,319
    *
        Mistras     Group   Inc.
                                           423,590          3,287
    *
        Babcock     & Wilcox    Enterprises       Inc.
                                           872,579          3,063
    *,3
        Perma-Pipe      International        Holdings     Inc.
                                           471,899          2,860
    *,1
        HC2  Holdings     Inc.
                                           861,719          2,809
        Quad/Graphics        Inc.
                                           729,832          2,788
    *
        PAM  Transportation         Services     Inc.
                                            56,754         2,781
    *
        Ultralife      Corp.
                                           419,938          2,717
                                141/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *
        Manitex     International        Inc.
                                           516,837          2,667
    *
        Willis    Lease   Finance     Corp.
                                            84,813         2,583
    *
        StarTek     Inc.
                                           342,398          2,575
    *,1
        Wrap   Technologies       Inc.
                                           529,456          2,557
    *
        Twin   Disc   Inc.
                                           308,848          2,424
    *
        Huttig    Building     Products     Inc.
                                           622,851          2,286
    *
        Armstrong      Flooring     Inc.
                                           588,289          2,247
    *,1
        Energous     Corp.
                                          1,199,291           2,159
    *
        Frequency      Electronics       Inc.
                                           197,467          2,135
        HireQuest      Inc.
                                           198,190          1,976
    *
        Limbach     Holdings     Inc.
                                           158,561          1,955
        Innovative      Solutions      & Support     Inc.
                                           297,609          1,940
    *
        CPI  Aerostructures         Inc.
                                           436,504          1,672
    *,1
        Digital     Ally   Inc.
                                           658,350          1,541
    *
        USA  Truck   Inc.
                                           162,664          1,453
                                142/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数     (千米ドル)
    *
        DLH  Holdings     Corp.
                                           132,421          1,234
    *
        Houston     Wire   & Cable   Co.
                                           438,500          1,223
        RF  Industries      Ltd.
                                           248,889          1,222
    *
        ClearSign      Technologies       Corp.
                                           411,863          1,207
    *,1
        Odyssey     Marine    Exploration       Inc.
                                           169,811          1,206
    *
        Target    Hospitality       Corp.
                                           751,463          1,187
    *,1
        Coda   Octopus     Group   Inc.
                                           183,468          1,154
        Greif   Inc.   Class   B
                                            21,694         1,050
    *
        Volt   Information       Sciences     Inc.
                                           572,256          1,013
    *
        Hudson    Technologies       Inc.
                                           884,344           964
    *
        Air  Industries      Group
                                           747,231           919
    *
        Hill   International        Inc.
                                           475,540           913
    *
        Air  T Inc.
                                            32,804          817
    *,1
        ENGlobal     Corp.
                                           236,100           756
        AMCON   Distributing       Co.
                                             6,102          726
    *
        Hudson    Global    Inc.
                                            66,260          696
        Espey   Manufacturing        & Electronics       Corp.
                                            36,520          691
    *
        Performant      Financial      Corp.
                                           744,195           656
    *
        FreightCar      America     Inc.
                                           242,168           584
    *
        Wireless     Telecom     Group   Inc.
                                           305,882           541
    *
        Astrotech      Corp.
                                           289,092           512
    *,1
        Applied     DNA  Sciences     Inc.
                                            90,984          464
    *,1
        Polar   Power   Inc.
                                            92,381          441
    *
        Usio   Inc.
                                           142,603           381
    *
        LS  Starrett     Co.  Class   A
                                            87,251          369
    *
        Image   Sensing     Systems     Inc.
                                            79,211          357
    *
        Jewett-Cameron         Trading     Co.  Ltd.
                                            32,900          288
    *
        ShiftPixy      Inc.
                                           114,467           285
    *
        Ballantyne      Strong    Inc.
                                           124,748           251
    *,1
        Lightbridge       Corp.
                                            59,325          251
    *
        ALJ  Regional     Holdings     Inc.
                                           116,110           128
        P&F  Industries      Inc.   Class   A
                                            19,462          118
    *,1
        BioHiTech      Global    Inc.
                                            58,891           66
    *
        Sypris    Solutions      Inc.
                                            35,375           54
    *
        Servotronics       Inc.
                                             5,014          43
    *
        LGL  Group   Inc.
                                             2,391          30
        Patriot     Transportation         Holding     Inc.
                                             3,092          27
    *
        Air  T Funding     Warrants     Exp.   01/15/2021
                                            90,675           21
    *
        LGL  Group   Inc.   Warrants     Exp.   12/16/2025
                                             2,391           1
    *,2
        Patriot     National     Inc.
                                           129,819            -
    *
        Eagle   Bulk   Shipping     Inc.   Warrants     Exp.   10/15/2021
                                                       -
                                               1
                                                  148,696,873
             5
    その他    (0.00％)
    *,2
        Alder   Biopharmaceuticals           Inc.   CVR  Exp.   12/31/2024
                                          2,021,007           1,779
    *,1,2
        Tobira    Therapeutics       Inc.   CVR  Exp.   12/31/2028
                                           201,001           911
    *,2
        Spirit    MTA  REIT
                                          2,854,330            764
    *,2
        Aduro   Biotech     Inc.   CVR
                                           415,255           249
    *,2
        New  York   REIT   Liquidating       LLC
                                            19,100          235
                                143/470


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *,2
        Ocera   Therapeutics       Inc.   CVR
                                           653,477           176
    *,2
        Proteostasis       Therapeutics       Inc.   CVR
                                          1,195,732            129
    *,2
        Ambit   Biosciences       Corp.   CVR
                                           201,330           121
    *,2
        Media   General     Inc.   CVR
                                          2,351,648            91
    *,2
        OncoMed     Pharmaceuticals         Inc.   CVR
                                           255,777           67
    *
        Kadmon    Holdings     Inc.   Warrants     Exp.   09/28/2022
                                           169,257           54
    *,2
        First   Eagle   Private     Credit    LLC  CVR
                                           551,185           50
    *,1,2
        Ominto    Inc.
                                           101,171           42
    *,1
        Miragen     Therapeutics       Inc.   CVR
                                          1,753,041            35
    *,1,2
        SRAX   Inc.   Rights
                                           148,260           27
    *,2
        Alexza    Pharmaceuticals         Inc.   CVR
                                           327,391           11
    *,2
        Clinical     Data   Care   CVR
                                           216,285            -
    *,2
        Omthera     Pharmaceuticals         Inc.   CVR
                                           121,311            -
    *,1,2
        Biosante     Pharmaceutical         Inc.   CVR
                                           253,823            -
    *,2
        NuPathe     Inc.
                                           158,681            -
    *
        Advaxis     Inc.   Warrants     Exp.   09/11/2024
                                           157,660            -
                                144/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数     (千米ドル)
    *,2
        Adolor    Corp.   Rights
                                           592,629            -
    *,2
        Universal      Travel    Group
                                            42,843           -
    *,1,2
        Harvest     Natural     Resources      Inc.
                                            51,829           -
    *,1,2
        Contra    Costa   County    Public    Financing      Authority      CVR
                                           250,874            -
    *,2
        Contra    Costa   County    Board   of  Education      CVR
                                            70,194           -
    *,2
        F Star   Therapeutics       Inc.   CVR
                                                       -
                                            61,021
                                                     4,741
    不動産    (3.36％)
        American     Tower   Corp.
                                          12,530,452         2,812,585
        Prologis     Inc.
                                          20,839,331         2,076,848
        Crown   Castle    International        Corp.
                                          12,133,033         1,931,458
        Equinix     Inc.
                                          2,508,687        1,791,654
        Digital     Realty    Trust   Inc.
                                          7,881,525        1,099,552
    *
        CoStar    Group   Inc.
                                          1,112,988        1,028,713
        Public    Storage
                                          4,206,113          971,318
        SBA  Communications         Corp.   Class   A
                                          3,137,877          885,289
        Simon   Property     Group   Inc.
                                          9,168,137          781,859
        Welltower      Inc.
                                          11,769,373          760,537
        Weyerhaeuser       Co.
                                          21,122,881          708,250
        Alexandria      Real   Estate    Equities     Inc.
                                          3,774,567          672,703
        AvalonBay      Communities       Inc.
                                          3,946,430          633,126
        Equity    Residential
                                          10,545,350          625,128
        Realty    Income    Corp.
                                          9,827,683          610,987
    *
        CBRE   Group   Inc.   Class   A
                                          8,994,684          564,147
        Ventas    Inc.
                                          10,563,091          518,014
        Invitation      Homes   Inc.
                                          15,869,526          471,325
        Healthpeak      Properties      Inc.
                                          15,242,373          460,777
        Sun  Communities       Inc.
                                          3,010,728          457,480
        Essex   Property     Trust   Inc.
                                          1,846,959          438,505
        Extra   Space   Storage     Inc.
                                          3,651,962          423,116
        Duke   Realty    Corp.
                                          10,465,452          418,304
        Mid-America       Apartment      Communities       Inc.
                                          3,244,816          411,086
    *
        Zillow    Group   Inc.   Class    C 
                                          3,062,822          397,554
        VICI   Properties      Inc.
                                          15,144,385          386,182
        Boston    Properties      Inc.
                                          3,972,644          375,534
        WP  Carey   Inc.
                                          4,920,509          347,290
        Medical     Properties      Trust   Inc.
                                          14,987,994          326,588
        UDR  Inc.
                                          8,366,739          321,534
    *
        Zillow    Group   Inc.   Class   A
                                          2,319,343          315,291
        Equity    LifeStyle      Properties      Inc.
                                          4,639,483          293,958
        Host   Hotels    & Resorts     Inc.
                                          20,051,881          293,359
        Camden    Property     Trust
                                          2,759,952          275,774
        Gaming    & Leisure     Properties      Inc.
                                          6,224,389          263,914
        CyrusOne     Inc.
                                          3,363,874          246,067
        Iron   Mountain     Inc.
                                          8,172,273          240,919
        Omega   Healthcare      Investors      Inc.
                                          6,418,106          233,106
        Americold      Realty    Trust
                                          6,233,486          232,696
        VEREIT    Inc.
                                          6,116,421          231,140
        American     Homes   4 Rent   Class   A
                                          7,548,832          226,465
                                145/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *
        RealPage     Inc.
                                          2,590,366          225,984
        STORE   Capital     Corp.
                                          6,596,332          224,143
        Regency     Centers     Corp.
                                          4,818,694          219,684
    *
        Jones   Lang   LaSalle     Inc.
                                          1,448,141          214,861
        Lamar   Advertising       Co.  Class   A
                                          2,444,165          203,403
        National     Retail    Properties      Inc.
                                          4,928,723          201,683
        Vornado     Realty    Trust
                                          5,057,917          188,863
        Kilroy    Realty    Corp.
                                          3,273,335          187,889
    *
        Redfin    Corp.
                                          2,731,981          187,496
        CubeSmart
                                          5,455,783          183,369
        Federal     Realty    Investment      Trust
                                          2,145,370          182,614
        Rexford     Industrial      Realty    Inc.
                                          3,601,773          176,883
        Kimco   Realty    Corp.
                                          11,627,990          174,536
        Healthcare      Trust   of  America     Inc.   Class   A
                                          6,211,023          171,052
        American     Campus    Communities       Inc.
                                          3,907,877          167,140
                                146/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数     (千米ドル)
    *
        Apartment      Income    REIT   Corp.
                                          4,213,209          161,829
        Life   Storage     Inc.
                                          1,344,141          160,477
        EastGroup      Properties      Inc.
                                          1,105,617          152,641
        CoreSite     Realty    Corp.
                                          1,205,576          151,035
        First   Industrial      Realty    Trust   Inc.
                                          3,584,060          150,996
        Cousins     Properties      Inc.
                                          4,200,045          140,701
        Brixmor     Property     Group   Inc.
                                          8,407,905          139,151
        Douglas     Emmett    Inc.
                                          4,748,477          138,561
        STAG   Industrial      Inc.
                                          4,322,271          135,374
        Hannon    Armstrong      Sustainable       Infrastructure         Capital     Inc.
                                          1,979,598          125,566
        SL  Green   Realty    Corp.
                                          2,048,091          122,025
        Spirit    Realty    Capital     Inc.
                                          3,006,637          120,777
        Highwoods      Properties      Inc.
                                          2,954,257          117,077
        Innovative      Industrial      Properties      Inc.
                                           631,652        115,674
        Park   Hotels    & Resorts     Inc.
                                          6,731,599          115,447
        Healthcare      Realty    Trust   Inc.
                                          3,848,106          113,904
        Rayonier     Inc.
                                          3,828,776          112,489
        JBG  SMITH   Properties
                                          3,589,740          112,251
        Terreno     Realty    Corp.
                                          1,911,617          111,849
        QTS  Realty    Trust   Inc.   Class   A
                                          1,780,287          110,164
        Physicians      Realty    Trust
                                          5,904,547          105,101
        Hudson    Pacific     Properties      Inc.
                                          4,359,179          104,707
        Agree   Realty    Corp.
                                          1,518,665          101,113
        Sabra   Health    Care   REIT   Inc.
                                          5,813,624          100,983
        Ryman   Hospitality       Properties      Inc.
                                          1,402,623          95,042
    *
        Howard    Hughes    Corp.
                                          1,202,986          94,952
        PotlatchDeltic         Corp.
                                          1,790,416          89,557
        Equity    Commonwealth
                                          3,193,834          87,128
        National     Health    Investors      Inc.
                                          1,188,290          82,194
        Corporate      Office    Properties      Trust
                                          3,148,954          82,125
        Lexington      Realty    Trust
                                          7,658,922          81,338
        Outfront     Media   Inc.
                                          4,089,534          79,991
        Apple   Hospitality       REIT   Inc.
                                          6,007,002          77,550
        Uniti   Group   Inc.
                                          6,523,317          76,518
        PS  Business     Parks   Inc.
                                           569,132         75,621
        Weingarten      Realty    Investors
                                          3,413,284          73,966
        Pebblebrook       Hotel   Trust
                                          3,713,889          69,821
        Sunstone     Hotel   Investors      Inc.
                                          6,084,510          68,937
        EPR  Properties
                                          2,113,725          68,696
        RLJ  Lodging     Trust
                                          4,715,682          66,727
        Colony    Capital     Inc.
                                          13,671,708           65,761
        Essential      Properties      Realty    Trust   Inc.
                                          2,889,596          61,259
        Four   Corners     Property     Trust   Inc.
                                          2,052,608          61,106
        Kennedy-Wilson         Holdings     Inc.
                                          3,394,177          60,722
        CareTrust      REIT   Inc.
                                          2,684,523          59,543
        Brandywine      Realty    Trust
                                          4,772,524          56,841
        Piedmont     Office    Realty    Trust   Inc.   Class   A
                                          3,458,825          56,137
        National     Storage     Affiliates      Trust
                                          1,526,376          54,995
        Service     Properties      Trust
                                          4,687,160          53,855
                                147/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
        Retail    Properties      of  America     Inc.   Class   A
                                          6,003,683          51,392
        Easterly     Government      Properties      Inc.
                                          2,180,943          49,398
        Xenia   Hotels    & Resorts     Inc.
                                          3,225,535          49,028
        Washington      REIT
                                          2,257,648          48,833
        Paramount      Group   Inc.
                                          5,363,082          48,482
    *
        DiamondRock       Hospitality       Co.
                                          5,650,738          46,619
        Columbia     Property     Trust   Inc.
                                          3,232,340          46,352
    *
        Cushman     & Wakefield      plc
                                          3,119,725          46,266
        Empire    State   Realty    Trust   Inc.   Class   A
                                          4,857,636          45,273
        Monmouth     Real   Estate    Investment      Corp.
                                          2,571,211          44,533
        SITE   Centers     Corp.
                                          4,383,170          44,358
        Industrial      Logistics      Properties      Trust
                                          1,903,402          44,330
        Global    Net  Lease   Inc.
                                          2,545,556          43,631
    *
        Realogy     Holdings     Corp.
                                          3,272,077          42,930
        LTC  Properties      Inc.
                                          1,079,564          42,006
                                148/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数     (千米ドル)
        Retail    Opportunity       Investments       Corp.
                                          3,100,888          41,521
        American     Assets    Trust   Inc.
                                          1,423,939          41,123
        Urban   Edge   Properties
                                          3,122,227          40,402
    1
        Macerich     Co.
                                          3,743,212          39,940
        Kite   Realty    Group   Trust
                                          2,346,272          35,100
        Alexander      & Baldwin     Inc.
                                          2,028,066          34,842
        Acadia    Realty    Trust
                                          2,439,447          34,616
        Independence       Realty    Trust   Inc.
                                          2,555,586          34,321
        St.  Joe  Co.
                                           798,019         33,876
        Safehold     Inc.
                                           434,097         31,468
        Office    Properties      Income    Trust
                                          1,350,191          30,676
        Newmark     Group   Inc.   Class   A
                                          4,139,411          30,176
    1
        GEO  Group   Inc.
                                          3,282,925          29,087
        Community      Healthcare      Trust   Inc.
                                           600,383         28,284
        Getty   Realty    Corp.
                                          1,006,927          27,731
        Mack-Cali      Realty    Corp.
                                          2,187,451          27,256
        Diversified       Healthcare      Trust
                                          6,562,907          27,039
        Summit    Hotel   Properties      Inc.
                                          2,984,533          26,891
        Centerspace
                                           379,307         26,794
    1
        Tanger    Factory     Outlet    Centers     Inc.
                                          2,566,544          25,563
    *
        Marcus    & Millichap      Inc.
                                           673,970         25,092
        NexPoint     Residential       Trust   Inc.
                                           582,809         24,659
        American     Finance     Trust   Inc.
                                          3,127,867          23,240
        Universal      Health    Realty    Income    Trust
                                           354,637         22,792
        Apartment      Investment      & Management      Co.  Class   A
                                          4,208,983          22,223
        CoreCivic      Inc.
                                          3,321,978          21,759
        Front   Yard   Residential       Corp.
                                          1,342,568          21,750
    1
        Broadstone      Net  Lease   Inc.   Class   A
                                          1,009,342          19,763
        RPT  Realty
                                          2,246,909          19,436
        Gladstone      Commercial      Corp.
                                          1,008,697          18,157
        Armada    Hoffler     Properties      Inc.
                                          1,537,823          17,254
        RE/MAX    Holdings     Inc.   Class   A
                                           471,130         17,116
        Colony    Credit    Real   Estate    Inc.
                                          2,263,232          16,974
        UMH  Properties      Inc.
                                          1,104,230          16,354
        RMR  Group   Inc.   Class   A
                                           420,637         16,245
        Alexander’s       Inc.
                                            58,463        16,215
        Global    Medical     REIT   Inc.
                                          1,228,480          16,044
    1
        Brookfield      Property     REIT   Inc.   Class   A
                                           996,616         14,889
    *,1
        Seritage     Growth    Properties      Class   A
                                           939,193         13,787
        Chatham     Lodging     Trust
                                          1,243,653          13,431
        CatchMark      Timber    Trust   Inc.   Class   A
                                          1,404,306          13,144
        Franklin     Street    Properties      Corp.
                                          2,756,483          12,046
        Urstadt     Biddle    Properties      Inc.   Class   A
                                           836,941         11,826
        Gladstone      Land   Corp.
                                           764,870         11,198
        City   Office    REIT   Inc.
                                          1,124,425          10,986
        NETSTREIT      Corp.
                                           555,203         10,821
        Saul   Centers     Inc.
                                           338,220         10,715
        Ares   Commercial      Real   Estate    Corp.
                                           862,240         10,269
        CorePoint      Lodging     Inc.
                                          1,485,953          10,223
                                149/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
        New  Senior    Investment      Group   Inc.
                                          1,898,082           9,832
        Hersha    Hospitality       Trust   Class   A
                                          1,219,370           9,621
    *
        Rafael    Holdings     Inc.   Class   B
                                           410,756          9,579
    *
        Forestar     Group   Inc.
                                           470,728          9,499
        Bluerock     Residential       Growth    REIT   Inc.   Class   A
                                           746,912          9,463
        Preferred      Apartment      Communities       Inc.   Class   A
                                          1,265,981           9,368
    *
        Tejon   Ranch   Co.
                                           635,502          9,183
        Plymouth     Industrial      REIT   Inc.
                                           611,386          9,171
        Whitestone      REIT
                                          1,119,109           8,919
        One  Liberty     Properties      Inc.
                                           420,008          8,430
        CTO  Realty    Growth    Inc.
                                           177,935          7,502
    1
        Farmland     Partners     Inc.
                                           833,298          7,250
        Retail    Value   Inc.
                                           462,698          6,880
    *
        PICO   Holdings     Inc.
                                           724,426          6,773
        BRT  Apartments      Corp.
                                           432,843          6,579
                                150/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数     (千米ドル)
    *
        FRP  Holdings     Inc.
                                           132,993          6,058
    *
        Maui   Land   & Pineapple      Co.  Inc.
                                           513,463          5,920
    *
        Stratus     Properties      Inc.
                                           227,088          5,791
    *
        Fathom    Holdings     Inc.
                                           137,900          4,970
        Tiptree     Inc.
                                           896,304          4,499
        CIM  Commercial      Trust   Corp.
                                           275,345          3,921
        Postal    Realty    Trust   Inc.   Class   A
                                           227,591          3,842
    *
        Braemar     Hotels    & Resorts     Inc.
                                           815,154          3,758
        Clipper     Realty    Inc.
                                           530,809          3,742
    *,1
        Ashford     Hospitality       Trust   Inc.
                                          1,280,870           3,317
    1
        Washington      Prime   Group   Inc.
                                           487,304          3,172
        Alpine    Income    Property     Trust   Inc.
                                           205,500          3,080
        Cedar   Realty    Trust   Inc.
                                           285,487          2,892
        CorEnergy      Infrastructure         Trust   Inc.
                                           299,603          2,052
    *
        Indus   Realty    Trust   Inc.
                                            25,617         1,601
        Global    Self   Storage     Inc.
                                           358,172          1,436
        Sotherly     Hotels    Inc.
                                           529,818          1,325
    1
        Pennsylvania       REIT
                                          1,317,820           1,318
        Urstadt     Biddle    Properties      Inc.
                                            94,274         1,130
    *
        Condor    Hospitality       Trust   Inc.
                                           211,609           834
    *
        Power   REIT
                                            29,103          777
    *,1
        Avalon    GloboCare      Corp.
                                           470,565           527
    *,1
        Wheeler     REIT   Inc.
                                           130,830           362
    *
        InterGroup      Corp.
                                             7,266          221
    *
        Transcontinental          Realty    Investors      Inc.
                                             6,597          159
    *
        JW  Mays   Inc.
                                             4,010          89
    *
        Trinity     Place   Holdings     Inc.
                                            36,941           46
    *
        Power   REIT   Rights
                                                       6
                                            29,103
                                                  36,303,445
    テクノロジー       (26.11％)
        Apple   Inc.
                                         431,284,490         57,227,139
        Microsoft      Corp.
                                         213,105,312         47,398,884
    *
        Facebook     Inc.   Class   A
                                          67,764,638        18,510,589
    *
        Alphabet     Inc.   Class   A
                                          8,507,525        14,910,629
    *
        Alphabet     Inc.   Class    C 
                                          7,871,113        13,789,245
        NVIDIA    Corp.
                                          16,577,597         8,656,821
    *
        Adobe   Inc.
                                          13,529,688         6,766,468
        Intel   Corp.
                                         115,513,847          5,754,900
    *
        salesforce.com         Inc.
                                          24,356,433         5,420,037
        Broadcom     Inc.
                                          11,392,214         4,988,081
        QUALCOMM     Inc.
                                          31,883,663         4,857,157
        Texas   Instruments       Inc.
                                          25,880,263         4,247,728
        Oracle    Corp.
                                          50,942,967         3,295,501
        International        Business     Machines     Corp.
                                          25,112,170         3,161,120
    *
        Advanced     Micro   Devices     Inc.
                                          33,884,532         3,107,550
    *
        ServiceNow      Inc.
                                          5,494,667        3,024,430
        Intuit    Inc.
                                          7,016,123        2,665,074
    *
        Micron    Technology      Inc.
                                          31,387,473         2,359,710
        Applied     Materials      Inc.
                                          25,758,978         2,223,000
                                151/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
        Lam  Research     Corp.
                                          4,061,112        1,917,941
    *
        Autodesk     Inc.
                                          6,186,607        1,889,019
    *
        Zoom   Video   Communications         Inc.   Class   A
                                          5,214,728        1,759,032
    *
        Snap   Inc.   Class   A
                                          31,318,207         1,568,103
        Analog    Devices     Inc.
                                          10,436,123         1,541,728
    *
        Twilio    Inc.   Class   A
                                          3,951,984        1,337,747
        Roper   Technologies       Inc.
                                          2,960,819        1,276,379
        Cognizant      Technology      Solutions      Corp.   Class   A
                                          15,081,472         1,235,927
    *
        Workday     Inc.   Class   A
                                          5,067,408        1,214,202
    *
        Twitter     Inc.
                                          22,402,882         1,213,116
        TE  Connectivity       Ltd.
                                          9,348,114        1,131,776
        KLA  Corp.
                                          4,358,619        1,128,490
    *
        Synopsys     Inc.
                                          4,288,496        1,111,750
        Amphenol     Corp.   Class   A
                                          8,454,721        1,105,624
    *
        DocuSign     Inc.   Class   A
                                          4,961,547        1,102,952
                                152/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数     (千米ドル)
    *
        Match   Group   Inc.
                                          7,116,397        1,075,928
    *
        Cadence     Design    Systems     Inc.
                                          7,877,468        1,074,723
    *
        Crowdstrike       Holdings     Inc.   Class   A
                                          4,937,525        1,045,867
        Microchip      Technology      Inc.
                                          7,315,737        1,010,376
        Xilinx    Inc.
                                          6,913,216          980,087
        HP  Inc.
                                          38,729,987          952,370
    *
        Pinterest      Inc.   Class   A
                                          14,396,715          948,744
    *
        Palo   Alto   Networks     Inc.
                                          2,559,256          909,534
        Marvell     Technology      Group   Ltd.
                                          18,821,586          894,778
    *
        ANSYS   Inc.
                                          2,425,092          882,248
    *
        Okta   Inc.
                                          3,377,818          858,844
    *
        RingCentral       Inc.   Class   A
                                          2,119,558          803,249
        Corning     Inc.
                                          21,554,540          775,963
    *
        Splunk    Inc.
                                          4,515,144          767,078
        Skyworks     Solutions      Inc.
                                          4,692,191          717,342
        Maxim   Integrated      Products     Inc.
                                          7,541,761          668,577
    *
        Coupa   Software     Inc.
                                          1,939,507          657,318
    *
        Paycom    Software     Inc.
                                          1,407,600          636,587
    *
        VeriSign     Inc.
                                          2,738,676          592,650
    *
        Fortinet     Inc.
                                          3,890,899          577,915
        Teradyne     Inc.
                                          4,700,117          563,497
    *
        Slack   Technologies       Inc.   Class   A
                                          12,929,697          546,150
    *
        Qorvo   Inc.
                                          3,230,306          537,103
    *
        EPAM   Systems     Inc.
                                          1,498,377          536,943
    *
        MongoDB     Inc.
                                          1,492,441          535,846
        CDW  Corp.
                                          4,040,340          532,476
    *
        Dell   Technologies       Inc.   Class    C 
                                          6,939,744          508,614
    *
        Tyler   Technologies       Inc.
                                          1,136,936          496,295
    *
        Datadog     Inc.   Class   A
                                          4,984,137          490,638
    *
        HubSpot     Inc.
                                          1,224,677          485,511
    *
        Akamai    Technologies       Inc.
                                          4,603,070          483,276
    *
        Zendesk     Inc.
                                          3,268,216          467,747
        Citrix    Systems     Inc.
                                          3,474,216          451,996
        SS&C   Technologies       Holdings     Inc.
                                          6,186,344          450,057
        Western     Digital     Corp.
                                          8,110,963          449,266
        Monolithic      Power   Systems     Inc.
                                          1,206,278          441,775
    *
        Arista    Networks     Inc.
                                          1,494,496          434,256
        Hewlett     Packard     Enterprise      Co.
                                          36,396,866          431,303
    *
        Cloudflare      Inc.   Class   A
                                          5,603,059          425,776
        Leidos    Holdings     Inc.
                                          4,025,419          423,152
    *
        Zscaler     Inc.
                                          2,079,704          415,338
        NetApp    Inc.
                                          6,267,180          415,138
    *
        IAC/InterActiveCorp
                                          2,138,453          404,916
    *
        Ceridian     HCM  Holding     Inc.
                                          3,753,218          399,943
    *
        GoDaddy     Inc.   Class   A
                                          4,724,174          391,870
    *
        Gartner     Inc.
                                          2,399,778          384,420
        Seagate     Technology      plc
                                          6,177,877          384,017
    *
        ON  Semiconductor        Corp.
                                          11,636,638          380,867
    *
        Black   Knight    Inc.
                                          4,219,828          372,822
                                153/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *
        Avalara     Inc.
                                          2,260,314          372,703
        Entegris     Inc.
                                          3,806,555          365,810
    *
        PTC  Inc.
                                          2,957,331          353,726
    *
        Nuance    Communications         Inc.
                                          7,997,502          352,610
        NortonLifeLock         Inc.
                                          15,901,416          330,431
    *
        Cree   Inc.
                                          3,109,246          329,269
    *
        Five9   Inc.
                                          1,844,492          321,679
    *,1
        VMware    Inc.   Class   A
                                          2,239,991          314,181
    *
        F5  Networks     Inc.
                                          1,731,923          304,715
    *
        Guidewire      Software     Inc.
                                          2,353,981          303,028
        Universal      Display     Corp.
                                          1,198,645          275,449
    *
        Anaplan     Inc.
                                          3,550,122          255,076
    *
        Elastic     NV
                                          1,708,195          249,619
    *
        Aspen   Technology      Inc.
                                          1,914,746          249,396
    *
        Inphi   Corp.
                                          1,469,715          235,845
                                154/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数     (千米ドル)
    *,1
        Fastly    Inc.   Class   A
                                          2,596,863          226,888
    *
        Dynatrace      Inc.
                                          5,175,322          223,936
    *
        Smartsheet      Inc.   Class   A
                                          3,219,997          223,114
    *
        Proofpoint      Inc.
                                          1,633,554          222,833
    *
        II-VI   Inc.
                                          2,929,283          222,508
    *
        IPG  Photonics      Corp.
                                           977,416        218,736
    *,1
        Snowflake      Inc.   Class   A
                                           742,936        209,062
    *
        Arrow   Electronics       Inc.
                                          2,133,232          207,563
    *
        Grubhub     Inc.
                                          2,615,044          194,219
    *
        Blackline      Inc.
                                          1,447,960          193,129
    *
        Manhattan      Associates      Inc.
                                          1,792,089          188,492
    *
        Dropbox     Inc.   Class   A
                                          8,492,737          188,454
        DXC  Technology      Co.
                                          7,242,732          186,500
    *
        Alteryx     Inc.   Class   A
                                          1,521,546          185,309
        CDK  Global    Inc.
                                          3,448,714          178,747
    *
        CACI   International        Inc.   Class   A
                                           708,256        176,589
    *
        Q2  Holdings     Inc.
                                          1,388,740          175,717
    *
        Nutanix     Inc.   Class   A
                                          5,473,647          174,445
    *
        Lattice     Semiconductor        Corp.
                                          3,800,644          174,146
    *,1
        Appian    Corp.   Class   A
                                          1,065,960          172,781
        Jabil   Inc.
                                          3,856,359          164,011
    *
        Silicon     Laboratories       Inc.
                                          1,234,010          157,139
        Science     Applications       International        Corp.
                                          1,643,152          155,508
    *
        Pure   Storage     Inc.   Class   A
                                          6,762,996          152,911
        Pegasystems       Inc.
                                          1,129,930          150,574
    *,1
        Palantir     Technologies       Inc.   Class   A
                                          6,249,528          147,176
        National     Instruments       Corp.
                                          3,346,903          147,063
    *
        Everbridge      Inc.
                                           976,451        145,560
        Brooks    Automation      Inc.
                                          2,077,410          140,952
    *
        FireEye     Inc.
                                          6,078,402          140,168
    *
        Varonis     Systems     Inc.
                                           848,918        138,892
    *
        NCR  Corp.
                                          3,614,878          135,811
    *
        Cirrus    Logic   Inc.
                                          1,646,133          135,312
    *
        Semtech     Corp.
                                          1,833,678          132,190
    *
        Sailpoint      Technologies       Holdings     Inc.
                                          2,443,742          130,105
    *
        LiveRamp     Holdings     Inc.
                                          1,774,990          129,912
        Power   Integrations       Inc.
                                          1,577,187          129,109
    *
        Alarm.com      Holdings     Inc.
                                          1,241,526          128,436
    *,1
        Rapid7    Inc.
                                          1,378,147          124,254
        CMC  Materials      Inc.
                                           816,799        123,582
        Vertiv    Holdings     Co.  Class   A
                                          6,515,197          121,639
    *
        J2  Global    Inc.
                                          1,235,606          120,706
    *
        Envestnet      Inc.
                                          1,443,590          118,793
    *
        Change    Healthcare      Inc.
                                          6,366,786          118,741
    *,1
        DoorDash     Inc.   Class   A
                                           811,048        115,777
    *
        Concentrix      Corp.
                                          1,167,943          115,276
    *
        Qualys    Inc.
                                           940,185        114,580
    *
        Novanta     Inc.
                                           937,230        110,799
    *
        Verint    Systems     Inc.
                                          1,618,011          108,698
                                155/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *
        Cerence     Inc.
                                          1,054,542          105,960
    *
        SPS  Commerce     Inc.
                                           974,524        105,824
    *
        ZoomInfo     Technologies       Inc.   Class   A
                                          2,187,872          105,521
    *
        LivePerson      Inc.
                                          1,684,275          104,812
    *
        Advanced     Energy    Industries      Inc.
                                          1,077,086          104,445
        Xerox   Holdings     Corp.
                                          4,485,970          104,030
    *
        New  Relic   Inc.
                                          1,532,559          100,229
        Avnet   Inc.
                                          2,785,073          97,784
    *
        Tenable     Holdings     Inc.
                                          1,843,901          96,362
    *
        Diodes    Inc.
                                          1,360,687          95,928
        SYNNEX    Corp.
                                          1,167,965          95,119
    *
        Schrodinger       Inc.
                                          1,192,484          94,421
        Perspecta      Inc.
                                          3,885,864          93,572
    *
        FormFactor      Inc.
                                          2,151,277          92,548
    *
        Synaptics      Inc.
                                           957,589         92,312
                                156/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数     (千米ドル)
    *,1
        Magnite     Inc.
                                          2,964,093          91,027
    *
        Upwork    Inc.
                                          2,573,898          88,851
    *
        Workiva     Inc.   Class   A
                                           939,554         86,082
    *
        Cloudera     Inc.
                                          6,101,366          84,870
    *
        Ambarella      Inc.
                                           921,318         84,595
    *
        Appfolio     Inc.   Class   A
                                           455,315         81,975
    *
        Rogers    Corp.
                                           523,674         81,321
        Blackbaud      Inc.
                                          1,400,366          80,605
    *
        SVMK   Inc.
                                          3,145,105          80,357
    *
        Fabrinet
                                          1,026,369          79,636
    *
        Cargurus     Inc.
                                          2,508,496          79,595
    *
        MicroStrategy        Inc.   Class   A
                                           201,852         78,430
    *
        Covetrus     Inc.
                                          2,697,087          77,514
        Vishay    Intertechnology         Inc.
                                          3,695,085          76,525
    *,1
        Medallia     Inc.
                                          2,280,406          75,755
    *
        Cornerstone       OnDemand     Inc.
                                          1,718,252          75,672
    *
        Insight     Enterprises       Inc.
                                           982,692         74,773
    *
        Box  Inc.   Class   A
                                          4,140,453          74,735
    *
        Dun  & Bradstreet      Holdings     Inc.
                                          2,987,979          74,401
    *
        MACOM   Technology      Solutions      Holdings     Inc.
                                          1,306,078          71,887
    *
        MaxLinear      Inc.
                                          1,846,420          70,515
    *
        Altair    Engineering       Inc.   Class   A
                                          1,193,180          69,419
    *
        CommVault      Systems     Inc.
                                          1,226,196          67,894
    *
        Teradata     Corp.
                                          2,918,985          65,590
        Xperi   Holding     Corp.
                                          3,065,750          64,074
    *
        Yelp   Inc.   Class   A
                                          1,957,421          63,949
    *
        Plexus    Corp.
                                           808,356         63,222
    *
        Allscripts      Healthcare      Solutions      Inc.
                                          4,368,823          63,086
    *
        Bottomline      Technologies       DE  Inc.
                                          1,168,062          61,604
    *
        Onto   Innovation      Inc.
                                          1,288,476          61,267
    *
        PagerDuty      Inc.
                                          1,455,330          60,687
    *
        Bandwidth      Inc.   Class   A
                                           380,024         58,398
    *
        Sanmina     Corp.
                                          1,786,384          56,968
        Progress     Software     Corp.
                                          1,245,567          56,287
    *
        PROS   Holdings     Inc.
                                          1,108,190          56,263
    *
        Rambus    Inc.
                                          3,134,645          54,731
    *,1
        C3.ai   Inc.   Class   A
                                           392,148         54,411
    *
        NetScout     Systems     Inc.
                                          1,937,962          53,139
    *
        Yext   Inc.
                                          2,855,171          44,883
        NIC  Inc.
                                          1,736,692          44,859
    *
        Perficient      Inc.
                                           928,761         44,255
    *
        Domo   Inc.   Class   B
                                           690,855         44,056
    *
        Avaya   Holdings     Corp.
                                          2,258,693          43,254
        Shutterstock       Inc.
                                           598,387         42,904
    *
        Calix   Inc.
                                          1,437,199          42,771
        Cohu   Inc.
                                          1,102,045          42,076
    *
        Virtusa     Corp.
                                           816,968         41,772
    *
        TechTarget      Inc.
                                           704,873         41,665
        Switch    Inc.   Class   A
                                          2,510,922          41,104
                                157/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
        Methode     Electronics       Inc.
                                          1,033,257          39,553
    *
        TTM  Technologies       Inc.
                                          2,825,644          38,980
    *
        Super   Micro   Computer     Inc.
                                          1,224,432          38,766
        CSG  Systems     International        Inc.
                                           845,879         38,124
    *,1
        Vroom   Inc.
                                           925,530         37,919
    *
        Zuora   Inc.   Class   A
                                          2,708,514          37,730
    *,1
        PAR  Technology      Corp.
                                           581,876         36,536
        Amkor   Technology      Inc.
                                          2,336,274          35,231
    *,1
        Eventbrite      Inc.   Class   A
                                          1,862,475          33,711
    *,1
        3D  Systems     Corp.
                                          3,201,608          33,553
    *
        Unisys    Corp.
                                          1,692,262          33,304
    *
        Ultra   Clean   Holdings     Inc.
                                          1,056,370          32,906
    *
        ePlus   Inc.
                                           371,584         32,681
    *
        nLight    Inc.
                                           987,993         32,258
    *
        Upland    Software     Inc.
                                           672,346         30,854
                                158/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数     (千米ドル)
        Pitney    Bowes   Inc.
                                          4,950,829          30,497
    *
        Model   N Inc.
                                           828,752         29,570
        Simulations       Plus   Inc.
                                           409,716         29,467
    *
        Ping   Identity     Holding     Corp.
                                          1,028,679          29,461
        CTS  Corp.
                                           840,180         28,843
    *,1
        BigCommerce       Holdings     Inc.
                                           449,417         28,830
        Benchmark      Electronics       Inc.
                                          1,041,537          28,132
        Ebix   Inc.
                                           732,410         27,810
    *
        nCino   Inc.
                                           376,771         27,282
    *
        SiTime    Corp.
                                           238,160         26,657
    *
        CEVA   Inc.
                                           581,701         26,467
    *
        Groupon     Inc.   Class   A
                                           684,734         26,016
    *,1
        Duck   Creek   Technologies       Inc.
                                           584,213         25,296
    *
        SolarWinds      Corp.
                                          1,681,433          25,137
    *
        Axcelis     Technologies       Inc.
                                           860,737         25,065
    *,1
        Asana   Inc.   Class   A
                                           840,114         24,825
    *
        ACM  Research     Inc.   Class   A
                                           298,049         24,217
    *
        Jamf   Holding     Corp.
                                           802,079         23,998
    *,1
        JFrog   Ltd.
                                           377,144         23,696
    *
        Ichor   Holdings     Ltd.
                                           767,627         23,140
    *
        Veeco   Instruments       Inc.
                                          1,301,708          22,598
    *
        Diebold     Nixdorf     Inc.
                                          2,100,533          22,392
    *
        Sprout    Social    Inc.   Class   A
                                           490,378         22,268
    *,1
        MicroVision       Inc.
                                          4,134,096          22,241
    *
        Agilysys     Inc.
                                           574,541         22,051
    *
        Brightcove      Inc.
                                          1,169,341          21,516
    *
        Blucora     Inc.
                                          1,342,879          21,365
    *
        Vertex    Inc.   Class   A
                                           611,530         21,312
    *
        Allegro     MicroSystems       Inc.
                                           778,567         20,757
    *
        Tucows    Inc.   Class   A
                                           274,215         20,262
    *
        PDF  Solutions      Inc.
                                           931,347         20,117
        QAD  Inc.   Class   A
                                           316,274         19,982
    *
        Veritone     Inc.
                                           694,171         19,749
    *
        OneSpan     Inc.
                                           953,744         19,723
    *
        ScanSource      Inc.
                                           744,681         19,645
    *
        Mitek   Systems     Inc.
                                          1,094,158          19,454
    *
        Photronics      Inc.
                                          1,741,760          19,438
    *,1
        Digimarc     Corp.
                                           409,402         19,340
    *,1
        Impinj    Inc.
                                           458,877         19,213
    *
        Datto   Holding     Corp.
                                           667,642         18,026
    *
        Arlo   Technologies       Inc.
                                          2,215,758          17,261
    *
        Endurance      International        Group   Holdings     Inc.
                                          1,798,387          16,995
    *,1
        Cleanspark      Inc.
                                           577,643         16,781
    *
        Avid   Technology      Inc.
                                          1,010,208          16,032
    *,1
        Rackspace      Technology      Inc.
                                           823,919         15,704
        McAfee    Corp.   Class   A
                                           934,729         15,601
        American     Software     Inc.   Class   A
                                           886,112         15,215
    *
        EverQuote      Inc.   Class   A
                                           398,412         14,881
    *
        PC  Connection      Inc.
                                           306,096         14,475
                                159/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *
        A10  Networks     Inc.
                                          1,391,567          13,721
    *
        Forrester      Research     Inc.
                                           324,722         13,606
    *
        SMART   Global    Holdings     Inc.
                                           357,400         13,449
    *
        Zix  Corp.
                                          1,553,917          13,410
    *
        Alpha   & Omega   Semiconductor        Ltd.
                                           561,601         13,276
    *
        Limelight      Networks     Inc.
                                          3,314,211          13,224
    *
        Grid   Dynamics     Holdings     Inc.
                                          1,045,337          13,171
    *
        Benefitfocus       Inc.
                                           864,832         12,523
    *,1
        Sumo   Logic   Inc.
                                           419,803         11,998
    *
        ChannelAdvisor         Corp.
                                           743,706         11,884
    *
        NeoPhotonics       Corp.
                                          1,252,791          11,388
    *
        Kimball     Electronics       Inc.
                                           707,513         11,313
    *
        TrueCar     Inc.
                                          2,656,116          11,156
    *
        AXT  Inc.
                                          1,136,225          10,874
    *
        DSP  Group   Inc.
                                           650,307         10,789
                                160/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数     (千米ドル)
    *
        MediaAlpha      Inc.   Class   A
                                           263,026         10,276
    1
        VirnetX     Holding     Corp.
                                          1,998,196          10,071
    *
        Rimini    Street    Inc.
                                          2,114,460           9,367
        NVE  Corp.
                                           164,555          9,245
        Hackett     Group   Inc.
                                           627,896          9,035
    *,1
        Intelligent       Systems     Corp.
                                           224,339          8,998
        Computer     Programs     & Systems     Inc.
                                           319,040          8,563
    *
        Sciplay     Corp.   Class   A
                                           608,148          8,423
    *
        Iteris    Inc.
                                          1,487,436           8,404
    *
        Immersion      Corp.
                                           738,973          8,343
    *
        GTY  Technology      Holdings     Inc.
                                          1,591,971           8,246
    *,1
        Atomera     Inc.
                                           476,151          7,661
    *
        Intevac     Inc.
                                           981,720          7,078
    *
        eGain   Corp.
                                           596,002          7,039
    *,1
        Waitr   Holdings     Inc.
                                          2,454,700           6,824
    *
        Quantum     Corp.
                                           998,616          6,112
    *
        SharpSpring       Inc.
                                           362,676          5,904
    *
        Kopin   Corp.
                                          2,405,553           5,846
    *
        EMCORE    Corp.
                                          1,045,619           5,699
    *
        Intellicheck       Inc.
                                           493,675          5,630
    *
        Synchronoss       Technologies       Inc.
                                          1,188,624           5,587
        Daktronics      Inc.
                                          1,181,767           5,531
    *
        CyberOptics       Corp.
                                           225,287          5,112
    *
        Telenav     Inc.
                                          1,083,205           5,091
    *
        Identiv     Inc.
                                           583,834          4,963
    *
        Smith   Micro   Software     Inc.
                                           888,241          4,814
    *,1
        Asure   Software     Inc.
                                           655,117          4,651
    *,1
        Remark    Holdings     Inc.
                                          2,411,178           4,581
    *,1
        Red  Violet    Inc.
                                           175,420          4,580
    *
        Pixelworks      Inc.
                                          1,580,036           4,456
    *,1
        AudioEye     Inc.
                                           170,390          4,401
    *,1
        Mohawk    Group   Holdings     Inc.
                                           251,864          4,335
    *
        comScore     Inc.
                                          1,737,521           4,326
    *
        IEC  Electronics       Corp.
                                           308,196          4,176
    *
        GSI  Technology      Inc.
                                           557,494          4,125
    *
        Intrusion      Inc.
                                           226,917          3,998
    *
        Innodata     Inc.
                                           742,072          3,933
    *
        WidePoint      Corp.
                                           382,431          3,866
    *
        Computer     Task   Group   Inc.
                                           626,143          3,832
    *
        Qumu   Corp.
                                           471,658          3,769
    *
        Amtech    Systems     Inc.
                                           580,055          3,701
    *
        PCTEL   Inc.
                                           545,789          3,586
    *,1
        Unity   Software     Inc.
                                            23,332         3,581
        QAD  Inc.   Class   B
                                            65,117         3,158
    *,1
        eMagin    Corp.
                                          1,904,150           3,142
        AstroNova      Inc.
                                           278,254          2,963
    *
        SecureWorks       Corp.   Class   A
                                           196,735          2,798
    *
        Mastech     Digital     Inc.
                                           169,934          2,702
    *
        Issuer    Direct    Corp.
                                           152,104          2,663
                                161/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *
        Park   City   Group   Inc.
                                           532,857          2,552
    *,1
        XpresSpa     Group   Inc.
                                          1,969,600           2,344
    *,1
        Research     Frontiers      Inc.
                                           820,389          2,305
    *
        Synacor     Inc.
                                          1,661,294           2,259
    *
        Everspin     Technologies       Inc.
                                           486,438          2,238
    *
        Beyond    Air  Inc.
                                           355,840          1,875
    *
        Aehr   Test   Systems
                                           680,666          1,722
    *
        Key  Tronic    Corp.
                                           243,876          1,683
    *,1
        Net  Element     Inc.
                                           117,351          1,637
    *
        TransAct     Technologies       Inc.
                                           229,335          1,628
    *
        Zedge   Inc.   Class   B
                                           268,160          1,620
    *
        Support.com       Inc.
                                           719,627          1,583
        ARC  Document     Solutions      Inc.
                                          1,009,239           1,494
        Richardson      Electronics       Ltd.
                                           298,391          1,405
    *,1
        Boxlight     Corp.   Class   A
                                           917,361          1,404
                                162/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数     (千米ドル)
    *
        inTEST    Corp.
                                           208,654          1,354
    *
        Kubient     Inc.
                                           236,300          1,319
    *
        NetSol    Technologies       Inc.
                                           324,689          1,234
    *
        Verb   Technology      Co.  Inc.
                                           693,689          1,145
        CSP  Inc.
                                           129,730          1,003
    *,1
        Inuvo   Inc.
                                          2,177,936            986
    *
        RealNetworks       Inc.
                                           585,135           913
        Bentley     Systems     Inc.   Class   B
                                            22,376          906
    *
        PubMatic     Inc.   Class   A
                                            30,256          846
    *,1
        Rubicon     Technology      Inc.
                                            86,789          785
    *
        One  Stop   Systems     Inc.
                                           190,266           761
    *
        Data   I/O  Corp.
                                           180,694           744
    *
        GSE  Systems     Inc.
                                           541,861           715
    *
        QuickLogic      Corp.
                                           188,636           715
    *
        CVD  Equipment      Corp.
                                           165,351           600
    *,1
        Cinedigm     Corp.   Class   A
                                           786,863           507
    *,1
        Super   League    Gaming    Inc.
                                           158,855           450
    *,1
        Phunware     Inc.
                                           352,731           444
    *,1
        Akerna    Corp.
                                           134,888           437
    *,1
        Exela   Technologies       Inc.
                                           849,214           353
    *,1
        American     Virtual     Cloud   Technologies       Inc.
                                            42,436          306
    *
        Aware   Inc.
                                            78,895          276
    *,1
        AutoWeb     Inc.
                                           111,035           274
    *
        BSQUARE     Corp.
                                           180,438           274
    *
        Streamline      Health    Solutions      Inc.
                                           171,772           268
    *
        CynergisTek       Inc.
                                           158,445           230
    *
        RCM  Technologies       Inc.
                                           107,460           222
    *
        Creative     Realities      Inc.
                                            66,218           85
    *
        Trio-Tech      International
                                            15,180           60
    *
        Evolving     Systems     Inc.
                                                       55
                                            27,962
                                                  282,169,879
    通信サービス       (3.33％)
        Verizon     Communications         Inc.
                                         116,643,057          6,852,780
        Comcast     Corp.   Class   A
                                         128,700,934          6,743,929
        AT&T   Inc.
                                         200,815,347          5,775,449
        Cisco   Systems     Inc.
                                         107,188,852          4,796,701
    *
        Charter     Communications         Inc.   Class   A
                                          3,944,115        2,609,229
    *
        T-Mobile     US  Inc.
                                          15,758,429         2,125,024
        L3Harris     Technologies       Inc.
                                          5,921,513        1,119,284
    *
        Roku   Inc.
                                          3,070,621        1,019,508
        Motorola     Solutions      Inc.
                                          4,783,608          813,500
    *
        Liberty     Broadband      Corp.   Class    C 
                                          4,930,192          780,795
        Cable   One  Inc.
                                           153,121        341,111
        CenturyLink       Inc.
                                          31,070,409          302,937
    *
        Altice    USA  Inc.   Class   A
                                          7,482,638          283,368
    *
        Ciena   Corp.
                                          4,356,005          230,215
    *
        DISH   Network     Corp.   Class   A
                                          6,891,819          222,881
        Juniper     Networks     Inc.
                                          9,368,490          210,885
    *
        Lumentum     Holdings     Inc.
                                          2,106,602          199,706
                                163/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *
        Iridium     Communications         Inc.
                                          3,324,046          130,718
    *
        8x8  Inc.
                                          2,881,707          99,332
    *
        Viavi   Solutions      Inc.
                                          6,352,529          95,129
    *
        Vonage    Holdings     Corp.
                                          6,547,675          84,301
    *
        Acacia    Communications         Inc.
                                          1,090,352          79,552
    *
        CommScope      Holding     Co.  Inc.
                                          5,588,055          74,880
        Cogent    Communications         Holdings     Inc.
                                          1,200,869          71,896
        Shenandoah      Telecommunications           Co.
                                          1,333,239          57,663
    *
        ViaSat    Inc.
                                          1,758,974          57,431
        InterDigital       Inc.
                                           843,722         51,197
        Telephone      & Data   Systems     Inc.
                                          2,699,939          50,138
        Ubiquiti     Inc.
                                           172,945         48,167
    *
        Infinera     Corp.
                                          4,545,267          47,634
    *
        Liberty     Broadband      Corp.   Class   A
                                           300,875         47,412
    *,1
        fuboTV    Inc.
                                          1,524,601          42,689
                                164/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数     (千米ドル)
    *
        Vocera    Communications         Inc.
                                           844,500         35,072
    *,1
        Inseego     Corp.
                                          2,230,465          34,505
    *,1
        NETGEAR     Inc.
                                           780,100         31,695
        Plantronics       Inc.
                                          1,026,859          27,756
    *
        EchoStar     Corp.   Class   A
                                          1,306,618          27,687
    *
        Extreme     Networks     Inc.
                                          3,343,192          23,035
    *
        Cincinnati      Bell   Inc.
                                          1,369,711          20,929
        ADTRAN    Inc.
                                          1,400,317          20,683
    *
        Harmonic     Inc.
                                          2,724,490          20,134
    *,1
        Radius    Global    Infrastructure         Inc.
                                          1,532,200          19,689
    *
        ORBCOMM     Inc.
                                          2,278,995          16,910
    *
        WideOpenWest       Inc.
                                          1,511,832          16,131
    *
        Digi   International        Inc.
                                           792,847         14,985
    *
        Boingo    Wireless     Inc.
                                          1,156,560          14,711
    *
        United    States    Cellular     Corp.
                                           448,615         13,768
        Comtech     Telecommunications           Corp.
                                           628,835         13,011
        ATN  International        Inc.
                                           297,715         12,433
    *
        Anterix     Inc.
                                           321,550         12,090
    *
        Ribbon    Communications         Inc.
                                          1,645,351          10,794
    *,1
        Gogo   Inc.
                                          1,109,424          10,684
    *
        CalAmp    Corp.
                                          1,074,172          10,656
    *
        Consolidated       Communications         Holdings     Inc.
                                          2,003,971           9,799
    *
        IDT  Corp.   Class   B
                                           758,048          9,369
    *
        Clearfield      Inc.
                                           372,730          9,214
    *
        Ooma   Inc.
                                           634,860          9,142
        Loral   Space   & Communications         Inc.
                                           341,571          7,170
    *
        Powerfleet      Inc.
                                           959,491          7,129
    *
        KVH  Industries      Inc.
                                           604,876          6,865
    *
        DZS  Inc.
                                           423,992          6,559
    *
        Airgain     Inc.
                                           362,839          6,451
    *
        Aviat   Networks     Inc.
                                           176,705          6,034
    *
        Genasys     Inc.
                                           915,019          5,966
    *
        Casa   Systems     Inc.
                                           966,377          5,963
        Spok   Holdings     Inc.
                                           533,975          5,943
        Alaska    Communications         Systems     Group   Inc.
                                          1,587,267           5,857
    *
        Cambium     Networks     Corp.
                                           217,737          5,461
    *,1
        Globalstar      Inc.
                                          15,778,403           5,343
    *,1
        Applied     Optoelectronics         Inc.
                                           589,543          5,017
    *
        Hemisphere      Media   Group   Inc.   Class   A
                                           479,012          4,963
        Bel  Fuse   Inc.   Class   B
                                           298,534          4,487
    *
        RigNet    Inc.
                                           627,735          3,697
    *
        Lantronix      Inc.
                                           795,356          3,531
    *,1
        Resonant     Inc.
                                          1,272,191           3,371
    *,1
        GTT  Communications         Inc.
                                           808,106          2,885
    *
        Crexendo     Inc.
                                           339,220          2,351
        Communications         Systems     Inc.
                                           305,247          1,395
        TESSCO    Technologies       Inc.
                                           206,522          1,289
        Network-1      Technologies       Inc.
                                           195,392           721
    *
        Otelco    Inc.   Class   A
                                            54,417          624
                                165/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *
        SeaChange      International        Inc.
                                           421,101           590
    *
        ClearOne     Inc.
                                           231,050           524
    *
        Optical     Cable   Corp.
                                            62,844          168
    *,1
        ADDvantage      Technologies       Group   Inc.
                                            47,738          143
    *,1,2
        FTE  Networks     Inc.
                                            84,180          126
    *
        Sonim   Technologies       Inc.
                                            85,856           62
        Bel  Fuse   Inc.   Class   A
                                             2,976          40
        BK  Technologies       Corp.
                                                       5
                                             1,796
                                                  36,021,053
    公益事業     (2.96％)
        NextEra     Energy    Inc.
                                          55,222,816         4,260,440
        Duke   Energy    Corp.
                                          20,741,125         1,899,057
        Southern     Co.
                                          29,763,304         1,828,360
        Dominion     Energy    Inc.
                                          23,012,915         1,730,571
        Waste   Management      Inc.
                                          11,923,367         1,406,123
                                166/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数     (千米ドル)
        American     Electric     Power   Co.  Inc.
                                          13,999,827         1,165,766
        Exelon    Corp.
                                          27,459,566         1,159,343
        Sempra    Energy
                                          8,158,332        1,039,453
        Xcel   Energy    Inc.
                                          14,839,637          989,359
        Eversource      Energy
                                          9,679,301          837,356
        Public    Service     Enterprise      Group   Inc.
                                          14,296,703          833,498
        WEC  Energy    Group   Inc.
                                          8,924,671          821,337
        American     Water   Works   Co.  Inc.
                                          5,124,649          786,480
        Waste   Connections       Inc.
                                          7,423,374          761,415
        Edison    International
                                          10,703,071          672,367
        DTE  Energy    Co.
                                          5,437,910          660,217
        PPL  Corp.
                                          21,658,032          610,757
        Consolidated       Edison    Inc.
                                          8,115,456          586,504
        Entergy     Corp.
                                          5,662,675          565,361
        Republic     Services     Inc.   Class   A
                                          5,833,544          561,770
        Ameren    Corp.
                                          6,954,286          542,852
    *
        PG&E   Corp.
                                          41,867,108          521,664
        CMS  Energy    Corp.
                                          8,084,235          493,219
        FirstEnergy       Corp.
                                          15,269,691          467,405
        AES  Corp.
                                          18,751,715          440,665
    *
        Sunrun    Inc.
                                          5,280,276          366,346
        Alliant     Energy    Corp.
                                          7,059,814          363,792
        Evergy    Inc.
                                          6,424,406          356,619
        CenterPoint       Energy    Inc.
                                          15,355,650          332,296
        Atmos   Energy    Corp.
                                          3,475,488          331,666
        Essential      Utilities      Inc.
                                          6,931,715          327,801
        Pinnacle     West   Capital     Corp.
                                          3,183,004          254,481
        NRG  Energy    Inc.
                                          6,773,350          254,339
        Vistra    Corp.
                                          12,775,461          251,166
        NiSource     Inc.
                                          10,868,488          249,323
        UGI  Corp.
                                          5,875,392          205,404
        OGE  Energy    Corp.
                                          5,676,624          180,857
    *
        Stericycle      Inc.
                                          2,585,627          179,262
        IDACORP     Inc.
                                          1,416,966          136,071
        Ormat   Technologies       Inc.
                                          1,243,774          112,288
        ONE  Gas  Inc.
                                          1,438,691          110,448
        PNM  Resources      Inc.
                                          2,272,132          110,267
        Black   Hills   Corp.
                                          1,766,520          108,553
        Portland     General     Electric     Co.
                                          2,535,322          108,436
    *
        Clean   Harbors     Inc.
                                          1,410,005          107,301
        National     Fuel   Gas  Co.
                                          2,522,195          103,738
        Hawaiian     Electric     Industries      Inc.
                                          2,883,518          102,048
        New  Jersey    Resources      Corp.
                                          2,678,623          95,225
        ALLETE    Inc.
                                          1,445,209          89,516
        Southwest      Gas  Holdings     Inc.
                                          1,468,043          89,184
        Spire   Inc.
                                          1,362,896          87,280
    *
        Sunnova     Energy    International        Inc.
                                          1,912,464          86,310
    *
        Casella     Waste   Systems     Inc.   Class   A
                                          1,377,129          85,313
        NorthWestern       Corp.
                                          1,406,582          82,018
                                167/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *
        Evoqua    Water   Technologies       Corp.
                                          3,011,936          81,262
        American     States    Water   Co.
                                          1,015,616          80,752
        Avangrid     Inc.
                                          1,701,596          77,338
        Avista    Corp.
                                          1,898,142          76,191
        California      Water   Service     Group
                                          1,350,905          72,989
        MGE  Energy    Inc.
                                          1,033,406          72,369
        Clearway     Energy    Inc.   Class    C 
                                          2,092,002          66,798
        South   Jersey    Industries      Inc.
                                          2,843,019          61,267
        SJW  Group
                                           810,673         56,228
        Chesapeake      Utilities      Corp.
                                           459,402         49,712
        Covanta     Holding     Corp.
                                          3,344,735          43,916
    *
        Harsco    Corp.
                                          2,227,213          40,045
        Northwest      Natural     Holding     Co.
                                           834,506         38,379
        Middlesex      Water   Co.
                                           490,191         35,524
        US  Ecology     Inc.
                                           931,571         33,844
                                168/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数     (千米ドル)
        Clearway     Energy    Inc.   Class   A
                                          1,136,496          33,583
        Unitil    Corp.
                                           428,767         18,982
        York   Water   Co.
                                           383,888         17,889
    *
        Pure   Cycle   Corp.
                                          1,059,152          11,894
        Artesian     Resources      Corp.   Class   A
                                           282,564         10,477
    *
        Heritage-Crystal          Clean   Inc.
                                           463,395          9,764
    *,1
        Cadiz   Inc.
                                           819,477          8,727
        RGC  Resources      Inc.
                                           325,370          7,737
        Genie   Energy    Ltd.   Class   B
                                          1,016,606           7,330
    *
        Atlantic     Power   Corp.
                                          2,980,578           6,259
        Global    Water   Resources      Inc.
                                           396,728          5,717
        Spark   Energy    Inc.   Class   A
                                           450,852          4,315
    *,1
        Aqua   Metals    Inc.
                                          1,242,828           3,729
    *
        Sharps    Compliance      Corp.
                                           373,017          3,525
        Advanced     Emissions      Solutions      Inc.
                                           540,444          2,972
    *
        Fuel   Tech   Inc.
                                           467,755          1,815
    *
        Perma-Fix      Environmental        Services     Inc.
                                           289,060          1,726
    *,1
        Vertex    Energy    Inc.
                                          1,205,574            858
    *
        Charah    Solutions      Inc.
                                           288,382           828
    *
        Quest   Resource     Holding     Corp.
                                                       59
                                            25,955
                                                  31,953,487
    普通株式総額       (原価   $518,935,880)
                                                 1,075,207,407
    優先株式     (0.00％)
        Air  T Funding     Pfd.,   8.000   ％,  6/7/24    (原価   $36)
                                             1,727          44
                            クーポン

    短期現物投資       (0.84％)
    マネー・マーケット・ファンド                (0.81％)
    6,7
        Vanguard     Market    Liquidity      Fund
                            0.111   ％           86,992,558        8,699,256
                                           額面金額

                                    満期日      ( 千米ドル)
    米国政府機関債         (0.03％)
    8
        United    States    Treasury     Bill
                            0.116   ％     1/21/21         162,000        161,996
        United    States    Treasury     Bill                               212,993
                            0.106   ％     1/26/21         213,000
                                                    374,989
    短期現物投資合計          (原価   $9,073,467)
                                                   9,074,245
    投資総額     (100.33％)      (原価   $528,009,383)
                                                 1,084,281,696
    その他の資産および負債-純額                (-0.33％)
                                                  (3,569,396)
    純資産    (100％)                                        1,080,712,300
                                              (117,721,991       百万円)
    ・  財務書類注記の注記Ａを参照のこと。

    ＊  配当を出さない有価証券。
    １  ブローカー／ディーラーに貸し付けられている証券ポジションの一部を含む。貸付有価証券の価
       値総額は3,870,567,000米ドルである。
    ２  重要な観察不能なインプットを用いて算定された有価証券の価値。
    ３  当ファンドが当該企業の発行済議決権付株式の５％超を保有しているため、当ファンドの関連会
       社とみなされる。
                                169/470


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    ４  1933  年証券法ルール144Aの規定による登録免除証券。これらの証券は登録免除取引で、通常、適
       格機関投資家に売却される。2020年12月31日現在、これらの証券の価値総額は70,112,000米ドル
       であり、純資産の0.0％にあたる。
    ５  「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。
    ６  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。
    ７  貸付有価証券に係る担保として4,200,627,000米ドルを受け取った。うち、4,167,191,000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、33,436,000米ドルは現金で保有
       されている。
    ８  未決済先物契約の当初証拠金として有価証券161,996,000米ドルが分別管理されている。
       CVR－不確定価額受領権(Contingent                   Value   Rights)
       REIT－不動産投資信託(Real               Estate    Investment      Trust)
                                170/470
















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    期末現在のデリバティブ金融商品残高
    先物契約
                                                （単位：千米ドル）
                                        買建          契約額および
                                        (売建)           未実現利益
                                  限月      玉数    名目元本        （損失）
    買建の先物契約
    E-mini   ラッセル2000インデックス                       2021  年３月       1,914     188,989         6,156
    E-mini   S&P  500  インデックス
                               2021  年３月      25,703     4,817,770         99,733
    E-mini   S&P  ミッド・キャップ400インデックス
                               2021  年３月        240     55,284        1,603
                                                     107,492
                                                （単位：千米ドル）

    店頭トータル・リターンスワップ
                                        受領
                                       (支払)
                             契約               契約額および        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）
    Alcoa   Corp.
                   2021  年９月２日       BOANA      5,440    (0.153)   ％      321        -
    Bandwidth     Inc.  Class   A
                   2021  年９月２日       BOANA     31,874    (0.153)   ％      381        -
    Consolidated      Edison   Inc.
                   2021  年９月２日       BOANA     106,750     (0.153)   ％       -     (5,609)
    International      Flavors    &
    Fragrances     Inc.
                   2021  年２月２日        GSI    22,186    (0.153)   ％       -      (415)
    Raymond    James
    Financial     Inc.
                   2021  年９月２日       BOANA     31,833    (0.153)   ％     1,638         -
    RingCentral     Inc.  Class   A
                   2021  年９月２日       BOANA     40,604    (0.153)   ％     2,967         -
    State   Street   Corp.
                   2021  年９月２日       BOANA     35,600    (0.158)   ％      784        -
    State   Street   Corp.
                   2021  年９月２日       BOANA     35,373    (0.152)   ％     1,013         -
    State   Street   Corp.
                   2021  年９月２日       BOANA     42,396    (0.144)   ％     1,268         -
    Visa  Inc.  Class   A
                   2021  年９月２日       BOANA     47,329    (0.153)   ％     1,885         -
    Vistra   Corp.
                   2021  年９月２日       BOANA     19,988    (0.153)   ％     1,043         -
    Williams    Cos.  Inc.
                   2021  年９月２日       BOANA     125,880     (0.153)   ％       -     (5,612)
                                              11,300       (11,636)
    1 直近の支払日における１ヶ月物ロンドン銀行間取引金利(LIBOR)に基づいている。月次の変動金利の

     支払に係る受取／支払金利
     1M-  １ヶ月
     BOANA-Bank      of  America,     N.A.
     GSI-Goldman       Sachs   International.
    2020  年12月31日現在、契約相手方は、未決済店頭スワップ契約に関して2,384,000米ドルの有価証券を
    分別口座に預託していた。
    添付の注記は財務書類の不可欠の一部である。

    次へ

                                171/470




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

    財務書類
    純資産計算書

    2019  年12月31日現在
    当ファンドは、各計算期間に４回、四半期末現在の投資有価証券を網羅した表を規制当局に報告して

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

                                             株数    （千米ドル）
              1
    普通株式     (99.7％)
    素材   (2.2％)
        Linde   plc
                                          15,134,929         3,222,226
        Air  Products     & Chemicals      Inc.
                                          6,202,815        1,457,599
        Ecolab    Inc.
                                          7,305,117        1,409,815
        DuPont    de  Nemours     Inc.
                                          20,873,003         1,340,047
        Dow  Inc.
                                          20,929,539         1,145,474
        Newmont     Goldcorp     Corp.
                                          23,107,807         1,004,034
        PPG  Industries      Inc.
                                          6,646,159          887,196
        LyondellBasell         Industries      NV  Class   A
                                          7,047,120          665,812
        Freeport-McMoRan          Inc.
                                          38,833,880          509,501
        International        Paper   Co.
                                          11,058,509          509,244
        Nucor   Corp.
                                          8,537,296          480,479
        Celanese     Corp.   Class   A
                                          3,406,597          419,420
        International        Flavors     & Fragrances      Inc.
                                          3,004,135          387,593
        FMC  Corp.
                                          3,655,457          364,888
        Avery   Dennison     Corp.
                                          2,355,232          308,111
        CF  Industries      Holdings     Inc.
                                          6,130,780          292,683
        RPM  International        Inc.
                                          3,648,559          280,063
        Eastman     Chemical     Co.
                                          3,457,498          274,041
        Royal   Gold   Inc.
                                          1,842,944          225,300
        Albemarle      Corp.
                                          2,984,304          217,974
        Reliance     Steel   & Aluminum     Co.
                                          1,777,724          212,900
        Mosaic    Co.
                                          9,628,626          208,363
        Steel   Dynamics     Inc.
                                          5,791,420          197,140
    *
        Axalta    Coating     Systems     Ltd.
                                          5,902,140          179,425
        Huntsman     Corp.
                                          5,801,106          140,155
        WR  Grace   & Co.
                                          1,865,484          130,304
        Ashland     Global    Holdings     Inc.
                                          1,702,064          130,259
        NewMarket      Corp.
                                           266,961        129,882
        Scotts    Miracle-Gro       Co.
                                          1,107,569          117,602
    *
        Univar    Solutions      Inc.
                                          4,745,763          115,037
    *
        Alcoa   Corp.
                                          5,232,726          112,556
    *
        Ingevity     Corp.
                                          1,181,170          103,211
                                172/470


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
        Balchem     Corp.
                                           913,136         92,802
        Chemours     Co.
                                          4,591,159          83,054
        PolyOne     Corp.
                                          2,178,343          80,141
        Sensient     Technologies       Corp.
                                          1,187,405          78,476
        Olin   Corp.
                                          4,476,055          77,212
        Westlake     Chemical     Corp.
                                          1,084,804          76,099
        HB  Fuller    Co.
                                          1,437,003          74,106
        Commercial      Metals    Co.
                                          3,321,882          73,978
        Innospec     Inc.
                                           685,977         70,957
    *
        Element     Solutions      Inc.
                                          6,062,971          70,815
        Cabot   Corp.
                                          1,448,198          68,818
        Carpenter      Technology      Corp.
                                          1,357,669          67,585
    ^
        Cleveland-Cliffs          Inc.
                                          7,536,994          63,311
        Quaker    Chemical     Corp.
                                           378,340         62,244
        Domtar    Corp.
                                          1,610,013          61,567
        Compass     Minerals     International        Inc.
                                           955,846         58,268
        Stepan    Co.
                                           565,290         57,908
        Minerals     Technologies       Inc.
                                           978,061         56,366
    ^
        United    States    Steel   Corp.
                                          4,764,758          54,366
    *
        Coeur   Mining    Inc.
                                          6,144,234          49,645
                                173/470













                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数    （千米ドル）
        Kaiser    Aluminum     Corp.
                                           447,290         49,600
        Hecla   Mining    Co.
                                          13,977,833           47,385
        Worthington       Industries      Inc.
                                          1,044,716          44,066
    *
        GCP  Applied     Technologies       Inc.
                                          1,689,907          38,378
        Schweitzer-Mauduit           International        Inc.
                                           874,408         36,716
    *
        Ferro   Corp.
                                          2,332,299          34,588
        Materion     Corp.
                                           558,542         33,205
        Neenah    Inc.
                                           462,801         32,595
        Warrior     Met  Coal   Inc.
                                          1,413,990          29,878
        Arch   Coal   Inc.   Class   A
                                           411,588         29,527
    *
        AK  Steel   Holding     Corp.
                                          8,240,587          27,112
        Tronox    Holdings     plc  Class   A
                                          2,358,953          26,939
        Chase   Corp.
                                           194,326         23,024
    *
        Kraton    Corp.
                                           905,710         22,933
        PH  Glatfelter      Co.
                                          1,228,250          22,477
        GrafTech     International        Ltd.
                                          1,901,307          22,093
    *
        Koppers     Holdings     Inc.
                                           534,736         20,438
    *
        PQ  Group   Holdings     Inc.
                                          1,175,974          20,203
        Tredegar     Corp.
                                           846,265         18,914
        Innophos     Holdings     Inc.
                                           560,944         17,939
        Peabody     Energy    Corp.
                                          1,846,360          16,839
    *
        Verso   Corp.
                                           896,052         16,156
    *
        AdvanSix     Inc.
                                           804,471         16,057
        SunCoke     Energy    Inc.
                                          2,568,204          16,000
        Schnitzer      Steel   Industries      Inc.
                                           710,227         15,398
        American     Vanguard     Corp.
                                           778,580         15,159
    *
        OMNOVA    Solutions      Inc.
                                          1,285,015          12,992
        Haynes    International        Inc.
                                           362,822         12,982
        US  Silica    Holdings     Inc.
                                          2,090,691          12,858
        Hawkins     Inc.
                                           280,320         12,841
    *
        Century     Aluminum     Co.
                                          1,417,898          10,656
        Gold   Resource     Corp.
                                          1,877,491          10,401
    *
        Clearwater      Paper   Corp.
                                           465,239          9,938
        Kronos    Worldwide      Inc.
                                           739,566          9,910
        FutureFuel      Corp.
                                           731,582          9,064
    *
        TimkenSteel       Corp.
                                          1,000,122           7,861
    *
        Resolute     Forest    Products     Inc.
                                          1,670,830           7,017
    *
        CONSOL    Energy    Inc.
                                           473,551          6,871
    *
        Intrepid     Potash    Inc.
                                          2,429,814           6,585
        Rayonier     Advanced     Materials      Inc.
                                          1,616,669           6,208
    *,^
        ChromaDex      Corp.
                                          1,265,117           5,453
        Olympic     Steel   Inc.
                                           298,044          5,341
    *,^
        Energy    Fuels   Inc.
                                          2,667,456           5,095
    *
        Ryerson     Holding     Corp.
                                           410,113          4,852
    *
        Contura     Energy    Inc.
                                           526,551          4,765
    *,^
        Uranium     Energy    Corp.
                                          4,831,743           4,441
    *
        Universal      Stainless      & Alloy   Products     Inc.
                                           275,820          4,110
    *
        Synalloy     Corp.
                                           280,770          3,625
    *
        LSB  Industries      Inc.
                                           681,035          2,860
                                174/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *,^
        Ur-Energy      Inc.
                                          4,610,759           2,713
    *,^
        AgroFresh      Solutions      Inc.
                                          1,033,962           2,668
        Northern     Technologies       International        Corp.
                                           159,019          2,236
    *,^
        Hi-Crush     Inc.
                                          2,164,803           1,911
    *
        Marrone     Bio  Innovations       Inc.
                                          1,883,507           1,902
        Hallador     Energy    Co.
                                           471,119          1,399
    *
        Ampco-Pittsburgh          Corp.
                                           420,452          1,266
        United-Guardian         Inc.
                                            52,756         1,037
    *
        Ramaco    Resources      Inc.
                                           231,486           829
        Friedman     Industries      Inc.
                                           125,686           757
    *
        Centrus     Energy    Corp.   Class   A
                                            95,059          654
    *
        General     Moly   Inc.
                                          1,633,202            371
    *
        Senestech      Inc.
                                           325,961           179
    *
        US  Antimony     Corp.
                                           409,122           158
        Flexible     Solutions      International        Inc.
                                            54,447          140
    *,^
        US  Gold   Corp.
                                           133,257           108
    *
        NL  Industries      Inc.
                                            26,976          105
                                175/470














                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数    （千米ドル）
    *
        Paramount      Gold   Nevada    Corp.
                                            65,976           51
    *
        Golden    Minerals     Co.
                                           130,813           41
    *
        Solitario      Zinc   Corp.
                                           107,374           32
    *
        Ikonics     Corp.
                                                       11
                                             2,096
                                                  19,444,965
    消費財    (7.9％)
        Procter     & Gamble    Co.
                                          70,247,910         8,773,964
        Coca-Cola      Co.
                                         108,645,223          6,013,513
        PepsiCo     Inc.
                                          39,282,426         5,368,729
        Philip    Morris    International        Inc.
                                          43,826,136         3,729,166
        NIKE   Inc.   Class   B
                                          35,096,598         3,555,636
        Altria    Group   Inc.
                                          52,623,126         2,626,420
        Mondelez     International        Inc.   Class   A
                                          40,570,077         2,234,600
    *,^
        Tesla   Inc.
                                          4,061,017        1,698,845
        Colgate-Palmolive          Co.
                                          24,144,877         1,662,133
        Kimberly-Clark         Corp.
                                          9,666,055        1,329,566
        General     Motors    Co.
                                          36,177,178         1,324,085
        Estee   Lauder    Cos.   Inc.   Class   A
                                          6,261,287        1,293,206
        Activision      Blizzard     Inc.
                                          21,645,599         1,286,182
        Ford   Motor   Co.
                                         109,743,140          1,020,611
        VF  Corp.
                                          9,554,534          952,205
        General     Mills   Inc.
                                          17,007,425          910,918
    *
        Electronic      Arts   Inc.
                                          8,230,572          884,869
        Constellation        Brands    Inc.   Class   A
                                          4,250,806          806,590
    *
        Lululemon      Athletica      Inc.
                                          3,291,813          762,614
        Tyson   Foods   Inc.   Class   A
                                          8,317,746          757,248
        Archer-Daniels-Midland             Co.
                                          15,666,228          726,130
        Aptiv   plc
                                          7,190,659          682,897
    *
        Monster     Beverage     Corp.
                                          10,616,245          674,662
        Corteva     Inc.
                                          21,074,302          622,956
        Hershey     Co.
                                          4,181,939          614,661
        Kraft   Heinz   Co.
                                          18,935,664          608,403
        McCormick      & Co.  Inc.
                                          3,480,731          590,784
        Brown-Forman       Corp.   Class   B
                                          8,230,479          556,380
        Clorox    Co.
                                          3,538,701          543,332
        DR  Horton    Inc.
                                          9,881,146          521,230
        Kellogg     Co.
                                          7,211,280          498,732
        Church    & Dwight    Co.  Inc.
                                          6,932,191          487,610
        Conagra     Brands    Inc.
                                          13,688,139          468,682
        Lennar    Corp.   Class   A
                                          7,887,210          440,027
        Genuine     Parts   Co.
                                          3,894,236          413,685
        Garmin    Ltd.
                                          4,014,916          391,695
    *
        Take-Two     Interactive       Software     Inc.
                                          3,198,333          391,572
        Hasbro    Inc.
                                          3,622,409          382,563
    *
        NVR  Inc.
                                            98,911        376,694
        Lamb   Weston    Holdings     Inc.
                                          4,100,190          352,739
        Hormel    Foods   Corp.
                                          7,508,017          338,687
        JM  Smucker     Co.
                                          3,046,937          317,278
        PulteGroup      Inc.
                                          7,280,355          282,478
                                176/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *
        LKQ  Corp.
                                          7,784,363          277,902
        Campbell     Soup   Co.
                                          5,484,164          271,027
        Molson    Coors   Brewing     Co.  Class   B
                                          4,964,569          267,590
        Whirlpool      Corp.
                                          1,783,732          263,154
    *
        US  Foods   Holding     Corp.
                                          6,160,319          258,056
        Fortune     Brands    Home   & Security     Inc.
                                          3,924,027          256,396
        BorgWarner      Inc.
                                          5,818,734          252,417
        Lear   Corp.
                                          1,701,759          233,481
    ^
        Keurig    Dr  Pepper    Inc.
                                          7,934,550          229,705
        Pool   Corp.
                                          1,067,699          226,758
    *
        Mohawk    Industries      Inc.
                                          1,615,537          220,327
        PVH  Corp.
                                          2,085,691          219,310
        Bunge   Ltd.
                                          3,791,455          218,198
        Tapestry     Inc.
                                          7,785,989          209,988
        Newell    Brands    Inc.
                                          10,756,552          206,741
        Gentex    Corp.
                                          7,131,260          206,664
    *
        Post   Holdings     Inc.
                                          1,799,775          196,355
                                177/470














                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数    （千米ドル）
    *
        WABCO   Holdings     Inc.
                                          1,436,623          194,662
        Leggett     & Platt   Inc.
                                          3,684,117          187,264
        Ingredion      Inc.
                                          1,877,205          174,486
    *
        Middleby     Corp.
                                          1,566,526          171,566
        Polaris     Inc.
                                          1,637,223          166,506
        Harley-Davidson         Inc.
                                          4,357,801          162,067
    *
        Skechers     U.S.A.    Inc.   Class   A
                                          3,745,337          161,761
    *,^
        Wayfair     Inc.
                                          1,761,430          159,180
        Ralph   Lauren    Corp.   Class   A
                                          1,334,207          156,396
    *
        Capri   Holdings     Ltd.
                                          4,057,555          154,796
        Hanesbrands       Inc.
                                          10,144,260          150,642
    *
        Zynga   Inc.   Class   A
                                          24,014,936          146,971
        Toll   Brothers     Inc.
                                          3,590,882          141,876
        Brunswick      Corp.
                                          2,304,070          138,198
        Carter's     Inc.
                                          1,246,513          136,294
    *
        Deckers     Outdoor     Corp.
                                           789,599        133,332
    *,^
        Mattel    Inc.
                                          9,706,289          131,520
    *
        Darling     Ingredients       Inc.
                                          4,621,428          129,770
    *
        Herbalife      Nutrition      Ltd.
                                          2,702,156          128,812
    *
        Helen   of  Troy   Ltd.
                                           705,039        126,759
    *
        Tempur    Sealy   International        Inc.
                                          1,368,424          119,135
    *,^
        Under   Armour    Inc.   Class   A
                                          5,481,887          118,409
        Valvoline      Inc.
                                          5,304,627          113,572
        Flowers     Foods   Inc.
                                          5,108,089          111,050
        Thor   Industries      Inc.
                                          1,472,493          109,392
        Goodyear     Tire   & Rubber    Co.
                                          6,531,268          101,594
    *
        Under   Armour    Inc.   Class    C 
                                          5,281,232          101,294
        Sanderson      Farms   Inc.
                                           559,343         98,567
        Coty   Inc.   Class   A
                                          8,492,762          95,544
        Steven    Madden    Ltd.
                                          2,159,509          92,880
    *
        Boston    Beer   Co.  Inc.   Class   A
                                           231,968         87,649
    ^
        Energizer      Holdings     Inc.
                                          1,743,502          87,559
        Lancaster      Colony    Corp.
                                           539,254         86,335
        KB  Home
                                          2,489,883          85,328
        Columbia     Sportswear      Co.
                                           851,529         85,315
    *,^
        Beyond    Meat   Inc.
                                          1,127,143          85,212
        Spectrum     Brands    Holdings     Inc.
                                          1,308,758          84,140
        J&J  Snack   Foods   Corp.
                                           420,985         77,575
    *
        Crocs   Inc.
                                          1,851,517          77,560
    *
        TreeHouse      Foods   Inc.
                                          1,582,810          76,766
        WD-40   Co.
                                           387,137         75,159
        Wolverine      World   Wide   Inc.
                                          2,185,137          73,727
        Dana   Inc.
                                          4,032,119          73,385
        LCI  Industries
                                           668,213         71,586
    *
        Fox  Factory     Holding     Corp.
                                          1,012,342          70,429
        Herman    Miller    Inc.
                                          1,659,985          69,138
    *
        Visteon     Corp.
                                           785,865         68,048
        Kontoor     Brands    Inc.
                                          1,580,205          66,353
    *
        Taylor    Morrison     Home   Corp.   Class   A
                                          2,989,071          65,341
                                178/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
        Nu  Skin   Enterprises       Inc.   Class   A
                                          1,562,218          64,020
    *
        Meritage     Homes   Corp.
                                          1,024,336          62,597
    *
        TRI  Pointe    Group   Inc.
                                          3,942,953          61,431
    *
        Dorman    Products     Inc.
                                           790,259         59,838
    *
        Hain   Celestial      Group   Inc.
                                          2,193,727          56,938
    *
        Freshpet     Inc.
                                           960,760         56,771
        Callaway     Golf   Co.
                                          2,673,810          56,685
    *
        Welbilt     Inc.
                                          3,588,544          56,017
    *
        Meritor     Inc.
                                          2,098,924          54,971
        MDC  Holdings     Inc.
                                          1,405,561          53,636
        Steelcase      Inc.   Class   A
                                          2,413,679          49,384
    *
        Cavco   Industries      Inc.
                                           248,889         48,628
        Winnebago      Industries      Inc.
                                           899,276         47,644
    *
        Edgewell     Personal     Care   Co.
                                          1,535,442          47,537
    *
        Hostess     Brands    Inc.   Class   A
                                          3,223,157          46,865
    *
        Pilgrim's      Pride   Corp.
                                          1,393,176          45,578
        HNI  Corp.
                                          1,203,710          45,091
                                179/470














                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数    （千米ドル）
    *
        Skyline     Champion     Corp.
                                          1,419,706          45,005
    *
        American     Woodmark     Corp.
                                           429,369         44,873
        Vector    Group   Ltd.
                                          3,264,524          43,712
        La-Z-Boy     Inc.
                                          1,340,093          42,186
    *
        Fitbit    Inc.   Class   A
                                          6,330,754          41,593
    *
        G-III   Apparel     Group   Ltd.
                                          1,238,480          41,489
    *
        Gentherm     Inc.
                                           928,252         41,205
        Calavo    Growers     Inc.
                                           453,747         41,105
        Cooper    Tire   & Rubber    Co.
                                          1,426,937          41,024
    *,^
        iRobot    Corp.
                                           795,961         40,300
    *
        LGI  Homes   Inc.
                                           551,390         38,956
    *,^
        YETI   Holdings     Inc.
                                          1,084,148          37,707
        Universal      Corp.
                                           657,191         37,499
        Coca-Cola      Consolidated       Inc.
                                           130,883         37,177
    *
        Sleep   Number    Corp.
                                           744,054         36,637
        Inter   Parfums     Inc.
                                           493,736         35,900
        Oxford    Industries      Inc.
                                           470,129         35,457
        Cal-Maine      Foods   Inc.
                                           817,054         34,929
        Knoll   Inc.
                                          1,345,340          33,983
    ^
        Medifast     Inc.
                                           309,565         33,922
    *
        American     Axle   & Manufacturing        Holdings     Inc.
                                          3,137,752          33,762
    ^
        B&G  Foods   Inc.
                                          1,845,779          33,095
        Acushnet     Holdings     Corp.
                                           966,503         31,411
    *
        Delphi    Technologies       plc
                                          2,445,472          31,375
    *
        M/I  Homes   Inc.
                                           796,923         31,359
        Fresh   Del  Monte   Produce     Inc.
                                           881,466         30,834
    *
        Central     Garden    & Pet  Co.  Class   A
                                          1,022,445          30,019
        Seaboard     Corp.
                                             6,874        29,218
    *
        Sonos   Inc.
                                          1,838,860          28,723
        Standard     Motor   Products     Inc.
                                           531,214         28,271
        Interface      Inc.   Class   A
                                          1,682,177          27,907
    *
        USANA   Health    Sciences     Inc.
                                           345,962         27,175
        ACCO   Brands    Corp.
                                          2,744,110          25,685
        Levi   Strauss     & Co.  Class   A
                                          1,267,526          24,451
    *
        Malibu    Boats   Inc.   Class   A
                                           585,658         23,983
    *
        BellRing     Brands    Inc.   Class   A
                                          1,098,256          23,382
    *
        Stoneridge      Inc.
                                           740,741         21,719
        Sturm   Ruger   & Co.  Inc.
                                           461,151         21,688
        Andersons      Inc.
                                           836,620         21,150
        Kimball     International        Inc.   Class   B
                                          1,008,330          20,842
    *
        Century     Communities       Inc.
                                           759,958         20,785
    *
        Glu  Mobile    Inc.
                                          3,422,460          20,706
        John   B Sanfilippo      & Son  Inc.
                                           224,805         20,520
        Lennar    Corp.   Class   B
                                           453,325         20,264
        Tenneco     Inc.   Class   A
                                          1,456,659          19,082
        MGP  Ingredients       Inc.
                                           391,724         18,979
    *
        William     Lyon   Homes   Class   A
                                           930,802         18,597
    *
        Universal      Electronics       Inc.
                                           351,326         18,360
    *,^
        National     Beverage     Corp.
                                           334,076         17,045
                                180/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *
        elf  Beauty    Inc.
                                           940,340         15,168
    ^
        Tootsie     Roll   Industries      Inc.
                                           439,699         15,011
        Phibro    Animal    Health    Corp.   Class   A
                                           600,312         14,906
    *
        Cooper-Standard         Holdings     Inc.
                                           448,965         14,888
        National     Presto    Industries      Inc.
                                           164,379         14,529
    *,^
        GoPro   Inc.   Class   A
                                          3,241,645          14,069
    *
        American     Outdoor     Brands    Corp.
                                          1,496,453          13,887
        Ethan   Allen   Interiors      Inc.
                                           717,456         13,675
    ^
        Camping     World   Holdings     Inc.   Class   A
                                           911,815         13,440
    *
        Central     Garden    & Pet  Co.
                                           380,527         11,823
    *
        Primo   Water   Corp.
                                          1,038,170          11,653
    *
        Motorcar     Parts   of  America     Inc.
                                           517,117         11,392
        Tupperware      Brands    Corp.
                                          1,318,193          11,310
    *
        Vista   Outdoor     Inc.
                                          1,476,522          11,044
        Johnson     Outdoors     Inc.   Class   A
                                           143,760         11,026
    *
        Beazer    Homes   USA  Inc.
                                           770,090         10,881
    *
        Fossil    Group   Inc.
                                          1,283,633          10,115
                                181/470














                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数    （千米ドル）
        Clarus    Corp.
                                           714,557          9,689
        Movado    Group   Inc.
                                           443,817          9,649
    *
        Unifi   Inc.
                                           359,769          9,088
    *
        Modine    Manufacturing        Co.
                                          1,178,722           9,076
    *
        MasterCraft       Boat   Holdings     Inc.
                                           553,293          8,714
    *
        Seneca    Foods   Corp.   Class   A
                                           206,433          8,420
        Alico   Inc.
                                           234,274          8,394
    *,^
        Funko   Inc.   Class   A
                                           483,902          8,304
    *
        Arlo   Technologies       Inc.
                                          1,927,657           8,115
        Limoneira      Co.
                                           420,319          8,083
    *
        Green   Brick   Partners     Inc.
                                           661,222          7,591
    *
        Vera   Bradley     Inc.
                                           642,798          7,585
        Hooker    Furniture      Corp.
                                           273,488          7,026
    *
        Farmer    Brothers     Co.
                                           424,072          6,387
    *
        Lifevantage       Corp.
                                           407,875          6,367
        Turning     Point   Brands    Inc.
                                           222,195          6,355
        Oil-Dri     Corp.   of  America
                                           173,554          6,291
        Rocky   Brands    Inc.
                                           213,146          6,273
    *
        Delta   Apparel     Inc.
                                           197,895          6,155
    *
        ZAGG   Inc.
                                           756,831          6,138
    *,^
        Akoustis     Technologies       Inc.
                                           751,230          6,010
    *
        Craft   Brew   Alliance     Inc.
                                           331,080          5,463
        Titan   International        Inc.
                                          1,419,716           5,139
        Culp   Inc.
                                           376,330          5,126
    *
        Veru   Inc.
                                          1,418,778           4,753
        Weyco   Group   Inc.
                                           175,151          4,633
        Bassett     Furniture      Industries      Inc.
                                           259,296          4,325
        Flexsteel      Industries      Inc.
                                           205,657          4,097
    *,^
        22nd   Century     Group   Inc.
                                          3,650,521           4,016
    *
        XPEL   Inc.
                                           269,519          3,948
    *,^
        Celsius     Holdings     Inc.
                                           794,634          3,838
    *,^
        Revlon    Inc.   Class   A
                                           177,875          3,810
        Superior     Group   of  Cos.   Inc.
                                           281,058          3,806
    *,^
        Lovesac     Co.
                                           229,480          3,683
        Hamilton     Beach   Brands    Holding     Co.  Class   A
                                           192,248          3,672
    *,^
        Eastman     Kodak   Co.
                                           742,241          3,451
        Strattec     Security     Corp.
                                           154,397          3,429
    *,^
        New  Age  Beverages      Corp.
                                          1,696,362           3,087
        Marine    Products     Corp.
                                           201,101          2,896
    *
        Lakeland     Industries      Inc.
                                           256,793          2,773
    *
        Legacy    Housing     Corp.
                                           163,128          2,714
    *,^
        Hovnanian      Enterprises       Inc.   Class   A
                                           107,089          2,235
    *
        Nature's     Sunshine     Products     Inc.
                                           242,920          2,169
        Lifetime     Brands    Inc.
                                           304,548          2,117
    *,^
        Pyxus   International        Inc.
                                           225,769          2,018
        Escalade     Inc.
                                           203,212          1,998
    *
        Shiloh    Industries      Inc.
                                           465,350          1,657
        Acme   United    Corp.
                                            67,139         1,597
        Rocky   Mountain     Chocolate      Factory     Inc.
                                           162,523          1,500
                                182/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *
        Natural     Alternatives       International        Inc.
                                           185,746          1,482
        Superior     Industries      International        Inc.
                                           392,385          1,448
    *,^
        Vuzix   Corp.
                                           699,898          1,407
        Kewaunee     Scientific      Corp.
                                            97,556         1,312
    *
        Core   Molding     Technologies       Inc.
                                           379,867          1,235
    *
        Garrett     Motion    Inc.
                                           108,767          1,087
    *
        Coffee    Holding     Co.  Inc.
                                           230,234          1,059
    *
        Vince   Holding     Corp.
                                            60,190         1,042
    *
        RiceBran     Technologies
                                           695,111          1,022
    *
        Centric     Brands    Inc.
                                           424,318           921
    *
        S&W  Seed   Co.
                                           431,256           906
    *
        US  Auto   Parts   Network     Inc.
                                           410,256           903
    *
        Bridgford      Foods   Corp.
                                            34,961          867
    *
        Charles     & Colvard     Ltd.
                                           609,632           866
    *,^
        cbdMD   Inc.
                                           353,500           799
        Crown   Crafts    Inc.
                                           113,860           700
                                183/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数    （千米ドル）
    *
        New  Home   Co.  Inc.
                                           136,011           634
    *
        Reed's    Inc.
                                           681,674           620
        Mannatech      Inc.
                                            37,357          585
    *
        Libbey    Inc.
                                           385,864           560
    *
        Tandy   Leather     Factory     Inc.
                                            93,624          535
    *
        LS  Starrett     Co.  Class   A
                                            85,681          490
    *
        Willamette      Valley    Vineyards      Inc.
                                            66,863          463
    *
        Nautilus     Inc.
                                           225,288           394
    *,^
        Sequential      Brands    Group   Inc.
                                           860,887           295
    *,^
        Innovate     Biopharmaceuticals           Inc.
                                           514,938           287
    *,^
        JAKKS   Pacific     Inc.
                                           260,169           268
        Jerash    Holdings     US  Inc.
                                            41,854          245
    *
        Lipocine     Inc.
                                           618,404           238
        CompX   International        Inc.
                                            12,502          182
    *
        Greenlane      Holdings     Inc.   Class   A
                                            56,000          182
        P&F  Industries      Inc.   Class   A
                                            19,462          134
    *
        Zedge   Inc.   Class   B
                                            81,694          126
        Unique    Fabricating       Inc.
                                            25,425           98
    *
        Lifeway     Foods   Inc.
                                            43,222           86
    *,^
        Nova   Lifestyle      Inc.
                                            45,062           83
        Ocean   Bio-Chem     Inc.
                                            24,882           82
    *
        Koss   Corp.
                                            17,870           28
    *
        Hovnanian      Enterprises       Inc.   Class   B
                                              772         16
    *
        Cyanotech      Corp.
                                              600          1
    *
        Emerson     Radio   Corp.
                                                       -
                                              432
                                                  70,784,788
    消費者サービス         (13.2％)
    *
        Amazon.com      Inc.
                                          11,871,374        21,936,400
        Walt   Disney    Co.
                                          50,771,905         7,343,141
        Home   Depot   Inc.
                                          30,725,148         6,709,758
        Comcast     Corp.   Class   A
                                         127,898,595          5,751,600
        Walmart     Inc.
                                          40,068,176         4,761,702
        McDonald's      Corp.
                                          21,217,409         4,192,772
    *
        Netflix     Inc.
                                          12,347,098         3,995,150
        Costco    Wholesale      Corp.
                                          12,386,682         3,640,694
        Starbucks      Corp.
                                          31,609,975         2,779,149
        CVS  Health    Corp.
                                          36,634,757         2,721,596
        Lowe's    Cos.   Inc.
                                          21,739,946         2,603,576
    *
        Booking     Holdings     Inc.
                                          1,179,201        2,421,760
    *
        Charter     Communications         Inc.   Class   A
                                          4,235,727        2,054,666
        TJX  Cos.   Inc.
                                          30,660,288         1,872,117
        Target    Corp.
                                          14,275,583         1,830,272
        Walgreens      Boots   Alliance     Inc.
                                          21,390,905         1,261,208
        Ross   Stores    Inc.
                                          10,195,715         1,186,985
        Sysco   Corp.
                                          13,666,686         1,169,048
        Dollar    General     Corp.
                                          7,247,345        1,130,441
        Marriott     International        Inc.   Class   A
                                          7,370,676        1,116,141
        Delta   Air  Lines   Inc.
                                          16,395,146          958,788
    *
        O'Reilly     Automotive      Inc.
                                          2,132,320          934,511
                                184/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
        Hilton    Worldwide      Holdings     Inc.
                                          7,948,107          881,525
        Yum!   Brands    Inc.
                                          8,528,835          859,110
    *
        Uber   Technologies       Inc.
                                          28,840,617          857,720
    *
        AutoZone     Inc.
                                           671,407        799,854
        eBay   Inc.
                                          21,788,419          786,780
        Las  Vegas   Sands   Corp.
                                          10,822,395          747,178
        Southwest      Airlines     Co.
                                          13,344,157          720,318
        McKesson     Corp.
                                          5,078,274          702,427
    *
        Chipotle     Mexican     Grill   Inc.   Class   A
                                           782,580        655,106
        Kroger    Co.
                                          22,585,591          654,756
        ViacomCBS      Inc.   Class   B
                                          15,384,339          645,681
        Royal   Caribbean      Cruises     Ltd.
                                          4,718,677          629,991
    *
        Dollar    Tree   Inc.
                                          6,663,816          626,732
    *
        Liberty     Broadband      Corp.
                                          4,550,701          572,251
        Carnival     Corp.
                                          11,119,249          565,191
                                185/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数    （千米ドル）
        Best   Buy  Co.  Inc.
                                          6,315,011          554,458
    *
        Copart    Inc.
                                          5,882,191          534,926
    *
        United    Airlines     Holdings     Inc.
                                          6,055,305          533,412
        Omnicom     Group   Inc.
                                          6,118,427          495,715
        MGM  Resorts     International
                                          13,038,878          433,803
        Tiffany     & Co.
                                          3,212,118          429,300
    *
        Burlington      Stores    Inc.
                                          1,866,332          425,580
        Expedia     Group   Inc.
                                          3,925,090          424,459
    *
        CarMax    Inc.
                                          4,635,371          406,383
    *
        Ulta   Beauty    Inc.
                                          1,574,650          398,607
        Darden    Restaurants       Inc.
                                          3,454,243          376,547
        Fox  Corp.   Class   A
                                          9,785,229          362,738
        Wynn   Resorts     Ltd.
                                          2,570,243          356,930
    *
        Norwegian      Cruise    Line   Holdings     Ltd.
                                          6,004,062          350,697
        AmerisourceBergen          Corp.   Class   A
                                          4,066,100          345,700
        Domino's     Pizza   Inc.
                                          1,152,286          338,519
    *
        Roku   Inc.
                                          2,449,406          327,975
        American     Airlines     Group   Inc.
                                          11,115,509          318,793
        Tractor     Supply    Co.
                                          3,338,429          311,943
        Aramark
                                          7,016,113          304,499
        Advance     Auto   Parts   Inc.
                                          1,856,949          297,409
    *
        Trade   Desk   Inc.   Class   A
                                          1,121,728          291,402
        FactSet     Research     Systems     Inc.
                                          1,069,290          286,891
    *
        Live   Nation    Entertainment        Inc.
                                          3,896,810          278,505
    *
        Discovery      Inc.   Series     C 
                                          9,032,085          275,388
        Vail   Resorts     Inc.
                                          1,131,853          271,452
        Interpublic       Group   of  Cos.   Inc.
                                          10,866,228          251,010
    *
        Bright    Horizons     Family    Solutions      Inc.
                                          1,637,320          246,073
    *
        Liberty     Media   Corp-Liberty       Formula     One
                                          5,313,118          244,217
    *
        Altice    USA  Inc.   Class   A
                                          8,905,128          243,466
    *
        Lyft   Inc.   Class   A
                                          5,658,550          243,431
    *
        DISH   Network     Corp.   Class   A
                                          6,752,869          239,524
        Alaska    Air  Group   Inc.
                                          3,480,301          235,790
        Kohl's    Corp.
                                          4,491,114          228,822
    ^
        Sirius    XM  Holdings     Inc.
                                          31,259,886          223,508
        Service     Corp.   International
                                          4,853,434          223,404
        Cable   One  Inc.
                                           144,837        215,586
    *
        Caesars     Entertainment        Corp.
                                          15,217,209          206,954
        Nielsen     Holdings     plc
                                          10,019,981          203,406
    *
        Five   Below   Inc.
                                          1,568,973          200,609
    *
        Liberty     Media   Corp-Liberty       SiriusXM     Class    C 
                                          4,146,713          199,623
        News   Corp.   Class   A
                                          13,801,624          195,155
    *
        IAA  Inc.
                                          3,755,409          176,730
        Dunkin'     Brands    Group   Inc.
                                          2,325,778          175,689
        Sabre   Corp.
                                          7,727,133          173,397
    *
        Planet    Fitness     Inc.   Class   A
                                          2,313,551          172,776
        Fox  Corp.   Class   B
                                          4,694,987          170,898
    *
        Performance       Food   Group   Co.
                                          3,291,900          169,467
        Wyndham     Hotels    & Resorts     Inc.
                                          2,692,968          169,145
                                186/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
        Casey's     General     Stores    Inc.
                                          1,029,572          163,692
    ^
        Williams-Sonoma         Inc.
                                          2,178,915          160,020
    *,^
        Discovery      Inc.   Series    A
                                          4,823,340          157,916
    *
        JetBlue     Airways     Corp.
                                          8,151,936          152,604
    *
        Madison     Square    Garden    Co.  Class   A
                                           516,109        151,834
    *
        ServiceMaster        Global    Holdings     Inc.
                                          3,830,786          148,098
    *
        Etsy   Inc.
                                          3,341,016          148,007
        Macy's    Inc.
                                          8,677,875          147,524
        Nexstar     Media   Group   Inc.   Class   A
                                          1,225,259          143,662
        Gap  Inc.
                                          7,855,961          138,893
        Rollins     Inc.
                                          4,186,178          138,814
        H&R  Block   Inc.
                                          5,652,542          132,722
        Wyndham     Destinations       Inc.
                                          2,546,903          131,649
        Churchill      Downs   Inc.
                                           956,863        131,282
    *,^
        Carvana     Co.  Class   A
                                          1,422,556          130,946
                                187/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数    （千米ドル）
    *
        Grand   Canyon    Education      Inc.
                                          1,359,164          130,194
        Marriott     Vacations      Worldwide      Corp.
                                          1,010,047          130,054
        New  York   Times   Co.  Class   A
                                          3,962,669          127,479
    *
        GrubHub     Inc.
                                          2,569,600          124,985
    ^
        Nordstrom      Inc.
                                          3,050,761          124,868
    *
        Liberty     Media   Corp-Liberty       SiriusXM     Class   A
                                          2,578,049          124,623
    *
        Chegg   Inc.
                                          3,244,092          122,984
        L Brands    Inc.
                                          6,603,789          119,661
        Dolby   Laboratories       Inc.   Class   A
                                          1,717,780          118,183
        Foot   Locker    Inc.
                                          3,020,365          117,764
    *
        Floor   & Decor   Holdings     Inc.   Class   A
                                          2,276,675          115,678
        Wendy's     Co.
                                          5,175,892          114,957
    *
        frontdoor      Inc.
                                          2,371,337          112,449
    *
        AutoNation      Inc.
                                          2,252,895          109,558
        Aaron's     Inc.
                                          1,898,105          108,401
        Texas   Roadhouse      Inc.   Class   A
                                          1,865,456          105,062
        Choice    Hotels    International        Inc.
                                          1,009,443          104,407
    *,^
        Eldorado     Resorts     Inc.
                                          1,737,193          103,606
    ^
        Cracker     Barrel    Old  Country     Store   Inc.
                                           670,476        103,079
        TEGNA   Inc.
                                          6,091,391          101,665
        Six  Flags   Entertainment        Corp.
                                          2,246,343          101,333
        Cinemark     Holdings     Inc.
                                          2,989,667          101,200
    *
        Ollie's     Bargain     Outlet    Holdings     Inc.
                                          1,514,283          98,898
    *
        Murphy    USA  Inc.
                                           824,488         96,465
        AMERCO
                                           247,196         92,901
    *
        Qurate    Retail    Group   Inc.   QVC  Group   Class   A
                                          11,003,782           92,762
        Strategic      Education      Inc.
                                           581,630         92,421
        TripAdvisor       Inc.
                                          3,024,365          91,880
        Morningstar       Inc.
                                           600,381         90,844
    *,^
        RH
                                           420,946         89,872
        Lithia    Motors    Inc.   Class   A
                                           609,966         89,665
        Hyatt   Hotels    Corp.   Class   A
                                           998,255         89,553
    *
        BJ's   Wholesale      Club   Holdings     Inc.
                                          3,867,212          87,940
    *
        LiveRamp     Holdings     Inc.
                                          1,817,524          87,368
        SkyWest     Inc.
                                          1,348,608          87,161
    ^
        World   Wrestling      Entertainment        Inc.   Class   A
                                          1,338,806          86,848
        Dick's    Sporting     Goods   Inc.
                                          1,708,485          84,553
    *
        Hilton    Grand   Vacations      Inc.
                                          2,409,284          82,855
    *
        Penn   National     Gaming    Inc.
                                          3,116,455          79,657
        KAR  Auction     Services     Inc.
                                          3,640,234          79,321
    *
        Spirit    Airlines     Inc.
                                          1,936,542          78,062
    *
        Cargurus     Inc.
                                          2,190,803          77,072
        Extended     Stay   America     Inc.
                                          5,161,078          76,694
        Graham    Holdings     Co.  Class   B
                                           115,792         73,990
        Wingstop     Inc.
                                           826,925         71,306
    *
        National     Vision    Holdings     Inc.
                                          2,197,486          71,264
        Monro   Inc.
                                           894,669         69,963
    *
        Simply    Good   Foods   Co.
                                          2,401,388          68,536
    *
        Yelp   Inc.   Class   A
                                          1,895,200          66,010
                                188/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
        Boyd   Gaming    Corp.
                                          2,191,712          65,620
        John   Wiley   & Sons   Inc.   Class   A
                                          1,346,781          65,346
    *
        Sprouts     Farmers     Market    Inc.
                                          3,338,689          64,604
        Allegiant      Travel    Co.  Class   A
                                           365,445         63,602
        American     Eagle   Outfitters      Inc.
                                          4,305,376          63,289
        Hillenbrand       Inc.
                                          1,851,769          61,682
    *
        Asbury    Automotive      Group   Inc.
                                           538,214         60,167
    *
        Sally   Beauty    Holdings     Inc.
                                          3,282,607          59,908
        Sinclair     Broadcast      Group   Inc.   Class   A
                                          1,790,781          59,705
    ^
        Bed  Bath   & Beyond    Inc.
                                          3,379,594          58,467
    *
        Laureate     Education      Inc.   Class   A
                                          3,249,528          57,224
    *
        Adtalem     Global    Education      Inc.
                                          1,558,503          54,501
        Bloomin'     Brands    Inc.
                                          2,449,200          54,054
    *
        Gray   Television      Inc.
                                          2,479,178          53,154
        Jack   in  the  Box  Inc.
                                           663,708         51,789
                                189/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数    （千米ドル）
    *
        WW  International        Inc.
                                          1,320,604          50,460
    *
        Avis   Budget    Group   Inc.
                                          1,537,057          49,555
        Group   1 Automotive      Inc.
                                           494,697         49,470
    *
        Shake   Shack   Inc.   Class   A
                                           807,999         48,132
    *
        AMC  Networks     Inc.   Class   A
                                          1,194,360          47,177
        PriceSmart      Inc.
                                           657,878         46,722
    *
        Urban   Outfitters      Inc.
                                          1,652,154          45,880
    *
        SeaWorld     Entertainment        Inc.
                                          1,443,859          45,785
        Red  Rock   Resorts     Inc.   Class   A
                                          1,903,807          45,596
        Penske    Automotive      Group   Inc.
                                           902,068         45,302
        Brinker     International        Inc.
                                          1,062,550          44,627
        Cheesecake      Factory     Inc.
                                          1,139,835          44,294
    *
        Hertz   Global    Holdings     Inc.
                                          2,803,117          44,149
        Papa   John's    International        Inc.
                                           675,134         42,635
        Office    Depot   Inc.
                                          15,349,532           42,058
    *
        Scientific      Games   Corp.
                                          1,569,435          42,029
    *
        2U  Inc.
                                          1,702,372          40,840
        Viad   Corp.
                                           588,048         39,693
        Rent-A-Center        Inc.
                                          1,365,097          39,369
        Dine   Brands    Global    Inc.
                                           462,475         38,626
    *
        Stamps.com      Inc.
                                           459,126         38,346
    *,^
        Stitch    Fix  Inc.   Class   A
                                          1,479,844          37,973
        Hawaiian     Holdings     Inc.
                                          1,273,863          37,311
    *
        Career    Education      Corp.
                                          2,014,485          37,046
    *
        Liberty     Media   Corp-Liberty       Formula     One  Class   A
                                           817,228         35,778
    *
        Boot   Barn   Holdings     Inc.
                                           798,229         35,545
    *
        Chewy   Inc.
                                          1,223,246          35,474
        Dave   & Buster's     Entertainment        Inc.
                                           875,757         35,179
        Meredith     Corp.
                                          1,074,843          34,900
        Core-Mark      Holding     Co.  Inc.
                                          1,265,344          34,405
    *
        Herc   Holdings     Inc.
                                           683,570         33,454
        Matthews     International        Corp.   Class   A
                                           869,499         33,189
    *
        Groupon     Inc.   Class   A
                                          13,775,955           32,925
    *,^
        Trupanion      Inc.
                                           857,148         32,109
    *
        Denny's     Corp.
                                          1,611,851          32,044
        Signet    Jewelers     Ltd.
                                          1,454,412          31,619
        Big  Lots   Inc.
                                          1,096,533          31,492
    *,^
        Peloton     Interactive       Inc.   Class   A
                                          1,091,899          31,010
    *
        Liberty     Media   Corp-Liberty       Braves    Class    C 
                                          1,048,151          30,962
        Abercrombie       & Fitch   Co.
                                          1,712,497          29,609
    *
        Clear   Channel     Outdoor     Holdings     Inc.
                                          10,044,097           28,726
    *
        Grocery     Outlet    Holding     Corp.
                                           880,523         28,573
    *
        Liberty     Broadband      Corp.   Class   A
                                           228,766         28,495
        Designer     Brands    Inc.   Class   A
                                          1,777,282          27,974
    *
        Chefs'    Warehouse      Inc.
                                           712,966         27,171
    *,^
        Accel   Entertainment        Inc.
                                          2,138,642          26,733
    *
        SP  Plus   Corp.
                                           628,299         26,659
        Caleres     Inc.
                                          1,113,964          26,457
    ^
        Children's      Place   Inc.
                                           415,704         25,990
                                190/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *
        Lions   Gate   Entertainment        Corp.   Class   B
                                          2,575,081          25,571
        Guess?    Inc.
                                          1,121,622          25,102
    *,^
        iHeartMedia       Inc.   Class   A
                                          1,470,187          24,846
    *
        Upwork    Inc.
                                          2,225,071          23,742
        Scholastic      Corp.
                                           617,255         23,733
    *,^
        Lions   Gate   Entertainment        Corp.   Class   A
                                          2,220,255          23,668
        EW  Scripps     Co.  Class   A
                                          1,477,545          23,212
    *
        Cars.com     Inc.
                                          1,886,436          23,052
    ^
        Buckle    Inc.
                                           844,423         22,833
    ^
        Rite   Aid  Corp.
                                          1,450,387          22,437
    *
        K12  Inc.
                                          1,073,754          21,851
    *
        MSG  Networks     Inc.
                                          1,233,107          21,456
        Marcus    Corp.
                                           658,587         20,923
    *
        QuinStreet      Inc.
                                          1,356,201          20,763
        Gannett     Co.  Inc.
                                          3,150,801          20,102
                                191/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数    （千米ドル）
    *
        Zumiez    Inc.
                                           576,061         19,897
        BJ's   Restaurants       Inc.
                                           521,034         19,778
    ^
        Dillard's      Inc.   Class   A
                                           267,614         19,664
    *
        Quotient     Technology      Inc.
                                          1,971,330          19,437
    *
        America's      Car-Mart     Inc.
                                           175,260         19,219
    *
        Genesco     Inc.
                                           398,620         19,102
        Ingles    Markets     Inc.   Class   A
                                           396,996         18,861
        Sonic   Automotive      Inc.   Class   A
                                           607,737         18,840
    *
        ANGI   Homeservices       Inc.   Class   A
                                          2,204,341          18,671
    *
        Michaels     Cos.   Inc.
                                          2,249,893          18,202
    *
        Providence      Service     Corp.
                                           304,886         18,043
    *
        Houghton     Mifflin     Harcourt     Co.
                                          2,845,268          17,783
    *
        TechTarget      Inc.
                                           680,862         17,770
        Weis   Markets     Inc.
                                           429,300         17,382
        Ruth's    Hospitality       Group   Inc.
                                           749,333         16,309
    *
        Monarch     Casino    & Resort    Inc.
                                           326,726         15,863
        National     CineMedia      Inc.
                                          2,134,955          15,564
        Entercom     Communications         Corp.   Class   A
                                          3,353,791          15,562
    *
        Digital     Turbine     Inc.
                                          2,120,315          15,118
    ^
        GameStop     Corp.   Class   A
                                          2,403,724          14,615
    *
        BrightView      Holdings     Inc.
                                           857,548         14,467
    *,^
        HF  Foods   Group   Inc.
                                           741,848         14,466
    *
        Hibbett     Sports    Inc.
                                           505,798         14,183
        SpartanNash       Co.
                                           987,351         14,060
    *
        Liberty     TripAdvisor       Holdings     Inc.   Class   A
                                          1,850,423          13,601
    *
        Lindblad     Expeditions       Holdings     Inc.
                                           817,923         13,373
    *
        TrueCar     Inc.
                                          2,753,015          13,077
        Carriage     Services     Inc.   Class   A
                                           501,308         12,833
    *
        Regis   Corp.
                                           710,261         12,692
        Winmark     Corp.
                                            64,003        12,692
        Chico's     FAS  Inc.
                                          3,327,478          12,678
    ^
        PetMed    Express     Inc.
                                           537,791         12,649
    *
        United    Natural     Foods   Inc.
                                          1,395,922          12,228
    *
        Red  Robin   Gourmet     Burgers     Inc.
                                           368,581         12,171
    *
        American     Public    Education      Inc.
                                           432,743         11,853
    *
        MarineMax      Inc.
                                           674,689         11,261
    *
        Rubicon     Project     Inc.
                                          1,373,422          11,207
    *
        Chuy's    Holdings     Inc.
                                           425,455         11,028
    *
        Care.com     Inc.
                                           704,764         10,593
    ^
        AMC  Entertainment        Holdings     Inc.   Class   A
                                          1,458,982          10,563
    ^
        Twin   River   Worldwide      Holdings     Inc.
                                           411,519         10,555
    *
        Avid   Technology      Inc.
                                          1,218,377          10,454
        Cato   Corp.   Class   A
                                           595,368         10,359
    *
        1-800-Flowers.com          Inc.   Class   A
                                           684,361          9,923
        Haverty     Furniture      Cos.   Inc.
                                           491,867          9,916
    *
        Sportsman's       Warehouse      Holdings     Inc.
                                          1,220,098           9,797
    ^
        Shoe   Carnival     Inc.
                                           251,857          9,389
    *
        Express     Inc.
                                          1,921,945           9,360
    *
        PlayAGS     Inc.
                                           769,543          9,335
                                192/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *
        Clean   Energy    Fuels   Corp.
                                          3,934,637           9,207
    *,^
        RealReal     Inc.
                                           485,761          9,157
    *
        Golden    Entertainment        Inc.
                                           474,703          9,124
    *,^
        JC  Penney    Co.  Inc.
                                          7,959,422           8,915
        Tilly's     Inc.   Class   A
                                           703,310          8,616
        Tribune     Publishing      Co.
                                           646,469          8,508
    *
        comScore     Inc.
                                          1,720,013           8,497
    *
        At  Home   Group   Inc.
                                          1,523,248           8,378
        News   Corp.   Class   B
                                           574,954          8,343
    *
        Liberty     Media   Corp-Liberty       Braves    Class   A
                                           270,973          8,034
    *
        Cumulus     Media   Inc.   Class   A
                                           451,713          7,937
    *
        El  Pollo   Loco   Holdings     Inc.
                                           516,852          7,825
        Citi   Trends    Inc.
                                           334,520          7,734
    *
        Titan   Machinery      Inc.
                                           522,316          7,720
    *
        Century     Casinos     Inc.
                                           948,499          7,512
                                193/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数    （千米ドル）
    *,^
        Daily   Journal     Corp.
                                            25,274         7,340
        Collectors      Universe     Inc.
                                           315,174          7,265
    *
        Mesa   Air  Group   Inc.
                                           808,445          7,227
    *,^
        Lumber    Liquidators       Holdings     Inc.
                                           738,755          7,218
        Nathan's     Famous    Inc.
                                           101,682          7,207
    *,^
        Revolve     Group   Inc.
                                           383,941          7,049
    *
        Hemisphere      Media   Group   Inc.   Class   A
                                           472,660          7,019
    *
        Carrols     Restaurant      Group   Inc.
                                           980,852          6,915
        Emerald     Expositions       Events    Inc.
                                           654,750          6,908
    *
        EverQuote      Inc.   Class   A
                                           200,482          6,887
    *
        Drive   Shack   Inc.
                                          1,811,355           6,630
    *
        Del  Taco   Restaurants       Inc.
                                           831,624          6,574
    *
        Reading     International        Inc.   Class   A
                                           532,243          5,956
    *
        Fiesta    Restaurant      Group   Inc.
                                           593,875          5,873
    *
        J Alexander's       Holdings     Inc.
                                           613,284          5,863
        Village     Super   Market    Inc.   Class   A
                                           247,358          5,739
    *
        Habit   Restaurants       Inc.   Class   A
                                           548,441          5,720
    *,^
        GNC  Holdings     Inc.   Class   A
                                          2,097,789           5,664
    *
        Diplomat     Pharmacy     Inc.
                                          1,412,060           5,648
    ^
        Tailored     Brands    Inc.
                                          1,333,636           5,521
    *,^
        Overstock.com        Inc.
                                           780,934          5,506
    *
        Liquidity      Services     Inc.
                                           869,451          5,182
        RCI  Hospitality       Holdings     Inc.
                                           251,776          5,161
    *,^
        Party   City   Holdco    Inc.
                                          2,204,048           5,157
    *
        Noodles     & Co.  Class   A
                                           924,586          5,122
    *
        Boston    Omaha   Corp.   Class   A
                                           232,603          4,894
    *
        MDC  Partners     Inc.   Class   A
                                          1,684,122           4,682
    *
        Conn's    Inc.
                                           374,719          4,643
    *
        Lands'    End  Inc.
                                           263,846          4,433
    *
        Barnes    & Noble   Education      Inc.
                                           954,599          4,076
    *,^
        Stage   Stores    Inc.
                                           491,015          3,987
    *
        Marchex     Inc.   Class   B
                                           968,568          3,661
        Entravision       Communications         Corp.   Class   A
                                          1,329,451           3,483
        Saga   Communications         Inc.   Class   A
                                           114,200          3,472
    *
        Kura   Sushi   USA  Inc.   Class   A
                                           136,273          3,468
    *,^
        Duluth    Holdings     Inc.
                                           311,560          3,281
    *
        Purple    Innovation      Inc.
                                           361,373          3,148
    *
        Tuesday     Morning     Corp.
                                          1,611,057           2,980
    *
        Fluent    Inc.
                                          1,032,518           2,581
    *
        Biglari     Holdings     Inc.
                                             4,283        2,570
    *
        Container      Store   Group   Inc.
                                           563,280          2,377
        Natural     Grocers     by  Vitamin     Cottage     Inc.
                                           229,137          2,262
    *
        Emmis   Communications         Corp.   Class   A
                                           534,159          2,153
    *
        Potbelly     Corp.
                                           502,785          2,122
    *
        Full   House   Resorts     Inc.
                                           626,835          2,100
    *
        Red  Lion   Hotels    Corp.
                                           544,100          2,029
    *,^
        Gaia   Inc.   Class   A
                                           241,937          1,933
        Big  5 Sporting     Goods   Corp.
                                           576,882          1,731
    *
        Leaf   Group   Ltd.
                                           432,519          1,730
                                194/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *
        Zovio   Inc.   Class   A
                                           809,284          1,667
    *
        Travelzoo
                                           153,651          1,644
    *
        RealNetworks       Inc.
                                          1,309,357           1,571
    *
        Lee  Enterprises       Inc.
                                          1,095,334           1,555
    *
        Biglari     Holdings     Inc.   Class   B
                                            12,371         1,415
    *
        Destination       XL  Group   Inc.
                                          1,098,835           1,407
    *,^
        Alkaline     Water   Co.  Inc.
                                          1,103,203           1,401
    *
        A-Mark    Precious     Metals    Inc.
                                           166,780          1,379
    *,^
        Ascena    Retail    Group   Inc.
                                           179,431          1,375
        CSS  Industries      Inc.
                                           306,943          1,354
    *
        ONE  Group   Hospitality       Inc.
                                           348,465          1,268
    *
        Build-A-Bear       Workshop     Inc.
                                           380,602          1,233
    *,^
        Youngevity      International        Inc.
                                           363,755          1,186
    *
        Urban   One  Inc.
                                           614,875          1,168
        Townsquare      Media   Inc.   Class   A
                                           110,100          1,098
                                195/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数    （千米ドル）
    *,^
        Chicken     Soup   For  The  Soul   Entertainment        Inc.
                                           131,647          1,053
    *,^
        Blink   Charging     Co.
                                           521,114           969
        Value   Line   Inc.
                                            32,972          953
        Ark  Restaurants       Corp.
                                            42,422          942
        Beasley     Broadcast      Group   Inc.   Class   A
                                           297,756           920
    *,^
        iMedia    Brands    Inc.
                                           229,676           916
    *,^
        LiveXLive      Media   Inc.
                                           585,301           904
    *,^
        Francesca's       Holdings     Corp.
                                            81,140          842
    ^
        Pier   1 Imports     Inc.
                                           124,870           799
    *,^
        Blue   Apron   Holdings     Inc.   Class   A
                                           120,849           795
        AH  Belo   Corp.   Class   A
                                           270,109           762
        Educational       Development       Corp.
                                           122,697           758
    *,^
        HyreCar     Inc.
                                           238,994           629
    *
        Profire     Energy    Inc.
                                           396,273           575
    *
        Good   Times   Restaurants       Inc.
                                           350,735           558
    *,^
        SRAX   Inc.   Class   A
                                           204,105           508
    *,^
        VistaGen     Therapeutics       Inc.
                                           735,612           507
    *
        BBQ  Holdings     Inc.
                                           118,073           464
        Canterbury      Park   Holding     Corp.
                                            35,605          442
    *,^
        Net  Element     Inc.
                                           135,845           436
    *,^
        Eastside     Distilling      Inc.
                                           144,325           426
    *,^
        Interpace      Diagnostics       Group   Inc.
                                           846,133           423
    *
        Harte-Hanks       Inc.
                                           104,139           373
    *
        Global    Eagle   Entertainment        Inc.
                                           720,013           360
    *,^
        Stein   Mart   Inc.
                                           499,303           334
        Salem   Media   Group   Inc.   Class   A
                                           220,213           317
    *,^
        Remark    Holdings     Inc.
                                           612,365           315
    *,^
        Waitr   Holdings     Inc.
                                           972,900           313
    *
        RTW  RetailWinds       Inc.
                                           377,613           302
    *,^
        Dolphin     Entertainment        Inc.
                                           427,208           299
    *,^
        Monaker     Group   Inc.
                                           129,486           280
    ^
        J.  Jill   Inc.
                                           217,239           245
    *
        Diversified       Restaurant      Holdings     Inc.
                                           227,068           236
        ViacomCBS      Inc.   Class   A
                                             5,113          229
    *
        AutoWeb     Inc.
                                            91,156          225
    *
        Rave   Restaurant      Group   Inc.
                                           135,922           224
    *,^
        Kirkland's      Inc.
                                           153,618           190
    *
        Luby's    Inc.
                                            66,837          147
    *
        Town   Sports    International        Holdings     Inc.
                                            73,378          125
    *
        Lazydays     Holdings     Inc.
                                            21,194           91
    *,^
        BioHiTech      Global    Inc.
                                            50,469           86
    *
        SPAR   Group   Inc.
                                            51,600           67
    *,^
        FAT  Brands    Inc.
                                            13,323           61
    *
        Live   Ventures     Inc.
                                             3,993          30
        Haverty     Furniture      Cos.   Inc.   Class   A
                                             1,375          28
    *
        Insignia     Systems     Inc.
                                            17,627           13
    *
        Envela    Corp.
                                             5,030           7
    *
        Urban   One  Inc.   Class   A
                                             1,053           2
    *
        iPic   Entertainment        Inc.   Class   A
                                             2,600           -
                                196/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *,§
        Universal      Travel    Group
                                                       -
                                            42,843
                                                  118,719,768
    金融   (19.4％)
    *
        Berkshire      Hathaway     Inc.   Class   B
                                          53,368,129        12,087,881
        JPMorgan     Chase   & Co.
                                          83,026,240        11,573,858
        Visa   Inc.   Class   A
                                          48,235,974         9,063,540
        Bank   of  America     Corp.
                                         228,004,607          8,030,322
        Mastercard      Inc.   Class   A
                                          25,281,635         7,548,843
        Wells   Fargo   & Co.
                                         107,227,939          5,768,863
        Citigroup      Inc.
                                          61,482,908         4,911,870
        American     Tower   Corp.
                                          12,484,411         2,869,167
        US  Bancorp
                                          39,595,924         2,347,642
        Goldman     Sachs   Group   Inc.
                                          9,474,783        2,178,537
        American     Express     Co.
                                          17,296,820         2,153,281
        Truist    Financial      Corp.
                                          37,799,204         2,128,851
                                197/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数    （千米ドル）
        CME  Group   Inc.
                                          10,094,539         2,026,176
        S&P  Global    Inc.
                                          6,882,117        1,879,162
        PNC  Financial      Services     Group   Inc.
                                          11,110,209         1,773,523
        Morgan    Stanley
                                          34,192,250         1,747,908
        Chubb   Ltd.
                                          10,862,406         1,690,842
        Crown   Castle    International        Corp.
                                          11,706,793         1,664,121
        Marsh   & McLennan     Cos.   Inc.
                                          14,224,768         1,584,781
        Prologis     Inc.
                                          17,749,166         1,582,161
        Charles     Schwab    Corp.
                                          32,517,058         1,546,511
        BlackRock      Inc.
                                          3,044,473        1,530,457
        Intercontinental          Exchange     Inc.
                                          15,698,205         1,452,869
        Equinix     Inc.
                                          2,402,827        1,402,530
        Aon  plc
                                          6,602,848        1,375,307
        Capital     One  Financial      Corp.
                                          13,127,500         1,350,951
        American     International        Group   Inc.
                                          24,502,456         1,257,711
        Simon   Property     Group   Inc.
                                          8,217,728        1,224,113
        Progressive       Corp.
                                          16,469,177         1,192,204
        Bank   of  New  York   Mellon    Corp.
                                          23,399,764         1,177,710
        Moody's     Corp.
                                          4,520,726        1,073,266
        Prudential      Financial      Inc.
                                          11,319,728         1,061,111
        Aflac   Inc.
                                          19,676,397         1,040,881
        Blackstone      Group   LP
                                          18,565,943         1,038,579
        Allstate     Corp.
                                          9,096,702        1,022,924
        MetLife     Inc.
                                          19,419,041          989,789
        Travelers      Cos.   Inc.
                                          6,920,701          947,790
        Welltower      Inc.
                                          11,436,887          935,309
        Public    Storage
                                          4,175,599          889,236
        Equity    Residential
                                          10,416,262          842,884
        AvalonBay      Communities       Inc.
                                          3,921,817          822,405
    *
        IHS  Markit    Ltd.
                                          10,718,561          807,644
        State   Street    Corp.
                                          9,739,530          770,397
        SBA  Communications         Corp.   Class   A
                                          3,175,530          765,271
        T.  Rowe   Price   Group   Inc.
                                          6,258,147          762,493
        Discover     Financial      Services
                                          8,839,586          749,774
        Digital     Realty    Trust   Inc.
                                          5,879,999          704,071
        Realty    Income    Corp.
                                          9,172,060          675,339
        Weyerhaeuser       Co.
                                          20,963,730          633,105
        Synchrony      Financial
                                          17,292,967          622,720
        Hartford     Financial      Services     Group   Inc.
                                          10,144,403          616,475
        Fifth   Third   Bancorp
                                          19,997,362          614,719
        Ventas    Inc.
                                          10,484,785          605,391
        Northern     Trust   Corp.
                                          5,680,283          603,473
        M&T  Bank   Corp.
                                          3,534,469          599,976
        Boston    Properties      Inc.
                                          4,345,025          599,005
        Ameriprise      Financial      Inc.
                                          3,573,214          595,226
        MSCI   Inc.   Class   A
                                          2,264,413          584,626
        KeyCorp
                                          27,759,487          561,852
        Essex   Property     Trust   Inc.
                                          1,858,730          559,217
    *
        CBRE   Group   Inc.   Class   A
                                          8,952,887          548,722
                                198/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
        Alexandria      Real   Estate    Equities     Inc.
                                          3,237,506          523,116
        Arthur    J Gallagher      & Co.
                                          5,233,799          498,415
        Citizens     Financial      Group   Inc.
                                          12,250,445          497,491
        Healthpeak      Properties      Inc.
                                          14,376,860          495,570
        Cincinnati      Financial      Corp.
                                          4,585,961          482,214
        Equifax     Inc.
                                          3,399,392          476,323
        Regions     Financial      Corp.
                                          27,174,867          466,321
    *
        Arch   Capital     Group   Ltd.
                                          10,801,120          463,260
        Invitation      Homes   Inc.
                                          15,136,422          453,639
        Huntington      Bancshares      Inc.
                                          29,104,025          438,889
        Principal      Financial      Group   Inc.
                                          7,849,143          431,703
        KKR  & Co.  Inc.   Class   A
                                          14,732,492          429,747
    *
        Markel    Corp.
                                           370,856        423,951
        Mid-America       Apartment      Communities       Inc.
                                          3,209,152          423,159
        First   Republic     Bank
                                          3,508,560          412,080
                                199/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数    （千米ドル）
        Sun  Communities       Inc.
                                          2,606,223          391,194
        WP  Carey   Inc.
                                          4,847,240          387,973
        MarketAxess       Holdings     Inc.
                                          1,015,174          384,863
        UDR  Inc.
                                          8,226,501          384,178
        Annaly    Capital     Management      Inc.
                                          40,687,377          383,275
        TD  Ameritrade      Holding     Corp.
                                          7,635,768          379,498
        Loews   Corp.
                                          7,156,276          375,633
        Cboe   Global    Markets     Inc.
                                          3,127,672          375,321
        Host   Hotels    & Resorts     Inc.
                                          20,206,626          374,833
        Extra   Space   Storage     Inc.
                                          3,461,371          365,590
    *
        SVB  Financial      Group
                                          1,454,579          365,158
        Duke   Realty    Corp.
                                          10,298,922          357,064
    *
        Berkshire      Hathaway     Inc.   Class   A
                                             1,041       353,513
        Nasdaq    Inc.
                                          3,242,363          347,257
        Equity    LifeStyle      Properties      Inc.
                                          4,864,950          342,444
        Fidelity     National     Financial      Inc.
                                          7,335,493          332,665
        Lincoln     National     Corp.
                                          5,598,331          330,358
        Ally   Financial      Inc.
                                          10,704,738          327,137
        Vornado     Realty    Trust
                                          4,805,900          319,592
        Everest     Re  Group   Ltd.
                                          1,149,925          318,345
        Western     Union   Co.
                                          11,810,817          316,294
        Raymond     James   Financial      Inc.
                                          3,530,127          315,805
    *
        Alleghany      Corp.
                                           386,611        309,123
        Medical     Properties      Trust   Inc.
                                          14,559,970          307,361
        VICI   Properties      Inc.
                                          11,985,671          306,234
        Regency     Centers     Corp.
                                          4,690,065          295,896
        AXA  Equitable      Holdings     Inc.
                                          11,794,818          292,276
        Comerica     Inc.
                                          4,066,342          291,760
        Globe   Life   Inc.
                                          2,763,521          290,861
        E*TRADE     Financial      Corp.
                                          6,373,389          289,161
        Reinsurance       Group   of  America     Inc.   Class   A
                                          1,766,451          288,037
        Camden    Property     Trust
                                          2,706,646          287,175
        VEREIT    Inc.
                                          30,028,604          277,464
        Federal     Realty    Investment      Trust
                                          2,116,560          272,465
        AGNC   Investment      Corp.
                                          15,364,472          271,644
        WR  Berkley     Corp.
                                          3,913,142          270,398
        Apollo    Global    Management      LLC
                                          5,628,222          268,522
        Brown   & Brown   Inc.
                                          6,744,712          266,281
        Liberty     Property     Trust
                                          4,426,700          265,823
        Omega   Healthcare      Investors      Inc.
                                          6,141,374          260,087
        National     Retail    Properties      Inc.
                                          4,832,158          259,100
        Iron   Mountain     Inc.
                                          8,078,247          257,454
        Jones   Lang   LaSalle     Inc.
                                          1,443,149          251,238
        Zions   Bancorp     NA
                                          4,808,423          249,653
        Kilroy    Realty    Corp.
                                          2,971,998          249,351
        SEI  Investments       Co.
                                          3,766,782          246,649
        Gaming    and  Leisure     Properties      Inc.
                                          5,727,401          246,565
        RenaissanceRe        Holdings     Ltd.
                                          1,239,361          242,940
        Kimco   Realty    Corp.
                                          11,302,147          234,067
                                200/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
        Voya   Financial      Inc.
                                          3,781,334          230,586
        STORE   Capital     Corp.
                                          5,925,880          220,680
        American     Financial      Group   Inc.
                                          2,004,242          219,765
        Assurant     Inc.
                                          1,666,287          218,417
        Lamar   Advertising       Co.  Class   A
                                          2,423,973          216,364
        Apartment      Investment      & Management      Co.
                                          4,165,848          215,166
        People's     United    Financial      Inc.
                                          12,544,892          212,009
        LPL  Financial      Holdings     Inc.
                                          2,267,543          209,181
        SL  Green   Realty    Corp.
                                          2,269,433          208,515
        CyrusOne     Inc.
                                          3,183,535          208,299
        Douglas     Emmett    Inc.
                                          4,667,679          204,911
        TCF  Financial      Corp.
                                          4,295,641          201,036
        Franklin     Resources      Inc.
                                          7,733,886          200,926
        East   West   Bancorp     Inc.
                                          4,102,967          199,814
        Signature      Bank
                                          1,444,788          197,372
                                201/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数    （千米ドル）
        Commerce     Bancshares      Inc.
                                          2,870,875          195,047
    *
        GCI  Liberty     Inc.   Class   A
                                          2,716,856          192,489
        Americold      Realty    Trust
                                          5,424,396          190,179
    *
        Athene    Holding     Ltd.   Class   A
                                          4,012,748          188,720
        American     Homes   4 Rent   Class   A
                                          7,197,882          188,656
        New  Residential       Investment      Corp.
                                          11,638,663          187,499
        Invesco     Ltd.
                                          10,261,582          184,503
        Starwood     Property     Trust   Inc.
                                          7,403,948          184,062
        Brixmor     Property     Group   Inc.
                                          8,400,366          181,532
        Prosperity      Bancshares      Inc.
                                          2,523,347          181,403
        Old  Republic     International        Corp.
                                          8,108,341          181,384
        American     Campus    Communities       Inc.
                                          3,845,055          180,833
        Healthcare      Trust   of  America     Inc.   Class   A
                                          5,829,205          176,508
        First   American     Financial      Corp.
                                          2,986,938          174,198
        Park   Hotels    & Resorts     Inc.
                                          6,711,741          173,633
        CubeSmart
                                          5,439,620          171,239
        Cousins     Properties      Inc.
                                          4,134,986          170,361
        Hudson    Pacific     Properties      Inc.
                                          4,348,702          163,729
        Popular     Inc.
                                          2,742,588          161,127
        Cullen/Frost       Bankers     Inc.
                                          1,595,557          156,014
        EPR  Properties
                                          2,192,166          154,855
        Synovus     Financial      Corp.
                                          3,937,053          154,332
        Primerica      Inc.
                                          1,175,626          153,490
        Unum   Group
                                          5,246,971          153,002
        Hanover     Insurance      Group   Inc.
                                          1,114,817          152,362
        New  York   Community      Bancorp     Inc.
                                          12,503,613          150,293
        Western     Alliance     Bancorp
                                          2,608,278          148,672
        First   Industrial      Realty    Trust   Inc.
                                          3,550,695          147,389
        First   Horizon     National     Corp.
                                          8,816,010          145,993
    *
        Howard    Hughes    Corp.
                                          1,147,337          145,482
        Jefferies      Financial      Group   Inc.
                                          6,754,113          144,335
        Rexford     Industrial      Realty    Inc.
                                          3,137,764          143,302
        Radian    Group   Inc.
                                          5,677,635          142,849
        JBG  SMITH   Properties
                                          3,572,115          142,492
        Highwoods      Properties      Inc.
                                          2,911,348          142,394
        EastGroup      Properties      Inc.
                                          1,073,051          142,362
        Life   Storage     Inc.
                                          1,313,712          142,249
        Eaton   Vance   Corp.
                                          3,037,187          141,806
        MGIC   Investment      Corp.
                                          9,826,600          139,243
        Webster     Financial      Corp.
                                          2,596,430          138,545
        Kemper    Corp.
                                          1,778,391          137,825
        Spirit    Realty    Capital     Inc.
                                          2,789,316          137,179
        Essent    Group   Ltd.
                                          2,596,876          135,012
        Axis   Capital     Holdings     Ltd.
                                          2,240,776          133,192
        Blackstone      Mortgage     Trust   Inc.   Class   A
                                          3,560,021          132,504
        Pinnacle     Financial      Partners     Inc.
                                          2,060,264          131,857
    *
        Credit    Acceptance      Corp.
                                           293,331        129,749
        First   Financial      Bankshares      Inc.
                                          3,688,075          129,451
        PacWest     Bancorp
                                          3,330,168          127,446
                                202/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
        Healthcare      Realty    Trust   Inc.
                                          3,758,580          125,424
        Assured     Guaranty     Ltd.
                                          2,552,745          125,136
        Valley    National     Bancorp
                                          10,804,590          123,713
        CIT  Group   Inc.
                                          2,691,865          122,830
    *,^
        Zillow    Group   Inc.
                                          2,673,443          122,818
        Lazard    Ltd.   Class   A
                                          3,025,667          120,906
        Rayonier     Inc.
                                          3,679,285          120,533
        Sterling     Bancorp
                                          5,706,002          120,283
        Ryman   Hospitality       Properties      Inc.
                                          1,380,007          119,591
        CoreSite     Realty    Corp.
                                          1,062,923          119,175
        Erie   Indemnity      Co.  Class   A
                                           717,666        119,133
    *
        Brighthouse       Financial      Inc.
                                          3,024,692          118,659
        Glacier     Bancorp     Inc.
                                          2,567,917          118,098
        STAG   Industrial      Inc.
                                          3,701,775          116,865
        FNB  Corp.
                                          9,174,526          116,516
                                203/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数    （千米ドル）
        Sabra   Health    Care   REIT   Inc.
                                          5,454,966          116,409
        Wintrust     Financial      Corp.
                                          1,631,747          115,691
        Two  Harbors     Investment      Corp.
                                          7,841,525          114,643
        United    Bankshares      Inc.
                                          2,927,970          113,195
        Service     Properties      Trust
                                          4,634,141          112,749
        Affiliated      Managers     Group   Inc.
                                          1,322,279          112,050
        Stifel    Financial      Corp.
                                          1,835,676          111,334
        IBERIABANK      Corp.
                                          1,480,012          110,749
        Janus   Henderson      Group   plc
                                          4,503,301          110,106
        Umpqua    Holdings     Corp.
                                          6,215,051          110,006
        Bank   of  Hawaii    Corp.
                                          1,145,375          108,994
        Hancock     Whitney     Corp.
                                          2,469,944          108,381
        Selective      Insurance      Group   Inc.
                                          1,662,011          108,346
        Weingarten      Realty    Investors
                                          3,454,055          107,905
    ^
        Macerich     Co.
                                          4,005,424          107,826
        Outfront     Media   Inc.
                                          4,004,425          107,399
        First   Hawaiian     Inc.
                                          3,718,615          107,282
        Bank   OZK
                                          3,494,195          106,590
        SLM  Corp.
                                          11,925,818          106,259
        RLI  Corp.
                                          1,179,005          106,134
        Equity    Commonwealth
                                          3,215,333          105,559
        Chimera     Investment      Corp.
                                          5,119,302          105,253
        Community      Bank   System    Inc.
                                          1,465,641          103,973
        Terreno     Realty    Corp.
                                          1,891,583          102,410
        Physicians      Realty    Trust
                                          5,261,252          99,648
        Pebblebrook       Hotel   Trust
                                          3,708,297          99,419
        Associated      Banc-Corp
                                          4,492,443          99,013
        White   Mountains      Insurance      Group   Ltd.
                                            88,708        98,955
        BankUnited      Inc.
                                          2,703,466          98,839
        Apple   Hospitality       REIT   Inc.
                                          6,004,146          97,567
        Interactive       Brokers     Group   Inc.
                                          2,053,839          95,750
        National     Health    Investors      Inc.
                                          1,171,458          95,450
        MFA  Financial      Inc.
                                          12,356,377           94,526
        FirstCash      Inc.
                                          1,155,899          93,200
        Corporate      Office    Properties      Trust
                                          3,159,891          92,838
        UMB  Financial      Corp.
                                          1,331,926          91,423
        CenterState       Bank   Corp.
                                          3,599,594          89,918
        OneMain     Holdings     Inc.
                                          2,125,028          89,570
        PS  Business     Parks   Inc.
                                           542,103         89,377
        QTS  Realty    Trust   Inc.   Class   A
                                          1,642,200          89,122
        Sunstone     Hotel   Investors      Inc.
                                          6,368,489          88,649
        Federated      Investors      Inc.   Class   B
                                          2,714,520          88,466
        Old  National     Bancorp
                                          4,822,497          88,203
        RLJ  Lodging     Trust
                                          4,860,269          86,124
    *
        Zillow    Group   Inc.   Class   A
                                          1,880,318          86,006
        BancorpSouth       Bank
                                          2,728,540          85,703
        Navient     Corp.
                                          6,244,029          85,418
        Home   BancShares      Inc.
                                          4,304,823          84,633
        Columbia     Banking     System    Inc.
                                          2,058,780          83,761
                                204/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
        Cathay    General     Bancorp
                                          2,196,445          83,575
        South   State   Corp.
                                           961,753         83,432
        Legg   Mason   Inc.
                                          2,318,148          83,245
        Atlantic     Union   Bankshares      Corp.
                                          2,215,640          83,197
        Retail    Properties      of  America     Inc.
                                          6,143,531          82,323
        Washington      Federal     Inc.
                                          2,235,910          81,946
        Fulton    Financial      Corp.
                                          4,689,494          81,738
        Paramount      Group   Inc.
                                          5,868,631          81,691
        CVB  Financial      Corp.
                                          3,767,828          81,310
        Simmons     First   National     Corp.   Class   A
                                          3,034,204          81,286
        Ameris    Bancorp
                                          1,910,687          81,281
    ^
        Piedmont     Office    Realty    Trust   Inc.   Class   A
                                          3,621,568          80,544
        Independent       Bank   Corp.
                                           962,771         80,151
        Brandywine      Realty    Trust
                                          5,088,899          80,150
    *
        Texas   Capital     Bancshares      Inc.
                                          1,407,790          79,920
                                205/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数    （千米ドル）
        Agree   Realty    Corp.
                                          1,130,008          79,293
        PotlatchDeltic         Corp.
                                          1,820,779          78,785
        CNO  Financial      Group   Inc.
                                          4,340,524          78,694
    *
        Cannae    Holdings     Inc.
                                          2,102,625          78,197
        Kennedy-Wilson         Holdings     Inc.
                                          3,487,312          77,767
        Apollo    Commercial      Real   Estate    Finance     Inc.
                                          4,248,041          77,697
        American     Equity    Investment      Life   Holding     Co.
                                          2,546,649          76,221
        Ares   Management      Corp.   Class   A
                                          2,095,914          74,803
        Investors      Bancorp     Inc.
                                          6,181,415          73,652
        Lexington      Realty    Trust   Class   B
                                          6,911,052          73,395
        First   Midwest     Bancorp     Inc.
                                          3,176,886          73,259
        BOK  Financial      Corp.
                                           818,663         71,551
        Empire    State   Realty    Trust   Inc.
                                          5,094,209          71,115
        Columbia     Property     Trust   Inc.
                                          3,378,971          70,654
        United    Community      Banks   Inc.
                                          2,287,977          70,653
        Xenia   Hotels    & Resorts     Inc.
                                          3,237,245          69,957
        International        Bancshares      Corp.
                                          1,622,610          69,886
        Evercore     Inc.   Class   A
                                           927,534         69,342
        First   Financial      Bancorp
                                          2,689,196          68,413
        WesBanco     Inc.
                                          1,792,172          67,726
        Washington      REIT
                                          2,318,644          67,658
    *
        Enstar    Group   Ltd.
                                           325,844         67,404
        WSFS   Financial      Corp.
                                          1,519,893          66,860
    *,^
        LendingTree       Inc.
                                           218,588         66,328
        Invesco     Mortgage     Capital     Inc.
                                          3,973,444          66,158
        First   BanCorp
                                          6,213,020          65,796
        Colony    Capital     Inc.
                                          13,763,198           65,375
    *
        Cushman     & Wakefield      plc
                                          3,146,995          64,325
        American     Assets    Trust   Inc.
                                          1,400,596          64,287
        Urban   Edge   Properties
                                          3,340,623          64,073
    *
        NMI  Holdings     Inc.   Class   A
                                          1,917,694          63,629
        DiamondRock       Hospitality       Co.
                                          5,733,393          63,526
        Cadence     BanCorp     Class   A
                                          3,477,658          63,050
        First   Merchants      Corp.
                                          1,507,513          62,697
    *
        Genworth     Financial      Inc.   Class   A
                                          14,235,998           62,638
        Acadia    Realty    Trust
                                          2,403,283          62,317
        PennyMac     Mortgage     Investment      Trust
                                          2,784,287          62,062
        SITE   Centers     Corp.
                                          4,335,071          60,778
        Argo   Group   International        Holdings     Ltd.
                                           922,684         60,666
        Kinsale     Capital     Group   Inc.
                                           586,069         59,580
        First   Citizens     BancShares      Inc.   Class   A
                                           110,710         58,921
    *
        eHealth     Inc.
                                           609,120         58,524
        CoreCivic      Inc.
                                          3,325,663          57,800
        Newmark     Group   Inc.   Class   A
                                          4,290,825          57,733
        Retail    Opportunity       Investments       Corp.
                                          3,250,606          57,406
        Trustmark      Corp.
                                          1,658,514          57,235
        Houlihan     Lokey   Inc.   Class   A
                                          1,169,950          57,175
        Hannon    Armstrong      Sustainable       Infrastructure         Capital     Inc.
                                          1,774,573          57,106
        CareTrust      REIT   Inc.
                                          2,758,099          56,900
                                206/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
        Four   Corners     Property     Trust   Inc.
                                          2,016,398          56,842
        Essential      Properties      Realty    Trust   Inc.
                                          2,286,800          56,736
        National     Storage     Affiliates      Trust
                                          1,681,886          56,545
        Santander      Consumer     USA  Holdings     Inc.
                                          2,416,616          56,476
        Senior    Housing     Properties      Trust
                                          6,681,106          56,389
        ProAssurance       Corp.
                                          1,550,920          56,050
        Great   Western     Bancorp     Inc.
                                          1,613,004          56,036
        Independent       Bank   Group   Inc.
                                           990,948         54,938
        Renasant     Corp.
                                          1,540,719          54,572
        GEO  Group   Inc.
                                          3,285,257          54,568
        Walker    & Dunlop    Inc.
                                           832,225         53,828
        Banner    Corp.
                                           948,643         53,684
        Mack-Cali      Realty    Corp.
                                          2,317,521          53,604
        Pacific     Premier     Bancorp     Inc.
                                          1,611,479          52,542
        Capitol     Federal     Financial      Inc.
                                          3,776,683          51,854
                                207/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数    （千米ドル）
        Hope   Bancorp     Inc.
                                          3,465,334          51,495
        Redwood     Trust   Inc.
                                          3,090,579          51,118
        Taubman     Centers     Inc.
                                          1,631,098          50,711
        Global    Net  Lease   Inc.
                                          2,498,266          50,665
        Horace    Mann   Educators      Corp.
                                          1,152,355          50,312
        New  York   Mortgage     Trust   Inc.
                                          8,069,609          50,274
        Towne   Bank
                                          1,805,288          50,223
        First   Interstate      BancSystem      Inc.   Class   A
                                          1,179,299          49,436
        Easterly     Government      Properties      Inc.
                                          2,080,210          49,363
        LTC  Properties      Inc.
                                          1,102,160          49,344
        Heartland      Financial      USA  Inc.
                                           971,669         48,331
        BGC  Partners     Inc.   Class   A
                                          8,132,512          48,307
        Ladder    Capital     Corp.   Class   A
                                          2,673,082          48,222
        Hilltop     Holdings     Inc.
                                          1,931,254          48,146
        Westamerica       Bancorporation
                                           708,555         48,019
        ServisFirst       Bancshares      Inc.
                                          1,273,982          48,004
        FGL  Holdings
                                          4,416,646          47,037
        Northwest      Bancshares      Inc.
                                          2,803,990          46,630
        Kite   Realty    Group   Trust
                                          2,380,269          46,487
    *,^
        Redfin    Corp.
                                          2,195,459          46,412
        NBT  Bancorp     Inc.
                                          1,142,053          46,322
        Artisan     Partners     Asset   Management      Inc.   Class   A
                                          1,420,464          45,909
    *
        PRA  Group   Inc.
                                          1,239,136          44,981
        Broadmark      Realty    Capital     Inc.
                                          3,499,902          44,624
        Moelis    & Co.  Class   A
                                          1,393,451          44,479
    *
        Axos   Financial      Inc.
                                          1,457,887          44,145
        Office    Properties      Income    Trust
                                          1,365,617          43,891
        Uniti   Group   Inc.
                                          5,243,715          43,051
        S&T  Bancorp     Inc.
                                          1,060,643          42,733
        Berkshire      Hills   Bancorp     Inc.
                                          1,292,773          42,506
        Clearway     Energy    Inc.
                                          2,128,617          42,466
        National     General     Holdings     Corp.
                                          1,911,450          42,243
        Eagle   Bancorp     Inc.
                                           865,865         42,107
        Industrial      Logistics      Properties      Trust
                                          1,869,761          41,920
        First   Commonwealth       Financial      Corp.
                                          2,838,194          41,182
        Cohen   & Steers    Inc.
                                           653,257         40,998
        Alexander      & Baldwin     Inc.
                                          1,946,123          40,791
    *
        Seacoast     Banking     Corp.   of  Florida
                                          1,333,315          40,759
        Universal      Health    Realty    Income    Trust
                                           342,966         40,250
        Veritex     Holdings     Inc.
                                          1,380,762          40,222
    ^
        American     Finance     Trust   Inc.
                                          3,031,013          40,191
        Hamilton     Lane   Inc.   Class   A
                                           670,589         39,967
    ^
        Arbor   Realty    Trust   Inc.
                                          2,749,629          39,457
        Park   National     Corp.
                                           385,117         39,428
        Provident      Financial      Services     Inc.
                                          1,584,760          39,064
        Mercury     General     Corp.
                                           792,967         38,641
    ^
        Seritage     Growth    Properties      Class   A
                                           962,199         38,565
    ^
        Tanger    Factory     Outlet    Centers     Inc.
                                          2,616,520          38,541
        Safety    Insurance      Group   Inc.
                                           409,986         37,936
                                208/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
        Summit    Hotel   Properties      Inc.
                                          3,048,687          37,621
        Monmouth     Real   Estate    Investment      Corp.
                                          2,548,903          36,908
        Flagstar     Bancorp     Inc.
                                           952,658         36,439
        OceanFirst      Financial      Corp.
                                          1,392,461          35,563
        Independence       Realty    Trust   Inc.
                                          2,522,945          35,523
        Employers      Holdings     Inc.
                                           839,167         35,035
        Virtu   Financial      Inc.   Class   A
                                          2,188,061          34,987
        Meta   Financial      Group   Inc.
                                           957,557         34,960
        First   Busey   Corp.
                                          1,270,891          34,949
        AMERISAFE      Inc.
                                           527,298         34,817
        City   Holding     Co.
                                           424,463         34,785
        Brookline      Bancorp     Inc.
                                          2,093,269          34,455
        Tompkins     Financial      Corp.
                                           370,474         33,898
        OFG  Bancorp
                                          1,434,441          33,867
        RPT  Realty
                                          2,242,400          33,726
                                209/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数    （千米ドル）
        Sandy   Spring    Bancorp     Inc.
                                           888,788         33,667
        Kearny    Financial      Corp.
                                          2,380,799          32,926
        Nelnet    Inc.   Class   A
                                           564,578         32,881
        Southside      Bancshares      Inc.
                                           884,646         32,856
        First   Bancorp
                                           817,374         32,621
        James   River   Group   Holdings     Ltd.
                                           791,198         32,605
        Lakeland     Financial      Corp.
                                           661,551         32,370
        TPG  RE  Finance     Trust   Inc.
                                          1,589,340          32,216
        Piper   Jaffray     Cos.
                                           397,500         31,776
        Brookfield      Property     REIT   Inc.   Class   A
                                          1,713,136          31,599
        Colony    Credit    Real   Estate    Inc.
                                          2,395,228          31,521
        TFS  Financial      Corp.
                                          1,596,848          31,426
        BancFirst      Corp.
                                           497,964         31,093
        American     National     Insurance      Co.
                                           263,996         31,067
        Enterprise      Financial      Services     Corp.
                                           637,300         30,724
    ^
        Waddell     & Reed   Financial      Inc.   Class   A
                                          1,837,531          30,724
    ^
        Realogy     Holdings     Corp.
                                          3,170,952          30,695
    *
        Green   Dot  Corp.   Class   A
                                          1,316,167          30,667
        ARMOUR    Residential       REIT   Inc.
                                          1,708,889          30,538
        Getty   Realty    Corp.
                                           924,558         30,390
    *
        LendingClub       Corp.
                                          2,381,425          30,054
    *
        WillScot     Corp.   Class   A
                                          1,602,030          29,622
    *
        Encore    Capital     Group   Inc.
                                           837,105         29,600
        TriCo   Bancshares
                                           715,582         29,203
        National     Bank   Holdings     Corp.   Class   A
                                           826,194         29,099
        Armada    Hoffler     Properties      Inc.
                                          1,496,377          27,459
        Heritage     Financial      Corp.
                                           969,183         27,428
        Stewart     Information       Services     Corp.
                                           669,511         27,309
        Meridian     Bancorp     Inc.
                                          1,355,334          27,229
        NexPoint     Residential       Trust   Inc.
                                           599,487         26,977
        Granite     Point   Mortgage     Trust   Inc.
                                          1,454,702          26,737
    *
        Ambac   Financial      Group   Inc.
                                          1,224,637          26,415
        PennyMac     Financial      Services     Inc.
                                           773,364         26,325
    *
        Triumph     Bancorp     Inc.
                                           683,986         26,005
    *
        Mr  Cooper    Group   Inc.
                                          2,078,305          26,000
        Boston    Private     Financial      Holdings     Inc.
                                          2,113,538          25,426
        Carolina     Financial      Corp.
                                           585,782         25,323
        Investors      Real   Estate    Trust
                                           349,282         25,323
        Community      Healthcare      Trust   Inc.
                                           580,544         24,882
        Chatham     Lodging     Trust
                                          1,351,504          24,787
        United    Fire   Group   Inc.
                                           566,755         24,784
    *
        Focus   Financial      Partners     Inc.   Class   A
                                           834,448         24,591
        PJT  Partners     Inc.
                                           539,897         24,366
        iStar   Inc.
                                          1,674,618          24,299
    ^
        Innovative      Industrial      Properties      Inc.
                                           320,133         24,288
    *
        Marcus    & Millichap      Inc.
                                           649,690         24,201
    2
        Great   Ajax   Corp.
                                          1,620,172          23,995
        Virtus    Investment      Partners     Inc.
                                           193,247         23,522
        German    American     Bancorp     Inc.
                                           657,799         23,431
                                210/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
        TrustCo     Bank   Corp.   NY
                                          2,689,149          23,315
        Franklin     Street    Properties      Corp.
                                          2,721,372          23,295
        Banc   of  California      Inc.
                                          1,342,256          23,060
        ConnectOne      Bancorp     Inc.
                                           894,275         23,001
    *
        HomeStreet      Inc.
                                           668,195         22,719
        Central     Pacific     Financial      Corp.
                                           765,854         22,654
        Capstead     Mortgage     Corp.
                                          2,846,248          22,542
    *
        Enova   International        Inc.
                                           933,414         22,458
    *
        Third   Point   Reinsurance       Ltd.
                                          2,132,962          22,439
        Universal      Insurance      Holdings     Inc.
                                           797,889         22,333
        Stock   Yards   Bancorp     Inc.
                                           542,763         22,286
        Bryn   Mawr   Bank   Corp.
                                           534,627         22,048
        Lakeland     Bancorp     Inc.
                                          1,266,862          22,018
    *
        Columbia     Financial      Inc.
                                          1,276,271          21,620
        Preferred      Bank
                                           347,454         20,879
                                211/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数    （千米ドル）
        Northfield      Bancorp     Inc.
                                          1,225,035          20,777
        Univest     Financial      Corp.
                                           774,963         20,754
        Urstadt     Biddle    Properties      Inc.   Class   A
                                           823,862         20,465
        City   Office    REIT   Inc.
                                          1,502,609          20,315
        Clearway     Energy    Inc.   Class   A
                                          1,048,262          20,043
        Washington      Trust   Bancorp     Inc.
                                           371,507         19,983
    *
        INTL.   FCStone     Inc.
                                           405,344         19,793
        Great   Southern     Bancorp     Inc.
                                           310,323         19,650
    *
        St.  Joe  Co.
                                           990,382         19,639
    *
        Allegiance      Bancshares      Inc.
                                           521,500         19,608
        Heritage     Commerce     Corp.
                                          1,525,706          19,575
    *
        MBIA   Inc.
                                          2,087,440          19,413
        Opus   Bank
                                           743,873         19,244
        Alexander's       Inc.
                                            57,701        19,062
        RMR  Group   Inc.   Class   A
                                           414,900         18,936
        New  Senior    Investment      Group   Inc.
                                          2,464,865          18,856
    *
        Palomar     Holdings     Inc.   Class   A
                                           372,067         18,786
        Federal     Agricultural       Mortgage     Corp.
                                           224,286         18,728
        Gladstone      Commercial      Corp.
                                           856,169         18,716
        National     Western     Life   Group   Inc.   Class   A
                                            64,119        18,651
        Brightsphere       Investment      Group   Inc.
                                          1,819,391          18,594
    ^
        Washington      Prime   Group   Inc.
                                          5,071,132          18,459
        Community      Trust   Bancorp     Inc.
                                           392,974         18,328
    *
        Nicolet     Bankshares      Inc.
                                           247,866         18,305
        WisdomTree      Investments       Inc.
                                          3,767,054          18,233
        Horizon     Bancorp     Inc.
                                           956,562         18,175
        Dime   Community      Bancshares      Inc.
                                           866,849         18,108
    *
        TriState     Capital     Holdings     Inc.
                                           689,005         17,997
        Hanmi   Financial      Corp.
                                           892,940         17,854
        First   Foundation      Inc.
                                          1,023,035          17,801
        FB  Financial      Corp.
                                           449,503         17,796
        Camden    National     Corp.
                                           385,338         17,749
        Saul   Centers     Inc.
                                           333,485         17,601
        Ellington      Financial      Inc.
                                           959,630         17,590
    *
        Bancorp     Inc.
                                          1,350,948          17,522
        Origin    Bancorp     Inc.
                                           462,346         17,495
        First   Bancshares      Inc.
                                           485,781         17,255
        UMH  Properties      Inc.
                                          1,089,848          17,143
        First   Defiance     Financial      Corp.
                                           539,964         17,003
        CorEnergy      Infrastructure         Trust   Inc.
                                           379,037         16,947
        Front   Yard   Residential       Corp.
                                          1,372,707          16,939
    *
        Customers      Bancorp     Inc.
                                           704,227         16,768
        Midland     States    Bancorp     Inc.
                                           570,478         16,521
        Safehold     Inc.
                                           409,540         16,504
        Peoples     Bancorp     Inc.
                                           471,617         16,346
        Retail    Value   Inc.
                                           439,531         16,175
        Preferred      Apartment      Communities       Inc.   Class   A
                                          1,208,985          16,104
        CatchMark      Timber    Trust   Inc.   Class   A
                                          1,398,014          16,035
    ^
        Goosehead      Insurance      Inc.   Class   A
                                           374,830         15,893
                                212/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
        Global    Medical     REIT   Inc.
                                          1,170,533          15,486
        Hersha    Hospitality       Trust   Class   A
                                          1,061,404          15,443
        Flushing     Financial      Corp.
                                           710,364         15,347
        RE/MAX    Holdings     Inc.   Class   A
                                           398,009         15,319
        CBTX   Inc.
                                           489,071         15,220
        State   Auto   Financial      Corp.
                                           488,283         15,147
        Bridge    Bancorp     Inc.
                                           449,069         15,057
        Whitestone      REIT
                                          1,104,614          15,045
        Mercantile      Bank   Corp.
                                           411,095         14,993
        FBL  Financial      Group   Inc.   Class   A
                                           250,022         14,734
        First   of  Long   Island    Corp.
                                           580,215         14,552
        Ready   Capital     Corp.
                                           936,890         14,447
        Peapack     Gladstone      Financial      Corp.
                                           465,585         14,387
    *
        Watford     Holdings     Ltd.
                                           571,403         14,376
        Western     Asset   Mortgage     Capital     Corp.
                                          1,388,646          14,345
                                213/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数    （千米ドル）
        KKR  Real   Estate    Finance     Trust   Inc.
                                           700,032         14,295
        MidWestOne      Financial      Group   Inc.
                                           394,072         14,277
        Bank   of  Marin   Bancorp
                                           316,070         14,239
        Republic     Bancorp     Inc.Class      A
                                           302,552         14,159
        QCR  Holdings     Inc.
                                           316,914         13,900
        AG  Mortgage     Investment      Trust   Inc.
                                           897,643         13,842
    *
        World   Acceptance      Corp.
                                           159,389         13,771
        United    Community      Financial      Corp.
                                          1,157,599          13,498
        First   Financial      Corp.
                                           292,865         13,390
        Independent       Bank   Corp.
                                           583,890         13,225
        Arrow   Financial      Corp.
                                           347,712         13,144
        Live   Oak  Bancshares      Inc.
                                           687,713         13,073
    *
        Equity    Bancshares      Inc.   Class   A
                                           423,247         13,066
        Orchid    Island    Capital     Inc.
                                          2,224,790          13,015
        First   Community      Bankshares      Inc.
                                           414,894         12,870
        Franklin     Financial      Network     Inc.
                                           371,529         12,755
        HomeTrust      Bancshares      Inc.
                                           472,620         12,680
        Ares   Commercial      Real   Estate    Corp.
                                           766,980         12,149
        People's     Utah   Bancorp
                                           402,090         12,111
        1st  Source    Corp.
                                           232,265         12,050
        CNB  Financial      Corp.
                                           366,289         11,970
    *
        Atlantic     Capital     Bancshares      Inc.
                                           651,803         11,961
        Waterstone      Financial      Inc.
                                           624,917         11,892
    *
        Cowen   Inc.   Class   A
                                           749,220         11,800
        Financial      Institutions       Inc.
                                           365,655         11,738
    *
        Carter    Bank   & Trust
                                           492,232         11,676
        Jernigan     Capital     Inc.
                                           608,815         11,653
        Dynex   Capital     Inc.
                                           687,236         11,642
    2
        Safeguard      Scientifics       Inc.
                                          1,047,764          11,504
        Exantas     Capital     Corp.
                                           969,094         11,445
        Territorial       Bancorp     Inc.
                                           366,975         11,354
    *
        Assetmark      Financial      Holdings     Inc.
                                           388,789         11,283
        American     National     Bankshares      Inc.
                                           284,338         11,251
        Cherry    Hill   Mortgage     Investment      Corp.
                                           766,732         11,187
        Diamond     Hill   Investment      Group   Inc.
                                            78,958        11,090
        One  Liberty     Properties      Inc.
                                           407,809         11,088
        First   Mid  Bancshares      Inc.
                                           313,354         11,046
        CorePoint      Lodging     Inc.
                                           995,106         10,628
        Anworth     Mortgage     Asset   Corp.
                                          3,000,488          10,562
    *
        Hallmark     Financial      Services     Inc.
                                           600,189         10,545
        Byline    Bancorp     Inc.
                                           537,303         10,515
        Bank   First   Corp.
                                           149,945         10,498
        Gladstone      Land   Corp.
                                           803,277         10,418
    *
        Bridgewater       Bancshares      Inc.
                                           746,361         10,285
        Consolidated-Tomoka           Land   Co.
                                           170,147         10,263
        Civista     Bancshares      Inc.
                                           426,141         10,227
        Old  Second    Bancorp     Inc.
                                           759,012         10,224
    *,^
        Amerant     Bancorp     Inc.
                                           465,692         10,147
    ^
        Cambridge      Bancorp
                                           124,988         10,018
                                214/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *
        Southern     First   Bancshares      Inc.
                                           235,384         10,001
        Southern     Missouri     Bancorp     Inc.
                                           258,554          9,918
        PCSB   Financial      Corp.
                                           485,940          9,840
        Bar  Harbor    Bankshares
                                           387,356          9,835
        Farmers     National     Banc   Corp.
                                           601,079          9,810
        SmartFinancial         Inc.
                                           414,374          9,800
        Sierra    Bancorp
                                           335,418          9,767
        Sculptor     Capital     Management      Inc.   Class   A
                                           440,752          9,741
    *
        EZCORP    Inc.   Class   A
                                          1,423,009           9,705
    *
        Forestar     Group   Inc.
                                           464,800          9,691
        Amalgamated       Bank   Class   A
                                           495,431          9,636
        West   Bancorporation         Inc.
                                           375,002          9,611
        Bluerock     Residential       Growth    REIT   Inc.   Class   A
                                           767,638          9,250
    ^
        Pennsylvania       REIT
                                          1,697,244           9,046
    *
        Spirit    of  Texas   Bancshares      Inc.
                                           393,304          9,046
                                215/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数    （千米ドル）
    *
        FRP  Holdings     Inc.
                                           180,748          9,003
        Ladenburg      Thalmann     Financial      Services     Inc.
                                          2,576,754           8,967
    *
        Entegra     Financial      Corp.
                                           295,918          8,925
        Summit    Financial      Group   Inc.
                                           329,154          8,917
        First   Bancorp     Inc.
                                           291,125          8,801
        Home   Bancorp     Inc.
                                           220,260          8,632
    *
        Greenlight      Capital     Re  Ltd.   Class   A
                                           847,496          8,568
        Guaranty     Bancshares      Inc.
                                           260,285          8,558
        Merchants      Bancorp
                                           430,428          8,484
        Northrim     BanCorp     Inc.
                                           221,302          8,476
        Business     First   Bancshares      Inc.
                                           338,148          8,430
        Plymouth     Industrial      REIT   Inc.
                                           458,102          8,424
        Oppenheimer       Holdings     Inc.   Class   A
                                           303,198          8,332
        RBB  Bancorp
                                           392,341          8,306
        HCI  Group   Inc.
                                           181,763          8,297
    *,^
        Citizens     Inc.   Class   A
                                          1,229,204           8,297
        Central     Valley    Community      Bancorp
                                           380,201          8,239
        Citizens     & Northern     Corp.
                                           290,410          8,204
    ^
        Victory     Capital     Holdings     Inc.   Class   A
                                           391,010          8,199
        MutualFirst       Financial      Inc.
                                           206,400          8,188
    *
        Baycom    Corp.
                                           359,031          8,164
        Peoples     Financial      Services     Corp.
                                           161,962          8,155
        Westwood     Holdings     Group   Inc.
                                           275,303          8,154
        Heritage     Insurance      Holdings     Inc.
                                           611,888          8,108
        Shore   Bancshares      Inc.
                                           464,219          8,059
        Capital     City   Bank   Group   Inc.
                                           263,324          8,031
    *
        BRP  Group   Inc.   Class   A
                                           498,090          7,994
        Western     New  England     Bancorp     Inc.
                                           829,917          7,992
        FS  Bancorp     Inc.
                                           125,271          7,991
        Braemar     Hotels    & Resorts     Inc.
                                           876,108          7,824
    *
        Regional     Management      Corp.
                                           258,969          7,777
        MVB  Financial      Corp.
                                           311,990          7,775
        National     Bankshares      Inc.
                                           171,243          7,694
    *
        Tejon   Ranch   Co.
                                           475,908          7,605
        BankFinancial        Corp.
                                           577,720          7,557
        United    Insurance      Holdings     Corp.
                                           598,408          7,546
    *
        PICO   Holdings     Inc.
                                           677,021          7,528
        Southern     National     Bancorp     of  Virginia     Inc.
                                           460,226          7,525
        SB  One  Bancorp
                                           301,060          7,502
        Hingham     Institution       for  Savings
                                            35,603         7,484
        Farmers     & Merchants      Bancorp     Inc.
                                           247,557          7,464
    *
        Metropolitan       Bank   Holding     Corp.
                                           154,227          7,438
        Capstar     Financial      Holdings     Inc.
                                           444,971          7,409
        BRT  Apartments      Corp.
                                           434,371          7,371
    *
        Howard    Bancorp     Inc.
                                           436,263          7,364
        Marlin    Business     Services     Corp.
                                           332,744          7,314
        First   Bank
                                           659,837          7,291
        PCB  Bancorp
                                           419,108          7,242
        LCNB   Corp.
                                           374,001          7,218
                                216/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *
        HarborOne      Bancorp     Inc.
                                           653,951          7,187
        BBX  Capital     Corp.   Class   A
                                          1,504,034           7,174
        Macatawa     Bank   Corp.
                                           639,766          7,121
        First   Choice    Bancorp
                                           263,992          7,117
        Ashford     Hospitality       Trust   Inc.
                                          2,537,647           7,080
        First   Internet     Bancorp
                                           295,014          6,995
        Cedar   Realty    Trust   Inc.
                                          2,365,218           6,977
    *
        Select    Bancorp     Inc.
                                           566,085          6,963
        Enterprise      Bancorp     Inc.
                                           204,665          6,932
        Investar     Holding     Corp.
                                           288,733          6,930
        Greenhill      & Co.  Inc.
                                           399,961          6,831
        First   Business     Financial      Services     Inc.
                                           257,056          6,768
    *
        FVCBankcorp       Inc.
                                           386,956          6,760
    *
        On  Deck   Capital     Inc.
                                          1,618,968           6,703
        Parke   Bancorp     Inc.
                                           260,806          6,622
                                217/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数    （千米ドル）
        First   Northwest      Bancorp
                                           365,157          6,620
        ACNB   Corp.
                                           173,596          6,565
        Century     Bancorp     Inc.   Class   A
                                            72,167         6,492
    *
        Stratus     Properties      Inc.
                                           207,296          6,422
    *
        Richmond     Mutual    Bancorporation         Inc.
                                           401,313          6,405
    *
        International        Money   Express     Inc.
                                           531,850          6,403
    *,^
        eXp  World   Holdings     Inc.
                                           561,770          6,365
        Global    Indemnity      Ltd.
                                           214,746          6,363
        Penns   Woods   Bancorp     Inc.
                                           178,812          6,359
        Bankwell     Financial      Group   Inc.
                                           219,929          6,343
        Investors      Title   Co.
                                            39,001         6,209
        Orrstown     Financial      Services     Inc.
                                           272,978          6,175
    *,^
        Health    Insurance      Innovations       Inc.   Class   A
                                           319,738          6,168
        Ellington      Residential       Mortgage     REIT
                                           568,308          6,166
        Codorus     Valley    Bancorp     Inc.
                                           265,725          6,120
        Arlington      Asset   Investment      Corp.   Class   A
                                          1,078,978           6,010
        Reliant     Bancorp     Inc.
                                           269,772          6,000
    ^
        Farmland     Partners     Inc.
                                           864,500          5,861
        Timberland      Bancorp     Inc.
                                           190,063          5,652
        Clipper     Realty    Inc.
                                           530,809          5,627
        Protective      Insurance      Corp.   Class   B
                                           349,174          5,618
        Bank   of  Princeton
                                           177,561          5,591
        Tiptree     Inc.
                                           673,979          5,486
        Premier     Financial      Bancorp     Inc.
                                           296,554          5,379
        ESSA   Bancorp     Inc.
                                           315,730          5,352
        Bank   of  Commerce     Holdings
                                           461,783          5,343
        Riverview      Bancorp     Inc.
                                           650,394          5,340
        BCB  Bancorp     Inc.
                                           386,500          5,330
        Norwood     Financial      Corp.
                                           135,538          5,272
        Independence       Holding     Co.
                                           123,889          5,213
    *
        Republic     First   Bancorp     Inc.
                                          1,233,160           5,155
        Community      Bankers     Trust   Corp.
                                           579,381          5,145
        Northeast      Bank
                                           228,936          5,034
    *
        Malvern     Bancorp     Inc.
                                           217,730          5,027
        Evans   Bancorp     Inc.
                                           124,332          4,986
        Silvercrest       Asset   Management      Group   Inc.   Class   A
                                           395,459          4,975
        First   United    Corp.
                                           201,916          4,864
    *
        Randolph     Bancorp     Inc.
                                           272,216          4,805
    *
        HBT  Financial      Inc.
                                           252,396          4,793
    ^
        CBL  & Associates      Properties      Inc.
                                          4,481,209           4,705
    *
        Curo   Group   Holdings     Corp.
                                           385,794          4,699
        Unity   Bancorp     Inc.
                                           208,089          4,697
        FedNat    Holding     Co.
                                           281,905          4,688
        C&F  Financial      Corp.
                                            83,746         4,634
    *
        NI  Holdings     Inc.
                                           268,861          4,624
        Community      Financial      Corp.
                                           129,569          4,609
        Chemung     Financial      Corp.
                                           105,532          4,485
    *
        Rafael    Holdings     Inc.   Class   B
                                           247,734          4,420
        South   Plains    Financial      Inc.
                                           209,866          4,380
                                218/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
        Alerus    Financial      Corp.
                                           191,324          4,372
    *
        Provident      Bancorp     Inc.
                                           344,790          4,293
    *
        Carolina     Trust   Bancshares      Inc.
                                           328,780          4,291
    *
        Esquire     Financial      Holdings     Inc.
                                           163,283          4,257
        Crawford     & Co.  Class   A
                                           367,705          4,218
        Mackinac     Financial      Corp.
                                           237,842          4,153
    *
        ProSight     Global    Inc.
                                           254,996          4,113
    *
        Medallion      Financial      Corp.
                                           552,377          4,016
        1st  Constitution       Bancorp
                                           179,404          3,970
        First   Community      Corp.
                                           183,681          3,969
    *
        Pacific     Mercantile      Bancorp
                                           482,797          3,920
        FNCB   Bancorp     Inc.
                                           459,377          3,882
        Donegal     Group   Inc.   Class   A
                                           257,647          3,818
        Provident      Financial      Holdings     Inc.
                                           173,786          3,806
    *
        Meridian     Corp.
                                           187,838          3,792
                                219/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数    （千米ドル）
        OP  Bancorp
                                           364,245          3,777
    *
        Pioneer     Bancorp     Inc.
                                           244,745          3,747
        Two  River   Bancorp
                                           166,206          3,723
        Middlefield       Banc   Corp.
                                           140,636          3,669
        Peoples     Bancorp     of  North   Carolina     Inc.
                                           111,619          3,667
        Pzena   Investment      Management      Inc.   Class   A
                                           422,399          3,641
    ^
        Fidelity     D&D  Bancorp     Inc.
                                            58,152         3,618
    *
        Ocwen   Financial      Corp.
                                          2,627,421           3,600
        Crawford     & Co.  Class   B
                                           350,392          3,556
        Prudential      Bancorp     Inc.
                                           191,884          3,556
    *
        PDL  Community      Bancorp
                                           240,811          3,540
    *
        Elevate     Credit    Inc.
                                           789,118          3,512
        Ohio   Valley    Banc   Corp.
                                            87,025         3,448
    *
        MMA  Capital     Holdings     Inc.
                                           108,138          3,439
    *
        Aspen   Group   Inc.
                                           429,005          3,432
        Hawthorn     Bancshares      Inc.
                                           134,425          3,428
        United    Security     Bancshares
                                           314,496          3,375
    *
        MainStreet      Bancshares      Inc.
                                           146,516          3,370
        First   Financial      Northwest      Inc.
                                           220,880          3,300
    ^
        Federal     Agricultural       Mortgage     Corp.   Class   A
                                            43,002         3,203
        Mid  Penn   Bancorp     Inc.
                                           107,737          3,103
        Standard     AVB  Financial      Corp.
                                           103,063          3,089
        Luther    Burbank     Corp.
                                           267,578          3,085
        First   Guaranty     Bancshares      Inc.
                                           139,318          3,033
        First   Savings     Financial      Group   Inc.
                                            43,991         2,952
    *
        Coastal     Financial      Corp.
                                           178,029          2,932
        Sotherly     Hotels    Inc.
                                           425,491          2,885
        GAMCO   Investors      Inc.   Class   A
                                           146,252          2,850
        Sterling     Bancorp     Inc.
                                           348,264          2,821
        Level   One  Bancorp     Inc.
                                           111,633          2,809
        SB  Financial      Group   Inc.
                                           141,145          2,779
        CB  Financial      Services     Inc.
                                            89,151         2,687
    *
        Capital     Bancorp     Inc.
                                           179,330          2,670
        Bank7   Corp.
                                           137,640          2,610
        Postal    Realty    Trust   Inc.   Class   A
                                           152,391          2,583
        Old  Point   Financial      Corp.
                                            92,255         2,536
        Griffin     Industrial      Realty    Inc.
                                            63,382         2,507
        Condor    Hospitality       Trust   Inc.
                                           226,675          2,502
    ^
        Associated      Capital     Group   Inc.   Class   A
                                            63,741         2,499
        Greene    County    Bancorp     Inc.
                                            85,272         2,455
    *
        Maui   Land   & Pineapple      Co.  Inc.
                                           210,022          2,363
    *
        Atlanticus      Holdings     Corp.
                                           262,005          2,361
    *,^
        GWG  Holdings     Inc.
                                           234,099          2,299
    ^
        Oak  Valley    Bancorp
                                           118,071          2,298
    *,^
        Siebert     Financial      Corp.
                                           263,926          2,283
        Plumas    Bancorp
                                            86,202         2,274
    *
        CrossFirst      Bankshares      Inc.
                                           157,646          2,273
        Hunt   Cos.   Finance     Trust   Inc.
                                           683,836          2,209
    2
        Spirit    MTA  REIT
                                          2,854,330           2,191
                                220/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *
        First   Western     Financial      Inc.
                                           132,755          2,186
    ^
        Auburn    National     Bancorporation         Inc.
                                            40,857         2,165
    *
        MoneyGram      International        Inc.
                                          1,025,165           2,153
        Union   Bankshares      Inc.
                                            59,239         2,148
    *
        Altisource      Portfolio      Solutions      SA
                                           109,207          2,111
    *
        Silvergate      Capital     Corp.   Class   A
                                           129,856          2,066
    ^
        GAIN   Capital     Holdings     Inc.
                                           461,584          1,823
        AmeriServ      Financial      Inc.
                                           418,188          1,756
        Franklin     Financial      Services     Corp.
                                            42,348         1,638
        Sachem    Capital     Corp.
                                           369,704          1,605
        Severn    Bancorp     Inc.
                                           172,293          1,604
        Eagle   Bancorp     Montana     Inc.
                                            74,805         1,600
        Kingstone      Cos.   Inc.
                                           198,941          1,542
        Global    Self   Storage     Inc.
                                           354,937          1,526
        Manhattan      Bridge    Capital     Inc.
                                           238,332          1,516
                                221/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数    （千米ドル）
        Blue   Capital     Reinsurance       Holdings     Ltd.
                                           217,080          1,489
        IF  Bancorp     Inc.
                                            61,247         1,410
    *,^
        Oportun     Financial      Corp.
                                            58,828         1,400
    *
        Consumer     Portfolio      Services     Inc.
                                           401,461          1,353
        Hennessy     Advisors     Inc.
                                           131,059          1,321
        Urstadt     Biddle    Properties      Inc.
                                            65,711         1,306
    *,^
        Impac   Mortgage     Holdings     Inc.
                                           244,016          1,284
    *,^
        Rekor   Systems     Inc.
                                           312,786          1,195
    *
        Transcontinental          Realty    Investors      Inc.
                                            29,823         1,189
        Sound   Financial      Bancorp     Inc.
                                            32,178         1,158
    *
        Rhinebeck      Bancorp     Inc.
                                            94,826         1,072
        Manning     & Napier    Inc.
                                           591,269          1,029
    *
        Nicholas     Financial      Inc.
                                           124,481          1,026
    *
        Limestone      Bancorp     Inc.
                                            56,772         1,022
    *
        Ashford     Inc.
                                            42,457         1,002
        Bank   of  South   Carolina     Corp.
                                            52,968          995
    *
        Security     National     Financial      Corp.   Class   A
                                           170,038           995
    *
        Central     Federal     Corp.
                                            69,550          970
    *,^
        Avalon    GloboCare      Corp.
                                           470,565           908
    *
        Maiden    Holdings     Ltd.
                                          1,193,606            895
    ^
        Elmira    Savings     Bank
                                            52,075          786
    *
        FFBW   Inc.
                                            57,872          668
    *,^
        Riot   Blockchain      Inc.
                                           575,200           644
    *
        CBM  Bancorp     Inc.
                                            37,145          524
        County    Bancorp     Inc.
                                            19,769          507
    *,§
        Winthrop     Realty    Trust
                                           562,609           486
        Bank   of  the  James   Financial      Group   Inc.
                                            31,555          482
    *
        Broadway     Financial      Corp.
                                           291,631           449
    *
        HV  Bancorp     Inc.
                                            26,133          444
    *
        Community      First   Bancshares      Inc.
                                            38,693          443
        Ottawa    Bancorp     Inc.
                                            27,877          386
        MSB  Financial      Corp.
                                            19,644          354
        United    Bancorp     Inc.
                                            23,427          335
    *
        Power   REIT
                                            29,103          262
    *
        National     Holdings     Corp.
                                            96,260          245
    *
        InterGroup      Corp.
                                             6,286          234
    *
        FlexShopper       Inc.
                                            86,281          218
    *,^
        Wheeler     REIT   Inc.
                                           128,812           211
        US  Global    Investors      Inc.   Class   A
                                           143,575           207
    *,^
        Altisource      Asset   Management      Corp.
                                            15,364          190
    *
        1347   Property     Insurance      Holdings     Inc.
                                            34,257          189
        WVS  Financial      Corp.
                                            11,419          188
        Medley    Management      Inc.   Class   A
                                            55,034          163
    *
        Income    Opportunity       Realty    Investors      Inc.
                                            12,050          159
        Landmark     Bancorp     Inc.
                                             5,815          146
        Riverview      Financial      Corp.
                                            10,060          126
    *
        JW  Mays   Inc.
                                             4,010          121
    *
        Asta   Funding     Inc.
                                            11,264          116
        Mid-Southern       Bancorp     Inc.
                                             6,447          87
                                222/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *
        Trinity     Place   Holdings     Inc.
                                            27,417           83
        Medalist     Diversified       REIT   Inc.
                                            22,234           77
        Guaranty     Federal     Bancshares      Inc.
                                             3,011          76
    *
        FSB  Bancorp     Inc.
                                             3,139          54
        Oconee    Federal     Financial      Corp.
                                             1,919          50
        Lake   Shore   Bancorp     Inc.
                                             2,800          43
        Home   Federal     Bancorp     Inc.
                                              601         21
    *
        CPI  Card   Group   Inc.
                                            23,067           21
        Protective      Insurance      Corp.   Class   A
                                             1,100          17
        Tremont     Mortgage     Trust
                                             2,458          12
    *
        National     Holdings     Corp.   Warrants     Exp.   01/18/2022
                                            92,151           9
    *
        Envision     Solar   International        Inc.
                                             1,800           8
    *
        Village     Bank   and  Trust   Financial      Corp.
                                              200          7
        Patriot     National     Bancorp     Inc.
                                              100          1
    *
        Conifer     Holdings     Inc.
                                              300          1
                                223/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数    （千米ドル）
    *,^,§
        Ditech    Holding     Corp.   Warrants     Exp.   02/09/2028
                                                       -
                                            34,201
                                                  174,087,724
    ヘルスケア      (13.0％)
        Johnson     & Johnson
                                          74,147,917        10,815,957
        UnitedHealth       Group   Inc.
                                          26,689,357         7,846,137
        Merck   & Co.  Inc.
                                          71,739,055         6,524,667
        Pfizer    Inc.
                                         155,931,076          6,109,380
        Abbott    Laboratories
                                          49,821,309         4,327,479
        Medtronic      plc
                                          37,757,947         4,283,639
        Bristol-Myers        Squibb    Co.
                                          65,941,862         4,232,808
        Amgen   Inc.
                                          16,741,329         4,035,832
        AbbVie    Inc.
                                          41,653,636         3,688,013
        Thermo    Fisher    Scientific      Inc.
                                          11,297,406         3,670,188
        Eli  Lilly   & Co.
                                          24,355,427         3,201,034
        Gilead    Sciences     Inc.
                                          35,654,732         2,316,844
        Anthem    Inc.
                                          7,144,478        2,157,847
        Cigna   Corp.
                                          10,522,464         2,151,739
        Becton    Dickinson      and  Co.
                                          7,620,489        2,072,544
    *
        Intuitive      Surgical     Inc.
                                          3,255,802        1,924,667
        Stryker     Corp.
                                          8,962,658        1,881,620
        Zoetis    Inc.
                                          13,425,665         1,776,887
    *
        Boston    Scientific      Corp.
                                          39,278,030         1,776,153
        Allergan     plc
                                          8,788,488        1,680,095
    *
        Vertex    Pharmaceuticals         Inc.
                                          7,240,328        1,585,270
    *
        Biogen    Inc.
                                          5,084,654        1,508,769
    *
        Illumina     Inc.
                                          4,142,312        1,374,171
    *
        Edwards     Lifesciences       Corp.
                                          5,876,280        1,370,877
        Humana    Inc.
                                          3,731,117        1,367,529
        Baxter    International        Inc.
                                          14,365,712         1,201,261
        HCA  Healthcare      Inc.
                                          7,643,617        1,129,803
        Zimmer    Biomet    Holdings     Inc.
                                          5,795,890          867,529
    *
        Regeneron      Pharmaceuticals         Inc.
                                          2,281,758          856,754
    *
        IQVIA   Holdings     Inc.
                                          4,651,009          718,627
    *
        Centene     Corp.
                                          11,065,329          695,677
    *
        Alexion     Pharmaceuticals         Inc.
                                          5,933,708          641,731
    *
        IDEXX   Laboratories       Inc.
                                          2,416,096          630,915
        ResMed    Inc.
                                          4,053,368          628,150
    *
        DexCom    Inc.
                                          2,578,662          564,057
    *
        Align   Technology      Inc.
                                          1,999,775          558,017
        Teleflex     Inc.
                                          1,305,090          491,288
    *
        WellCare     Health    Plans   Inc.
                                          1,413,003          466,588
    *
        Laboratory      Corp.   of  America     Holdings
                                          2,736,674          462,963
    *
        Incyte    Corp.
                                          5,168,791          451,339
        Cooper    Cos.   Inc.
                                          1,397,517          449,008
    *
        BioMarin     Pharmaceutical         Inc.
                                          5,051,152          427,075
        Cardinal     Health    Inc.
                                          8,260,056          417,794
        Quest   Diagnostics       Inc.
                                          3,783,925          404,085
    *
        Hologic     Inc.
                                          7,560,838          394,751
    *
        Seattle     Genetics     Inc.
                                          3,383,951          386,650
                                224/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *
        Exact   Sciences     Corp.
                                          4,152,833          384,054
        STERIS    plc
                                          2,387,221          363,860
    *
        Varian    Medical     Systems     Inc.
                                          2,562,187          363,856
    *
        Alnylam     Pharmaceuticals         Inc.
                                          3,148,889          362,658
        Dentsply     Sirona    Inc.
                                          6,279,146          355,337
        West   Pharmaceutical         Services     Inc.
                                          2,086,604          313,679
    *
        Elanco    Animal    Health    Inc.
                                          10,510,862          309,545
        Universal      Health    Services     Inc.   Class   B
                                          2,153,271          308,908
        PerkinElmer       Inc.
                                          3,135,130          304,421
    *
        Insulet     Corp.
                                          1,742,049          298,239
    *
        Mylan   NV
                                          14,518,973          291,831
    *
        Neurocrine      Biosciences       Inc.
                                          2,601,008          279,582
    *
        Henry   Schein    Inc.
                                          4,140,003          276,221
    *
        Sarepta     Therapeutics       Inc.
                                          1,988,386          256,581
    *
        Molina    Healthcare      Inc.
                                          1,764,941          239,485
                                225/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数    （千米ドル）
        Bio-Techne      Corp.
                                          1,072,563          235,438
    *
        Catalent     Inc.
                                          4,115,680          231,713
    *
        Jazz   Pharmaceuticals         plc
                                          1,514,590          226,098
    *
        Bio-Rad     Laboratories       Inc.   Class   A
                                           596,434        220,698
    *
        Ionis   Pharmaceuticals         Inc.
                                          3,554,734          214,741
    *
        Masimo    Corp.
                                          1,357,552          214,575
        Hill-Rom     Holdings     Inc.
                                          1,885,688          214,082
    *
        Charles     River   Laboratories       International        Inc.
                                          1,374,457          209,962
    *
        ABIOMED     Inc.
                                          1,208,943          206,234
    *
        PRA  Health    Sciences     Inc.
                                          1,768,366          196,554
        Chemed    Corp.
                                           447,001        196,350
        Encompass      Health    Corp.
                                          2,773,163          192,097
    *
        Horizon     Therapeutics       plc
                                          5,240,941          189,722
    *
        Novocure     Ltd.
                                          2,233,522          188,219
        Perrigo     Co.  plc
                                          3,634,872          187,777
    *
        DaVita    Inc.
                                          2,381,556          178,688
    *
        Avantor     Inc.
                                          9,683,778          175,761
    *
        Medicines      Co.
                                          2,007,673          170,532
    *
        Arrowhead      Pharmaceuticals         Inc.
                                          2,670,284          169,376
    *,^
        Teladoc     Health    Inc.
                                          2,020,705          169,173
    *
        Haemonetics       Corp.
                                          1,427,395          164,008
    *
        Amedisys     Inc.
                                           900,594        150,327
    *
        Exelixis     Inc.
                                          8,498,487          149,743
    *
        HealthEquity       Inc.
                                          1,978,023          146,512
    *
        Penumbra     Inc.
                                           880,291        144,605
        Bruker    Corp.
                                          2,823,768          143,927
    *
        ACADIA    Pharmaceuticals         Inc.
                                          3,263,622          139,618
    *
        Syneos    Health    Inc.
                                          2,333,286          138,772
    *
        Reata   Pharmaceuticals         Inc.   Class   A
                                           660,171        134,959
    *,^
        Envista     Holdings     Corp.
                                          4,467,754          132,424
    *
        Global    Blood   Therapeutics       Inc.
                                          1,605,782          127,644
    *
        Globus    Medical     Inc.
                                          2,155,566          126,920
    *
        Repligen     Corp.
                                          1,321,352          122,225
    *
        Mirati    Therapeutics       Inc.
                                           938,573        120,945
    *
        Integra     LifeSciences       Holdings     Corp.
                                          2,043,511          119,096
    *
        NuVasive     Inc.
                                          1,467,381          113,487
    *
        LHC  Group   Inc.
                                           804,843        110,875
    *
        Tenet   Healthcare      Corp.
                                          2,908,950          110,627
    *,^
        Moderna     Inc.
                                          5,585,195          109,246
    *
        Wright    Medical     Group   NV
                                          3,559,215          108,485
    *
        Nektar    Therapeutics       Class   A
                                          4,936,909          106,563
    *
        Blueprint      Medicines      Corp.
                                          1,316,521          105,466
    *
        Immunomedics       Inc.
                                          4,970,815          105,182
    *
        Sage   Therapeutics       Inc.
                                          1,453,845          104,953
    *
        United    Therapeutics       Corp.
                                          1,182,480          104,153
    *
        Guardant     Health    Inc.
                                          1,323,273          103,401
    *
        ICU  Medical     Inc.
                                           551,551        103,206
    *
        Omnicell     Inc.
                                          1,185,290          96,862
    *
        Neogen    Corp.
                                          1,482,169          96,726
                                226/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *
        Nevro   Corp.
                                           820,536         96,446
    *
        Bluebird     Bio  Inc.
                                          1,095,213          96,105
    *
        Tandem    Diabetes     Care   Inc.
                                          1,586,978          94,600
    *
        Alkermes     plc
                                          4,450,663          90,794
    *
        FibroGen     Inc.
                                          2,109,035          90,457
    *
        Iovance     Biotherapeutics         Inc.
                                          3,223,469          89,226
        CONMED    Corp.
                                           792,680         88,645
    *
        Intercept      Pharmaceuticals         Inc.
                                           696,072         86,257
    *
        MyoKardia      Inc.
                                          1,173,532          85,533
    *
        Agios   Pharmaceuticals         Inc.
                                          1,756,338          83,865
    *
        Acadia    Healthcare      Co.  Inc.
                                          2,482,633          82,473
    *
        NeoGenomics       Inc.
                                          2,771,052          81,053
    *
        PTC  Therapeutics       Inc.
                                          1,665,199          79,980
    *
        Quidel    Corp.
                                          1,052,038          78,934
    *,^
        Axsome    Therapeutics       Inc.
                                           737,657         76,244
                                227/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数    （千米ドル）
    *
        Audentes     Therapeutics       Inc.
                                          1,224,526          73,276
    *
        HMS  Holdings     Corp.
                                          2,469,055          73,084
    *
        Halozyme     Therapeutics       Inc.
                                          4,073,285          72,219
    *,^
        Allakos     Inc.
                                           756,232         72,114
    *
        Select    Medical     Holdings     Corp.
                                          3,056,856          71,347
        Cantel    Medical     Corp.
                                          1,005,184          71,268
    *
        Amicus    Therapeutics       Inc.
                                          7,151,539          69,656
    *
        Acceleron      Pharma    Inc.
                                          1,291,185          68,459
    *
        Emergent     BioSolutions       Inc.
                                          1,238,630          66,824
    *
        Natera    Inc.
                                          1,977,533          66,623
    *
        Zogenix     Inc.
                                          1,267,123          66,055
    *
        ArQule    Inc.
                                          3,216,030          64,192
        Ensign    Group   Inc.
                                          1,409,969          63,970
    *
        Ultragenyx      Pharmaceutical         Inc.
                                          1,495,401          63,869
    *
        Medpace     Holdings     Inc.
                                           753,626         63,350
    *
        Glaukos     Corp.
                                          1,162,332          63,312
    *
        MEDNAX    Inc.
                                          2,267,250          63,007
    *
        Arena   Pharmaceuticals         Inc.
                                          1,387,150          63,004
    *
        Momenta     Pharmaceuticals         Inc.
                                          3,192,196          62,982
    *
        Insmed    Inc.
                                          2,492,851          59,529
    *
        Prestige     Consumer     Healthcare      Inc.
                                          1,450,238          58,735
    *
        Deciphera      Pharmaceuticals         Inc.
                                           943,064         58,696
    *
        Heron   Therapeutics       Inc.
                                          2,450,005          57,575
    *
        Ironwood     Pharmaceuticals         Inc.   Class   A
                                          4,202,579          55,936
    *
        Myriad    Genetics     Inc.
                                          2,001,023          54,488
    *
        Kodiak    Sciences     Inc.
                                           726,944         52,304
        Healthcare      Services     Group   Inc.
                                          2,116,125          51,464
    *
        Pacira    BioSciences       Inc.
                                          1,121,928          50,823
    *
        Epizyme     Inc.
                                          2,062,143          50,729
    *
        iRhythm     Technologies       Inc.
                                           740,141         50,396
    *
        Xencor    Inc.
                                          1,442,713          49,615
    *
        Magellan     Health    Inc.
                                           630,873         49,366
    *
        Portola     Pharmaceuticals         Inc.
                                          2,042,645          48,778
        Patterson      Cos.   Inc.
                                          2,378,378          48,709
    *
        Ligand    Pharmaceuticals         Inc.
                                           463,388         48,327
    *
        Merit   Medical     Systems     Inc.
                                          1,480,732          46,228
    *
        Avanos    Medical     Inc.
                                          1,370,555          46,188
    *
        Cardiovascular         Systems     Inc.
                                           934,553         45,410
    *
        ChemoCentryx       Inc.
                                          1,132,250          44,780
    *
        STAAR   Surgical     Co.
                                          1,266,101          44,529
    *
        Intra-Cellular         Therapies      Inc.
                                          1,286,780          44,149
    *,^
        Esperion     Therapeutics       Inc.
                                           738,864         44,058
    *
        Ra  Pharmaceuticals         Inc.
                                           925,729         43,444
    *
        Aimmune     Therapeutics       Inc.
                                          1,274,076          42,643
    *
        BioTelemetry       Inc.
                                           910,036         42,135
    *
        Apellis     Pharmaceuticals         Inc.
                                          1,366,345          41,837
    *
        Editas    Medicine     Inc.
                                          1,395,879          41,332
        US  Physical     Therapy     Inc.
                                           359,768         41,139
    *,^
        Invitae     Corp.
                                          2,528,961          40,792
                                228/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *
        Turning     Point   Therapeutics       Inc.
                                           647,880         40,356
    *
        Brookdale      Senior    Living    Inc.
                                          5,305,459          38,571
    *
        REGENXBIO      Inc.
                                           937,724         38,419
    *
        Addus   HomeCare     Corp.
                                           393,732         38,279
    *
        Inspire     Medical     Systems     Inc.
                                           507,453         37,658
    *
        Principia      Biopharma      Inc.
                                           663,998         36,374
    *
        Veracyte     Inc.
                                          1,290,773          36,038
    *
        Inogen    Inc.
                                           524,274         35,824
    *
        Corcept     Therapeutics       Inc.
                                          2,889,200          34,959
    *
        Dicerna     Pharmaceuticals         Inc.
                                          1,561,936          34,409
    *
        Forty   Seven   Inc.
                                           860,808         33,890
    *
        Tactile     Systems     Technology      Inc.
                                           500,207         33,769
    *
        AtriCure     Inc.
                                          1,035,040          33,649
    *
        Supernus     Pharmaceuticals         Inc.
                                          1,416,745          33,605
    *
        Varex   Imaging     Corp.
                                          1,099,198          32,767
                                229/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数    （千米ドル）
    *
        Fate   Therapeutics       Inc.
                                          1,671,670          32,715
    *
        R1  RCM  Inc.
                                          2,513,490          32,625
    *,^
        Denali    Therapeutics       Inc.
                                          1,866,725          32,518
    *
        Theravance      Biopharma      Inc.
                                          1,244,015          32,208
    *,^
        Aerie   Pharmaceuticals         Inc.
                                          1,299,007          31,397
    *,^
        Allogene     Therapeutics       Inc.
                                          1,207,657          31,375
    *
        Natus   Medical     Inc.
                                           938,942         30,976
    *
        Enanta    Pharmaceuticals         Inc.
                                           498,243         30,781
    *
        Coherus     Biosciences       Inc.
                                          1,701,617          30,638
        National     HealthCare      Corp.
                                           344,137         29,744
        Atrion    Corp.
                                            39,264        29,507
    *
        Constellation        Pharmaceuticals         Inc.
                                           618,688         29,146
    *
        Karyopharm      Therapeutics       Inc.
                                          1,482,485          28,419
    *
        Hanger    Inc.
                                          1,005,835          27,771
    *
        Sangamo     Therapeutics       Inc.
                                          3,312,218          27,723
    *
        NanoString      Technologies       Inc.
                                           983,655         27,365
    *
        10X  Genomics     Inc.   Class   A
                                           357,179         27,235
    *
        Tricida     Inc.
                                           713,796         26,939
    *
        CryoLife     Inc.
                                           991,127         26,850
    *
        Endo   International        plc
                                          5,680,116          26,640
    *
        Radius    Health    Inc.
                                          1,298,616          26,180
        Luminex     Corp.
                                          1,119,094          25,918
    *,^
        TG  Therapeutics       Inc.
                                          2,294,664          25,471
    *
        Athenex     Inc.
                                          1,666,172          25,442
        National     Research     Corp.
                                           384,351         25,344
    *
        CareDx    Inc.
                                          1,167,901          25,192
    *,^
        Bridgebio      Pharma    Inc.
                                           711,248         24,929
    *
        Tivity    Health    Inc.
                                          1,225,191          24,927
    *
        Shockwave      Medical     Inc.
                                           563,526         24,750
    *
        Innoviva     Inc.
                                          1,745,000          24,709
    *,^
        ZIOPHARM     Oncology     Inc.
                                          5,183,914          24,468
    *
        Codexis     Inc.
                                          1,512,302          24,182
    *
        Vanda   Pharmaceuticals         Inc.
                                          1,460,304          23,964
    *
        Orthofix     Medical     Inc.
                                           514,075         23,740
    *
        CorVel    Corp.
                                           270,812         23,658
    *
        Revance     Therapeutics       Inc.
                                          1,450,212          23,537
    *
        Pennant     Group   Inc.
                                           700,363         23,161
    *,^
        Change    Healthcare      Inc.
                                          1,411,121          23,128
    *
        RadNet    Inc.
                                          1,111,623          22,566
    *,^
        Rocket    Pharmaceuticals         Inc.
                                           989,744         22,527
    *
        Achillion      Pharmaceuticals         Inc.
                                          3,727,896          22,479
    *
        Atara   Biotherapeutics         Inc.
                                          1,360,944          22,415
    *
        Rhythm    Pharmaceuticals         Inc.
                                           958,392         22,005
    *
        Madrigal     Pharmaceuticals         Inc.
                                           236,491         21,547
    *
        Intersect      ENT  Inc.
                                           863,220         21,494
    *
        Silk   Road   Medical     Inc.
                                           532,263         21,493
    *
        Vericel     Corp.
                                          1,227,821          21,364
    *
        ImmunoGen      Inc.
                                          4,094,337          20,902
    *
        G1  Therapeutics       Inc.
                                           790,723         20,899
                                230/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *
        Lantheus     Holdings     Inc.
                                          1,018,694          20,893
    *
        HealthStream       Inc.
                                           752,263         20,462
    *,^
        Omeros    Corp.
                                          1,429,761          20,145
    *
        Pacific     Biosciences       of  California      Inc.
                                          3,912,251          20,109
    *
        Anika   Therapeutics       Inc.
                                           387,703         20,102
    *
        Arvinas     Inc.
                                           486,573         19,993
    *,^
        Dermira     Inc.
                                          1,317,610          19,975
    *
        Eagle   Pharmaceuticals         Inc.
                                           331,937         19,943
    *
        Kadmon    Holdings     Inc.
                                          4,370,620          19,799
    *
        Flexion     Therapeutics       Inc.
                                           941,811         19,495
    *
        Collegium      Pharmaceutical         Inc.
                                           941,938         19,385
    *
        Antares     Pharma    Inc.
                                          4,124,118          19,383
    *
        Akebia    Therapeutics       Inc.
                                          3,062,538          19,355
    *
        Heska   Corp.
                                           201,254         19,308
    *,^
        Karuna    Therapeutics       Inc.
                                           255,747         19,268
                                231/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数    （千米ドル）
    *
        Gossamer     Bio  Inc.
                                          1,231,336          19,246
    *
        NextCure     Inc.
                                           339,019         19,097
    *
        Amphastar      Pharmaceuticals         Inc.
                                           989,237         19,082
    *
        Durect    Corp.
                                          5,013,032          19,050
    *,^
        Cara   Therapeutics       Inc.
                                          1,179,613          19,004
    *
        Y-mAbs    Therapeutics       Inc.
                                           603,874         18,871
    *
        Retrophin      Inc.
                                          1,283,312          18,223
    *
        Axogen    Inc.
                                          1,018,358          18,218
    *
        Adverum     Biotechnologies         Inc.
                                          1,538,817          17,727
    *
        Krystal     Biotech     Inc.
                                           313,524         17,363
    *
        Cytokinetics       Inc.
                                          1,623,037          17,220
        LeMaitre     Vascular     Inc.
                                           478,977         17,219
    *
        Assembly     Biosciences       Inc.
                                           834,166         17,067
    *
        Cerus   Corp.
                                          3,967,073          16,741
    *
        Kura   Oncology     Inc.
                                          1,209,831          16,635
    *,^
        OPKO   Health    Inc.
                                          11,229,587           16,507
    *,^
        Intellia     Therapeutics       Inc.
                                          1,079,042          15,830
    *
        Adaptive     Biotechnologies         Corp.
                                           528,019         15,798
    *
        AngioDynamics        Inc.
                                           985,569         15,779
    *,^
        Cortexyme      Inc.
                                           276,822         15,541
    *,^
        TherapeuticsMD         Inc.
                                          6,386,860          15,456
    *,^
        Alector     Inc.
                                           895,951         15,437
    *,^
        Clovis    Oncology     Inc.
                                          1,462,934          15,251
    *
        MacroGenics       Inc.
                                          1,372,358          14,931
    *
        Option    Care   Health    Inc.
                                          3,951,026          14,737
    *,^
        Viking    Therapeutics       Inc.
                                          1,822,328          14,615
    *
        ANI  Pharmaceuticals         Inc.
                                           236,566         14,589
    *
        Surmodics      Inc.
                                           351,651         14,569
    *
        BioCryst     Pharmaceuticals         Inc.
                                          4,165,478          14,371
    *,^
        SmileDirectClub         Inc.
                                          1,616,844          14,131
    *
        OrthoPediatrics         Corp.
                                           297,707         13,989
    *
        Ardelyx     Inc.
                                          1,863,627          13,987
    *
        OraSure     Technologies       Inc.
                                          1,739,375          13,967
    *,^
        Relmada     Therapeutics       Inc.
                                           354,100         13,810
    *
        BioDelivery       Sciences     International        Inc.
                                          2,167,338          13,698
    *,^
        PetIQ   Inc.   Class   A
                                           543,975         13,627
    *
        Cutera    Inc.
                                           379,492         13,590
    *
        Amneal    Pharmaceuticals         Inc.
                                          2,811,815          13,553
    *
        Stemline     Therapeutics       Inc.
                                          1,267,932          13,478
    *,^
        Quanterix      Corp.
                                           567,826         13,418
    *,^
        ViewRay     Inc.
                                          3,168,703          13,372
    *
        Avrobio     Inc.
                                           654,001         13,165
    *,^
        Dynavax     Technologies       Corp.   Class   A
                                          2,269,045          12,979
    *
        Synthorx     Inc.
                                           185,143         12,940
    *,^
        Accelerate      Diagnostics       Inc.
                                           755,926         12,775
    *
        Agenus    Inc.
                                          3,109,343          12,655
    *
        Twist   Bioscience      Corp.
                                           594,000         12,474
    *
        Sientra     Inc.
                                          1,374,928          12,292
    *,^
        Provention      Bio  Inc.
                                           820,347         12,223
                                232/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *
        Avid   Bioservices       Inc.
                                          1,591,048          12,203
    *
        Voyager     Therapeutics       Inc.
                                           871,872         12,163
    *
        Triple-S     Management      Corp.   Class   B
                                           655,778         12,125
    *
        Odonate     Therapeutics       Inc.
                                           370,406         12,020
    *,^
        Sorrento     Therapeutics       Inc.
                                          3,528,234          11,925
    *
        Homology     Medicines      Inc.
                                           568,781         11,774
    *
        Progenics      Pharmaceuticals         Inc.
                                          2,306,141          11,738
    *
        Axonics     Modulation      Technologies       Inc.
                                           419,114         11,614
    *
        CytomX    Therapeutics       Inc.
                                          1,367,661          11,365
    *
        Eiger   BioPharmaceuticals           Inc.
                                           759,974         11,324
    *
        AnaptysBio      Inc.
                                           688,681         11,191
    *,^
        IGM  Biosciences       Inc.
                                           285,947         10,912
        Utah   Medical     Products     Inc.
                                           100,221         10,814
        Meridian     Bioscience      Inc.
                                          1,100,229          10,749
    *
        AMAG   Pharmaceuticals         Inc.
                                           883,207         10,749
                                233/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数    （千米ドル）
    *
        Spectrum     Pharmaceuticals         Inc.
                                          2,948,132          10,731
    *
        Recro   Pharma    Inc.
                                           569,794         10,444
    *,^
        Intrexon     Corp.
                                          1,867,600          10,234
    *,^
        Corbus    Pharmaceuticals         Holdings     Inc.
                                          1,871,125          10,216
    *
        Catalyst     Pharmaceuticals         Inc.
                                          2,724,057          10,215
    *
        Rigel   Pharmaceuticals         Inc.
                                          4,673,184          10,001
    *,^
        XBiotech     Inc.
                                           528,503          9,865
    *
        IVERIC    bio  Inc.
                                          1,132,897           9,720
    *,^
        Progyny     Inc.
                                           351,610          9,652
    *
        Kindred     Biosciences       Inc.
                                          1,127,689           9,563
    *
        Pfenex    Inc.
                                           869,080          9,543
    *,^
        Eidos   Therapeutics       Inc.
                                           165,198          9,481
    *
        SI-BONE     Inc.
                                           437,574          9,408
    *
        Precision      BioSciences       Inc.
                                           674,353          9,367
    *
        Community      Health    Systems     Inc.
                                          3,198,313           9,275
    *
        BioSpecifics       Technologies       Corp.
                                           160,830          9,158
    *,^
        Inovio    Pharmaceuticals         Inc.
                                          2,754,474           9,090
    *
        PDL  BioPharma      Inc.
                                          2,754,978           8,940
    *,^
        TransMedics       Group   Inc.
                                           465,566          8,850
    *,^
        CEL-SCI     Corp.
                                           966,960          8,848
        Owens   & Minor   Inc.
                                          1,704,907           8,814
    *
        GenMark     Diagnostics       Inc.
                                          1,822,600           8,767
        Invacare     Corp.
                                           962,641          8,683
    *,^
        Rubius    Therapeutics       Inc.
                                           896,003          8,512
    *,^
        Mallinckrodt       plc
                                          2,343,282           8,178
    *,^
        Puma   Biotechnology        Inc.
                                           926,832          8,110
    *
        Calithera      Biosciences       Inc.
                                          1,409,585           8,049
    *
        Magenta     Therapeutics       Inc.
                                           526,943          7,988
    *
        Arcus   Biosciences       Inc.
                                           790,720          7,986
    *,^
        Lannett     Co.  Inc.
                                           894,888          7,893
    *
        Cue  Biopharma      Inc.
                                           487,285          7,736
    *,^
        Geron   Corp.
                                          5,673,622           7,716
    *
        SIGA   Technologies       Inc.
                                          1,615,615           7,706
    *,^
        Crinetics      Pharmaceuticals         Inc.
                                           306,721          7,696
    *,^
        Matinas     BioPharma      Holdings     Inc.
                                          3,386,671           7,688
    *
        Apyx   Medical     Corp.
                                           894,837          7,570
    *
        SpringWorks       Therapeutics       Inc.
                                           196,608          7,567
    *
        Alphatec     Holdings     Inc.
                                          1,057,633           7,504
    *
        Molecular      Templates      Inc.
                                           532,005          7,440
    *,^
        MannKind     Corp.
                                          5,703,261           7,357
    *
        Accuray     Inc.
                                          2,603,270           7,341
    *,^
        Akcea   Therapeutics       Inc.
                                           431,460          7,309
    *,^
        Evolus    Inc.
                                           595,634          7,249
    *
        Replimune      Group   Inc.
                                           500,980          7,189
    *
        MEI  Pharma    Inc.
                                          2,865,177           7,106
    *
        Fluidigm     Corp.
                                          2,034,877           7,081
    *
        Applied     Therapeutics       Inc.
                                           257,884          7,035
    *
        Mersana     Therapeutics       Inc.
                                          1,213,031           6,951
    *
        Syros   Pharmaceuticals         Inc.
                                          1,003,963           6,937
                                234/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *
        Scholar     Rock   Holding     Corp.
                                           523,922          6,905
    *,^
        Apollo    Medical     Holdings     Inc.
                                           374,359          6,892
    *
        Minerva     Neurosciences        Inc.
                                           952,916          6,775
    *
        Aprea   Therapeutics       Inc.
                                           145,487          6,676
    *
        Misonix     Inc.
                                           357,374          6,651
    *
        Surgery     Partners     Inc.
                                           418,719          6,555
    *
        BioLife     Solutions      Inc.
                                           404,489          6,545
    *,^
        Optinose     Inc.
                                           708,073          6,528
    *
        Translate      Bio  Inc.
                                           800,026          6,512
    *
        SeaSpine     Holdings     Corp.
                                           509,938          6,124
    *
        Stoke   Therapeutics       Inc.
                                           212,600          6,021
    *,^
        MediciNova      Inc.
                                           891,718          6,010
    *
        Joint   Corp.
                                           370,808          5,985
    *
        Harrow    Health    Inc.
                                           763,120          5,937
    *
        Concert     Pharmaceuticals         Inc.
                                           638,360          5,889
                                235/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数    （千米ドル）
    *
        ADMA   Biologics      Inc.
                                          1,452,248           5,809
    *
        Syndax    Pharmaceuticals         Inc.
                                           657,918          5,777
    *
        Abeona    Therapeutics       Inc.
                                          1,760,180           5,756
    *
        RTI  Surgical     Holdings     Inc.
                                          2,098,963           5,751
    *
        Vapotherm      Inc.
                                           463,490          5,636
    *
        Aeglea    BioTherapeutics         Inc.
                                           730,780          5,583
    *
        Gritstone      Oncology     Inc.
                                           598,855          5,372
    *
        KalVista     Pharmaceuticals         Inc.
                                           291,774          5,196
    *
        Verrica     Pharmaceuticals         Inc.
                                           325,091          5,166
    *
        Xeris   Pharmaceuticals         Inc.
                                           719,094          5,070
    *
        Chiasma     Inc.
                                           984,427          4,883
    *
        GlycoMimetics        Inc.
                                           910,116          4,815
    *
        X4  Pharmaceuticals         Inc.
                                           430,247          4,604
    *,^
        Athersys     Inc.
                                          3,726,182           4,583
    *
        Palatin     Technologies       Inc.
                                          5,849,095           4,575
    *
        Hookipa     Pharma    Inc.
                                           372,890          4,560
    *,^
        CorMedix     Inc.
                                           625,748          4,555
    *,^
        NGM  Biopharmaceuticals           Inc.
                                           245,251          4,535
    *,^
        AcelRx    Pharmaceuticals         Inc.
                                          2,142,380           4,520
    *
        Eloxx   Pharmaceuticals         Inc.
                                           608,308          4,477
    *
        Marinus     Pharmaceuticals         Inc.
                                          2,067,953           4,467
    *,^
        Catasys     Inc.
                                           271,875          4,434
    *,^
        Senseonics      Holdings     Inc.
                                          4,827,947           4,422
    *
        Fulgent     Genetics     Inc.
                                           341,824          4,410
    *,^
        XOMA   Corp.
                                           160,945          4,394
    *
        InfuSystem      Holdings     Inc.
                                           511,238          4,361
    *,^
        Amyris    Inc.
                                          1,409,918           4,357
    *
        iRadimed     Corp.
                                           185,109          4,328
    *,^
        Zynex   Inc.
                                           542,733          4,271
    *
        Jounce    Therapeutics       Inc.
                                           487,199          4,253
    *
        Agile   Therapeutics       Inc.
                                          1,689,440           4,224
    *,^
        Ocular    Therapeutix       Inc.
                                          1,066,121           4,211
    *
        Ovid   therapeutics       Inc.
                                          1,002,310           4,160
    *
        Atreca    Inc.
                                           266,417          4,121
    *
        UNITY   Biotechnology        Inc.
                                           568,733          4,101
    *,^
        Lexicon     Pharmaceuticals         Inc.
                                           978,318          4,060
    *
        Seres   Therapeutics       Inc.
                                          1,175,813           4,057
    *
        Protagonist       Therapeutics       Inc.
                                           573,903          4,046
    *
        Cymabay     Therapeutics       Inc.
                                          2,048,278           4,015
    *
        CASI   Pharmaceuticals         Inc.
                                          1,298,963           4,014
    *
        Rockwell     Medical     Inc.
                                          1,638,452           3,998
    *
        Exicure     Inc.
                                          1,397,521           3,997
    *
        Aravive     Inc.
                                           288,008          3,937
    *
        American     Renal   Associates      Holdings     Inc.
                                           379,646          3,937
    *
        FONAR   Corp.
                                           199,168          3,922
    *
        Harpoon     Therapeutics       Inc.
                                           264,272          3,909
    *
        Aldeyra     Therapeutics       Inc.
                                           667,217          3,877
    *
        Kiniksa     Pharmaceuticals         Ltd.   Class   A
                                           348,492          3,854
    *,^
        Zynerba     Pharmaceuticals         Inc.
                                           630,140          3,806
                                236/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *
        Five   Prime   Therapeutics       Inc.
                                           824,351          3,784
    *
        Akorn   Inc.
                                          2,492,697           3,739
    *,^
        Anavex    Life   Sciences     Corp.
                                          1,425,049           3,691
    *
        Castle    Biosciences       Inc.
                                           107,186          3,684
    *,^
        Bioxcel     Therapeutics       Inc.
                                           249,603          3,647
    *
        Enzo   Biochem     Inc.
                                          1,366,399           3,594
    *
        Pulse   Biosciences       Inc.
                                           262,310          3,518
    *
        Exagen    Inc.
                                           137,795          3,500
    *
        Repro-Med      Systems     Inc.
                                           535,117          3,494
    *
        Personalis      Inc.
                                           315,739          3,442
    *
        Mustang     Bio  Inc.
                                           808,613          3,299
    *
        Dyadic    International        Inc.
                                           621,809          3,221
    *
        Genesis     Healthcare      Inc.
                                          1,960,136           3,215
    *,^
        CytoSorbents       Corp.
                                           832,151          3,204
    *
        Chimerix     Inc.
                                          1,522,300           3,090
                                237/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数    （千米ドル）
    *,^
        Paratek     Pharmaceuticals         Inc.
                                           766,225          3,088
    *,^
        Akero   Therapeutics       Inc.
                                           139,079          3,087
    *
        TCR2   Therapeutics       Inc.
                                           215,242          3,074
    *
        Lineage     Cell   Therapeutics       Inc.
                                          3,430,046           3,053
    *,^
        BioSig    Technologies       Inc.
                                           514,013          3,043
    *
        Satsuma     Pharmaceuticals         Inc.
                                           154,604          3,043
    *,^
        Galectin     Therapeutics       Inc.
                                          1,051,163           3,006
    *
        Stereotaxis       Inc.
                                           563,138          2,979
    *
        Spero   Therapeutics       Inc.
                                           307,402          2,956
    *,^
        EyePoint     Pharmaceuticals         Inc.
                                          1,904,792           2,952
    *,^
        Fortress     Biotech     Inc.
                                          1,134,317           2,915
    *
        Conformis      Inc.
                                          1,903,523           2,855
    *
        Otonomy     Inc.
                                           737,046          2,823
    *
        Acorda    Therapeutics       Inc.
                                          1,366,942           2,789
    *,^
        Proteostasis       Therapeutics       Inc.
                                          1,195,732           2,726
    *,^
        AVEO   Pharmaceuticals         Inc.
                                          4,364,829           2,725
    *,^
        Catalyst     Biosciences       Inc.
                                           398,149          2,711
    *
        Prevail     Therapeutics       Inc.
                                           170,499          2,699
    *
        Millendo     Therapeutics       Inc.
                                           396,400          2,672
    *
        Harvard     Bioscience      Inc.
                                           863,911          2,635
    *,^
        Venus   Concept     Inc.
                                           557,175          2,619
    *,^
        Marker    Therapeutics       Inc.
                                           904,972          2,606
    *,^
        DermTech     Inc.
                                           209,350          2,596
    *,^
        Savara    Inc.
                                           578,945          2,594
    *
        Sutro   Biopharma      Inc.
                                           234,251          2,577
    *,^
        Sesen   Bio  Inc.
                                          2,475,212           2,574
    *,^
        Novavax     Inc.
                                           643,291          2,560
    *
        PhaseBio     Pharmaceuticals         Inc.
                                           412,403          2,520
    *
        Assertio     Therapeutics       Inc.
                                          1,986,395           2,483
    *,^
        NantKwest      Inc.
                                           646,858          2,452
    *,^
        Viela   Bio  Inc.
                                            87,933         2,387
    *
        Capital     Senior    Living    Corp.
                                           740,585          2,288
    *,^
        La  Jolla   Pharmaceutical         Co.
                                           582,183          2,288
    *,^
        RAPT   Therapeutics       Inc.
                                            82,673         2,283
    *,^
        Soliton     Inc.
                                           204,101          2,241
    *,^
        Trevena     Inc.
                                          2,656,331           2,234
    *,^
        Verastem     Inc.
                                          1,655,459           2,218
    *,^
        Solid   Biosciences       Inc.
                                           489,748          2,179
    *,^
        Kala   Pharmaceuticals         Inc.
                                           590,072          2,177
    *,^
        NewLink     Genetics     Corp.
                                           859,970          2,176
    *,^
        BrainStorm      Cell   Therapeutics       Inc.
                                           499,658          2,139
    *,^
        Corvus    Pharmaceuticals         Inc.
                                           382,848          2,083
    *
        Adamas    Pharmaceuticals         Inc.
                                           549,413          2,082
    *
        Strongbridge       Biopharma      plc
                                           994,459          2,078
    *
        Cerecor     Inc.
                                           383,569          2,067
    *
        Chembio     Diagnostics       Inc.
                                           447,516          2,041
    *
        Cyclerion      Therapeutics       Inc.
                                           744,193          2,024
    *,^
        Ampio   Pharmaceuticals         Inc.
                                          3,462,732           2,019
    *,^
        Moleculin      Biotech     Inc.
                                          2,203,334           2,016
                                238/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *
        Applied     Genetic     Technologies       Corp.
                                           438,277          1,981
    *,^
        Tyme   Technologies       Inc.
                                          1,410,436           1,975
    *
        Aquestive      Therapeutics       Inc.
                                           339,183          1,974
    *,^
        SCYNEXIS     Inc.
                                          2,036,941           1,854
    *
        Selecta     Biosciences       Inc.
                                           772,990          1,840
    *
        Orgenesis      Inc.
                                           390,018          1,817
    *,^
        Enochian     Biosciences       Inc.
                                           351,591          1,765
    *,^
        Cidara    Therapeutics       Inc.
                                           451,652          1,734
    *
        Oncocyte     Corp.
                                           766,650          1,725
    *
        Arbutus     Biopharma      Corp.
                                           616,293          1,713
    *,^
        Neos   Therapeutics       Inc.
                                          1,121,410           1,693
    *
        Electromed      Inc.
                                           191,641          1,658
    *
        Menlo   Therapeutics       Inc.
                                           353,454          1,640
    *
        Aptinyx     Inc.
                                           471,915          1,614
    *
        Clearside      Biomedical      Inc.
                                           554,321          1,608
                                239/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数    （千米ドル）
    *
        Champions      Oncology     Inc.
                                           189,449          1,578
    *
        Baudax    Bio  Inc.
                                           227,917          1,577
    *,^
        Catabasis      Pharmaceuticals         Inc.
                                           263,608          1,558
    *
        Celcuity     Inc.
                                           146,048          1,554
    *,^
        Eton   Pharmaceuticals         Inc.
                                           213,277          1,536
    *
        Synlogic     Inc.
                                           586,414          1,513
        Psychemedics       Corp.
                                           165,302          1,513
    *,^
        Frequency      Therapeutics       Inc.
                                            84,408         1,480
    *
        Infinity     Pharmaceuticals         Inc.
                                          1,491,350           1,432
    *
        Cumberland      Pharmaceuticals         Inc.
                                           275,632          1,420
    *
        Curis   Inc.
                                           822,614          1,398
    *,^
        Anixa   Biosciences       Inc.
                                           424,878          1,394
    *,^
        Bellicum     Pharmaceuticals         Inc.
                                          1,037,236           1,338
    *
        PAVmed    Inc.
                                          1,093,405           1,312
    *,^
        Aclaris     Therapeutics       Inc.
                                           694,097          1,312
    *
        Neuronetics       Inc.
                                           290,135          1,303
    *
        Pro-Dex     Inc.
                                            72,849         1,279
    *
        IRIDEX    Corp.
                                           563,826          1,263
    *
        Evofem    Biosciences       Inc.
                                           203,801          1,257
    *
        MRI  Interventions        Inc.
                                           260,350          1,250
    *
        Checkpoint      Therapeutics       Inc.
                                           724,862          1,247
    *
        Aduro   Biotech     Inc.
                                          1,032,336           1,218
    *
        LogicBio     Therapeutics       Inc.
                                           167,462          1,206
    *,^
        Evelo   Biosciences       Inc.
                                           287,124          1,166
    *
        CTI  BioPharma      Corp.
                                           722,814          1,142
    *,^
        Zosano    Pharma    Corp.
                                           745,534          1,133
    *,^
        Vermillion      Inc.
                                          1,379,576           1,117
    *,^
        Idera   Pharmaceuticals         Inc.
                                           613,295          1,116
    *,^
        ElectroCore       Inc.
                                           700,682          1,114
    *
        Calyxt    Inc.
                                           157,904          1,107
    *,^
        Mirum   Pharmaceuticals         Inc.
                                            44,378         1,088
    *
        Strata    Skin   Sciences     Inc.
                                           517,774          1,077
    *,^
        Quorum    Health    Corp.
                                          1,125,183           1,076
    *
        Sensus    Healthcare      Inc.
                                           297,376          1,053
    *
        Avenue    Therapeutics       Inc.
                                           109,407          1,050
    *
        Cabaletta      Bio  Inc.
                                            74,221         1,037
    *,^
        T2  Biosystems      Inc.
                                           885,873          1,036
    *,^
        Genocea     Biosciences       Inc.
                                           498,354          1,032
    *
        Soleno    Therapeutics       Inc.
                                           350,339          1,030
    *,^
        Kaleido     Biosciences       Inc.
                                           195,648           982
    *,^
        Sunesis     Pharmaceuticals         Inc.
                                          2,860,014            966
    *
        Apollo    Endosurgery       Inc.
                                           338,627           965
    *
        Novan   Inc.
                                           300,561           950
    *
        scPharmaceuticals          Inc.
                                           167,208           946
    *
        Liquidia     Technologies       Inc.
                                           217,927           932
    *,^
        Organovo     Holdings     Inc.
                                          2,598,783            924
        Merrimack      Pharmaceuticals         Inc.
                                           285,294           899
    *
        Kezar   Life   Sciences     Inc.
                                           223,678           897
    *
        Standard     Diversified       Inc.
                                            60,649          889
                                240/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *
        Soligenix      Inc.
                                           598,911           868
    *
        Opiant    Pharmaceuticals         Inc.
                                            59,635          859
    *,^
        Oncternal      Therapeutics       Inc.
                                           214,040           845
    *
        PLx  Pharma    Inc.
                                           178,053           778
    *,^
        Arcadia     Biosciences       Inc.
                                           141,438           775
    *
        Celldex     Therapeutics       Inc.
                                           344,839           769
    *
        AgeX   Therapeutics       Inc.
                                           415,268           756
    *
        AquaBounty      Technologies       Inc.
                                           347,989           755
    *
        Celsion     Corp.
                                           437,596           748
    *,^
        VIVUS   Inc.
                                           271,618           739
    *,^
        resTORbio      Inc.
                                           491,365           732
    *
        Endologix      Inc.
                                           458,529           724
    *,^
        Milestone      Scientific      Inc.
                                           519,552           722
    *,^
        Adamis    Pharmaceuticals         Corp.
                                          1,029,133            721
    *
        Eyenovia     Inc.
                                           160,888           721
                                241/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数    （千米ドル）
    *
        Oyster    Point   Pharma    Inc.
                                            29,290          716
    *
        Altimmune      Inc.
                                           377,900           714
    *,^
        Cohbar    Inc.
                                           442,624           708
    *
        Equillium      Inc.
                                           203,300           687
    *
        Allena    Pharmaceuticals         Inc.
                                           245,176           669
    *,^
        Actinium     Pharmaceuticals         Inc.
                                          3,033,390            660
    *,^
        HTG  Molecular      Diagnostics       Inc.
                                           936,812           658
    *
        aTyr   Pharma    Inc.
                                           152,825           637
    *
        Neon   Therapeutics       Inc.
                                           536,388           633
    *
        Bioanalytical        Systems     Inc.
                                           126,596           627
    *,^
        NantHealth      Inc.
                                           604,166           622
    *
        Surface     Oncology     Inc.
                                           323,119           607
    *,^
        Axcella     Health    Inc.
                                           151,058           606
    *,^
        Vir  Biotechnology        Inc.
                                            47,376          596
    *,^
        Vaccinex     Inc.
                                           120,430           584
    *,^
        Teligent     Inc.
                                          1,357,779            578
    *,^
        Galera    Therapeutics       Inc.
                                            43,920          578
    *,^
        Ekso   Bionics     Holdings     Inc.
                                          1,398,803            547
    *,^
        Leap   Therapeutics       Inc.
                                           477,317           535
    *
        Alpine    Immune    Sciences     Inc.
                                           139,028           534
    *
        AzurRx    BioPharma      Inc.
                                           490,181           510
    *,^
        PolarityTE      Inc.
                                           194,180           505
    *
        Aerpio    Pharmaceuticals         Inc.
                                           802,614           500
    *
        Ideaya    Biosciences       Inc.
                                            66,615          500
    *
        Zafgen    Inc.
                                           444,733           494
    *,^
        Second    Sight   Medical     Products     Inc.
                                           656,944           487
    *
        IsoRay    Inc.
                                           766,512           479
    *
        Alimera     Sciences     Inc.
                                            62,517          474
    *
        KemPharm     Inc.
                                          1,194,467            453
    *,^
        Cassava     Sciences     Inc.
                                            86,716          451
    *,^
        Biolase     Inc.
                                           815,191           451
    *,^
        Citius    Pharmaceuticals         Inc.
                                           435,356           444
    *,^
        Oragenics      Inc.
                                           844,227           442
    *
        Adial   Pharmaceuticals         Inc.
                                           176,277           425
    *,^
        SELLAS    Life   Sciences     Group   Inc.
                                            95,483          411
    *
        Spring    Bank   Pharmaceuticals         Inc.
                                           255,362           403
    *,^
        Co-Diagnostics         Inc.
                                           438,601           393
    *,^
        Evoke   Pharma    Inc.
                                           241,002           390
    *
        ContraFect      Corp.
                                           624,454           388
    *
        Caladrius      Biosciences       Inc.
                                           153,833           386
    *
        Tela   Bio  Inc.
                                            29,229          379
    *,^
        Conatus     Pharmaceuticals         Inc.
                                           936,834           375
    *
        Xtant   Medical     Holdings     Inc.
                                           221,928           355
    *
        AdaptHealth       Corp.
                                            32,212          354
    *
        ImmuCell     Corp.
                                            66,289          341
    *
        Biomerica      Inc.
                                           113,198           336
    *
        Tocagen     Inc.
                                           584,325           312
    *
        DiaMedica      Therapeutics       Inc.
                                            63,532          308
    *,^
        Helius    Medical     Technologies       Inc.   Class   A
                                           314,754           305
                                242/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *,^
        Unum   Therapeutics       Inc.
                                           400,874           289
    *
        Acer   Therapeutics       Inc.
                                            70,268          282
    *,^
        Trovagene      Inc.
                                           216,695           269
    *
        TFF  Pharmaceuticals         Inc.
                                            49,161          263
    *,^
        Obalon    Therapeutics       Inc.
                                           137,023           260
    *,^
        Heat   Biologics      Inc.
                                           534,924           254
    *
        Bellerophon       Therapeutics       Inc.
                                           681,990           238
    *
        Sophiris     Bio  Inc.
                                           618,362           229
    *
        Aptevo    Therapeutics       Inc.
                                           335,112           219
    *,^
        vTv  Therapeutics       Inc.   Class   A
                                           116,755           198
    *
        Miragen     Therapeutics       Inc.
                                           292,449           140
    *,^
        Navidea     Biopharmaceuticals           Inc.
                                           109,561           138
    *
        Cocrystal      Pharma    Inc.
                                           268,535           133
    *,^
        Outlook     Therapeutics       Inc.
                                           223,704           132
    *
        Trevi   Therapeutics       Inc.
                                            32,341          121
                                243/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数    （千米ドル）
    *
        Aileron     Therapeutics       Inc.
                                           199,290           114
    *
        Retractable       Technologies       Inc.
                                            65,800           99
    *
        Zomedica     Pharmaceuticals         Corp.
                                           294,779           98
    *
        American     Shared    Hospital     Services
                                            36,338           89
    *
        RA  Medical     Systems     Inc.
                                            65,700           74
    *,^
        OncoSec     Medical     Inc.
                                            38,594           70
    *
        Aevi   Genomic     Medicine     Inc.
                                           425,218           62
    *,^
        Imac   Holdings     Inc.
                                            38,906           58
    *
        PDS  Biotechnology        Corp.
                                            20,105           53
    *
        Inmune    Bio  Inc.
                                             8,450          49
    *
        Daxor   Corp.
                                             5,067          48
    *
        Five   Star   Senior    Living    Inc.
                                             9,610          36
    ^,§
        Synergy     Pharmaceuticals         Inc.
                                          5,148,145            33
    *,^
        Predictive      Oncology     Inc.
                                            11,228           29
    *
        Dynatronics       Corp.
                                            32,976           27
    *
        Entasis     Therapeutics       Holdings     Inc.
                                             5,429          27
    *
        Brickell     Biotech     Inc.
                                            15,297           23
    *,^,§
        Oncternal      Therapeutics       Inc.   CVR
                                             8,933          18
    *,^
        Onconova     Therapeutics       Inc.
                                            33,111           13
    *
        Cleveland      BioLabs     Inc.
                                            19,875           12
    *
        NanoViricides        Inc.
                                              967          2
    *
        Galena    Biopharma      Inc  Warrants     Exp.   03/18/2020
                                                       -
                                           157,500
                                                  116,863,672
    資本財・サービス          (13.1％)
        Boeing    Co.
                                          15,062,314         4,906,699
        Accenture      plc  Class   A
                                          17,886,881         3,766,441
        United    Technologies       Corp.
                                          24,306,428         3,640,131
    *
        PayPal    Holdings     Inc.
                                          33,082,634         3,578,549
        Honeywell      International        Inc.
                                          20,133,795         3,563,682
        Union   Pacific     Corp.
                                          19,557,102         3,535,728
        3M  Co.
                                          16,202,829         2,858,503
        General     Electric     Co.
                                         246,031,669          2,745,713
        Danaher     Corp.
                                          17,624,443         2,705,000
        Lockheed     Martin    Corp.
                                          6,750,918        2,628,672
        Fidelity     National     Information       Services     Inc.
                                          17,313,071         2,408,075
        United    Parcel    Service     Inc.   Class   B
                                          19,729,577         2,309,544
        Caterpillar       Inc.
                                          15,569,314         2,299,276
    *
        Fiserv    Inc.
                                          16,267,820         1,881,048
        Automatic      Data   Processing      Inc.
                                          10,972,753         1,870,854
        Raytheon     Co.
                                          7,843,388        1,723,506
        Global    Payments     Inc.
                                          8,460,242        1,544,502
        Deere   & Co.
                                          8,870,796        1,536,954
        CSX  Corp.
                                          20,940,117         1,515,227
        Northrop     Grumman     Corp.
                                          4,274,261        1,470,218
        Illinois     Tool   Works   Inc.
                                          8,147,437        1,463,524
        Norfolk     Southern     Corp.
                                          7,347,299        1,426,331
        Sherwin-Williams          Co.
                                          2,337,827        1,364,216
        Waste   Management      Inc.
                                          11,939,971         1,360,679
        Emerson     Electric     Co.
                                          17,160,626         1,308,669
                                244/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
        General     Dynamics     Corp.
                                          6,914,439        1,219,361
        Eaton   Corp.   plc
                                          11,650,429         1,103,529
        Roper   Technologies       Inc.
                                          2,925,810        1,036,410
        FedEx   Corp.
                                          6,620,144        1,001,032
        Amphenol     Corp.   Class   A
                                          8,363,400          905,171
        TE  Connectivity       Ltd.
                                          9,429,331          903,707
        Ingersoll-Rand         plc
                                          6,753,674          897,698
        Johnson     Controls     International        plc
                                          21,759,805          885,842
        TransDigm      Group   Inc.
                                          1,432,914          802,432
        Paychex     Inc.
                                          9,086,455          772,894
        Cummins     Inc.
                                          4,315,013          772,215
        PACCAR    Inc.
                                          9,741,392          770,544
        Parker-Hannifin         Corp.
                                          3,613,679          743,767
        Agilent     Technologies       Inc.
                                          8,716,091          743,570
        Willis    Towers    Watson    plc
                                          3,629,383          732,918
                                245/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数    （千米ドル）
        Stanley     Black   & Decker    Inc.
                                          4,269,928          707,698
    *
        FleetCor     Technologies       Inc.
                                          2,442,853          702,858
        Verisk    Analytics      Inc.   Class   A
                                          4,604,338          687,612
        Waste   Connections       Inc.
                                          7,427,122          674,308
        Cintas    Corp.
                                          2,474,991          665,971
        Rockwell     Automation      Inc.
                                          3,257,536          660,205
        AMETEK    Inc.
                                          6,411,498          639,483
    *
        CoStar    Group   Inc.
                                          1,031,229          616,984
        Fortive     Corp.
                                          8,037,182          613,960
    *
        Square    Inc.
                                          9,773,462          611,428
        Ball   Corp.
                                          9,232,916          597,093
        Fastenal     Co.
                                          16,105,669          595,104
    *
        Mettler-Toledo         International        Inc.
                                           686,153        544,311
    *
        Keysight     Technologies       Inc.
                                          5,273,315          541,200
        Vulcan    Materials      Co.
                                          3,718,789          535,468
        Republic     Services     Inc.   Class   A
                                          5,876,096          526,674
        Martin    Marietta     Materials      Inc.
                                          1,755,087          490,793
        Dover   Corp.
                                          4,089,537          471,360
        TransUnion
                                          5,301,130          453,830
        WW  Grainger     Inc.
                                          1,291,005          437,031
        Kansas    City   Southern
                                          2,791,815          427,594
    *
        Waters    Corp.
                                          1,813,544          423,735
        Xylem   Inc.
                                          5,071,313          399,569
        Wabtec    Corp.
                                          5,124,682          398,700
        Broadridge      Financial      Solutions      Inc.
                                          3,211,735          396,778
    *
        Zebra   Technologies       Corp.
                                          1,520,344          388,357
        Masco   Corp.
                                          8,069,900          387,275
        Old  Dominion     Freight     Line   Inc.
                                          2,024,609          384,230
        Expeditors      International        of  Washington      Inc.
                                          4,794,618          374,076
        IDEX   Corp.
                                          2,136,048          367,400
    *
        Teledyne     Technologies       Inc.
                                          1,025,602          355,412
    *
        United    Rentals     Inc.
                                          2,117,638          353,158
        Arconic     Inc.
                                          10,989,080          338,134
        Jacobs    Engineering       Group   Inc.
                                          3,755,321          337,340
        Allegion     plc
                                          2,620,716          326,384
        Jack   Henry   & Associates      Inc.
                                          2,172,778          316,509
        Westrock     Co.
                                          7,254,159          311,276
        Packaging      Corp.   of  America
                                          2,663,578          298,294
        CH  Robinson     Worldwide      Inc.
                                          3,812,881          298,167
    *
        Trimble     Inc.
                                          7,034,202          293,256
    *
        Fair   Isaac   Corp.
                                           775,889        290,710
        Huntington      Ingalls     Industries      Inc.
                                          1,147,843          287,971
        Textron     Inc.
                                          6,437,139          287,096
        JB  Hunt   Transport      Services     Inc.
                                          2,404,710          280,822
        Booz   Allen   Hamilton     Holding     Corp.   Class   A
                                          3,927,748          279,381
    *
        Crown   Holdings     Inc.
                                          3,815,024          276,742
        HEICO   Corp.   Class   A
                                          3,049,670          273,037
        Snap-on     Inc.
                                          1,548,376          262,295
        Carlisle     Cos.   Inc.
                                          1,592,575          257,742
                                246/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
        Cognex    Corp.
                                          4,570,768          256,146
    *
        WEX  Inc.
                                          1,215,623          254,624
        Lennox    International        Inc.
                                          1,028,529          250,930
        Universal      Display     Corp.
                                          1,191,065          245,443
        Graco   Inc.
                                          4,689,227          243,840
    *
        Sensata     Technologies       Holding     plc
                                          4,481,613          241,424
        Toro   Co.
                                          2,986,390          237,926
        Nordson     Corp.
                                          1,457,766          237,383
    *
        Euronet     Worldwide      Inc.
                                          1,450,816          228,591
        Hubbell     Inc.   Class   B
                                          1,527,356          225,774
        Genpact     Ltd.
                                          5,344,180          225,364
        Pentair     plc
                                          4,751,969          217,973
        Spirit    AeroSystems       Holdings     Inc.   Class   A
                                          2,911,781          212,211
        AptarGroup      Inc.
                                          1,790,394          207,005
    *
        XPO  Logistics      Inc.
                                          2,593,353          206,690
                                247/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数    （千米ドル）
        Donaldson      Co.  Inc.
                                          3,563,105          205,306
        Owens   Corning
                                          3,055,871          198,998
        FLIR   Systems     Inc.
                                          3,784,381          197,053
        Robert    Half   International        Inc.
                                          3,108,925          196,329
        Woodward     Inc.
                                          1,652,105          195,675
    *
        Arrow   Electronics       Inc.
                                          2,304,652          195,296
        Xerox   Holdings     Corp.
                                          5,176,930          190,873
    *
        HD  Supply    Holdings     Inc.
                                          4,674,690          188,016
        AO  Smith   Corp.
                                          3,865,252          184,141
        Flowserve      Corp.
                                          3,683,180          183,312
    *
        AECOM
                                          4,226,973          182,309
        ITT  Inc.
                                          2,463,209          182,056
        Oshkosh     Corp.
                                          1,917,703          181,511
    *
        Generac     Holdings     Inc.
                                          1,766,911          177,734
    *
        Berry   Global    Group   Inc.
                                          3,722,405          176,777
        Hexcel    Corp.
                                          2,376,694          174,235
        Sealed    Air  Corp.
                                          4,366,023          173,899
        Sonoco    Products     Co.
                                          2,806,392          173,211
        Curtiss-Wright         Corp.
                                          1,197,147          168,666
        BWX  Technologies       Inc.
                                          2,698,961          167,551
        Lincoln     Electric     Holdings     Inc.
                                          1,731,165          167,456
        MDU  Resources      Group   Inc.
                                          5,590,152          166,083
        Watsco    Inc.
                                           914,183        164,690
    *
        Stericycle      Inc.
                                          2,569,815          163,980
        Quanta    Services     Inc.
                                          3,987,345          162,325
        ManpowerGroup        Inc.
                                          1,665,334          161,704
        Jabil   Inc.
                                          3,862,331          159,630
        Acuity    Brands    Inc.
                                          1,117,985          154,282
        Allison     Transmission       Holdings     Inc.
                                          3,187,105          154,001
        National     Instruments       Corp.
                                          3,525,962          149,289
    *
        Trex   Co.  Inc.
                                          1,647,184          148,049
    *
        Kirby   Corp.
                                          1,607,908          143,956
        Air  Lease   Corp.   Class   A
                                          3,002,279          142,668
    *
        IPG  Photonics      Corp.
                                           975,668        141,394
        Alliance     Data   Systems     Corp.
                                          1,230,157          138,024
    *
        Gardner     Denver    Holdings     Inc.
                                          3,731,667          136,878
        Graphic     Packaging      Holding     Co.
                                          8,185,519          136,289
        EMCOR   Group   Inc.
                                          1,568,399          135,353
        MAXIMUS     Inc.
                                          1,792,574          133,350
        Tetra   Tech   Inc.
                                          1,539,016          132,602
        AGCO   Corp.
                                          1,707,644          131,916
        Landstar     System    Inc.
                                          1,114,973          126,962
        Armstrong      World   Industries      Inc.
                                          1,348,488          126,717
        Brink's     Co.
                                          1,394,761          126,477
        MSA  Safety    Inc.
                                           987,225        124,746
        Littelfuse      Inc.
                                           649,297        124,211
        Crane   Co.
                                          1,422,858          122,906
    *
        Axon   Enterprise      Inc.
                                          1,665,123          122,020
    *
        Clean   Harbors     Inc.
                                          1,413,113          121,174
                                248/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
        KBR  Inc.
                                          3,957,648          120,708
        Knight-Swift       Transportation         Holdings     Inc.
                                          3,361,921          120,491
        Avnet   Inc.
                                          2,836,229          120,370
    *
        Paylocity      Holding     Corp.
                                           980,865        118,508
    *
        FTI  Consulting      Inc.
                                          1,049,343          116,120
    *
        Coherent     Inc.
                                           676,200        112,486
    *
        MasTec    Inc.
                                          1,722,309          110,503
        nVent   Electric     plc
                                          4,285,096          109,613
        Timken    Co.
                                          1,928,445          108,591
    *
        Mercury     Systems     Inc.
                                          1,564,837          108,146
        Eagle   Materials      Inc.
                                          1,177,535          106,755
    *
        RBC  Bearings     Inc.
                                           672,541        106,490
    *
        SiteOne     Landscape      Supply    Inc.
                                          1,159,082          105,071
    *
        ASGN   Inc.
                                          1,418,284          100,656
        Exponent     Inc.
                                          1,452,514          100,238
                                249/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数    （千米ドル）
        John   Bean   Technologies       Corp.
                                           889,352        100,194
    *
        TopBuild     Corp.
                                           966,941         99,672
        Regal   Beloit    Corp.
                                          1,158,228          99,156
    *
        CoreLogic      Inc.
                                          2,266,670          99,076
        Louisiana-Pacific          Corp.
                                          3,322,191          98,569
        MSC  Industrial      Direct    Co.  Inc.   Class   A
                                          1,254,207          98,418
    *
        Rexnord     Corp.
                                          2,845,848          92,832
        Insperity      Inc.
                                          1,069,506          92,020
        Simpson     Manufacturing        Co.  Inc.
                                          1,131,147          90,752
    *
        Colfax    Corp.
                                          2,479,890          90,218
    *
        Aerojet     Rocketdyne      Holdings     Inc.
                                          1,974,309          90,147
        EnerSys
                                          1,188,605          88,943
        Valmont     Industries      Inc.
                                           593,357         88,873
    *
        Itron   Inc.
                                          1,054,312          88,509
        Macquarie      Infrastructure         Corp.
                                          2,051,792          87,899
        UniFirst     Corp.
                                           434,798         87,821
        Tradeweb     Markets     Inc.   Class   A
                                          1,864,429          86,416
        Kennametal      Inc.
                                          2,340,709          86,349
        Barnes    Group   Inc.
                                          1,369,361          84,846
    *
        Novanta     Inc.
                                           946,731         83,729
    *
        Builders     FirstSource       Inc.
                                          3,240,867          82,350
        GATX   Corp.
                                           990,452         82,059
    *
        AMN  Healthcare      Services     Inc.
                                          1,311,941          81,747
        Ryder   System    Inc.
                                          1,502,380          81,594
    *
        II-VI   Inc.
                                          2,388,467          80,420
        Vishay    Intertechnology         Inc.
                                          3,749,783          79,833
        Watts   Water   Technologies       Inc.   Class   A
                                           787,259         78,537
        Moog   Inc.   Class   A
                                           917,865         78,321
        Universal      Forest    Products     Inc.
                                          1,637,539          78,111
        Brady   Corp.   Class   A
                                          1,332,413          76,294
        World   Fuel   Services     Corp.
                                          1,744,961          75,766
    *
        Summit    Materials      Inc.   Class   A
                                          3,142,216          75,099
    *
        Anixter     International        Inc.
                                           808,620         74,474
        Fluor   Corp.
                                          3,927,579          74,153
    *
        Integer     Holdings     Corp.
                                           920,930         74,070
    *
        Proto   Labs   Inc.
                                           726,734         73,800
    *
        Allegheny      Technologies       Inc.
                                          3,567,445          73,703
        Applied     Industrial      Technologies       Inc.
                                          1,099,940          73,355
        ABM  Industries      Inc.
                                          1,886,672          71,146
        Belden    Inc.
                                          1,282,992          70,565
    *
        WESCO   International        Inc.
                                          1,170,038          69,489
    *
        Saia   Inc.
                                           727,153         67,712
    *
        Fabrinet
                                          1,040,350          67,456
    *
        TriNet    Group   Inc.
                                          1,189,133          67,317
        Silgan    Holdings     Inc.
                                          2,160,342          67,143
        Korn   Ferry
                                          1,569,426          66,544
        Altra   Industrial      Motion    Corp.
                                          1,831,025          66,301
        Albany    International        Corp.   Class   A
                                           866,534         65,787
        Franklin     Electric     Co.  Inc.
                                          1,139,055          65,291
                                250/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *
        Rogers    Corp.
                                           521,076         64,994
        ESCO   Technologies       Inc.
                                           701,344         64,874
    *
        ExlService      Holdings     Inc.
                                           928,943         64,524
    *
        Sanmina     Corp.
                                          1,880,642          64,393
    *
        Advanced     Disposal     Services     Inc.
                                          1,956,788          64,320
    *
        Plexus    Corp.
                                           824,961         63,473
    *
        SPX  Corp.
                                          1,238,553          63,018
    *
        Beacon    Roofing     Supply    Inc.
                                          1,939,177          62,015
        ManTech     International        Corp.   Class   A
                                           758,680         60,603
        HEICO   Corp.
                                           526,014         60,044
        Otter   Tail   Corp.
                                          1,166,281          59,819
    *
        Cimpress     plc
                                           474,612         59,692
        Deluxe    Corp.
                                          1,182,578          59,034
    *
        SPX  FLOW   Inc.
                                          1,202,670          58,774
        AAON   Inc.
                                          1,177,065          58,159
                                251/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数    （千米ドル）
        Trinity     Industries      Inc.
                                          2,622,573          58,090
    *
        Casella     Waste   Systems     Inc.   Class   A
                                          1,256,851          57,853
        Triton    International        Ltd.
                                          1,438,689          57,835
        Forward     Air  Corp.
                                           810,171         56,671
        Terex   Corp.
                                          1,902,876          56,668
        EVERTEC     Inc.
                                          1,651,042          56,201
        Cubic   Corp.
                                           881,234         56,020
        Federal     Signal    Corp.
                                          1,697,709          54,751
    *
        BMC  Stock   Holdings     Inc.
                                          1,895,128          54,371
    *
        Knowles     Corp.
                                          2,552,817          53,992
    *
        Atkore    International        Group   Inc.
                                          1,325,534          53,631
        Badger    Meter   Inc.
                                           825,839         53,622
        Mueller     Water   Products     Inc.   Class   A
                                          4,442,882          53,226
    *
        Ambarella      Inc.
                                           874,434         52,956
        O-I  Glass   Inc.
                                          4,424,303          52,782
        McGrath     RentCorp
                                           685,341         52,456
        Kaman   Corp.
                                           785,414         51,774
    *
        Masonite     International        Corp.
                                           704,642         50,882
    *
        Kratos    Defense     & Security     Solutions      Inc.
                                          2,819,400          50,777
    *
        Harsco    Corp.
                                          2,183,641          50,246
    *,^
        Verra   Mobility     Corp.   Class   A
                                          3,581,802          50,109
        Comfort     Systems     USA  Inc.
                                          1,004,687          50,084
        Covanta     Holding     Corp.
                                          3,371,015          50,026
        Advanced     Drainage     Systems     Inc.
                                          1,256,226          48,792
    *
        OSI  Systems     Inc.
                                           480,919         48,448
        Matson    Inc.
                                          1,177,568          48,045
        Mueller     Industries      Inc.
                                          1,509,869          47,938
        Aircastle      Ltd.
                                          1,474,038          47,184
        Werner    Enterprises       Inc.
                                          1,291,427          46,995
        Mobile    Mini   Inc.
                                          1,237,481          46,913
    *
        Hub  Group   Inc.   Class   A
                                           912,371         46,796
        ICF  International        Inc.
                                           506,935         46,445
    *
        Gibraltar      Industries      Inc.
                                           916,853         46,246
    *
        Cardtronics       plc  Class   A
                                          1,020,637          45,571
    *
        Huron   Consulting      Group   Inc.
                                           653,393         44,901
        Actuant     Corp.   Class   A
                                          1,694,688          44,113
        AAR  Corp.
                                           967,549         43,636
    *
        JELD-WEN     Holding     Inc.
                                          1,825,759          42,741
        Rush   Enterprises       Inc.   Class   A
                                           918,626         42,716
        Greif   Inc.   Class   A
                                           934,534         41,306
    *
        Resideo     Technologies       Inc.
                                          3,447,005          41,123
        Boise   Cascade     Co.
                                          1,122,893          41,019
    *
        Navistar     International        Corp.
                                          1,412,286          40,872
    *
        TTM  Technologies       Inc.
                                          2,681,516          40,357
    *
        Installed      Building     Products     Inc.
                                           585,725         40,339
    *
        Dycom   Industries      Inc.
                                           854,031         40,268
        Methode     Electronics       Inc.
                                          1,012,689          39,849
        Alamo   Group   Inc.
                                           315,356         39,593
    *
        Sykes   Enterprises       Inc.
                                          1,070,293          39,590
                                252/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
        KEMET   Corp.
                                          1,457,096          39,414
        US  Ecology     Inc.
                                           679,515         39,351
    *
        TriMas    Corp.
                                          1,252,470          39,340
    *
        Pluralsight       Inc.   Class   A
                                          2,264,398          38,970
        EnPro   Industries      Inc.
                                           579,749         38,774
        Helios    Technologies       Inc.
                                           834,935         38,599
    *
        CBIZ   Inc.
                                          1,424,224          38,397
    *
        AeroVironment        Inc.
                                           618,412         38,181
    *
        Air  Transport      Services     Group   Inc.
                                          1,604,411          37,639
        Tennant     Co.
                                           481,117         37,489
        Granite     Construction       Inc.
                                          1,344,763          37,210
    *
        Inovalon     Holdings     Inc.   Class   A
                                          1,973,332          37,138
    *
        Cardlytics      Inc.
                                           583,879         36,703
        Benchmark      Electronics       Inc.
                                          1,053,585          36,201
    *
        Continental       Building     Products     Inc.
                                           987,208         35,964
                                253/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数    （千米ドル）
        Schneider      National     Inc.   Class   B
                                          1,622,288          35,398
        Douglas     Dynamics     Inc.
                                           642,136         35,317
    *
        Livent    Corp.
                                          4,095,053          35,013
    *
        MACOM   Technology      Solutions      Holdings     Inc.
                                          1,313,868          34,949
        AZZ  Inc.
                                           755,247         34,704
        Raven   Industries      Inc.
                                           994,597         34,274
        Triumph     Group   Inc.
                                          1,348,067          34,066
        Encore    Wire   Corp.
                                           566,014         32,489
        Patrick     Industries      Inc.
                                           611,425         32,057
        CSW  Industrials       Inc.
                                           413,588         31,846
    *
        Everi   Holdings     Inc.
                                          2,312,230          31,053
        H&E  Equipment      Services     Inc.
                                           916,733         30,646
        Kadant    Inc.
                                           288,498         30,390
        AVX  Corp.
                                          1,478,940          30,274
        Lindsay     Corp.
                                           312,525         29,999
    *
        Conduent     Inc.
                                          4,828,233          29,935
    *
        GMS  Inc.
                                          1,102,604          29,859
        Greenbrier      Cos.   Inc.
                                           902,095         29,255
        Standex     International        Corp.
                                           360,860         28,634
        Primoris     Services     Corp.
                                          1,254,157          27,892
    *
        Evo  Payments     Inc.   Class   A
                                          1,041,915          27,517
    *
        TrueBlue     Inc.
                                          1,138,467          27,392
        Mesa   Laboratories       Inc.
                                           109,675         27,353
        Astec   Industries      Inc.
                                           634,135         26,634
    ^
        Maxar   Technologies       Inc.
                                          1,691,423          26,505
        MTS  Systems     Corp.
                                           550,352         26,433
    *
        CIRCOR    International        Inc.
                                           568,503         26,288
        Heartland      Express     Inc.
                                          1,232,880          25,952
    ^
        ADT  Inc.
                                          3,185,034          25,257
        Columbus     McKinnon     Corp.
                                           628,649         25,165
    *
        FARO   Technologies       Inc.
                                           495,738         24,960
        CTS  Corp.
                                           828,636         24,867
    *
        Vicor   Corp.
                                           523,087         24,439
        Apogee    Enterprises       Inc.
                                           742,275         24,124
    *
        SEACOR    Holdings     Inc.
                                           556,587         24,017
    *
        Thermon     Group   Holdings     Inc.
                                           886,509         23,758
    *
        PGT  Innovations       Inc.
                                          1,576,403          23,504
        Griffon     Corp.
                                          1,153,151          23,444
    *
        Parsons     Corp.
                                           565,417         23,340
        Kforce    Inc.
                                           582,497         23,125
        Marten    Transport      Ltd.
                                          1,059,019          22,758
        Wabash    National     Corp.
                                          1,524,938          22,401
        Cass   Information       Systems     Inc.
                                           378,071         21,830
        TTEC   Holdings     Inc.
                                           522,427         20,699
    *
        International        Seaways     Inc.
                                           687,748         20,467
    *
        Aegion    Corp.   Class   A
                                           908,626         20,326
    *,^
        Virgin    Galactic     Holdings     Inc.
                                          1,674,100          19,336
    *
        Atlas   Air  Worldwide      Holdings     Inc.
                                           695,506         19,175
        Kelly   Services     Inc.   Class   A
                                           838,394         18,931
                                254/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *
        US  Concrete     Inc.
                                           451,577         18,813
        ArcBest     Corp.
                                           678,178         18,718
        Barrett     Business     Services     Inc.
                                           206,369         18,668
    *
        Evolent     Health    Inc.   Class   A
                                          2,049,375          18,547
    *
        Great   Lakes   Dredge    & Dock   Corp.
                                          1,619,500          18,349
    *
        Manitowoc      Co.  Inc.
                                          1,034,785          18,109
        Gorman-Rupp       Co.
                                           480,627         18,024
    *
        Wesco   Aircraft     Holdings     Inc.
                                          1,634,361          18,011
    *
        DXP  Enterprises       Inc.
                                           448,764         17,865
    *
        Veeco   Instruments       Inc.
                                          1,213,236          17,816
    *
        Astronics      Corp.
                                           637,040         17,805
        Argan   Inc.
                                           430,345         17,274
        Hyster-Yale       Materials      Handling     Inc.
                                           288,192         16,992
    *
        Gates   Industrial      Corp.   plc
                                          1,234,376          16,985
    *
        Vectrus     Inc.
                                           328,846         16,857
                                255/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数    （千米ドル）
        Heidrick     & Struggles      International        Inc.
                                           513,870         16,701
    *,^
        CryoPort     Inc.
                                          1,011,640          16,652
        Spartan     Motors    Inc.
                                           910,040         16,454
        Quanex    Building     Products     Corp.
                                           928,382         15,857
    *
        Ducommun     Inc.
                                           313,160         15,824
    *
        Cornerstone       Building     Brands    Inc.
                                          1,806,247          15,371
    *,^
        GreenSky     Inc.   Class   A
                                          1,693,914          15,076
    *
        Tutor   Perini    Corp.
                                          1,154,271          14,844
        Ennis   Inc.
                                           676,968         14,656
    *
        Echo   Global    Logistics      Inc.
                                           695,419         14,395
    *
        Heritage-Crystal          Clean   Inc.
                                           457,145         14,341
    *
        CAI  International        Inc.
                                           490,004         14,200
    *,^
        Repay   Holdings     Corp.
                                           958,843         14,047
        Myers   Industries      Inc.
                                           838,958         13,994
    *
        NV5  Global    Inc.
                                           276,198         13,934
        Resources      Connection      Inc.
                                           845,605         13,809
    *
        MYR  Group   Inc.
                                           415,211         13,532
    *
        Team   Inc.
                                           824,899         13,174
    *
        Cross   Country     Healthcare      Inc.
                                          1,090,176          12,668
        B.  Riley   Financial      Inc.
                                           494,995         12,464
    *
        Kimball     Electronics       Inc.
                                           698,298         12,255
        Allied    Motion    Technologies       Inc.
                                           239,777         11,629
        Powell    Industries      Inc.
                                           234,582         11,492
        CRA  International        Inc.
                                           208,309         11,347
    *
        Bill.Com     Holdings     Inc.
                                           297,958         11,337
        Miller    Industries      Inc.
                                           303,546         11,271
    *
        Willdan     Group   Inc.
                                           351,669         11,176
        Insteel     Industries      Inc.
                                           507,056         10,897
        Hurco   Cos.   Inc.
                                           281,456         10,797
    *,^
        Energy    Recovery     Inc.
                                          1,102,027          10,789
    *
        Foundation      Building     Materials      Inc.
                                           542,185         10,491
        Omega   Flex   Inc.
                                            97,647        10,477
    *
        Sterling     Construction       Co.  Inc.
                                           741,365         10,438
    *
        UFP  Technologies       Inc.
                                           207,664         10,302
        NN  Inc.
                                          1,072,899           9,924
    *
        Franklin     Covey   Co.
                                           306,004          9,863
    *
        Napco   Security     Technologies       Inc.
                                           335,202          9,852
    *
        Northwest      Pipe   Co.
                                           295,473          9,842
    *
        Lydall    Inc.
                                           469,184          9,628
        NVE  Corp.
                                           134,044          9,571
        Park   Aerospace      Corp.
                                           582,510          9,477
    *
        Vishay    Precision      Group   Inc.
                                           271,246          9,222
    *
        Transcat     Inc.
                                           280,927          8,950
    *
        Blue   Bird   Corp.
                                           389,361          8,924
        REV  Group   Inc.
                                           711,086          8,697
    *
        Veritiv     Corp.
                                           434,094          8,539
    *
        Construction       Partners     Inc.   Class   A
                                           502,180          8,472
        VSE  Corp.
                                           222,668          8,470
    *
        I3  Verticals      Inc.   Class   A
                                           298,571          8,435
                                256/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *
        Donnelley      Financial      Solutions      Inc.
                                           772,993          8,093
        Briggs    & Stratton     Corp.
                                          1,178,569           7,849
    *
        Commercial      Vehicle     Group   Inc.
                                          1,228,695           7,802
        Park-Ohio      Holdings     Corp.
                                           228,966          7,705
    *
        Landec    Corp.
                                           679,061          7,680
        RR  Donnelley      & Sons   Co.
                                          1,908,393           7,538
    *
        InnerWorkings        Inc.
                                          1,340,335           7,385
    *
        Mistras     Group   Inc.
                                           512,655          7,316
        Daktronics      Inc.
                                          1,196,773           7,288
    ^
        Advanced     Emissions      Solutions      Inc.
                                           692,063          7,267
    *
        Ranpak    Holdings     Corp.
                                           881,479          7,184
    *
        Lawson    Products     Inc.
                                           136,932          7,134
    *,^
        Eagle   Bulk   Shipping     Inc.
                                          1,549,972           7,130
    *
        Forterra     Inc.
                                           595,526          6,884
    *
        CECO   Environmental        Corp.
                                           897,446          6,874
                                257/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数    （千米ドル）
    *
        Iteris    Inc.
                                          1,352,725           6,750
        BG  Staffing     Inc.
                                           291,465          6,380
    *
        Luna   Innovations       Inc.
                                           873,060          6,365
    *
        Era  Group   Inc.
                                           612,810          6,232
    *
        LB  Foster    Co.  Class   A
                                           316,915          6,142
    *,^
        Paysign     Inc.
                                           602,949          6,120
    *
        Acacia    Research     Corp.
                                          2,283,057           6,073
    *
        ShotSpotter       Inc.
                                           236,445          6,029
        Graham    Corp.
                                           266,330          5,827
    *
        DHI  Group   Inc.
                                          1,906,626           5,739
    *
        Willis    Lease   Finance     Corp.
                                            97,208         5,727
    *
        Radiant     Logistics      Inc.
                                          1,027,749           5,725
        Global    Water   Resources      Inc.
                                           433,201          5,697
    *
        Select    Interior     Concepts     Inc.   Class   A
                                           632,053          5,682
    *
        GP  Strategies      Corp.
                                           419,902          5,555
    *
        IES  Holdings     Inc.
                                           212,930          5,464
    *
        Overseas     Shipholding       Group   Inc.   Class   A
                                          2,354,690           5,416
    *
        Universal      Technical      Institute      Inc.
                                           690,275          5,322
        Preformed      Line   Products     Co.
                                            87,151         5,260
        LSI  Industries      Inc.
                                           848,427          5,133
        Eastern     Co.
                                           166,029          5,069
    *,^
        Workhorse      Group   Inc.
                                          1,634,280           4,968
        NACCO   Industries      Inc.   Class   A
                                           106,061          4,967
    *
        Gencor    Industries      Inc.
                                           419,044          4,890
    *
        Covenant     Transportation         Group   Inc.   Class   A
                                           364,019          4,705
    *
        Concrete     Pumping     Holdings     Inc.
                                           857,449          4,690
    *
        Aspen   Aerogels     Inc.
                                           602,795          4,678
    *,^
        BlueLinx     Holdings     Inc.
                                           321,145          4,576
    *
        Intevac     Inc.
                                           637,977          4,504
        Bel  Fuse   Inc.   Class   B
                                           214,012          4,387
    *,2
        Perma-Pipe      International        Holdings     Inc.
                                           465,028          4,362
    *
        IntriCon     Corp.
                                           237,882          4,282
        United    States    Lime   & Minerals     Inc.
                                            47,177         4,260
    *
        OptimizeRx      Corp.
                                           412,615          4,238
    *
        Target    Hospitality       Corp.
                                           841,041          4,205
    *
        ServiceSource        International        Inc.
                                          2,510,464           4,192
    *
        PRGX   Global    Inc.
                                           837,093          4,118
    *
        Orion   Group   Holdings     Inc.
                                           781,265          4,055
    *
        Twin   Disc   Inc.
                                           358,205          3,947
    *
        CyberOptics       Corp.
                                           213,328          3,921
        Universal      Logistics      Holdings     Inc.
                                           205,109          3,889
    *
        Information       Services     Group   Inc.
                                          1,484,288           3,755
    *
        Daseke    Inc.
                                          1,166,261           3,685
    *
        General     Finance     Corp.
                                           329,977          3,653
    *
        Orion   Energy    Systems     Inc.
                                          1,024,668           3,433
    *
        Babcock     & Wilcox    Enterprises       Inc.
                                           918,791          3,344
    *
        PAM  Transportation         Services     Inc.
                                            56,554         3,264
    *
        StarTek     Inc.
                                           400,479          3,196
        Quad/Graphics        Inc.
                                           683,715          3,193
                                258/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *
        Ultralife      Corp.
                                           430,397          3,181
    *
        Manitex     International        Inc.
                                           512,122          3,047
    *,^
        Turtle    Beach   Corp.
                                           315,828          2,985
    *
        CPI  Aerostructures         Inc.
                                           436,504          2,938
    *
        Goldfield      Corp.
                                           812,034          2,883
    *
        Hill   International        Inc.
                                           901,699          2,849
    *
        US  Xpress    Enterprises       Inc.   Class   A
                                           536,547          2,699
    *,^
        EVI  Industries      Inc.
                                            98,274         2,657
    *,^
        YRC  Worldwide      Inc.
                                          1,017,816           2,595
    *,^
        Asure   Software     Inc.
                                           316,621          2,590
    *
        Armstrong      Flooring     Inc.
                                           582,389          2,487
    *,^
        Research     Frontiers      Inc.
                                           808,942          2,435
    *,^
        ExOne   Co.
                                           324,278          2,419
    *
        Frequency      Electronics       Inc.
                                           192,502          1,965
    *
        Horizon     Global    Corp.
                                           556,734          1,943
                                259/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数    （千米ドル）
    *
        Perma-Fix      Environmental        Services
                                           211,854          1,928
    *
        Houston     Wire   & Cable   Co.
                                           433,061          1,910
    *
        Mayville     Engineering       Co.  Inc.
                                           188,878          1,772
    *,^
        MicroVision       Inc.
                                          2,382,933           1,716
    *
        IEC  Electronics       Corp.
                                           187,870          1,708
    *
        Vertex    Energy    Inc.
                                          1,091,322           1,681
        RF  Industries      Ltd.
                                           245,831          1,662
        Richardson      Electronics       Ltd.
                                           294,196          1,656
    *,^
        Wrap   Technologies       Inc.
                                           248,688          1,589
    *,^
        Coda   Octopus     Group   Inc.
                                           183,468          1,536
    *
        Sharps    Compliance      Corp.
                                           345,533          1,458
    *
        Patriot     Transportation         Holding     Inc.
                                            73,583         1,433
    *
        Volt   Information       Sciences     Inc.
                                           572,256          1,419
    *
        ARC  Document     Solutions      Inc.
                                           997,830          1,387
    *
        PFSweb    Inc.
                                           350,145          1,338
    *,^
        Energous     Corp.
                                           704,229          1,246
    *
        Nesco   Holdings     Inc.
                                           298,528          1,227
    *
        USA  Truck   Inc.
                                           139,872          1,042
    *,^
        Aqua   Metals    Inc.
                                          1,348,801           1,019
    *
        Alpha   Pro  Tech   Ltd.
                                           293,929          1,008
    *
        Issuer    Direct    Corp.
                                            81,722          955
    *
        DLH  Holdings     Corp.
                                           210,584           882
        Greif   Inc.   Class   B
                                            16,527          856
    *,^
        Hudson    Technologies       Inc.
                                           872,556           853
    *
        Innovative      Solutions      & Support     Inc.
                                           137,843           805
        Espey   Manufacturing        & Electronics       Corp.
                                            36,520          789
    *
        Perceptron      Inc.
                                           139,462           767
    *,^
        CUI  Global    Inc.
                                           688,520           757
        Hudson    Global    Inc.
                                            63,373          757
    *
        MTBC   Inc.
                                           177,257           720
    *
        Charah    Solutions      Inc.
                                           286,337           699
    *
        Air  T Inc.
                                            32,804          661
    *
        Broadwind      Energy    Inc.
                                           380,668           632
    *
        HireQuest      Inc.
                                            88,206          625
    *
        Huttig    Building     Products     Inc.
                                           400,145           616
    *,^
        Verb   Technology      Co.  Inc.
                                           383,334           594
    *
        FreightCar      America     Inc.
                                           276,496           572
    *
        LGL  Group   Inc.
                                            37,858          568
    *
        Limbach     Holdings     Inc.
                                           149,531           565
        Ecology     and  Environment       Inc.
                                            36,249          562
    *
        SIFCO   Industries      Inc.
                                           138,297           546
    *,^
        Odyssey     Marine    Exploration       Inc.
                                           167,947           536
    *,^
        Capstone     Turbine     Corp.
                                           164,075           502
    *
        Steel   Connect     Inc.
                                           322,523           471
        AMCON   Distributing       Co.
                                             6,102          439
    *
        Wireless     Telecom     Group   Inc.
                                           305,882           437
    *
        Ballantyne      Strong    Inc.
                                           124,748           404
    *,^
        Applied     DNA  Sciences     Inc.
                                            88,084          369
        Rush   Enterprises       Inc.   Class   B
                                             7,769          355
                                260/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *
        Image   Sensing     Systems     Inc.
                                            79,211          355
    *
        eMagin    Corp.
                                           915,968           315
    *
        Tecogen     Inc.
                                           145,349           308
    *
        ALJ  Regional     Holdings     Inc.
                                           266,005           306
    *,^
        Boxlight     Corp.   Class   A
                                           268,979           299
        Chicago     Rivet   & Machine     Co.
                                            11,238          290
    *
        Lightbridge       Corp.
                                            59,325          267
    *
        Jewett-Cameron         Trading     Co.  Ltd.
                                            32,900          254
        Amcor   plc
                                            23,377          253
    *
        Usio   Inc.
                                           142,603           222
    *
        LightPath      Technologies       Inc.   Class   A
                                           292,810           212
    *
        Rubicon     Technology      Inc.
                                            25,149          209
    *
        Pioneer     Power   Solutions      Inc.
                                            90,658          206
    *
        Taylor    Devices     Inc.
                                            18,441          194
    *
        ClearSign      Combustion      Corp.
                                           240,083           183
                                261/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数    （千米ドル）
    *
        Fuel   Tech   Inc.
                                           189,010           176
    *
        ENGlobal     Corp.
                                           172,651           169
    *,^
        Digital     Ally   Inc.
                                           151,478           155
    *
        Air  Industries      Group
                                            52,742          121
    *
        Document     Security     Systems     Inc.
                                           263,284           79
    *
        Continental       Materials      Corp.
                                             9,241          73
    *
        Marathon     Patent    Group   Inc.
                                            72,661           64
    *
        Quest   Resource     Holding     Corp.
                                            25,955           57
    *
        Hoth   Therapeutics       Inc.
                                             8,642          53
        Servotronics       Inc.
                                             5,014          50
        Bel  Fuse   Inc.   Class   A
                                             2,976          48
    *
        Summit    Wireless     Technologies       Inc.
                                            67,677           41
    *
        Sypris    Solutions      Inc.
                                            35,375           28
    *
        AeroCentury       Corp.
                                             3,579          16
    *
        Polar   Power   Inc.
                                             5,108          12
    *
        Air  T Inc.   Warrants     Exp.   06/07/2020
                                            90,675           5
    *,§
        Patriot     National     Inc.
                                           129,819            3
    *
        Electro-Sensors         Inc.
                                              200          1
    *
        Dorian    LPG  Ltd.
                                                       -
                                              20
                                                  117,584,949
    石油・ガス      (4.0％)
        Exxon   Mobil   Corp.
                                         119,196,797          8,317,553
        Chevron     Corp.
                                          53,266,865         6,419,190
        ConocoPhillips
                                          30,924,238         2,011,003
        Schlumberger       Ltd.
                                          38,993,015         1,567,519
        Phillips     66
                                          12,514,996         1,394,296
        EOG  Resources      Inc.
                                          16,375,183         1,371,585
        Kinder    Morgan    Inc.
                                          54,188,472         1,147,170
        Marathon     Petroleum      Corp.
                                          18,302,057         1,102,699
        Valero    Energy    Corp.
                                          11,574,788         1,083,979
        Occidental      Petroleum      Corp.
                                          25,183,612         1,037,817
        ONEOK   Inc.
                                          11,628,292          879,913
        Williams     Cos.   Inc.
                                          34,141,403          809,834
        Pioneer     Natural     Resources      Co.
                                          4,673,247          707,389
        Halliburton       Co.
                                          23,485,795          574,697
        Hess   Corp.
                                          7,712,456          515,269
        Concho    Resources      Inc.
                                          5,665,510          496,129
        Baker   Hughes    a GE  Co.  Class   A
                                          18,307,207          469,214
        Diamondback       Energy    Inc.
                                          4,528,562          420,522
    *
        Cheniere     Energy    Inc.
                                          6,464,517          394,788
        Noble   Energy    Inc.
                                          13,471,568          334,634
        Marathon     Oil  Corp.
                                          22,495,157          305,484
        National     Oilwell     Varco   Inc.
                                          10,906,698          273,213
        Apache    Corp.
                                          10,605,355          271,391
        Devon   Energy    Corp.
                                          10,302,264          267,550
        Targa   Resources      Corp.
                                          6,551,333          267,491
        HollyFrontier        Corp.
                                          4,097,535          207,786
        Cabot   Oil  & Gas  Corp.
                                          11,508,217          200,358
    *
        WPX  Energy    Inc.
                                          11,729,350          161,161
                                262/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
        Cimarex     Energy    Co.
                                          2,868,393          150,562
        Parsley     Energy    Inc.   Class   A
                                          7,534,988          142,487
        Helmerich      & Payne   Inc.
                                          2,887,757          131,191
    *
        First   Solar   Inc.
                                          2,083,040          116,567
        Murphy    Oil  Corp.
                                          4,219,857          113,092
    *
        Transocean      Ltd.
                                          16,376,614          112,671
        PBF  Energy    Inc.   Class   A
                                          2,866,367          89,918
        EQT  Corp.
                                          7,208,083          78,568
        Equitrans      Midstream      Corp.
                                          5,776,873          77,179
    *
        Apergy    Corp.
                                          2,206,910          74,549
        Continental       Resources      Inc.
                                          2,124,498          72,870
        Delek   US  Holdings     Inc.
                                          2,091,128          70,116
    *
        Chart   Industries      Inc.
                                          1,012,794          68,354
    *,^
        Enphase     Energy    Inc.
                                          2,419,116          63,212
        Arcosa    Inc.
                                          1,370,728          61,066
                                263/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数    （千米ドル）
    ^
        Antero    Midstream      Corp.
                                          7,787,074          59,104
    *
        Matador     Resources      Co.
                                          3,148,940          56,586
        Patterson-UTI        Energy    Inc.
                                          5,277,085          55,409
    *
        Callon    Petroleum      Co.
                                          10,996,753           53,114
    *
        Dril-Quip      Inc.
                                          1,026,848          48,169
        Core   Laboratories       NV
                                          1,258,385          47,403
        Cactus    Inc.   Class   A
                                          1,340,036          45,990
    *
        PDC  Energy    Inc.
                                          1,747,549          45,733
    *,^
        Chesapeake      Energy    Corp.
                                          55,025,332           45,429
        Archrock     Inc.
                                          4,268,890          42,860
    *
        Oceaneering       International        Inc.
                                          2,818,943          42,030
    *
        Magnolia     Oil  & Gas  Corp.   Class   A
                                          3,251,616          40,905
    *
        Helix   Energy    Solutions      Group   Inc.
                                          4,039,251          38,898
    *
        Southwestern       Energy    Co.
                                          15,347,255           37,140
    *,^
        Valaris     plc  Class   A
                                          5,539,692          36,340
        SM  Energy    Co.
                                          3,165,498          35,580
    *
        NOW  Inc.
                                          3,112,337          34,983
        CVR  Energy    Inc.
                                           853,356         34,501
    *
        CNX  Resources      Corp.
                                          3,680,669          32,574
    *
        MRC  Global    Inc.
                                          2,272,136          30,992
        QEP  Resources      Inc.
                                          6,731,320          30,291
        NexTier     Oilfield     Solutions      Inc.
                                          4,462,507          29,899
    ^
        Range   Resources      Corp.
                                          6,106,465          29,616
    *
        SRC  Energy    Inc.
                                          6,901,198          28,433
    *
        Renewable      Energy    Group   Inc.
                                          1,054,732          28,425
        Nabors    Industries      Ltd.
                                          9,677,647          27,872
    *
        Centennial      Resource     Development       Inc.   Class   A
                                          5,853,635          27,044
    *
        ProPetro     Holding     Corp.
                                          2,401,449          27,016
    *
        Oasis   Petroleum      Inc.
                                          8,224,751          26,813
    *,^
        Plug   Power   Inc.
                                          8,459,177          26,731
    *
        Oil  States    International        Inc.
                                          1,562,829          25,490
    *
        Par  Pacific     Holdings     Inc.
                                          1,086,791          25,257
    *
        Antero    Resources      Corp.
                                          7,426,844          21,167
    *,^
        Tellurian      Inc.
                                          2,764,646          20,127
    *
        Northern     Oil  and  Gas  Inc.
                                          8,063,300          18,868
    *,^
        Whiting     Petroleum      Corp.
                                          2,516,380          18,470
    *
        Denbury     Resources      Inc.
                                          12,999,073           18,329
    *
        Tidewater      Inc.
                                           941,697         18,156
    *
        SunPower     Corp.   Class   A
                                          2,311,973          18,033
        Liberty     Oilfield     Services     Inc.   Class   A
                                          1,615,114          17,960
    ^
        DMC  Global    Inc.
                                           395,641         17,780
        Brigham     Minerals     Inc.
                                           770,431         16,518
        Berry   Petroleum      Corp.
                                          1,724,247          16,260
    *
        Talos   Energy    Inc.
                                           534,530         16,116
    *
        Matrix    Service     Co.
                                           691,752         15,827
    *
        TPI  Composites      Inc.
                                           853,153         15,792
        Green   Plains    Inc.
                                          1,020,562          15,747
    *,^
        FuelCell     Energy    Inc.
                                          6,198,287          15,558
    *,^
        Jagged    Peak   Energy    Inc.
                                          1,823,880          15,485
                                264/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *
        Select    Energy    Services     Inc.   Class   A
                                          1,636,129          15,183
    *
        Newpark     Resources      Inc.
                                          2,408,585          15,102
    *
        Laredo    Petroleum      Inc.
                                          5,058,250          14,517
    *
        W&T  Offshore     Inc.
                                          2,527,654          14,054
    *
        Penn   Virginia     Corp.
                                           439,491         13,339
    *
        REX  American     Resources      Corp.
                                           162,073         13,284
    *,^
        Diamond     Offshore     Drilling     Inc.
                                          1,757,345          12,635
    *
        Bonanza     Creek   Energy    Inc.
                                           519,376         12,122
        Solaris     Oilfield     Infrastructure         Inc.   Class   A
                                           859,497         12,033
    *
        Gulfport     Energy    Corp.
                                          3,931,369          11,951
    *,^
        California      Resources      Corp.
                                          1,309,658          11,826
    ^
        RPC  Inc.
                                          1,678,674           8,796
    *
        Noble   Corp.   plc
                                          7,133,017           8,702
    *
        Trecora     Resources
                                          1,213,626           8,677
    *
        Ameresco     Inc.   Class   A
                                           472,745          8,273
                                265/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数    （千米ドル）
    *
        SEACOR    Marine    Holdings     Inc.
                                           530,041          7,309
    *
        Exterran     Corp.
                                           905,914          7,093
    *
        TETRA   Technologies       Inc.
                                          3,415,280           6,694
        Falcon    Minerals     Corp.
                                           918,900          6,487
    *
        Parker    Drilling     Co.
                                           279,913          6,298
    *
        Contango     Oil  & Gas  Co.
                                          1,698,422           6,233
    *
        Geospace     Technologies       Corp.
                                           370,223          6,209
    *,^
        Altus   Midstream      Co.  Class   A
                                          2,047,083           5,855
    *
        HighPoint      Resources      Corp.
                                          3,029,949           5,121
        Amplify     Energy    Corp.
                                           772,672          5,107
    *
        American     Superconductor         Corp.
                                           611,757          4,802
    *
        Natural     Gas  Services     Group   Inc.
                                           365,316          4,479
    *,^
        Extraction      Oil  & Gas  Inc.
                                          2,112,129           4,478
    *
        SandRidge      Energy    Inc.
                                           959,542          4,068
        Panhandle      Oil  and  Gas  Inc.   Class   A
                                           352,515          3,952
    *
        Montage     Resources      Corp.
                                           492,406          3,910
    *
        KLX  Energy    Services     Holdings     Inc.
                                           588,372          3,789
    *
        Flotek    Industries      Inc.
                                          1,892,315           3,785
        Evolution      Petroleum      Corp.
                                           633,497          3,465
    *
        Forum   Energy    Technologies       Inc.
                                          2,020,961           3,395
    *,^
        McDermott      International        Inc.
                                          4,871,030           3,296
    *
        PrimeEnergy       Resources      Corp.
                                            21,616         3,270
    *,^
        Ring   Energy    Inc.
                                          1,214,955           3,208
    *
        VAALCO    Energy    Inc.
                                          1,411,904           3,134
    *
        Gulf   Island    Fabrication       Inc.
                                           540,255          2,739
    *
        ION  Geophysical       Corp.
                                           314,750          2,732
    *
        Goodrich     Petroleum      Corp.
                                           265,810          2,669
        Adams   Resources      & Energy    Inc.
                                            61,593         2,345
    *
        Earthstone      Energy    Inc.   Class   A
                                           361,929          2,291
    *
        Nine   Energy    Service     Inc.
                                           289,270          2,262
    *
        National     Energy    Services     Reunited     Corp.
                                           224,364          2,046
    *,^
        Covia   Holdings     Corp.
                                           944,310          1,926
    *
        SilverBow      Resources      Inc.
                                           191,149          1,892
    *
        Chaparral      Energy    Inc.   Class   A
                                          1,059,360           1,865
    *
        Abraxas     Petroleum      Corp.
                                          4,759,228           1,671
    *
        US  Well   Services     Inc.
                                           739,453          1,398
    *,^
        Smart   Sand   Inc.
                                           511,406          1,289
    *
        Lonestar     Resources      US  Inc.   Class   A
                                           458,790          1,197
    *
        Dawson    Geophysical       Co.
                                           476,758          1,144
    *
        Ranger    Energy    Services     Inc.
                                           167,815          1,081
    *
        Independence       Contract     Drilling     Inc.
                                          1,051,282           1,048
    *,^
        Torchlight      Energy    Resources      Inc.
                                          1,284,189            976
    *
        Mitcham     Industries      Inc.
                                           333,773           958
    *
        FTS  International        Inc.
                                           869,610           904
    *
        Unit   Corp.
                                          1,280,836            891
    *,^
        Pacific     Ethanol     Inc.
                                           980,570           637
    *
        Quintana     Energy    Services     Inc.
                                           221,242           622
    *,^
        Infrastructure         and  Energy    Alternatives       Inc.
                                           187,458           604
    *
        Gevo   Inc.
                                           192,158           444
                                266/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *
        Epsilon     Energy    Ltd.
                                           133,469           440
        Mammoth     Energy    Services     Inc.
                                           194,314           428
    *
        NCS  Multistage      Holdings     Inc.
                                           178,351           375
    *,^
        Taronis     Technologies       Inc.
                                           351,640           319
    *,^
        Lilis   Energy    Inc.
                                           690,800           263
    *,^
        American     Resources      Corp.   Class   A
                                           296,782           187
    *,^
        Talos   Energy    Inc.   Warrants     Exp.   02/28/2021
                                           116,107           187
    *
        Superior     Drilling     Products     Inc.
                                           187,537           154
    *,^
        Zion   Oil  & Gas  Inc.
                                           831,368           144
    *
        Rosehill     Resources      Inc.   Class   A
                                           103,433           132
    *,^,§
        Taronis     Fuels   Inc.
                                          1,758,200            130
        TechnipFMC      plc
                                             5,981          128
    *,^
        Enservco     Corp.
                                           529,212           99
    *
        Aemetis     Inc.
                                           104,265           87
    *,^
        PEDEVCO     Corp.
                                            42,749           71
                                267/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数    （千米ドル）
    *,^
        Alta   Mesa   Resources      Inc.   Class   A
                                          2,645,853            41
    §
        SemGroup     Corp.   Class   A
                                             2,560          39
    *,^
        Hornbeck     Offshore     Services     Inc.
                                           334,485           35
    *
        Tidewater      Inc.   Class   A
                                             8,839          14
    *
        Tidewater      Inc.   Class   B
                                             9,555          11
    *
        Pioneer     Energy    Services     Corp.
                                           320,008           10
    *,^
        Houston     American     Energy    Corp.
                                            38,447           6
        Energy    Transfer     Equity    LP
                                              345          4
    *,^
        Bonanza     Creek   Energy    Inc.   Warrants     Exp.   04/28/2020
                                            33,839           1
    *,§
        Jones   Energy    Inc.   Class   A
                                              782          -
    *,^,§
        Harvest     Natural     Resources      Inc.
                                            51,829           -
    *,§
        Rex  Energy    Corp.
                                                       -
                                              302
                                                  36,261,723
            3
    その他    (0.0％)
    *,§
        Alder   BioPharmaceuticals           CVR  Exp.   12/31/2024
                                          2,021,007           1,779
    *,^,§
        Tobira    Therapeutics       CVR  Exp.   12/31/2028
                                           201,001           911
    *,§
        A Schulman     Inc.   CVR
                                           659,182           285
    *,§
        New  York   REIT   Liquidating       LLC
                                            19,100          248
    *,^,§
        Ocera   Therapeutics       CVR  Line
                                           653,477           176
    *,§
        Corium    CVR
                                           782,067           141
    *,§
        NewStar     Financial      Inc.   CVR
                                           551,185           133
    *,§
        Ambit   Biosciences       Corp.   CVR
                                           201,330           121
    *,§
        Media   General     Inc.   CVR
                                          2,351,934            91
    *
        Kadmon    Warrants     Exp.   09/29/2022
                                           169,257           80
    *,§
        Omthera     Pharmaceuticals         Inc.   CVR
                                           121,311           73
    *,§
        OncoMed     Pharmaceuticals         Inc.   CVR
                                           255,777           70
    *,§
        Social    Reality     Inc.   Rights
                                           148,260           27
    *,§
        Aratana     Therapeutics       Inc.   CVR
                                           575,457           15
    *,§
        Alexza    Pharmaceuticals         Inc.   CVR
                                           327,391           11
    *,§
        Seventy     Seven   Energy    Inc.   Escrow    Line
                                             7,222           1
    *,§
        OncoMed     Pharmaceuticals         Inc.   CVR  (XNGS)
                                            40,724           -
    *,§
        Clinical     Data   CVR
                                           216,285            -
    *,^,§
        Biosante     Pharmaceutical         Inc.   CVR
                                           253,823            -
    *,§
        TheStreet      CVR
                                           118,721            -
    *,§
        NuPathe     Inc.   CVR
                                           158,681            -
    *
        Advaxis     Inc.   Warrants     Exp.   09/11/2024
                                                       -
                                           157,660
                                                     4,162
    テクノロジー       (21.8％)
        Microsoft      Corp.
                                         214,894,399         33,888,847
        Apple   Inc.
                                         112,647,486         33,078,934
    *
        Facebook     Inc.   Class   A
                                          67,790,793        13,914,060
    *
        Alphabet     Inc.   Class   A
                                          8,433,695        11,296,007
    *
        Alphabet     Inc.   Class    C 
                                          8,233,074        11,007,785
        Intel   Corp.
                                         122,533,964          7,333,658
        Cisco   Systems     Inc.
                                         119,505,808          5,731,499
    *
        Adobe   Inc.
                                          13,636,027         4,497,298
        NVIDIA    Corp.
                                          16,376,180         3,853,315
    *
        salesforce.com         Inc.
                                          23,468,715         3,816,952
        Texas   Instruments       Inc.
                                          26,327,998         3,377,619
                                268/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
        Broadcom     Inc.
                                          10,616,046         3,354,883
        International        Business     Machines     Corp.
                                          24,946,286         3,343,800
        Oracle    Corp.
                                          60,104,577         3,184,340
        QUALCOMM     Inc.
                                          32,166,321         2,838,035
        Intuit    Inc.
                                          6,963,214        1,823,875
    *
        Micron    Technology      Inc.
                                          31,184,716         1,677,114
        Applied     Materials      Inc.
                                          26,017,483         1,588,107
    *
        ServiceNow      Inc.
                                          5,313,797        1,500,191
    *
        Advanced     Micro   Devices     Inc.
                                          31,372,301         1,438,734
        Analog    Devices     Inc.
                                          10,376,442         1,233,136
        L3Harris     Technologies       Inc.
                                          6,231,979        1,233,122
        Lam  Research     Corp.
                                          4,084,022        1,194,168
    *
        Autodesk     Inc.
                                          6,181,929        1,134,137
        Cognizant      Technology      Solutions      Corp.   Class   A
                                          15,434,809          957,267
                                269/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数    （千米ドル）
        HP  Inc.
                                          41,752,652          858,017
        KLA  Corp.
                                          4,448,375          792,567
        Motorola     Solutions      Inc.
                                          4,826,137          777,684
    *
        Workday     Inc.   Class   A
                                          4,620,392          759,823
        Microchip      Technology      Inc.
                                          6,724,114          704,149
        Xilinx    Inc.
                                          7,087,249          692,920
    *
        Twitter     Inc.
                                          20,777,810          665,929
    *
        Splunk    Inc.
                                          4,338,081          649,714
        Corning     Inc.
                                          21,677,884          631,043
        Cerner    Corp.
                                          8,415,910          617,644
    *
        ANSYS   Inc.
                                          2,369,763          610,001
    *
        Palo   Alto   Networks     Inc.
                                          2,620,834          606,068
    *
        Synopsys     Inc.
                                          4,231,878          589,077
        Skyworks     Solutions      Inc.
                                          4,800,558          580,291
        Hewlett     Packard     Enterprise      Co.
                                          36,472,723          578,457
        CDW  Corp.
                                          4,049,435          578,421
    *
        VeriSign     Inc.
                                          2,980,427          574,269
    *
        IAC/InterActiveCorp
                                          2,219,354          552,863
    *
        Cadence     Design    Systems     Inc.
                                          7,898,620          547,848
    *
        Veeva   Systems     Inc.   Class   A
                                          3,705,590          521,228
        Western     Digital     Corp.
                                          7,961,077          505,290
        Marvell     Technology      Group   Ltd.
                                          18,769,533          498,519
        Maxim   Integrated      Products     Inc.
                                          7,629,263          469,276
    *
        Snap   Inc.
                                          27,260,325          445,161
    *
        Fortinet     Inc.
                                          4,084,922          436,106
        NortonLifeLock         Inc.
                                          15,801,617          403,257
        NetApp    Inc.
                                          6,429,374          400,229
        Leidos    Holdings     Inc.
                                          3,994,378          391,010
        Citrix    Systems     Inc.
                                          3,482,724          386,234
    *
        Qorvo   Inc.
                                          3,272,490          380,362
        Seagate     Technology      plc
                                          6,285,103          373,964
    *
        Akamai    Technologies       Inc.
                                          4,328,371          373,885
        SS&C   Technologies       Holdings     Inc.
                                          6,055,730          371,822
    *
        Gartner     Inc.
                                          2,396,952          369,370
    *
        Paycom    Software     Inc.
                                          1,393,352          368,904
    *
        RingCentral       Inc.   Class   A
                                          2,107,552          355,481
    *
        Okta   Inc.
                                          3,004,361          346,613
    *
        Twilio    Inc.   Class   A
                                          3,508,592          344,824
    *
        Tyler   Technologies       Inc.
                                          1,096,184          328,877
    *
        VMware    Inc.   Class   A
                                          2,155,239          327,144
    *
        GoDaddy     Inc.   Class   A
                                          4,816,397          327,130
        Teradyne     Inc.
                                          4,719,871          321,848
    *
        EPAM   Systems     Inc.
                                          1,472,320          312,367
    *
        Arista    Networks     Inc.
                                          1,509,069          306,945
    *
        Dell   Technologies       Inc.
                                          5,858,398          301,063
    *
        DocuSign     Inc.   Class   A
                                          3,966,166          293,933
    *
        ON  Semiconductor        Corp.
                                          11,560,134          281,836
        DXC  Technology      Co.
                                          7,228,256          271,710
    *
        Coupa   Software     Inc.
                                          1,770,349          258,914
                                270/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *
        Black   Knight    Inc.
                                          3,991,959          257,402
    *
        Guidewire      Software     Inc.
                                          2,323,534          255,054
        Cypress     Semiconductor        Corp.
                                          10,391,866          242,442
    *
        Zendesk     Inc.
                                          3,159,692          242,127
    *
        F5  Networks     Inc.
                                          1,707,295          238,424
    *
        Aspen   Technology      Inc.
                                          1,928,191          233,176
        Juniper     Networks     Inc.
                                          9,464,161          233,102
    *
        PTC  Inc.
                                          2,917,031          218,456
        Monolithic      Power   Systems     Inc.
                                          1,158,269          206,195
    *
        Ceridian     HCM  Holding     Inc.
                                          2,832,065          192,241
        Entegris     Inc.
                                          3,808,304          190,758
        CDK  Global    Inc.
                                          3,413,867          186,670
    *
        Ciena   Corp.
                                          4,348,961          185,657
    *
        Proofpoint      Inc.
                                          1,592,627          182,802
    *
        HubSpot     Inc.
                                          1,147,698          181,910
                                271/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数    （千米ドル）
    *
        CACI   International        Inc.   Class   A
                                           700,370        175,085
    *
        MongoDB     Inc.
                                          1,327,893          174,764
        MKS  Instruments       Inc.
                                          1,534,448          168,805
    *
        Lumentum     Holdings     Inc.
                                          2,066,523          163,875
    *
        Pinterest      Inc.   Class   A
                                          8,649,940          161,235
    *
        Nutanix     Inc.
                                          4,900,122          153,178
    *,^
        Slack   Technologies       Inc.   Class   A
                                          6,610,884          148,613
        SYNNEX    Corp.
                                          1,147,639          147,816
    *
        Anaplan     Inc.
                                          2,789,253          146,157
    *
        Tech   Data   Corp.
                                           998,007        143,314
    *
        Manhattan      Associates      Inc.
                                          1,796,617          143,280
    *
        Silicon     Laboratories       Inc.
                                          1,231,826          142,867
    *
        Nuance    Communications         Inc.
                                          7,992,585          142,508
        Science     Applications       International        Corp.
                                          1,632,102          142,026
    *
        Cree   Inc.
                                          3,016,639          139,218
    *
        Avalara     Inc.
                                          1,844,550          135,113
    *
        Cirrus    Logic   Inc.
                                          1,629,015          134,247
    *
        Alteryx     Inc.   Class   A
                                          1,314,396          131,532
    *
        NCR  Corp.
                                          3,603,648          126,704
    *
        Smartsheet      Inc.   Class   A
                                          2,795,586          125,578
        j2  Global    Inc.
                                          1,299,461          121,772
    *,^
        Match   Group   Inc.
                                          1,482,112          121,696
    *
        RealPage     Inc.
                                          2,256,965          121,312
    *
        ViaSat    Inc.
                                          1,625,611          118,987
        Cabot   Microelectronics          Corp.
                                           819,510        118,272
        LogMeIn     Inc.
                                          1,379,113          118,245
    *
        ACI  Worldwide      Inc.
                                          3,096,747          117,320
        Blackbaud      Inc.
                                          1,396,846          111,189
    *
        Pure   Storage     Inc.   Class   A
                                          6,404,513          109,581
    *
        Five9   Inc.
                                          1,648,945          108,138
    *
        Dropbox     Inc.   Class   A
                                          5,999,164          107,445
    *
        Verint    Systems     Inc.
                                          1,892,425          104,765
        Perspecta      Inc.
                                          3,887,005          102,772
    *
        Semtech     Corp.
                                          1,889,129          99,935
    *
        Q2  Holdings     Inc.
                                          1,226,275          99,426
    *
        New  Relic   Inc.
                                          1,501,016          98,632
    *
        Envestnet      Inc.
                                          1,392,598          96,967
    *
        Viavi   Solutions      Inc.
                                          6,434,687          96,520
    *
        Inphi   Corp.
                                          1,287,132          95,274
    *
        Cornerstone       OnDemand     Inc.
                                          1,623,420          95,051
    *
        FireEye     Inc.
                                          5,727,849          94,681
        Pegasystems       Inc.
                                          1,115,155          88,822
    *
        Zscaler     Inc.
                                          1,806,498          84,002
    *
        Teradata     Corp.
                                          3,137,762          83,998
        Brooks    Automation      Inc.
                                          1,941,539          81,467
        Cogent    Communications         Holdings     Inc.
                                          1,200,715          79,019
        Power   Integrations       Inc.
                                           792,936         78,429
    *
        Qualys    Inc.
                                           938,007         78,202
    *
        Advanced     Energy    Industries      Inc.
                                          1,084,524          77,218
                                272/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *
        CommScope      Holding     Co.  Inc.
                                          5,435,223          77,126
    *
        Everbridge      Inc.
                                           938,837         73,304
    *
        Elastic     NV
                                          1,121,526          72,114
    *
        Lattice     Semiconductor        Corp.
                                          3,728,241          71,359
    *
        Rapid7    Inc.
                                          1,267,840          71,024
    *
        Premier     Inc.   Class   A
                                          1,870,353          70,849
    *
        Acacia    Communications         Inc.
                                          1,033,000          70,048
    *
        Insight     Enterprises       Inc.
                                           988,827         69,505
    *
        Box  Inc.
                                          3,916,557          65,720
    *
        Diodes    Inc.
                                          1,156,012          65,164
    *
        Bottomline      Technologies       de  Inc.
                                          1,214,398          65,092
    *
        Blackline      Inc.
                                          1,260,077          64,970
    *
        PROS   Holdings     Inc.
                                          1,074,488          64,383
    *
        Varonis     Systems     Inc.
                                           822,755         63,936
    *
        LivePerson      Inc.
                                          1,648,173          60,982
                                273/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数    （千米ドル）
    *,^
        Cloudera     Inc.
                                          5,163,048          60,046
    *
        Synaptics      Inc.
                                           894,194         58,811
    *
        EchoStar     Corp.   Class   A
                                          1,333,656          57,761
    *
        SailPoint      Technologies       Holding     Inc.
                                          2,381,898          56,213
    *
        FormFactor      Inc.
                                          2,127,216          55,244
    *
        SPS  Commerce     Inc.
                                           981,314         54,384
    *
        SVMK   Inc.
                                          2,987,282          53,383
        Progress     Software     Corp.
                                          1,281,359          53,240
    *
        CommVault      Systems     Inc.
                                          1,182,407          52,783
    *
        Appfolio     Inc.
                                           462,865         50,892
    *
        Dynatrace      Inc.
                                          1,974,719          49,960
        CSG  Systems     International        Inc.
                                           941,178         48,734
    *
        NetScout     Systems     Inc.
                                          2,012,934          48,451
        InterDigital       Inc.
                                           884,235         48,182
    *
        Instructure       Inc.
                                           939,078         45,273
    *
        Allscripts      Healthcare      Solutions      Inc.
                                          4,578,041          44,933
    *
        Alarm.com      Holdings     Inc.
                                          1,023,938          43,999
    *
        Rambus    Inc.
                                          3,152,798          43,430
    *
        Avaya   Holdings     Corp.
                                          3,123,495          42,167
    *
        Onto   Innovation      Inc.
                                          1,140,381          41,670
        NIC  Inc.
                                          1,834,163          40,994
    *
        Perficient      Inc.
                                           888,442         40,931
    *
        Infinera     Corp.
                                          5,138,765          40,802
    *
        MaxLinear      Inc.
                                          1,821,968          38,662
    *
        Altair    Engineering       Inc.   Class   A
                                          1,047,473          37,615
    *
        Workiva     Inc.   Class   A
                                           891,599         37,492
    *
        Blucora     Inc.
                                          1,407,967          36,804
    *,^
        Appian    Corp.   Class   A
                                           937,159         35,809
    *
        Covetrus     Inc.
                                          2,692,646          35,543
    ^
        Ubiquiti     Inc.
                                           183,513         34,680
    *,^
        Yext   Inc.
                                          2,362,936          34,074
    *
        ForeScout      Technologies       Inc.
                                          1,037,318          34,024
    *
        Virtusa     Corp.
                                           738,059         33,456
    *
        Eventbrite      Inc.   Class   A
                                          1,628,475          32,846
    *
        MicroStrategy        Inc.   Class   A
                                           228,635         32,610
    *
        Bandwidth      Inc.   Class   A
                                           507,298         32,492
    *
        ePlus   Inc.
                                           374,139         31,536
    *
        Zuora   Inc.   Class   A
                                          2,167,428          31,059
    *,^
        Datadog     Inc.   Class   A
                                           778,274         29,403
        TiVo   Corp.
                                          3,431,674          29,101
    *
        Crowdstrike       Holdings     Inc.   Class   A
                                           579,156         28,883
    *
        Model   N Inc.
                                           821,116         28,797
    *
        Photronics      Inc.
                                          1,820,840          28,696
    *,^
        3D  Systems     Corp.
                                          3,198,222          27,984
        Switch    Inc.
                                          1,878,163          27,834
    *,^
        Tabula    Rasa   HealthCare      Inc.
                                           567,146         27,609
        Plantronics       Inc.
                                           982,313         26,856
    *
        Tenable     Holdings     Inc.
                                          1,112,471          26,655
    *
        ScanSource      Inc.
                                           718,116         26,534
                                274/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
        Xperi   Corp.
                                          1,399,663          25,894
    *
        Extreme     Networks     Inc.
                                          3,475,631          25,615
    *
        Cision    Ltd.
                                          2,512,222          25,047
    *
        SolarWinds      Corp.
                                          1,345,207          24,954
    *
        Ultra   Clean   Holdings     Inc.
                                          1,045,527          24,539
    *
        Shutterstock       Inc.
                                           560,041         24,015
    *
        NextGen     Healthcare      Inc.
                                          1,437,853          23,106
        Comtech     Telecommunications           Corp.
                                           650,185         23,075
    *
        Amkor   Technology      Inc.
                                          1,757,933          22,853
    *
        Cerence     Inc.
                                          1,001,844          22,672
        Cohu   Inc.
                                           990,241         22,627
    *
        Diebold     Nixdorf     Inc.
                                          2,139,493          22,593
        Ebix   Inc.
                                           642,381         21,462
    *
        Ichor   Holdings     Ltd.
                                           638,839         21,254
    *
        Unisys    Corp.
                                          1,783,513          21,152
                                275/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数    （千米ドル）
    *
        NETGEAR     Inc.
                                           842,554         20,651
    *,^
        Pagerduty      Inc.
                                           870,131         20,352
    *
        Upland    Software     Inc.
                                           565,075         20,179
        Pitney    Bowes   Inc.
                                          4,822,345          19,434
    *
        Cloudflare      Inc.   Class   A
                                          1,131,294          19,300
    *
        Axcelis     Technologies       Inc.
                                           790,987         19,059
    *
        Harmonic     Inc.
                                          2,359,510          18,404
    *
        Vocera    Communications         Inc.
                                           866,427         17,987
    *
        CEVA   Inc.
                                           618,426         16,673
    *,^
        Livongo     Health    Inc.
                                           663,641         16,631
    *,^
        Tucows    Inc.   Class   A
                                           261,160         16,134
        QAD  Inc.   Class   A
                                           315,230         16,055
    *,^
        Medallia     Inc.
                                           512,374         15,940
    *
        OneSpan     Inc.
                                           902,387         15,449
    *
        Benefitfocus       Inc.
                                           695,903         15,268
    *
        nLight    Inc.
                                           752,323         15,257
    *
        Agilysys     Inc.
                                           579,262         14,719
        PC  Connection      Inc.
                                           294,070         14,604
    *
        Domo   Inc.
                                           660,931         14,355
    *
        Digi   International        Inc.
                                           783,237         13,879
    *
        PDF  Solutions      Inc.
                                           819,979         13,849
        ADTRAN    Inc.
                                          1,380,223          13,650
    *
        Fastly    Inc.   Class   A
                                           675,045         13,548
    *
        Boingo    Wireless     Inc.
                                          1,210,732          13,258
    *
        Limelight      Networks     Inc.
                                          3,213,089          13,109
    *
        Forrester      Research     Inc.
                                           306,093         12,764
    *
        Loral   Space   & Communications         Inc.
                                           394,427         12,748
    *
        NeoPhotonics       Corp.
                                          1,404,730          12,390
    *
        MobileIron      Inc.
                                          2,542,677          12,357
    *
        Rosetta     Stone   Inc.
                                           671,325         12,178
    *
        Phreesia     Inc.
                                           454,438         12,106
        American     Software     Inc.   Class   A
                                           762,683         11,349
    *
        Ping   Identity     Holding     Corp.
                                           451,270         10,966
    *,^
        Impinj    Inc.
                                           423,507         10,952
    *
        ChannelAdvisor         Corp.
                                          1,203,831          10,883
    *
        DSP  Group   Inc.
                                           690,737         10,872
    *
        Calix   Inc.
                                          1,350,651          10,805
    *
        Mitek   Systems     Inc.
                                          1,407,469          10,767
    *
        Immersion      Corp.
                                          1,423,999          10,580
    *,^
        Gogo   Inc.
                                          1,634,682          10,462
        Simulations       Plus   Inc.
                                           356,987         10,378
    *,^
        Digimarc     Corp.
                                           308,724         10,361
    *
        Zix  Corp.
                                          1,516,117          10,279
        Systemax     Inc.
                                           402,152         10,118
        Hackett     Group   Inc.
                                           619,693         10,002
        Computer     Programs     & Systems     Inc.
                                           377,475          9,965
    *
        WideOpenWest       Inc.
                                          1,324,192           9,826
    *,^
        Inseego     Corp.
                                          1,328,518           9,738
    *
        Telaria     Inc.
                                          1,089,812           9,601
                                276/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *
        Endurance      International        Group   Holdings     Inc.
                                          1,961,956           9,221
    *
        Brightcove      Inc.
                                          1,024,210           8,900
    *
        CalAmp    Corp.
                                           921,267          8,826
    *
        A10  Networks     Inc.
                                          1,270,818           8,731
    *,^
        PAR  Technology      Corp.
                                           281,971          8,668
    *
        Meet   Group   Inc.
                                          1,713,929           8,587
    *,^
        Health    Catalyst     Inc.
                                           238,187          8,265
    *
        eGain   Corp.
                                          1,006,987           7,975
    *
        Sciplay     Corp.   Class   A
                                           614,419          7,551
    *
        Ooma   Inc.
                                           560,175          7,411
    *
        Alpha   & Omega   Semiconductor        Ltd.
                                           506,384          6,897
    *,^
        VirnetX     Holding     Corp.
                                          1,760,709           6,691
    *
        Synchronoss       Technologies       Inc.
                                          1,386,822           6,587
    *,^
        Applied     Optoelectronics         Inc.
                                           543,768          6,460
    *
        Adesto    Technologies       Corp.
                                           758,115          6,444
                                277/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数    （千米ドル）
    *
        Telenav     Inc.
                                          1,241,422           6,033
    *
        Smith   Micro   Software     Inc.
                                          1,496,075           5,954
    *
        ACM  Research     Inc.   Class   A
                                           312,880          5,773
    *
        KVH  Industries      Inc.
                                           497,940          5,542
    *
        AXT  Inc.
                                          1,240,497           5,396
        PC-Tel    Inc.
                                           630,730          5,342
    *
        GSI  Technology      Inc.
                                           745,664          5,287
    *
        Clearfield      Inc.
                                           359,810          5,016
    *
        Icad   Inc.
                                           602,206          4,679
    *
        Pixelworks      Inc.
                                          1,184,741           4,644
    *
        Ribbon    Communications         Inc.
                                          1,481,280           4,592
    *
        Castlight      Health    Inc.   Class   B
                                          3,132,276           4,166
    *
        SharpSpring       Inc.
                                           362,676          4,160
    *
        Casa   Systems     Inc.
                                           958,408          3,920
    *,2
        Computer     Task   Group   Inc.
                                           746,502          3,867
    *
        Rimini    Street    Inc.
                                           993,567          3,855
        AstroNova      Inc.
                                           278,254          3,818
    *
        Seachange      International        Inc.
                                           910,106          3,813
    *,^
        Intelligent       Systems     Corp.
                                            93,431         3,732
    *
        Powerfleet      Inc.
                                           557,668          3,630
    *
        DASAN   Zhone   Solutions      Inc.
                                           390,702          3,462
        GlobalSCAPE       Inc.
                                           343,775          3,379
    *
        LRAD   Corp.
                                          1,009,473           3,301
    *
        SecureWorks       Corp.   Class   A
                                           193,975          3,232
    *,^
        Red  Violet    Inc.
                                           172,101          3,186
    *
        Airgain     Inc.
                                           285,067          3,047
    *
        VOXX   International        Corp.   Class   A
                                           669,837          2,934
    *
        Great   Elm  Capital     Group   Inc.
                                           825,118          2,756
    *
        Synacor     Inc.
                                          1,651,360           2,510
        TransAct     Technologies       Inc.
                                           222,314          2,439
    *,^
        Everspin     Technologies       Inc.
                                           444,486          2,338
        TESSCO    Technologies       Inc.
                                           206,522          2,317
    *
        RigNet    Inc.
                                           338,521          2,234
    *
        GTY  Technology      Holdings     Inc.
                                           374,827          2,208
    *,^
        Park   City   Group   Inc.
                                           411,713          2,083
    *
        Identiv     Inc.
                                           350,250          1,975
    *
        Amtech    Systems     Inc.
                                           275,195          1,970
    *
        Majesco
                                           232,770          1,920
    *
        Cambium     Networks     Corp.
                                           219,183          1,916
    *
        Intellicheck       Inc.
                                           236,720          1,773
    *
        Aviat   Networks     Inc.
                                           118,360          1,663
        QAD  Inc.   Class   B
                                            44,450         1,640
    *
        Beyond    Air  Inc.
                                           297,828          1,558
    *
        EMCORE    Corp.
                                           474,814          1,443
        Wayside     Technology      Group   Inc.
                                            84,276         1,365
    *
        Key  Tronic    Corp.
                                           240,560          1,309
    *
        NetSol    Technologies       Inc.
                                           324,689          1,299
    *,^
        Resonant     Inc.
                                           524,589          1,270
    *
        inTEST    Corp.
                                           208,654          1,241
                                278/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    *,^
        QuickLogic      Corp.
                                           205,951          1,236
    *,^
        Lantronix      Inc.
                                           339,677          1,206
    *,^
        Veritone     Inc.
                                           433,625          1,080
    *,^
        Atomera     Inc.
                                           338,487          1,043
    *
        Sprout    Social    Inc.   Class   A
                                            58,379          937
    *,^
        Mohawk    Group   Holdings     Inc.
                                           156,574           922
    *
        Mastech     Digital     Inc.
                                            81,534          903
    *
        GSE  Systems     Inc.
                                           541,861           894
    *,^
        Akerna    Corp.
                                           100,350           846
        Support.com       Inc.
                                           713,671           778
    *
        Data   I/O  Corp.
                                           179,297           751
    *,^
        Kopin   Corp.
                                          1,867,120            749
    *
        Innodata     Inc.
                                           649,340           740
    *
        Qumu   Corp.
                                           269,483           703
    *
        Finjan    Holdings     Inc.
                                           345,955           695
                                279/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数    （千米ドル）
        CSP  Inc.
                                            47,389          618
    *
        CynergisTek       Inc.
                                           186,745           616
    *,^
        TransEnterix       Inc.
                                           413,266           608
    *
        Aehr   Test   Systems
                                           292,832           586
    *
        Sonim   Technologies       Inc.
                                           159,497           579
        Communications         Systems     Inc.
                                            93,730          578
    *,^
        Internap     Corp.
                                           498,914           549
        BK  Technologies       Corp.
                                           173,782           539
    *
        CVD  Equipment      Corp.
                                           162,311           523
    *
        Exela   Technologies       Inc.
                                          1,212,328            494
    *
        RCM  Technologies       Inc.
                                           158,525           476
    *,^
        Super   League    Gaming    Inc.
                                           158,855           375
    *
        ClearOne     Inc.
                                           220,013           365
    *
        WidePoint      Corp.
                                           843,774           336
    *,^
        RumbleON     Inc.   Class   B
                                           347,425           287
        Network-1      Technologies       Inc.
                                           129,664           283
    *,^
        Neurotrope      Inc.
                                           259,399           255
    *
        BSQUARE     Corp.
                                           180,438           251
    *
        Streamline      Health    Solutions      Inc.
                                           171,772           239
    *
        Xcel   Brands    Inc.
                                           151,456           227
    *,^
        Sigma   Labs   Inc.
                                           224,155           220
    *
        Optical     Cable   Corp.
                                            62,844          204
    *
        AudioEye     Inc.
                                            40,564          190
    *
        One  Stop   Systems     Inc.
                                            73,474          148
    *
        Cinedigm     Corp.   Class   A
                                           183,006           128
    *,^,§
        FTE  Networks     Inc.
                                            84,180          126
    *
        Inuvo   Inc.
                                           400,436           118
    *,^
        NXT-ID    Inc.
                                           239,113           108
    *
        Creative     Realities      Inc.
                                            68,684          105
    *
        ADDvantage      Technologies       Group   Inc.
                                            40,203           99
    *
        Marin   Software     Inc.
                                            61,925           85
    *
        Trio-Tech      International
                                            15,180           61
    *
        SITO   Mobile    Ltd.
                                           181,331           50
    *,^,§
        Ominto    Inc.
                                           101,171           41
    *
        Qualstar     Corp.
                                             4,806          26
    *
        Evolving     Systems     Inc.
                                            27,962           25
        SilverSun      Technologies       Inc.
                                             3,301          14
    *
        Westell     Technologies       Inc.   Class   A
                                                       9
                                            10,355
                                                  195,142,625
    通信サービス       (1.9％)
        AT&T   Inc.
                                         205,770,728          8,041,520
        Verizon     Communications         Inc.
                                         116,496,859          7,152,907
    *
        T-Mobile     US  Inc.
                                          8,428,028          660,926
        CenturyLink       Inc.
                                          30,700,767          405,557
    *
        Zayo   Group   Holdings     Inc.
                                          6,624,718          229,546
    *
        Sprint    Corp.
                                          17,216,634           89,699
    *,^
        Zoom   Video   Communications         Inc.   Class   A
                                          1,281,939          87,223
    *
        Iridium     Communications         Inc.
                                          3,116,525          76,791
        Telephone      & Data   Systems     Inc.
                                          2,715,196          69,047
                                280/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
        Shenandoah      Telecommunications           Co.
                                          1,357,285          56,477
    *
        8x8  Inc.
                                          2,633,516          48,193
    *
        Vonage    Holdings     Corp.
                                          6,467,501          47,924
        ATN  International        Inc.
                                           297,584         16,483
    *
        United    States    Cellular     Corp.
                                           429,188         15,550
    *,^
        Intelsat     SA
                                          2,193,035          15,417
    *
        Anterix     Inc.
                                           355,758         15,372
    *
        Cincinnati      Bell   Inc.
                                          1,253,412          13,123
    *,^
        GTT  Communications         Inc.
                                           872,867          9,907
    *
        ORBCOMM     Inc.
                                          2,349,918           9,893
    *,^
        Globalstar      Inc.
                                          15,574,538           8,079
        Consolidated       Communications         Holdings     Inc.
                                          1,980,545           7,685
        Spok   Holdings     Inc.
                                           595,202          7,279
    *
        IDT  Corp.   Class   B
                                           542,884          3,914
    *,^
        Frontier     Communications         Corp.
                                          3,110,382           2,767
                                281/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数    （千米ドル）
    *
        Alaska    Communications         Systems     Group   Inc.
                                          1,464,757           2,593
    *,^
        HC2  Holdings     Inc.
                                           899,952          1,953
    *,^
        Pareteum     Corp.
                                          2,926,761           1,280
    *
        Otelco    Inc.   Class   A
                                            54,417          545
    *
        CPS  Technologies       Corp.
                                                      111
                                           109,990
                                                  17,097,761
    公益事業     (3.2％)
        NextEra     Energy    Inc.
                                          13,771,294         3,334,857
        Dominion     Energy    Inc.
                                          23,201,887         1,921,580
        Southern     Co.
                                          29,571,715         1,883,718
        Duke   Energy    Corp.
                                          20,523,318         1,871,932
        American     Electric     Power   Co.  Inc.
                                          13,888,523         1,312,604
        Exelon    Corp.
                                          27,299,560         1,244,587
        Sempra    Energy
                                          7,721,523        1,169,656
        Xcel   Energy    Inc.
                                          15,066,539          956,575
        Consolidated       Edison    Inc.
                                          9,348,513          845,760
        Public    Service     Enterprise      Group   Inc.
                                          14,238,825          840,803
        WEC  Energy    Group   Inc.
                                          8,864,487          817,572
        Eversource      Energy
                                          9,100,612          774,189
        Edison    International
                                          10,104,969          762,016
        FirstEnergy       Corp.
                                          15,182,635          737,876
        PPL  Corp.
                                          20,344,897          729,975
        DTE  Energy    Co.
                                          5,390,613          700,079
        Entergy     Corp.
                                          5,592,467          669,978
        American     Water   Works   Co.  Inc.
                                          5,061,908          621,855
        Ameren    Corp.
                                          6,969,206          535,235
        CMS  Energy    Corp.
                                          8,008,458          503,251
        Evergy    Inc.
                                          6,453,205          420,039
        CenterPoint       Energy    Inc.
                                          14,094,472          384,356
        Alliant     Energy    Corp.
                                          6,851,769          374,929
        Atmos   Energy    Corp.
                                          3,342,896          373,936
        AES  Corp.
                                          18,667,089          371,475
        NiSource     Inc.
                                          10,474,824          291,619
        Aqua   America     Inc.
                                          6,061,458          284,525
        Pinnacle     West   Capital     Corp.
                                          3,143,232          282,671
        NRG  Energy    Inc.
                                          6,763,336          268,843
        UGI  Corp.
                                          5,856,811          264,494
        Vistra    Energy    Corp.
                                          10,995,825          252,794
        OGE  Energy    Corp.
                                          5,609,823          249,469
    *
        PG&E   Corp.
                                          14,891,081          161,866
        IDACORP     Inc.
                                          1,421,276          151,792
        Hawaiian     Electric     Industries      Inc.
                                          3,143,896          147,323
        ONE  Gas  Inc.
                                          1,496,190          139,998
        Portland     General     Electric     Co.
                                          2,490,815          138,963
        Black   Hills   Corp.
                                          1,729,178          135,810
        New  Jersey    Resources      Corp.
                                          2,685,032          119,672
        ALLETE    Inc.
                                          1,445,980          117,370
        PNM  Resources      Inc.
                                          2,266,002          114,909
        Spire   Inc.
                                          1,361,163          113,398
                                282/470

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
        National     Fuel   Gas  Co.
                                          2,433,738          113,266
        Southwest      Gas  Holdings     Inc.
                                          1,425,565          108,300
        NorthWestern       Corp.
                                          1,420,193          101,785
        Avangrid     Inc.
                                          1,816,022          92,908
        Avista    Corp.
                                          1,891,668          90,970
        American     States    Water   Co.
                                          1,029,208          89,171
        South   Jersey    Industries      Inc.
                                          2,652,746          87,488
        Ormat   Technologies       Inc.
                                          1,134,189          84,520
        MGE  Energy    Inc.
                                           989,192         77,968
        El  Paso   Electric     Co.
                                          1,140,602          77,435
        Pattern     Energy    Group   Inc.   Class   A
                                          2,737,483          73,241
        California      Water   Service     Group
                                          1,367,725          70,520
        Northwest      Natural     Holding     Co.
                                           859,382         63,362
        SJW  Group
                                           791,961         56,277
        Chesapeake      Utilities      Corp.
                                           474,728         45,493
                                283/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数    （千米ドル）
    *
        Evoqua    Water   Technologies       Corp.
                                          2,093,609          39,674
        TerraForm      Power   Inc.   Class   A
                                          2,527,143          38,893
    *
        Sunrun    Inc.
                                          2,351,886          32,479
        Middlesex      Water   Co.
                                           460,385         29,267
        Unitil    Corp.
                                           465,779         28,794
        York   Water   Co.
                                           379,048         17,478
    *
        AquaVenture       Holdings     Ltd.
                                           498,836         13,528
    *,^
        Bloom   Energy    Corp.   Class   A
                                          1,553,305          11,603
    *,^
        Atlantic     Power   Corp.
                                          4,311,546          10,046
    *
        Pure   Cycle   Corp.
                                           715,159          9,004
        Artesian     Resources      Corp.   Class   A
                                           240,624          8,954
    *,^
        Vivint    Solar   Inc.
                                          1,217,502           8,839
    *,^
        Cadiz   Inc.
                                           798,705          8,802
        RGC  Resources      Inc.
                                           218,471          6,244
        Genie   Energy    Ltd.   Class   B
                                           577,349          4,463
        Spark   Energy    Inc.   Class   A
                                           405,351          3,741
    *
        Sunnova     Energy    International        Inc.
                                                     3,545
                                           317,676
                                                  28,902,407
    普通株式総額（原価           $508,641,348）
                                                  894,894,544
    優先株式（0.0％）

        Air  T Funding     Pfd.,   8.00  ％,  6/7/24（原価       $36）
                                            17,271           43
                 1
    短期現物投資　（0.6％）
                            クーポン

    マネー・マーケット・ファンド（0.6％）
    4,5
        Vanguard     Market    Liquidity      Fund
                            1.816   ％           53,284,330         5,328,966
                                           額面金額

                                    満期日     （千米ドル）
    米国政府機関債（0.0％）
        United    States    Treasury
    6
        Bill                    1.566   ％     2/20/20        130,000        129,731
        United    States    Treasury
    6
                                                     7,959
        Bill                1.527   ％-1.541％         4/30/20         8,000
                                                    137,690
    短期現物投資合計（原価             $5,465,831）
                                                   5,466,656
    投資総額（100.3％）（原価               $514,107,215）
                                                  900,361,243
                          5
    その他の資産および負債-純額（－0.3％）
    純資産（100％）                                             897,623,869
                                               （97,778,168百万
                                                      円）
    ・  財務書類注記の注記Ａを参照のこと。

    ＊  配当を出さない有価証券。
    ＾  ブローカー／ディーラーに貸し付けられている証券ポジションの一部を含む。貸付有価証券の価
       値総額は2,789,582,000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。
                                284/470


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    １  当ファンドは、現金準備の一部をインデックス先物契約およびスワップ契約を用いて株式市場に
       投資している。先物およびスワップ投資の影響を考慮すれば、当ファンドの実際の普通株式投資
       および短期現物投資は、純資産のそれぞれ100.0％および0.3％である。
    ２  当ファンドが当該企業の発行済議決権付株式の５％超を保有しているため、当ファンドの関連会
       社とみなされる。
    ３  「その他」は、ファンドのベンチマークにより分類されない有価証券を示している。
    ４  バンガード・ファンド並びにバンガードが管理する一部の信託および口座にのみ利用可能な関連
       会社のマネー・マーケット・ファンド。提示されているレートは７日間の利回りである。
    ５  貸付有価証券に係る担保として2,964,698,000米ドルを受け取った。うち、2,956,365,000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、8,333,000米ドルは現金で保有さ
       れている。
    ６  未決済先物契約の当初証拠金として有価証券122,551,000米ドルが分別管理されている。
    CVR  －不確定価額受領権（Contingent                  Value   Rights）
    REIT  －不動産投資信託（Real             Estate    Investment      Trust）
    期末現在のデリバティブ金融商品残高

    先物契約

                                                （単位：千米ドル）
                                        買建           契約額および
                                       （売建）             未実現利益
                                  限月     玉数     名目元本       （損失）
    買建の先物契約
    E-mini   S&P  500  インデックス
                                2020  年３月      14,070     2,273,079         24,712
    E-mini   ラッセル2000インデックス                        2020  年３月      1,914     159,876         2,492
    E-mini   S&P  ミッド・キャップ400インデックス
                                2020  年３月       240     49,555         850
                                                     28,054
    店頭トータル・リターンスワップ                                            （単位：千米ドル）

                                        受領
                                              契約額     契約額および
                                       （支払）
                             契約                 および       未実現
                                          1
    参照企業                  満期日     相手方     名目元本      変動金利      未実現利益        （損失）
    Assurant    Inc.
                   2020  年２月４日        GSI     6,521     1.945  ％      29       －
    First   Republic    Bank
                   2020  年２月４日        GSI    142,014      2.375  ％     1,740         －
    JPMorgan    Chase   & Co.
                   2020  年９月２日       BOANA     118,584      2.147  ％     6,678         －
    VICI  Properties     Inc.
                   2020  年２月４日        GSI    24,610      1.745  ％     1,222         －
                                              9,669         －
    1

     直近の支払日における１ヶ月物ロンドン銀行間取引金利（LIBOR）に基づいている。月次の変動金利の支払に係る受取／支払
    金利
    1M- １ヶ月
    BOANA-Bank     of America,    N.A.
    GSI-Goldman     Sachs   International
    2019  年12月31日現在、契約相手方は、未決済店頭スワップ契約に関して9,601,000米ドルの有価証券を分別口座に預託してい

    た。
    添付の注記は財務書類の不可欠の一部である。

    次へ

                                285/470




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

                                       インデックス・ファンド
                                         2020  年12月31日現在
                                      千米ドル           百万円
    資産
    有価証券に対する投資－時価
    　非関連発行体（取得原価519,279,409千米ドル）                                 1,075,555,481            117,160,259
                                        8,726,215            950,547
    　関連発行体（取得原価8,729,974千米ドル）
    有価証券に対する投資合計                                 1,084,281,696            118,110,805
    バンガードに対する投資                                     40,719           4,436
    現金                                     173,936           18,947
    差し入れられた現金担保－先物契約                                     151,932           16,550
    売却投資有価証券に係る未収入金                                     18,400           2,004
    未収収益                                     803,487           87,524
    発行済資本持分に係る未収入金                                    1,123,176            122,348
    未収変動証拠金－先物契約                                     33,434           3,642
                                          11,300           1,231
    未実現評価益－店頭スワップ契約
    資産合計                                 1,086,638,080            118,367,486
    負債
    購入投資有価証券に係る未払金                                     115,347           12,565
    貸付有価証券に係る担保                                    4,200,627            457,574
    資本持分の買戻しに係る未払金                                    1,571,670            171,202
    分配に係る未払金                                        42           5
    バンガードに対する未払金                                     26,458           2,882
                                          11,636           1,268
    未実現評価損－店頭スワップ契約
                                        5,925,780            645,495
    負債合計
                                      1,080,712,300            117,721,991
    純資産
                                286/470










                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    2020  年12月31日現在、純資産の内訳：
                                      （千米ドル）            （百万円）
    払込出資金                                   541,009,897           58,932,208
    分配可能利益（損失）合計                                   539,702,403           58,789,783
    純資産                                 1,080,712,300            117,721,991
    インベスター受益証券

    発行済受益証券1,624,383,109口に対する純資産
    （額面0.001米ドル：授権口数は無制限）                                   153,845,190           16,758,357
    受益証券１口当たり純資産価額
    －インベスター受益証券                                   94.71   米ドル          10,317   円
    ETF  受益証券

    発行済受益証券1,038,342,303口に対する純資産
    （額面0.001米ドル：授権口数は無制限）                                   202,074,521           22,011,978
    受益証券１口当たり純資産価額
    －ETF受益証券                                  194.61   米ドル          21,199   円
    アドミラル受益証券

    発行済受益証券2,888,258,235口に対する純資産
    （額面0.001米ドル：授権口数は無制限）                                   273,621,545           29,805,595
    受益証券１口当たり純資産価額
    －アドミラル受益証券                                   94.74   米ドル          10,320   円
    インスティテューショナル受益証券

    発行済受益証券1,905,902,342口に対する純資産
    （額面0.001米ドル：授権口数は無制限）                                   180,586,279           19,671,263
    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                                   94.75   米ドル          10,321   円
    インスティテューショナル・プラス受益証券

    発行済受益証券1,273,511,762口に対する純資産
    （額面0.001米ドル：授権口数は無制限）                                   226,288,397           24,649,595
    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                                  177.69   米ドル          19,356   円
    インスティテューショナル・セレクト受益証券

    発行済受益証券237,582,538口に対する純資産
    （額面0.001米ドル：授権口数は無制限）                                   44,296,368           4,825,203
    受益証券１口当たり純資産価額
    －インスティテューショナル・セレクト受益証券                                  186.45   米ドル          20,310   円
    添付の注記は財務書類の不可欠の一部である。

                                287/470




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

                                       インデックス・ファンド
                                         2019  年12月31日現在
                                      千米ドル           百万円
    資産
    有価証券に対する投資－時価
    　非関連発行体（取得原価508,707,744千米ドル）                                   894,986,358           97,490,864
                                        5,374,885            585,486
    　関連発行体（取得原価5,399,471千米ドル）
    有価証券に対する投資合計（取得原価514,107,215千米ドル）                                   900,361,243           98,076,350
    バンガードに対する投資                                     39,345           4,286
    売却投資有価証券に係る未収入金                                     12,998           1,416
    未収収益                                     954,088           103,929
    発行済資本持分に係る未収入金                                    1,034,626            112,702
    未収変動証拠金－先物契約                                      8,801            959
    未実現評価益－店頭スワップ契約                                      9,669           1,053
                                          8,333            908
    現金
    資産合計                                   902,429,103           98,301,602
    負債
    購入投資有価証券に係る未払金                                     19,003           2,070
    貸付有価証券に係る担保                                    2,964,698            322,945
    資本持分の買戻しに係る未払金                                    1,682,184            183,240
    バンガードに対する未払金                                     127,798           13,921
    未払変動証拠金－先物契約                                      1,990            217
                                          9,561           1,041
    その他の負債
                                        4,805,234            523,434
    負債合計
                                       897,623,869           97,778,168
    純資産
                                288/470










                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    2019  年12月31日現在、純資産の内訳：
                                      （千米ドル）            （百万円）
    払込出資金                                   517,405,991           56,361,035
    分配可能利益（損失）合計                                   380,217,878           41,417,133
    純資産                                   897,623,869           97,778,168
    インベスター受益証券

    発行済受益証券1,753,462,332口に対する純資産
    （額面0.001米ドル：授権口数は無制限）                                   139,685,679           15,215,961
    受益証券１口当たり純資産価額
    －インベスター受益証券                                   79.66   米ドル          8,677   円
    ETF  受益証券

    発行済受益証券843,407,682口に対する純資産
    （額面0.001米ドル：授権口数は無制限）                                   138,067,205           15,039,661
    受益証券１口当たり純資産価額
    －ETF受益証券                                  163.70   米ドル          17,832   円
    アドミラル受益証券

    発行済受益証券3,169,091,239口に対する純資産
    （額面0.001米ドル：授権口数は無制限）                                   252,535,692           27,508,713
    受益証券１口当たり純資産価額
    －アドミラル受益証券                                   79.69   米ドル          8,681   円
    インスティテューショナル受益証券

    発行済受益証券1,916,108,581口に対する純資産
    （額面0.001米ドル：授権口数は無制限）                                   152,716,443           16,635,402
    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                                   79.70   米ドル          8,682   円
    インスティテューショナル・プラス受益証券

    発行済受益証券1,259,067,118口に対する純資産
    （額面0.001米ドル：授権口数は無制限）                                   188,188,264           20,499,348
    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                                  149.47   米ドル          16,282   円
    インスティテューショナル・セレクト受益証券

    発行済受益証券168,526,705口に対する純資産
    （額面0.001米ドル：授権口数は無制限）                                   26,430,586           2,879,084
    受益証券１口当たり純資産価額
    －インスティテューショナル・セレクト受益証券                                  156.83   米ドル          17,083   円
    添付の注記は財務書類の不可欠の一部である。

                                289/470




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

                                   インデックス・ファンド
                              2020  年12月31日             2019  年12月31日
                              終了計算期間               終了計算期間
                            千米ドル        百万円       千米ドル        百万円
    投資収益
    収益
    配当金－非関連発行体                       15,761,229        1,716,871       15,136,266        1,648,793
    配当金－関連発行体                          4,706         513       6,160        671
    利息－非関連発行体                          7,137         777       4,144        451
    利息－関連発行体                          19,398        2,113       70,056        7,631
                             170,440        18,566       152,182        16,577
    貸付有価証券－純額
                            15,962,910        1,738,840       15,368,808        1,674,124
    収益総額
    費用
    バンガード・グループ－注記Ｂ
    投資運用報酬                          16,106        1,754       25,447        2,772
    マネジメントおよび管理
     －インベスター受益証券                        176,352        19,210       169,029        18,412
     －ETF受益証券                        36,429        3,968       24,791        2,700
     －アドミラル受益証券                        81,422        8,869       71,269        7,763
     －インスティテューショナル
       受益証券                       37,765        4,114       30,930        3,369
     －インスティテューショナル・
       プラス受益証券                       32,111        3,498       25,302        2,756
     －インスティテューショナル・
       セレクト受益証券                        2,230         243       1,569        171
    マーケティングおよび販売
     －インベスター受益証券                        10,789        1,175       11,957        1,302
     －ETF受益証券                         5,135         559       4,670        509
     －アドミラル受益証券                         9,901       1,079       10,085        1,099
     －インスティテューショナル
       受益証券                        3,576         390       4,198        457
     －インスティテューショナル・
       プラス受益証券                        2,061         225       2,207        240
     －インスティテューショナル・
       セレクト受益証券                          1       0        1       0
    カストディー報酬                          2,310         252       1,703        186
    監査報酬                           397        43       407        44
    受益者報告
     －インベスター受益証券                         1,620         176       1,423        155
     －ETF受益証券                          943       103       1,600        174
     －アドミラル受益証券                          744        81       691        75
     －インスティテューショナル
       受益証券                        1,731         189       1,173        128
     －インスティテューショナル・
       プラス受益証券                          47        5       38        4
     －インスティテューショナル・
       セレクト受益証券                          －       －        －       －
    受託者報酬および費用                           513        56       382        42
                             422,183        45,988       388,872        42,360
     費用総額
                            15,540,727        1,692,851       14,979,936        1,631,764
    投資純利益
                                290/470


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    実現純利益（損失）
                     １
    売却投資有価証券－非関連発行体                        2,975,686         324,141       3,017,113        328,654
    売却投資有価証券－関連発行体                         (36,300)        (3,954)        (3,906)        (425)
    先物契約                         362,642        39,503       766,975        83,547
                             (43,248)        (4,711)        50,674        5,520
    スワップ契約
                            3,258,780         354,979       3,830,856        417,295
    実現純利益（損失）
    未実現評価益（損）の変動
    投資有価証券－非関連発行体                       169,931,645        18,510,654       191,133,025        20,820,120
    投資有価証券－関連発行体                          86,640        9,438        5,907        643
    先物契約                          79,438        8,653       142,709        15,545
                             (10,005)        (1,090)        11,880        1,294
    スワップ契約
                           170,087,718        18,527,655       191,293,521        20,837,603
    未実現評価益（損）の変動
                           188,887,225        20,575,485       210,104,313        22,886,663
    運用による純資産の純増加（減少）額
    １　2020年12月31日終了計算期間において、現物償還による14,120,527,000米ドルの純利益（損失）

       を含む。2019年12月31日終了計算期間において、現物償還による8,345,326,000米ドルの純利益
       （損失）を含む。
    添付の注記は、財務書類の不可欠の一部である。

                                291/470














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

                                   インデックス・ファンド
                             2020  年12月31日             2019  年12月31日
                              終了計算期間                終了計算期間
                           千米ドル         百万円       千米ドル        百万円
    純資産の増加（減少）
    運用
    投資純利益                       15,540,727        1,692,851       14,979,936        1,631,764
    実現純利益（損失）                        3,258,780         354,979       3,830,856        417,295
                           170,087,718        18,527,655       191,293,521        20,837,603
    未実現評価益（損）の変動
                           188,887,225        20,575,485       210,104,313        22,886,663
     運用による純資産の純増加（減少）
       １

    分配
     インベスター受益証券                      (2,178,405)         (237,294)       (2,441,205)        (265,920)
     ETF  受益証券                    (2,643,535)         (287,960)       (2,314,799)        (252,151)
     アドミラル受益証券                      (4,040,472)         (440,129)       (4,371,014)        (476,135)
     インスティテューショナル
     受益証券                      (2,632,899)         (286,802)       (2,694,343)        (293,495)
     インスティテューショナル・
     プラス受益証券                      (3,283,515)         (357,673)       (3,268,140)        (355,998)
     インスティテューショナル・
                             (503,956)        (54,896)       (467,850)        (50,963)
     セレクト受益証券
                           (15,282,782)        (1,664,753)       (15,557,     351  )  (1,694,662)
       分配総額
    資本持分取引

     インベスター受益証券                      (11,200,923)        (1,220,117)       (14,863,     283  )  (1,619,057)
     ETF  受益証券                    32,847,249        3,578,051       15,039,487        1,638,251
     アドミラル受益証券                      (23,050,842)        (2,510,928)        13,652,300        1,487,145
     インスティテューショナル
     受益証券                      (1,802,186)         (196,312)       4,263,716        464,447
     インスティテューショナル・
     プラス受益証券                       1,241,423         135,228      12,427,894        1,353,770
     インスティテューショナル・
                            11,449,267        1,247,169         361,129        39,338
     セレクト受益証券
                            9,483,988       1,033,091       30,881,243        3,363,894
       資本持分取引による純増加（減少）
                           183,088,431        19,943,823       225,428,205        24,555,894
        増加（減少）総額
    純資産
                           897,623,869        97,778,168       672,195,664        73,222,274
    期首
                          1,080,712,300         117,721,991        897,623,869        97,778,168
    期末
    １　当期の表示方法に合わせるため、一部の過年度の数値は組替えられている。

    添付の注記は、財務書類の不可欠の一部である。

                                292/470






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

                                  インデックス・ファンド
                                   インベスター受益証券
                                    12 月31日終了計算期間
                          2020  年     2019  年     2018  年     2017  年     2016  年
                          米ドル      米ドル      米ドル      米ドル      米ドル
    各期間の発行済受益証券１口当たり
                            79.66      62.08      66.70      56.06      50.78
    期首純資産価額
    投資運用

                              1       1      1      1
    投資純利益                       1.284       1.279      1.275      1.086       1.022
    投資に係る実現および
                           15.026      17.634      (4.703)      10.630       5.282
    未実現純利益（損失）
                           16.310      18.913      (3.428)      11.716       6.304
    投資運用による総額
    分配

    投資純利益による配当                       (1.260)      (1.333)      (1.192)      (1.076)      (1.024)
                             －      －      －      －      －
    実現キャピタルゲインによる分配
                           (1.260)      (1.333)      (1.192)      (1.076)      (1.024)
    分配総額
                            94.71      79.66      62.08      66.70      56.06
    期末純資産価額
        ２

                           20.87  ％    30.65  ％    －5.26％       21.05  ％    12.53  ％
    総収益率
    比率／補足データ

    期末純資産（百万米ドル）                       153,845      139,686      121,266      126,766      103,932
    平均純資産に対する総費用の比率                       0.14  ％     0.14  ％     0.14  ％     0.14  ％     0.15  ％
    平均純資産に対する投資純利益の比率                       1.62  ％     1.78  ％     1.86  ％     1.77  ％     1.98  ％
              ３
    ポートフォリオの回転率                         8％      4％      3％      3％      4％
    １　発行済の平均受益証券数に基づいて計算される。

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

                                293/470







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

                                  インデックス・ファンド
                                     ETF  受益証券
                                    12 月31日終了計算期間
                          2020  年     2019  年     2018  年     2017  年     2016  年
                          米ドル      米ドル      米ドル      米ドル      米ドル
    各期間の発行済受益証券１口当たり
                           163.70      127.56      137.06      115.21      104.34
    期首純資産価額
    投資運用

                              1      1      1      1
    投資純利益                       2.831      2.809      2.781      2.361       2.214
    投資に係る実現および
                           30.848      36.236      (9.676)      21.832      10.871
    未実現純利益（損失）
                           33.679      39.045      (6.895)      24.193      13.085
    投資運用による総額
    分配

    投資純利益による配当                       (2.769)      (2.905)      (2.605)      (2.343)      (2.215)
                             －      －      －      －      －
    実現キャピタルゲインによる分配
                           (2.769)      (2.905)      (2.605)      (2.343)      (2.215)
    分配総額
                           194.61      163.70      127.56      137.06      115.21
    期末純資産価額
                           20.95  ％    30.80  ％    －5.13％       21.16  ％    12.68  ％

    総収益率
    比率／補足データ

    期末純資産（百万米ドル）                       202,075      138,067       94,809      91,862      69,889
    平均純資産に対する総費用の比率                       0.03  ％     0.03  ％     0.03  ％     0.04  ％     0.04  ％
    平均純資産に対する投資純利益の比率                       1.73  ％     1.89  ％     1.97  ％     1.87  ％     2.09  ％
              ２
    ポートフォリオの回転率                         8％      4％      3％      3％      4％
    １　発行済の平均受益証券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。

                                294/470








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

                                  インデックス・ファンド
                                   アドミラル受益証券
                                    12 月31日終了計算期間
                          2020  年     2019  年     2018  年     2017  年     2016  年
    各期間の発行済受益証券１口当たり                      米ドル      米ドル      米ドル      米ドル      米ドル
                            79.69      62.09      66.72      56.08      50.79
    期首純資産価額
    投資運用

                              1      1      1      1
    投資純利益                       1.364      1.360      1.344      1.148       1.077
    投資に係る実現および
                           15.025      17.646      （4.711）       10.633       5.291
    未実現純利益（損失）
                           16.389      19.006      （3.367）       11.781       6.368
    投資運用による総額
    分配

    投資純利益による配当                       (1.339)      (1.406)      (1.263)      (1.141)      (1.078)
                             －      －      －      －      －
    実現キャピタルゲインによる分配
                           (1.339)      (1.406)      (1.263)      (1.141)      (1.078)
    分配総額
                            94.74      79.69      62.09      66.72      56.08
    期末純資産価額
        ２

                           20.99  ％    30.80  ％    －5.17％       21.17  ％    12.66  ％
    総収益率
    比率／補足データ

    期末純資産（百万米ドル）                       273,622      252,536      185,102      190,099      151,612
    平均純資産に対する総費用の比率                       0.04  ％     0.04  ％     0.04  ％     0.04  ％     0.04  ％
    平均純資産に対する投資純利益の比率                       1.72  ％     1.88  ％     1.96  ％     1.87  ％     2.09  ％

              ３
    ポートフォリオの回転率                         8％      4％      3％      3％      4％
    １　発行済の平均受益証券数に基づいて計算される。

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

                                295/470







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

                                  インデックス・ファンド
                               インスティテューショナル受益証券
                                    12 月31日終了計算期間
                          2020  年     2019  年     2018  年     2017  年     2016  年
                          米ドル      米ドル      米ドル      米ドル      米ドル
    各期間の発行済受益証券１口当たり
                            79.70      62.10      66.73      56.09      50.80
    期首純資産価額
    投資運用

                              1      1      1      1
    投資純利益                       1.374      1.365      1.354      1.153       1.082
    投資に係る実現および
                           15.024      17.649      (4.715)      10.630       5.291
    未実現純利益（損失）
                           16.398      19.014      (3.361)      11.783       6.373
    投資運用による総額
    分配

    投資純利益による配当                       (1.348)      (1.414)      (1.269)      (1.143)      (1.083)
                             －      －      －      －      －
    実現キャピタルゲインによる分配
                           (1.348)      (1.414)      (1.269)      (1.143)      (1.083)
    分配総額
                            94.75      79.70      62.10      66.73      56.09
    期末純資産価額
                           21.00  ％    30.81  ％    －5.16％       21.17  ％    12.67  ％

    総収益率
    比率／補足データ

    期末純資産（百万米ドル）                       180,586      152,716      115,115      113,557       79,443
    平均純資産に対する総費用の比率                       0.03  ％     0.03  ％     0.03  ％    0.035  ％     0.03  ％
    平均純資産に対する投資純利益の比率                       1.73  ％     1.89  ％     1.97  ％     1.87  ％     2.10  ％
              ２
    ポートフォリオの回転率                         8％      4％      3％      3％      4％
    １　発行済の平均受益証券数に基づいて計算される。

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

                                296/470








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

                                  インデックス・ファンド
                             インスティテューショナル・プラス受益証券
                                    12 月31日終了計算期間
                          2020  年     2019  年    2018  年    2017  年     2016  年
    各期間の発行済受益証券１口当たり                      米ドル       米ドル      米ドル      米ドル      米ドル
                            149.47      116.46      125.14      105.18       95.26
    期首純資産価額
    投資運用

                              1      1      1      1
    投資純利益                        2.591      2.575      2.555      2.182       2.042
    投資に係る実現および
                            28.172      33.100      (8.842)      19.938       9.924
    未実現純利益（損失）
                            30.763      35.675      (6.287)      22.120       11.966
    投資運用による総額
    分配

    投資純利益による配当                        (2.543)      (2.665)      (2.393)      (2.160)       (2.046)
                              －      －      －      －       －
    実現キャピタルゲインによる分配
                            (2.543)      (2.665)      (2.393)      (2.160)       (2.046)
    分配総額
                            177.69      149.47      116.46      125.14       105.18
    期末純資産価額
                           21.02  ％    30.82  ％    －5.15％       21.19  ％    12.69  ％

    総収益率
    比率／補足データ

    期末純資産（百万米ドル）                       226,288      188,188      135,641      126,130       85,031
    平均純資産に対する総費用の比率                        0.02  ％    0.02  ％    0.02  ％    0.02  ％     0.02  ％
    平均純資産に対する投資純利益の比率                        1.74  ％    1.90  ％    1.98  ％    1.89  ％     2.11  ％
              ２
    ポートフォリオの回転率                         8％      4％      3％      3％       4％
    １　発行済の平均受益証券数に基づいて計算される。

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

                                297/470








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

                                  インデックス・ファンド
                            インスティテューショナル・セレクト受益証券
                                                    2016  年
                                 12 月31日終了計算期間
                                                       １
                                                   ６月27日
                                                   から2016年
                          2020  年     2019  年    2018  年     2017  年    12月31日
    各期間の発行済受益証券１口当たり                      米ドル       米ドル      米ドル      米ドル      米ドル
                            156.83      122.20      131.31       110.37       97.70
    期首純資産価額
    投資運用

                              2      2      2       2
    投資純利益                        2.772      2.709      2.704       2.311      1.181
    投資に係る実現および
                            29.532      34.731      (9.290)       20.908      12.718
    未実現純利益（損失）
                            32.304      37.440      (6.586)       23.219      13.899
    投資運用による総額
    分配

    投資純利益による配当                        (2.684)      (2.810)      (2.524)       (2.279)      (1.229)
                              －      －      －       －      －
    実現キャピタルゲインによる分配
                            (2.684)      (2.810)      (2.524)       (2.279)      (1.229)
    分配総額
                            186.45      156.83      122.20       131.31      110.37
    期末純資産価額
                           21.03  ％    30.84  ％    －5.14％       21.20  ％    14.24  ％

    総収益率
    比率／補足データ

    期末純資産（百万米ドル）                        44,296      26,431      20,262       14,163       8,545
                                                        3
    平均純資産に対する総費用の比率                        0.01  ％    0.01  ％    0.01  ％     0.01  ％    0.01  ％
                                                        3
    平均純資産に対する投資純利益の比率                        1.76  ％    1.91  ％    1.99  ％     1.90  ％    2.15  ％
              ４                                          5
    ポートフォリオの回転率                         8％      4％      3％      3％      4％
    １　運用開始日

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

                                298/470






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

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

    オープン・エンド型投資会社すなわちミューチュアル・ファンドとして登録されている。当ファンドは、イ
    ンベスター受益証券、ETF受益証券、アドミラル受益証券、インスティテューショナル受益証券、インスティ
    テューショナル・プラス受益証券およびインスティテューショナル・セレクト受益証券の６種類のクラスを
    提供している。受益証券の各クラスには、異なる適格性と最低限の購入条件があり、異なるタイプの投資家
    向けに設定されている。ETF受益証券は、NYSE                        Arcaに上場されており、ブローカーを通して売買が可能であ
    る。
    COVID   －19のパンデミックに伴う市場の混乱は世界に影響を及ぼしており、長期的な影響に関する不確実性が
    存在している。そのような混乱は、当ファンドの資産、ひいては当ファンドのパフォーマンスに悪影響を及
    ぼす可能性がある。
    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有価証券は、投資有価証券明細表に記載されている。
        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、投資有価証券明細表上に計上さ
        れない。契約価値の変動は、資産負債計算書上に資産（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評価益（損）として、終了時には先物契約に係る実現利益（損失）
        として計上される。
                                299/470


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
        2020  年12月31日および2019年12月31日終了計算期間において、四半期平均名目元本に基づく当ファン
        ドの買建および売建の先物契約への平均投資額は、それぞれ純資産の１％未満および０％並びに１％
        未 満および０％を占めていた。
     ３．スワップ契約：当ファンドは、当ファンドの目標インデックスによる特定参照株式の総利回りを得る

        ために、エクイティ・スワップ契約を締結している。当該スワップの条件に基づき、当ファンドは、
        特定の期間にわたり当該エクイティ・スワップ契約の当初の名目元本（特定参照株式の指定株数の株
        価）に対する参照株式の総利回りを受領する（つまり、特定参照株式の株価の増額分を受領し、減額
        分を支払う。特定参照株式の配当金と同等額を受領する）。また、当ファンドは当該名目元本に係る
        短期金利による変動金利を支払うと同時に、通常、スワップの名目元本とほぼ同額を格付けの高い短
        期現物投資に投資する。
        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評価益額である。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、投資有価証券明細表に記載されている。
        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。
        スワップ契約の名目元本は、資産負債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、資産
        負債計算書上に資産（負債）として計上される。また、損益計算書上、定期的な支払いが行われるか
        スワップが解約されるまでは未実現評価益（損）として、定期的な支払いまたはスワップの解約時に
        は実現利益（損失）として計上される。
        2020  年12月31日および2019年12月31日終了計算期間において、各四半期末の平均名目元本に基づく当
        ファンドのスワップ契約に対する投資の平均額は、それぞれ純資産の１％未満および１％未満を占め
        ていた。
     ４．連邦所得税：当ファンドは、規制投資会社としての資格を有し、全ての課税所得を分配し続けること

        を意図している。当ファンドの税務申告書は、適用される出訴期限が消滅するまで、関連する税務当
        局による調査の対象となる。これは通常、税務申告書の提出から３年後である。経営陣は、未決定と
        なっている全ての課税年度の連邦および州の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。分配金額は会計年度末に税法基準によって

        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。
                                300/470


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
     ６．  貸付有価証券：当ファンドは、追加で収益を得るために適格機関投資家に有価証券を貸し付ける。                                                   貸

        付有価証券は、いかなる場合も当ファンドによる解約を条件としており、常に貸付けられた有価証券
        の市場価格と少なくとも同等の金額の担保によって保全されることが要求される。日々の市場変動に
        より、貸付有価証券の価値が受取担保の価値を上回ったり下回ったりする可能性があるが、この場
        合、当該担保は翌営業日の市場の取引開始前に修正および決済される。当ファンドは、様々なグルー
        プの事前認定された契約相手方とのみ貸付有価証券取引を締結し、契約相手方の財政力をモニタリン
        グし、契約相手方とマスター・貸付有価証券契約を締結することにより、契約相手方のリスクをさら
        に軽減している。マスター・貸付有価証券契約に基づき、契約相手方の債務不履行（破産を含む）が
        発生した場合には、当ファンドは当該借手との貸付契約を終了し、純債務額を決定し、担保を当ファ
        ンドの純債務額まで売却または保持することができる。しかし、かかる行為は法的手続の対象となる
        可能性がある。当該担保は契約相手方のリスクを軽減するが、債務不履行が発生した場合には、当該
        ファンドには貸付けられた有価証券を回収する上で遅れとコストが発生する可能性がある。当ファン
        ドは、有価証券を貸付けている期間中、受領した現金担保をバンガード・マーケット・リクイディ
        ティ・ファンドに投資し、当該担保の返済について資産負債計算書に債務を計上している。バンガー
        ド・マーケット・リクイディティ・ファンドへの担保投資は、市場価格の上昇または下落の影響を受
        ける。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・ファシリティおよびファンド間貸付プログラム：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、クレジット契約および
        バンガードが提供するコミットされていないクレジット・ファシリティ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。どちらのファシリ
        ティも年次で更新される可能性がある。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。コミットさ
        れたクレジット・ファシリティに関して、参加ファンドは事務管理費と、未使用のコミットされた
        ファシリティの金額の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（または必要に応じて許容可能な代替レート）、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。ただし、コミットされていないクレジット・ファシリティに基づく借入
        は、当ファンドとバンガードが合意した代替レートに基づいて利息を負担する場合がある。
        SEC  からの適用除外命令（以下「命令」という）に従い、当ファンドは、命令の契約条件を遵守し、当
        ファンドの投資目的および投資方針により許容される範囲内で、登録されたオープン・エンド型のバ
        ンガード・ファンズが一時的または緊急の目的で相互に資金の借入および貸付を行うことを認める共
        同貸借プログラム（以下「ファンド間貸付プログラム」という）に参加することができる。ファンド
        間貸付金および借入金は通常、翌日まで延長されるが、最長で７日間とされる。貸付金は、１営業日
        の通知により請求することができる。適用される金利は、受託者会が採用する命令および内部手続の
        条件に左右される。受託者会は、ファンド間貸付プログラムを監視する責任を負っている。
        2020  年12月31日および2019年12月31日終了計算期間において、当ファンドはクレジット・ファシリ
        ティまたはファンド間貸付プログラムを利用しなかった。
                                301/470


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
     ８．その他：配当金収益は、配当落ち日に記録される。配当金収益に含まれる非現金配当金がある場合
        は、受領した有価証券の公正価値で計上される。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、通常、月に２回
       決済される。
       バンガードの要請に応じて、当ファンドは、純資産の0.40％までをバンガードの資本として投資するこ

       とがある。2020年12月31日および2019年12月31日終了計算期間において、当ファンドはバンガードの資
       本に対して、それぞれ40,719,000米ドルおよび39,345,000米ドルを拠出したが、これらは当ファンドの
       純資産のそれぞれ0.01％未満および0.01％未満であり、FSAに従って受領したバンガードの資本のそれぞ
       れ16.29％および15.74％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およびデリバティブの価値を決定する際に用いること

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

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

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

               ファンドの仮定を含む）。重要な観察不能なインプットで評価される投資および
               デリバティブは、投資有価証券明細表に記載されている。
       以下の表は、2020年12月31日現在の当ファンドの投資有価証券およびデリバティブ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）

                        レベル１         レベル２         レベル３          合計
       投資
                                302/470


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
       資産
       普通株式                1,075,194,224             2,120        11,063     1,075,207,407
       優先株式                      44         －         －         44
       短期現物投資                  8,699,256          374,989           －     9,074,245
       合計                1,083,893,524            377,109         11,063     1,084,281,696
       デリバティブ金融商品
       資産
            １
       先物契約                   33,434           －         －      33,434
       スワップ契約                      －      11,300           －      11,300
       合計                   33,434         11,300           －      44,734
       負債
       スワップ契約                      －      11,636           －      11,636
       １　報告期間の最終日の変動証拠金を示している。
                                303/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
       以下の表は、2019年12月31日現在の当ファンドの投資有価証券の市場価格を評価に用いたインプットに

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

                        レベル１         レベル２         レベル３          合計
       投資
       資産
       普通株式                 894,889,490              96       4,958     894,894,544
       優先株式                      43         －         －         43
       短期現物投資                  5,328,966          137,690           －     5,466,656
       合計                 900,218,499           137,786          4,958     900,361,243
       デリバティブ金融商品
       資産
            １
       先物契約                    8,801          －         －       8,801
       スワップ契約                      －       9,669          －       9,669
       合計                    8,801         9,669          －      18,470
       負債
               1
       先物契約－負債                    (1,990)           －         －      (1,990)
    Ｄ．純資産の会計基準と税法基準による構成要素との間の永久差異は、税務上の性質を反映して財務書類に

       おいて資本勘定に組替えられる。この組替えは、純資産または受益証券１口当たり純資産価額に影響を
       及ぼさない。2020年12月31日現在、主に現物償還、パッシブ外国投資会社およびスワップ契約の会計処
       理に起因する以下の永久差異は、以下の勘定科目間で組替えられた。
                                             （単位：千米ドル）

                                             金額
       払込出資金                                           14,119,918
       分配可能利益（損失）合計                                           (14,119,918)
       分配可能利益（損失）合計の会計基準と税法基準による構成要素との間の一時差異は、特定の収益、利

       益、あるいは損失が財務書類目的と税務目的とで別の期間に認識される場合に生じる。当該一時差異
       は、将来のある時期において解消される。当該差異は主に、ウォッシュ・セールスに係る繰越欠損金、
       一部のデリバティブ契約に係る未実現損益の認識、パッシブ外国投資会社に係る未実現利益の認識、並
       びに税務上の有価証券の分類に関連している。2020年12月31日現在、分配可能利益（損失）合計の税法
       基準による構成要素は、以下の表のとおりである。
                                304/470





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

                                             金額
       未分配経常利益                                             174,855
       未分配長期利益                                                －
       繰越キャピタルロス                                           (15,633,990)
       適格後期損失                                                －
       未実現純利益（損失）                                           555,161,538
       支払われた分配金の税務上の属性は以下の通りであった。

                                             （単位：千米ドル）

                                     12 月31日終了計算期間
                                     2020年            2019  年
                                      金額            金額
            ＊
                                       15,282,782           15,557,351
       経常利益
       長期キャピタルゲイン                                    －           －
       合計                                15,282,782           15,557,351
       ＊
        短期キャピタルゲインがある場合は、それを含む。
       2020  年12月31日現在、米国連邦所得税目的の原価に基づく投資およびデリバティブの未実現評価益およ

       び評価損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                                           529,120,157
       未実現評価益総額                                           586,837,491
       未実現評価損総額                                           (31,675,953)
       未実現純評価益（損）                                           555,161,538
       純資産の会計基準と税法基準による構成要素との間の永久差異は、税務上の性質を反映して財務書類に

       おいて資本勘定に組替えられる。この組替えは、純資産または受益証券１口当たり純資産価額に影響を
       及ぼさない。2019年12月31日現在、主に現物償還、パッシブ外国投資会社およびスワップ契約の会計処
       理に起因する以下の永久差異は、以下の勘定科目間で組替えられた。
                                             （単位：千米ドル）

                                             金額
       払込出資金                                            8,345,099
       分配可能利益（損失）合計                                           (8,345,099)
       分配可能利益（損失）合計の会計基準と税法基準による構成要素との間の一時差異は、特定の収益、利

       益、あるいは損失が財務書類目的と税務目的とで別の期間に認識される場合に生じる。当該一時差異
       は、将来のある時期において解消される。当該差異は主に、ウォッシュ・セールスに係る税務上の繰越
                                305/470


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
       欠損金、一部の先物契約およびスワップ契約に係る未実現損益、並びにパッシブ外国投資会社に係る未
       実現利益の実現に関連している。2019年12月31日現在、分配可能利益（損失）合計の税法基準による構
       成 要素は、以下の表のとおりである。
                                             （単位：千米ドル）

                                             金額
       未分配経常利益                                             255,875
       未分配長期利益                                                －
       繰越キャピタルロス（期限切れを除く）                                           (6,156,034)
       未実現純利益（損失）                                           386,223,802
       2019  年12月31日現在、米国連邦所得税目的の原価に基づく投資およびデリバティブの未実現評価益およ

       び評価損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                                           514,137,441
       未実現評価益総額                                           410,556,295
       未実現評価損総額                                           (24,332,493)
       未実現純評価益（損）                                           386,223,802
    Ｅ．2020年12月31日および2019年12月31日終了計算期間において、短期現金投資以外の投資目的有価証券の

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

                        購入            売却
       2020  年               108,679,402             100,770,952
       2019  年                77,124,211            44,189,839
    Ｆ．2020年12月31日および2019年12月31日終了計算期間において、当ファンドの資本持分の現物による売買

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

                        購入            売却
       2020  年                35,879,901            18,058,478
       2019  年                16,479,628            11,228,727
                                306/470





                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    Ｇ．受益証券の各クラスの資本持分取引は、以下のとおりであった。

                              2020  年12月31日            2019  年12月31日

                               終了計算期間               終了計算期間
                              金額       口数       金額       口数
                             千米ドル         千口      千米ドル        千口
    インベスター受益証券
    発行                        14,516,361         207,934       7,749,732        109,431
    現金分配に代えて発行                         2,178,405         28,832      2,435,264        33,011
        １
                            (27,895,689)         (365,845)      (25,048,279)        (342,517)
    買戻し
    純増加（減少）額
                            (11,200,923)         (129,079)      (14,863,283)        (200,075)
    －インベスター受益証券
    ETF  受益証券
    発行                        50,514,859         305,434      25,747,266        171,544
    現金分配に代えて発行                             －       －        －       －
    買戻し                        (17,667,610)         (110,500)      (10,707,779)         (71,400)
    純増加（減少）額
                             32,847,249         194,934      15,039,487        100,144
    －ETF受益証券
    アドミラル受益証券
       １
                             32,397,184         424,606      37,798,017        521,571
    発行
    現金分配に代えて発行                         3,371,979         44,445      3,668,017        49,584
    買戻し                        (58,820,005)         (749,884)      (27,813,734)        (383,118)
    純増加（減少）額
                            (23,050,842)         (280,833)       13,652,300        188,037
    －アドミラル受益証券
    インスティテューショナル受益証券
    発行                        27,070,393         360,889      18,127,281        253,986
    現金分配に代えて発行                         2,476,296         32,636      2,526,249        34,162
    買戻し                        (31,348,875)         (403,732)      (16,389,814)        (225,625)
    純増加（減少）額
                             (1,802,186)         (10,207)       4,263,716        62,523
    －インスティテューショナル受益証券
    インスティテューショナル・プラス
    受益証券
    発行                        28,455,775         204,305      23,108,140        173,405
    現金分配に代えて発行                         3,238,183         22,739      3,223,646        23,230
    買戻し                        (30,452,535)         (212,599)      (13,903,892)        (102,224)
    純増加（減少）額
    －インスティテューショナル・プラス                         1,241,423         14,445      12,427,894         94,411
    　受益証券
    インスティテューショナル・セレクト
    受益証券
    発行                        15,638,742         96,623      3,339,486        23,224
    現金分配に代えて発行                          503,956        3,296       467,850        3,217
    買戻し                        (4,693,431)         (30,863)      (3,446,207)        (23,715)
                                307/470


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    純増加（減少）額
    －インスティテューショナル・セレクト                        11,449,267         69,056       361,129        2,726
    　受益証券
    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12月31日終了計算期間               の転換による、それぞれ153,030,000口および
       152,973,000口、総額11,326,553,000米ドルが含まれている。
    Ｈ．当ファンドの投資の一部は、当ファンドが当該企業の発行済議決権付株式の５％超を保有しているか、

       または発行体がバンガード・グループの別のメンバーであるため、当ファンドの関連会社とみなされる
       企業に対するものである。当該企業の有価証券の2020年12月31日終了計算期間における取引は、以下の
       とおりである。
                                               当期の取引

                           売却投資
                 2019  年                   未実現               2020  年
                           有価証券
                 12月31日                実現     利益         キャピタル     12月31日
                           による
                 現在の     原価での           純利益    （損失）の           ゲイン     現在の
                             １
                 市場価格      購入     収入     （損失）      変動     収益    分配受取額     市場価格
                （千米ドル）     （千米ドル）     （千米ドル）     （千米ドル）     （千米ドル）     （千米ドル）     （千米ドル）     （千米ドル）
    180  Life  Sciences    Corp.
                   －    2,995      －     －     (76)     －     －    2,919
                    ２                                    ３
    Amtech   Systems   Inc.
                 該当なし       3,823     1,555      (427)     (110)      －     －  該当なし
                    ２                                    ３
    Atlantic    Power  Corp.
                 該当なし       8,319     9,778     (2,520)      192      －     －  該当なし
                    ２
    Avenue   Therapeutics     Inc.
                 該当なし       6,450     1,271      (210)    (1,028)       －     －    4,991
    Bluerock    Residential     Growth
                    ２                                    ３
    REIT  Inc.
                 該当なし      11,257      7,543     (4,400)      899     496      －  該当なし
                    ２                                    ３
    ChannelAdvisor      Corp.
                 該当なし       3,734     12,213      2,211     7,269      －     －  該当なし
    Cherry   Hill  Mortgage
                    ２                                    ３
    Investment    Corp.
                 該当なし       5,282     6,438     (3,980)     (1,385)      744      －  該当なし
                    ２                                    ３
    Cidara   Therapeutics     Inc.
                 該当なし       6,451     2,246     (1,564)     (1,704)       －     －  該当なし
                    ２                                    ３
    Clearfield    Inc.
                 該当なし       8,674     10,869      2,184     4,209      －     －  該当なし
                                                        ３
    Computer    Task  Group  Inc.
                  3,867      723    1,744      107     879      －     －  該当なし
    Condor   Hospitality     Trust
                    ２                                    ３
    Inc.            該当なし       6,679     1,613     (5,336)     (1,398)       －     －  該当なし
    Consolidated     － Tomoka   Land
                    ２                                    ４
    Co.            該当なし       8,079      103      71   （2,303）       143      －  該当なし
                    ４                                    ３
    CTO  Realty   Growth   Inc.
                 該当なし       1,883     6,324     (4,563)      499    1,796      －  該当なし
                    ２                                    ３
    CyberOptics     Corp.
                 該当なし      14,432     13,183     (1,022)      964      －     －  該当なし
    Dare  Bioscience    Inc.
                    －    2,952      －     －     666      －     －    3,618
                    ２                                    ３
    Electromed    Inc.
                 該当なし       6,135     4,468     (1,713)      209      －     －  該当なし
                    ２                                    ３
    Exantas   Capital   Corp.
                 該当なし       3,224     3,000     (6,328)     (1,147)       －     －  該当なし
                    ２                                    ３
    Genasys   Inc.
                 該当なし       5,405     8,484     2,492     3,252      －     －  該当なし
                    ２                                    ３
    Gevo  Inc.
                 該当なし       7,452     5,645      (3)    9,163      －     －  該当なし
                    ２                                    ３
    Gladstone    Land  Corp.
                 該当なし      14,644     16,626      1,743     1,019      333      －  該当なし
                    ２
    GlobalSCAPE     Inc.
                 該当なし       7,406     10,683      2,186     (2,288)       －     －     －
                                                        ３
    Great  Ajax  Corp.
                  23,995      7,220     15,591     (7,546)     (1,744)      729      －  該当なし
                    ２                                    ３
    Hurco  Cos.  Inc.
                 該当なし       4,965     5,580     (1,715)      (734)     132      －  該当なし
                    ２                                    ３
    Issuer   Direct   Corp.
                 該当なし       2,888     3,222     1,178      864      －     －  該当なし
                                308/470


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    KVH
                    ２                                    ３
    Industries    Inc.
                 該当なし       6,758     5,209      (845)     619      －     －  該当なし
                    ２
    Lifevantage     Corp.
                 該当なし      12,979      5,198      (842)    (4,770)       －     －    8,536
    LSI
                    ２                                    ３
    Industries    Inc.
                 該当なし       4,644     5,756     1,000     2,003      230      －  該当なし
                    ５                                    ３
    Magnite   Inc.
                 該当なし       3,099     2,153      550    79,176       －     －  該当なし
                                                        ３
    Ocugen   Inc.
                   －    2,441      127    （36）     9,869      －     －  該当なし
                                               当期の取引

                           売却投資
                 2019  年                   未実現               2020  年
                           有価証券
                 12月31日                実現     利益         キャピタル     12月31日
                           による
                 現在の     原価での           純利益    （損失）の           ゲイン     現在の
                             １
                 市場価格      購入     収入     （損失）      変動     収益    分配受取額     市場価格
                （千米ドル）     （千米ドル）     （千米ドル）     （千米ドル）     （千米ドル）     （千米ドル）     （千米ドル）     （千米ドル）
    Perma   － Pipe  International
    Holdings    Inc.
                  4,362      114     108     (32)    (1,476)       －     －    2,860
                                                        ３
    Pulmatrix    Inc.
                   －    2,439      －     －    (878)      －     －  該当なし
                    ２                                    ３
    Pure  Cycle  Corp.
                 該当なし      18,294     12,376     (2,709)      (319)      －     －  該当なし
    Research    Solutions    Inc.
                   －    4,841      487     (24)     (295)      －     －    4,035
                    ２                                    ３
    Rubicon   Project   Inc.
                 該当なし       1,535      509     (66)    (11,413)       －     －  該当なし
                                                        ３
    Safeguard    Scientifics     Inc.
                  11,504      952    3,411     (2,842)     (2,346)       －     －  該当なし
                                                        ３
    Spirit   MTA  REIT
                  2,191      －    1,752      325      －     －     －  該当なし
                    ２                                    ３
    Transcat    Inc.
                 該当なし       8,313     10,761      161     432      －     －  該当なし
    バンガード・マーケット・
                         ６     ６
    リクイディティ・ファンド            5,328,966     該当なし     該当なし      (1,701)      (49)    19,398       －  8,699,256
    Wayside   Technology    Group
                    ２                                    ３
    Inc.            該当なし       3,597     1,125      (84)     (80)     103      －  該当なし
    合計            5,374,885      221,078     197,151     (36,300)     86,640     24,104       －  8,726,215
    １ 資本の払い戻しに伴う調整は含まれていない。
    ２ 該当なし－2019年12月31日現在、当該発行体は当ファンドの関連会社ではなかった。
    ３ 該当なし－2020年12月31日現在、当該有価証券は引き続き保有されていたが、当該発行体は当ファンドの関連会社ではなくなった。
      該当なし－2020年５月、Consolidated－Tomoka                 Land  Co.はCTO    Realty   Growth   Inc.に名称を変更した。
    ４
      該当なし－2020年６月、Rubicon            Project   Inc.はMagnite      Inc.に名称を変更した。
    ５
    ６ 該当なし－売買は短期現物投資目的である。
    Ｉ．当ファンドの投資の一部は、当ファンドが当該企業の発行済議決権付株式の５％超を保有しているか、

       または発行体がバンガード・グループの別のメンバーであるため、当ファンドの関連会社とみなされる
       企業に対するものである。当該企業の有価証券の2019年12月31日終了計算期間における取引は、以下の
       とおりである。
                                               当期の取引

                           売却投資
                 2018  年                   未実現               2019  年
                           有価証券
                 12月31日                実現     利益         キャピタル     12月31日
                           による
                 現在の     原価での           純利益    （損失）の           ゲイン     現在の
                             １
                 市場価格      購入         （損失）      変動     収益    分配受取額     市場価格
                           収入
                （千米ドル）     （千米ドル）     （千米ドル）     （千米ドル）     （千米ドル）     （千米ドル）     （千米ドル）     （千米ドル）
                    ２                                    ３
    Acacia   Research    Corp.
                 該当なし       3,424      690     (372)     (565)      －     －  該当なし
                    ２
    Computer    Task  Group  Inc.
                 該当なし       1,856      173     (58)     578      －     －    3,867
                    ２
    Great  Ajax  Corp.
                 該当なし      20,667      3,944      399    1,259      728      －    23,995
                    ２                                    ３
    Moleculin    Biotech   Inc.
                 該当なし       3,224      90    (100)    (1,467)       －     －  該当なし
                    ２                                    ３
    Orchid   Island   Capital   Inc.
                 該当なし      14,499      8,590     (4,137)      1,826     1,963      －  該当なし
    Perma   － Pipe  International
                    ２
    Holdings    Inc.
                 該当なし       2,933      16    (10)     236      －     －    4,362
                                309/470


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                    ２
    Safeguard    Scientifics     Inc.
                 該当なし       6,067     1,500      (48)    1,338     1,085      －   11,504
                    ２
    Spirit   MTA  REIT
                 該当なし       3,988      88    126    2,476     2,384      －    2,191
    バンガード・マーケット・
                         ４     ４
    リクイディティ・ファンド             5,691,905     該当なし     該当なし       305     226    70,056       －  5,328,966
    合計             5,691,905                (3,906)      5,907     76,216       －  5,374,885
    １ 資本の払い戻しに伴う調整は含まれていない。
    ２ 該当なし－2018年12月31日現在、当該発行体は当ファンドの関連会社ではなかった。
    ３ 該当なし－2019年12月31日現在、当該有価証券は引き続き保有されていたが、当該発行体は当ファンドの関連会社ではなくなった。
    ４ 該当なし－売買は短期現物投資目的である。
    Ｊ．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、2020年12月31日以降に発生した事

       象または取引がなかったと判断した。
    次へ

                                310/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                311/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                312/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                313/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                314/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                315/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                316/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                317/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                318/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                319/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                320/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                321/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                322/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                323/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                324/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                325/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                326/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                327/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                328/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                329/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                330/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                331/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                332/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                333/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                334/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                335/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                336/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                337/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                338/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                339/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                340/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                341/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                342/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                343/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                344/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                345/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                346/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                347/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                348/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                349/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                350/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                351/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                352/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                353/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                354/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                355/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                356/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                357/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                358/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                359/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                360/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                361/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                362/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                363/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                364/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                365/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                366/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                367/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                368/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                369/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                370/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                371/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                372/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                373/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                374/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                375/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                376/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                377/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                378/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                379/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                380/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                381/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                382/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                383/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                384/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                385/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                386/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                387/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                388/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                389/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                390/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                391/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                392/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                393/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                394/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                395/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                396/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                397/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                398/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                399/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                400/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                401/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                402/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                403/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                404/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                405/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                406/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                407/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                408/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                409/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                410/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                411/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                412/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                413/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                414/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                415/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                416/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                417/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                418/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                419/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                420/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                421/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                422/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                423/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                424/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                425/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                426/470





















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
















                                427/470




                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                428/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                429/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                430/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                431/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                432/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                433/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                434/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                435/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                436/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                437/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                438/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                439/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                440/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                441/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                442/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                443/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                444/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                445/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                446/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                447/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                448/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                449/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                450/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                451/470





















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                452/470





















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

        ファンドの損益計算書については、「１財務諸表、（１）貸借対照表」の項目に記載したファンドの

       損益計算書を御参照下さい。
     （３）【投資有価証券明細表等】

       ①【投資株式明細表】

         ファンドの投資株式明細表については、「１財務諸表、（１）貸借対照表」の項目に記載したファ

        ンドの投資有価証券明細表および純資産計算書を御参照下さい。
       ②【株式以外の投資有価証券明細表】

         ファンドの株式以外の投資有価証券明細表については、「１財務諸表、（１）貸借対照表」の項目

        に記載したファンドの投資有価証券明細表および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。

                                453/470









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

     【純資産額計算書】
    （全受益証券クラス）                                         （2021年４月末日現在）
                                     米ドル          千円（Ⅴ．を除く）
     Ⅰ ．  資産総額                          1,219,851,702,727              132,878,445,978
     Ⅱ ．  負債総額                            5,429,988,798              591,488,680
                    （注１）
     Ⅲ ．                            1,214,421,713,929              132,286,957,298
        純資産総額（Ⅰ－Ⅱ）
              （注２）
     Ⅳ ．                                   8,970,663,025       口
        発行済口数
                        （注３）
     Ⅴ ．                                   135.38            14,747   円
        １口当り純資産価格（Ⅲ／Ⅳ）
     （注１）アドミラル受益証券の純資産総額は、306,497,038,896米ドルである。
     （注２）アドミラル受益証券の発行済口数は、2,900,706,558口である。
     （注３）アドミラル受益証券の１口当り純資産価格は、105.66米ドルである。
                                454/470















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    第４【外国投資信託受益証券事務の概要】

     （イ）ファンド証券の名義書換

        ファンド記名式証券の名義書換機関は次のとおりである。
        取扱機関　ザ・バンガード・グループ・インク
        取次場所　郵送先住所：アメリカ合衆国、ペンシルバニア州　19482、
                    バレーフォージ、P.O.            Box  2600
        日本の受益者については、ファンド証券の保管を販売取扱会社に委託している場合、その販売取扱会
       社の責任で必要な名義書換手続がとられ、それ以外の場合については自己の責任で行う。
        名義書換の費用は徴収されない。
     （ロ）受益者集会

        年次受益者集会は開催されない。トラストの契約および信託宣言または1940年法により要求されてい
       る場合には、臨時受益者集会が随時開催される。
     （ハ）受益者に対する特典、譲渡制限

        受益者に対する特典はない。
        ファンドはいかなる者によるファンド証券の取得も制限することができる。
                                455/470













                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    第二部【特別情報】

    第１【管理会社の概況】

    １【管理会社の概況】

     （イ）資本の額
        該当なし。
     （ロ）トラストの機構
        受託者はトラストの資産および運営につき唯一の所有者であるかのような絶対的な支配権をもつが、
       修正･再録済契約および信託宣言に定められるようにその権限を第三者に付与できる。修正･再録済契約
       および信託宣言は、受託者が、トラストの利益になるために必要、適当かつ望ましいと考えるすべての
       行為、書類の作成権限を定めている。
        受託者の数は受託者会の随時定めるところに従うものとし、常に１名以上とする。欠員が生じた場
       合、残余の受託者は、その裁量により適切と判断する者を受託者に任命し当該欠員を補充する。受託者
       は、各シリーズの発行済受益証券の３分の２の議決により、受益者集会においていつでも解任される。
       受託者の任期は、途中解任、辞任、変更または死亡がない限り本トラストの存続期間とする。
        トラストの受託者は、修正･再録済契約および信託宣言により受益証券を発行し、それを複数のシリー
       ズに分割できる。各シリーズの資産は、すべての目的において当該シリーズに取消不能のものとして帰
       属する。別個のシリーズの間の権利、特権および優先権は受託者が定める。受託者は特定のシリーズの
       受益証券を受託者が認める内容を異にするクラスに分割できる。
        修正･再録済契約および信託宣言に基づき、受益者は、証書が規定する範囲で、次にかかげる事項につ
       いてのみ議決することができる。
       （ ⅰ ）修正･再録済契約および信託宣言第４条１項に定める受託者の選任または解任
       （ ⅱ ）1940年法の適用規定（第16条（ａ）項を含む。）により要求されるトラストに関する追加的事項
       （ ⅲ ）その他法律に要請されない限り受託者が必要または望ましいと考える事項
        各受益者は、受益者会に議決のため提出された各議案についての基準日に当該受益者が保有する受益
       証券１口当り（端数を含む。）の純資産価格の１米ドルに対し１議決権（端数については端数の議決
       権）を有する。受託者の選任については累積投票は行われない。議決権の行使は、本人または委任状に
       より行われる。受益者により、または受益者のために署名された委任状は、その行使時またはそれ以前
       に争われない限り有効とみなされ、無効の立証責任は効力を争う者に課せられる。
        受益者会は、受託者により招集される。受益者会は、受託者の指定する場所で開催される。受益者集
       会の書面による通知は、当該受益者集会の90日以内かつ10日以上前に受託者により手渡しまたは郵券を
       貼付した郵便で、集会の時間および場所を明記して、トラストの受益者名簿に記載されている受益者の
       住所宛に送付される。
        1940  年法または修正･再録済契約および信託宣言に別異に定められる場合の他、議決権のある総発行済
       受益証券の50％を超える受益証券を表象する発行済受益証券を受益者名簿上保有する受益者が本人また
       は委任状により出席した場合、当該集会での議決のための定足数が満たされる。受益者会は、集会を他
       の日および時刻に延期する旨の議案を適正に認める過半数の議決により、定足数に足りていたかを問わ
       ず、随時延期され、当該集会は当初集会が予定されていた期日後合理的期間内に、追加的通知をするこ
       となく開催することができる。
        受託者は、修正･再録済契約および信託宣言により、トラストの業務を遂行するため修正･再録済契約
       および信託宣言と矛盾しない内容の付属定款を定める権限を付与されている。付属定款は、受託者会が
       会長、社長、財務役および秘書役を任命することを意図している。受託者は、トラストの業務上要求さ
       れる他の役員または代理人を選任または任命することができる。受託者は、役員または委員会により下
                                456/470


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
       位の役員、または代理人を任命する権限を委譲することができる。受託者はトラストの付属定款を、当
       該権限が受益者に留保されていない範囲で変更または廃止することができる。
        受託者は、裁量により定期または所定の受託者会の開催を定めることができる。これらの会議につい
       ては通知を不要とする。定期または所定の会議以外の受託者会は、受託者または、いずれかの受託者が
       招集した場合に開催される。定期または所定会議以外の会議の日時と場所の通知は各受託者に少なくと
       も会議の２日前に郵送するか、または、会議の少なくとも１日前までに各受託者に電報、海外電報、電
       信または直接配達で行わなければならない。
        通常または特別受託者会においても、本人出席の受託者の過半数が会議の議事に関する定足数を構成
       する。法律、修正･再録済契約および信託宣言またはトラストの付属定款に別段の定めのある場合を除
       き、受託者がなすべき決議は、定足数をみたす会議で出席受託者の過半数によるか、または全受託者の
       書面による同意により行うものとする。
        修正･再録済契約および信託宣言は、同書所定の状況と条件のもとで、トラストの受託者、役員および
       受益者の補償規定を備えている。
    ２【事業の内容及び営業の概況】

       トラストは、組入証券の購入、売却、申込みおよび交換ならびにファンド資産に直接または間接に付随
     する権利の行使を含む管理・運用業務を行う。
       ザ・バンガード・グループ・インクは、トラストの投資運用会社、名義書換および配当支払代行会社で
     ある。バンガードは、ファンドの投資顧問会社でもある。ＪＰモルガン・チェース・バンクは、ファンド
     の保管銀行であり、ファンド資産を維持し、全ての必要なファンド資産の帳簿および記録を保管し、米国
     外の副保管銀行あるいは証券預託所の任命につき責任を負う。
                                457/470












                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    ３【管理会社の経理状況】

       該当なし。
                                458/470




















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    ４【利害関係人との取引制限】

       ファンドは、投資顧問、法人の所在地事務代行会社、支払事務代行会社、販売会社、授権代理人、また
     はこれらの取締役、役員、従業員もしくは主要株主（自己または他人（ノミニー名義を含む。）の名義で
     かかる会社の全発行済株式の10％を超えて保有する株主をいう。）であって本人としてもしくは自己の計
     算で取引する者との間で、証券（ファンドの受益証券を除く。）の売却、購入もしくは貸付け、または金
     銭の貸付けもしくは借入れをしてはならない。ただし、かかる取引が、前記の制限の範囲内で、かつ
     （ａ）公開の実勢相場で決まる価格、または（ｂ）国際的に認知された証券市場もしくは金融市場におけ
     る実勢競争価格もしくは金利で行われる場合を除く。
    ５【その他】

     （１）受託者および役員の変更
        受託者は、各シリーズの発行済受益証券の３分の２の賛成決議により解任される。欠員が生じた場合
       は、残余の受託者は、その裁量により適切と判断する者を受託者に任命する。受託者は適切と考える数
       の受託者を追加することができる。受託者は適切と考える役員を選任または解任することができる。
     （２）契約および信託宣言の変更
        修正・再録済契約および信託宣言はいつでも受託者の多数の署名をもって改訂または修正される。
     （３）訴訟事件その他の重要事項
        本書提出前１年以内において、トラストに重要な悪影響を与え、または与えることが予想される未公
       表の事実はない。
        ファンドの会計年度の最終日は、12月31日である。
                                459/470












                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    第２【その他の関係法人の概況】

    １【名称、資本金の額及び事業の内容】

     （１）ザ・バンガード・グループ・インク（「投資運用会社」、「投資顧問会社」および「名義書換およ
         び配当支払代行会社」）
         （The   Vanguard     Group,    Inc.）
       ①　資本の額
         2021  年４月末日現在　250,032,582米ドル（約272億3,605万円）
       ②　事業の内容
         ザ・バンガード・グループ・インク（「バンガード」）は、1974年に米国ペンシルバニア法に基づ
        き設立され、1940年投資顧問業者法に基づき投資顧問会社として登録されている。
         バンガードは、修正・再録済ファンド・サービス契約に基づき設立され、運営される。ファンド・
        サービス契約第５修正契約は、各バンガード・ファンドはその純資産価額の最大0.40％をバンガード
        に投資するよう要請されうることを定めている。各バンガード・ファンドが出資した金額は、各バン
        ガード・ファンドの相対的純資産価額と当該ファンドのバンガードへの出資の割合的関係を保つため
        に随時調整される。
         2020  年12月31日現在、ファンドは純資産価額の0.01％未満を表象する40,719,000米ドル（その他の
        資産に含まれる。）をバンガードに対して出資しているが、これは、バンガード・ファンドからの出
        資の16.29％にあたる。
     （２）JPモルガン・チェース・バンク（「保管銀行」）

         （JP   Morgan    Chase   Bank）
       ①　資本金の額
         2021  年３月末日現在　約2,774億米ドル（約30兆2,172万円）
       ②　事業の内容
         JP モルガン・チェース・バンクは、金融機関としての業務を行っている。
     （３）Teneo       Partners株式会社（「代行協会員」）

       ①　資本金の額
         2021  年４月末日現在　8,450万円
       ②　事業の内容
         Teneo   Partners     株式会社は、2009年８月14日に日本法上の株式会社として設立された。2010年１月
        の投資助言業登録、2010年５月に金融商品仲介業登録（左記いずれも2011年に廃業）の後、2011年８
        月に第一種および第二種金融商品取引業登録を行い、現在日本において、第一種および第二種金融商
        品取引業者として、顧客に対するサービス（外国投資信託の販売会社および代行協会員として外国投
        信の販売・買戻しの取扱いを行うサービスを含む。）を提供している。
     （４）マネックス証券株式会社（「日本における販売会社」）

       ①　資本金の額
         2021  年３月末日現在　12,200百万円
       ②　事業の内容
         マネックス証券株式会社は、日本において第一種金融商品取引業を営んでいる。
    ２【関係業務の概要】

                                460/470


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
     （１）ザ・バンガード・グループ・インク（「投資運用会社」、「投資顧問会社」および「名義書換およ
         び配当支払代行会社」）
         （The   Vanguard     Group,    Inc.）
        バンガードは、ファンドの投資運用会社ならびに名義書換および配当支払代行会社としての行為を行
       う。バンガードは、ファンドの投資顧問会社としても従事する。
     （２）JPモルガン・チェース・バンク（「保管銀行」）

         （JP   Morgan    Chase   Bank）
        JP モルガン・チェース・バンクは保管銀行として行為し、ファンドに保管業務を提供する。
     （３）Teneo       Partners株式会社（「代行協会員」）

        Teneo   Partners     株式会社は、日本におけるファンドの代行協会員としての業務を行う。
     （４）マネックス証券株式会社（「日本における販売会社」）

        マネックス証券株式会社は、日本における販売会社としての業務を行う。
    ３【資本関係】

       ファンドは、2020年12月31日現在、バンガード・ファンドからの出資の16.29％を占めている。
                                461/470













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

     １．デラウェア州における投資信託の概要

        デラウェア籍法定トラストは、デラウェア州法第12編第38章を準拠法とする。第38章の規定の要旨に
       ついては、「第一部　ファンド情報－第１　ファンドの状況－１　ファンドの性格－（４）ファンドに
       係る法制度の概要」を参照のこと。トラストを設立するには、基本証書を締結し、デラウェア州州務長
       官およびトラストの主たる営業所の所在地である市または町の書記官に信託約款を提出する。デラウェ
       ア籍法定トラストはアメリカ合衆国の登録された投資運用会社に共通の企業形態である。
     ２．デラウェア籍法定トラストとしてデラウェア州において設立されたミューチュアル・ファンドの制度

        について
        デラウェア籍法定トラストは、法人、パートナーシップと同様、最も広い意味での企業組織である。
       デラウェア籍法定トラストは株式（受益証券）を発行することができ、自由に譲渡することができる。
       また株主（受益証券所持者）はトラストの収益から配当を受領することができる。各組織の経営と所有
       は分離している。法定トラストを統括する文書に別途規定されている場合を除き、デラウェア籍法定ト
       ラストの事業および実務は、かかるトラストの受託者に運営されるか、あるいはかかる受託者の指導下
       におかれる。法定トラスト法第3806項を参照のこと。
        また、登録された投資会社（ミューチュアル・ファンド）として、デラウェア籍法定トラストは、
       1940年法およびその他の関連する連邦法および州法により規律される。デラウェア籍法定トラストが登
       録されたミューチュアル・ファンドとして機能する限りにおいて、トラストの受益者は連邦証券法に基
       づく権利および保護を享受する。連邦法は、SECに提出されるファンドの登録届出書（Registration
       Statement）の内容についての虚偽および誤解を与える記載または重要な事実の脱漏を禁じている。更
       に、各種証券法は、ミューチュアル・ファンドの募集、販売および広告に関して同様の禁止規定を設け
       ている。
     （１）デラウェア籍法定トラストの設定
        デラウェア籍法定トラストは基本証書（「契約および信託宣言」）、および法定トラスト法第3810項
       に基づくトラスト証書の提出により設立される。契約および信託宣言に定める規定に従い、信託財産を
       受託者に移転し、受託者は利益の為にトラストを管理・運営し、受益者の保有する受益証券は、自由に
       譲渡することができる。
        契約および信託宣言の中には、トラストの名称、目的、受託者の報酬、権限および責任、受益者集
       会、受益者の権利、配当金支払い、買戻し、トラストの存続期間・終了、準拠法等に関する規定がおか
       れるのが一般的である。
        ミューチュアル・ファンドとして登録するには1933年法および1940年法に基づき登録届出書をSECに提
       出しなければならない。
     （２）受益証券の発行
        投資信託の受益証券を発行するためには投資信託は目論見書を作成しなければならない。目論見書に
       は当該投資信託および受益証券に関する開示事項を記述しなければならず、すなわち、受益証券販売手
       数料、過去10年間（または投資信託運用期間中）の投資信託の経理状況、目的、投資方針、投資制限、
       受益証券の販売価格、受益証券の販売・買戻しに関する手続、受益証券の所有に伴う配当、課税に関す
       る情報、投資信託の運用およびそれに伴う費用、投資信託の受益証券の内容その他受益証券の購入希望
       者への提供が望ましい事項が含まれる。
        受益証券の発行に関係する法令は、連邦証券法、各州のブルー・スカイ・ロー、内国歳入法等であ
       る。
                                462/470


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
        受益証券の発行には投資信託が有効な登録届出書を提出済であることを要する。投資信託の発行した
       各受益証券は他のすべての発行済受益証券と同一の議決権を有する。
     （３）ミューチュアル・ファンドの管理および運営
        ミューチュアル・ファンドの管理および運営は通常、投資顧問会社との間に投資顧問契約を締結する
       ことにより行われる。投資顧問会社となるためには、1940年投資顧問業者法の下で投資顧問業者として
       の登録を行っていると共に当該投資信託の受託者会および取締役会の承諾を受けていることを要件とす
       る。投資顧問会社は、投資顧問契約に基づき信託資産の管理・運営に関し、監督官庁および受益証券所
       有者に対する諸々の開示を行う。
        投資顧問会社に対しては投資信託の純資産価格に応じて算出される投資各局省報酬が支払われる。投
       資顧問会社は通常、投資信託との間に投資信託資産の投資・再投資に関して投資顧問契約をする。当該
       投資および再投資は、投資信託の目論見書その他の規制文書に定める投資目的や投資制限に従う。
       （イ）資産評価
         投資信託の受益証券１口当りの純資産価格は、各営業日にニューヨーク証券取引所における通常取
        引の終了時点において計算される。投資信託の純資産価額は、資産総額から負債総額を差引いて算出
        する。受益証券１口当りの純資産価格は、純資産総額を計算時点における発行済受益証券の総口数で
        除したものである。
       （ロ）受益証券の販売、買戻しおよび保管
        ①　受益証券の販売は、投資信託の元引受業者との契約に基づき証券業者が行う。投資信託が採択し
          た販売計画に従い、投資信託は元引受業者に販売手数料を支払う。受益証券１口当りの販売価格
          は、投資信託が注文を受けた後、最初に計算される１口当り純資産価格に、必要に応じ、所定の
          販売手数料を加えたものである。なお、販売価格については目論見書に記載されている。
        ②　受益証券の買戻しも投資信託の元引受業者を通じて行われ、受益証券１口を単位とし、買戻価格
          は投資信託が買戻し注文と券面が発行されている場合には当該券面を受領した後、最初に計算さ
          れる１口当り純資産価格とする。なお、一定のSECの規則に基づき、投資信託は一定の期間買戻し
          請求に応じないことができる。元引受業者は買戻しについて手数料を請求することができる。
        ③　受益証券の保管
          投資者の     受益証券     は通常ブックエントリー方式で投資信託の名義書換代行会社によって保管され
          る。投資信託の受益証券の券面は発行されない。なお、名義書換代行会社は、受益者に対し、受
          益者の口座明細書を発行する。
       （ハ）開示制度の概要
        ①　受益者に対する開示：1940年法の規定により、投資信託は受益者に対して財務情報を含む運営に
          関する年次有価証券報告書および半期報告書を送付する。
        ②　SECに対する開示：1940年法の規定に基づき、投資信託は年次有価証券報告書および半期報告書に
          より「ファンド」の財務状況および営業活動の詳細を報告する。
     （４）受益者の権利およびその行使手続
         受益者が受益権を投資信託に対して直接行使するには、受益証券名義人として投資信託に登録され
        ていなければならない。受益者の権利として代表的なものは議決権であるが、それ以外にも、配当金
        請求権、残余財産分配請求権、会計帳簿等閲覧請求権、受益証券譲渡権、その他登録届出書（目論見
        書の記載を含む。）に関する権利などである。
       ①　議決権
         受益者は、各受益証券の純資産価格を１米ドル１議決権を有し、トラスト、内規およびあらゆる該
        当する法律によるファンドの告知のもとに受益者が議決する資格を与えられたいかなる事項に限り、
        端数持分に応じた議決権を有する。議決権は受益者総会において行使するものとするが、当該事項に
        関して議決権を有する発行済受益証券の過半数を保有する受益者の書面による承認があれば総会を開
                                463/470


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
        催することなく行使することができる。総会は、受託者または付属定款で指定された者が招集し、投
        資信託の本店または受託者の指定する場所において開催する。
         総会の定足数として法令または規則において別途定める場合を除き、議決権ある発行済受益証券の
        50％以上を保有する受益者が出席することを要し（委任状によるものを含む。）、法令、信託約款ま
        たは付属定款に別段の定めがない限り、出席した議決権ある発行済受益証券の過半数をもって（委任
        状によるものを含む。）決議を行う。
       ②　買戻請求権
         受益者は何時でも投資信託に対し、受益証券を純資産価格で買戻すことを請求する権利を有する。
        ただし、投資信託は1940年法に基づくSECの規則により、一定の期間、買戻し請求に応じないことがで
        きる。
       ③　配当金請求権
         受益者は受益証券１口当り一定の配当金を受領する権利を有する。配当金支払の為の基準日が定め
        られ、支払は、通常、基準日の月または翌月に支払いが実施される。
       ④　残余財産分配請求権
         受益者は、償還によりその保有する受益証券の口数に応じて残余財産の分配を受ける権利を有す
        る。
       ⑤　会計帳簿等閲覧請求権
         受益者は、信託宣言閲覧権、裁判所の決定に応じた会計帳簿閲覧権、および受益者総会の議事録の
        閲覧権を有する。
       ⑥　受益証券を譲渡する権利
         受益証券は譲渡制限はなく、自由に譲渡することができる。
       ⑦　登録届出書に関する権利
         1933  年法により、登録届出書に重要な事項に関する虚偽の記載、または記載すべきもしくは誤解を
        生ぜしめないための重要な事実の脱漏がある場合、証券の取得者は、当該登録届出書に署名した者、
        その提出時の発行体の受託者（または同様の地位にあった者）、その作成に関与した者、当該証券の
        引受人に対し訴訟提起をする権利を有する。
                                464/470










                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
     （５）関係会社その他
       ①　管理会社
         投資顧問契約に定める条件ならびに投資信託の投資目的と投資制限の下で、投資信託資産の管理・
        運営を業とする会社である。管理会社は1940年投資顧問業者法の下で投資顧問業者として登録し、か
        つ受託者会、取締役会、受益者総会の承認を得た者でなければならない。
       ②　投資顧問会社
         通常は投資管理会社であり、多くの場合投資信託の発起人または設定者である。投資顧問会社の業
        務は投資管理会社と同様であり、投資顧問契約に定める資産投資の管理ならびに一般管理、事務、記
        帳、会計等の業務に従事する。
       ③　引受・販売会社
         常にではないが通常、投資顧問会社との関連を有することが多い。引受・販売会社はSECにブロー
        カー／ディーラーとして登録するとともに、金融取引業規制機構の会員でなければならない。
       ④　保管受託銀行
         投資信託は通常、銀行を保管受託銀行に指定し、受益証券その他の資産を保管させる。銀行が保管
        受託銀行となるには、合計50万米ドル以上の資本、剰余金、利益を有し、またアメリカ合衆国証券取
        引所の会員であることを要するか、またはアメリカ合衆国証券取引所の設立にかかる中央証券保管機
        関もしくはアメリカ合衆国証券協会の登録会員であることを要する。
     （６）準拠法および監督官庁
       （イ）デラウェア籍法定トラストとして設定されたミューチュアル・ファンドの設立、運営等に関する
          準拠法
         「第一部　ファンド情報－第１　ファンドの状況－１　ファンドの性格－（４）ファンドに係る法
        制度の概要」を参照のこと。
       （ロ）監督官庁の概要
         「第一部　ファンド情報－第１　ファンドの状況－１　ファンドの性格－（６）監督官庁の概要」
        を参照のこと。
     （７）解散、終了その他
       （イ）解散および終了
         デラウェア籍法定トラスト法の下では、法定トラストの解散および終了には契約および信託宣言が
        適用される。契約および信託宣言ならびに適用される証券法の条項に従い、トラストを解散しまたは
        終了するには、トラストの受託者会および取締役会の承認、受益証券所有者への通知ならびにSECに対
        する関係書面の提出を要することがある。トラストを清算するには受益証券所有者に投資信託の全資
        産を分配することを要する。
       （ロ）信託約款の修正
         法定トラストの契約および信託宣言への変更は、契約および信託宣言ならびに適用される証券法の
        規定が適用され、適用される契約および信託宣言ならびに証券法の条項に従い、受託者会の決議また
        は書面による承認により修正されるが、受益証券所有者の利益を害するおそれがあるか、または1940
        年法により要求される特定の事項については、発行済受益証券の過半数決議による承認に従う。
                                465/470





                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
     （８）デラウェア籍法定トラストに対する課税
        投資信託は、内国歳入法（Internal                   Revenue     Code）第851節に定める要件に合致すれば規制投資会社
       （Regulated       Investment      Company）として適格となる。ファンドがすべての純投資収益および純課税
       キャピタルゲイン（もしあれば）を毎年受益者に分配していれば、連邦所得税の対象から免除される。
       投資信託が受益者に支払う利益からの配当金および短期純収益からの分配金は通常の収入として課税対
       象となる。また、受益者が受領する長期純収益金からの分配金は、受益証券保有期間にかかわらず長期
       のキャピタルゲインとして課税対象となる。
                                466/470


















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    第４【参考情報】

     ファンドについては、当計算期間において、以下の書類が提出されている。

      2020  年６月30日         有価証券報告書（第          28 期）
      2020  年９月30日         半期報告書（第        29 期中）
    第５【その他】

       該当事項なし。

                                467/470
















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                            （訳文）
                      独立登録会計事務所の監査報告書

    バンガード・インデックス・ファンズの受託者会及びバンガード・トータル・ストック・マーケッ

    ト・インデックス・ファンドの受益者各位
    財務書類に対する意見

    私どもは、2020年12月31日および2019年12月31日現在のバンガード・トータル・ストック・マーケッ
    ト・インデックス・ファンド（以下「ファンド」という）の添付の資産負債計算書（投資有価証券明
    細表を含む）、2020年12月31日に終了した２年間の各計算期間の損益計算書および純資産変動計算書
    （関連する注記を含む）、並びに2020年12月31日に終了した５年間の各計算期間の財務ハイライト
    （以下総称して「財務書類」という）の監査を行った。私どもの意見では、財務書類は、全ての重要
    な点において、ファンドの2020年12月31日および2019年12月31日現在の財政状態、2020年12月31日に
    終了した２年間の各計算期間の経営成績および純資産の変動並びに2020年12月31日に終了した５年間
    の各計算期間の財務ハイライトを、米国において一般に公正妥当と認められている会計原則に準拠し
    て、適正に表示している。
    監査意見の根拠

    これらの財務書類は、ファンドのマネジメントが責任を負うものである。私どもの責任は、私どもの
    監査に基づいてファンドの財務書類について意見を表明することである。私どもは、公開企業会計監
    視委員会（米国）（以下「PCAOB」という）に登録された会計事務所であり、米国連邦証券取引法並び
    に証券取引委員会およびPCAOBの適用される規則と規制に準拠して、ファンドに対して独立性を保持す
    る必要がある。
    私どもは、PCAOBの基準に準拠してこれらの財務書類の監査を実施しており、これらの基準は、財務書
    類に誤謬または不正による重要な虚偽表示がないかどうかについての合理的な保証を得るために、私
    どもが監査を計画し実施することを求めている。
    私どもの監査は、誤謬または不正による財務書類の重要な虚偽表示のリスクを評価し、当該リスクに
    対応した監査手続を実施することを含んでいる。かかる手続は、試査による財務書類の金額および開
    示事項に関する証拠の検証を含んでいる。また私どもの監査は、適用された会計原則やマネジメント
    によってなされた重要な見積もりについての評価、並びに財務書類の全般的な表示の評価を含んでい
    る。私どもの手続は、2020年12月31日および2019年12月31日現在において保有されている、対象とな
    る名義書換代行会社の所有権の記録の照合とカストディアンおよびブローカーに対する書面による有
    価証券の確認を含んでいる。ブローカーから回答を受領できなかった場合には、私どもは代替的監査
    手続を実施する。私どもは、私どもの監査が、私どもの意見表明に関する合理的な基礎を与えるもの
    であると確信している。
    プライスウォーターハウスクーパース　エルエルピー

    フィラデルフィア、ペンシルバニア州
    2021  年２月16日

    私どもは、1975年より、バンガード・グループ・ファンズの１社以上の投資会社の監査人を務めてい

    る。
                                468/470



                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                   Report   of Independent      Registered     Public   Accounting      Firm

    To  the  Board   of Trustees    of Vanguard     Index   Funds   and  Shareholders      of Vanguard     Total   Stock   Market    Index   Fund

    Opinion    on the  Financial     Statements

    We  have   audited    the  accompanying       statements     of assets   and  liabilities,     including     the  schedules     of investments,      of

    Vanguard     Total   Stock   Market    Index   Fund   (the  “Fund”)    as of December     31,  2020   and  December     31,  2019,   the  related
    statements     of operations     and  changes    in net  assets   for  each  of the  two  years   in the  period   ended   December     31,  2020,
    including     the  related   notes,   and  the  financial    highlights     for  each  of the  five  years   in the  period   ended   December     31,  2020
    (collectively      referred    to as the  “financial     statements”).      In our  opinion,    the  financial    statements     present    fairly,   in all
    material    respects,    the  financial    position    of the  Fund   as of December     31,  2020   and  December     31,  2019,   the  results   of its
    operations     and  changes    in its  net  assets   for  each   of the  two  years   in the  period   ended   December     31,  2020   and  the
    financial    highlights     for  each  of the  five  years   in the  period   ended   December     31,  2020   in conformity     with  accounting
    principles     generally     accepted    in the  United   States   of America.
    Basis   for  Opinion

    These   financial    statements     are  the  responsibility       of the  Fund’s    management.      Our  responsibility       is to express    an opinion

    on  the  Fund’s    financial    statements     based   on  our  audits.   We  are  a public   accounting     firm  registered     with  the  Public
    Company     Accounting      Oversight     Board   (United    States)   (PCAOB)     and  are  required    to be independent      with  respect    to the
    Fund   in accordance     with  the  U.S.  federal    securities     laws  and  the  applicable     rules   and  regulations     of the  Securities     and
    Exchange     Commission      and  the  PCAOB.
    We  conducted     our  audits   of these   financial    statements     in accordance     with  the  standards     of the  PCAOB.    Those   standards

    require    that  we  plan  and  perform    the  audit   to obtain   reasonable     assurance     about   whether    the  financial    statements     are  free
    of material    misstatement,       whether    due  to error  or fraud.
    Our  audits   included    performing      procedures     to assess   the  risks   of material    misstatement       of the  financial    statements,

    whether    due  to error   or  fraud,   and  performing      procedures      that  respond    to those   risks.   Such   procedures      included
    examining,     on  a test  basis,   evidence    regarding     the  amounts    and  disclosures     in the  financial    statements.     Our  audits   also
    included    evaluating     the  accounting     principles     used  and  significant     estimates     made   by management,      as well  as evaluating
    the  overall    presentation      of the  financial    statements.      Our  procedures     included    confirmation      of securities     owned    as of
    December     31,  2020   and  December     31,  2019   by correspondence       with  the  custodian     and  brokers    and  by agreement     to the
    underlying     ownership     records    of the  transfer    agent;   when   replies   were   not  received    from   brokers,    we  performed     other
    auditing    procedures.      We  believe    that  our  audits   provide    a reasonable     basis   for  our  opinion.
                                469/470





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

    Philadelphia,      Pennsylvania
    February    16,  2021
    We  have  served   as the  auditor   of one  or more   investment     companies     in The  Vanguard     Group   of Funds   since   1975.

    （※）上記は、監査報告書の原本に記載された事項を電子化したものであり、その原本は本書提出会社が別

        途保管しております。
                                470/470

PDFをダウンロード

関連コンテンツ