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30期(令和3年1月1日－令和3年12月31日)

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    【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４   年６月   30 日

    【計算期間】                  第 30 期（自　     令和３   年１月１日　至　令和           ３ 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、                 2022  年４月   28 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＝  128.86   円）による。以後、別段の記載がない限り同様とする。
     （注２）ファンド証券は米ドル建てのため、以下の金額表示は別段の記載がない限り、米ドルをもって行う。
     （注３）本書の中で金額および比率を表示する場合、四捨五入してある。したがって、合計の数字が一致しない場合がある。
        また、円貨への換算は、本書の中でそれに対応する数字につき所定の換算率で単純計算のうえ、必要な場合四捨五入
        してある。したがって、本書中の同一情報につき異なった円貨表示がなされている場合もある。
     （注４）本書の中で、計算期間（以下「会計年度」ともいう。）とは毎年１月１日に始まり                                     12 月 31 日に終わる一年を指す。
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    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。ファンドは                        1940  年法における分散型に分類される。トラストが                        2017
                                  （注）
       年 11 月 30 日以前に日本においてインベスター受益証券                          （以下「ファンド証券」ともいう。）を募集
       していたのは以下のファンドである。
        バンガード・トータル・ストック・マーケット・インデックス・ファンド
        バンガード・スモールキャップ・インデックス・ファンド
        トラストは、追加的なファンドまたはファンド証券のクラスを募集することがある。ファンドがファ
       ンド証券の特定のファンドやクラスのために発行するファンド証券の総数および端数について制限は設
       けていない。
       （注）インベスター受益証券は             2019  年５月   24 日をもって、アドミラル受益証券に強制転換された。したがって、本書はアドミラル
         受益証券の状況について記載されている。
     （２）【ファンドの沿革】

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

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

     ファンドの運営上の役割                     会社名                契約および委託内容
     ① 投資運用会社、             ザ・バンガード・グループ・インク                    2009  年６月８日付で締結された
                   （ The  Vanguard     Group,    Inc.  ）     ファンド・サービス契約第５修正
      投資顧問会社、
                                                 （注１）
                   （以下「バンガード」という。）
      名義書換および
                                      契約（随時修正済）               に基づ
      配当支払代行会社
                                      き、バンガードは、ファンドの運
                                      用、管理、名義書換代行、配当支
                                      払代行および投資顧問業務を行
                                      う。
     ② 保管銀行             JP  モルガン・チェース・バンク・                  2017  年８月    14 日付で締結された修
                                      正・再録包括保管契約（随時修正
                   エヌ・エー
                                         （注２）
                   （ JP  Morgan    Chase   Bank,   N.A.  ）
                                      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。
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     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           2022  年３月    31 日現在のファンドのアドミラル受益証券の発行済受益証券の
                ５％以上を保有する株主
                該当なし。
     ⑥代表者の役職氏名            会長兼最高経営責任者
                モーティマー・Ｊ．バックリー
                （ Mortimer     J.  Buckley    , Chairman     and  Chief   Executive      Officer    ）
     （４）【ファンドに係る法制度の概要】

        トラストは、デラウェア州一般法およびコモン・ローに基づいて設立され、かつ同法の規制を受け
       る。ファンドの運営に関して、ファンドは、さらに                          1940  年法（改訂済）、アメリカ合衆国                 1986  年内国歳
       入法（改訂済）（以下「内国歳入法」という。）、および各法規の下で制定された規則の規制を受け
       る。ファンドの受益証券の販売に関して、ファンドは、                             1933  年証券法（以下「         1933  年法」という。）、
       1934  年証券取引所法、ブルー・スカイ・ロー（アメリカ合衆国の様々な州における証券州法、以下「ブ
       ルー・スカイ・ロー」という。）およびかかる法規の下で制定された規則の規制を受ける。かかる準拠
       法の内容は以下のとおりである。
       （イ）デラウェア籍法定トラスト法（デラウェア州法第                             38 章以降参照）（「デラウェア籍法定トラスト
          の取扱い」）（以下「法定トラスト法」という。）
         1988  年 10 月１日以降、デラウェア州では、デラウェア籍法定トラストを明確に承認した法定トラス
        ト法を採用している。法定トラスト法の主要な目的は、コモン・ローの近代化およびデラウェア法の
        体系化により商業活動におけるトラストの利用に関して確実性をもたらすことである。
         法定トラスト法は、法定トラストのトラスト契約に対して、あらゆる適切な、受託者および受益者
        の権利義務の設定を許可している。法定トラストに関連する文字どおり全ての事象に関して、受託者
        および受益者の議決権ならびに全ての該当クラスまたはシリーズは、拡大、制限または削減すること
        ができる。かかる融通性は、義務的条項に制限されることの多い、非主流的な商業組織およびコモ
        ン・ロー・トラストに対して有利となる。
         法定トラスト法のもとでは、デラウェア籍法定トラストの受益者は、デラウェア州企業の株主と同
        様の個人的責任の制限を受ける。信託約款に別途の規定がない限り、法定トラストは、法定トラスト
        またはいかなる受益者に対して、当該法定トラストの責務を負わない受託者に運営されるか、または
        かかる受託者の指導下におかれる。法定トラストは、受託者の最低１名がデラウェア州に在住してい
        ることを規定している。ただし、登録された投資会社であるかまたは将来的に登録された投資会社に
        なるトラストについてはこの規定の適用は除外される。受託者の義務は信託約款に規定される。さら
        に信託約款は、かかる信託約款が規定する権利、権限および義務を有して当該法定トラストを運営す
        る役員、従業員またはその他の人物の任命を規定することもできる。
         法定トラストの運営に責任を有する受託者またはその他の人物が、当該法定トラストまたは受益者
        に関連して有する義務（忠実義務も含む。）および責務に関しては、かかる人物の責任はトラスト契
        約により拡大または縮小することができる。加えて、かかる人物につき、法定トラスト、いかなる受
        益者またはいかなる受託者に対してもトラスト契約の条項に対する善意の依拠に対しての責務は有さ
        ない。
       （ロ）デラウェア州コモン・ロー
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         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
                                  6/498


                                                          EDINET提出書類
                                              バンガード・インデックス・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
                                  7/498


                                                          EDINET提出書類
                                              バンガード・インデックス・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。
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                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    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、資産価格の差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ならびに政策上の制限もまた、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。ファンドが目標のインデックスのパフォーマンスを追跡できないリ
       スクは、市場ボラティリティの増大またはその他通常と異なる市況が生じた場合に高まる可能性があ
       る。
       証券選別

        ファンドは、米国の株式市場全体の投資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
       に追随することを目指している。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
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                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
       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。
        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                      2021  年 12 月 31 日現在の資産加重平均時価総額は、                  1,380   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（すなわち、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４％であった。
       その他の投資方針およびリスク

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

                                 10/498


                                                          EDINET提出書類
                                              バンガード・インデックス・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
       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、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
                                 11/498


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
       ケット・ファンドおよび短期公社債投信を除くが、バンガード・ショート・ターム・インフレーショ
       ン・プロテクテッド・セキュリティーズ・インデックス・ファンドを含む。）の受託者会は、頻繁な取
       引 を発見しかつ自粛させるために、また、場合によっては、かかる取引に関連する費用をファンドに補
                                                Ⓡ         TM
       填するために合理的に策定された方針および手続を採用した。バンガード                                        ETF   （ Vanguard     ETF   ）
       （注）
         受益証券の頻繁な取引は、通常、ポートフォリオの管理を妨げず、また、ファンドの受益者に損害
       をもたらさないため、これらの方針および手続は                          ETF  受益証券には適用されない。あらゆる場合におい
       て、バンガードが頻繁な取引またはマーケット・タイミングを発見または防止することができるという
       保証はないものの、かかる問題に対応すべく以下の方針が採用された。
       ・各バンガード・ファンドは、通知することなく、また、その金額にかかわらず、購入申込（他のバン
        ガード・ファンドからの乗換えを含む。）を拒否する権利を有する。例えば、購入申込は、投資者が
        過去に頻繁な取引を行ったことがあるという理由により、またはバンガードがかかる購入がファンド
        の運用もしくはパフォーマンスに悪影響を及ぼす可能性があると判断した場合、拒否され得る。
       ・各バンガード・ファンド（マネー・マーケット・ファンドおよび短期公社債投信を除くが、バンガー
        ド・ショート・ターム・インフレーション・プロテクテッド・セキュリティーズ・インデックス・
        ファンドを含む。）は、通常、一定の場合を除き、投資者がいずれかのファンド勘定から買戻しまた
        は乗換えを行ってから            30 暦日は当該ファンド勘定への当該投資者の購入または乗換えを禁止してい
        る。
       ・特定のバンガード・ファンドは、取引の際の買取手数料および／または買戻手数料を請求している。
        各バンガード・ファンド（リテールおよび政府マネー・マーケット・ファンドを除く。）は、その純
       資産額の決定に際して、適切な場合、「第一部　ファンド情報－第２　管理及び運営－３　資産管理等
       の概要－（１）資産の評価」に記載された公正価値による値付けを使用する。公正価値による価格決定
       により特定の頻繁な取引戦略の収益性が減少しまたは排斥されることがある。
        マーケット・タイミング取引を行う投資者は、バンガード・ファンドに投資してはならない。
       （注）米国特許取得番号          6,879,964
     （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（借入時点）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。ファンドの総資産の５％を超える
                                 12/498


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

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

        転換証券は、債券と普通株式の投資上の特徴を組み合わせたハイブリッド証券である。転換証券は概
       して、指定期間内（通常、当該証券の存続期間）に事前の確定価格で同一または異なる発行体の一定額
       の株式またはその他持分証券に（任意または強制ベースで）転換される債務証券または優先株式で構成
       される。転換証券には、ワラント付または普通株式付債務証券および債務証券や持分証券の特徴を組入
       れたデリバティブも含まれる。本書に明示されていない特徴やリスクを持つその他の転換証券が今後利
       用されることがありうる。転換証券は確定利付き証券や持分証券に係るリスクと同様なリスクを伴う。
       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
                                 13/498


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
       定される。ある時点の投資価格は、全般的な金利水準、類似する非転換性証券の利回り、発行体の財務
       力、発行体の資本構成上の当該証券の優先順位等の要素による。証券の「転換価格」は、転換時または
       交 換時に所持人が受け取ることができる株式数を、原証券の時価で乗じて決定される。転換証券の転換
       価格が投資価格を大幅に下回る場合、転換証券は非転換性債務または優先株式と同様に取引され、その
       市場価格は原証券の市場価格の変動によって大きく影響されない。かかる場合、当該転換証券は債券の
       特徴を帯び、その価格は金利と反対方向に動く。逆に、転換証券の転換価格が投資価格に近いか、それ
       を上回る場合、当該転換証券の市場価格は、原証券の市場価格の変動によって大きく影響される。かか
       る場合、当該転換証券の価格は、普通株式と同様に乱高下することがある。金利と市場のいずれの動き
       もその価格に影響するため、転換証券は一般に、類似する債務証券ほどには金利に対し敏感ではなく、
       またその原持分証券ほどには株価変動に対し敏感ではない。転換証券は往々にして投資適格級以下に格
       付けされたり、格付けされないことがあり、一般に高度の信用リスクを被る。
        あらゆる市場は時間的経過に応じて変化するものであるが、転換証券が消却され（発行体による強制
       転換もしくは予定の転換によるか、または所持人による任意償還による。）、新規発行の転換証券と取
       り替えられる割合が一般に高いことは、他の市場よりも転換証券市場を急激に変動させることがある。
       例えば、取得される転換証券の一部経済セクターへの集中は、株式市場のボラティリティやかかるセク
       ター特有のリスクに対する転換証券市場の敏感性を高めることになりうる。さらに、強制転換証券や株
       式連動証券のような革新的構造を持つ転換証券は、株式市場のボラティリティやかかる革新的特徴固有
       のリスク（従来型の転換証券に伴うリスクとは異なるリスクやそれを上回るリスクを含む。）に対する
       転換証券市場の敏感性を増大させている。転換証券は発行体の選択により、転換証券の構成書面に定め
       られる価格で償還される。ファンドの保有する転換証券が償還の対象となり、償還が請求された場合、
       ファンドは、発行体が証券を償還し、転換対象である普通株式に転換し、または第三者に売却すること
       を認めなければならない。
       預託証券

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

        デリバティブとは、他の資産、基準レート、もしくは指数の価値に基づくまたは由来する価格を持つ
       金融商品である。デリバティブは、商品、株式、債券、金利、為替レート、関連指数等の多様な対象基
       準項目に関係していることがある。デリバティブには、先物契約、先物契約オプション、一部の先約取
       引、証券オプション、キャップ、フロア、カラー、スワップ契約、およびその他の一部の金融商品が含
       まれる。先物契約や一部オプション等の一定のデリバティブは、米国商品および証券取引所において取
       引され、一方、スワップ契約等のその他のデリバティブは直接相対取引され、店頭（                                           OTC  ）市場で非公開
       に取引の実施ができ、また、決済機関を通じての清算（「清算されるデリバティブ」）も取引所または
       スワップ執行機関においての取引も可能である。ドッド・フランク・ウォール街改革及び消費者保護に
       関する法律（以下「ドッド・フランク法」という。）により、かかる一部の標準的なクレジット・デ
       フォルト・スワップおよび金利スワップ取引のようなスワップ契約は決済機関で決済されなければなら
       ず、また、取引所またはスワップ取引システムで取引しなければならない。当該規定により、取引の全
       体的な費用が増加することがある。デリバティブ規則改革の遵守は、デリバティブ市場に関連し発生す
       るリスクを低減する。一方で、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。
                                 15/498


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
        OTC  デリバティブについて、ファンドは、取引相手の支払不能もしくは破産の結果、または取引相手に
       よる所定の支払の履行不能もしくはその他契約条件の順守不履行の結果、損失を被りうるというリスク
       に さらされる。さらに、信用デリバティブの使用は、信用デリバティブの元となる発行体の信用性を
       ファンドのアドバイザーが正確に評価していない場合は損失となることがある。
        デリバティブは、特定のデリバティブの売買が困難である時に発生する流動性リスクを被ることがあ
       る。デリバティブ取引が特に大規模である場合、または関係市場が（一部の                                       OTC  デリバティブの場合のよ
       うに）非流動的である場合、有利な時期もしくは価格で取引を開始することまたはポジションを清算す
       ることはできなくなるであろう。
        デリバティブは、特定のデリバティブが過去の価格もしくは対応する資金市場商品の価格と比較して
       異常に高くなる時に発生する価格設定リスク（「ベーシス」リスク）を被ることがある。一定の市況下
       では、損失の回避もしくは機会の利用のために適時に取引を開始すること、またはポジションを清算す
       ることが経済効果的にできなくなることがある。
        一部のデリバティブはレバレッジ構成要素であるため、原資産、基準レート、もしくは指数の価値ま
       たは水準の不利な変動は、デリバティブ自体への投資額を大幅に上回る損失をもたらすことがある。一
       部のデリバティブは、当初投資の規模に関らず、無限の損失の可能性を内包している。デリバティブ取
       引は、   1940  年法の第     18 条（ｇ）項に定義される「優先証券」のファンドによる発行になるとはみなされ
       ず、したがって、かかる取引は、ファンドが前述の「借入」の見出しの項に記載される要件に従うこと
       を条件として当該取引をカバーする場合は、ファンドによる借入に本来適用される                                          300  ％資産補填率要件
       の対象とはならない。
        その他大方の投資対象と同様に、デリバティブは、当該商品の市場価格がファンドの利益を損なう形
       で変動するというリスクを被る。ファンドは、そのアドバイザーがファンドのために派生ポジションを
       設定する際に将来の市場動向または資産、基準レート、指数もしくはその他金融経済要素の評価値を不
       正確に予測するかもしれないというリスクを負う。アドバイザーがポートフォリオ投資に対するヘッジ
       として、またはその代替物としてデリバティブを利用しようとする場合、ファンドは、当該デリバティ
       ブがポートフォリオ投資との不完全な連関性または無連関性を維持または展開するというリスクに晒さ
       れる。このことは、ファンドに大きな損失をもたらしうる。デリバティブを含んだヘッジ戦略は、損失
       リスクを軽減しうる一方、利益の機会を低減したり、ファンドのその他投資対象の有利な価格動向を相
       殺することによって損失さえもたらすことがある。多くのデリバティブ、特に                                         OTC  デリバティブは複雑
       で、往々にして主観的に評価される。不適切な評価は取引相手への支払金の必要の増大またはファンド
       に対する価値の喪失をもたらしうる。
        2020  年 10 月 28 日、証券取引委員会は、登録投資会社によるデリバティブの利用を規制する新たな規制
       （以下「     ルール   18f-4   」という。）を採択した。ファンドは、                     2022  年８月   19 日までに     ルール   18f-4   を実施
       し、遵守     しなければならない          。実施した時点で、          ルール   18f-4   は、ファンドが締結できるデリバティブの
       金額に制限を課し、          1940  年投資会社法（改訂済）第              18 条を遵守するためにファンドが                現在  使用している
       資産分離フレームワークを排除し、デリバティブを優先証券として扱い、また、デリバティブの利用が
       限定的な特定のエクスポージャー額を上回るファンドに、包括的なデリバティブ・リスク管理プログラ
       ムを確立および維持し、デリバティブ・リスク・マネジャーを任命することを要求する。
        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、各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。
                                 16/498


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
       環境、社会およびガバナンス（                ESG  ）上の勘案事項
        バンガードの投資管理チームは、バンガードの助言を受けた各ファンドの受託者会を代理して、バン
       ガードの助言を受けたファンドの株式保有に関する議決権行使、契約およびアドボカシー（支持）を管
       理している。投資管理チームは、                 ESG  リスクを含む重大なリスクの対処方法をより深く理解するために発
       行会社に関与する場合がある。具体的には、投資管理チームは、株主に対する重大なリスクの開示方
       法、リスク軽減アプローチの開発および進捗状況の報告について会社に関与する場合がある。
        各ファンドは、ポートフォリオ保有の人権に関する慣行および侵害を監視するための手続きおよびガ
       イドラインを採用しており、それに基づいて、主張された活動に関連する規制、評判その他に関するリ
       スクを評価している。特別な状況では、ファンドは、適切とみなされる場合には、ポートフォリオ保有
       を売却することができる。
       取引所で取引されるファンド

        ファンドは、取引所で取引されるファンド（                       ETF  ）の受益証券を取得することがある。ファンドは概し
       て、ファンドが先物契約を取得する（しかも購入の代替として取得する）場合と同じ理由で                                               ETF  受益証券
       を取得するであろう。すなわち、株式市場または債券市場の全体または一部に対するエクスポージャー
       を得るために       ETF  受益証券を取得するであろう。                ETF  受益証券は先物に勝る幾つかの利点を有している。
       市場、保有期間、その他要素の如何によっては、                         ETF  受益証券は先物よりもコストが低く、税効果がより
       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。       1940  年法に基づき新たなルール              12 ｄ 1-4  が最近採択されたことに関連して、命令は、                       2022  年
       １月  19 日に取り消され、ファンドが第                12 条（ｄ）（１）に定義される制限を越えてバンガード                           ETF  受益証
       券に投資することは、「その他の投資会社」の見出しの下に記述されているルール                                           12 ｄ 1-4  の条件に従
       う。
       米国以外の国の証券

                                 17/498


                                                          EDINET提出書類
                                              バンガード・インデックス・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
       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または発行体に課せられ
       た経済的またはその他の制裁の賦課は、一定の投資証券にかかるファンドの購入、売却、保持、受領、
       引渡またはその他の取引能力を阻害しうるか、または外国証券および資産に対するエクスポージャーを
       得る可能性がある。これは、ファンドの投資対象の価値および／または流動性に悪影響を及ぼす可能性
       があり、ファンドが投資目的を達成するか、またはその投資戦略に従い投資を行う能力を阻害しうる。
       また、制裁は、国の通貨の切り下げ、国もしくは国の発行体の信用格付けの引き下げ、または国の発行
       体の証券の価値および／または流動性の低下をもたらす可能性がある。
        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。
                                 18/498


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
       米国以外の国の証券－米国以外の国の通貨取引
        ファンドの非米ドル建て米国以外の国の証券の米ドル価格は、米国以外の国の為替レートの変動や取
       引管理規制の変更によって有利または不利に影響されることがあり、またファンドは様々な通貨間の換
       算に関連する費用を負担することがある。かかる要素の純資産価額への影響を最小限に留めるために、
       ファンドは、米国以外の国の証券への投資に関連して米国以外の国の通貨取引を行うことがある。ファ
       ンドは、米国以外の国の証券への投資に伴う通貨リスクをヘッジするためにのみ米国以外の国の通貨取
       引を実施する。かかる取引は、ヘッジ対象通貨の価値の下落による損失リスクを最小限に留める傾向は
       あるが、当該通貨の価値が値上がりした場合に起こりうる利益の可能性をも限定することになりうる。
        為替取引は、為替市場の実勢レートによる現物（すなわち、現金）ベースで、または米国以外の国の
       通貨の先渡契約により行われる。通貨予約は、当該契約の期日に指定された価格で、将来のある期日
       （両当事者が合意した契約期日からある確定日数の期日）に特定の通貨を売買する義務を伴う。かかる
       契約は大手商業銀行との間または銀行間市場への参加者であるその他の通貨トレーダーとの間で結ばれ
       る。為替取引は、スワップ契約またはその他デリバティブの利用によっても行われることがある。為替
       取引は借入とみなされうる。為替取引は、                      1940  年法の第     18 条（ｇ）項に定義される「優先証券」のファ
       ンドによる発行となるものとはみなされず、したがって、かかる取引は、ファンドが前述の「借入」の
       見出しの項に記載される要件に従うことを条件として当該取引をカバーする場合は、ファンドによる借
       入に本来適用される          300  ％資産補填率要件の対象とはならない。
        原証券の取引に含まれる米国以外の国の通貨の先渡契約を締結することによって、ファンドは、米ド
       ルと当該米国以外の国の通貨との関係上の不利な変動に起因する、取引日と決済日との間に起こりうる
       損失の一部または全部に対し自らを防護することができるであろう。かかる取引慣行は、「取引のヘッ
       ジ」と呼ばれることがある。そのほか、ある米国以外の国の通貨が米ドルに対し大幅な値下がりを被る
       とアドバイザーが合理的にみなす時は、ファンドは、当該米国以外の国の通貨建てのポートフォリオ証
       券の一部または全部の価額に近似する米国以外の国の通貨額の売却予約を締結することがある。かかる
       取引慣行は、「ポートフォリオのヘッジ」と呼ばれることがある。同様に、米ドルがある米国以外の国
       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
                                 19/498


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
       約は直接的な相対取引であるため、ファンドがその旨希望する場合は通貨予約をその期限満了に応じて
       ロールオーバーする柔軟性を維持するとの保証はない。さらに、当該契約の他方当事者が同契約に基づ
       く その役務を履行するとの保証もない。
       先物契約および先物オプション

        先物契約および先物オプションは、デリバティブである。先物契約は、将来の特定時点にいずれかの
       商品の特定数量を特定価格で購入し、または売却するという二当事者間の標準化された契約である。か
       かる商品は、資産、参照レート、または指数から構成することができる。証券先物契約は、単一の持分
       証券または対象証券の狭い証券指数の特定数量の売却に関係する。先物契約の価格は、対象となる商品
       の価値と平行的に増減する傾向がある。先物契約の買い手は、決済日に対象商品を購入する契約の当事
       者となり、先物契約を「ロング（買建て）する」といわれる。先物契約の売り手は、決算日に対象商品
       を売却する契約の当事者となり、先物契約を「ショート（売建て）する」といわれる。先物契約が売買
       される価格は、電子的市場または取引所の場でトレーダー（自己売買主体）またはブローカー（委託売
       買主体）として行為する取引所会員間の公開気配売買（オープン・アウトクライ）により決定される。
       未決済の先物契約は、当該契約の条件に応じて、決済日における対象商品の現物受渡しまたは現金決済
       額の支払によりこれを清算し、またはクローズすることができる。（証券先物などの）一部の金融先物
       契約では、満期日における現物決済が規定されている。その他の（金利、非米国通貨および広範囲の証
       券指数などの）金融先物契約では、一般に、満期日における現金決済が規定されている。現金決済され
       る先物契約の場合、現金決済額は、当該契約の最終取引日における最終清算価格または関連する商品の
       市場価値と当該契約開始時の関連する商品の価格の差額に等しい。ただし、大半の先物契約は期日まで
       保有されることはなく、その代わり、同一の先物契約の反対ポジションの設定により、決済日前に反対
       売買により相殺される。
        先物契約の買い手または売り手は、決済日まで当該契約を保有しない限り、対象商品を引き渡し、ま
       たは原商品の対価を支払う必要はない。しかし、買い手も売り手も、先物契約の約定時に                                              FCM  に「当初証
       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
                                 20/498


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
       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
       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
                                 21/498


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

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

        オプションはデリバティブである。証券（または指数）オプションは、「プレミアム」の支払の見返
       りとして、当該オプションの失効日前に特定の行使価格で当該オプションの原証券（または当該指数の
       現金価額）を当該オプションのライターから買い取る（コールオプションの場合）または当該オプショ
       ンのライターに売り付ける（プットオプションの場合）権利（ただし、義務ではない）を当該オプショ
       ン所有者に付与する契約である。証券オプションのライターは、当該オプションの行使時に、行使価格
       の支払に応じ原証券を引き渡す義務（コールオプションの場合）、または原証券の受渡しに応じ行使価
       格を支払う義務（プットオプションの場合）を負う。指数オプションのライターは、当該オプションの
       行使時に、当該指数オプションに係る特定の乗数で乗じた行使価格差引き後の当該指数の現金価額に等
       しい金額を支払う義務を負う。指数オプションの乗数は、当該オプションが表示する投資ポジションの
       規模を決定する。原商品、失効期日、契約規模およびストライク価格に関し標準化されている取引所で
       取引されるオプションとは異なり、                   OTC  オプション（取引所で取引されないオプション）の条件は一般
       に、オプション契約の他方当事者との交渉により設定される。この種の取決めは、買取人またはライ
       ターの必要に応じてオプションを適応させる大きな柔軟性を買取人またはライターに対し認めるもので
       あるが、     OTC  オプションは一般的に、取引所で取引される決済されたオプションについてではなく取引当
       事者に対する信用リスクを伴い、信用リスクは適用ある決済期間の関与を通して相互化される。
                                 22/498


                                                          EDINET提出書類
                                              バンガード・インデックス・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
       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
                                 23/498


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
       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
       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
                                 24/498


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
       らに、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。また、バンガードは、バンガードと参加契約を締結す
       る要件を含む一定の条件に従い、登録投資会社が第                           12 条（ｄ）（１）項の制限を超えて発行ファンドに
       投資することを認める            SEC  免除命令を受けている。             SEC  は最近、ファンド・オブ・ファンズの取決めに関
       する規制の枠組みの変更を採択し、その結果、バンガードの免除命令は、                                      2022  年１月   19 日に  SEC  によって
       取り消された。しかしながら、                2022  年１月   19 日以降、     1940  年法に基づく新しいルール              12d1-4   は、ファン
       ドがファンド・オブ・ファンズ投資契約を締結することを含む一定の条件に従い、登録投資会社が第                                                    12
       条（ｄ）（１）項の制限を超えて他の登録投資会社に投資することを認めている。ファンドがその他の
       投資会社に投資する場合、株主はファンドの費用（営業費やアドバイザー報酬を含む）中の比例応分の
       負担分だけではなく、間接的には対象投資会社に係る同様な費用をも負担することになる。投資開発事
       業法人（     BDCs  ）のような投資会社は会社の経営と類似しており、発生する費用はファンドの受益者より
       直接支払われず、ファンドの純資産価格に計算されることがない。しかし                                      SEC  の規定は投資開発事業法人
       で発生するいかなる費用も、「ファンド取得手数料および費用」としてファンドの経費率に含むよう要
       求している。そのため投資開発事業法人のファンドの経費率は、ファンド取得手数料および費用と同様
       に、ファンドがポートフォリオマネジメント、管理サービスおよび他の受益者サービスに実際に何を費
       やしたかを誇張する。ファンド取得手数料および費用はファンドの実際の費用をはっきりと示すファン
       ドの財務書類に含まれない。株主はまた、ファンドの投資に伴うリスクだけではなく、対象投資会社の
       ポートフォリオに伴うリスクにも晒されることになろう。クローズド・エンド型投資会社等一部のタイ
       プの投資会社は、その純資産価額に対するプレミアムでまたはディスカウントで証券取引所または店頭
       において取引される一定数の株式を発行する。その他の株式は純資産価格で継続して募集されるが、流
       通市場で取引されることもある。
        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

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

        レポ契約とは、ファンドが銀行、ブローカー、ディーラーまたは最低限の信用条件を満たすその他の
       取引相手から債務証券（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
                                 26/498


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
       に、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、ディーラーまたは最低限の信用条件を満たすその他の取引相手の信用
       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（私募証券を含む）

        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／投資対象には、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（公開株式への私募投資（                            PIPEs   ）や特別買収目的会社（             SPACs   ）など）が含
       まれることがある。
        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
       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
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                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
       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。バンガードは、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。
       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
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                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
       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。その他の種類のワラントは存在し、国の経済的パフォーマンスまたは
       石油価格などの商品価格に連動するワラントを含むがこれに限定されない。当該ワラントは、原資産ま
       たは指数の変動によるリスクならびに発行会社が債務を履行しない信用リスクおよびワラントの支払計
       算に使用されるデータが実際の原商品価格または経済的パフォーマンスを正確に反映していないリスク
       にさらされる。
       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
       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】

                                 29/498


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
       （ｉ）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。                                 2021  年 12 月末日現在、バンガードは
        約 6.9  兆米ドルの資産を運用している。同社はファンドの受託者および役員の監督の下で、ファンド・
        サービス契約に従ってファンドに投資顧問業務を提供している。
         ポートフォリオ・マネジャーは、下記（ⅲ）項記載のとおり、主にファンドの日々の運用について
        責任を負う。
       （ⅱ）投資運用方針の意思決定過程
         ファンドは投資目的のみならずその投資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、株式市場全体の投資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目指している。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。                         2005  年に
        バンガードに入社し、            2008  年より投資運用業務を行っており、                  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。                 1992  年にバンガー
        ドに入社し、       1994  年以来、ファンドを含む投資ポートフォリオ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の監督の下で、ファンド・サービス契約に従ってバン
        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
       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。
                                 30/498


                                                          EDINET提出書類
                                              バンガード・インデックス・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。
        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。
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                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
        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。
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                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    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、名義書換代行会社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、バンガード・ファンドまたはその受益者に影響を及ぼしうる潜
       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、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、
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                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
       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。
       外国証券-ロシア市場のリスク

        最近ロシアがウクライナに大規模侵攻を開始したことにより、ロシア政府機関、ロシア企業およびロ
       シア個人に対して制裁が実施され、その結果、ロシア通貨の下落、国家信用格付けの格下げ、ロシアの
       海外資産の凍結、ロシア証券、財産または株式の価格および流動性の低下、ならびにその他ロシア経済
       およびロシア資産に対する悪影響をもたらす可能性がある。また、ファンドのロシアの投資対象を評
       価、購入、売却、受領または交付する能力は、損なわれており、また、引き続き損なわれる可能性があ
       る。かかる制裁およびその結果生じるロシア経済の混乱は、他の地域および世界市場にボラティリティ
       をもたらす可能性があり、他の国の各種セクターおよび産業ならびに会社の業績に悪影響を及ぼす可能
       性がある。これは、ファンドがロシア発行体の証券に対して直接のエクスポージャーを有していなかっ
       た場合でも、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。
       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、ファンドの潜在的な投資に関するモデルおよび／またはデータを用いることができる。
       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
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                                                          EDINET提出書類
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                                                有価証券報告書（外国投資信託受益証券）
       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
       米国以外のエクイティ投資証券など）の米国外通貨に関する部分に帰せられる損益は通常、キャピタ
       ル・ゲインまたはロスとして取り扱われ、基礎となる取引の損益からは区別される。
        ファンドが米国以外の通貨についてヘッジ取引を行う範囲において、ファンドは、ファンドの損益の
       特徴、タイミングまたは額に影響を与えるその他の規則の適用を選択するかまたは求められることがあ
       る。
       非米国投資者の合衆国連邦租税上の考察

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

         ファンドの投資運用会社であるバンガードは定期的にファンドの投資および取引の状況を検査し、
        ファンドが要求されている規則に服しているかどうかの決定を下す。
         ファンドは、本書に記載のとおり、ヘッジ目的および／またはヘッジ目的以外の目的でデリバティ
        ブを利用している。ファンドは、デリバティブについて、ファンドに適用される                                         UCITS   にかかる     EU 指令
        の準拠に基づくリスク管理方法を採用している。
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                                                          EDINET提出書類
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                                                有価証券報告書（外国投資信託受益証券）
    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２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。
         「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。
                                 36/498







                                                          EDINET提出書類
                                              バンガード・インデックス・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           2022  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
                                               酬総額（２）
     モーティマー・Ｊ．
                   なし          なし          なし          なし
     バックリー
     タラ・バンチ（３）            6,485   米ドル         なし          なし        94,286   米ドル
     エマソン・Ｕ．フル
                 136,186    米ドル         なし          なし        330,000    米ドル
     ウッド
     エイミー・グートマ
                 136,186    米ドル         なし          なし        330,000    米ドル
     ン（４）
     Ｆ．ジョセフ・ロー
                 144,440    米ドル         なし          なし        350,000    米ドル
     リー
     マーク・ラフリッジ            165,074    米ドル         なし          なし        400,000    米ドル
     スコット・Ｃ．マル
                 136,186    米ドル         なし          なし        330,000    米ドル
     パス
     ディアナ・マリガン            136,186    米ドル         なし          なし        330,000    米ドル
     アンドレ・Ｆ．ペロ
                 136,186    米ドル         なし          なし        330,000    米ドル
     ルド
     サラ・ブルーム・ラ
                 144,440    米ドル         なし          なし        350,000    米ドル
     スキン
     デイヴィッド・Ａ．
                 38,910   米ドル         なし          なし        188,571    米ドル
     トーマス（５）
     ピーター・Ｆ．ヴォ
                 144,440    米ドル         なし          なし        350,000    米ドル
     ラナキス
       （１）本表に示される金額は、                2021  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）本表に記載される金額は、                 2021  年暦年について        217  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。
       （３）バンチ氏は、          2021  年 11 月 18 日付でファンドの受託者会のメンバーとなった。
       （４）グートマン氏は、            2022  年２月付で退任した。
       （５）トーマス氏は、           2021  年７月   22 日付でファンドの受託者会のメンバーとなった。
        管理費用

         2021  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、ファンド・サービス契約第５修正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。           2021  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。
                                 37/498


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
         ファンドは、       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（以下「バンガー
        ド」という。）のメンバーである。バンガードのすべてのファンド（ファンズ・オブ・ファンズを除
        く。）は、人事、オフィススペースおよび設備等の管理業務ならびに営業活動に関連する費用を分担
        し て負担する。バンガード・マーケティング・コーポレーション（以下「                                    VMC  」という。）は、ファン
        ドにマーケティング業務を提供する。各ファンド（ファンド・オブ・ファンズを除く。）またはファ
        ンドの各受益証券クラス（複数の受益証券クラスを有するファンドの場合）は、バンガード・ファン
        ドのマーケティング費用の割当分を支払う。                       2021  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。                         2021  年 12 月 31 日終了年度において、ファンドは約
        19,467,000      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。
                                 38/498







                                                          EDINET提出書類
                                              バンガード・インデックス・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。
                                 39/498


                                                          EDINET提出書類
                                              バンガード・インデックス・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。
                                 40/498







                                                          EDINET提出書類
                                              バンガード・インデックス・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）                                       （ 2022  年４月末日現在）
                                                   （注２）
                                    時価合計
                                               投資比率
          資産の種類               国名
                                   （米ドル）
                                                 （％）
          普通株式              米国          1,193,467,742,458                  99.43
                小計                  1,193,467,742,458                  99.43
          現金・預金およびその他の資産
                                    6,900,280,841                0.57
              （負債控除後）
                合計                  1,200,368,023,299                 100.00
              （ 純資産総額      ）           （約  154,679,423      百万円）
       （注１）    2022  年４月末日現在、アドミラル受益証券の純資産総額は                      294,742,883,363       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。
                                 41/498














                                                          EDINET提出書類
                                              バンガード・インデックス・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）                                        （ 2022  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        449,390,466     32.06    14,408,173,150      157.65    70,846,406,965       5.90
       MICROSOFT   CORP
     ２ .             米国   情報技術        217,305,628     64.52    14,021,243,654      277.52    60,306,657,883       5.02
       AMAZON.COM    INC
     ３ .             米国   一般消費財・サービス        12,536,778     833.72    10,452,111,513     2,485.63     31,161,791,500       2.60
       TESLA  INC
     ４ .             米国   一般消費財・サービス        23,965,898     153.19     3,671,439,123      870.76    20,868,545,342       1.74
       ALPHABET   INC-A
     ５ .             米国   情報技術        8,717,404    713.09     6,216,283,366     2,282.19     19,894,772,235       1.66
       ALPHABET   INC-C
     ６ .             米国   情報技術        7,777,101    721.57     5,611,733,701     2,299.33     17,882,121,642       1.49
       BERKSHIRE   HATH-B
     ７ .             米国   金融        49,197,447     144.50     7,108,843,557      322.83    15,882,411,815       1.32
     ８ .  UNITEDHEALTH    GRP       米国   ヘルスケア        27,272,210     122.12     3,330,440,045      508.55    13,869,282,396       1.16
     ９ .  JOHNSON&JOHNSON           米国   ヘルスケア        76,211,089     96.11    7,324,412,126      180.46    13,753,053,121       1.15
       META  PLATFORMS-A
     10.              米国   情報技術        66,929,996     96.94    6,488,210,772      200.47    13,417,456,298       1.12
       NVIDIA  CORP
     11.              米国   情報技術        68,841,947     31.49    2,167,561,259      185.47    12,768,115,910       1.06
       PROCTER   & GAMBLE
     12.              米国   生活必需品        69,474,446     78.59    5,459,741,168      160.55    11,154,122,305       0.93
       EXXON  MOBIL  CORP
     13.              米国   エネルギー        122,717,639     74.60    9,154,265,712      85.25    10,461,678,725       0.87
       JPMORGAN   CHASE
     14.              米国   金融        85,589,084     62.80    5,374,607,911      119.36    10,215,913,066       0.85
       VISA  INC-CLASS   A
     15.              米国   情報技術        47,846,349     59.02    2,823,843,138      213.13    10,197,492,362       0.85
       MASTERCARD    INC-A
     16.              米国   情報技術        25,298,837     77.16    1,952,098,760      363.38    9,193,091,389      0.77
       HOME  DEPOT  INC
     17.              米国   一般消費財・サービス        30,267,070     91.68    2,774,902,501      300.40    9,092,227,828      0.76
       CHEVRON   CORP
     18.              米国   エネルギー        56,451,941     96.99    5,475,107,404      156.67    8,844,325,596      0.74
       PFIZER  INC
     19.              米国   ヘルスケア        163,002,629     28.33    4,618,387,149      49.07    7,998,539,005      0.67
       ABBVIE  INC
     20.              米国   ヘルスケア        51,278,400     57.87    2,967,534,814      146.88    7,531,771,392      0.63
       COCA-COLA   CO/THE
     21.              米国   生活必需品        113,105,291     38.83    4,392,347,787      64.61    7,307,732,852      0.61
       ELI LILLY  & CO
     22.              米国   ヘルスケア        24,848,244     71.58    1,778,620,151      292.13    7,258,917,520      0.60
       BANK  OF AMERICA
     23.              米国   金融        198,833,299     18.86    3,750,293,552      35.68    7,094,372,108      0.59
       PEPSICO   INC
     24.              米国   生活必需品        40,106,860     88.35    3,543,610,162      171.71    6,886,748,931      0.57
       COSTCO  WHOLESALE
     25.              米国   生活必需品        12,854,581     146.88     1,888,064,352      531.72    6,835,037,809      0.57
       MERCK  & CO
     26.              米国   ヘルスケア        73,227,714     50.80    3,719,685,822      88.69    6,494,565,955      0.54
       THERMO  FISHER
     27.              米国   ヘルスケア        11,340,235     141.98     1,610,053,624      552.92    6,270,242,736      0.52
       BROADCOM   INC
     28.              米国   情報技術        11,281,130     163.35     1,842,799,501      554.39    6,254,145,661      0.52
       WALMART   INC
     29.              米国   生活必需品        40,206,772     67.91    2,730,528,584      152.99    6,151,234,048      0.51
       WALT  DISNEY  CO/T
     30.              米国   情報技術        52,778,172     78.69    4,152,906,285      111.63    5,891,627,340      0.49
       ② 【投資不動産物件】

         該当なし（      2022  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（      2022  年４月末日現在）。
                                 42/498






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     （３）【運用実績】

       ① 【純資産の推移】
         下記会計年度末および            2021  年５月から      2022  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 28 会計年度末
                        252,536        32,541,789           79.69         10,269
        （ 2019  年 12 月 31 日）
         第 29 会計年度末
                        273,622        35,258,931           94.74         12,208
        （ 2020  年 12 月 31 日）
         第 30 会計年度末
                        341,733        44,035,714          117.56          15,149
        （ 2021  年 12 月 31 日）
           2021  年５月          307,695        39,649,578          106.12          13,675
               ６月         315,631        40,672,211          108.49          13,980
               ７月         321,179        41,387,126          110.35          14,220
               ８月         330,322        42,565,293          113.51          14,627
               ９月         315,456        40,649,660          108.08          13,927
               10 月        335,427        43,223,123          115.35          14,864
               11 月        329,593        42,471,354          113.64          14,644
               12 月        341,733        44,035,714          117.56          15,149
           2022  年１月          321,584        41,439,314          110.47          14,235
               ２月         313,424        40,387,817          107.65          13,872
               ３月         323,875        41,734,533          110.80          14,278
               ４月         294,743        37,980,583          100.81          12,990
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       ② 【分配の推移】

         下記会計年度における１口当り分配金の額および                         2021  年５月から      2022  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 28 会計年度（      19 ／１／１－      19 ／ 12 ／ 31 ）         1.406            181.177
       第 29 会計年度（      20 ／１／１－      20 ／ 12 ／ 31 ）         1.339            172.544
       第 30 会計年度（      21 ／１／１－      21 ／ 12 ／ 31 ）         1.415            182.337
               2021  年５月                     －             －
                  ６月                  0.326             42.008
                  ７月                   －             －
                  ８月                   －             －
                  ９月                  0.350             45.101
                  10 月                  －             －
                  11 月                  －             －
                  12 月                 0.415             53.477
               2022  年１月                     －             －
                  ２月                   －             －
                  ３月                  0.342             44.070
                  ４月                   －             －
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       ③ 【収益率の推移】

    （アドミラル受益証券）
                 期間                  収益率（％）
       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
       第 30 会計年度（      21 ／１／１－      21 ／ 12 ／ 31 ）          25.58
        （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）                                       （ 2022  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
      － 9.02  ％     － 3.36  ％      13.01   ％      12.96   ％      13.24   ％      7.71  ％
         ＊ 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
                   （％）              （％）              （％）
        2021            24.09               1.62              25.71
        2020            18.89               2.10              20.99
        2019            28.35               2.45              30.80
                                 45/498








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        （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（％）
     2019  年５月      － 6.43    2020  年２月      － 8.16    2020  年 11 月     12.20     2021  年８月       2.86
     2019  年６月       6.99    2020  年３月      － 13.77     2020  年 12 月     4.46    2021  年９月      － 4.49
     2019  年７月       1.44    2020  年４月       13.26     2021  年１月      － 0.33    2021  年 10 月     6.73
     2019  年８月      － 2.01    2020  年５月       5.37    2021  年２月       3.19    2021  年 11 月    － 1.48
     2019  年９月       1.70    2020  年６月       2.29    2021  年３月       3.48    2021  年 12 月     3.82
     2019  年 10 月     2.11    2020  年７月       5.65    2021  年４月       5.13    2022  年１月      － 6.03
     2019  年 11 月     3.78    2020  年８月       7.17    2021  年５月       0.44    2022  年２月      － 2.55
     2019  年 12 月     2.86    2020  年９月      － 3.56    2021  年６月       2.54    2022  年３月       3.25
     2020  年１月      － 0.08    2020  年 10 月    － 2.15    2021  年７月       1.71    2022  年４月      － 9.02
        （ⅳ）ポートフォリオの内容（                2022  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                                     4,112
        メジアン・マーケット・キャピタリゼーショ
                                         1,189   億米ドル
        ン
        PER  （株価収益率）                                   19.4  倍
        PBR  （株価純資産倍率）                                    3.6  倍
        ROE  （株主資本利益率）                                   19.6  ％
        利益成長率                                     19.7  ％
        米国以外の保有率                                     0.1  ％
        回転率（年）（        2021  年 12 月末現在）                         4.0  ％
        現金等比率                                       0 ％
                                 46/498







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        （ⅴ）歴史的変動率（米ドルベース実績値）（                        2022  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 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 ）
        第 30 会計年度
                   379,090          0    360,387        9,340     2,906,961        195,467
     （ 21 ／１／１－     21 ／ 12 ／ 31 ）
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    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】
                                 48/498

                                                          EDINET提出書類
                                              バンガード・インデックス・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】
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                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
        ファンドの決算期は毎年             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
                                 50/498


                                                          EDINET提出書類
                                              バンガード・インデックス・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、④                           1940  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、
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                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
          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。
                                 52/498
















                                                          EDINET提出書類
                                              バンガード・インデックス・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、                           2022  年４月   28 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＝                        128.86   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。
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                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
     （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

    2021  年 12 月 31 日現在
    当ファンドは、各計算期間の第１四半期および第３四半期に、証券取引委員会（                                          SEC  ）に保有ポート

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

                                             株数     ( 千米ドル     )
    普通株式     (99.6   ％ )
    素材   (2.0  ％ )
        Linde   plc
                                          14,543,767         5,038,397
        Air  Products     and  Chemicals      Inc.
                                          6,294,953        1,915,302
        Freeport-McMoRan          Inc.
                                          41,735,180         1,741,609
        Ecolab    Inc.
                                          7,329,473        1,719,421
        Newmont     Corp.
                                          22,661,214         1,405,448
        Dow  Inc.
                                          21,020,483         1,192,282
        International        Flavors     & Fragrances      Inc.
                                          7,234,165        1,089,827
        Fastenal     Co.
                                          16,346,708         1,047,170
        Nucor   Corp.
                                          8,122,422          927,174
        Albemarle      Corp.
                                          3,324,814          777,242
        LyondellBasell         Industries      NV  Class   A
                                          7,566,634          697,871
        Celanese     Corp.
                                          3,094,117          519,997
        International        Paper   Co.
                                          11,006,638          517,092
        Avery   Dennison     Corp.
                                          2,352,252          509,427
        Eastman     Chemical     Co.
                                          3,821,453          462,052
        CF  Industries      Holdings     Inc.
                                          6,096,710          431,525
        Mosaic    Co.
                                          10,518,914          413,288
        FMC  Corp.
                                          3,602,212          395,847
        Steel   Dynamics     Inc.
                                          5,356,743          332,493
        Alcoa   Corp.
                                          5,318,356          316,868
        Reliance     Steel   & Aluminum     Co.
                                          1,779,532          288,676
    *
        Cleveland-Cliffs          Inc.
                                          12,790,692          278,453
        Olin   Corp.
                                          4,077,809          234,556
        Royal   Gold   Inc.
                                          1,863,823          196,093
        Huntsman     Corp.
                                          5,575,458          194,472
        Valvoline      Inc.
                                          5,117,124          190,818
        Scotts    Miracle-Gro       Co.
                                          1,097,268          176,660
    *
        RBC  Bearings     Inc.
                                           820,925        165,802
        United    States    Steel   Corp.
                                          6,894,514          164,158
        Ashland     Global    Holdings     Inc.
                                          1,453,857          156,522
        Chemours     Co.
                                          4,633,493          155,500
        Balchem     Corp.
                                           920,794        155,246
        UFP  Industries      Inc.
                                          1,670,505          153,703
        Avient    Corp.
                                          2,601,769          145,569
        Element     Solutions      Inc.
                                          5,977,174          145,126
                                 54/498


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    *
        Univar    Solutions      Inc.
                                          4,851,470          137,539
        Timken    Co.
                                          1,941,655          134,537
        Commercial      Metals    Co.
                                          3,461,159          125,605
                                 55/498



















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                                                有価証券報告書（外国投資信託受益証券）
                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *
        Hexcel    Corp.
                                          2,387,039          123,649
        Sensient     Technologies       Corp.
                                          1,195,304          119,602
    *,1
        MP  Materials      Corp.
                                          2,526,129          114,737
    *
        Livent    Corp.
                                          4,581,285          111,692
        Mueller     Industries      Inc.
                                          1,548,402          91,913
        Cabot   Corp.
                                          1,614,227          90,720
    *
        Arconic     Corp.
                                          2,725,301          89,962
        Westlake     Chemical     Corp.
                                           907,576         88,153
    1
        Quaker    Chemical     Corp.
                                           381,730         88,096
    *
        Ingevity     Corp.
                                          1,121,374          80,403
        Hecla   Mining    Co.
                                          15,338,342           80,066
        Boise   Cascade     Co.
                                          1,118,842          79,662
        Tronox    Holdings     plc  Class   A
                                          3,281,029          78,843
        NewMarket      Corp.
                                           226,927         77,772
        Stepan    Co.
                                           605,635         75,274
        Minerals     Technologies       Inc.
                                           948,157         69,358
        GrafTech     International        Ltd.
                                          5,613,712          66,410
        Innospec     Inc.
                                           698,841         63,133
        Materion     Corp.
                                           580,245         53,348
        Compass     Minerals     International        Inc.
                                           967,246         49,407
        Worthington       Industries      Inc.
                                           856,689         46,827
    *
        GCP  Applied     Technologies       Inc.
                                          1,464,593          46,369
        Kaiser    Aluminum     Corp.
                                           453,321         42,585
    *
        Kraton    Corp.
                                           871,582         40,372
        Carpenter      Technology      Corp.
                                          1,371,752          40,041
        Schnitzer      Steel   Industries      Inc.   Class   A
                                           698,597         36,271
        AdvanSix     Inc.
                                           753,607         35,608
    *,1
        Energy    Fuels   Inc.
                                          4,421,625          33,737
    *
        Coeur   Mining    Inc.
                                          6,516,993          32,846
    *,1
        Amyris    Inc.
                                          5,253,903          28,424
    *
        Sylvamo     Corp.
                                          1,005,492          28,043
        Schweitzer-Mauduit           International        Inc.
                                           901,505         26,955
    *,1
        Uranium     Energy    Corp.
                                          7,359,096          24,653
    *
        Century     Aluminum     Co.
                                          1,382,886          22,901
        Glatfelter      Corp.
                                          1,275,904          21,946
        Neenah    Inc.
                                           470,344         21,768
        Hawkins     Inc.
                                           532,230         20,996
        Resolute     Forest    Products     Inc.
                                          1,349,536          20,607
        Verso   Corp.   Class   A
                                           740,740         20,015
    *
        US  Silica    Holdings     Inc.
                                          1,992,459          18,729
    *
        Koppers     Holdings     Inc.
                                           587,127         18,377
    *
        TimkenSteel       Corp.
                                          1,090,490          17,993
        Ecovyst     Inc.
                                          1,747,108          17,890
    *
        Clearwater      Paper   Corp.
                                           473,105         17,349
    *
        Piedmont     Lithium     Inc.
                                           326,173         17,111
        Haynes    International        Inc.
                                           347,482         14,014
    *
        Gatos   Silver    Inc.
                                          1,256,006          13,037
                                 56/498


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                                                有価証券報告書（外国投資信託受益証券）
                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *,1
        Origin    Materials      Inc.
                                          1,949,891          12,577
        American     Vanguard     Corp.
                                           749,948         12,292
    *
        Intrepid     Potash    Inc.
                                           283,137         12,098
        Ryerson     Holding     Corp.
                                           434,515         11,319
        Omega   Flex   Inc.
                                            88,289        11,208
        Tredegar     Corp.
                                           838,057          9,906
    *
        Unifi   Inc.
                                           422,068          9,771
    *
        Alto   Ingredients       Inc.
                                          1,951,445           9,386
    *
        Rayonier     Advanced     Materials      Inc.
                                          1,621,220           9,257
    *,1
        Zymergen     Inc.
                                          1,311,077           8,771
    *
        LSB  Industries      Inc.
                                           758,771          8,384
    *
        Northwest      Pipe   Co.
                                           261,682          8,321
    *
        Ur-Energy      Inc.
                                          5,846,618           7,133
        Olympic     Steel   Inc.
                                           266,301          6,258
        FutureFuel      Corp.
                                           739,753          5,652
    *
        NN  Inc.
                                          1,112,705           4,562
        Eastern     Co.
                                           163,141          4,105
    *
        Synalloy     Corp.
                                           237,258          3,898
        Northern     Technologies       International        Corp.
                                           243,564          3,727
        Gold   Resource     Corp.
                                          2,125,660           3,316
        Culp   Inc.
                                           277,660          2,641
    *
        Perma-Pipe      International        Holdings     Inc.
                                           263,560          2,267
    *
        Universal      Stainless      & Alloy   Products     Inc.
                                           278,493          2,197
    *,1
        Westwater      Resources      Inc.
                                           989,913          2,128
    *
        Marrone     Bio  Innovations       Inc.
                                          2,812,532           2,026
    *
        Comstock     Mining    Inc.
                                          1,460,392           1,884
    *
        US  Gold   Corp.
                                           201,077          1,802
    *
        Ampco-Pittsburgh          Corp.
                                           357,753          1,789
        Friedman     Industries      Inc.
                                           185,959          1,744
    *,1
        Golden    Minerals     Co.
                                          4,469,717           1,561
    *,1
        PharmaCyte      Biotech     Inc.
                                           590,900          1,477
    *,1
        United    States    Antimony     Corp.
                                          2,763,406           1,376
    *,1
        CPS  Technologies       Corp.
                                           336,311          1,275
    *
        AgroFresh      Solutions      Inc.
                                           635,804          1,265
    *
        ABVC   BioPharma      Inc.
                                           372,760          1,264
        United-Guardian         Inc.
                                            73,036         1,198
    *
        Paramount      Gold   Nevada    Corp.
                                          1,225,450            856
    *
        Hycroft     Mining    Holding     Corp.
                                           986,180           602
    *
        Flexible     Solutions      International        Inc.
                                           151,258           588
    *
        Solitario      Zinc   Corp.
                                           638,028           319
        Chicago     Rivet   & Machine     Co.
                                            11,238          295
    *
        Orbsat    Corp.
                                            50,264          162
    *
        Hycroft     Mining    Holding     Corp.   Warrants     Exp.   10/6/25
                                           155,000           18
    *,2
                                                       4
        Partners     LP  CVR
                                            61,021
                                                  27,259,710
    消費財    (15.9   ％ )
    *
        Amazon.com      Inc.
                                          12,251,420        40,850,400
                                 57/498


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                                                有価証券報告書（外国投資信託受益証券）
                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *
        Tesla   Inc.
                                          22,833,680        24,130,176
        Home   Depot   Inc.
                                          29,677,684        12,316,536
    *
        Walt   Disney    Co.
                                          51,659,466         8,001,535
    *
        Netflix     Inc.
                                          12,588,931         7,584,076
        Costco    Wholesale      Corp.
                                          12,557,012         7,128,616
        NIKE   Inc.   Class   B
                                          36,315,359         6,052,681
        Walmart     Inc.
                                          39,624,211         5,733,227
        McDonald's      Corp.
                                          21,236,707         5,692,924
        Lowe's    Cos.   Inc.
                                          19,148,036         4,949,384
        Starbucks      Corp.
                                          33,341,115         3,899,910
        Target    Corp.
                                          13,616,463         3,151,394
    *
        Booking     Holdings     Inc.
                                          1,166,961        2,799,808
        TJX  Cos.   Inc.
                                          32,467,240         2,464,913
        Ford   Motor   Co.
                                         111,552,791          2,316,951
        Estee   Lauder    Cos.   Inc.   Class   A
                                          6,256,258        2,316,067
    *
        General     Motors    Co.
                                          37,137,412         2,177,366
    *
        Uber   Technologies       Inc.
                                          41,355,353         1,734,030
        Dollar    General     Corp.
                                          6,629,763        1,563,497
    *
        Airbnb    Inc.   Class   A
                                          9,364,259        1,559,055
        Activision      Blizzard     Inc.
                                          22,137,065         1,472,779
    *
        O'Reilly     Automotive      Inc.
                                          1,914,787        1,352,280
    *
        Chipotle     Mexican     Grill   Inc.
                                           759,588       1,327,950
    *
        Lululemon      Athletica      Inc.
                                          3,364,407        1,316,997
    *
        Marriott     International        Inc.   Class   A
                                          7,866,848        1,299,918
    *
        Aptiv   plc
                                          7,688,486        1,268,216
    *
        AutoZone     Inc.
                                           595,953       1,249,350
    *
        Hilton    Worldwide      Holdings     Inc.
                                          7,920,317        1,235,490
        Yum!   Brands    Inc.
                                          8,329,093        1,156,578
        Ross   Stores    Inc.
                                          10,099,477         1,154,168
    *
        Trade   Desk   Inc.   Class   A
                                          12,394,032         1,135,789
        eBay   Inc.
                                          16,901,659         1,123,960
        Electronic      Arts   Inc.
                                          8,037,915        1,060,201
        DR  Horton    Inc.
                                          9,625,981        1,043,938
    *
        Copart    Inc.
                                          6,066,720          919,836
    *
        Dollar    Tree   Inc.
                                          6,394,307          898,528
        Lennar    Corp.   Class   A
                                          7,353,948          854,235
    *
        ROBLOX    Corp.   Class   A
                                          8,245,691          850,625
    *
        Etsy   Inc.
                                          3,604,714          789,216
        Tractor     Supply    Co.
                                          3,234,491          771,750
    *
        Expedia     Group   Inc.
                                          4,149,671          749,929
        VF  Corp.
                                          10,046,410          735,598
    *
        Southwest      Airlines     Co.
                                          16,828,738          720,943
    *
        Delta   Air  Lines   Inc.
                                          18,200,263          711,266
        Best   Buy  Co.  Inc.
                                          6,291,594          639,226
    *
        Ulta   Beauty    Inc.
                                          1,544,958          637,048
        Pool   Corp.
                                          1,081,785          612,290
    *
        CarMax    Inc.
                                          4,607,433          600,026
                                 58/498


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                                                有価証券報告書（外国投資信託受益証券）
                                                   市場価格     •
                                             株数     ( 千米ドル     )
        Garmin    Ltd.
                                          4,370,417          595,120
        Domino's     Pizza   Inc.
                                          1,033,981          583,507
    *
        Take-Two     Interactive       Software     Inc.
                                          3,277,010          582,390
        Genuine     Parts   Co.
                                          4,046,954          567,383
    *
        Carvana     Co.
                                          2,432,228          563,766
    *
        NVR  Inc.
                                            94,045        555,700
        Darden    Restaurants       Inc.
                                          3,687,923          555,549
    *
        Burlington      Stores    Inc.
                                          1,897,609          553,172
    *
        Caesars     Entertainment        Inc.
                                          5,770,573          539,722
    *,1
        Rivian    Automotive      Inc.   Class   A
                                          5,021,486          520,678
        MGM  Resorts     International
                                          11,329,267          508,458
        ViacomCBS      Inc.   Class   B
                                          16,698,902          503,973
        Bath   & Body   Works   Inc.
                                          7,134,103          497,889
    *
        Live   Nation    Entertainment        Inc.
                                          4,151,132          496,849
    *
        Carnival     Corp.
                                          23,707,539          476,996
    *
        Royal   Caribbean      Cruises     Ltd.
                                          6,153,089          473,173
    *
        Las  Vegas   Sands   Corp.
                                          11,947,168          449,691
    *,1
        Lucid   Group   Inc.
                                          11,698,786          445,139
        Omnicom     Group   Inc.
                                          6,042,274          442,717
        Advance     Auto   Parts   Inc.
                                          1,772,234          425,124
        LKQ  Corp.
                                          7,041,683          422,712
        Interpublic       Group   of  Cos.   Inc.
                                          11,193,299          419,189
        Whirlpool      Corp.
                                          1,726,218          405,074
    *
        United    Airlines     Holdings     Inc.
                                          9,196,987          402,644
    *
        Wayfair     Inc.   Class   A
                                          2,105,495          399,981
    *,1
        AMC  Entertainment        Holdings     Inc.   Class   A
                                          14,599,205          397,098
        PulteGroup      Inc.
                                          6,835,665          390,727
        Hasbro    Inc.
                                          3,724,421          379,072
        Vail   Resorts     Inc.
                                          1,149,367          376,877
    *
        Floor   & Decor   Holdings     Inc.   Class   A
                                          2,850,891          370,644
        Williams-Sonoma         Inc.
                                          2,084,255          352,510
    *
        Lyft   Inc.   Class   A
                                          8,025,249          342,919
    *
        Liberty     Media   Corp.-Liberty        Formula     One  Class    C 
                                          5,278,105          333,787
    *
        American     Airlines     Group   Inc.
                                          18,418,499          330,796
    *
        Five   Below   Inc.
                                          1,592,336          329,438
        Fox  Corp.   Class   A
                                          8,902,445          328,500
        Tapestry     Inc.
                                          7,820,060          317,494
        Service     Corp.   International
                                          4,452,632          316,092
        Lear   Corp.
                                          1,694,167          309,948
    *
        SiteOne     Landscape      Supply    Inc.
                                          1,269,760          307,637
        BorgWarner      Inc.
                                          6,815,140          307,158
        News   Corp.   Class   A
                                          13,395,796          298,860
    *
        Peloton     Interactive       Inc.   Class   A
                                          8,049,408          287,847
    *
        Deckers     Outdoor     Corp.
                                           780,138        285,772
    *
        Capri   Holdings     Ltd.
                                          4,276,731          277,603
    *
        BJ's   Wholesale      Club   Holdings     Inc.
                                          4,132,121          276,728
    *,1
        GameStop     Corp.   Class   A
                                          1,847,892          274,209
                                 59/498


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                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                   市場価格     •
                                             株数     ( 千米ドル     )
        Aramark                                   7,285,002          268,452
    *
        RH                                    486,895        260,947
        Tempur    Sealy   International        Inc.
                                          5,471,848          257,341
        Lithia    Motors    Inc.   Class   A
                                           860,018        255,382
    *
        Wynn   Resorts     Ltd.
                                          2,961,649          251,859
    *
        Penn   National     Gaming    Inc.
                                          4,817,607          249,793
    *
        DraftKings      Inc.   Class   A
                                          8,664,446          238,012
        Toll   Brothers     Inc.
                                          3,286,801          237,932
        Newell    Brands    Inc.
                                          10,881,720          237,657
        Wyndham     Hotels    & Resorts     Inc.
                                          2,647,348          237,335
        Churchill      Downs   Inc.
                                           977,823        235,558
        Gentex    Corp.
                                          6,721,348          234,239
    *
        Liberty     Media   Corp.-Liberty        SiriusXM     Class    C 
                                          4,512,478          229,460
        Macy's    Inc.
                                          8,508,465          222,752
    *
        Norwegian      Cruise    Line   Holdings     Ltd.
                                          10,522,514          218,237
        New  York   Times   Co.  Class   A
                                          4,507,055          217,691
    *
        Avis   Budget    Group   Inc.
                                          1,043,053          216,298
    *
        Bright    Horizons     Family    Solutions      Inc.
                                          1,716,298          216,048
        PVH  Corp.
                                          2,019,663          215,397
        Rollins     Inc.
                                          6,292,967          215,282
    *
        Planet    Fitness     Inc.   Class   A
                                          2,368,268          214,518
    *
        Mattel    Inc.
                                          9,948,071          214,480
        Kohl's    Corp.
                                          4,279,059          211,343
        Nielsen     Holdings     plc
                                          10,201,161          209,226
    *
        Discovery      Inc.   Class    C 
                                          8,906,501          203,959
    *
        Crocs   Inc.
                                          1,589,037          203,746
    *
        Fox  Factory     Holding     Corp.
                                          1,196,099          203,456
    *
        YETI   Holdings     Inc.
                                          2,368,395          196,174
        Marriott     Vacations      Worldwide      Corp.
                                          1,149,662          194,270
    *
        IAA  Inc.
                                          3,832,553          194,004
    *
        Zynga   Inc.   Class   A
                                          30,250,143          193,601
    *
        Alaska    Air  Group   Inc.
                                          3,553,511          185,138
    1
        Dick's    Sporting     Goods   Inc.
                                          1,609,549          185,082
        AMERCO                                    250,834        182,163
        Polaris     Inc.
                                          1,641,370          180,403
    *
        Scientific      Games   Corp.
                                          2,609,174          174,371
    *
        Goodyear     Tire   & Rubber    Co.
                                          8,001,994          170,603
        Texas   Roadhouse      Inc.   Class   A
                                          1,880,020          167,848
    *
        Helen   of  Troy   Ltd.
                                           686,296        167,779
        Nexstar     Media   Group   Inc.   Class   A
                                          1,104,407          166,743
    *
        Skechers     USA  Inc.   Class   A
                                          3,840,130          166,662
        Hanesbrands       Inc.
                                          9,924,240          165,933
        Harley-Davidson         Inc.
                                          4,374,990          164,893
    *
        AutoNation      Inc.
                                          1,397,353          163,281
        Choice    Hotels    International        Inc.
                                          1,027,450          160,272
    *
        Terminix     Global    Holdings     Inc.
                                          3,445,483          155,839
        Thor   Industries      Inc.
                                          1,497,400          155,385
                                 60/498


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                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                   市場価格     •
                                             株数     ( 千米ドル     )
        Fox  Corp.   Class   B
                                          4,478,348          153,473
        Ralph   Lauren    Corp.
                                          1,247,798          148,313
        Leggett     & Platt   Inc.
                                          3,602,339          148,272
        Wingstop     Inc.
                                           849,325        146,763
    *
        Boyd   Gaming    Corp.
                                          2,234,229          146,498
    1
        Sirius    XM  Holdings     Inc.
                                          22,738,623          144,390
    *
        Endeavor     Group   Holdings     Inc.   Class   A
                                          4,128,800          144,054
    *,1
        Chewy   Inc.   Class   A
                                          2,423,239          142,898
        Gap  Inc.
                                          7,996,106          141,131
    *
        Victoria's      Secret    & Co.
                                          2,511,791          139,505
        Murphy    USA  Inc.
                                           692,371        137,948
        Travel    + Leisure     Co.
                                          2,454,604          135,666
    *
        Hilton    Grand   Vacations      Inc.
                                          2,554,794          133,130
    *
        Hyatt   Hotels    Corp.   Class   A
                                          1,358,919          130,320
    *
        Meritage     Homes   Corp.
                                          1,060,833          129,485
        Foot   Locker    Inc.
                                          2,954,785          128,917
    *
        JetBlue     Airways     Corp.
                                          9,023,337          128,492
        Signet    Jewelers     Ltd.
                                          1,433,117          124,724
        Papa   John's    International        Inc.
                                           930,036        124,132
    *,1
        QuantumScape       Corp.   Class   A
                                          5,557,425          123,319
    *
        Skyline     Champion     Corp.
                                          1,534,502          121,195
        Warner    Music   Group   Corp.   Class   A
                                          2,799,189          120,869
    *
        Chegg   Inc.
                                          3,915,237          120,198
        Wendy's     Co.
                                          5,012,904          119,558
        H&R  Block   Inc.
                                          4,994,275          117,665
    *
        Academy     Sports    & Outdoors     Inc.
                                          2,658,122          116,692
        TEGNA   Inc.
                                          6,281,171          116,579
    *
        Taylor    Morrison     Home   Corp.   Class   A
                                          3,318,552          116,017
        Carter's     Inc.
                                          1,141,463          115,539
    *
        National     Vision    Holdings     Inc.
                                          2,358,364          113,178
    *
        Asbury    Automotive      Group   Inc.
                                           644,864        111,387
    *
        Under   Armour    Inc.   Class    C 
                                          6,124,371          110,484
    1
        American     Eagle   Outfitters      Inc.
                                          4,312,685          109,197
    *
        Callaway     Golf   Co.
                                          3,966,605          108,844
    *,1
        Discovery      Inc.   Class   A
                                          4,580,165          107,817
    *
        Under   Armour    Inc.   Class   A
                                          5,084,312          107,737
    *
        Sonos   Inc.
                                          3,614,846          107,722
    *
        Liberty     Media   Corp.-Liberty        SiriusXM     Class   A
                                          2,108,435          107,214
        LCI  Industries
                                           682,455        106,374
    *,1
        Luminar     Technologies       Inc.   Class   A
                                          6,282,706          106,241
        KB  Home
                                          2,362,961          105,695
    *
        Leslie's     Inc.
                                          4,413,244          104,417
    *
        Boot   Barn   Holdings     Inc.
                                           842,207        103,634
        Steven    Madden    Ltd.
                                          2,198,830          102,180
        Columbia     Sportswear      Co.
                                          1,016,981          99,095
    *
        Grand   Canyon    Education      Inc.
                                          1,140,456          97,748
    *
        Coty   Inc.   Class   A
                                          9,271,639          97,352
                                 61/498


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                                                有価証券報告書（外国投資信託受益証券）
                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *
        LGI  Homes   Inc.
                                           618,877         95,604
        Group   1 Automotive      Inc.
                                           488,983         95,459
        Dana   Inc.
                                          4,103,966          93,653
    *
        SeaWorld     Entertainment        Inc.
                                          1,428,204          92,633
    *
        Ollie's     Bargain     Outlet    Holdings     Inc.
                                          1,757,744          89,979
        MDC  Holdings     Inc.
                                          1,607,171          89,728
    *
        Visteon     Corp.
                                           796,525         88,526
    *
        Frontdoor      Inc.
                                          2,408,996          88,290
    *
        Six  Flags   Entertainment        Corp.
                                          2,072,282          88,238
    *
        Tri  Pointe    Homes   Inc.
                                          3,157,085          88,051
    *
        Dorman    Products     Inc.
                                           764,391         86,384
        Cracker     Barrel    Old  Country     Store   Inc.
                                           668,715         86,024
        Lennar    Corp.   Class   B
                                           892,929         85,382
        MillerKnoll       Inc.
                                          2,153,414          84,392
        Penske    Automotive      Group   Inc.
                                           777,823         83,398
    *
        Madison     Square    Garden    Sports    Corp.
                                           476,440         82,772
        Red  Rock   Resorts     Inc.   Class   A
                                          1,496,638          82,330
    *
        Gentherm     Inc.
                                           944,152         82,047
    *
        Allegiant      Travel    Co.
                                           434,952         81,353
        Rent-A-Center        Inc.
                                          1,692,151          81,291
    *
        Sabre   Corp.
                                          9,167,070          78,745
    *
        Cavco   Industries      Inc.
                                           247,745         78,696
    *
        TripAdvisor       Inc.
                                          2,842,207          77,479
    *,1
        Figs   Inc.   Class   A
                                          2,801,723          77,216
    *
        Shake   Shack   Inc.   Class   A
                                          1,057,169          76,285
        Qurate    Retail    Inc.   Class   A
                                          9,935,944          75,513
        Kontoor     Brands    Inc.
                                          1,466,970          75,182
    *
        Vista   Outdoor     Inc.
                                          1,629,510          75,072
    *
        Coursera     Inc.
                                          2,998,543          73,284
    *,1
        PROG   Holdings     Inc.
                                          1,613,112          72,767
        Rush   Enterprises       Inc.   Class   A
                                          1,293,213          71,954
    *
        Nordstrom      Inc.
                                          3,161,808          71,520
        Century     Communities       Inc.
                                           862,906         70,577
    *
        Overstock.com        Inc.
                                          1,160,313          68,470
        John   Wiley   & Sons   Inc.   Class   A
                                          1,195,153          68,446
        Graham    Holdings     Co.  Class   B
                                           107,809         67,901
        Winnebago      Industries      Inc.
                                           904,451         67,761
    *
        Spirit    Airlines     Inc.
                                          3,099,963          67,734
        Wolverine      World   Wide   Inc.
                                          2,342,183          67,478
    *,1
        Fisker    Inc.
                                          4,187,755          65,873
        Levi   Strauss     & Co.  Class   A
                                          2,606,132          65,231
    *
        Revolve     Group   Inc.   Class   A
                                          1,122,753          62,919
        World   Wrestling      Entertainment        Inc.   Class   A
                                          1,272,323          62,776
    *
        Knowles     Corp.
                                          2,639,024          61,621
    *
        Sally   Beauty    Holdings     Inc.
                                          3,214,705          59,343
    *
        Abercrombie       & Fitch   Co.  Class   A
                                          1,685,206          58,696
    *
        Houghton     Mifflin     Harcourt     Co.
                                          3,628,981          58,427
                                 62/498


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                                                有価証券報告書（外国投資信託受益証券）
                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *
        iHeartMedia       Inc.   Class   A
                                          2,737,141          57,589
    *
        SkyWest     Inc.
                                          1,427,580          56,104
    *
        Cardlytics      Inc.
                                           846,908         55,972
    *
        Liberty     Media   Corp.-Liberty        Formula     One  Class   A
                                           931,971         55,303
    *
        Cheesecake      Factory     Inc.
                                          1,409,648          55,188
    *
        Everi   Holdings     Inc.
                                          2,582,987          55,147
    *
        Madison     Square    Garden    Entertainment        Corp.
                                           782,547         55,044
    *
        KAR  Auction     Services     Inc.
                                          3,443,502          53,788
    *
        Bloomin'     Brands    Inc.
                                          2,545,187          53,398
        Inter   Parfums     Inc.
                                           497,987         53,235
        Monro   Inc.
                                           906,491         52,821
    *
        ODP  Corp.
                                          1,319,899          51,846
    *
        M/I  Homes   Inc.
                                           831,424         51,698
        PriceSmart      Inc.
                                           702,559         51,406
    *,1
        iRobot    Corp.
                                           767,039         50,533
    *
        ACV  Auctions     Inc.   Class   A
                                          2,650,718          49,940
        Acushnet     Holdings     Corp.
                                           939,066         49,846
        HNI  Corp.
                                          1,179,369          49,592
        Jack   in  the  Box  Inc.
                                           566,861         49,589
    *
        Urban   Outfitters      Inc.
                                          1,670,873          49,057
    *
        Lions   Gate   Entertainment        Corp.   Class   B
                                          3,183,715          48,997
        Gray   Television      Inc.
                                          2,391,838          48,219
    *
        Driven    Brands    Holdings     Inc.
                                          1,422,836          47,836
    *
        Brinker     International        Inc.
                                          1,291,775          47,266
    *
        Cinemark     Holdings     Inc.
                                          2,909,906          46,908
    *
        Sleep   Number    Corp.
                                           612,223         46,896
    *
        elf  Beauty    Inc.
                                          1,407,008          46,727
        Oxford    Industries      Inc.
                                           457,621         46,458
        Camping     World   Holdings     Inc.   Class   A
                                          1,142,508          46,157
        La-Z-Boy     Inc.
                                          1,247,649          45,302
    *
        Central     Garden    & Pet  Co.  Class   A
                                           931,779         44,586
    *
        Petco   Health    & Wellness     Co.  Inc.   Class   A
                                          2,250,688          44,541
    *
        Stitch    Fix  Inc.   Class   A
                                          2,241,298          42,405
    *
        Dave   & Buster's     Entertainment        Inc.
                                          1,102,602          42,340
        Big  Lots   Inc.
                                           931,048         41,944
        Franchise      Group   Inc.
                                           798,414         41,645
    *
        2U  Inc.
                                          2,037,494          40,893
    *
        Malibu    Boats   Inc.   Class   A
                                           594,655         40,871
    1
        Dillard's      Inc.   Class   A
                                           166,498         40,795
    *,1
        ContextLogic       Inc.   Class   A
                                          13,114,358           40,786
    *,1
        Bed  Bath   & Beyond    Inc.
                                          2,727,840          39,772
    *
        Adtalem     Global    Education      Inc.
                                          1,336,028          39,493
    *
        Stride    Inc.
                                          1,155,222          38,504
    *
        Bally's     Corp.
                                          1,003,294          38,185
    *
        GoPro   Inc.   Class   A
                                          3,633,707          37,464
        Sinclair     Broadcast      Group   Inc.   Class   A
                                          1,406,282          37,168
    *
        MarineMax      Inc.
                                           623,233         36,796
                                 63/498


                                                          EDINET提出書類
                                              バンガード・インデックス・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     )
        Strategic      Education      Inc.
                                           630,218         36,452
        Buckle    Inc.
                                           850,015         35,964
    *
        Dine   Brands    Global    Inc.
                                           467,022         35,405
    *
        XPEL   Inc.
                                           510,050         34,826
        Sturm   Ruger   & Co.  Inc.
                                           497,397         33,833
    *
        Clear   Channel     Outdoor     Holdings     Inc.
                                          10,064,766           33,314
        EW  Scripps     Co.  Class   A
                                          1,705,726          33,006
    *
        G-III   Apparel     Group   Ltd.
                                          1,169,676          32,330
    *,1
        Rover   Group   Inc.   Class   A
                                          3,249,186          31,680
    *
        Selectquote       Inc.
                                          3,480,012          31,529
    *
        Children's      Place   Inc.
                                           396,459         31,435
    *
        Clean   Energy    Fuels   Corp.
                                          5,058,167          31,007
        Matthews     International        Corp.   Class   A
                                           840,980         30,839
    *,1
        Mister    Car  Wash   Inc.
                                          1,676,736          30,533
    *
        Cars.com     Inc.
                                          1,865,417          30,015
    *,1
        Dutch   Bros   Inc.   Class   A
                                           586,836         29,876
    *
        Zumiez    Inc.
                                           603,962         28,984
    *
        American     Axle   & Manufacturing        Holdings     Inc.
                                          3,090,797          28,837
    *,1
        Canoo   Inc.
                                          3,729,337          28,790
        Hibbett     Inc.
                                           399,774         28,756
        Sonic   Automotive      Inc.   Class   A
                                           579,713         28,667
    *
        AMC  Networks     Inc.   Class   A
                                           830,849         28,614
    *
        Lions   Gate   Entertainment        Corp.   Class   A
                                          1,672,185          27,825
        Standard     Motor   Products     Inc.
                                           525,112         27,511
        Carriage     Services     Inc.   Class   A
                                           426,478         27,482
    *
        Golden    Entertainment        Inc.
                                           542,354         27,405
    *
        Monarch     Casino    & Resort    Inc.
                                           367,965         27,211
    *
        Denny's     Corp.
                                          1,699,029          27,184
        Interface      Inc.   Class   A
                                          1,684,351          26,865
    *,1
        Blink   Charging     Co.
                                          1,007,737          26,715
        Guess?    Inc.
                                          1,120,158          26,525
    *
        Liberty     Media   Corp.-Liberty        Braves    Class    C 
                                           940,129         26,418
        Steelcase      Inc.   Class   A
                                          2,236,903          26,217
    *
        Genesco     Inc.
                                           407,043         26,120
    *
        Tenneco     Inc.   Class   A
                                          2,309,411          26,096
    *
        Green   Brick   Partners     Inc.
                                           858,495         26,038
    *
        RealReal     Inc.
                                          2,224,204          25,823
    *
        Hawaiian     Holdings     Inc.
                                          1,397,468          25,672
        News   Corp.   Class   B
                                          1,138,629          25,619
    *
        Lovesac     Co.
                                           386,590         25,615
    *
        QuinStreet      Inc.
                                          1,392,113          25,323
        Smith   & Wesson    Brands    Inc.
                                          1,365,747          24,310
    *
        Sun  Country     Airlines     Holdings     Inc.
                                           889,258         24,232
    *
        Arlo   Technologies       Inc.
                                          2,276,863          23,884
    *
        Central     Garden    & Pet  Co.
                                           453,040         23,844
    *
        Thryv   Holdings     Inc.
                                           579,382         23,830
    *
        Viad   Corp.
                                           555,751         23,781
                                 64/498


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                                                有価証券報告書（外国投資信託受益証券）
                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *
        Designer     Brands    Inc.   Class   A
                                          1,670,792          23,742
    *
        WW  International        Inc.
                                          1,470,013          23,711
        Caleres     Inc.
                                          1,036,100          23,499
    *
        Rush   Street    Interactive       Inc.
                                          1,412,344          23,304
    *
        Citi   Trends    Inc.
                                           245,188         23,232
    *,1
        Corsair     Gaming    Inc.
                                          1,066,340          22,404
    *
        Perdoceo     Education      Corp.
                                          1,894,742          22,282
        Aaron's     Co.  Inc.
                                           894,931         22,060
    *
        Arko   Corp.
                                          2,481,279          21,761
        Clarus    Corp.
                                           775,402         21,494
    *,1
        Vizio   Holding     Corp.   Class   A
                                          1,102,849          21,428
    *,1
        Portillo's      Inc.   Class   A
                                           569,641         21,384
    *
        BJ's   Restaurants       Inc.
                                           618,740         21,377
    *
        Latham    Group   Inc.
                                           851,305         21,308
    *
        Purple    Innovation      Inc.   Class   A
                                          1,599,775          21,229
    *
        Accel   Entertainment        Inc.   Class   A
                                          1,600,271          20,836
        Scholastic      Corp.
                                           513,493         20,519
    *
        Gannett     Co.  Inc.
                                          3,818,003          20,350
    *
        Tupperware      Brands    Corp.
                                          1,323,079          20,230
        Global    Industrial      Co.
                                           486,761         19,909
    *
        Beazer    Homes   USA  Inc.
                                           830,575         19,286
    *,1
        ThredUp     Inc.   Class   A
                                          1,484,311          18,940
        Movado    Group   Inc.
                                           449,351         18,796
    *
        Life   Time   Group   Holdings     Inc.
                                          1,083,300          18,644
    *
        Ruth's    Hospitality       Group   Inc.
                                           929,579         18,499
    *
        PowerSchool       Holdings     Inc.   Class   A
                                          1,122,480          18,487
    1
        Krispy    Kreme   Inc.
                                           972,532         18,400
        Laureate     Education      Inc.   Class   A
                                          1,480,558          18,122
    *
        America's      Car-Mart     Inc.
                                           176,312         18,054
    *
        1-800-Flowers.com          Inc.   Class   A
                                           771,537         18,031
    *
        TravelCenters        of  America     Inc.
                                           347,029         17,914
        Winmark     Corp.
                                            72,138        17,911
    *
        Quotient     Technology      Inc.
                                          2,412,918          17,904
    *
        Chico's     FAS  Inc.
                                          3,319,275          17,858
        RCI  Hospitality       Holdings     Inc.
                                           225,730         17,580
    *
        Angi   Inc.   Class   A
                                          1,904,642          17,542
    *,1
        Poshmark     Inc.   Class   A
                                          1,022,034          17,405
        OneWater     Marine    Inc.   Class   A
                                           282,871         17,247
        Shoe   Carnival     Inc.
                                           436,102         17,043
        Ethan   Allen   Interiors      Inc.
                                           647,614         17,026
    *
        Party   City   Holdco    Inc.
                                          3,031,691          16,887
    *
        Chuy's    Holdings     Inc.
                                           560,372         16,878
    *
        Liquidity      Services     Inc.
                                           740,267         16,345
    *
        Hovnanian      Enterprises       Inc.   Class   A
                                           127,447         16,223
    *,1
        Vuzix   Corp.
                                          1,706,177          14,793
    *
        MasterCraft       Boat   Holdings     Inc.
                                           519,098         14,706
    *
        Integral     Ad  Science     Holding     Corp.
                                           659,627         14,650
                                 65/498


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                                                有価証券報告書（外国投資信託受益証券）
                                                   市場価格     •
                                             株数     ( 千米ドル     )
        A-Mark    Precious     Metals    Inc.
                                           239,095         14,609
    *
        European     Wax  Center    Inc.   Class   A
                                           477,548         14,494
    *
        Stoneridge      Inc.
                                           733,128         14,472
    *,1
        Duolingo     Inc.   Class   A
                                           134,834         14,307
    *
        Boston    Omaha   Corp.   Class   A
                                           487,816         14,015
    *
        Stagwell     Inc.
                                          1,611,357          13,970
    *
        Funko   Inc.   Class   A
                                           738,271         13,880
    *
        Sportsman's       Warehouse      Holdings     Inc.
                                          1,162,482          13,717
    *
        LL  Flooring     Holdings     Inc.
                                           802,995         13,707
    *
        CarParts.com       Inc.
                                          1,217,153          13,632
    *
        Fossil    Group   Inc.
                                          1,319,131          13,574
    *
        AMMO   Inc.
                                          2,454,609          13,378
    *
        Lindblad     Expeditions       Holdings     Inc.
                                           851,979         13,291
        Haverty     Furniture      Cos.   Inc.
                                           430,730         13,167
        Johnson     Outdoors     Inc.   Class   A
                                           139,239         13,045
    *
        Bluegreen      Vacations      Holding     Corp.   Class   A
                                           365,934         12,844
    *
        Janus   International        Group   Inc.
                                          1,023,381          12,813
    *,1
        Sweetgreen      Inc.   Class   A
                                           394,655         12,629
    *,1
        Cricut    Inc.   Class   A
                                           567,341         12,533
    *
        Frontier     Group   Holdings     Inc.
                                           910,699         12,358
    *,1
        Lordstown      Motors    Corp.
                                          3,556,255          12,269
    *
        Universal      Electronics       Inc.
                                           293,728         11,969
    *
        Conn's    Inc.
                                           499,363         11,745
    *
        Golden    Nugget    Online    Gaming    Inc.
                                          1,166,902          11,611
        Kimball     International        Inc.   Class   B
                                          1,134,107          11,602
    *
        Full   House   Resorts     Inc.
                                           952,478         11,535
    *,1
        Marcus    Corp.
                                           643,540         11,494
    *
        American     Public    Education      Inc.
                                           511,008         11,370
        Entravision       Communications         Corp.   Class   A
                                          1,674,306          11,352
    1
        Big  5 Sporting     Goods   Corp.
                                           596,868         11,346
    *,1
        BARK   Inc.
                                          2,686,777          11,338
    *,1
        Liberty     Media   Corp.-Liberty        Braves    Class   A
                                           390,380         11,223
    *
        Cooper-Standard         Holdings     Inc.
                                           497,350         11,146
    *
        Noodles     & Co.  Class   A
                                          1,186,247          10,759
    *,1
        Dream   Finders     Homes   Inc.   Class   A
                                           550,933         10,716
        Tilly's     Inc.   Class   A
                                           658,710         10,612
    *
        RumbleON     Inc.   Class   B
                                           253,143         10,511
    *,1
        XL  Fleet   Corp.
                                          3,139,688          10,392
        Del  Taco   Restaurants       Inc.
                                           826,810         10,294
    *
        Kura   Sushi   USA  Inc.   Class   A
                                           120,616          9,751
    *
        Turtle    Beach   Corp.
                                           430,683          9,587
        Rush   Enterprises       Inc.   Class   B
                                           177,642          9,587
        Cato   Corp.   Class   A
                                           536,537          9,207
    *
        Century     Casinos     Inc.
                                           751,313          9,151
    *
        Snap   One  Holdings     Corp.
                                           427,850          9,019
    *
        Sciplay     Corp.   Class   A
                                           652,071          8,986
    *
        ONE  Group   Hospitality       Inc.
                                           706,651          8,911
                                 66/498


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                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *
        Destination       XL  Group   Inc.
                                          1,528,407           8,681
    *
        Motorcar     Parts   of  America     Inc.
                                           508,491          8,680
    *
        Container      Store   Group   Inc.
                                           863,409          8,617
    *,1
        Allbirds     Inc.   Class   A
                                           571,448          8,617
    *,1
        Genius    Brands    International        Inc.
                                          8,048,873           8,451
    *,1
        Vinco   Ventures     Inc.
                                          3,506,721           8,346
    *
        Alta   Equipment      Group   Inc.
                                           568,355          8,321
    *,1
        Eastman     Kodak   Co.
                                          1,773,206           8,299
    *
        Audacy    Inc.   Class   A
                                          3,219,968           8,275
    *
        Holley    Inc.
                                           635,789          8,259
    *
        Lands'    End  Inc.
                                           415,014          8,147
    *,1
        Traeger     Inc.
                                           665,828          8,096
        Rocky   Brands    Inc.
                                           202,930          8,077
    *
        American     Outdoor     Brands    Inc.
                                           401,980          8,011
    *
        Daily   Journal     Corp.
                                            22,234         7,932
        Hooker    Furnishings       Corp.
                                           333,634          7,767
    *,1
        Udemy   Inc.
                                           388,908          7,599
        Superior     Group   of  Cos.   Inc.
                                           336,688          7,387
    *,1
        Esports     Technologies       Inc.
                                           357,232          7,345
    *
        Build-A-Bear       Workshop     Inc.
                                           370,870          7,239
    *
        El  Pollo   Loco   Holdings     Inc.
                                           506,628          7,189
    *,1
        1847   Goedeker     Inc.
                                          2,939,372           7,055
    *
        Red  Robin   Gourmet     Burgers     Inc.
                                           426,022          7,042
    *
        Barnes    & Noble   Education      Inc.
                                          1,030,888           7,020
    *,1
        F45  Training     Holdings     Inc.
                                           644,113          7,014
        Tile   Shop   Holdings     Inc.
                                           961,063          6,852
    *
        Universal      Technical      Institute      Inc.
                                           863,741          6,754
    *,1
        Arcimoto     Inc.
                                           839,472          6,531
    *
        Lazydays     Holdings     Inc.
                                           302,067          6,507
    *,1
        Weber   Inc.   Class   A
                                           497,623          6,434
        Lifetime     Brands    Inc.
                                           397,860          6,354
    *
        Lincoln     Educational       Services     Corp.
                                           842,781          6,296
    *
        Vera   Bradley     Inc.
                                           727,256          6,189
    *
        Legacy    Housing     Corp.
                                           233,301          6,175
    *
        Nerdy   Inc.
                                          1,316,500           5,924
    *,1
        Ondas   Holdings     Inc.
                                           877,371          5,887
    *
        XpresSpa     Group   Inc.
                                          2,891,324           5,840
    *
        Fiesta    Restaurant      Group   Inc.
                                           503,077          5,539
    *,1
        Kirkland's      Inc.
                                           368,678          5,504
    *,1
        Solo   Brands    Inc.   Class   A
                                           352,117          5,504
    *
        Nautilus     Inc.
                                           897,105          5,499
    *
        Xponential      Fitness     Inc.   Class   A
                                           266,864          5,455
    *
        Express     Inc.
                                          1,747,660           5,383
    *
        Arhaus    Inc.   Class   A
                                           405,773          5,377
    *
        PlayAGS     Inc.
                                           787,936          5,350
    *
        Cumulus     Media   Inc.   Class   A
                                           469,461          5,281
    *
        Delta   Apparel     Inc.
                                           177,059          5,266
                                 67/498


                                                          EDINET提出書類
                                              バンガード・インデックス・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     )
    *
        Mesa   Air  Group   Inc.
                                           931,159          5,215
    *,1
        Cinedigm     Corp.   Class   A
                                          4,433,038           5,142
    *
        Lee  Enterprises       Inc.
                                           144,656          4,996
    *,1
        Faraday     Future    Intelligent       Electric     Inc.
                                           930,089          4,948
    *
        Duluth    Holdings     Inc.   Class   B
                                           324,610          4,928
    *,1
        CarLotz     Inc.
                                          2,116,825           4,805
    *
        Lakeland     Industries      Inc.
                                           219,969          4,773
        Flexsteel      Industries      Inc.
                                           176,856          4,750
        National     CineMedia      Inc.
                                          1,676,816           4,712
    *
        Aterian     Inc.
                                          1,142,716           4,697
    *
        Townsquare      Media   Inc.   Class   A
                                           336,709          4,488
    *
        Liberty     TripAdvisor       Holdings     Inc.   Class   A
                                          2,050,097           4,449
    *,1
        Shift   Technologies       Inc.
                                          1,302,731           4,442
        Bassett     Furniture      Industries      Inc.
                                           264,538          4,436
    1
        JOANN   Inc.
                                           423,780          4,399
    *,1
        Focus   Universal      Inc.
                                           493,800          4,375
    *,1
        CuriosityStream         Inc.
                                           728,847          4,322
    *
        VOXX   International        Corp.   Class   A
                                           421,895          4,291
    *
        Strattec     Security     Corp.
                                           115,520          4,277
    *
        First   Watch   Restaurant      Group   Inc.
                                           250,998          4,207
    *,1
        Brilliant      Earth   Group   Inc.   Class   A
                                           231,495          4,181
    *,1
        Rent   the  Runway    Inc.   Class   A
                                           509,942          4,156
    *
        Casper    Sleep   Inc.
                                           596,360          3,984
        Nathan's     Famous    Inc.
                                            66,657         3,892
    *,1
        Reservoir      Media   Inc.
                                           489,336          3,871
        Weyco   Group   Inc.
                                           150,356          3,600
        Escalade     Inc.
                                           225,800          3,565
        Wayside     Technology      Group   Inc.
                                           100,234          3,514
    *
        Drive   Shack   Inc.
                                          2,362,238           3,378
    *
        Outbrain     Inc.
                                           240,155          3,362
    *
        Potbelly     Corp.
                                           601,878          3,358
    *
        Tuesday     Morning     Corp.
                                          1,465,187           3,341
    *
        Wheels    Up  Experience      Inc.
                                           708,381          3,287
        Hamilton     Beach   Brands    Holding     Co.  Class   A
                                           228,579          3,282
        Marine    Products     Corp.
                                           255,346          3,192
    *
        Gaia   Inc.   Class   A
                                           367,401          3,149
    *
        iMedia    Brands    Inc.
                                           512,961          3,078
        Saga   Communications         Inc.   Class   A
                                           127,309          3,057
    *
        Biglari     Holdings     Inc.   Class   A
                                             4,330        3,009
        Carrols     Restaurant      Group   Inc.
                                          1,009,447           2,988
    *,1
        Redbox    Entertainment        Inc.
                                           402,900          2,986
    *
        Chicken     Soup   For  The  Soul   Entertainment        Inc.
                                           211,224          2,923
        Acme   United    Corp.
                                            85,199         2,871
    *
        Urban   One  Inc.
                                           844,838          2,864
    *
        Superior     Industries      International        Inc.
                                           622,847          2,790
    *
        Emerald     Holding     Inc.
                                           690,955          2,743
    *
        Biglari     Holdings     Inc.   Class   B
                                            18,772         2,676
                                 68/498


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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *
        SRAX   Inc.   Class   A
                                           591,097          2,654
    *
        Landsea     Homes   Corp.
                                           356,896          2,612
    *,1
        HyreCar     Inc.
                                           526,051          2,478
    *,1
        Revlon    Inc.   Class   A
                                           214,200          2,429
    *
        BBQ  Holdings     Inc.
                                           152,057          2,415
    *,1
        Hall   of  Fame   Resort    & Entertainment        Co.
                                          1,464,451           2,226
    *
        NextPlay     Technologies       Inc.
                                          2,436,472           2,084
    *
        Fluent    Inc.
                                          1,044,952           2,079
    *,1
        J.  Jill   Inc.
                                           108,388          2,079
    *,1
        BurgerFi     International        Inc.
                                           362,697          2,057
    *
        Dixie   Group   Inc.
                                           344,452          1,974
    *
        Travelzoo                                    204,643          1,928
    *,1
        LiveOne     Inc.
                                          1,461,313           1,870
    *
        Regis   Corp.
                                          1,043,845           1,816
        Educational       Development       Corp.
                                           202,269          1,804
    *
        Charles     & Colvard     Ltd.
                                           610,246          1,764
    *
        StoneMor     Inc.
                                           770,131          1,756
    *,1
        Red  Cat  Holdings     Inc.
                                           844,136          1,756
    *
        Luby's    Inc.
                                           600,620          1,718
    *,1
        Dolphin     Entertainment        Inc.
                                           199,020          1,696
    *,1
        Owlet   Inc.
                                           625,636          1,670
        FAT  Brands    Inc.   Class   A
                                           153,984          1,631
    *
        Good   Times   Restaurants       Inc.
                                           350,945          1,523
    *
        Aspen   Group   Inc.
                                           638,706          1,507
    *,1
        LMP  Automotive      Holdings     Inc.
                                           210,630          1,472
        Crown   Crafts    Inc.
                                           197,670          1,437
    *,1
        AYRO   Inc.
                                           891,109          1,435
    *,1
        Envela    Corp.
                                           343,551          1,398
    *
        Marchex     Inc.   Class   B
                                           546,577          1,356
        DallasNews      Corp.
                                           176,590          1,270
    *
        Kewaunee     Scientific      Corp.
                                            97,612         1,244
    *
        JAKKS   Pacific     Inc.
                                           116,504          1,184
    *
        Salem   Media   Group   Inc.   Class   A
                                           370,322          1,133
    *
        Live   Ventures     Inc.
                                            34,139         1,076
    *
        Zovio   Inc.   Class   A
                                           827,480          1,051
    *,1
        Koss   Corp.
                                            96,440         1,030
    *
        FlexShopper       Inc.
                                           425,184           999
    *
        Volcon    Inc.
                                            83,500          902
        CompX   International        Inc.
                                            38,137          857
    *,1
        Digital     Media   Solutions      Inc.
                                           173,744           831
        NL  Industries      Inc.
                                           109,805           813
    *
        Harte   Hanks   Inc.
                                           102,600           780
    *
        Ark  Restaurants       Corp.
                                            42,468          707
    *,1
        Troika    Media   Group   Inc.
                                           595,828           697
    *
        Digital     Brands    Group   Inc.
                                           296,678           682
    *,1
        Vince   Holding     Corp.
                                            85,410          680
    *,1
        InterGroup      Corp.
                                            12,233          661
                                 69/498


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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *
        Canterbury      Park   Holding     Corp.
                                            35,941          620
    *,1
        Mullen    Automotive      Inc.
                                           117,454           614
    *
        Beasley     Broadcast      Group   Inc.   Class   A
                                           314,502           594
    *
        Instructure       Holdings     Inc.
                                            23,243          557
    *,1
        Allied    Esports     Entertainment        Inc.
                                           298,452           510
    *
        Urban   One  Inc.   Class   A
                                           107,488           500
    *,1
        EzFill    Holdings     Inc.
                                           348,800           481
    *
        Motorsport      Games   Inc.   Class   A
                                           138,235           470
    *,1
        Auddia    Inc.
                                           264,100           470
    *
        aka  Brands    Holding     Corp.
                                            45,691          423
    *
        Lulu's    Fashion     Lounge    Holdings     Inc.
                                            36,667          375
    *,1
        Lottery.com       Inc.
                                            58,000          369
    *,1
        Mediaco     Holding     Inc.   Class   A
                                            67,571          362
    *,1
        Muscle    Maker   Inc.
                                           487,573           351
    *
        PARTS   iD  Inc.
                                           138,518           338
    *
        Reading     International        Inc.   Class   A
                                            83,326          337
    *,1
        Amesite     Inc.
                                           292,757           302
        Jerash    Holdings     US  Inc.
                                            43,903          284
    *
        Kaspien     Holdings     Inc.
                                            23,810          252
    *
        Grom   Social    Enterprises       Inc.
                                           134,277           242
    *,1
        Applied     UV  Inc.
                                            86,071          232
    *
        Forward     Industries      Inc.
                                           144,468           225
    1
        FAT  Brands    Inc.   Class   B
                                            16,647          224
    *
        Torrid    Holdings     Inc.
                                            16,980          168
    *
        Xcel   Brands    Inc.
                                           151,456           165
    *
        Unique    Fabricating       Inc.
                                            79,983          157
    *
        Virco   Manufacturing        Corp.
                                            38,418          118
    *
        Flanigan's      Enterprises       Inc.
                                             3,749          116
    *
        Moving    Image   Technologies       Inc.
                                            40,290           85
    *,2
        Zagg   Inc.   CVR
                                           780,631           70
    *,2
        SRAX   Inc.
                                           590,641           47
    *
        Rave   Restaurant      Group   Inc.
                                            21,026           21
    *
        Summer    Infant    Inc.
                                              522          5
    *,2
        resTORbio      Inc.   CVR                                        -
                                            70,194
                                                  218,314,246
    生活必需品      (4.7  ％ )
        Procter     & Gamble    Co.
                                          68,774,496        11,250,132
        PepsiCo     Inc.
                                          39,294,953         6,825,926
        Coca-Cola      Co.
                                         110,482,879          6,541,691
        Philip    Morris    International        Inc.
                                          44,245,226         4,203,297
        CVS  Health    Corp.
                                          37,517,401         3,870,295
        Mondelez     International        Inc.   Class   A
                                          39,640,610         2,628,569
        Altria    Group   Inc.
                                          52,205,320         2,474,010
        Colgate-Palmolive          Co.
                                          23,947,429         2,043,674
        Kimberly-Clark         Corp.
                                          9,569,512        1,367,675
        General     Mills   Inc.
                                          17,213,544         1,159,849
        Sysco   Corp.
                                          14,571,218         1,144,569
                                 70/498


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                                                   市場価格     •
                                             株数     ( 千米ドル     )
        Constellation        Brands    Inc.   Class   A
                                          4,435,351        1,113,140
        Walgreens      Boots   Alliance     Inc.
                                          20,913,653         1,090,856
        McKesson     Corp.
                                          4,329,765        1,076,250
        Archer-Daniels-Midland             Co.
                                          15,902,225         1,074,831
    *
        Monster     Beverage     Corp.
                                          10,527,725         1,011,083
        Corteva     Inc.
                                          20,754,473          981,272
        Kroger    Co.
                                          19,025,330          861,086
        Keurig    Dr  Pepper    Inc.
                                          22,167,787          817,105
        Hershey     Co.
                                          4,131,631          799,347
        Tyson   Foods   Inc.   Class   A
                                          8,376,405          730,087
        Church    & Dwight    Co.  Inc.
                                          6,940,931          711,445
        Kraft   Heinz   Co.
                                          19,154,502          687,647
        McCormick      & Co.  Inc.   (Non-Voting)
                                          7,086,139          684,592
        Brown-Forman       Corp.   Class   B
                                          9,005,018          656,106
        Clorox    Co.
                                          3,493,193          609,073
        AmerisourceBergen          Corp.
                                          4,137,284          549,804
        Kellogg     Co.
                                          7,272,263          468,479
        Conagra     Brands    Inc.
                                          13,637,110          465,707
        J M Smucker     Co.
                                          2,924,160          397,159
        Hormel    Foods   Corp.
                                          7,710,013          376,326
        Bunge   Ltd.
                                          3,793,451          354,157
    *
        Darling     Ingredients       Inc.
                                          4,598,916          318,659
        Lamb   Weston    Holdings     Inc.
                                          4,152,473          263,184
        Campbell     Soup   Co.
                                          5,581,045          242,552
        Molson    Coors   Beverage     Co.  Class   B
                                          5,134,011          237,961
        Casey's     General     Stores    Inc.
                                          1,055,817          208,366
    *
        Performance       Food   Group   Co.
                                          4,378,630          200,935
    *
        US  Foods   Holding     Corp.
                                          5,688,259          198,122
    *
        Post   Holdings     Inc.
                                          1,599,854          180,352
        Ingredion      Inc.
                                          1,796,611          173,625
        Flowers     Foods   Inc.
                                          5,408,573          148,574
    *
        Boston    Beer   Co.  Inc.   Class   A
                                           260,452        131,554
        Spectrum     Brands    Holdings     Inc.
                                          1,172,286          119,245
        Sanderson      Farms   Inc.
                                           602,792        115,182
    *
        Freshpet     Inc.
                                          1,169,456          111,414
    *
        Herbalife      Nutrition      Ltd.
                                          2,710,803          110,953
    *
        Hain   Celestial      Group   Inc.
                                          2,562,737          109,198
    *,1
        Beyond    Meat   Inc.
                                          1,616,714          105,345
    *
        Simply    Good   Foods   Co.
                                          2,452,396          101,946
        WD-40   Co.
                                           390,101         95,434
    *
        Sprouts     Farmers     Market    Inc.
                                          3,195,645          94,847
        Lancaster      Colony    Corp.
                                           547,995         90,748
        Coca-Cola      Consolidated       Inc.
                                           132,113         81,803
    *
        United    Natural     Foods   Inc.
                                          1,648,698          80,918
    *
        Hostess     Brands    Inc.   Class   A
                                          3,932,404          80,300
    *
        Celsius     Holdings     Inc.
                                          1,064,986          79,416
        Primo   Water   Corp.
                                          4,328,024          76,303
                                 71/498


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                                                   市場価格     •
                                             株数     ( 千米ドル     )
        Energizer      Holdings     Inc.
                                          1,901,802          76,262
        Nu  Skin   Enterprises       Inc.   Class   A
                                          1,418,629          71,995
    *
        Beauty    Health    Co.
                                          2,977,847          71,945
        Edgewell     Personal     Care   Co.
                                          1,547,480          70,735
    *,1
        Grocery     Outlet    Holding     Corp.
                                          2,459,571          69,557
        Medifast     Inc.
                                           314,128         65,788
    *
        TreeHouse      Foods   Inc.
                                          1,588,167          64,368
    1
        B&G  Foods   Inc.
                                          1,846,771          56,751
    *
        Olaplex     Holdings     Inc.
                                          1,832,868          53,391
        J & J Snack   Foods   Corp.
                                           326,028         51,499
        Reynolds     Consumer     Products     Inc.
                                          1,475,996          46,346
        Vector    Group   Ltd.
                                          3,721,616          42,724
        Cal-Maine      Foods   Inc.
                                          1,130,220          41,807
    *
        Pilgrim's      Pride   Corp.
                                          1,391,177          39,231
        Universal      Corp.
                                           667,177         36,641
        Ingles    Markets     Inc.   Class   A
                                           406,165         35,068
        MGP  Ingredients       Inc.
                                           405,852         34,493
    *
        USANA   Health    Sciences     Inc.
                                           332,532         33,652
        Andersons      Inc.
                                           844,343         32,685
    *
        Chefs'    Warehouse      Inc.
                                           970,749         32,326
    *,1
        BellRing     Brands    Inc.   Class   A
                                          1,115,843          31,835
        Weis   Markets     Inc.
                                           459,818         30,293
        Utz  Brands    Inc.
                                          1,891,544          30,170
    1
        National     Beverage     Corp.
                                           656,795         29,773
        Fresh   Del  Monte   Produce     Inc.
                                          1,013,637          27,976
    *
        Hydrofarm      Holdings     Group   Inc.
                                           934,972         26,450
        Seaboard     Corp.
                                             6,616        26,034
        SpartanNash       Co.
                                           970,540         25,001
    *,1
        Duckhorn     Portfolio      Inc.
                                           976,373         22,789
        John   B Sanfilippo      & Son  Inc.
                                           251,600         22,684
    *
        Rite   Aid  Corp.
                                          1,482,120          21,772
        ACCO   Brands    Corp.
                                          2,592,751          21,416
        Calavo    Growers     Inc.
                                           478,378         20,283
    *
        GrowGeneration         Corp.
                                          1,467,130          19,146
    *,1
        Tattooed     Chef   Inc.
                                          1,187,742          18,458
        Brown-Forman       Corp.   Class   A
                                           259,279         17,577
        Turning     Point   Brands    Inc.
                                           456,482         17,246
    *,1
        PLBY   Group   Inc.
                                           646,732         17,229
    *
        Mission     Produce     Inc.
                                          1,001,161          15,718
        Nature's     Sunshine     Products     Inc.
                                           789,554         14,607
    1
        PetMed    Express     Inc.
                                           568,993         14,373
    *,1
        22nd   Century     Group   Inc.
                                          4,628,765          14,303
        Tootsie     Roll   Industries      Inc.
                                           391,887         14,198
    *
        Honest    Co.  Inc.
                                          1,426,618          11,541
    *
        Whole   Earth   Brands    Inc.
                                          1,037,374          11,141
    *
        Sovos   Brands    Inc.
                                           716,600         10,785
    *
        Veru   Inc.
                                          1,770,928          10,431
                                 72/498


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                                                有価証券報告書（外国投資信託受益証券）
                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *
        Vital   Farms   Inc.
                                           520,595          9,402
    *
        Benson    Hill   Inc.
                                          1,265,490           9,225
    *,1
        HF  Foods   Group   Inc.
                                          1,087,920           9,204
        Oil-Dri     Corp.   of  America
                                           263,293          8,618
    *
        Landec    Corp.
                                           714,876          7,935
    *
        Seneca    Foods   Corp.   Class   A
                                           162,229          7,779
    *,1
        AppHarvest      Inc.
                                          1,904,283           7,408
        Limoneira      Co.
                                           451,596          6,774
        Alico   Inc.
                                           149,534          5,537
        Village     Super   Market    Inc.   Class   A
                                           219,880          5,143
        Natural     Grocers     by  Vitamin     Cottage     Inc.
                                           317,495          4,524
    *,1
        Local   Bounti    Corp.
                                           617,326          3,982
    *,1
        NewAge    Inc.
                                          3,820,555           3,935
    *,1
        Vita   Coco   Co.  Inc.
                                           315,970          3,529
    *,1
        Alkaline     Water   Co.  Inc.
                                          2,698,649           3,184
    *
        Lifevantage       Corp.
                                           500,965          3,166
    *
        Farmer    Bros   Co.
                                           415,167          3,093
    *,1
        AquaBounty      Technologies       Inc.
                                          1,307,824           2,746
    *
        Natural     Alternatives       International        Inc.
                                           197,375          2,495
    *,1
        LifeMD    Inc.
                                           621,308          2,404
    *,1
        Laird   Superfood      Inc.
                                           182,168          2,376
    *,1
        Zevia   PBC  Class   A
                                           333,732          2,353
    *
        Blue   Apron   Holdings     Inc.   Class   A
                                           344,335          2,317
    *,1
        Beachbody      Co.  Inc.
                                           968,258          2,295
        ProPhase     Labs   Inc.
                                           303,130          2,173
    *
        Urban-Gro      Inc.
                                           189,972          1,991
    *,1
        Greenlane      Holdings     Inc.   Class   A
                                          2,011,084           1,939
    *
        Nuzee   Inc.
                                           410,002          1,697
    *
        S&W  Seed   Co.
                                           576,492          1,574
        AMCON   Distributing       Co.
                                             6,105        1,218
    *
        Rocky   Mountain     Chocolate      Factory     Inc.
                                           152,787          1,192
        Mannatech      Inc.
                                            30,953         1,186
    *
        Willamette      Valley    Vineyards      Inc.
                                           130,770          1,135
        Ocean   Bio-Chem     Inc.
                                           124,500          1,083
    *
        Coffee    Holding     Co.  Inc.
                                           230,234          1,002
    *
        Real   Good   Food   Co.  Inc.   Class   A
                                           157,843           988
    *
        Reed's    Inc.
                                          2,530,478            908
    *,1
        MedAvail     Holdings     Inc.
                                           629,749           882
    *,1
        Calyxt    Inc.
                                           333,863           711
    *
        Better    Choice    Co.  Inc.
                                           197,337           637
    *
        Eastside     Distilling      Inc.
                                           341,987           612
    *
        Guardion     Health    Sciences     Inc.
                                           787,758           510
    *
        Arcadia     Biosciences       Inc.
                                           483,138           503
    *
        Bridgford      Foods   Corp.
                                            39,983          465
    *
        MamaMancini's        Holdings     Inc.
                                           205,991           416
    *
        Yield10     Bioscience      Inc.
                                            75,975          374
    *
        Lifeway     Foods   Inc.
                                            45,393          214
                                 73/498


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                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *
        RiceBran     Technologies
                                           560,464           195
    *
        Zivo   Bioscience      Inc.                                      180
                                            62,634
                                                  64,495,877
    エネルギー      (2.8  ％ )
        Exxon   Mobil   Corp.
                                         120,319,130          7,362,328
        Chevron     Corp.
                                          54,784,484         6,428,959
        ConocoPhillips                                  37,485,339         2,705,692
        EOG  Resources      Inc.
                                          16,629,234         1,477,175
        Schlumberger       NV
                                          39,874,353         1,194,237
        Pioneer     Natural     Resources      Co.
                                          6,246,129        1,136,046
        Marathon     Petroleum      Corp.
                                          17,496,110         1,119,576
        Kinder    Morgan    Inc.
                                          57,991,542          919,746
        Phillips     66
                                          12,455,848          902,551
        Valero    Energy    Corp.
                                          11,614,485          872,364
        Williams     Cos.   Inc.
                                          33,153,587          863,319
        Devon   Energy    Corp.
                                          19,233,799          847,249
        ONEOK   Inc.
                                          12,678,056          744,963
        Occidental      Petroleum      Corp.
                                          25,206,963          730,750
        Cheniere     Energy    Inc.
                                          6,486,678          657,879
    *
        Enphase     Energy    Inc.
                                          3,451,568          631,430
        Hess   Corp.
                                          7,923,192          586,554
        Baker   Hughes    Co.
                                          23,525,253          566,018
        Diamondback       Energy    Inc.
                                          5,149,710          555,396
        Halliburton       Co.
                                          24,185,025          553,112
    *
        Plug   Power   Inc.
                                          16,387,798          462,628
        Coterra     Energy    Inc.
                                          23,124,856          439,372
        Marathon     Oil  Corp.
                                          22,133,274          363,428
        Targa   Resources      Corp.
                                          6,507,505          339,952
        APA  Corp.
                                          10,326,651          277,684
        Ovintiv     Inc.
                                          7,422,687          250,145
    *
        First   Solar   Inc.
                                          2,720,101          237,084
    *
        EQT  Corp.
                                          10,744,643          234,341
        Texas   Pacific     Land   Corp.
                                           176,157        219,997
        Chesapeake      Energy    Corp.
                                          2,924,725          188,703
    *
        NOV  Inc.
                                          11,120,234          150,679
        HollyFrontier        Corp.
                                          4,157,470          136,282
        PDC  Energy    Inc.
                                          2,768,909          135,067
    *
        Southwestern       Energy    Co.
                                          28,904,087          134,693
    *
        Antero    Resources      Corp.
                                          7,587,733          132,785
        DT  Midstream      Inc.
                                          2,749,231          131,908
    *
        Range   Resources      Corp.
                                          7,018,074          125,132
    *,1
        ChargePoint       Holdings     Inc.
                                          6,419,977          122,301
        Equitrans      Midstream      Corp.
                                          11,678,401          120,755
        Civitas     Resources      Inc.
                                          2,377,588          116,430
    *
        ChampionX      Corp.
                                          5,752,265          116,253
        Matador     Resources      Co.
                                          3,003,844          110,902
        Murphy    Oil  Corp.
                                          4,175,145          109,013
                                 74/498


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                                                有価証券報告書（外国投資信託受益証券）
                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *
        Denbury     Inc.
                                          1,353,732          103,682
        SM  Energy    Co.
                                          3,454,445          101,837
        California      Resources      Corp.
                                          2,285,489          97,613
        Antero    Midstream      Corp.
                                          8,820,351          85,381
        Magnolia     Oil  & Gas  Corp.   Class   A
                                          4,390,416          82,847
    *,1
        Stem   Inc.
                                          3,902,594          74,032
        Arcosa    Inc.
                                          1,372,884          72,351
    *
        Shoals    Technologies       Group   Inc.   Class   A
                                          2,969,583          72,161
    *
        Whiting     Petroleum      Corp.
                                          1,107,029          71,603
    *
        CNX  Resources      Corp.
                                          5,108,559          70,243
    *
        Ameresco     Inc.   Class   A
                                           858,200         69,892
        Continental       Resources      Inc.
                                          1,560,025          69,827
        Oasis   Petroleum      Inc.
                                           534,448         67,335
    *
        Callon    Petroleum      Co.
                                          1,395,398          65,933
        Helmerich      & Payne   Inc.
                                          2,770,002          65,649
        Cactus    Inc.   Class   A
                                          1,677,887          63,978
    *
        Renewable      Energy    Group   Inc.
                                          1,432,078          60,777
    *
        Array   Technologies       Inc.
                                          3,647,281          57,226
    *,1
        FuelCell     Energy    Inc.
                                          9,902,701          51,494
    *,1
        SunPower     Corp.
                                          2,455,269          51,241
    *
        Green   Plains    Inc.
                                          1,446,539          50,282
    *
        Weatherford       International        plc
                                          1,794,387          49,740
    1
        New  Fortress     Energy    Inc.   Class   A
                                          2,057,729          49,674
        World   Fuel   Services     Corp.
                                          1,698,033          44,947
        Patterson-UTI        Energy    Inc.
                                          5,216,876          44,083
    *
        Transocean      Ltd.
                                          15,701,779           43,337
        Arch   Resources      Inc.
                                           435,409         39,762
        Warrior     Met  Coal   Inc.
                                          1,470,663          37,811
    *,1
        Tellurian      Inc.
                                          11,565,108           35,621
    *
        PBF  Energy    Inc.   Class   A
                                          2,732,636          35,442
        Northern     Oil  & Gas  Inc.
                                          1,715,318          35,301
    *
        Liberty     Oilfield     Services     Inc.   Class   A
                                          3,408,195          33,059
        Archrock     Inc.
                                          4,390,845          32,844
    *
        Oceaneering       International        Inc.
                                          2,859,768          32,344
    *
        Delek   US  Holdings     Inc.
                                          2,122,957          31,823
    *
        Centennial      Resource     Development       Inc.   Class   A
                                          5,263,526          31,476
    *
        Fluence     Energy    Inc.   Class   A
                                           845,919         30,081
    *
        Peabody     Energy    Corp.
                                          2,896,192          29,165
        Core   Laboratories       NV
                                          1,300,792          29,021
    *
        Alpha   Metallurgical        Resources      Inc.
                                           443,333         27,065
    *
        NOW  Inc.
                                          3,119,549          26,641
    *
        Laredo    Petroleum      Inc.
                                           437,939         26,333
        Brigham     Minerals     Inc.   Class   A
                                          1,223,920          25,812
    *,1
        Noble   Corp.
                                          1,027,335          25,488
    *,1
        Gevo   Inc.
                                          5,448,564          23,320
    *
        Gulfport     Energy    Corp.
                                           321,805         23,180
    *
        DMC  Global    Inc.
                                           530,714         21,022
                                 75/498


                                                          EDINET提出書類
                                              バンガード・インデックス・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     )
    *
        Par  Pacific     Holdings     Inc.
                                          1,264,259          20,848
    *
        NexTier     Oilfield     Solutions      Inc.
                                          5,861,975          20,810
    *
        ProPetro     Holding     Corp.
                                          2,528,442          20,480
    *
        Bristow     Group   Inc.   Class   A
                                           644,164         20,401
    *
        Dril-Quip      Inc.
                                          1,016,414          20,003
    *
        Comstock     Resources      Inc.
                                          2,272,847          18,387
    *
        Nabors    Industries      Ltd.
                                           208,953         16,944
    *
        CONSOL    Energy    Inc.
                                           735,685         16,707
    *,1
        Montauk     Renewables      Inc.
                                          1,624,116          16,647
        Berry   Corp.
                                          1,936,014          16,301
        SunCoke     Energy    Inc.
                                          2,368,439          15,608
    *
        Centrus     Energy    Corp.   Class   A
                                           310,367         15,490
    *
        Ranger    Oil  Corp.
                                           570,189         15,349
    *
        MRC  Global    Inc.
                                          2,220,526          15,277
    *
        TPI  Composites      Inc.
                                           982,532         14,699
    *
        REX  American     Resources      Corp.
                                           150,951         14,491
        CVR  Energy    Inc.
                                           855,403         14,379
    *
        Talos   Energy    Inc.
                                          1,284,887          12,592
    *
        Helix   Energy    Solutions      Group   Inc.
                                          3,988,209          12,443
    *
        Tidewater      Inc.
                                          1,081,354          11,581
    *
        Select    Energy    Services     Inc.   Class   A
                                          1,858,281          11,577
    *,1
        Aemetis     Inc.
                                           805,835          9,912
    *
        RPC  Inc.
                                          2,163,613           9,823
    *
        SandRidge      Energy    Inc.
                                           920,016          9,623
    *
        TETRA   Technologies       Inc.
                                          3,298,148           9,367
    *
        Earthstone      Energy    Inc.   Class   A
                                           834,701          9,132
    *,1
        Crescent     Energy    Inc.   Class   A
                                           696,896          8,837
    *
        W&T  Offshore     Inc.
                                          2,683,486           8,668
    *
        Oil  States    International        Inc.
                                          1,675,598           8,328
    *,1
        Volta   Inc.
                                          1,089,200           7,995
    *
        American     Superconductor         Corp.
                                           699,725          7,613
    *
        Newpark     Resources      Inc.
                                          2,465,453           7,248
    *
        FTS  International        Inc.   Class   A
                                           274,859          7,215
    *
        SilverBow      Resources      Inc.
                                           320,799          6,984
    *,1
        EVgo   Inc.
                                           684,200          6,801
    *,1
        Camber    Energy    Inc.
                                          7,107,332           6,041
    1
        Altus   Midstream      Co.
                                            96,236         5,900
    *
        Trecora     Resources
                                           711,814          5,751
    *,1
        Advent    Technologies       Holdings     Inc.
                                           804,755          5,641
    *
        Matrix    Service     Co.
                                           742,386          5,583
        Solaris     Oilfield     Infrastructure         Inc.   Class   A
                                           851,953          5,580
    *
        Ramaco    Resources      Inc.
                                           376,500          5,120
    *
        VAALCO    Energy    Inc.
                                          1,573,656           5,051
        Falcon    Minerals     Corp.
                                          1,004,143           4,890
    *,1
        Ring   Energy    Inc.
                                          2,080,950           4,745
        NACCO   Industries      Inc.   Class   A
                                           125,541          4,556
    *,1
        Beam   Global
                                           225,421          4,193
                                 76/498


                                                          EDINET提出書類
                                              バンガード・インデックス・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     )
    *
        Natural     Gas  Services     Group   Inc.
                                           378,603          3,964
        Evolution      Petroleum      Corp.
                                           784,579          3,962
    *,1
        NextDecade      Corp.
                                          1,303,072           3,714
    *
        FTC  Solar   Inc.
                                           470,149          3,554
    *
        Amplify     Energy    Corp.
                                           859,535          2,673
    *,1
        American     Resources      Corp.
                                          1,448,956           2,608
    *
        Geospace     Technologies       Corp.
                                           385,060          2,588
    *
        Sunworks     Inc.
                                           763,794          2,345
    *
        Flotek    Industries      Inc.
                                          1,911,170           2,160
    *,1
        Ocean   Power   Technologies       Inc.
                                          1,436,122           2,125
    *
        Exterran     Corp.
                                           707,599          2,109
    *
        Battalion      Oil  Corp.
                                           207,283          2,031
    *
        Epsilon     Energy    Ltd.
                                           355,787          2,017
        Adams   Resources      & Energy    Inc.
                                            67,642         1,881
    *
        Ranger    Energy    Services     Inc.   Class   A
                                           179,548          1,844
    *
        Ideal   Power   Inc.
                                           149,114          1,798
    *
        SEACOR    Marine    Holdings     Inc.
                                           507,121          1,724
    *,1
        ESS  Tech   Inc.
                                           147,986          1,693
        PHX  Minerals     Inc.
                                           766,499          1,663
    *
        Ecoark    Holdings     Inc.
                                           703,727          1,569
    *,1
        iSun   Inc.
                                           262,173          1,563
    *
        PrimeEnergy       Resources      Corp.
                                            21,626         1,493
    *
        Gulf   Island    Fabrication       Inc.
                                           372,057          1,492
    *
        Forum   Energy    Technologies       Inc.
                                            89,925         1,443
    *
        Hallador     Energy    Co.
                                           579,365          1,425
    *
        Capstone     Green   Energy    Corp.
                                           344,624          1,144
    *
        Smart   Sand   Inc.
                                           618,977          1,102
    *,1
        US  Well   Services     Inc.   Class   A
                                           895,941          1,030
    *
        Dawson    Geophysical       Co.
                                           420,698           974
    *
        MIND   Technology      Inc.
                                           491,883           817
    *
        Profire     Energy    Inc.
                                           598,754           635
    *,1
        KLX  Energy    Services     Holdings     Inc.
                                           186,512           578
    *
        Mammoth     Energy    Services     Inc.
                                           307,258           559
    *,1
        ION  Geophysical       Corp.
                                           615,545           542
    *
        PEDEVCO     Corp.
                                           460,492           488
    *
        Independence       Contract     Drilling     Inc.
                                           129,345           388
    *,1
        New  Concept     Energy    Inc.
                                           154,300           367
    *,1
        Nine   Energy    Service     Inc.
                                           332,516           332
    *
        Nabors    Industries      Ltd.   Warrants     Exp.   6/11/26
                                            70,676          264
    *
        US  Energy    Corp.   Wyoming
                                            73,862          242
    *
        Stabilis     Solutions      Inc.
                                            43,809          188
    *
        NCS  Multistage      Holdings     Inc.
                                             5,982          173
    *
        Tidewater      Inc.   Class   A Warrants     Exp.   7/31/23
                                             8,839           5
    *
        Tidewater      Inc.   Class   B Warrants     Exp.   7/31/23
                                             9,555           3
    *,1,2
        Harvest     Natural     Resources      Inc.
                                            51,829           -
                                 77/498


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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *,1
        FTS  International        Inc.   Warrants     Exp.   11/19/23                           -
                                            22,671
                                                  38,467,534
    金融   (10.8   ％ )
    *
        Berkshire      Hathaway     Inc.   Class   B
                                          48,225,937        14,419,555
        JPMorgan     Chase   & Co.
                                          83,988,235        13,299,537
        Bank   of  America     Corp.
                                         197,709,410          8,796,092
        Wells   Fargo   & Co.
                                         113,321,790          5,437,179
        Morgan    Stanley
                                          40,798,842         4,004,814
        Charles     Schwab    Corp.
                                          43,757,082         3,679,971
        Goldman     Sachs   Group   Inc.
                                          9,533,979        3,647,224
        BlackRock      Inc.
                                          3,885,635        3,557,532
        Citigroup      Inc.
                                          56,391,721         3,405,496
        S&P  Global    Inc.
                                          6,849,223        3,232,354
        Blackstone      Inc.
                                          19,521,962         2,525,947
        Marsh   & McLennan     Cos.   Inc.
                                          14,348,153         2,493,996
        PNC  Financial      Services     Group   Inc.
                                          12,010,806         2,408,407
        CME  Group   Inc.
                                          10,215,056         2,333,732
        Truist    Financial      Corp.
                                          37,928,163         2,220,694
        Intercontinental          Exchange     Inc.
                                          16,010,771         2,189,793
        US  Bancorp
                                          37,925,164         2,130,256
        Chubb   Ltd.
                                          10,405,274         2,011,444
        Aon  plc  Class   A
                                          5,949,029        1,788,040
        Moody's     Corp.
                                          4,490,534        1,753,913
        Progressive       Corp.
                                          16,608,682         1,704,881
        MSCI   Inc.
                                          2,226,044        1,363,875
        American     International        Group   Inc.
                                          23,599,107         1,341,845
        T.  Rowe   Price   Group   Inc.
                                          6,387,721        1,256,081
        Bank   of  New  York   Mellon    Corp.
                                          21,124,633         1,226,919
        KKR  & Co.  Inc.
                                          15,795,030         1,176,730
        Prudential      Financial      Inc.
                                          10,740,838         1,162,588
    *
        SVB  Financial      Group
                                          1,668,009        1,131,310
        MetLife     Inc.
                                          17,930,203         1,120,458
        Travelers      Cos.   Inc.
                                          6,991,414        1,093,667
        First   Republic     Bank
                                          5,088,465        1,050,819
        Arthur    J Gallagher      & Co.
                                          5,891,200          999,560
        Aflac   Inc.
                                          16,920,915          988,012
        Discover     Financial      Services
                                          8,330,088          962,625
        Ameriprise      Financial      Inc.
                                          3,180,155          959,326
        Allstate     Corp.
                                          8,146,969          958,491
    *
        Coinbase     Global    Inc.   Class   A
                                          3,750,497          946,513
        Fifth   Third   Bancorp
                                          19,434,478          846,372
        Willis    Towers    Watson    plc
                                          3,541,684          841,115
        Nasdaq    Inc.
                                          3,326,160          698,527
        State   Street    Corp.
                                          7,300,767          678,971
        Northern     Trust   Corp.
                                          5,607,132          670,669
        Hartford     Financial      Services     Group   Inc.
                                          9,674,667          667,939
        Huntington      Bancshares      Inc.
                                          41,112,365          633,953
                                 78/498


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                                                有価証券報告書（外国投資信託受益証券）
                                                   市場価格     •
                                             株数     ( 千米ドル     )
        KeyCorp                                  26,461,232          612,048
        Broadridge      Financial      Solutions      Inc.
                                          3,312,162          605,529
        Regions     Financial      Corp.
                                          27,105,395          590,898
        Citizens     Financial      Group   Inc.
                                          12,114,193          572,396
        M&T  Bank   Corp.
                                          3,657,449          561,711
        Principal      Financial      Group   Inc.
                                          7,533,780          544,918
        Raymond     James   Financial      Inc.
                                          5,273,097          529,419
        FactSet     Research     Systems     Inc.
                                          1,069,802          519,934
        Cincinnati      Financial      Corp.
                                          4,352,185          495,844
        Brown   & Brown   Inc.
                                          6,822,503          479,486
    *
        Markel    Corp.
                                           388,240        479,088
    *
        Berkshire      Hathaway     Inc.   Class   A
                                             1,051       473,646
        Ally   Financial      Inc.
                                          9,846,914          468,812
    *
        Arch   Capital     Group   Ltd.
                                          10,424,414          463,365
        Signature      Bank
                                          1,418,801          458,940
        Apollo    Asset   Management      Inc.
                                          6,234,076          451,534
        MarketAxess       Holdings     Inc.
                                          1,026,900          422,333
        Fidelity     National     Financial      Inc.
                                          7,679,797          400,732
        Cboe   Global    Markets     Inc.
                                          3,029,409          395,035
        Equitable      Holdings     Inc.
                                          11,511,808          377,472
        Loews   Corp.
                                          6,126,880          353,889
        LPL  Financial      Holdings     Inc.
                                          2,164,186          346,465
        Carlyle     Group   Inc.
                                          6,079,507          333,765
        Lincoln     National     Corp.
                                          4,880,883          333,169
        Ares   Management      Corp.   Class   A
                                          4,048,954          329,058
        Comerica     Inc.
                                          3,728,720          324,399
        Annaly    Capital     Management      Inc.
                                          41,142,564          321,735
    *
        Athene    Holding     Ltd.   Class   A
                                          3,822,576          318,535
        East   West   Bancorp     Inc.
                                          4,033,493          317,355
        W R Berkley     Corp.
                                          3,765,001          310,198
        Everest     Re  Group   Ltd.
                                          1,118,860          306,478
        Western     Alliance     Bancorp
                                          2,813,951          302,922
        Tradeweb     Markets     Inc.   Class   A
                                          2,985,306          298,949
        Franklin     Resources      Inc.
                                          8,564,594          286,828
        American     Financial      Group   Inc.
                                          2,046,578          281,036
        Zions   Bancorp     NA
                                          4,447,949          280,932
    *,1
        SoFi   Technologies       Inc.
                                          17,196,053          271,870
        Invesco     Ltd.
                                          11,802,080          271,684
        Assurant     Inc.
                                          1,618,971          252,333
        First   Horizon     Corp.
                                          15,365,123          250,912
    *
        Alleghany      Corp.
                                           369,779        246,861
    *
        Upstart     Holdings     Inc.
                                          1,630,582          246,707
        Globe   Life   Inc.
                                          2,586,301          242,388
        First   American     Financial      Corp.
                                          2,962,815          231,781
        Morningstar       Inc.
                                           673,698        230,398
        AGNC   Investment      Corp.
                                          14,894,178          224,008
        RenaissanceRe        Holdings     Ltd.
                                          1,308,156          221,510
                                 79/498


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                                                   市場価格     •
                                             株数     ( 千米ドル     )
        SEI  Investments       Co.
                                          3,565,874          217,304
        People's     United    Financial      Inc.
                                          12,166,689          216,810
        Commerce     Bancshares      Inc.
                                          3,117,858          214,322
        Reinsurance       Group   of  America     Inc.
                                          1,921,747          210,412
        Voya   Financial      Inc.
                                          3,158,599          209,447
        Cullen/Frost       Bankers     Inc.
                                          1,628,534          205,309
        Old  Republic     International        Corp.
                                          8,285,987          203,670
        Janus   Henderson      Group   plc
                                          4,848,475          203,345
        Jefferies      Financial      Group   Inc.
                                          5,233,530          203,061
        Starwood     Property     Trust   Inc.
                                          8,232,975          200,061
        Interactive       Brokers     Group   Inc.   Class   A
                                          2,514,881          199,732
        Stifel    Financial      Corp.
                                          2,813,917          198,156
        Pinnacle     Financial      Partners     Inc.
                                          2,056,226          196,370
        First   Financial      Bankshares      Inc.
                                          3,846,987          195,581
        Synovus     Financial      Corp.
                                          3,929,745          188,117
        Affiliated      Managers     Group   Inc.
                                          1,097,879          180,612
        Prosperity      Bancshares      Inc.
                                          2,486,041          179,741
        Glacier     Bancorp     Inc.
                                          3,146,050          178,381
        Popular     Inc.
                                          2,129,164          174,677
        Primerica      Inc.
                                          1,122,369          172,025
    1
        Blue   Owl  Capital     Inc.   Class   A
                                          11,522,581          171,802
        OneMain     Holdings     Inc.
                                          3,311,140          165,689
        SLM  Corp.
                                          8,333,532          163,921
        Bank   OZK
                                          3,506,828          163,173
        Cadence     Bank
                                          5,473,997          163,070
        Valley    National     Bancorp
                                          11,576,034          159,170
        SouthState      Corp.
                                          1,983,629          158,909
        PacWest     Bancorp
                                          3,334,427          150,616
        Houlihan     Lokey   Inc.   Class   A
                                          1,449,608          150,063
        New  York   Community      Bancorp     Inc.
                                          12,109,549          147,858
        Wintrust     Financial      Corp.
                                          1,621,326          147,249
        Kinsale     Capital     Group   Inc.
                                           616,377        146,630
        CIT  Group   Inc.
                                          2,812,456          144,391
        Webster     Financial      Corp.
                                          2,576,552          143,875
        New  Residential       Investment      Corp.
                                          13,253,198          141,942
    *,1
        Credit    Acceptance      Corp.
                                           206,217        141,811
        Sterling     Bancorp
                                          5,484,248          141,439
        Selective      Insurance      Group   Inc.
                                          1,709,589          140,084
        Erie   Indemnity      Co.  Class   A
                                           722,007        139,102
        Blackstone      Mortgage     Trust   Inc.   Class   A
                                          4,521,143          138,437
        RLI  Corp.
                                          1,222,251          137,014
    *
        Trupanion      Inc.
                                          1,034,070          136,528
        Essent    Group   Ltd.
                                          2,985,528          135,931
        First   Citizens     BancShares      Inc.   Class   A
                                           162,416        134,779
        United    Bankshares      Inc.
                                          3,687,105          133,768
        MGIC   Investment      Corp.
                                          9,252,544          133,422
        Lazard    Ltd.   Class   A
                                          3,041,343          132,694
                                 80/498


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                                                   市場価格     •
                                             株数     ( 千米ドル     )
        Unum   Group
                                          5,233,902          128,597
        Evercore     Inc.   Class   A
                                           942,795        128,079
        UMB  Financial      Corp.
                                          1,169,394          124,084
        Walker    & Dunlop    Inc.
                                           819,811        123,693
        Hanover     Insurance      Group   Inc.
                                           910,754        119,363
        Umpqua    Holdings     Corp.
                                          6,150,217          118,330
        Axis   Capital     Holdings     Ltd.
                                          2,170,226          118,212
        ServisFirst       Bancshares      Inc.
                                          1,387,609          117,864
    *
        Brighthouse       Financial      Inc.
                                          2,271,871          117,683
        Hancock     Whitney     Corp.
                                          2,346,496          117,372
        Community      Bank   System    Inc.
                                          1,535,739          114,382
    *
        Silvergate      Capital     Corp.   Class   A
                                           765,620        113,465
        Jackson     Financial      Inc.   Class   A
                                          2,645,650          110,668
        FNB  Corp.
                                          9,078,611          110,124
        Moelis    & Co.  Class   A
                                          1,733,538          108,363
        Radian    Group   Inc.
                                          5,104,001          107,848
        Pacific     Premier     Bancorp     Inc.
                                          2,684,452          107,459
        BankUnited      Inc.
                                          2,535,673          107,284
        Independent       Bank   Corp.   (XNGS)
                                          1,279,794          104,342
        Home   BancShares      Inc.
                                          4,190,065          102,028
        Chimera     Investment      Corp.
                                          6,731,256          101,507
        Kemper    Corp.
                                          1,714,796          100,813
        First   Hawaiian     Inc.
                                          3,665,045          100,166
        Federated      Hermes    Inc.   Class   B
                                          2,617,417          98,363
        Eastern     Bankshares      Inc.
                                          4,781,747          96,448
        Investors      Bancorp     Inc.
                                          6,349,236          96,191
        Bank   of  Hawaii    Corp.
                                          1,141,133          95,581
        Assured     Guaranty     Ltd.
                                          1,887,645          94,760
        Ameris    Bancorp
                                          1,881,890          93,492
        United    Community      Banks   Inc.
                                          2,584,316          92,880
        Hamilton     Lane   Inc.   Class   A
                                           895,240         92,765
        Navient     Corp.
                                          4,342,323          92,144
        Virtu   Financial      Inc.   Class   A
                                          3,193,682          92,074
        Simmons     First   National     Corp.   Class   A
                                          3,103,579          91,804
        American     Equity    Investment      Life   Holding     Co.
                                          2,358,312          91,785
        Associated      Banc-Corp
                                          4,058,866          91,690
    *,1
        Marathon     Digital     Holdings     Inc.
                                          2,771,433          91,069
        Cathay    General     Bancorp
                                          2,088,588          89,788
    *
        Texas   Capital     Bancshares      Inc.
                                          1,440,278          86,777
        Piper   Sandler     Cos.
                                           483,168         86,250
        Old  National     Bancorp
                                          4,721,695          85,557
    *
        Axos   Financial      Inc.
                                          1,524,050          85,210
        Artisan     Partners     Asset   Management      Inc.   Class   A
                                          1,765,721          84,119
        CNO  Financial      Group   Inc.
                                          3,508,722          83,648
        White   Mountains      Insurance      Group   Ltd.
                                            81,371        82,502
        BOK  Financial      Corp.
                                           781,531         82,444
        FirstCash      Holdings     Inc.
                                          1,089,590          81,512
                                 81/498


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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *
        Triumph     Bancorp     Inc.
                                           678,064         80,744
        First   Bancorp     (XNYS)
                                          5,853,909          80,667
        Live   Oak  Bancshares      Inc.
                                           919,156         80,233
    *
        Mr  Cooper    Group   Inc.
                                          1,918,280          79,820
        CVB  Financial      Corp.
                                          3,663,017          78,425
        Fulton    Financial      Corp.
                                          4,593,721          78,093
    *
        Focus   Financial      Partners     Inc.   Class   A
                                          1,291,491          77,128
    *
        Enstar    Group   Ltd.
                                           309,763         76,694
        Atlantic     Union   Bankshares      Corp.
                                          2,044,466          76,238
    *
        Cannae    Holdings     Inc.
                                          2,155,209          75,756
        Independent       Bank   Group   Inc.
                                          1,037,848          74,881
        Arbor   Realty    Trust   Inc.
                                          4,086,847          74,871
        Santander      Consumer     USA  Holdings     Inc.
                                          1,738,846          73,066
        Columbia     Banking     System    Inc.
                                          2,230,435          72,980
        Flagstar     Bancorp     Inc.
                                          1,492,858          71,568
    *,1
        Riot   Blockchain      Inc.
                                          3,130,662          69,908
        International        Bancshares      Corp.
                                          1,631,611          69,164
    *
        LendingClub       Corp.
                                          2,839,709          68,664
        WSFS   Financial      Corp.
                                          1,354,514          67,888
        First   Midwest     Bancorp     Inc.
                                          3,249,439          66,549
        Goosehead      Insurance      Inc.   Class   A
                                           506,625         65,902
        PennyMac     Financial      Services     Inc.
                                           921,384         64,294
        First   Merchants      Corp.
                                          1,533,512          64,239
        Cohen   & Steers    Inc.
                                           685,110         63,380
    *
        Ryan   Specialty      Group   Holdings     Inc.   Class   A
                                          1,560,631          62,971
        First   Financial      Bancorp
                                          2,550,775          62,188
        Washington      Federal     Inc.
                                          1,857,844          62,015
        Stewart     Information       Services     Corp.
                                           763,906         60,906
        Virtus    Investment      Partners     Inc.
                                           204,227         60,676
    *
        Open   Lending     Corp.   Class   A
                                          2,691,725          60,510
        StepStone      Group   Inc.   Class   A
                                          1,440,674          59,889
        WesBanco     Inc.
                                          1,710,258          59,842
    *
        PRA  Group   Inc.
                                          1,184,720          59,485
        Sandy   Spring    Bancorp     Inc.
                                          1,233,859          59,324
        Hilltop     Holdings     Inc.
                                          1,680,850          59,065
        Towne   Bank
                                          1,859,617          58,745
    *
        Genworth     Financial      Inc.   Class   A
                                          14,438,103           58,474
        Renasant     Corp.
                                          1,508,208          57,236
        MFA  Financial      Inc.
                                          12,539,036           57,178
        Park   National     Corp.
                                           415,805         57,094
        Two  Harbors     Investment      Corp.
                                          9,814,212          56,628
        Banner    Corp.
                                           926,473         56,209
        Seacoast     Banking     Corp.   of  Florida
                                          1,579,873          55,912
    *
        BRP  Group   Inc.   Class   A
                                          1,536,370          55,478
        Lakeland     Financial      Corp.
                                           685,895         54,968
        Heartland      Financial      USA  Inc.
                                          1,083,893          54,856
        Argo   Group   International        Holdings     Ltd.
                                           943,733         54,840
                                 82/498


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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *
        Customers      Bancorp     Inc.
                                           829,452         54,221
    1
        Rocket    Cos.   Inc.   Class   A
                                          3,828,264          53,596
        Great   Western     Bancorp     Inc.
                                          1,576,115          53,525
    *
        NMI  Holdings     Inc.   Class   A
                                          2,440,304          53,321
        Veritex     Holdings     Inc.
                                          1,334,578          53,090
        Eagle   Bancorp     Inc.
                                           904,631         52,776
        Apollo    Commercial      Real   Estate    Finance     Inc.
                                          3,973,380          52,290
        Trustmark      Corp.
                                          1,601,426          51,982
        Meta   Financial      Group   Inc.
                                           825,250         49,234
        Compass     Diversified       Holdings
                                          1,593,700          48,735
        Northwest      Bancshares      Inc.
                                          3,423,252          48,473
        iStar   Inc.
                                          1,875,980          48,457
        Provident      Financial      Services     Inc.
                                          1,986,157          48,105
        Hope   Bancorp     Inc.
                                          3,255,243          47,885
        PennyMac     Mortgage     Investment      Trust
                                          2,755,444          47,752
        First   Bancorp     (XNGS)
                                          1,014,431          46,380
        Enterprise      Financial      Services     Corp.
                                           978,006         46,054
        First   Interstate      BancSystem      Inc.   Class   A
                                          1,126,818          45,828
        Nelnet    Inc.   Class   A
                                           468,564         45,769
        PJT  Partners     Inc.   Class   A
                                           616,117         45,648
        Horace    Mann   Educators      Corp.
                                          1,171,060          45,320
        NBT  Bancorp     Inc.
                                          1,172,929          45,181
        FB  Financial      Corp.
                                          1,019,593          44,679
    *
        Palomar     Holdings     Inc.
                                           685,031         44,369
    *,1
        Lemonade     Inc.
                                          1,050,809          44,250
    *,1
        Lightwave      Logic   Inc.
                                          2,936,371          43,693
        First   Commonwealth       Financial      Corp.
                                          2,707,427          43,562
        Stock   Yards   Bancorp     Inc.
                                           678,700         43,355
        Redwood     Trust   Inc.
                                          3,249,083          42,855
        BGC  Partners     Inc.   Class   A
                                          9,188,420          42,726
        Capitol     Federal     Financial      Inc.
                                          3,724,163          42,195
        B.  Riley   Financial      Inc.
                                           472,236         41,963
        Mercury     General     Corp.
                                           787,864         41,804
    *,1
        Encore    Capital     Group   Inc.
                                           668,173         41,500
        Westamerica       Bancorp
                                           718,604         41,485
        First   Busey   Corp.
                                          1,494,322          40,526
        New  York   Mortgage     Trust   Inc.
                                          10,806,302           40,199
    *
        Enova   International        Inc.
                                           974,802         39,928
    *
        LendingTree       Inc.
                                           320,186         39,255
        ProAssurance       Corp.
                                          1,537,853          38,908
        Ladder    Capital     Corp.
                                          3,222,288          38,635
        OFG  Bancorp
                                          1,420,708          37,734
        Southside      Bancshares      Inc.
                                           874,150         36,557
        National     Bank   Holdings     Corp.   Class   A
                                           820,912         36,071
        OceanFirst      Financial      Corp.
                                          1,594,500          35,398
        Berkshire      Hills   Bancorp     Inc.
                                          1,238,529          35,211
    *
        Bancorp     Inc.
                                          1,382,276          34,985
                                 83/498


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                                                   市場価格     •
                                             株数     ( 千米ドル     )
        Safety    Insurance      Group   Inc.
                                           405,870         34,511
        Brookline      Bancorp     Inc.
                                          2,101,275          34,020
        Broadmark      Realty    Capital     Inc.
                                          3,574,729          33,710
        S&T  Bancorp     Inc.
                                          1,066,198          33,607
        City   Holding     Co.
                                           409,598         33,501
        ConnectOne      Bancorp     Inc.
                                          1,001,268          32,751
        BancFirst      Corp.
                                           463,100         32,676
        Premier     Financial      Corp.
                                          1,054,389          32,591
        Federal     Agricultural       Mortgage     Corp.   Class    C 
                                           262,217         32,497
        TriCo   Bancshares
                                           755,079         32,438
        Employers      Holdings     Inc.
                                           759,018         31,408
    *
        Metropolitan       Bank   Holding     Corp.
                                           287,792         30,658
    *
        World   Acceptance      Corp.
                                           123,784         30,380
        Dime   Community      Bancshares      Inc.
                                           862,098         30,311
        AMERISAFE      Inc.
                                           552,756         29,755
        Tompkins     Financial      Corp.
                                           355,647         29,725
        Banc   of  California      Inc.
                                          1,504,580          29,520
    *
        Amerant     Bancorp     Inc.   Class   A
                                           843,985         29,160
        James   River   Group   Holdings     Ltd.
                                           999,441         28,794
        HomeStreet      Inc.
                                           553,013         28,757
        TFS  Financial      Corp.
                                          1,605,671          28,693
        Allegiance      Bancshares      Inc.
                                           665,894         28,107
    *
        Nicolet     Bankshares      Inc.
                                           324,999         27,869
    *
        StoneX    Group   Inc.
                                           450,490         27,593
        Origin    Bancorp     Inc.
                                           638,790         27,417
        Preferred      Bank
                                           379,480         27,243
    *,1
        Oscar   Health    Inc.   Class   A
                                          3,469,287          27,234
        First   Foundation      Inc.
                                          1,087,378          27,032
        Cowen   Inc.   Class   A
                                           736,215         26,577
        German    American     Bancorp     Inc.
                                           681,395         26,561
        BrightSpire       Capital     Inc.   Class   A
                                          2,573,284          26,402
        State   Auto   Financial      Corp.
                                           509,902         26,357
        Lakeland     Bancorp     Inc.
                                          1,371,817          26,051
        Washington      Trust   Bancorp     Inc.
                                           460,207         25,942
        Ready   Capital     Corp.
                                          1,651,372          25,811
        Kearny    Financial      Corp.
                                          1,928,359          25,551
        Bryn   Mawr   Bank   Corp.
                                           566,925         25,517
        Ellington      Financial      Inc.
                                          1,481,380          25,317
        Brightsphere       Investment      Group   Inc.
                                           984,365         25,200
        ARMOUR    Residential       REIT   Inc.
                                          2,553,805          25,053
        Heritage     Financial      Corp.
                                          1,016,779          24,850
        Invesco     Mortgage     Capital     Inc.
                                          8,865,124          24,645
    *
        TriState     Capital     Holdings     Inc.
                                           803,103         24,302
        Univest     Financial      Corp.
                                           799,960         23,935
        QCR  Holdings     Inc.
                                           421,137         23,584
        Peoples     Bancorp     Inc.
                                           724,102         23,034
    *
        Blucora     Inc.
                                          1,315,554          22,785
                                 84/498


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                                                   市場価格     •
                                             株数     ( 千米ドル     )
        First   Bancshares      Inc.
                                           576,125         22,250
        Horizon     Bancorp     Inc.
                                          1,050,994          21,913
    *
        Columbia     Financial      Inc.
                                          1,046,664          21,833
        TPG  RE  Finance     Trust   Inc.
                                          1,747,225          21,526
        Central     Pacific     Financial      Corp.
                                           762,219         21,472
        WisdomTree      Investments       Inc.
                                          3,504,056          21,445
    *
        Ambac   Financial      Group   Inc.
                                          1,317,492          21,146
    *
        MBIA   Inc.
                                          1,322,743          20,886
        Hanmi   Financial      Corp.
                                           867,122         20,533
    *
        SiriusPoint       Ltd.
                                          2,525,100          20,529
        First   Mid  Bancshares      Inc.
                                           477,568         20,435
    *
        Clearwater      Analytics      Holdings     Inc.   Class   A
                                           883,787         20,309
        HarborOne      Bancorp     Inc.
                                          1,367,499          20,294
        Flushing     Financial      Corp.
                                           829,044         20,146
        KKR  Real   Estate    Finance     Trust   Inc.
                                           951,886         19,828
        Great   Southern     Bancorp     Inc.
                                           332,068         19,675
        HCI  Group   Inc.
                                           233,340         19,493
        Republic     Bancorp     Inc.   Class   A
                                           383,393         19,492
        Northfield      Bancorp     Inc.
                                          1,206,028          19,489
        Heritage     Commerce     Corp.
                                          1,597,415          19,073
        Community      Trust   Bancorp     Inc.
                                           436,138         19,020
        Camden    National     Corp.
                                           392,310         18,894
    *
        MoneyGram      International        Inc.
                                          2,359,261          18,615
        Hingham     Institution       For  Savings
                                            43,253        18,161
    *
        CrossFirst      Bankshares      Inc.
                                          1,158,387          18,082
        Granite     Point   Mortgage     Trust   Inc.
                                          1,528,156          17,895
        Byline    Bancorp     Inc.
                                           644,447         17,626
        Cambridge      Bancorp
                                           187,772         17,574
        TrustCo     Bank   Corp.
                                           526,680         17,544
        Diamond     Hill   Investment      Group   Inc.
                                            87,521        16,999
        Peapack-Gladstone          Financial      Corp.
                                           471,663         16,697
        United    Fire   Group   Inc.
                                           714,294         16,564
        Farmers     National     Banc   Corp.
                                           892,687         16,559
    1
        Dynex   Capital     Inc.
                                           985,744         16,472
        Bank   of  Marin   Bancorp
                                           434,472         16,175
        Victory     Capital     Holdings     Inc.   Class   A
                                           440,974         16,109
    1
        Orchid    Island    Capital     Inc.
                                          3,480,164          15,661
        Business     First   Bancshares      Inc.
                                           549,061         15,544
    *
        eHealth     Inc.
                                           600,680         15,317
        CBTX   Inc.
                                           525,056         15,227
    1
        UWM  Holdings     Corp.   Class   A
                                          2,568,383          15,205
        Reliant     Bancorp     Inc.
                                           423,923         15,049
    *
        Atlantic     Capital     Bancshares      Inc.
                                           515,287         14,825
        Equity    Bancshares      Inc.   Class   A
                                           432,117         14,662
        Financial      Institutions       Inc.
                                           450,618         14,330
        Independent       Bank   Corp.
                                           598,641         14,290
        Mercantile      Bank   Corp.
                                           403,858         14,147
                                 85/498


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                                                   市場価格     •
                                             株数     ( 千米ドル     )
        Midland     States    Bancorp     Inc.
                                           564,694         13,999
    *
        AssetMark      Financial      Holdings     Inc.
                                           533,665         13,987
        First   Community      Bankshares      Inc.
                                           415,227         13,877
        Metrocity      Bankshares      Inc.
                                           499,338         13,747
        Bank   First   Corp.
                                           189,999         13,726
        Universal      Insurance      Holdings     Inc.
                                           798,817         13,580
        Merchants      Bancorp
                                           285,856         13,530
    *
        Blue   Foundry     Bancorp
                                           921,106         13,476
    *
        Southern     First   Bancshares      Inc.
                                           215,321         13,455
        First   of  Long   Island    Corp.
                                           622,402         13,438
        Sculptor     Capital     Management      Inc.   Class   A
                                           617,684         13,188
    *
        Franklin     BSP  Realty    Trust   Inc.
                                           878,283         13,122
        Waterstone      Financial      Inc.
                                           600,218         13,121
    *
        Coastal     Financial      Corp.
                                           257,862         13,053
        HomeTrust      Bancshares      Inc.
                                           417,531         12,935
        Mid  Penn   Bancorp     Inc.
                                           407,174         12,924
    *
        Oportun     Financial      Corp.
                                           636,646         12,892
        Southern     Missouri     Bancorp     Inc.
                                           243,725         12,715
        First   Financial      Corp.
                                           280,502         12,704
        Arrow   Financial      Corp.
                                           352,689         12,425
        West   Bancorp     Inc.
                                           399,157         12,402
        First   Internet     Bancorp
                                           263,312         12,386
        1st  Source    Corp.
                                           247,039         12,253
        Regional     Management      Corp.
                                           211,580         12,157
        CNB  Financial      Corp.
                                           455,730         12,077
        Bar  Harbor    Bankshares
                                           412,183         11,924
    *
        Carter    Bankshares      Inc.
                                           742,589         11,428
        RBB  Bancorp
                                           435,114         11,400
    1
        GCM  Grosvenor      Inc.   Class   A
                                          1,068,829          11,223
        National     Western     Life   Group   Inc.   Class   A
                                            52,273        11,209
        American     National     Bankshares      Inc.
                                           296,822         11,184
        MVB  Financial      Corp.
                                           267,198         11,094
        SmartFinancial         Inc.
                                           401,450         10,984
    1
        Farmers     & Merchants      Bancorp     Inc.
                                           333,453         10,947
        Enterprise      Bancorp     Inc.
                                           243,685         10,946
    *
        Bridgewater       Bancshares      Inc.
                                           610,919         10,807
        Citizens     & Northern     Corp.
                                           409,413         10,694
        Spirit    of  Texas   Bancshares      Inc.
                                           371,555         10,693
        Sierra    Bancorp
                                           393,731         10,690
        Shore   Bancshares      Inc.
                                           509,859         10,631
    *
        EZCORP    Inc.   Class   A
                                          1,440,775          10,619
        First   Bancorp     Inc.
                                           327,356         10,279
        Capstar     Financial      Holdings     Inc.
                                           488,695         10,277
        Primis    Financial      Corp.
                                           682,667         10,267
        Alerus    Financial      Corp.
                                           348,804         10,213
        Old  Second    Bancorp     Inc.
                                           798,040         10,047
    *,1
        Romeo   Power   Inc.
                                          2,747,187          10,027
                                 86/498


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                                                有価証券報告書（外国投資信託受益証券）
                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *,1
        Root   Inc.   Class   A
                                          3,207,770           9,944
        Oppenheimer       Holdings     Inc.   Class   A
                                           213,217          9,887
        Civista     Bancshares      Inc.
                                           398,946          9,734
        Capital     City   Bank   Group   Inc.
                                           359,714          9,496
        Peoples     Financial      Services     Corp.
                                           179,285          9,447
        MidWestOne      Financial      Group   Inc.
                                           286,575          9,276
        Guaranty     Bancshares      Inc.
                                           245,483          9,225
        Curo   Group   Holdings     Corp.
                                           575,636          9,216
        Summit    Financial      Group   Inc.
                                           330,919          9,084
    *
        Howard    Bancorp     Inc.
                                           413,346          9,007
        Five   Star   Bancorp
                                           293,908          8,817
        Home   Bancorp     Inc.
                                           205,685          8,538
    1
        Blue   Ridge   Bankshares      Inc.
                                           456,364          8,169
        Tiptree     Inc.   Class   A
                                           590,045          8,160
        South   Plains    Financial      Inc.
                                           292,506          8,135
    *
        Ocwen   Financial      Corp.
                                           201,053          8,036
    *
        Citizens     Inc.   Class   A
                                          1,512,237           8,030
        AFC  Gamma   Inc.
                                           351,716          8,005
        Provident      Bancorp     Inc.
                                           429,658          7,992
        Great   Ajax   Corp.
                                           606,670          7,984
    *
        P10  Inc.   Class   A
                                           568,705          7,950
        Orrstown     Financial      Services     Inc.
                                           307,627          7,752
        Northrim     Bancorp     Inc.
                                           176,916          7,689
        Red  River   Bancshares      Inc.
                                           141,840          7,588
        PCSB   Financial      Corp.
                                           391,041          7,445
        Investors      Title   Co.
                                            37,598         7,412
        FS  Bancorp     Inc.
                                           219,893          7,395
        First   Bank
                                           503,770          7,310
        Northeast      Bank
                                           203,338          7,265
        ACNB   Corp.
                                           230,161          7,199
        Independence       Holding     Co.
                                           125,453          7,111
        Marlin    Business     Services     Corp.
                                           304,596          7,091
    1
        PCB  Bancorp
                                           317,360          6,969
        Macatawa     Bank   Corp.
                                           784,729          6,921
    *
        GoHealth     Inc.   Class   A
                                          1,801,058           6,826
        1st  Constitution       Bancorp
                                           263,385          6,766
        Amalgamated       Financial      Corp.
                                           399,627          6,702
        First   Business     Financial      Services     Inc.
                                           228,040          6,652
        BCB  Bancorp     Inc.
                                           430,285          6,639
        LCNB   Corp.
                                           335,339          6,549
        Meridian     Corp.
                                           177,937          6,543
    1
        Fidelity     D&D  Bancorp     Inc.
                                           110,302          6,508
        Bankwell     Financial      Group   Inc.
                                           195,386          6,416
    *
        Professional       Holding     Corp.   Class   A
                                           330,335          6,329
        AG  Mortgage     Investment      Trust   Inc.
                                           615,108          6,305
        National     Bankshares      Inc.
                                           173,594          6,295
        Capital     Bancorp     Inc.
                                           238,721          6,254
                                 87/498


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                                                   市場価格     •
                                             株数     ( 千米ドル     )
        Parke   Bancorp     Inc.
                                           290,867          6,190
        HBT  Financial      Inc.
                                           330,067          6,182
        Donegal     Group   Inc.   Class   A
                                           429,838          6,142
        Community      Financial      Corp.
                                           155,233          6,102
        Timberland      Bancorp     Inc.
                                           219,929          6,092
    *
        FVCBankcorp       Inc.
                                           305,180          6,046
        Richmond     Mutual    Bancorp     Inc.
                                           362,105          5,834
        Central     Valley    Community      Bancorp
                                           277,797          5,770
    *
        Esquire     Financial      Holdings     Inc.
                                           181,815          5,749
        Territorial       Bancorp     Inc.
                                           226,146          5,710
        Codorus     Valley    Bancorp     Inc.
                                           262,970          5,680
        Unity   Bancorp     Inc.
                                           216,027          5,671
        OP  Bancorp
                                           444,270          5,669
        Ames   National     Corp.
                                           229,764          5,627
    *
        Maiden    Holdings     Ltd.
                                          1,833,912           5,612
        Crawford     & Co.  Class   B
                                           746,601          5,592
        Level   One  Bancorp     Inc.
                                           139,890          5,517
    *
        BayCom    Corp.
                                           288,027          5,403
        Greenhill      & Co.  Inc.
                                           299,465          5,369
        Evans   Bancorp     Inc.
                                           133,161          5,366
        Colony    Bankcorp     Inc.
                                           311,012          5,309
    *
        Consumer     Portfolio      Services     Inc.
                                           445,159          5,275
    *,1
        Hagerty     Inc.   Class   A
                                           363,800          5,159
    *
        MainStreet      Bancshares      Inc.
                                           208,509          5,127
        Norwood     Financial      Corp.
                                           197,002          5,120
        ChoiceOne      Financial      Services     Inc.
                                           192,470          5,099
    *
        MetroMile      Inc.
                                          2,327,223           5,097
        C&F  Financial      Corp.
                                            99,227         5,079
    *
        NI  Holdings     Inc.
                                           266,088          5,032
    *
        Greenlight      Capital     Re  Ltd.   Class   A
                                           636,481          4,990
    *
        First   Western     Financial      Inc.
                                           163,419          4,961
        Sachem    Capital     Corp.
                                           847,514          4,949
        Investar     Holding     Corp.
                                           262,066          4,825
        Western     New  England     Bancorp     Inc.
                                           541,360          4,742
    *,1
        Sunlight     Financial      Holdings     Inc.
                                           984,228          4,705
        Bank   of  Princeton
                                           159,711          4,684
        Pzena   Investment      Management      Inc.   Class   A
                                           493,761          4,676
        Riverview      Bancorp     Inc.
                                           608,040          4,676
    *
        Doma   Holdings     Inc.
                                           918,684          4,667
    *
        Republic     First   Bancorp     Inc.
                                          1,250,257           4,651
        William     Penn   Bancorp
                                           375,356          4,534
        Virginia     National     Bankshares      Corp.
                                           122,415          4,529
        Plumas    Bancorp
                                           133,540          4,512
        Chemung     Financial      Corp.
                                            98,140         4,493
    *
        Trean   Insurance      Group   Inc.
                                           501,844          4,471
        ESSA   Bancorp     Inc.
                                           253,876          4,400
        First   Savings     Financial      Group   Inc.
                                           165,222          4,362
                                 88/498


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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *
        Pioneer     Bancorp     Inc.
                                           382,436          4,329
        Penns   Woods   Bancorp     Inc.
                                           183,161          4,317
        Silvercrest       Asset   Management      Group   Inc.   Class   A
                                           247,747          4,254
        FNCB   Bancorp     Inc.
                                           465,590          4,242
        Eagle   Bancorp     Montana     Inc.
                                           184,128          4,231
        First   Northwest      Bancorp
                                           209,090          4,230
    1
        Federal     Agricultural       Mortgage     Corp.   Class   A
                                            35,555         4,221
    1
        Cherry    Hill   Mortgage     Investment      Corp.
                                           510,083          4,218
        Luther    Burbank     Corp.
                                           294,907          4,140
        Heritage     Insurance      Holdings     Inc.
                                           698,957          4,110
        First   Community      Corp.
                                           186,158          3,865
        Franklin     Financial      Services     Corp.
                                           117,076          3,863
    *
        California      Bancorp
                                           192,397          3,856
    1
        First   National     Corp.
                                           167,836          3,835
        Hawthorn     Bancshares      Inc.
                                           147,849          3,819
        First   Capital     Inc.
                                            95,554         3,817
    *
        Medallion      Financial      Corp.
                                           650,658          3,774
        Westwood     Holdings     Group   Inc.
                                           222,721          3,773
        First   Financial      Northwest      Inc.
                                           223,305          3,611
        Citizens     Community      Bancorp     Inc.
                                           260,601          3,588
        SB  Financial      Group   Inc.
                                           183,208          3,567
        First   United    Corp.
                                           188,149          3,550
    1
        Angel   Oak  Mortgage     Inc.
                                           216,030          3,539
        Manning     & Napier    Inc.   Class   A
                                           421,693          3,504
        Nexpoint     Real   Estate    Finance     Inc.
                                           177,897          3,425
    *
        Arlington      Asset   Investment      Corp.   Class   A
                                           964,778          3,377
        Western     Asset   Mortgage     Capital     Corp.
                                          1,575,362           3,324
        BankFinancial        Corp.
                                           308,169          3,288
        Seven   Hills   Realty    Trust
                                           315,585          3,276
    *,1
        MarketWise      Inc.
                                           433,550          3,269
        Greene    County    Bancorp     Inc.
                                            88,584         3,255
    *
        HMN  Financial      Inc.
                                           133,193          3,247
        CB  Financial      Services     Inc.
                                           132,867          3,202
    1
        Ellington      Residential       Mortgage     REIT
                                           304,308          3,162
        First   Guaranty     Bancshares      Inc.
                                           155,128          3,162
    *
        Malvern     Bancorp     Inc.
                                           201,577          3,159
        Peoples     Bancorp     of  North   Carolina     Inc.
                                           113,193          3,123
    *
        Velocity     Financial      Inc.
                                           225,504          3,089
        Salisbury      Bancorp     Inc.
                                            58,032         3,069
    *
        ACRES   Commercial      Realty    Corp.
                                           245,355          3,060
    *,1
        Bakkt   Holdings     Inc.
                                           356,200          3,031
        GAMCO   Investors      Inc.   Class   A
                                           121,104          3,025
    1
        Partners     Bancorp
                                           305,021          2,983
        Provident      Financial      Holdings     Inc.
                                           178,916          2,961
    *,1
        BM  Technologies       Inc.
                                           313,589          2,888
    *
        PDL  Community      Bancorp
                                           196,447          2,876
    *,1
        Finance     of  America     Cos.   Inc.   Class   A
                                           716,866          2,846
                                 89/498


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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *
        Hippo   Holdings     Inc.
                                          1,005,399           2,845
        Ohio   Valley    Banc   Corp.
                                            97,749         2,840
        Lument    Finance     Trust   Inc.
                                           736,731          2,829
        Guild   Holdings     Co.  Class   A
                                           200,200          2,809
        Middlefield       Banc   Corp.
                                           111,453          2,766
        Summit    State   Bank
                                           181,958          2,742
    *
        Safeguard      Scientifics       Inc.
                                           370,901          2,726
        United    Insurance      Holdings     Corp.
                                           605,363          2,627
        United    Security     Bancshares
                                           322,421          2,618
        loanDepot      Inc.   Class   A
                                           538,648          2,586
    *
        Security     National     Financial      Corp.   Class   A
                                           279,866          2,575
    *
        SWK  Holdings     Corp.
                                           128,875          2,530
        Bank7   Corp.
                                           109,773          2,525
        Landmark     Bancorp     Inc.
                                            88,296         2,516
    1
        Union   Bankshares      Inc.
                                            85,053         2,472
        Oak  Valley    Bancorp
                                           141,787          2,467
    *
        Elevate     Credit    Inc.
                                           793,543          2,357
        Prudential      Bancorp     Inc.
                                           169,608          2,303
    *
        Sterling     Bancorp     Inc.
                                           370,819          2,132
        IF  Bancorp     Inc.
                                            85,645         2,127
        Associated      Capital     Group   Inc.   Class   A
                                            48,920         2,104
        Northeast      Community      Bancorp     Inc.
                                           188,155          2,094
    *
        Hallmark     Financial      Services     Inc.
                                           480,443          2,090
    *
        Broadway     Financial      Corp.
                                           896,664          2,071
    *
        Catalyst     Bancorp     Inc.
                                           151,200          2,067
    *
        TC  Bancshares      Inc.
                                           151,263          2,025
        Randolph     Bancorp     Inc.
                                            84,355         2,014
    *
        Heritage     Global    Inc.
                                          1,010,347           1,879
        Auburn    National     Bancorp     Inc.
                                            59,246         1,878
    *
        Nicholas     Financial      Inc.
                                           155,984          1,839
    1
        Citizens     Holding     Co.
                                            97,134         1,821
    1
        US  Global    Investors      Inc.   Class   A
                                           413,658          1,820
    1
        Cullman     Bancorp     Inc.
                                           141,227          1,761
        Sound   Financial      Bancorp     Inc.
                                            39,057         1,718
    *
        Kingsway     Financial      Services     Inc.
                                           311,150          1,705
        CF  Bankshares      Inc.
                                            74,586         1,556
    *,1
        OppFi   Inc.
                                           342,288          1,554
        Bank   of  South   Carolina     Corp.
                                            74,261         1,498
    1
        Hennessy     Advisors     Inc.
                                           136,198          1,479
    *
        Great   Elm  Group   Inc.
                                           700,231          1,463
    *
        Limestone      Bancorp     Inc.
                                            77,944         1,454
        Elmira    Savings     Bank
                                            61,402         1,404
        Manhattan      Bridge    Capital     Inc.
                                           253,648          1,395
    *
        LM  Funding     America     Inc.
                                           286,075          1,390
    *
        Midwest     Holding     Inc.
                                            79,299         1,380
    *
        Bogota    Financial      Corp.
                                           133,526          1,359
        AmeriServ      Financial      Inc.
                                           345,360          1,333
                                 90/498


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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *
        USCB   Financial      Holdings     Inc.
                                            90,208         1,301
        United    Bancshares      Inc.
                                            36,068         1,100
    *,1
        Reliance     Global    Group   Inc.
                                           159,588          1,028
    *
        Rhinebeck      Bancorp     Inc.
                                            95,620         1,022
        Kingstone      Cos.   Inc.
                                           202,353          1,012
        First   US  Bancshares      Inc.
                                            91,843          972
    *
        Ashford     Inc.
                                            56,551          942
        Southern     States    Bancshares      Inc.
                                            44,692          879
        Community      West   Bancshares
                                            61,904          823
        Emclaire     Financial      Corp.
                                            28,051          811
        Generations       Bancorp     NY  Inc.
                                            67,225          801
    *
        FFBW   Inc.
                                            66,391          779
    *
        Oxbridge     Re  Holdings     Ltd.
                                           132,133           743
    *,1
        Patriot     National     Bancorp     Inc.
                                            47,078          732
    *
        Carver    Bancorp     Inc.
                                            85,301          728
    *
        FedNat    Holding     Co.
                                           439,008           619
    *,1
        Biorestorative         Therapies      Inc.
                                           138,454           591
    *,1
        SurgePays      Inc.
                                           290,433           587
    *
        Affinity     Bancshares      Inc.
                                            35,206          542
        Mid-Southern       Bancorp     Inc.
                                            29,996          450
    *
        NeuroOne     Medical     Technologies       Corp.
                                           209,321           406
        Lake   Shore   Bancorp     Inc.
                                            25,679          387
        Pathfinder      Bancorp     Inc.
                                            22,868          387
    *
        HV  Bancorp     Inc.
                                            14,687          326
        Old  Point   Financial      Corp.
                                            12,849          293
        Oconee    Federal     Financial      Corp.
                                            13,031          284
    *,2
        Altisource      Asset   Management      Corp.
                                            15,386          275
    *
        Impac   Mortgage     Holdings     Inc.
                                           244,016           271
    *,1,2
        Contran     Corp.   CVR
                                           204,224           196
    *
        OptimumBank       Holdings     Inc.
                                            48,881          194
        1895   Bancorp     of  Wisconsin      Inc.
                                            15,643          171
    *
        Finwise     Bancorp
                                            12,287          169
        Kentucky     First   Federal     Bancorp
                                            21,331          160
    *
        FG  Financial      Group   Inc.
                                            34,257          127
    *
        PB  Bankshares      Inc.
                                             8,966          122
        Atlantic     American     Corp.
                                            36,081           88
    *
        First   Seacoast     Bancorp
                                             6,207          66
        Village     Bank   & Trust   Financial      Corp.
                                             1,124          64
    *
        Vericity     Inc.
                                             1,036           7
    *
        Cincinnati      Bancorp     Inc.
                                              400          6
    *,2
        Frontier     Financial      Corp.
                                               1        -
    *,1,2
        Cogent    Biosciences       Inc.   CVR                                  -
                                           400,874
                                                  148,961,770
    ヘルスケア      (12.7   ％ )
        UnitedHealth       Group   Inc.
                                          26,768,259        13,441,414
        Johnson     & Johnson
                                          74,819,509        12,799,373
        Pfizer    Inc.
                                         159,524,035          9,419,894
                                 91/498


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                                                   市場価格     •
                                             株数     ( 千米ドル     )
        Thermo    Fisher    Scientific      Inc.
                                          11,199,012         7,472,429
        Abbott    Laboratories
                                          50,255,433         7,072,950
        AbbVie    Inc.
                                          50,244,447         6,803,098
        Eli  Lilly   & Co.
                                          24,468,610         6,758,719
        Danaher     Corp.
                                          18,278,949         6,013,957
        Merck   & Co.  Inc.
                                          71,790,103         5,501,993
        Medtronic      plc
                                          38,220,866         3,953,949
        Bristol-Myers        Squibb    Co.
                                          63,083,990         3,933,287
    *
        Intuitive      Surgical     Inc.
                                          10,152,895         3,647,935
        Amgen   Inc.
                                          16,008,641         3,601,464
        Zoetis    Inc.
                                          13,446,588         3,281,371
        Anthem    Inc.
                                          6,898,478        3,197,720
        Gilead    Sciences     Inc.
                                          35,651,267         2,588,638
        Stryker     Corp.
                                          9,648,803        2,580,283
    *
        Moderna     Inc.
                                          9,794,908        2,487,711
    *
        Edwards     Lifesciences       Corp.
                                          17,744,202         2,298,761
        Cigna   Corp.
                                          9,419,683        2,163,042
        Becton    Dickinson      & Co.
                                          8,071,982        2,029,942
    *
        Regeneron      Pharmaceuticals         Inc.
                                          2,854,570        1,802,718
    *
        Boston    Scientific      Corp.
                                          40,504,440         1,720,629
        HCA  Healthcare      Inc.
                                          6,630,009        1,703,382
        Humana    Inc.
                                          3,652,714        1,694,348
    *
        Illumina     Inc.
                                          4,442,272        1,690,018
    *
        Vertex    Pharmaceuticals         Inc.
                                          7,226,375        1,586,912
    *
        IDEXX   Laboratories       Inc.
                                          2,409,891        1,586,817
    *
        IQVIA   Holdings     Inc.
                                          5,429,446        1,531,864
    *
        Dexcom    Inc.
                                          2,754,702        1,479,137
    *
        Align   Technology      Inc.
                                          2,129,039        1,399,162
        Agilent     Technologies       Inc.
                                          8,582,701        1,370,228
    *
        Centene     Corp.
                                          16,580,507         1,366,234
        Baxter    International        Inc.
                                          14,225,159         1,221,088
        ResMed    Inc.
                                          4,141,480        1,078,773
    *
        Veeva   Systems     Inc.   Class   A
                                          3,940,625        1,006,751
    *
        Biogen    Inc.
                                          4,175,182        1,001,710
        West   Pharmaceutical         Services     Inc.
                                          2,106,040          987,754
    *
        Laboratory      Corp.   of  America     Holdings
                                          2,720,118          854,688
        Cerner    Corp.
                                          8,361,825          776,563
        Zimmer    Biomet    Holdings     Inc.
                                          5,936,467          754,169
        PerkinElmer       Inc.
                                          3,586,790          721,160
    *
        Horizon     Therapeutics       plc
                                          6,446,904          694,718
        STERIS    plc
                                          2,842,718          691,946
    *
        Catalent     Inc.
                                          4,865,719          622,958
    *
        Avantor     Inc.
                                          14,723,330          620,441
        Quest   Diagnostics       Inc.
                                          3,486,815          603,254
    *
        Seagen    Inc.
                                          3,898,257          602,671
        Cooper    Cos.   Inc.
                                          1,401,141          586,994
        Bio-Techne      Corp.
                                          1,116,839          577,785
                                 92/498


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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *
        Alnylam     Pharmaceuticals         Inc.
                                          3,399,367          576,465
    *
        Hologic     Inc.
                                          7,145,088          547,028
    *
        Charles     River   Laboratories       International        Inc.
                                          1,433,990          540,299
    *
        Molina    Healthcare      Inc.
                                          1,660,183          528,071
    *
        Insulet     Corp.
                                          1,959,851          521,458
        Viatris     Inc.
                                          34,371,955          465,053
    *
        BioMarin     Pharmaceutical         Inc.
                                          5,215,202          460,763
    *
        Bio-Rad     Laboratories       Inc.   Class   A
                                           599,873        453,246
    *
        ABIOMED     Inc.
                                          1,228,522          441,248
        Teleflex     Inc.
                                          1,331,492          437,368
    *
        Masimo    Corp.
                                          1,411,792          413,344
        Cardinal     Health    Inc.
                                          8,009,929          412,431
    *
        Repligen     Corp.
                                          1,492,969          395,398
    *
        Incyte    Corp.
                                          5,333,840          391,504
    *
        Exact   Sciences     Corp.
                                          4,902,670          381,575
    *
        Teladoc     Health    Inc.
                                          4,095,311          376,031
        Royalty     Pharma    plc  Class   A
                                          9,156,554          364,889
    *
        Elanco    Animal    Health    Inc.
                                          12,763,516          362,229
    *
        10X  Genomics     Inc.   Class   A
                                          2,342,973          349,009
        DENTSPLY     SIRONA    Inc.
                                          6,212,630          346,603
    *,1
        Novavax     Inc.
                                          2,148,956          307,451
    *
        Henry   Schein    Inc.
                                          3,942,001          305,623
    *
        Syneos    Health    Inc.
                                          2,947,171          302,616
    *
        Penumbra     Inc.
                                          1,008,835          289,858
    *
        United    Therapeutics       Corp.
                                          1,279,182          276,406
    *
        Guardant     Health    Inc.
                                          2,743,948          274,450
    *
        Tandem    Diabetes     Care   Inc.
                                          1,806,113          271,856
        Universal      Health    Services     Inc.   Class   B
                                          1,974,970          256,075
    *
        Tenet   Healthcare      Corp.
                                          3,044,017          248,666
        Bruker    Corp.
                                          2,802,014          235,117
        Chemed    Corp.
                                           437,696        231,559
    *
        Neurocrine      Biosciences       Inc.
                                          2,696,301          229,644
    *
        Natera    Inc.
                                          2,420,309          226,033
    *
        Omnicell     Inc.
                                          1,248,903          225,352
    *
        Intellia     Therapeutics       Inc.
                                          1,903,875          225,114
        Organon     & Co.
                                          7,206,723          219,445
    *
        Sarepta     Therapeutics       Inc.
                                          2,352,043          211,801
    *
        Jazz   Pharmaceuticals         plc
                                          1,660,120          211,499
    *
        Mirati    Therapeutics       Inc.
                                          1,411,972          207,122
    *
        Envista     Holdings     Corp.
                                          4,581,866          206,459
    *
        DaVita    Inc.
                                          1,738,349          197,755
    *
        Novocure     Ltd.
                                          2,511,869          188,591
    *
        Arrowhead      Pharmaceuticals         Inc.
                                          2,822,433          187,127
        Encompass      Health    Corp.
                                          2,829,082          184,626
    *
        Blueprint      Medicines      Corp.
                                          1,675,544          179,468
    *
        Medpace     Holdings     Inc.
                                           817,389        177,897
    *
        Shockwave      Medical     Inc.
                                           953,732        170,079
                                 93/498


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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *
        Inspire     Medical     Systems     Inc.
                                           737,273        169,617
    *
        Exelixis     Inc.
                                          8,985,133          164,248
    *
        Globus    Medical     Inc.   Class   A
                                          2,246,780          162,218
    *
        Arena   Pharmaceuticals         Inc.
                                          1,744,074          162,094
    *
        Halozyme     Therapeutics       Inc.
                                          4,002,223          160,929
    *
        Acadia    Healthcare      Co.  Inc.
                                          2,557,583          155,245
    *
        Ultragenyx      Pharmaceutical         Inc.
                                          1,840,757          154,789
    *
        Amedisys     Inc.
                                           927,003        150,063
        Perrigo     Co.  plc
                                          3,803,940          147,973
    *
        Neogen    Corp.
                                          3,064,508          139,159
    *
        Integra     LifeSciences       Holdings     Corp.
                                          2,046,589          137,101
    *
        agilon    health    Inc.
                                          5,036,543          135,987
    *
        ICU  Medical     Inc.
                                           572,034        135,767
    *
        Quidel    Corp.
                                          1,004,871          135,648
        Premier     Inc.   Class   A
                                          3,292,523          135,553
    *
        Fate   Therapeutics       Inc.
                                          2,308,055          135,044
    *
        Maravai     LifeSciences       Holdings     Inc.   Class   A
                                          3,176,722          133,105
        Ensign    Group   Inc.
                                          1,488,761          124,996
    *
        STAAR   Surgical     Co.
                                          1,353,927          123,614
    *
        Pacific     Biosciences       of  California      Inc.
                                          5,957,447          121,889
        CONMED    Corp.
                                           832,025        117,948
    *
        LHC  Group   Inc.
                                           855,811        117,443
    *
        Option    Care   Health    Inc.
                                          4,092,536          116,392
    *
        Beam   Therapeutics       Inc.
                                          1,452,853          115,778
    *
        NeoGenomics       Inc.
                                          3,333,311          113,733
    *
        Apellis     Pharmaceuticals         Inc.
                                          2,351,153          111,163
    *
        Intra-Cellular         Therapies      Inc.
                                          2,085,681          109,165
    *
        Denali    Therapeutics       Inc.
                                          2,430,567          108,403
    *
        Alkermes     plc
                                          4,608,352          107,190
    *
        HealthEquity       Inc.
                                          2,383,726          105,456
    *
        Ionis   Pharmaceuticals         Inc.
                                          3,414,345          103,899
    *
        Cytokinetics       Inc.
                                          2,269,512          103,444
    *
        Oak  Street    Health    Inc.
                                          3,073,379          101,852
    *
        Adaptive     Biotechnologies         Corp.
                                          3,609,655          101,287
    *
        R1  RCM  Inc.
                                          3,938,522          100,393
    *
        Arvinas     Inc.
                                          1,203,052          98,819
    *
        Twist   Bioscience      Corp.
                                          1,270,246          98,304
    *
        Progyny     Inc.
                                          1,930,234          97,187
    *
        Merit   Medical     Systems     Inc.
                                          1,521,467          94,787
    *
        iRhythm     Technologies       Inc.
                                           797,916         93,907
    *
        Vir  Biotechnology        Inc.
                                          2,236,431          93,639
    *
        Invitae     Corp.
                                          6,115,832          93,389
    *
        Insmed    Inc.
                                          3,366,988          91,717
    *
        Amicus    Therapeutics       Inc.
                                          7,927,222          91,559
        Select    Medical     Holdings     Corp.
                                          3,052,965          89,757
        Owens   & Minor   Inc.
                                          2,043,366          88,886
    *
        AtriCure     Inc.
                                          1,244,382          86,522
                                 94/498


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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *
        Prestige     Consumer     Healthcare      Inc.
                                          1,425,649          86,466
    *
        Inari   Medical     Inc.
                                           927,613         84,663
    *
        Veracyte     Inc.
                                          2,025,188          83,438
    *
        Karuna    Therapeutics       Inc.
                                           632,472         82,854
    *
        Certara     Inc.
                                          2,914,923          82,842
    *
        Zentalis     Pharmaceuticals         Inc.
                                           966,857         81,274
    *,1
        Warby   Parker    Inc.   Class   A
                                          1,739,487          80,991
    *
        Integer     Holdings     Corp.
                                           939,613         80,421
    *
        ACADIA    Pharmaceuticals         Inc.
                                          3,430,223          80,061
    *
        PTC  Therapeutics       Inc.
                                          2,009,126          80,023
    *
        Haemonetics       Corp.
                                          1,453,213          77,078
    *
        NuVasive     Inc.
                                          1,466,506          76,962
    *
        1Life   Healthcare      Inc.
                                          4,343,665          76,318
    *
        Nevro   Corp.
                                           939,258         76,146
    *,1
        Apollo    Medical     Holdings     Inc.
                                          1,029,745          75,666
    *
        Kodiak    Sciences     Inc.
                                           883,572         74,909
        Patterson      Cos.   Inc.
                                          2,491,598          73,128
    *
        Iovance     Biotherapeutics         Inc.
                                          3,795,805          72,462
    *
        Pacira    BioSciences       Inc.
                                          1,203,762          72,430
    *
        Ortho   Clinical     Diagnostics       Holdings     plc
                                          3,365,328          71,984
    *
        BioCryst     Pharmaceuticals         Inc.
                                          5,110,953          70,787
    *
        Nektar    Therapeutics
                                          5,234,921          70,724
    *
        Ligand    Pharmaceuticals         Inc.
                                           451,729         69,774
    *
        TG  Therapeutics       Inc.
                                          3,650,851          69,366
    *
        CareDx    Inc.
                                          1,493,017          67,902
    *,1
        GoodRx    Holdings     Inc.   Class   A
                                          2,065,809          67,511
    *
        Xencor    Inc.
                                          1,666,026          66,841
    *
        Sotera    Health    Co.
                                          2,818,547          66,377
    *,1
        Doximity     Inc.   Class   A
                                          1,314,487          65,895
    *
        Magellan     Health    Inc.
                                           669,987         63,642
    *
        MEDNAX    Inc.
                                          2,338,065          63,619
    *
        Evolent     Health    Inc.   Class   A
                                          2,285,839          63,249
    *
        Surgery     Partners     Inc.
                                          1,142,352          61,013
    *
        Sage   Therapeutics       Inc.
                                          1,424,394          60,594
    *
        Emergent     BioSolutions       Inc.
                                          1,375,829          59,807
    *
        Myriad    Genetics     Inc.
                                          2,159,798          59,610
    *
        Axonics     Inc.
                                          1,054,121          59,031
    *
        Outset    Medical     Inc.
                                          1,271,081          58,584
    *
        ChemoCentryx       Inc.
                                          1,591,997          57,965
    *
        CorVel    Corp.
                                           277,154         57,648
    *
        Arcus   Biosciences       Inc.
                                          1,398,867          56,612
    *
        Relay   Therapeutics       Inc.
                                          1,843,411          56,611
    *
        SpringWorks       Therapeutics       Inc.
                                           910,187         56,413
    *
        Glaukos     Corp.
                                          1,260,158          56,001
    *
        Kymera    Therapeutics       Inc.
                                           875,821         55,606
    *,1
        Fulgent     Genetics     Inc.
                                           550,823         55,407
    *
        NanoString      Technologies       Inc.
                                          1,299,621          54,883
                                 95/498


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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *
        Codexis     Inc.
                                          1,750,892          54,750
    *
        Phreesia     Inc.
                                          1,310,009          54,575
    *
        IVERIC    bio  Inc.
                                          3,257,842          54,471
    *
        Travere     Therapeutics       Inc.
                                          1,740,106          54,013
    *
        Turning     Point   Therapeutics       Inc.
                                          1,126,183          53,719
    *
        Global    Blood   Therapeutics       Inc.
                                          1,831,287          53,602
    *,1
        Corcept     Therapeutics       Inc.
                                          2,701,452          53,489
    *
        ModivCare      Inc.
                                           358,575         53,173
    *
        Heska   Corp.
                                           290,734         53,056
    *
        Lantheus     Holdings     Inc.
                                          1,818,068          52,524
    *
        Vericel     Corp.
                                          1,328,158          52,197
    *
        Editas    Medicine     Inc.
                                          1,946,698          51,685
    *
        Celldex     Therapeutics       Inc.
                                          1,328,884          51,348
    *,1
        OPKO   Health    Inc.
                                          10,656,268           51,257
    *
        Avid   Bioservices       Inc.
                                          1,743,331          50,870
    *
        Agios   Pharmaceuticals         Inc.
                                          1,547,236          50,858
    *
        AdaptHealth       Corp.   Class   A
                                          2,065,568          50,524
    *
        REVOLUTION      Medicines      Inc.
                                          1,995,057          50,216
    *
        Health    Catalyst     Inc.
                                          1,257,138          49,808
    *,1
        Bridgebio      Pharma    Inc.
                                          2,928,886          48,854
    *
        Avanos    Medical     Inc.
                                          1,370,836          47,527
    *
        Cerevel     Therapeutics       Holdings     Inc.
                                          1,464,021          47,464
    *
        Community      Health    Systems     Inc.
                                          3,550,509          47,257
    *,1
        Cassava     Sciences     Inc.
                                          1,075,531          47,001
    *
        Ironwood     Pharmaceuticals         Inc.   Class   A
                                          3,940,451          45,946
    *
        Dynavax     Technologies       Corp.
                                          3,237,203          45,547
    *
        ImmunoGen      Inc.
                                          6,076,817          45,090
    *,1
        Multiplan      Corp.
                                          9,973,519          44,183
    *
        Addus   HomeCare     Corp.
                                           453,076         42,367
    *,1
        Ginkgo    Bioworks     Holdings     Inc.
                                          5,065,389          42,093
    *
        BioLife     Solutions      Inc.
                                          1,124,220          41,900
    *
        Supernus     Pharmaceuticals         Inc.
                                          1,434,233          41,822
    *
        Protagonist       Therapeutics       Inc.
                                          1,209,862          41,377
    *
        Accolade     Inc.
                                          1,517,821          40,010
    *
        Quanterix      Corp.
                                           938,819         39,806
    *
        Krystal     Biotech     Inc.
                                           564,988         39,521
    *
        RadNet    Inc.
                                          1,295,210          38,999
    *
        Enanta    Pharmaceuticals         Inc.
                                           520,311         38,909
    *,1
        Sorrento     Therapeutics       Inc.
                                          8,297,730          38,584
    *
        Silk   Road   Medical     Inc.
                                           892,722         38,039
    *
        C4  Therapeutics       Inc.
                                          1,174,714          37,826
        Healthcare      Services     Group   Inc.
                                          2,119,214          37,701
    *
        Atara   Biotherapeutics         Inc.
                                          2,388,794          37,647
    *
        Sana   Biotechnology        Inc.
                                          2,400,453          37,159
    *,1
        Anavex    Life   Sciences     Corp.
                                          2,059,527          35,712
    *
        Varex   Imaging     Corp.
                                          1,122,895          35,427
        US  Physical     Therapy     Inc.
                                           368,295         35,191
                                 96/498


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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *,1
        Recursion      Pharmaceuticals         Inc.   Class   A
                                          2,039,616          34,939
    *
        REGENXBIO      Inc.
                                          1,026,682          33,572
    *
        Alector     Inc.
                                          1,616,312          33,377
    *
        FibroGen     Inc.
                                          2,361,024          33,290
    *
        Coherus     Biosciences       Inc.
                                          2,074,055          33,102
    *
        Nurix   Therapeutics       Inc.
                                          1,138,158          32,950
    *
        Prometheus      Biosciences       Inc.
                                           829,736         32,808
    *
        Crinetics      Pharmaceuticals         Inc.
                                          1,145,049          32,531
    *
        Cano   Health    Inc.
                                          3,591,651          32,002
    *
        Harmony     Biosciences       Holdings     Inc.
                                           747,810         31,887
    *
        Tivity    Health    Inc.
                                          1,205,505          31,874
    *
        Revance     Therapeutics       Inc.
                                          1,951,068          31,841
    *
        Cerus   Corp.
                                          4,614,621          31,426
    *,1
        Seer   Inc.   Class   A
                                          1,377,013          31,410
    *,1
        Clover    Health    Investments       Corp.   Class   A
                                          8,424,736          31,340
    *
        Privia    Health    Group   Inc.
                                          1,208,353          31,260
    *
        American     Well   Corp.   Class   A
                                          5,173,369          31,247
    *
        Innoviva     Inc.
                                          1,780,193          30,708
    *
        Inhibrx     Inc.
                                           700,947         30,610
    *,1
        Senseonics      Holdings     Inc.
                                          11,403,178           30,446
    *
        Axsome    Therapeutics       Inc.
                                           801,063         30,264
    *
        Allogene     Therapeutics       Inc.
                                          2,017,623          30,103
    *,1
        Inovio    Pharmaceuticals         Inc.
                                          6,018,028          30,030
    *
        Alignment      Healthcare      Inc.
                                          2,121,699          29,831
    *,1
        MannKind     Corp.
                                          6,808,119          29,751
    *
        Morphic     Holding     Inc.
                                           625,804         29,651
    *
        Syndax    Pharmaceuticals         Inc.
                                          1,344,301          29,427
    *,1
        Nuvation     Bio  Inc.
                                          3,403,381          28,929
    *
        Madrigal     Pharmaceuticals         Inc.
                                           340,736         28,874
    *
        AngioDynamics        Inc.
                                          1,045,325          28,830
        LeMaitre     Vascular     Inc.
                                           565,478         28,404
    *
        Rocket    Pharmaceuticals         Inc.
                                          1,289,887          28,158
    *
        iTeos   Therapeutics       Inc.
                                           601,357         27,999
    *
        NextGen     Healthcare      Inc.
                                          1,554,908          27,662
    *,1
        Butterfly      Network     Inc.
                                          4,127,533          27,613
    *
        Joint   Corp.
                                           410,254         26,950
    *
        Brookdale      Senior    Living    Inc.
                                          5,222,431          26,948
        Atrion    Corp.
                                            37,874        26,697
    *
        OptimizeRx      Corp.
                                           429,263         26,662
    *
        MacroGenics       Inc.
                                          1,654,155          26,549
    *
        Castle    Biosciences       Inc.
                                           619,225         26,546
    *
        ViewRay     Inc.
                                          4,769,153          26,278
    *
        Heron   Therapeutics       Inc.
                                          2,877,718          26,274
    *,1
        Berkeley     Lights    Inc.
                                          1,438,830          26,158
    *
        Zogenix     Inc.
                                          1,602,566          26,042
    *
        MaxCyte     Inc.
                                          2,549,425          25,979
    *,1
        Ocugen    Inc.
                                          5,601,885          25,489
                                 97/498


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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *
        Avidity     Biosciences       Inc.
                                          1,066,450          25,350
    *,1
        Instil    Bio  Inc.
                                          1,465,384          25,073
    *
        Kura   Oncology     Inc.
                                          1,787,387          25,023
    *
        Intersect      ENT  Inc.
                                           912,624         24,924
    *
        Sangamo     Therapeutics       Inc.
                                          3,317,213          24,879
    *
        Meridian     Bioscience      Inc.
                                          1,218,909          24,866
    *
        RAPT   Therapeutics       Inc.
                                           672,140         24,688
    *
        Aclaris     Therapeutics       Inc.
                                          1,679,868          24,425
        National     HealthCare      Corp.
                                           354,161         24,062
    *
        Amphastar      Pharmaceuticals         Inc.
                                          1,031,005          24,012
    *
        Arcturus     Therapeutics       Holdings     Inc.
                                           644,043         23,836
    *
        Keros   Therapeutics       Inc.
                                           406,191         23,766
    *,1
        Hims   & Hers   Health    Inc.
                                          3,614,268          23,673
    *
        Endo   International        plc
                                          6,284,824          23,631
    *,1
        Bionano     Genomics     Inc.
                                          7,879,312          23,559
    *
        Pulmonx     Corp.
                                           732,933         23,505
    *
        Replimune      Group   Inc.
                                           865,293         23,449
    *
        Vanda   Pharmaceuticals         Inc.
                                          1,492,124          23,411
    *
        Vaxcyte     Inc.
                                           980,079         23,316
    *
        OrthoPediatrics         Corp.
                                           387,103         23,172
    *
        Natus   Medical     Inc.
                                           975,293         23,144
    *
        Triple-S     Management      Corp.   Class   B
                                           640,323         22,847
        National     Research     Corp.
                                           545,812         22,662
    *
        Inotiv    Inc.
                                           533,245         22,434
    *
        CryoLife     Inc.
                                          1,076,564          21,908
    *,1
        Vaxart    Inc.
                                          3,399,097          21,312
    *
        Agiliti     Inc.
                                           913,771         21,163
    *
        Agenus    Inc.
                                          6,571,688          21,161
    *,1
        Gritstone      bio  Inc.
                                          1,642,659          21,125
    *
        Cardiovascular         Systems     Inc.
                                          1,110,009          20,846
    *
        Inogen    Inc.
                                           605,155         20,575
    *
        Praxis    Precision      Medicines      Inc.
                                          1,027,741          20,246
    *
        Reata   Pharmaceuticals         Inc.   Class   A
                                           762,202         20,099
    *
        Bluebird     Bio  Inc.
                                          2,009,410          20,074
    *
        Scholar     Rock   Holding     Corp.
                                           806,635         20,037
    *
        Gossamer     Bio  Inc.
                                          1,770,683          20,026
    *
        Kezar   Life   Sciences     Inc.
                                          1,193,981          19,963
    *
        Alphatec     Holdings     Inc.
                                          1,704,060          19,477
    *
        PMV  Pharmaceuticals         Inc.
                                           838,847         19,377
    *,1
        Day  One  Biopharmaceuticals           Inc.
                                          1,144,558          19,286
    *
        Definitive      Healthcare      Corp.   Class   A
                                           702,947         19,212
    *
        SI-BONE     Inc.
                                           862,337         19,152
    *
        HealthStream       Inc.
                                           721,647         19,023
    *
        AnaptysBio      Inc.
                                           546,451         18,989
    *
        Cutera    Inc.
                                           455,291         18,813
    *
        Theravance      Biopharma      Inc.
                                          1,702,049          18,808
    *
        Hanger    Inc.
                                          1,030,939          18,691
                                 98/498


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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *
        Catalyst     Pharmaceuticals         Inc.
                                          2,741,908          18,563
    *
        Ideaya    Biosciences       Inc.
                                           776,655         18,360
    *
        Apria   Inc.
                                           555,583         18,112
    *
        OraSure     Technologies       Inc.
                                          2,069,155          17,981
    *
        Arcutis     Biotherapeutics         Inc.
                                           842,760         17,479
    *
        Collegium      Pharmaceutical         Inc.
                                           933,947         17,446
    *
        Surmodics      Inc.
                                           359,290         17,300
    *
        2seventy     bio  Inc.
                                           667,203         17,100
    *
        PetIQ   Inc.   Class   A
                                           751,753         17,072
    *
        Orthofix     Medical     Inc.
                                           546,188         16,981
    *
        Relmada     Therapeutics       Inc.
                                           747,531         16,842
    *
        Organogenesis        Holdings     Inc.   Class   A
                                          1,822,227          16,837
    *
        ANI  Pharmaceuticals         Inc.
                                           362,290         16,694
    *
        Amneal    Pharmaceuticals         Inc.
                                          3,483,678          16,687
    *
        Pennant     Group   Inc.
                                           716,355         16,533
    *
        Antares     Pharma    Inc.
                                          4,597,597          16,413
    *
        Y-mAbs    Therapeutics       Inc.
                                          1,012,266          16,409
    *,1
        Adicet    Bio  Inc.
                                           921,110         16,110
    *
        Atea   Pharmaceuticals         Inc.
                                          1,771,846          15,840
    *
        NGM  Biopharmaceuticals           Inc.
                                           884,464         15,664
    *
        Sutro   Biopharma      Inc.
                                          1,047,202          15,582
    *
        Eagle   Pharmaceuticals         Inc.
                                           305,010         15,531
    *
        Ocular    Therapeutix       Inc.
                                          2,180,451          15,198
    *
        Seres   Therapeutics       Inc.
                                          1,817,614          15,141
    *
        Chinook     Therapeutics       Inc.
                                           925,097         15,088
    *,1
        Verve   Therapeutics       Inc.
                                           408,759         15,071
    *
        Cara   Therapeutics       Inc.
                                          1,217,825          14,833
    *
        BioAtla     Inc.
                                           754,265         14,806
    *
        4D  Molecular      Therapeutics       Inc.
                                           673,332         14,773
    *
        Bioventus      Inc.   Class   A
                                          1,014,433          14,699
    *
        Personalis      Inc.
                                          1,020,303          14,560
    *
        Anika   Therapeutics       Inc.
                                           403,039         14,441
    *
        Chimerix     Inc.
                                          2,225,657          14,311
    *
        Fulcrum     Therapeutics       Inc.
                                           807,395         14,283
    *
        Treace    Medical     Concepts     Inc.
                                           756,312         14,098
    *
        Kronos    Bio  Inc.
                                          1,024,841          13,928
    *
        Stoke   Therapeutics       Inc.
                                           577,128         13,845
    *
        Akero   Therapeutics       Inc.
                                           646,709         13,678
    *
        UFP  Technologies       Inc.
                                           193,826         13,618
    *,1
        ImmunityBio       Inc.
                                          2,231,847          13,570
    *,1
        MiMedx    Group   Inc.
                                          2,246,582          13,569
    *,1
        Design    Therapeutics       Inc.
                                           633,295         13,559
    *
        Rhythm    Pharmaceuticals         Inc.
                                          1,356,727          13,540
    *
        ORIC   Pharmaceuticals         Inc.
                                           912,634         13,416
    *
        Albireo     Pharma    Inc.
                                           565,251         13,165
    *
        SeaSpine     Holdings     Corp.
                                           961,674         13,098
    *
        TransMedics       Group   Inc.
                                           671,310         12,862
                                 99/498


                                                          EDINET提出書類
                                              バンガード・インデックス・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     )
    *
        Forma   Therapeutics       Holdings     Inc.
                                           898,654         12,779
    *
        Phathom     Pharmaceuticals         Inc.
                                           640,958         12,608
    *
        Rigel   Pharmaceuticals         Inc.
                                          4,729,555          12,533
    *,1
        Rubius    Therapeutics       Inc.
                                          1,273,947          12,332
    *
        Apyx   Medical     Corp.
                                           945,007         12,115
    *
        Mersana     Therapeutics       Inc.
                                          1,935,742          12,040
    *
        Computer     Programs     & Systems     Inc.
                                           407,736         11,947
    *
        Karyopharm      Therapeutics       Inc.
                                          1,844,372          11,859
    *
        Accuray     Inc.
                                          2,481,415          11,836
    *
        Marinus     Pharmaceuticals         Inc.
                                           994,957         11,820
    *
        Edgewise     Therapeutics       Inc.
                                           771,050         11,782
    *
        Curis   Inc.
                                          2,465,760          11,737
        Phibro    Animal    Health    Corp.   Class   A
                                           574,011         11,721
    *
        Talaris     Therapeutics       Inc.
                                           764,850         11,695
    *
        Viridian     Therapeutics       Inc.
                                           587,442         11,614
    *,1
        Athira    Pharma    Inc.
                                           888,962         11,583
    *,1
        Cullinan     Oncology     Inc.
                                           749,484         11,565
    *
        Semler    Scientific      Inc.
                                           125,100         11,465
    *
        Bioxcel     Therapeutics       Inc.
                                           558,433         11,353
    *
        Kinnate     Biopharma      Inc.
                                           637,863         11,303
    *
        Deciphera      Pharmaceuticals         Inc.
                                          1,154,365          11,278
    *
        Akebia    Therapeutics       Inc.
                                          4,988,610          11,274
    *
        908  Devices     Inc.
                                           433,283         11,209
    *
        Foghorn     Therapeutics       Inc.
                                           484,050         11,070
    *,1
        Intercept      Pharmaceuticals         Inc.
                                           673,695         10,974
    *
        ALX  Oncology     Holdings     Inc.
                                           510,327         10,967
    *
        Precigen     Inc.
                                          2,943,674          10,921
    *
        Geron   Corp.
                                          8,897,946          10,855
    *
        Spero   Therapeutics       Inc.
                                           677,888         10,853
    *
        Allovir     Inc.
                                           834,467         10,798
    *,1
        Aadi   Bioscience      Inc.
                                           445,926         10,769
    *,1
        Omeros    Corp.
                                          1,670,488          10,741
    *,1
        VistaGen     Therapeutics       Inc.
                                          5,505,056          10,735
    *,1
        Vapotherm      Inc.
                                           516,784         10,703
    *
        Verastem     Inc.
                                          5,204,312          10,669
    *
        Allakos     Inc.
                                          1,085,554          10,628
    *,1
        Tabula    Rasa   HealthCare      Inc.
                                           708,021         10,620
    *,1
        Vicarious      Surgical     Inc.
                                           989,738         10,511
    *,1
        Arbutus     Biopharma      Corp.
                                          2,697,043          10,491
    *,1
        Signify     Health    Inc.   Class   A
                                           728,189         10,355
    *,1
        DermTech     Inc.
                                           653,798         10,330
    *
        Kiniksa     Pharmaceuticals         Ltd.   Class   A
                                           868,519         10,222
    *,1
        LifeStance      Health    Group   Inc.
                                          1,064,164          10,131
    *
        Tactile     Systems     Technology      Inc.
                                           529,858         10,083
    *
        Aligos    Therapeutics       Inc.
                                           848,752         10,075
    *,1
        Xeris   Biopharma      Holdings     Inc.
                                          3,373,558           9,885
    *,1
        G1  Therapeutics       Inc.
                                           966,855          9,872
                                100/498


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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *
        MEI  Pharma    Inc.
                                          3,693,414           9,861
    *,1
        Clovis    Oncology     Inc.
                                          3,614,712           9,796
    *
        Pliant    Therapeutics       Inc.
                                           718,287          9,697
    *
        Altimmune      Inc.
                                          1,055,590           9,669
    *
        Cue  Biopharma      Inc.
                                           849,873          9,612
    *
        Dyne   Therapeutics       Inc.
                                           807,332          9,599
        Utah   Medical     Products     Inc.
                                            95,438         9,544
    *
        Aveanna     Healthcare      Holdings     Inc.
                                          1,284,770           9,507
    *
        KalVista     Pharmaceuticals         Inc.
                                           717,163          9,488
    *
        Singular     Genomics     Systems     Inc.
                                           820,124          9,481
    *,1
        Fluidigm     Corp.
                                          2,407,569           9,438
    *
        Immunovant      Inc.
                                          1,107,045           9,432
    *
        EyePoint     Pharmaceuticals         Inc.
                                           767,993          9,400
    *,1
        23andMe     Holding     Co.
                                          1,401,400           9,333
    *
        Precision      BioSciences       Inc.
                                          1,254,716           9,285
    *
        Aerie   Pharmaceuticals         Inc.
                                          1,313,983           9,224
    *
        SIGA   Technologies       Inc.
                                          1,214,044           9,130
    *
        Radius    Health    Inc.
                                          1,317,303           9,116
    *
        Avita   Medical     Inc.
                                           755,807          9,055
    *,1
        Tricida     Inc.
                                           941,938          9,005
    *
        Viking    Therapeutics       Inc.
                                          1,956,125           8,998
    *,1
        Esperion     Therapeutics       Inc.
                                          1,736,578           8,683
    *
        Stereotaxis       Inc.
                                          1,387,817           8,604
    *,1
        CEL-SCI     Corp.
                                          1,193,012           8,470
    *
        Olema   Pharmaceuticals         Inc.
                                           901,724          8,440
    *,1
        Lineage     Cell   Therapeutics       Inc.
                                          3,437,446           8,422
    *,1
        Applied     Molecular      Transport      Inc.
                                           601,000          8,402
    *
        Axogen    Inc.
                                           896,295          8,398
    *
        Mirum   Pharmaceuticals         Inc.
                                           526,006          8,390
    *
        Selecta     Biosciences       Inc.
                                          2,565,679           8,364
    *
        Lexicon     Pharmaceuticals         Inc.
                                          2,121,674           8,359
    *,1
        DICE   Therapeutics       Inc.
                                           326,204          8,256
    *
        iRadimed     Corp.
                                           176,500          8,156
    *
        Cymabay     Therapeutics       Inc.
                                          2,398,201           8,106
    *,1
        Erasca    Inc.
                                           518,553          8,079
    *,1
        Zomedica     Corp.
                                          26,205,556           8,032
    *
        Provention      Bio  Inc.
                                          1,417,520           7,966
    *
        Jounce    Therapeutics       Inc.
                                           950,782          7,939
    *
        CytomX    Therapeutics       Inc.
                                          1,826,173           7,907
    *,1
        Cogent    Biosciences       Inc.
                                           919,181          7,887
    *,1
        KemPharm     Inc.
                                           893,113          7,779
    *,1
        Caribou     Biosciences       Inc.
                                           514,146          7,758
    *
        Passage     Bio  Inc.
                                          1,216,852           7,727
    *,1
        Oyster    Point   Pharma    Inc.
                                           418,653          7,645
    *,1
        SmileDirectClub         Inc.   Class   A
                                          3,163,758           7,435
    *
        BioDelivery       Sciences     International        Inc.
                                          2,396,202           7,428
    *,1
        Leap   Therapeutics       Inc.
                                          2,289,511           7,418
                                101/498


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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *
        ADMA   Biologics      Inc.
                                          5,232,363           7,378
    *,1
        Cortexyme      Inc.
                                           582,453          7,351
    *
        Generation      Bio  Co.
                                          1,038,127           7,350
    *,1
        Icosavax     Inc.
                                           319,992          7,321
    *
        Akoya   Biosciences       Inc.
                                           477,329          7,308
    *,1
        Cardiff     Oncology     Inc.
                                          1,200,675           7,216
    *,1
        Asensus     Surgical     Inc.
                                          6,477,615           7,190
    *
        Vera   Therapeutics       Inc.   Class   A
                                           268,385          7,171
    *
        Co-Diagnostics         Inc.
                                           799,651          7,141
    *
        Tarsus    Pharmaceuticals         Inc.
                                           317,149          7,136
        XBiotech     Inc.
                                           633,491          7,051
    *
        Shattuck     Labs   Inc.
                                           827,230          7,040
    *
        InfuSystem      Holdings     Inc.
                                           412,131          7,019
    *
        Imago   Biosciences       Inc.
                                           286,492          6,793
    *,1
        Monte   Rosa   Therapeutics       Inc.
                                           332,183          6,783
    *
        Evolus    Inc.
                                          1,029,390           6,701
    *,1
        Aldeyra     Therapeutics       Inc.
                                          1,654,918           6,620
    *
        9 Meters    Biopharma      Inc.
                                          6,732,211           6,589
    *
        ClearPoint      Neuro   Inc.
                                           585,895          6,574
    *
        Apollo    Endosurgery       Inc.
                                           778,104          6,559
    *
        Harvard     Bioscience      Inc.
                                           928,940          6,549
    *
        IGM  Biosciences       Inc.
                                           219,883          6,449
    *
        Ikena   Oncology     Inc.
                                           511,054          6,409
    *
        Alpine    Immune    Sciences     Inc.
                                           458,029          6,344
    *,1
        ZIOPHARM     Oncology     Inc.
                                          5,819,043           6,343
    *,1
        Progenity      Inc.
                                          3,025,977           6,324
    *
        Durect    Corp.
                                          6,408,832           6,318
    *
        Aeglea    BioTherapeutics         Inc.
                                          1,313,273           6,238
    *,1
        PLx  Pharma    Inc.
                                           765,283          6,130
    *
        Sema4   Holdings     Corp.
                                          1,373,585           6,126
    *,1
        P3  Health    Partners     Inc.
                                           866,984          6,104
    *
        Finch   Therapeutics       Group   Inc.
                                           608,599          6,068
    *
        Poseida     Therapeutics       Inc.
                                           888,597          6,051
    *
        Cytek   Biosciences       Inc.
                                           370,405          6,045
    *
        SomaLogic      Inc.
                                           517,212          6,020
    *,1
        Checkpoint      Therapeutics       Inc.
                                          1,935,339           6,019
    *,1
        MyMD   Pharmaceuticals         Inc.
                                           986,327          5,977
    *
        Nkarta    Inc.
                                           387,394          5,946
    *,1
        Janux   Therapeutics       Inc.
                                           300,259          5,924
    *,1
        Sight   Sciences     Inc.
                                           337,053          5,922
    *,1
        Harrow    Health    Inc.
                                           683,628          5,907
    *
        SQZ  Biotechnologies         Co.
                                           657,886          5,875
    *
        Magenta     Therapeutics       Inc.
                                          1,316,086           5,830
    *
        Epizyme     Inc.
                                          2,324,103           5,810
    *,1
        Zynex   Inc.
                                           581,990          5,802
    *,1
        Citius    Pharmaceuticals         Inc.
                                          3,762,882           5,795
    *,1
        Tenaya    Therapeutics       Inc.
                                           304,397          5,768
                                102/498


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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *
        Spectrum     Pharmaceuticals         Inc.
                                          4,533,639           5,758
    *,1
        Beyond    Air  Inc.
                                           607,173          5,732
    *,1
        Atossa    Therapeutics       Inc.
                                          3,568,886           5,710
    *,1
        Ventyx    Biosciences       Inc.
                                           286,784          5,696
    *
        Infinity     Pharmaceuticals         Inc.
                                          2,515,625           5,660
    *,1
        Humanigen      Inc.
                                          1,519,387           5,652
    *
        Harpoon     Therapeutics       Inc.
                                           744,084          5,618
    *
        Sierra    Oncology     Inc.
                                           257,900          5,607
    *,1
        Accelerate      Diagnostics       Inc.
                                          1,071,946           5,596
    *,2
        PDL  BioPharma      Inc.
                                          2,258,201           5,578
    *,1
        PAVmed    Inc.
                                          2,267,445           5,578
    *
        Paratek     Pharmaceuticals         Inc.
                                          1,241,872           5,576
    *,1
        Pulse   Biosciences       Inc.
                                           374,900          5,552
    *
        Annexon     Inc.
                                           483,043          5,550
    *
        Outlook     Therapeutics       Inc.
                                          4,078,824           5,547
    *
        ChromaDex      Corp.
                                          1,481,140           5,539
    *
        Sientra     Inc.
                                          1,494,281           5,484
    *,1
        Tango   Therapeutics       Inc.
                                           499,196          5,461
    *
        CytoSorbents       Corp.
                                          1,302,216           5,456
    *
        CTI  BioPharma      Corp.
                                          2,197,729           5,450
    *,1
        Athersys     Inc.
                                          5,996,030           5,412
    *
        Viemed    Healthcare      Inc.
                                          1,021,301           5,331
    *
        Immunic     Inc.
                                           556,586          5,327
    *,1
        Lyell   Immunopharma       Inc.
                                           685,335          5,304
    *,1
        aTyr   Pharma    Inc.
                                           707,035          5,282
    *
        Fortress     Biotech     Inc.
                                          2,099,871           5,250
    *,1
        PDS  Biotechnology        Corp.
                                           646,702          5,238
    *,1
        Matinas     BioPharma      Holdings     Inc.
                                          5,178,119           5,230
    *,1
        Graphite     Bio  Inc.
                                           419,038          5,209
    *
        Eiger   BioPharmaceuticals           Inc.
                                          1,002,324           5,202
    *
        Akouos    Inc.
                                           600,364          5,103
    *
        Oncocyte     Corp.
                                          2,341,973           5,082
    *
        Ovid   therapeutics       Inc.
                                          1,580,181           5,072
    *
        iCAD   Inc.
                                           693,870          4,996
    *
        TFF  Pharmaceuticals         Inc.
                                           562,689          4,991
    *,1
        Liquidia     Corp.
                                          1,020,773           4,971
    *,1
        Evelo   Biosciences       Inc.
                                           815,953          4,953
    *,1
        Century     Therapeutics       Inc.
                                           311,529          4,941
    *,1
        Enochian     Biosciences       Inc.
                                           670,400          4,887
    *
        CorMedix     Inc.
                                          1,073,491           4,884
    *,1
        Compass     Therapeutics       Inc.
                                          1,538,900           4,878
    *,1
        AVEO   Pharmaceuticals         Inc.
                                          1,031,672           4,839
    *
        Castlight      Health    Inc.   Class   B
                                          3,134,910           4,828
    *,1
        Sesen   Bio  Inc.
                                          5,809,404           4,735
    *,1
        Vor  BioPharma      Inc.
                                           402,489          4,677
    *,1
        Seelos    Therapeutics       Inc.
                                          2,822,580           4,601
    1
        Forian    Inc.
                                           507,760          4,580
                                103/498


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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *,1
        XOMA   Corp.
                                           216,811          4,521
    *
        Tonix   Pharmaceuticals         Holding     Corp.
                                          12,556,859           4,492
    *,1
        Nuvalent     Inc.   Class   A
                                           235,682          4,487
    *,1
        Taysha    Gene   Therapies      Inc.
                                           384,710          4,482
    *,1
        PROCEPT     BioRobotics       Corp.
                                           178,900          4,474
    *
        Molecular      Templates      Inc.
                                          1,130,895           4,433
    *,1
        Entrada     Therapeutics       Inc.
                                           254,933          4,364
    *
        Neoleukin      Therapeutics       Inc.
                                           904,596          4,360
    *
        89bio   Inc.
                                           331,274          4,330
    *
        Applied     Therapeutics       Inc.
                                           474,486          4,247
    *,1
        Oncology     Institute      Inc.
                                           432,741          4,219
    *
        IntriCon     Corp.
                                           259,528          4,197
    *
        Adverum     Biotechnologies         Inc.
                                          2,374,987           4,180
    *,1
        Dare   Bioscience      Inc.
                                          2,082,157           4,164
    *,1
        TherapeuticsMD         Inc.
                                          11,683,481           4,153
    *,1
        Rain   Therapeutics       Inc.
                                           321,219          4,137
    *,1
        Tyra   Biosciences       Inc.
                                           293,500          4,130
    *
        Alpha   Teknova     Inc.
                                           200,207          4,100
    *
        AirSculpt      Technologies       Inc.
                                           238,200          4,095
    *
        Surface     Oncology     Inc.
                                           856,153          4,092
    *,1
        Frequency      Therapeutics       Inc.
                                           793,072          4,068
    *
        Savara    Inc.
                                          3,255,385           4,037
    *
        Codiak    Biosciences       Inc.
                                           361,652          4,029
    *
        Opiant    Pharmaceuticals         Inc.
                                           119,263          4,011
    *,1
        Vincerx     Pharma    Inc.
                                           391,380          3,988
    *
        Syros   Pharmaceuticals         Inc.
                                          1,219,329           3,975
    *,1
        SCYNEXIS     Inc.
                                           648,422          3,955
    *,1
        NRX  Pharmaceuticals         Inc.
                                           825,400          3,945
    *,1
        Verrica     Pharmaceuticals         Inc.
                                           426,172          3,904
    *,1
        Conformis      Inc.
                                          5,125,262           3,902
    *,1
        BrainStorm      Cell   Therapeutics       Inc.
                                           951,371          3,805
    *
        Clearside      Biomedical      Inc.
                                          1,383,654           3,805
    *
        Exagen    Inc.
                                           326,266          3,794
    *,1
        Pear   Therapeutics       Inc.
                                           609,168          3,777
    *
        Avrobio     Inc.
                                           967,934          3,727
    *
        Homology     Medicines      Inc.
                                          1,018,828           3,709
    *
        Synlogic     Inc.
                                          1,521,748           3,683
    *,1
        Xilio   Therapeutics       Inc.
                                           227,813          3,645
    *
        CareMax     Inc.
                                           471,830          3,624
    *,1
        Viracta     Therapeutics       Inc.
                                           991,377          3,619
    *
        Celcuity     Inc.
                                           273,679          3,610
    *
        Black   Diamond     Therapeutics       Inc.
                                           670,875          3,576
    *
        Silverback      Therapeutics       Inc.
                                           536,038          3,570
    *
        Larimar     Therapeutics       Inc.
                                           328,248          3,542
    *
        Mustang     Bio  Inc.
                                          2,112,015           3,506
    *
        TCR2   Therapeutics       Inc.
                                           751,404          3,502
    *,1
        Theseus     Pharmaceuticals         Inc.
                                           275,573          3,494
                                104/498


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                                                有価証券報告書（外国投資信託受益証券）
                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *,1
        Bolt   Biotherapeutics         Inc.
                                           706,665          3,463
    *,1
        Adagio    Therapeutics       Inc.
                                           474,097          3,442
    *,1
        Biomea    Fusion    Inc.
                                           456,903          3,404
    *,1
        iBio   Inc.
                                          6,187,128           3,397
    *,1
        Inmune    Bio  Inc.
                                           331,277          3,379
    *,1
        Aerovate     Therapeutics       Inc.
                                           284,834          3,358
    *
        Enzo   Biochem     Inc.
                                          1,040,908           3,341
    *
        Puma   Biotechnology        Inc.
                                          1,097,795           3,337
    *,1
        Actinium     Pharmaceuticals         Inc.
                                           552,928          3,323
    *
        Werewolf     Therapeutics       Inc.
                                           275,778          3,285
    *
        Aptinyx     Inc.   Class   A
                                          1,227,261           3,277
    *
        Eargo   Inc.
                                           640,326          3,266
    *,1
        Zynerba     Pharmaceuticals         Inc.
                                          1,129,474           3,253
    *
        Absci   Corp.
                                           395,572          3,244
    *
        UpHealth     Inc.
                                          1,440,200           3,226
    *,1
        Aquestive      Therapeutics       Inc.
                                           818,252          3,183
    *,1
        Retractable       Technologies       Inc.
                                           458,342          3,176
    *,1
        Rani   Therapeutics       Holdings     Inc.   Class   A
                                           193,116          3,157
    *
        Otonomy     Inc.
                                          1,513,558           3,148
    *
        Avalo   Therapeutics       Inc.
                                          1,844,625           3,136
    *,1
        Athenex     Inc.
                                          2,301,777           3,130
    *,1
        Impel   Neuropharma       Inc.
                                           361,867          3,123
    *
        CVRx   Inc.
                                           254,646          3,114
    *,1
        Palatin     Technologies       Inc.
                                          6,085,329           3,113
    *,1
        Sensei    Biotherapeutics         Inc.
                                           534,441          3,100
    *,1
        Brooklyn     ImmunoTherapeutics           Inc.
                                           740,159          3,086
    *,1
        Pyxis   Oncology     Inc.
                                           281,025          3,083
    *
        Assembly     Biosciences       Inc.
                                          1,320,373           3,076
    *,1
        MediciNova      Inc.
                                          1,146,273           3,072
    *,1
        Oncorus     Inc.
                                           580,797          3,061
    *,1
        eFFECTOR     Therapeutics       Inc.
                                           367,012          3,039
    *,1
        PhaseBio     Pharmaceuticals         Inc.
                                          1,156,526           3,019
    *
        Convey    Health    Solutions      Holdings     Inc.
                                           360,245          3,012
    *,1
        Ardelyx     Inc.
                                          2,730,304           3,003
    *
        Neuronetics       Inc.
                                           671,591          2,995
    *,1
        Ampio   Pharmaceuticals         Inc.
                                          5,246,099           2,990
    *
        Milestone      Scientific      Inc.
                                          1,447,898           2,983
    *
        Immunome     Inc.
                                           230,150          2,983
    *,1
        Lucira    Health    Inc.
                                           343,109          2,954
    *
        Innovage     Holding     Corp.
                                           566,048          2,830
    *
        Oncternal      Therapeutics       Inc.
                                          1,243,288           2,822
    *,1
        ContraFect      Corp.
                                          1,071,148           2,817
    *,1
        Surgalign      Holdings     Inc.
                                          3,923,007           2,810
    *
        Invacare     Corp.
                                          1,023,221           2,783
    *
        Nautilus     Biotechnology        Inc.   Class   A
                                           535,900          2,776
    *
        Tela   Bio  Inc.
                                           216,147          2,767
    *
        Anixa   Biosciences       Inc.
                                           927,841          2,756
                                105/498


                                                          EDINET提出書類
                                              バンガード・インデックス・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
        180  Life   Sciences     Corp.
                                           706,110          2,754
    *,1
        Immuneering       Corp.   Class   A
                                           168,833          2,730
    *
        Assertio     Holdings     Inc.
                                          1,244,049           2,712
    *
        Aura   Biosciences       Inc.
                                           159,493          2,708
    *,1
        RxSight     Inc.
                                           240,275          2,703
    *,1
        Dyadic    International        Inc.
                                           596,383          2,696
    *,1
        Optinose     Inc.
                                          1,663,471           2,695
    *,1
        Quantum-Si      Inc.
                                           338,766          2,666
    *,1
        Voyager     Therapeutics       Inc.
                                           976,336          2,646
    *
        Terns   Pharmaceuticals         Inc.
                                           372,824          2,636
    *
        NeuBase     Therapeutics       Inc.
                                           936,373          2,631
    *
        Rapid   Micro   Biosystems      Inc.   Class   A
                                           246,671          2,625
    *
        Cabaletta      Bio  Inc.
                                           686,920          2,603
    *,1
        Trevena     Inc.
                                          4,456,224           2,596
    *,1
        ATI  Physical     Therapy     Inc.
                                           764,606          2,592
    *
        Annovis     Bio  Inc.
                                           146,966          2,584
    *,1
        Aspira    Women's     Health    Inc.
                                          1,457,103           2,579
    *,1
        Prelude     Therapeutics       Inc.
                                           205,579          2,559
    *
        FONAR   Corp.
                                           169,673          2,542
    *
        Repro-Med      Systems     Inc.
                                           842,318          2,527
    *
        Concert     Pharmaceuticals         Inc.
                                           797,343          2,512
    *,1
        Adamis    Pharmaceuticals         Corp.
                                          4,096,010           2,478
    *,1
        SAB  Biotherapeutics         Inc.
                                           316,200          2,470
    *
        Eyenovia     Inc.
                                           617,303          2,469
    *,1
        Eton   Pharmaceuticals         Inc.
                                           575,285          2,468
    *,1
        Galectin     Therapeutics       Inc.
                                          1,189,409           2,462
    *
        GT  Biopharma      Inc.
                                           799,666          2,439
    *,1
        Cyteir    Therapeutics       Inc.
                                           213,864          2,432
    *,1
        Atreca    Inc.   Class   A
                                           797,857          2,418
    *
        Electromed      Inc.
                                           185,812          2,416
    *,1
        Astria    Therapeutics       Inc.
                                           445,544          2,401
    *
        Solid   Biosciences       Inc.
                                          1,370,035           2,398
    *
        scPharmaceuticals          Inc.
                                           473,934          2,379
    *
        Lipocine     Inc.
                                          2,398,282           2,377
    *
        Hepion    Pharmaceuticals         Inc.
                                          2,070,833           2,361
    *
        Acumen    Pharmaceuticals         Inc.
                                           348,229          2,354
    *,1
        Clene   Inc.
                                           573,521          2,351
    *,1
        Omega   Therapeutics       Inc.
                                           206,410          2,339
    *,1
        SELLAS    Life   Sciences     Group   Inc.
                                           419,071          2,317
    *
        Satsuma     Pharmaceuticals         Inc.
                                           511,816          2,303
    *
        Cidara    Therapeutics       Inc.
                                          1,796,543           2,282
    *
        IRIDEX    Corp.
                                           373,047          2,279
    *
        Cyclerion      Therapeutics       Inc.
                                          1,323,224           2,276
    *
        Inozyme     Pharma    Inc.
                                           329,841          2,250
    *
        Decibel     Therapeutics       Inc.
                                           483,353          2,248
    *,1
        Novan   Inc.
                                           533,970          2,227
    *
        La  Jolla   Pharmaceutical         Co.
                                           478,002          2,223
                                106/498


                                                          EDINET提出書類
                                              バンガード・インデックス・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     )
    *
        Point   Biopharma      Global    Inc.   Class   A
                                           389,126          2,179
    *
        NextCure     Inc.
                                           362,876          2,177
    *,1
        Surrozen     Inc.
                                           337,956          2,176
    *
        Corbus    Pharmaceuticals         Holdings     Inc.
                                          3,521,570           2,168
    *
        NexImmune      Inc.
                                           468,043          2,158
    *
        Sensus    Healthcare      Inc.
                                           297,679          2,149
    *
        F-star    Therapeutics       Inc.
                                           427,852          2,148
    *,1
        Heat   Biologics      Inc.
                                           705,534          2,145
    *
        Equillium      Inc.
                                           570,835          2,141
    *,1
        Humacyte     Inc.
                                           295,041          2,139
    *
        Sanara    Medtech     Inc.
                                            69,768         2,122
    *,1
        Jasper    Therapeutics       Inc.
                                           269,524          2,116
    *,1
        T2  Biosystems      Inc.
                                          4,092,293           2,112
    *
        Champions      Oncology     Inc.
                                           263,922          2,111
    *
        Candel    Therapeutics       Inc.
                                           269,900          2,111
    *
        Pro-Dex     Inc.
                                            87,581         2,091
    *,1
        Applied     Genetic     Technologies       Corp.
                                          1,084,366           2,060
    *,1
        IsoPlexis      Corp.
                                           222,915          2,049
    *
        Lantern     Pharma    Inc.
                                           256,113          2,044
    *
        Movano    Inc.
                                           532,959          2,025
    *
        Acutus    Medical     Inc.
                                           593,445          2,024
    *
        Elevation      Oncology     Inc.
                                           332,316          2,001
    *
        Eliem   Therapeutics       Inc.
                                           189,734          1,985
    *,1
        Gemini    Therapeutics       Inc.   Class   A
                                           681,589          1,983
    *
        Eledon    Pharmaceuticals         Inc.
                                           447,798          1,975
    *
        CASI   Pharmaceuticals         Inc.
                                          2,466,927           1,974
    *
        GlycoMimetics        Inc.
                                          1,369,767           1,972
    *,1
        Corvus    Pharmaceuticals         Inc.
                                           818,011          1,971
    *
        Summit    Therapeutics       Inc.
                                           731,303          1,967
    *,1
        Tyme   Technologies       Inc.
                                          3,251,941           1,961
    *
        Recro   Pharma    Inc.
                                          1,130,309           1,933
    *
        Angion    Biomedica      Corp.
                                           665,973          1,931
    *
        Protara     Therapeutics       Inc.
                                           284,301          1,919
    *
        Renovacor      Inc.
                                           247,032          1,902
    *
        Codex   DNA  Inc.
                                           175,221          1,892
    *
        DiaMedica      Therapeutics       Inc.
                                           506,271          1,888
    *,1
        BioSig    Technologies       Inc.
                                           833,444          1,859
    *
        UNITY   Biotechnology        Inc.
                                          1,262,875           1,844
    *,1
        Reneo   Pharmaceuticals         Inc.
                                           214,913          1,838
    *
        NeuroPace      Inc.
                                           180,700          1,821
    *,1
        Delcath     Systems     Inc.
                                           234,851          1,820
    *
        Rallybio     Corp.
                                           189,993          1,813
    *,1
        SOC  Telemed     Inc.   Class   A
                                          1,411,966           1,807
    *
        Greenwich      Lifesciences       Inc.
                                            73,763         1,795
    *,1
        Achieve     Life   Sciences     Inc.
                                           230,562          1,794
    *,1
        AcelRx    Pharmaceuticals         Inc.
                                          3,199,151           1,792
    *
        Sio  Gene   Therapies      Inc.
                                          1,382,708           1,784
                                107/498


                                                          EDINET提出書類
                                              バンガード・インデックス・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
        Alder   Biopharmaceuticals           Inc.   CVR  Exp.   12/31/24
                                          2,021,007           1,778
    *
        Talis   Biomedical      Corp.
                                           434,170          1,741
    *,1
        Capricor     Therapeutics       Inc.
                                           587,714          1,722
    *,1
        Biolase     Inc.
                                          4,390,729           1,712
    *,1
        Kala   Pharmaceuticals         Inc.
                                          1,407,086           1,703
    *
        Ocuphire     Pharma    Inc.
                                           451,409          1,684
    *
        CareCloud      Inc.
                                           266,292          1,683
    *
        Orgenesis      Inc.
                                           566,688          1,632
    *,1
        Evofem    Biosciences       Inc.
                                          4,334,863           1,628
    *
        Marker    Therapeutics       Inc.
                                          1,668,739           1,586
    *,1
        Oragenics      Inc.
                                          3,556,869           1,586
    *
        Five   Star   Senior    Living    Inc.
                                           537,058          1,584
    *,1
        Biocept     Inc.
                                           432,578          1,566
    *
        Agile   Therapeutics       Inc.
                                          3,195,980           1,560
    *,1
        Allena    Pharmaceuticals         Inc.
                                          2,621,736           1,553
    *
        LENSAR    Inc.
                                           255,116          1,520
    *
        Checkmate      Pharmaceuticals         Inc.
                                           528,940          1,518
    *,1
        VYNE   Therapeutics       Inc.
                                          1,479,066           1,509
    *,1
        Galera    Therapeutics       Inc.
                                           328,358          1,507
    *,1
        Genprex     Inc.
                                          1,144,222           1,499
    *,1
        Onconova     Therapeutics       Inc.
                                           586,842          1,496
    *
        Caladrius      Biosciences       Inc.
                                          1,775,055           1,494
    *
        Cocrystal      Pharma    Inc.
                                          2,296,304           1,493
    *
        Processa     Pharmaceuticals         Inc.
                                           299,657          1,468
    *,1
        Rezolute     Inc.
                                           305,100          1,458
    *,1
        Biomerica      Inc.
                                           374,536          1,457
    *
        Merrimack      Pharmaceuticals         Inc.
                                           369,998          1,447
    *
        Lannett     Co.  Inc.
                                           890,245          1,442
    *
        X4  Pharmaceuticals         Inc.
                                           626,285          1,434
    *,1
        Sonida    Senior    Living    Inc.
                                            50,056         1,426
    *
        Thorne    HealthTech      Inc.
                                           227,118          1,410
    *,1
        Genocea     Biosciences       Inc.
                                          1,214,942           1,409
    *,1
        IsoRay    Inc.
                                          3,609,244           1,400
    *,1
        Second    Sight   Medical     Products     Inc.
                                           856,591          1,396
    *,1
        Aprea   Therapeutics       Inc.
                                           482,446          1,385
    *
        Venus   Concept     Inc.
                                           813,187          1,382
    *,1
        Roivant     Sciences     Ltd.
                                           134,798          1,359
    *,1
        Ontrak    Inc.
                                           215,767          1,357
    *
        IO  Biotech     Inc.
                                           205,200          1,348
    *
        Longboard      Pharmaceuticals         Inc.
                                           278,227          1,347
    *,1
        Avinger     Inc.
                                          2,983,044           1,342
    *,1
        Predictive      Oncology     Inc.
                                          1,385,931           1,319
    *,1
        Celsion     Corp.
                                          2,428,865           1,312
    *,1
        Cumberland      Pharmaceuticals         Inc.
                                           280,820          1,311
    *
        Armata    Pharmaceuticals         Inc.
                                           237,161          1,300
    *
        Lumos   Pharma    Inc.
                                           187,322          1,300
    *
        Sonendo     Inc.
                                           224,928          1,296
                                108/498


                                                          EDINET提出書類
                                              バンガード・インデックス・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     )
    *
        Biodesix     Inc.
                                           240,520          1,272
    *
        Aileron     Therapeutics       Inc.
                                          2,231,531           1,256
    *
        Axcella     Health    Inc.
                                           600,853          1,256
    *,1
        Kaleido     Biosciences       Inc.
                                           524,178          1,253
    *
        Aptevo    Therapeutics       Inc.
                                           158,476          1,247
    *
        Calithera      Biosciences       Inc.
                                          1,858,409           1,236
    *
        Myomo   Inc.
                                           180,412          1,235
    *,1
        Jaguar    Health    Inc.
                                          1,164,170           1,211
    *
        Eloxx   Pharmaceuticals         Inc.
                                          1,725,475           1,208
    *,1
        Zosano    Pharma    Corp.
                                          2,568,875           1,207
    *
        AIM  ImmunoTech      Inc.
                                          1,311,599           1,207
    *
        Reviva    Pharmaceuticals         Holdings     Inc.
                                           409,332          1,158
    *,1
        Microbot     Medical     Inc.
                                           153,549          1,152
    *
        Psychemedics       Corp.
                                           165,415          1,148
    *
        Moleculin      Biotech     Inc.
                                           616,108          1,146
    *,1
        Chembio     Diagnostics       Inc.
                                           999,186          1,139
    *
        Tracon    Pharmaceuticals         Inc.
                                           406,424          1,126
    *,1
        NanoViricides        Inc.
                                           300,189          1,117
    *,1
        Adial   Pharmaceuticals         Inc.
                                           413,497          1,116
        Indaptus     Therapeutics       Inc.
                                           194,541          1,109
    *
        Hookipa     Pharma    Inc.
                                           470,973          1,097
    *,1
        PolarityTE      Inc.
                                          1,866,000           1,095
    *,1
        NeuroMetrix       Inc.
                                           217,846          1,094
    *,1
        enVVeno     Medical     Corp.
                                           160,154          1,055
    *
        Precipio     Inc.
                                           662,055          1,046
    *,1
        Tempest     Therapeutics       Inc.
                                           196,177          1,036
    *
        Minerva     Surgical     Inc.
                                           199,982          1,028
    *,1
        Talkspace      Inc.
                                           511,882          1,008
    *
        Lucid   Diagnostics       Inc.
                                           186,179          1,000
    *
        ElectroCore       Inc.
                                          1,693,367            986
    *,1
        cbdMD   Inc.
                                           910,106           983
    *,1
        Spruce    Biosciences       Inc.
                                           219,817           980
    *,1
        Aridis    Pharmaceuticals         Inc.
                                           419,974           979
    *,1
        Ensysce     Biosciences       Inc.
                                           206,600           971
    *
        OpGen   Inc.
                                           968,530           969
    *
        Sigilon     Therapeutics       Inc.
                                           349,052           963
    *
        NantHealth      Inc.
                                           894,058           943
    *
        LogicBio     Therapeutics       Inc.
                                           404,761           935
    *
        Minerva     Neurosciences        Inc.
                                          1,156,640            926
    *,1
        HTG  Molecular      Diagnostics       Inc.
                                           170,349           923
    *
        Diffusion      Pharmaceuticals         Inc.
                                          3,008,350            918
    *,1,2
        Tobira    Therapeutics       Inc.   CVR  Exp.   12/31/28
                                           201,001           911
    *
        IMARA   Inc.
                                           403,870           909
    *,1
        Vallon    Pharmaceuticals         Inc.
                                           148,800           890
    *,1
        Synthetic      Biologics      Inc.
                                          3,260,633            888
    *,1
        Rockwell     Medical     Inc.
                                          2,138,698            877
    *,1
        Organovo     Holdings     Inc.
                                           237,956           864
                                109/498


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                                                有価証券報告書（外国投資信託受益証券）
                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *,1
        Allied    Healthcare      Products     Inc.
                                           147,174           857
    *
        TScan   Therapeutics       Inc.
                                           189,818           854
    *
        Cyclacel     Pharmaceuticals         Inc.
                                           220,333           853
    *
        Sera   Prognostics       Inc.   Class   A
                                           123,881           851
    *,1
        Virpax    Pharmaceuticals         Inc.
                                           247,037           847
    *
        Cryo-Cell      International        Inc.
                                            72,236          838
    *
        Abeona    Therapeutics       Inc.
                                          2,478,609            835
    *,1
        Windtree     Therapeutics       Inc.
                                           516,220           829
    *
        INVO   BioScience      Inc.
                                           248,469           827
    *,1
        Biofrontera       Inc.
                                           110,000           827
    *
        Vyant   Bio  Inc.
                                           600,669           811
    *,1
        Soligenix      Inc.
                                          1,217,959            804
    *,1
        Aytu   BioPharma      Inc.
                                           595,596           804
    *
        Landos    Biopharma      Inc.
                                           167,023           802
    *
        Cellectar      Biosciences       Inc.
                                          1,204,554            800
    *,1
        Vivos   Therapeutics       Inc.
                                           353,118           795
    *
        ImmuCell     Corp.
                                            99,344          794
    *
        ENDRA   Life   Sciences     Inc.
                                          1,135,615            786
    *
        Strata    Skin   Sciences     Inc.
                                           526,219           774
    *
        Aravive     Inc.
                                           350,260           767
    *
        Catalyst     Biosciences       Inc.
                                           826,502           755
    *
        Marpai    Inc.   Class   A
                                           172,000           753
    *
        Yumanity     Therapeutics       Inc.
                                           253,447           750
    *,1
        Longeveron      Inc.
                                            61,900          747
    *,1
        Better    Therapeutics       Inc.
                                           160,300           745
    *
        Lyra   Therapeutics       Inc.
                                           167,443           730
    *
        Ekso   Bionics     Holdings     Inc.
                                           269,736           715
    *,1
        Bright    Health    Group   Inc.
                                           203,739           701
    *,1
        Qualigen     Therapeutics       Inc.
                                           637,185           682
    *
        Miromatrix      Medical     Inc.
                                           146,672           682
    *,1
        Bellerophon       Therapeutics       Inc.
                                           219,538           681
    *
        ReShape     Lifesciences       Inc.
                                           411,000           674
    *
        Xenetic     Biosciences       Inc.
                                           519,743           670
    *
        Sonnet    BioTherapeutics         Holdings     Inc.
                                          1,620,560            669
    *
        Augmedix     Inc.
                                           212,392           669
    *
        Entasis     Therapeutics       Holdings     Inc.
                                           304,345           667
    *,1
        Cyclo   Therapeutics       Inc.
                                           176,043           657
    *
        Forte   Biosciences       Inc.
                                           304,501           652
    *
        Virios    Therapeutics       Inc.
                                           127,068           651
    *
        Aethlon     Medical     Inc.
                                           342,003           636
    *
        Inhibikase      Therapeutics       Inc.
                                           424,359           624
    *,1
        vTv  Therapeutics       Inc.   Class   A
                                           625,032           622
    *,1
        Pulmatrix      Inc.
                                          1,418,189            621
    *
        Odonate     Therapeutics       Inc.
                                           449,600           607
    *,1
        Aditxt    Inc.
                                          1,132,345            607
    *,1
        Sharecare      Inc.
                                           134,370           603
    *
        Graybug     Vision    Inc.
                                           328,531           601
                                110/498


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                                                有価証券報告書（外国投資信託受益証券）
                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *,1
        GeoVax    Labs   Inc.
                                           165,070           598
    *,1
        Scopus    Biopharma      Inc.
                                           359,481           588
    *,1
        Regulus     Therapeutics       Inc.
                                          1,847,824            582
    *
        Plus   Therapeutics       Inc.
                                           553,702           581
    *
        Imac   Holdings     Inc.
                                           508,049           579
    *,1
        Cue  Health    Inc.
                                            43,191          579
    *
        BioVie    Inc.   Class   A
                                           126,527           569
    *
        BioCardia      Inc.
                                           290,342           563
    *
        Paragon     28  Inc.
                                            30,590          541
    *,1
        ARCA   biopharma      Inc.
                                           251,085           540
    *,1
        Salarius     Pharmaceuticals         Inc.
                                          1,085,219            538
    *
        Daxor   Corp.
                                            47,328          534
    *
        Kintara     Therapeutics       Inc.
                                          1,026,487            524
    *
        Enveric     Biosciences       Inc.
                                           563,792           524
    *
        Baudax    Bio  Inc.
                                          2,337,257            512
    *,1
        TransCode      Therapeutics       Inc.
                                           200,117           508
    *
        Idera   Pharmaceuticals         Inc.
                                           886,117           505
    *,1
        Vaccinex     Inc.
                                           480,726           505
    *
        NeuroBo     Pharmaceuticals         Inc.
                                           409,413           499
    *
        Soleno    Therapeutics       Inc.
                                          1,201,052            492
    *,1
        Bellicum     Pharmaceuticals         Inc.
                                           330,424           492
    *
        Cohbar    Inc.
                                          1,381,105            483
    *,1
        Context     Therapeutics       Inc.
                                           180,700           481
    1
        iSpecimen      Inc.
                                            60,400          472
    *
        AgeX   Therapeutics       Inc.
                                           426,190           465
    *
        Bio-Path     Holdings     Inc.
                                           121,084           456
    *
        Nephros     Inc.
                                            75,316          453
    *
        Navidea     Biopharmaceuticals           Inc.
                                           450,277           450
    *,1
        Acorda    Therapeutics       Inc.
                                           183,484           439
    *
        Kiromic     BioPharma      Inc.
                                           281,953           431
    *
        Alimera     Sciences     Inc.
                                            83,422          427
    *
        Brickell     Biotech     Inc.
                                          1,853,966            424
    *
        OncoSec     Medical     Inc.
                                           435,534           418
    *,1
        Evoke   Pharma    Inc.
                                           739,706           414
    *,1
        Clarus    Therapeutics       Holdings     Inc.
                                           166,600           405
    *,1
        Synaptogenix       Inc.
                                            47,303          403
    *,1
        SiNtx   Technologies       Inc.
                                           594,838           382
    *
        Hoth   Therapeutics       Inc.
                                           550,481           363
    *
        Artelo    Biosciences       Inc.
                                           678,172           352
    *
        Novo   Integrated      Sciences     Inc.
                                           255,940           351
    *,1
        Panbela     Therapeutics       Inc.
                                           196,590           344
    *,1
        Timber    Pharmaceuticals         Inc.
                                           902,107           343
    *
        IN8bio    Inc.
                                            77,511          340
    *
        Exicure     Inc.
                                          1,640,265            331
    *
        Cognition      Therapeutics       Inc.
                                            51,490          325
    *,1
        First   Wave   BioPharma      Inc.
                                           210,625           304
    *
        TRxADE    HEALTH    Inc.
                                           128,731           301
                                111/498


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                                                有価証券報告書（外国投資信託受益証券）
                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *
        Jupiter     Wellness     Inc.
                                           334,782           298
    *
        CNS  Pharmaceuticals         Inc.
                                           421,966           296
    *,1
        Avenue    Therapeutics       Inc.
                                           314,396           285
    *
        Helius    Medical     Technologies       Inc.   Class   A
                                            53,162          275
    *
        Aziyo   Biologics      Inc.   Class   A
                                            42,872          270
    *
        Palisade     Bio  Inc.
                                           196,415           255
    *,2
        Strongbridge       Biopharma      plc  CVR
                                          1,399,363            253
    *
        Acer   Therapeutics       Inc.
                                           108,596           250
    *,2
        Aduro   Biotech     Inc.   CVR
                                           415,255           249
    *,1
        Metacrine      Inc.
                                           368,353           248
    *,1
        Histogen     Inc.
                                           699,522           233
    *,1
        Vaxxinity      Inc.   Class   A
                                            36,674          206
    *
        Nuwellis     Inc.
                                           170,751           195
    *
        Tenax   Therapeutics       Inc.
                                           178,455           186
    *
        ThermoGenesis        Holdings     Inc.
                                           182,545           184
    *,2
        Ocera   Therapeutics       Inc.   CVR
                                           653,477           176
    *
        Monopar     Therapeutics       Inc.
                                            52,392          169
    *
        Protagenic      Therapeutics       Inc.
                                           121,310           168
    *,2
        Adamas    Pharmaceuticals         Inc.   CVR
                                          2,522,158            152
    1
        Petros    Pharmaceuticals         Inc.
                                            43,424          145
    *
        Phio   Pharmaceuticals         Corp.
                                           141,542           142
    *
        HCW  Biologics      Inc.
                                            59,200          137
    *
        Titan   Pharmaceuticals         Inc.
                                           131,533           134
    *
        Kiora   Pharmaceuticals         Inc.
                                            84,490          128
    *
        NanoVibronix       Inc.
                                           119,979           125
    *
        Sonoma    Pharmaceuticals         Inc.
                                            27,155          124
    *,1
        InVivo    Therapeutics       Holdings     Corp.
                                           258,651           118
    *
        RA  Medical     Systems     Inc.
                                            70,816          110
    *
        American     Shared    Hospital     Services
                                            36,338           86
    *
        NovaBay     Pharmaceuticals         Inc.
                                           218,047           82
    *,2
        OncoMed     Pharmaceuticals         Inc.   CVR
                                           255,777           67
    *
        Unicycive      Therapeutics       Inc.
                                            22,695           47
    *,1,2
        Miragen     Therapeutics       Inc.   CVR
                                          1,753,041            35
    *
        Viveve    Medical     Inc.
                                            27,095           31
    *
        Lixte   Biotechnology        Holdings     Inc.
                                            25,995           31
    *
        Trevi   Therapeutics       Inc.
                                            32,341           25
    *,2
        Elanco    Animal    Health    Inc.   CVR
                                           575,457           15
    *,2
        Alexza    Pharmaceuticals         Inc.   CVR
                                           327,391           11
    *,1,2
        Oncternal      Therapeutics       Inc.   CVR
                                             8,933           9
    *,2
        F-star    Therapeutics       Inc.   CVR
                                            61,021           4
    *,2
        Ambit   Biosciences       Corp.   CVR
                                           201,330            -
    *,2
        Biosante     Pharmaceutical         Inc.   CVR
                                           253,823            -
    *,1,2
        Synergy     Pharmaceuticals         LLC
                                          5,148,145             -
    *
        Advaxis     Inc.   Warrants     Exp.   9/11/24
                                           157,660            -
    *
        Geron   Corp.   Warrants     Exp.   12/31/25
                                          1,202,419             -
    *,2
        Lantheus     Holdings     Inc.   CVR
                                          2,319,511             -
                                112/498


                                                          EDINET提出書類
                                              バンガード・インデックス・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     )
    *,1,2
        Aerpio    Pharmaceuticals         Inc.   CVR                                -
                                          1,201,352
                                                  174,791,182
    資本財・サービス          (12.8   ％ )
        Visa   Inc.   Class   A
                                          47,229,793        10,235,168
        Mastercard      Inc.   Class   A
                                          24,931,683         8,958,452
        Accenture      plc  Class   A
                                          18,664,148         7,737,223
    *
        PayPal    Holdings     Inc.
                                          33,392,235         6,297,108
        Union   Pacific     Corp.
                                          18,270,664         4,602,928
        United    Parcel    Service     Inc.   Class   B
                                          20,722,276         4,441,613
        Honeywell      International        Inc.
                                          19,564,783         4,079,453
        Raytheon     Technologies       Corp.
                                          42,537,683         3,660,793
    *
        Boeing    Co.
                                          16,703,485         3,362,746
        Caterpillar       Inc.
                                          15,374,036         3,178,428
        Automatic      Data   Processing      Inc.
                                          11,975,413         2,952,897
        General     Electric     Co.
                                          31,211,377         2,948,539
        3M  Co.
                                          16,376,884         2,909,026
        Deere   & Co.
                                          7,931,030        2,719,471
        American     Express     Co.
                                          16,510,377         2,701,098
        CSX  Corp.
                                          63,038,002         2,370,229
        Lockheed     Martin    Corp.
                                          6,661,763        2,367,657
        Sherwin-Williams          Co.
                                          6,706,470        2,361,750
        Norfolk     Southern     Corp.
                                          6,916,283        2,059,047
        Illinois     Tool   Works   Inc.
                                          8,027,424        1,981,168
        Eaton   Corp.   plc
                                          11,328,049         1,957,713
        Fidelity     National     Information       Services     Inc.
                                          17,306,430         1,888,997
    *
        Block   Inc.   Class   A
                                          11,344,852         1,832,307
        FedEx   Corp.
                                          6,794,454        1,757,318
        Capital     One  Financial      Corp.
                                          12,096,860         1,755,133
    *
        Fiserv    Inc.
                                          16,887,417         1,752,745
        Johnson     Controls     International        plc
                                          20,018,859         1,627,733
        Emerson     Electric     Co.
                                          16,906,920         1,571,836
        Northrop     Grumman     Corp.
                                          4,055,057        1,569,591
        General     Dynamics     Corp.
                                          6,743,839        1,405,888
        Trane   Technologies       plc
                                          6,751,548        1,364,015
        IHS  Markit    Ltd.
                                          10,202,389         1,356,102
        Carrier     Global    Corp.
                                          24,630,695         1,335,969
        Paychex     Inc.
                                          9,222,161        1,258,825
        DuPont    de  Nemours     Inc.
                                          14,725,665         1,189,539
        L3Harris     Technologies       Inc.
                                          5,576,548        1,189,143
        PPG  Industries      Inc.
                                          6,748,909        1,163,782
        Parker-Hannifin         Corp.
                                          3,652,666        1,161,986
        Rockwell     Automation      Inc.
                                          3,296,059        1,149,830
        Global    Payments     Inc.
                                          8,246,359        1,114,743
    *
        Mettler-Toledo         International        Inc.
                                           653,233       1,108,674
        Cintas    Corp.
                                          2,497,931        1,107,008
    *
        Keysight     Technologies       Inc.
                                          5,169,026        1,067,456
        Old  Dominion     Freight     Line   Inc.
                                          2,942,095        1,054,388
                                113/498


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                                                   市場価格     •
                                             株数     ( 千米ドル     )
        Otis   Worldwide      Corp.
                                          12,072,522         1,051,154
        Verisk    Analytics      Inc.
                                          4,579,618        1,047,496
        Equifax     Inc.
                                          3,467,700        1,015,308
        AMETEK    Inc.
                                          6,573,205          966,524
    *
        TransDigm      Group   Inc.
                                          1,491,341          948,910
    *
        Zebra   Technologies       Corp.   Class   A
                                          1,519,379          904,334
        Cummins     Inc.
                                          4,065,214          886,786
        Ball   Corp.
                                          9,205,755          886,238
        Stanley     Black   & Decker    Inc.
                                          4,634,979          874,250
        PACCAR    Inc.
                                          8,880,440          783,788
        Vulcan    Materials      Co.
                                          3,771,087          782,802
        Martin    Marietta     Materials      Inc.
                                          1,773,738          781,367
        Dover   Corp.
                                          4,092,079          743,122
        Fortive     Corp.
                                          9,681,333          738,589
        Synchrony      Financial
                                          15,555,842          721,635
        Ingersoll      Rand   Inc.
                                          11,584,687          716,745
    *
        Bill.com     Holdings     Inc.
                                          2,769,103          689,922
    *
        United    Rentals     Inc.
                                          2,057,134          683,565
        Expeditors      International        of  Washington      Inc.
                                          4,814,466          646,535
    *
        Waters    Corp.
                                          1,734,705          646,351
        TransUnion                                   5,445,186          645,690
        WW  Grainger     Inc.
                                          1,244,771          645,090
    *
        Generac     Holdings     Inc.
                                          1,794,052          631,363
    *
        Trimble     Inc.
                                          7,132,801          621,909
        Xylem   Inc.
                                          5,125,050          614,596
    *
        Teledyne     Technologies       Inc.
                                          1,325,618          579,149
        IDEX   Corp.
                                          2,162,213          510,974
        Jacobs    Engineering       Group   Inc.
                                          3,664,261          510,175
    *
        Affirm    Holdings     Inc.   Class   A
                                          5,029,168          505,733
    *
        FleetCor     Technologies       Inc.
                                          2,192,243          490,712
        JB  Hunt   Transport      Services     Inc.
                                          2,387,451          487,995
        Masco   Corp.
                                          6,936,294          487,067
        Textron     Inc.
                                          6,265,189          483,673
    *
        Builders     FirstSource       Inc.
                                          5,443,061          466,525
        Westinghouse       Air  Brake   Technologies       Corp.
                                          5,043,281          464,537
        Quanta    Services     Inc.
                                          4,049,178          464,279
    *
        Trex   Co.  Inc.
                                          3,272,372          441,868
        Fortune     Brands    Home   & Security     Inc.
                                          3,857,903          412,410
        Crown   Holdings     Inc.
                                          3,634,142          402,009
        CH  Robinson     Worldwide      Inc.
                                          3,693,642          397,547
        Graco   Inc.
                                          4,828,656          389,286
        Nordson     Corp.
                                          1,486,269          379,400
        RPM  International        Inc.
                                          3,683,798          372,064
        Cognex    Corp.
                                          4,773,117          371,158
        Carlisle     Cos.   Inc.
                                          1,485,937          368,691
        Packaging      Corp.   of  America
                                          2,700,199          367,632
        Jack   Henry   & Associates      Inc.
                                          2,103,072          351,192
                                114/498


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                                                   市場価格     •
                                             株数     ( 千米ドル     )
        Howmet    Aerospace      Inc.
                                          10,931,721          347,957
        Pentair     plc
                                          4,700,232          343,258
        HEICO   Corp.   Class   A
                                          2,665,500          342,570
        Allegion     plc
                                          2,549,599          337,669
        Robert    Half   International        Inc.
                                          3,005,983          335,227
        Westrock     Co.
                                          7,533,091          334,168
        Snap-on     Inc.
                                          1,525,432          328,548
        Regal   Rexnord     Corp.
                                          1,926,389          327,833
        A O Smith   Corp.
                                          3,787,464          325,154
        Booz   Allen   Hamilton     Holding     Corp.
                                          3,804,519          322,585
        Hubbell     Inc.   Class   B
                                          1,546,059          321,998
    *
        Fair   Isaac   Corp.
                                           738,607        320,312
    *
        AECOM                                   4,040,047          312,498
    *
        Middleby     Corp.
                                          1,581,110          311,099
        Lennox    International        Inc.
                                           936,314        303,703
        Toro   Co.
                                          3,022,749          302,003
    *
        GXO  Logistics      Inc.
                                          3,261,776          296,267
        Watsco    Inc.
                                           938,802        293,732
    *
        Axon   Enterprise      Inc.
                                          1,848,745          290,253
    *
        Berry   Global    Group   Inc.
                                          3,852,739          284,255
        Sealed    Air  Corp.
                                          4,209,805          284,036
        Genpact     Ltd.
                                          5,347,655          283,854
    *
        Mohawk    Industries      Inc.
                                          1,540,469          280,643
    *
        Sensata     Technologies       Holding     plc
                                          4,503,652          277,830
        MKS  Instruments       Inc.
                                          1,576,179          274,523
        Tetra   Tech   Inc.
                                          1,531,830          260,105
    *
        WillScot     Mobile    Mini   Holdings     Corp.
                                          6,340,007          258,926
    *
        Paylocity      Holding     Corp.
                                          1,096,274          258,896
        Knight-Swift       Transportation         Holdings     Inc.   Class   A
                                          4,243,601          258,605
        Owens   Corning
                                          2,856,341          258,499
    *
        TopBuild     Corp.
                                           935,830        258,205
    *
        Saia   Inc.
                                           748,741        252,348
        ITT  Inc.
                                          2,432,854          248,613
        Lincoln     Electric     Holdings     Inc.
                                          1,677,993          234,030
        AptarGroup      Inc.
                                          1,869,590          228,987
        Brunswick      Corp.
                                          2,189,333          220,531
        Littelfuse      Inc.
                                           699,882        220,239
        Oshkosh     Corp.
                                          1,919,016          216,292
    *
        Axalta    Coating     Systems     Ltd.
                                          6,490,779          214,975
    *
        XPO  Logistics      Inc.
                                          2,773,904          214,783
        Huntington      Ingalls     Industries      Inc.
                                          1,136,864          212,298
        Acuity    Brands    Inc.
                                           994,559        210,568
        Donaldson      Co.  Inc.
                                          3,512,218          208,134
        Advanced     Drainage     Systems     Inc.
                                          1,518,797          206,754
        Western     Union   Co.
                                          11,423,469          203,795
        AGCO   Corp.
                                          1,702,101          197,478
        Louisiana-Pacific          Corp.
                                          2,502,062          196,037
                                115/498


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                                                   市場価格     •
                                             株数     ( 千米ドル     )
        Landstar     System    Inc.
                                          1,083,478          193,964
        EMCOR   Group   Inc.
                                          1,520,272          193,667
        Eagle   Materials      Inc.
                                          1,155,989          192,426
    *
        WESCO   International        Inc.
                                          1,435,999          188,963
        Woodward     Inc.
                                          1,703,379          186,452
    *
        Coherent     Inc.
                                           697,186        185,828
    *
        Colfax    Corp.
                                          3,959,768          182,031
        nVent   Electric     plc
                                          4,776,182          181,495
    *
        WEX  Inc.
                                          1,273,491          178,785
        MDU  Resources      Group   Inc.
                                          5,790,677          178,584
    *
        ASGN   Inc.
                                          1,406,533          173,566
        Exponent     Inc.
                                          1,479,699          172,725
        Simpson     Manufacturing        Co.  Inc.
                                          1,235,164          171,774
        Graphic     Packaging      Holding     Co.
                                          8,744,417          170,516
    *
        Euronet     Worldwide      Inc.
                                          1,427,296          170,091
    *
        Chart   Industries      Inc.
                                          1,034,295          164,960
    *
        AMN  Healthcare      Services     Inc.
                                          1,344,408          164,461
        Sonoco    Products     Co.
                                          2,794,619          161,780
        MSA  Safety    Inc.
                                          1,058,319          159,764
        Armstrong      World   Industries      Inc.
                                          1,346,029          156,301
        Curtiss-Wright         Corp.
                                          1,115,484          154,684
        Watts   Water   Technologies       Inc.   Class   A
                                           783,571        152,146
        Valmont     Industries      Inc.
                                           602,801        151,002
        ManpowerGroup        Inc.
                                          1,541,703          150,054
    *
        FTI  Consulting      Inc.
                                           973,915        149,418
        Vontier     Corp.
                                          4,796,466          147,395
    *
        MasTec    Inc.
                                          1,583,614          146,136
    *
        Atkore    Inc.
                                          1,307,300          145,359
        Crane   Co.
                                          1,420,756          144,533
    *
        AZEK   Co.  Inc.   Class   A
                                          3,082,118          142,517
        Maximus     Inc.
                                          1,757,834          140,047
    *
        API  Group   Corp.
                                          5,426,717          139,846
        John   Bean   Technologies       Corp.
                                           903,409        138,727
        Air  Lease   Corp.   Class   A
                                          3,079,310          136,198
    *
        Summit    Materials      Inc.   Class   A
                                          3,371,531          135,333
    *
        ExlService      Holdings     Inc.
                                           899,778        130,261
        Spirit    AeroSystems       Holdings     Inc.   Class   A
                                          2,989,104          128,800
        BWX  Technologies       Inc.
                                          2,620,801          125,484
        Insperity      Inc.
                                          1,043,148          123,206
        HB  Fuller    Co.
                                          1,495,356          121,124
        Ryder   System    Inc.
                                          1,450,933          119,600
        Zurn   Water   Solutions      Corp.
                                          3,275,254          119,219
        Korn   Ferry
                                          1,549,822          117,368
    *
        ACI  Worldwide      Inc.
                                          3,347,791          116,168
    *,1
        TuSimple     Holdings     Inc.   Class   A
                                          3,224,468          115,597
        Triton    International        Ltd.
                                          1,898,667          114,357
        Flowserve      Corp.
                                          3,705,338          113,383
                                116/498


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                                                   市場価格     •
                                             株数     ( 千米ドル     )
        Applied     Industrial      Technologies       Inc.
                                          1,094,480          112,403
        Herc   Holdings     Inc.
                                           717,193        112,277
        Allison     Transmission       Holdings     Inc.
                                          2,964,907          107,774
        Matson    Inc.
                                          1,194,391          107,531
    *
        TriNet    Group   Inc.
                                          1,120,880          106,775
    *
        Resideo     Technologies       Inc.
                                          4,094,970          106,592
        MSC  Industrial      Direct    Co.  Inc.   Class   A
                                          1,266,375          106,451
        Franklin     Electric     Co.  Inc.
                                          1,119,468          105,857
        GATX   Corp.
                                          1,012,052          105,446
        SPX  FLOW   Inc.
                                          1,193,931          103,251
        EVERTEC     Inc.
                                          2,045,444          102,231
        Aerojet     Rocketdyne      Holdings     Inc.
                                          2,174,785          101,693
    *
        Kirby   Corp.
                                          1,709,818          101,597
        Silgan    Holdings     Inc.
                                          2,359,857          101,096
    *
        Fluor   Corp.
                                          4,020,547          99,589
        Comfort     Systems     USA  Inc.
                                           972,820         96,251
        Hillenbrand       Inc.
                                          1,847,907          96,073
        Altra   Industrial      Motion    Corp.
                                          1,846,144          95,206
        AAON   Inc.
                                          1,193,157          94,772
        Installed      Building     Products     Inc.
                                           675,765         94,418
        EnerSys                                   1,190,958          94,157
        Forward     Air  Corp.
                                           768,860         93,101
        Brink's     Co.
                                          1,397,864          91,658
        HEICO   Corp.
                                           633,416         91,351
    *
        Beacon    Roofing     Supply    Inc.
                                          1,591,119          91,251
        UniFirst     Corp.
                                           433,130         91,131
        Alliance     Data   Systems     Corp.
                                          1,343,728          89,452
    *
        Mercury     Systems     Inc.
                                          1,616,053          88,980
        Badger    Meter   Inc.
                                           831,418         88,596
    *
        Itron   Inc.
                                          1,291,896          88,521
        Helios    Technologies       Inc.
                                           827,484         87,026
    *
        Welbilt     Inc.
                                          3,653,877          86,853
        Kennametal      Inc.
                                          2,380,752          85,493
    *
        Shift4    Payments     Inc.   Class   A
                                          1,464,755          84,853
        Otter   Tail   Corp.
                                          1,183,330          84,513
        Belden    Inc.
                                          1,282,663          84,309
        Terex   Corp.
                                          1,887,182          82,942
    *
        Bloom   Energy    Corp.   Class   A
                                          3,780,094          82,897
        ArcBest     Corp.
                                           691,108         82,829
        Albany    International        Corp.   Class   A
                                           921,488         81,506
    *
        Vicor   Corp.
                                           637,293         80,923
    *
        Masonite     International        Corp.
                                           673,178         79,401
    *,1
        CryoPort     Inc.
                                          1,331,274          78,771
        Encore    Wire   Corp.
                                           548,722         78,522
        ABM  Industries      Inc.
                                          1,913,248          78,156
    *
        Atlas   Air  Worldwide      Holdings     Inc.
                                           824,636         77,615
    *
        Hub  Group   Inc.   Class   A
                                           917,291         77,273
                                117/498


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                                                   市場価格     •
                                             株数     ( 千米ドル     )
        Werner    Enterprises       Inc.
                                          1,616,460          77,040
    *
        Dycom   Industries      Inc.
                                           815,331         76,445
        Kadant    Inc.
                                           329,785         76,009
    *
        Alight    Inc.   Class   A
                                          6,977,271          75,424
        Federal     Signal    Corp.
                                          1,737,930          75,322
    *,1
        Virgin    Galactic     Holdings     Inc.
                                          5,502,184          73,619
    *
        SPX  Corp.
                                          1,227,593          73,263
        Trinity     Industries      Inc.
                                          2,355,972          71,150
        Brady   Corp.   Class   A
                                          1,305,161          70,348
    *
        GMS  Inc.
                                          1,165,355          70,049
    *,1
        Flywire     Corp.
                                          1,822,415          69,361
    *
        Hayward     Holdings     Inc.
                                          2,637,080          69,171
    *
        Kratos    Defense     & Security     Solutions      Inc.
                                          3,507,712          68,050
        Moog   Inc.   Class   A
                                           832,398         67,399
    *
        JELD-WEN     Holding     Inc.
                                          2,477,693          65,312
    *
        Verra   Mobility     Corp.   Class   A
                                          4,199,950          64,805
        Mueller     Water   Products     Inc.   Class   A
                                          4,489,020          64,642
        EnPro   Industries      Inc.
                                           586,811         64,590
        Barnes    Group   Inc.
                                          1,368,706          63,768
        ESCO   Technologies       Inc.
                                           704,375         63,387
    *
        Gibraltar      Industries      Inc.
                                           929,576         61,984
    *
        Allegheny      Technologies       Inc.
                                          3,622,393          57,705
        Maxar   Technologies       Inc.
                                          1,947,074          57,497
        ManTech     International        Corp.   Class   A
                                           787,347         57,421
    *,1
        Nikola    Corp.
                                          5,787,596          57,124
        McGrath     RentCorp
                                           693,820         55,686
    *
        CBIZ   Inc.
                                          1,407,862          55,076
        CSW  Industrials       Inc.
                                           448,893         54,253
    *
        Green   Dot  Corp.   Class   A
                                          1,486,868          53,884
    *
        O-I  Glass   Inc.
                                          4,462,566          53,685
    *
        MYR  Group   Inc.
                                           475,848         52,605
        ICF  International        Inc.
                                           507,074         52,000
        Patrick     Industries      Inc.
                                           644,176         51,979
    *
        NV5  Global    Inc.
                                           371,608         51,326
    *
        Ferro   Corp.
                                          2,346,254          51,219
        Greif   Inc.   Class   A
                                           847,057         51,137
        Granite     Construction       Inc.
                                          1,309,969          50,696
    *
        Montrose     Environmental        Group   Inc.
                                           712,221         50,219
        Alamo   Group   Inc.
                                           338,785         49,862
    *
        Air  Transport      Services     Group   Inc.
                                          1,693,948          49,768
    *
        Meritor     Inc.
                                          1,991,598          49,352
    *
        Veritiv     Corp.
                                           395,863         48,521
        TTEC   Holdings     Inc.
                                           533,420         48,301
        Lindsay     Corp.
                                           313,571         47,663
        Shyft   Group   Inc.
                                           951,243         46,735
    *
        Gates   Industrial      Corp.   plc
                                          2,915,593          46,387
        Mesa   Laboratories       Inc.
                                           141,153         46,311
                                118/498


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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *
        Ranpak    Holdings     Corp.   Class   A
                                          1,231,219          46,269
        TriMas    Corp.
                                          1,220,883          45,173
    *
        OSI  Systems     Inc.
                                           484,350         45,141
    *
        Aspen   Aerogels     Inc.
                                           889,629         44,295
        Astec   Industries      Inc.
                                           613,540         42,500
    *
        AeroVironment        Inc.
                                           671,416         41,648
    *
        TaskUS    Inc.   Class   A
                                           769,449         41,519
        Kforce    Inc.
                                           549,992         41,370
        Griffon     Corp.
                                          1,448,198          41,245
        Tennant     Co.
                                           501,408         40,634
        Greenbrier      Cos.   Inc.
                                           884,322         40,582
    *
        Repay   Holdings     Corp.   Class   A
                                          2,189,112          39,995
    *
        Proto   Labs   Inc.
                                           778,596         39,981
        Schneider      National     Inc.   Class   B
                                          1,479,472          39,813
    *
        ZipRecruiter       Inc.   Class   A
                                          1,596,231          39,810
        H&E  Equipment      Services     Inc.
                                           876,394         38,798
        Deluxe    Corp.
                                          1,206,852          38,752
        Standex     International        Corp.
                                           348,265         38,539
    *
        Donnelley      Financial      Solutions      Inc.
                                           792,249         37,347
    *
        AAR  Corp.
                                           955,752         37,303
        AZZ  Inc.
                                           673,058         37,213
    *
        PGT  Innovations       Inc.
                                          1,629,381          36,645
        ADT  Inc.
                                          4,329,244          36,409
    *
        FARO   Technologies       Inc.
                                           516,703         36,180
        Columbus     McKinnon     Corp.
                                           768,497         35,551
        Primoris     Services     Corp.
                                          1,465,637          35,146
        Enerpac     Tool   Group   Corp.   Class   A
                                          1,731,136          35,107
    *
        Evo  Payments     Inc.   Class   A
                                          1,347,771          34,503
        Kaman   Corp.
                                           792,645         34,203
    *,1
        Marqeta     Inc.   Class   A
                                          1,981,835          34,028
    *
        CoreCivic      Inc.
                                          3,381,659          33,715
        Apogee    Enterprises       Inc.
                                           687,169         33,087
    *
        Triumph     Group   Inc.
                                          1,763,023          32,669
    *
        Cimpress     plc
                                           445,288         31,887
        Pitney    Bowes   Inc.
                                          4,718,356          31,283
    *
        Cornerstone       Building     Brands    Inc.
                                          1,793,393          31,277
    *
        Energy    Recovery     Inc.
                                          1,452,044          31,204
    *
        Huron   Consulting      Group   Inc.
                                           622,781         31,077
    *,1
        Aurora    Innovation      Inc.
                                          2,739,033          30,841
    *
        American     Woodmark     Corp.
                                           467,449         30,478
    *,1
        Desktop     Metal   Inc.   Class   A
                                          6,144,196          30,414
        Marten    Transport      Ltd.
                                          1,653,269          28,370
    *
        Cross   Country     Healthcare      Inc.
                                          1,020,354          28,325
    *
        TrueBlue     Inc.
                                          1,020,212          28,229
    *
        Great   Lakes   Dredge    & Dock   Corp.
                                          1,766,202          27,765
    *
        Core   & Main   Inc.   Class   A
                                           910,395         27,621
    *
        Construction       Partners     Inc.   Class   A
                                           938,190         27,592
                                119/498


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                                                   市場価格     •
                                             株数     ( 千米ドル     )
        Gorman-Rupp       Co.
                                           595,244         26,518
    *
        BlueLinx     Holdings     Inc.
                                           275,921         26,422
        Wabash    National     Corp.
                                          1,337,469          26,107
    *
        First   Advantage      Corp.
                                          1,298,271          24,719
        Heidrick     & Struggles      International        Inc.
                                           557,140         24,364
        Douglas     Dynamics     Inc.
                                           623,481         24,353
    *
        Conduent     Inc.
                                          4,498,577          24,022
    *,1
        Mirion    Technologies       Inc.
                                          2,263,704          23,701
        Quanex    Building     Products     Corp.
                                           948,578         23,506
        Heartland      Express     Inc.
                                          1,344,573          22,616
    *
        GreenSky     Inc.   Class   A
                                          1,985,027          22,550
    *
        RR  Donnelley      & Sons   Co.
                                          2,001,431          22,536
    *
        BTRS   Holdings     Inc.   Class   A
                                          2,849,883          22,286
    *,1
        PureCycle      Technologies       Inc.
                                          2,309,138          22,098
    *,1
        Hyliion     Holdings     Corp.
                                          3,471,104          21,521
        Chase   Corp.
                                           215,986         21,504
    *,1
        Latch   Inc.
                                          2,830,909          21,430
        Insteel     Industries      Inc.
                                           533,587         21,242
    *
        BrightView      Holdings     Inc.
                                          1,505,101          21,192
    *
        Napco   Security     Technologies       Inc.
                                           422,379         21,110
        Myers   Industries      Inc.
                                          1,048,842          20,987
    *,1
        Danimer     Scientific      Inc.
                                          2,434,321          20,740
    *
        Sterling     Construction       Co.  Inc.
                                           778,196         20,467
    *
        Forterra     Inc.
                                           837,310         19,911
    *
        Titan   Machinery      Inc.
                                           579,374         19,519
    *
        Forrester      Research     Inc.
                                           324,971         19,086
        International        Seaways     Inc.
                                          1,285,706          18,874
        CRA  International        Inc.
                                           202,089         18,867
    *
        Transcat     Inc.
                                           203,630         18,822
    *
        SP  Plus   Corp.
                                           662,015         18,682
    *
        Advantage      Solutions      Inc.
                                          2,238,939          17,956
        VSE  Corp.
                                           291,711         17,777
    *
        Manitowoc      Co.  Inc.
                                           940,165         17,478
    *,1
        Workhorse      Group   Inc.
                                          3,993,175          17,410
    *
        Yellow    Corp.
                                          1,367,052          17,211
    *
        Loyalty     Ventures     Inc.
                                           563,787         16,953
    *
        PAE  Inc.
                                          1,706,035          16,941
    *
        Enovix    Corp.
                                           619,211         16,892
    *,1
        Custom    Truck   One  Source    Inc.
                                          2,101,525          16,812
        Argan   Inc.
                                           426,094         16,486
        Kelly   Services     Inc.   Class   A
                                           976,875         16,382
    *
        Thermon     Group   Holdings     Inc.
                                           953,664         16,146
        Resources      Connection      Inc.
                                           902,634         16,103
    *,1
        Skillsoft      Corp.
                                          1,716,308          15,704
    *
        Titan   International        Inc.
                                          1,428,714          15,659
    *
        Franklin     Covey   Co.
                                           337,690         15,655
    *
        CIRCOR    International        Inc.
                                           567,028         15,412
                                120/498


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                                                   市場価格     •
                                             株数     ( 千米ドル     )
        Ennis   Inc.
                                           752,051         14,688
        Cass   Information       Systems     Inc.
                                           373,170         14,673
    *
        Cantaloupe      Inc.
                                          1,644,546          14,604
    *,1
        Blade   Air  Mobility     Inc.
                                          1,651,127          14,579
    *,1
        CS  Disco   Inc.
                                           406,883         14,546
    *
        Ducommun     Inc.
                                           309,233         14,463
    *
        Hillman     Solutions      Corp.
                                          1,336,584          14,368
    *
        Vectrus     Inc.
                                           313,424         14,345
        Barrett     Business     Services     Inc.
                                           207,068         14,300
    *
        Paya   Holdings     Inc.
                                          2,249,605          14,262
    *
        Modine    Manufacturing        Co.
                                          1,406,735          14,194
    *
        Payoneer     Global    Inc.
                                          1,927,976          14,171
    *
        International        Money   Express     Inc.
                                           884,570         14,118
        Miller    Industries      Inc.
                                           422,123         14,099
    *
        Tutor   Perini    Corp.
                                          1,131,073          13,991
    *,1
        Paymentus      Holdings     Inc.   Class   A
                                           399,835         13,986
    *
        Babcock     & Wilcox    Enterprises       Inc.
                                          1,474,680          13,302
    *
        Daseke    Inc.
                                          1,310,814          13,161
    *,1
        Velodyne     Lidar   Inc.
                                          2,822,003          13,094
        REV  Group   Inc.
                                           921,448         13,038
    *,1
        AvidXchange       Holdings     Inc.
                                           857,701         12,917
        Allied    Motion    Technologies       Inc.
                                           350,082         12,774
        Pactiv    Evergreen      Inc.
                                           995,789         12,627
    *,1
        Joby   Aviation     Inc.
                                          1,719,513          12,552
    *
        Vishay    Precision      Group   Inc.
                                           335,165         12,441
        National     Presto    Industries      Inc.
                                           150,334         12,332
    *
        DXP  Enterprises       Inc.
                                           478,217         12,276
    *
        Atlanticus      Holdings     Corp.
                                           171,756         12,250
    1
        Eagle   Bulk   Shipping     Inc.
                                           262,857         11,960
    *
        IES  Holdings     Inc.
                                           235,697         11,936
    *
        Willdan     Group   Inc.
                                           335,760         11,819
        Hyster-Yale       Materials      Handling     Inc.
                                           286,209         11,763
    *
        Vivint    Smart   Home   Inc.
                                          1,177,444          11,515
        Information       Services     Group   Inc.
                                          1,442,453          10,991
    *
        PFSweb    Inc.
                                           840,934         10,831
    *
        HireRight      Holdings     Corp.
                                           676,654         10,826
    *,1
        View   Inc.
                                          2,746,998          10,741
        Kronos    Worldwide      Inc.
                                           663,432          9,958
    *
        Radiant     Logistics      Inc.
                                          1,348,881           9,833
    *
        Luna   Innovations       Inc.
                                          1,117,437           9,431
    *
        ShotSpotter       Inc.
                                           314,458          9,283
        Perella     Weinberg     Partners     Class   A
                                           689,931          8,872
    *,1
        Eos  Energy    Enterprises       Inc.
                                          1,146,168           8,619
    *,1
        Sarcos    Technology      & Robotics     Corp.
                                           827,715          8,261
    *,1
        Proterra     Inc.
                                           934,011          8,247
    *
        I3  Verticals      Inc.   Class   A
                                           360,183          8,209
    *
        Sterling     Check   Corp.
                                           398,023          8,163
                                121/498


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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *,1
        Velo3D    Inc.
                                          1,042,297           8,140
    *
        Archer    Aviation     Inc.   Class   A
                                          1,344,181           8,119
    *
        Astronics      Corp.
                                           651,406          7,817
    *
        DHI  Group   Inc.
                                          1,241,409           7,746
    *
        Covenant     Logistics      Group   Inc.   Class   A
                                           287,706          7,604
    *,1
        Infrastructure         & Energy    Alternatives       Inc.
                                           818,153          7,527
    *
        Atlas   Technical      Consultants       Inc.   Class   A
                                           880,011          7,410
    *,1
        Lightning      eMotors     Inc.
                                          1,220,193           7,333
        Powell    Industries      Inc.
                                           248,614          7,332
        Park   Aerospace      Corp.
                                           544,146          7,183
    *
        Blue   Bird   Corp.
                                           456,096          7,133
    *
        Lawson    Products     Inc.
                                           129,478          7,089
    *,1
        Rekor   Systems     Inc.
                                          1,063,950           6,969
    *
        Commercial      Vehicle     Group   Inc.
                                           850,080          6,852
    *
        Acacia    Research     Corp.
                                          1,326,212           6,803
        United    States    Lime   & Minerals     Inc.
                                            52,084         6,720
    *,1
        Ipsidy    Inc.
                                           440,934          6,186
    *
        Concrete     Pumping     Holdings     Inc.
                                           737,042          6,044
    *
        AerSale     Corp.
                                           320,692          5,689
    *
        Huttig    Building     Products     Inc.
                                           513,867          5,688
    *
        PAM  Transportation         Services     Inc.
                                            79,803         5,667
    *,1
        Byrna   Technologies       Inc.
                                           419,584          5,601
    *
        Horizon     Global    Corp.
                                           689,607          5,503
    *
        CECO   Environmental        Corp.
                                           843,032          5,252
        Park-Ohio      Holdings     Corp.
                                           239,809          5,077
    *
        INNOVATE     Corp.
                                          1,371,804           5,076
        Hurco   Cos.   Inc.
                                           168,308          4,999
        LSI  Industries      Inc.
                                           728,530          4,998
    *
        Iteris    Inc.
                                          1,202,500           4,810
    *,1
        Electric     Last   Mile   Solutions      I
                                           675,715          4,750
    *,1
        Agrify    Corp.
                                           514,560          4,734
    *,1
        Enjoy   Technology      Inc.
                                          1,024,765           4,734
    *
        USA  Truck   Inc.
                                           230,660          4,586
    *,1
        BitNile     Holdings     Inc.
                                          3,545,981           4,220
        Preformed      Line   Products     Co.
                                            64,220         4,155
    *
        EVI  Industries      Inc.
                                           132,321          4,132
    *
        DLH  Holdings     Corp.
                                           198,282          4,108
    *
        L B Foster    Co.  Class   A
                                           298,585          4,106
    *,1
        Biotricity      Inc.
                                          1,017,800           4,051
        BGSF   Inc.
                                           281,551          4,040
    *
        Smith-Midland        Corp.
                                            84,441         3,969
    *
        Bowman    Consulting      Group   Ltd.
                                           186,636          3,965
    *
        US  Xpress    Enterprises       Inc.   Class   A
                                           673,748          3,955
    *
        Hudson    Technologies       Inc.
                                           885,055          3,930
    *
        Mistras     Group   Inc.
                                           526,942          3,915
    *,1
        Orbital     Energy    Group   Inc.
                                          1,787,249           3,914
        HireQuest      Inc.
                                           187,428          3,779
                                122/498


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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    1
        Cadre   Holdings     Inc.
                                           146,800          3,732
        Graham    Corp.
                                           298,776          3,717
    *,1
        BlackSky     Technology      Inc.
                                           826,929          3,713
    *
        Quad/Graphics        Inc.
                                           927,674          3,711
    *
        Gencor    Industries      Inc.
                                           320,529          3,696
    *
        Performant      Financial      Corp.
                                          1,516,169           3,654
    *,1
        Xos  Inc.
                                          1,155,900           3,641
        Universal      Logistics      Holdings     Inc.
                                           190,758          3,598
    *
        Twin   Disc   Inc.
                                           326,824          3,582
        ARC  Document     Solutions      Inc.
                                          1,010,004           3,535
    *
        Berkshire      Grey   Inc.
                                           635,053          3,493
    *
        Overseas     Shipholding       Group   Inc.   Class   A
                                          1,786,833           3,359
    *,1
        Rocket    Lab  USA  Inc.
                                           272,041          3,341
    *,1
        AEye   Inc.
                                           662,400          3,206
    *,1
        Redwire     Corp.
                                           472,800          3,191
    *
        Target    Hospitality       Corp.
                                           877,991          3,126
    *
        Orion   Group   Holdings     Inc.
                                           803,756          3,030
    *
        Orion   Energy    Systems     Inc.
                                           832,365          3,013
        Greif   Inc.   Class   B
                                            49,750         2,974
    *
        Mayville     Engineering       Co.  Inc.
                                           195,710          2,918
    *,1
        Energous     Corp.
                                          2,204,696           2,756
    *
        Hill   International        Inc.
                                          1,410,112           2,750
    *
        Karat   Packaging      Inc.
                                           133,764          2,703
    *
        Usio   Inc.
                                           615,890          2,685
    *
        ServiceSource        International        Inc.
                                          2,687,550           2,661
    *,1
        MICT   Inc.
                                          3,146,889           2,612
    *,1
        Wrap   Technologies       Inc.
                                           643,539          2,529
    *
        Manitex     International        Inc.
                                           396,585          2,522
    *,1
        AgEagle     Aerial    Systems     Inc.
                                          1,557,699           2,446
    *
        CPI  Card   Group   Inc.
                                           129,785          2,407
    *
        Willis    Lease   Finance     Corp.
                                            62,993         2,372
    *,1
        IZEA   Worldwide      Inc.
                                          1,752,080           2,348
    *,1
        Katapult     Holdings     Inc.
                                           696,343          2,347
    *
        Soluna    Holdings     Inc.
                                           214,527          2,308
    *
        Frequency      Electronics       Inc.
                                           228,179          2,250
    *
        Priority     Technology      Holdings     Inc.
                                           316,750          2,243
    *
        Limbach     Holdings     Inc.
                                           230,117          2,071
    *
        RF  Industries      Ltd.
                                           249,088          1,993
    *,1
        Alpha   Pro  Tech   Ltd.
                                           331,541          1,979
        Innovative      Solutions      & Support     Inc.
                                           297,872          1,954
    *,1
        Spire   Global    Inc.
                                           576,233          1,948
    *
        Ultralife      Corp.
                                           320,851          1,938
    *,1
        Momentus     Inc.
                                           458,805          1,918
    *
        Hudson    Global    Inc.
                                            66,317         1,911
    *
        VirTra    Inc.
                                           262,879          1,840
    *
        StarTek     Inc.
                                           351,627          1,835
    *
        Core   Molding     Technologies       Inc.
                                           209,461          1,783
                                123/498


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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *
        GEE  Group   Inc.
                                          3,039,188           1,732
    *
        Lightbridge       Corp.
                                           247,133          1,637
    *
        RCM  Technologies       Inc.
                                           227,673          1,621
    *,1
        AIkido    Pharma    Inc.
                                          2,685,084           1,576
    *
        Shapeways      Holdings     Inc.
                                           414,937          1,539
    *
        LS  Starrett     Co.  Class   A
                                           164,541          1,538
    *,1
        Coda   Octopus     Group   Inc.
                                           183,570          1,469
    *,1
        LightPath      Technologies       Inc.   Class   A
                                           592,317          1,445
    *
        Williams     Industrial      Services     Group   Inc.
                                           468,703          1,401
    *
        Paysign     Inc.
                                           865,624          1,385
    *,1
        Astra   Space   Inc.
                                           195,910          1,358
    *,1
        Digital     Ally   Inc.
                                          1,260,808           1,349
    *
        Volt   Information       Sciences     Inc.
                                           458,889          1,335
    *,1
        Odyssey     Marine    Exploration       Inc.
                                           246,016          1,279
    *,1
        FreightCar      America     Inc.
                                           345,280          1,274
    *
        CPI  Aerostructures         Inc.
                                           436,753          1,192
    *,1
        GreenBox     POS
                                           281,786          1,183
    *
        Armstrong      Flooring     Inc.
                                           588,752          1,166
    *
        Sono-Tek     Corp.
                                           157,600          1,157
    *
        Research     Solutions      Inc.
                                           465,675          1,146
    *
        Toughbuilt      Industries      Inc.
                                          3,109,404           1,135
    *,1
        Evolv   Technologies       Holdings     Inc.
                                           250,371          1,117
        Where   Food   Comes   From   Inc.
                                            65,820          942
    *
        Team   Inc.
                                           847,688           924
    *
        DSS  Inc.
                                          1,373,943            923
    *
        IHS  Holding     Ltd.
                                            62,141          876
    *
        Broadwind      Inc.
                                           453,583           853
    *
        Astrotech      Corp.
                                          1,252,495            852
    *,1
        ENGlobal     Corp.
                                           639,421           844
    *
        Air  T Inc.
                                            32,860          826
    *
        ClearSign      Technologies       Corp.
                                           588,394           812
    1
        Pioneer     Power   Solutions      Inc.
                                           107,157           804
    *
        Wireless     Telecom     Group   Inc.
                                           339,257           746
    *,1
        TOMI   Environmental        Solutions      Inc.
                                           447,022           738
    *,1
        Applied     DNA  Sciences     Inc.
                                           178,430           717
    *,1
        Fuel   Tech   Inc.
                                           509,027           713
    *
        Air  Industries      Group
                                           747,738           678
    *
        Ballantyne      Strong    Inc.
                                           226,990           656
    *
        Sypris    Solutions      Inc.
                                           260,226           640
    *,1
        ALJ  Regional     Holdings     Inc.
                                           336,903           613
    *,1
        Polar   Power   Inc.
                                           161,430           578
    *,1
        Legalzoom.com        Inc.
                                            33,951          546
    *
        AmpliTech      Group   Inc.
                                           132,700           523
        Espey   Manufacturing        & Electronics       Corp.
                                            36,520          519
        Taitron     Components      Inc.   Class   A
                                           126,100           507
        Autoscope      Technologies       Corp.
                                            79,282          497
    *
        Moneylion      Inc.
                                           100,558           405
                                124/498


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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *,1
        Markforged      Holding     Corp.
                                            65,000          349
    *
        Cemtrex     Inc.
                                           375,912           308
    *,1
        Bio-key     International        Inc.
                                           138,179           303
    *,1
        OLB  Group   Inc.
                                           109,700           291
    *
        Jewett-Cameron         Trading     Co.  Ltd.
                                            32,960          278
    *,1
        SG  Blocks    Inc.
                                           122,327           230
    *
        Socket    Mobile    Inc.
                                            53,500          218
    *,1
        Energy    Focus   Inc.
                                            48,431          207
    *,1
        Microvast      Holdings     Inc.
                                            32,339          183
    *
        LGL  Group   Inc.
                                            13,749          157
    *,1
        ShiftPixy      Inc.
                                           114,467           134
    *
        P&F  Industries      Inc.   Class   A
                                            19,462          119
    *
        Servotronics       Inc.
                                             8,333          106
    *,1
        Staffing     360  Solutions      Inc.
                                            89,436           82
    *
        Remitly     Global    Inc.
                                             3,469          72
    *
        Schmitt     Industries      Inc.
                                             5,581          31
    *
        LGL  Group   Inc.   Warrants     Exp.   12/16/25
                                             2,391           2
        Ardagh    Group   SA  Class   A
                                              37         1
    *
        Electro-Sensors         Inc.
                                              107          1
    *,2
                                                       -
        Patriot     National     Inc.
                                           129,819
                                                  175,828,999
    不動産    (3.7  ％ )
        American     Tower   Corp.
                                          12,942,885         3,785,794
        Prologis     Inc.
                                          21,022,435         3,539,337
    1
        Crown   Castle    International        Corp.
                                          12,282,528         2,563,855
        Equinix     Inc.
                                          2,559,026        2,164,527
        Public    Storage
                                          4,235,630        1,586,498
        Simon   Property     Group   Inc.
                                          9,339,458        1,492,165
        Digital     Realty    Trust   Inc.
                                          8,065,235        1,426,498
        SBA  Communications         Corp.
                                          3,091,181        1,202,531
        Realty    Income    Corp.
                                          16,077,913         1,151,018
        Welltower      Inc.
                                          12,371,004         1,061,061
        AvalonBay      Communities       Inc.
                                          3,970,984        1,003,031
        Alexandria      Real   Estate    Equities     Inc.
                                          4,402,477          981,576
    *
        CBRE   Group   Inc.   Class   A
                                          9,035,282          980,418
        Equity    Residential
                                          10,124,739          916,289
    *
        CoStar    Group   Inc.
                                          11,224,266          887,054
        Weyerhaeuser       Co.
                                          21,285,089          876,520
        Extra   Space   Storage     Inc.
                                          3,805,213          862,756
        Invitation      Homes   Inc.
                                          16,955,214          768,749
        Mid-America       Apartment      Communities       Inc.
                                          3,272,444          750,830
        Sun  Communities       Inc.
                                          3,394,894          712,826
        Duke   Realty    Corp.
                                          10,819,591          710,198
        Essex   Property     Trust   Inc.
                                          1,850,203          651,697
        Ventas    Inc.
                                          11,345,465          579,980
        Healthpeak      Properties      Inc.
                                          15,317,219          552,798
        VICI   Properties      Inc.
                                          17,870,734          538,088
                                125/498


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                                                   市場価格     •
                                             株数     ( 千米ドル     )
        UDR  Inc.
                                          8,785,871          527,064
        Camden    Property     Trust
                                          2,904,470          518,971
        Boston    Properties      Inc.
                                          3,995,277          460,176
        WP  Carey   Inc.
                                          5,291,271          434,149
        Kimco   Realty    Corp.
                                          17,521,186          431,897
        Iron   Mountain     Inc.
                                          8,228,225          430,583
        Equity    LifeStyle      Properties      Inc.
                                          4,700,121          412,013
        Medical     Properties      Trust   Inc.
                                          16,943,853          400,383
    *
        Jones   Lang   LaSalle     Inc.
                                          1,434,325          386,321
        Regency     Centers     Corp.
                                          4,865,824          366,640
        Life   Storage     Inc.
                                          2,331,152          357,086
    *
        Host   Hotels    & Resorts     Inc.
                                          20,297,189          352,968
        CubeSmart                                   6,166,887          350,958
        Rexford     Industrial      Realty    Inc.
                                          4,303,238          349,036
        American     Homes   4 Rent   Class   A
                                          7,585,506          330,804
        CyrusOne     Inc.
                                          3,607,110          323,630
        Gaming    & Leisure     Properties      Inc.
                                          6,430,945          312,930
        Federal     Realty    Investment      Trust
                                          2,210,773          301,373
        Lamar   Advertising       Co.  Class   A
                                          2,467,307          299,284
        EastGroup      Properties      Inc.
                                          1,157,273          263,685
        Americold      Realty    Trust
                                          7,581,846          248,609
        First   Industrial      Realty    Trust   Inc.
                                          3,699,771          244,925
        Apartment      Income    REIT   Corp.
                                          4,457,847          243,710
        National     Retail    Properties      Inc.
                                          4,988,762          239,810
        STORE   Capital     Corp.
                                          6,970,840          239,797
        STAG   Industrial      Inc.
                                          4,971,865          238,451
        American     Campus    Communities       Inc.
                                          3,960,511          226,898
        Kilroy    Realty    Corp.
                                          3,308,953          219,913
        Vornado     Realty    Trust
                                          5,177,391          216,726
        Brixmor     Property     Group   Inc.
                                          8,444,901          214,585
        Healthcare      Trust   of  America     Inc.   Class   A
                                          6,279,092          209,659
        Omega   Healthcare      Investors      Inc.
                                          6,787,423          200,840
    *
        Zillow    Group   Inc.   Class    C 
                                          3,087,747          197,153
    *,1
        Opendoor     Technologies       Inc.
                                          13,059,513          190,799
    *
        Zillow    Group   Inc.   Class   A
                                          2,961,288          184,251
        Terreno     Realty    Corp.
                                          2,128,095          181,505
        Innovative      Industrial      Properties      Inc.
                                           679,968        178,770
        Cousins     Properties      Inc.
                                          4,223,411          170,119
        Spirit    Realty    Capital     Inc.
                                          3,502,804          168,800
        Rayonier     Inc.
                                          4,072,394          164,362
        Douglas     Emmett    Inc.
                                          4,738,771          158,749
        National     Storage     Affiliates      Trust
                                          2,283,436          158,014
        Agree   Realty    Corp.
                                          1,982,012          141,436
    *
        Ryman   Hospitality       Properties      Inc.
                                          1,487,583          136,798
        SL  Green   Realty    Corp.
                                          1,897,879          136,078
        Kite   Realty    Group   Trust
                                          6,231,734          135,727
        Healthcare      Realty    Trust   Inc.
                                          4,194,495          132,714
                                126/498


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                                                   市場価格     •
                                             株数     ( 千米ドル     )
        Highwoods      Properties      Inc.
                                          2,967,406          132,317
        Hannon    Armstrong      Sustainable       Infrastructure         Capital     Inc.
                                          2,407,407          127,881
        LXP  Industrial      Trust
                                          8,039,038          125,570
    *
        DigitalBridge        Group   Inc.
                                          14,601,917          121,634
    *
        Park   Hotels    & Resorts     Inc.
                                          6,393,192          120,703
    *
        Howard    Hughes    Corp.
                                          1,175,042          119,596
        Physicians      Realty    Trust
                                          6,245,522          117,603
        Outfront     Media   Inc.
                                          4,142,180          111,093
    *
        Redfin    Corp.
                                          2,848,563          109,356
        PotlatchDeltic         Corp.
                                          1,811,668          109,099
        Broadstone      Net  Lease   Inc.
                                          4,360,519          108,228
        PS  Business     Parks   Inc.
                                           586,078        107,938
        Hudson    Pacific     Properties      Inc.
                                          4,333,699          107,086
        EPR  Properties
                                          2,125,420          100,936
        JBG  SMITH   Properties
                                          3,506,235          100,664
        Essential      Properties      Realty    Trust   Inc.
                                          3,455,515          99,622
        Macerich     Co.
                                          5,755,710          99,459
        Apple   Hospitality       REIT   Inc.
                                          6,146,670          99,269
        Uniti   Group   Inc.
                                          6,708,596          93,987
    *
        Cushman     & Wakefield      plc
                                          4,128,840          91,825
        Newmark     Group   Inc.   Class   A
                                          4,887,393          91,394
        Corporate      Office    Properties      Trust
                                          3,195,388          89,375
        Sabra   Health    Care   REIT   Inc.
                                          6,505,325          88,082
    *
        Equity    Commonwealth
                                          3,276,634          84,865
        Pebblebrook       Hotel   Trust
                                          3,739,527          83,653
        SITE   Centers     Corp.
                                          5,136,302          81,308
        Kennedy-Wilson         Holdings     Inc.
                                          3,361,218          80,266
        Independence       Realty    Trust   Inc.
                                          2,992,647          77,300
    *
        Sunstone     Hotel   Investors      Inc.
                                          6,272,320          73,574
        National     Health    Investors      Inc.
                                          1,233,509          70,890
        RLJ  Lodging     Trust
                                          4,725,855          65,831
        Brandywine      Realty    Trust
                                          4,875,048          65,423
        Piedmont     Office    Realty    Trust   Inc.   Class   A
                                          3,536,088          64,993
        Retail    Opportunity       Investments       Corp.
                                          3,285,719          64,400
        Four   Corners     Property     Trust   Inc.
                                          2,185,285          64,269
        eXp  World   Holdings     Inc.
                                          1,887,048          63,575
    *,1
        Compass     Inc.   Class   A
                                          6,933,491          63,025
        CareTrust      REIT   Inc.
                                          2,748,091          62,739
        Washington      REIT
                                          2,406,862          62,217
        Urban   Edge   Properties
                                          3,170,419          60,238
    *
        Xenia   Hotels    & Resorts     Inc.
                                          3,253,929          58,929
    *
        DiamondRock       Hospitality       Co.
                                          6,002,990          57,689
        Easterly     Government      Properties      Inc.   Class   A
                                          2,445,461          56,050
    *
        Realogy     Holdings     Corp.
                                          3,316,695          55,754
        Monmouth     Real   Estate    Investment      Corp.
                                          2,651,459          55,707
        Acadia    Realty    Trust
                                          2,526,011          55,143
        NexPoint     Residential       Trust   Inc.
                                           650,732         54,551
                                127/498


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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    1
        Tanger    Factory     Outlet    Centers     Inc.
                                          2,807,251          54,124
        American     Assets    Trust   Inc.
                                          1,378,443          51,733
    1
        InvenTrust      Properties      Corp.
                                          1,815,354          49,487
        Alexander      & Baldwin     Inc.
                                          1,963,456          49,263
        St.  Joe  Co.
                                           919,548         47,862
        Industrial      Logistics      Properties      Trust
                                          1,857,153          46,522
        Safehold     Inc.
                                           563,820         45,021
        Global    Net  Lease   Inc.
                                          2,943,588          44,978
        Centerspace                                    404,611         44,871
        Paramount      Group   Inc.
                                          5,294,861          44,159
        Empire    State   Realty    Trust   Inc.   Class   A
                                          4,907,755          43,679
        Service     Properties      Trust
                                          4,694,523          41,265
    *
        Veris   Residential       Inc.
                                          2,204,564          40,520
        LTC  Properties      Inc.
                                          1,110,407          37,909
    *
        Marcus    & Millichap      Inc.
                                           731,340         37,635
        Getty   Realty    Corp.
                                          1,094,835          35,133
        Office    Properties      Income    Trust
                                          1,383,251          34,360
        UMH  Properties      Inc.
                                          1,247,888          34,105
        RPT  Realty
                                          2,411,202          32,262
        Community      Healthcare      Trust   Inc.
                                           675,203         31,917
        American     Finance     Trust   Inc.   Class   A
                                          3,482,994          31,800
    *
        Apartment      Investment      & Management      Co.  Class   A
                                          4,073,623          31,448
        Gladstone      Land   Corp.
                                           924,200         31,201
        Global    Medical     REIT   Inc.
                                          1,734,543          30,788
        Plymouth     Industrial      REIT   Inc.
                                           938,524         30,033
    *
        Orion   Office    REIT   Inc.
                                          1,538,897          28,731
    *
        Summit    Hotel   Properties      Inc.
                                          2,881,364          28,122
    *
        Radius    Global    Infrastructure         Inc.
                                          1,738,443          27,989
        Gladstone      Commercial      Corp.
                                          1,073,949          27,676
        Armada    Hoffler     Properties      Inc.
                                          1,754,632          26,705
        Preferred      Apartment      Communities       Inc.
                                          1,430,856          25,841
        GEO  Group   Inc.
                                          3,291,250          25,507
        City   Office    REIT   Inc.
                                          1,177,279          23,216
        NETSTREIT      Corp.
                                           995,124         22,788
    *
        Douglas     Elliman     Inc.
                                          1,860,390          21,394
        Diversified       Healthcare      Trust
                                          6,890,667          21,292
        Universal      Health    Realty    Income    Trust
                                           354,893         21,105
        Bluerock     Residential       Growth    REIT   Inc.   Class   A
                                           746,308         19,695
        Saul   Centers     Inc.
                                           366,855         19,451
        Ares   Commercial      Real   Estate    Corp.
                                          1,291,539          18,779
    *
        Chatham     Lodging     Trust
                                          1,343,804          18,437
    *,1
        CBL  & Associates      Properties      Inc.
                                           567,300         17,700
    *
        CorePoint      Lodging     Inc.
                                          1,090,453          17,120
        Franklin     Street    Properties      Corp.
                                          2,758,628          16,414
        Urstadt     Biddle    Properties      Inc.   Class   A
                                           769,274         16,386
        RE/MAX    Holdings     Inc.   Class   A
                                           518,668         15,814
        One  Liberty     Properties      Inc.
                                           445,242         15,708
                                128/498


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                                                   市場価格     •
                                             株数     ( 千米ドル     )
        Phillips     Edison    & Co.  Inc.
                                           473,656         15,650
        RMR  Group   Inc.   Class   A
                                           442,978         15,362
        Alexander's       Inc.
                                            58,505        15,229
        Whitestone      REIT
                                          1,339,431          13,568
    *
        Bridge    Investment      Group   Holdings     Inc.   Class   A
                                           536,905         13,407
        Farmland     Partners     Inc.
                                          1,088,998          13,014
    *
        Tejon   Ranch   Co.
                                           633,019         12,078
        CatchMark      Timber    Trust   Inc.   Class   A
                                          1,357,461          11,823
    *
        Seritage     Growth    Properties      Class   A
                                           871,418         11,564
    *
        Forestar     Group   Inc.
                                           506,605         11,019
        CTO  Realty    Growth    Inc.
                                           164,401         10,098
        Postal    Realty    Trust   Inc.   Class   A
                                           503,103          9,961
    *
        Hersha    Hospitality       Trust   Class   A
                                          1,071,995           9,830
    *
        Ashford     Hospitality       Trust   Inc.
                                           963,193          9,247
    *
        FRP  Holdings     Inc.
                                           155,398          8,982
    *,1
        Braemar     Hotels    & Resorts     Inc.
                                          1,751,422           8,932
    *,1
        Offerpad     Solutions      Inc.
                                          1,271,837           8,140
        Indus   Realty    Trust   Inc.
                                            96,347         7,810
    *
        Stratus     Properties      Inc.
                                           206,151          7,539
        BRT  Apartments      Corp.
                                           311,104          7,463
        Cedar   Realty    Trust   Inc.
                                           285,758          7,175
    *
        Power   REIT
                                            84,433         5,817
        Alpine    Income    Property     Trust   Inc.
                                           274,615          5,503
    *
        Vidler    Water   Resouces     Inc.
                                           444,916          5,375
    *
        Fathom    Holdings     Inc.
                                           206,487          4,225
        New  York   City   REIT   Inc.   Class   A
                                           380,218          4,034
        Clipper     Realty    Inc.
                                           405,295          4,029
        Retail    Value   Inc.
                                           594,080          3,814
        Urstadt     Biddle    Properties      Inc.
                                           179,571          3,441
        CIM  Commercial      Trust   Corp.
                                           391,836          2,880
    *
        Rafael    Holdings     Inc.   Class   B
                                           531,859          2,712
    *
        Maui   Land   & Pineapple      Co.  Inc.
                                           185,158          1,844
        Global    Self   Storage     Inc.
                                           319,661          1,819
    *
        Pennsylvania       REIT
                                          1,593,485           1,625
    *
        Altisource      Portfolio      Solutions      SA
                                           144,667          1,623
    *
        Trinity     Place   Holdings     Inc.
                                           753,758          1,387
        CorEnergy      Infrastructure         Trust   Inc.
                                           403,190          1,262
    *
        AMREP   Corp.
                                            73,876         1,123
    *,1
        WeWork    Inc.
                                           120,274          1,034
    *
        Comstock     Holding     Cos.   Inc.   Class   A
                                           164,051           799
    *,2
        Spirit    MTA  REIT
                                          2,854,330            764
    *
        Sotherly     Hotels    Inc.
                                           337,859           706
    *,1
        Harbor    Custom    Development       Inc.
                                           238,273           627
        Presidio     Property     Trust   Inc.   Class   A
                                           110,319           430
    *
        Avalon    GloboCare      Corp.
                                           503,819           413
    *
        Alset   EHome   International        Inc.
                                           486,512           271
    *
        Wheeler     REIT   Inc.
                                           130,830           254
                                129/498


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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *,2
        New  York   REIT   Liquidating       LLC
                                            19,100          220
    *
        JW  Mays   Inc.                                          119
                                             2,922
                                                  50,354,335
    テクノロジー       (28.9   ％ )
        Apple   Inc.
                                         442,969,284         78,658,056
        Microsoft      Corp.
                                         213,382,662         71,764,857
    *
        Alphabet     Inc.   Class   A
                                          8,547,474        24,762,374
    *
        Meta   Platforms      Inc.   Class   A
                                          67,251,688        22,620,105
    *
        Alphabet     Inc.   Class    C 
                                          7,677,584        22,215,780
        NVIDIA    Corp.
                                          67,499,669        19,852,328
    *
        Adobe   Inc.
                                          13,522,501         7,668,069
        Broadcom     Inc.
                                          11,113,202         7,394,836
    *
        salesforce.com         Inc.
                                          26,432,252         6,717,228
        Intel   Corp.
                                         115,586,332          5,952,696
        QUALCOMM     Inc.
                                          31,831,280         5,820,986
        Intuit    Inc.
                                          8,047,618        5,176,389
        Texas   Instruments       Inc.
                                          26,246,724         4,946,720
    *
        Advanced     Micro   Devices     Inc.
                                          34,321,894         4,938,921
        Oracle    Corp.
                                          46,616,042         4,065,385
        Applied     Materials      Inc.
                                          25,662,203         4,038,204
    *
        ServiceNow      Inc.
                                          5,655,685        3,671,162
        International        Business     Machines     Corp.
                                          25,486,833         3,406,570
        Micron    Technology      Inc.
                                          31,792,741         2,961,494
        Lam  Research     Corp.
                                          4,001,637        2,877,777
        Analog    Devices     Inc.
                                          15,273,478         2,684,619
    *
        Snowflake      Inc.   Class   A
                                          7,696,609        2,607,226
        Marvell     Technology      Inc.
                                          23,408,563         2,048,015
        KLA  Corp.
                                          4,309,336        1,853,488
    *
        Autodesk     Inc.
                                          6,248,264        1,756,949
    *
        Snap   Inc.   Class   A
                                          34,672,068         1,630,627
    *
        Synopsys     Inc.
                                          4,335,159        1,597,506
    *
        Workday     Inc.   Class   A
                                          5,484,935        1,498,375
        TE  Connectivity       Ltd.
                                          9,273,074        1,496,118
        Xilinx    Inc.
                                          7,045,984        1,493,960
        Amphenol     Corp.   Class   A
                                          16,995,701         1,486,444
    *
        Palo   Alto   Networks     Inc.
                                          2,663,971        1,483,192
        Roper   Technologies       Inc.
                                          2,998,206        1,474,698
    *
        Cadence     Design    Systems     Inc.
                                          7,876,559        1,467,797
    *
        Fortinet     Inc.
                                          3,950,027        1,419,640
        Microchip      Technology      Inc.
                                          15,769,912         1,372,929
        Cognizant      Technology      Solutions      Corp.   Class   A
                                          14,926,545         1,324,283
    *
        Twilio    Inc.   Class   A
                                          4,787,524        1,260,747
    *
        Datadog     Inc.   Class   A
                                          6,944,261        1,236,842
        HP  Inc.
                                          32,755,850         1,233,913
    *
        Crowdstrike       Holdings     Inc.   Class   A
                                          5,557,806        1,137,961
    *
        Zoom   Video   Communications         Inc.   Class   A
                                          5,852,097        1,076,259
    *
        EPAM   Systems     Inc.
                                          1,531,523        1,023,747
                                130/498


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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *
        Match   Group   Inc.
                                          7,643,647        1,010,872
    *
        ANSYS   Inc.
                                          2,479,931          994,750
    *
        MongoDB     Inc.
                                          1,786,875          945,882
    *
        Okta   Inc.
                                          4,195,433          940,490
    *
        Twitter     Inc.
                                          21,590,638          933,147
    *
        Cloudflare      Inc.   Class   A
                                          7,005,804          921,263
    *
        Palantir     Technologies       Inc.   Class   A
                                          48,769,447          888,092
    *
        DoorDash     Inc.   Class   A
                                          5,756,335          857,118
    *
        HubSpot     Inc.
                                          1,275,840          840,970
    *
        ON  Semiconductor        Corp.
                                          12,242,960          831,542
        Corning     Inc.
                                          21,827,049          812,621
    *
        DocuSign     Inc.
                                          5,311,482          808,992
        CDW  Corp.
                                          3,856,784          789,792
    *
        Zscaler     Inc.
                                          2,388,420          767,471
        Teradyne     Inc.
                                          4,632,698          757,585
    *
        Gartner     Inc.
                                          2,220,463          742,345
        Skyworks     Solutions      Inc.
                                          4,700,423          729,224
    *
        Unity   Software     Inc.
                                          4,877,423          697,423
        VMware    Inc.   Class   A
                                          5,963,685          691,072
    *
        VeriSign     Inc.
                                          2,682,908          680,976
        Seagate     Technology      Holdings     plc
                                          6,011,144          679,139
    *
        Tyler   Technologies       Inc.
                                          1,165,104          626,768
        Monolithic      Power   Systems     Inc.
                                          1,244,669          614,033
    *
        Paycom    Software     Inc.
                                          1,450,113          602,072
    *
        AppLovin     Corp.   Class   A
                                          6,283,957          592,326
        Hewlett     Packard     Enterprise      Co.
                                          37,200,686          586,655
        NetApp    Inc.
                                          6,353,868          584,492
    *
        Pinterest      Inc.   Class   A
                                          15,993,055          581,348
    *
        Western     Digital     Corp.
                                          8,856,320          577,521
    *
        Akamai    Technologies       Inc.
                                          4,616,252          540,286
        Entegris     Inc.
                                          3,848,894          533,380
    *
        Splunk    Inc.
                                          4,591,778          531,361
        SS&C   Technologies       Holdings     Inc.
                                          6,137,846          503,181
    *
        Nuance    Communications         Inc.
                                          9,073,706          501,957
    *
        Qorvo   Inc.
                                          3,132,363          489,870
    *
        Dell   Technologies       Inc.   Class    C 
                                          7,858,880          441,433
    *
        ZoomInfo     Technologies       Inc.   Class   A
                                          6,875,898          441,433
    *
        RingCentral       Inc.   Class   A
                                          2,333,967          437,269
    *
        F5  Inc.
                                          1,740,069          425,812
        NortonLifeLock         Inc.
                                          15,708,364          408,103
    *
        Ceridian     HCM  Holding     Inc.
                                          3,870,980          404,363
    *
        GoDaddy     Inc.   Class   A
                                          4,723,115          400,804
    *
        Wolfspeed      Inc.
                                          3,302,134          369,080
    *
        PTC  Inc.
                                          3,014,880          365,253
    *
        Zendesk     Inc.
                                          3,436,075          358,348
        Leidos    Holdings     Inc.
                                          3,987,935          354,527
    *
        Black   Knight    Inc.
                                          4,193,470          347,597
                                131/498


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                                                有価証券報告書（外国投資信託受益証券）
                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *
        Dynatrace      Inc.
                                          5,666,408          341,968
        Citrix    Systems     Inc.
                                          3,544,895          335,312
    *
        Coupa   Software     Inc.
                                          2,105,057          332,704
    *
        Synaptics      Inc.
                                          1,116,359          323,197
    *
        UiPath    Inc.   Class   A
                                          7,352,133          317,097
    *
        Avalara     Inc.
                                          2,346,835          303,000
    *
        Lattice     Semiconductor        Corp.
                                          3,892,344          299,944
    *
        IAC/InterActiveCorp                                   2,264,692          296,018
    *
        Aspen   Technology      Inc.
                                          1,903,861          289,768
    *
        Manhattan      Associates      Inc.
                                          1,797,995          279,570
        Bentley     Systems     Inc.   Class   B
                                          5,777,221          279,213
    *
        Guidewire      Software     Inc.
                                          2,367,673          268,802
    *
        Arrow   Electronics       Inc.
                                          1,977,774          265,556
    *
        Five9   Inc.
                                          1,932,451          265,364
    *
        Smartsheet      Inc.   Class   A
                                          3,401,769          263,467
        Jabil   Inc.
                                          3,665,449          257,864
    *
        Elastic     NV
                                          2,093,058          257,634
    *
        Pure   Storage     Inc.   Class   A
                                          7,700,113          250,639
    *
        Silicon     Laboratories       Inc.
                                          1,142,459          235,826
    *
        DXC  Technology      Co.
                                          7,173,467          230,914
        Azenta    Inc.
                                          2,113,377          217,910
        Vertiv    Holdings     Co.  Class   A
                                          8,555,371          213,628
        Concentrix      Corp.
                                          1,191,927          212,902
    *
        II-VI   Inc.
                                          3,016,199          206,097
    *
        Dropbox     Inc.   Class   A
                                          8,366,807          205,321
    *
        Ambarella      Inc.
                                           990,274        200,917
        Universal      Display     Corp.
                                          1,205,579          198,957
    *
        Nutanix     Inc.   Class   A
                                          6,008,251          191,423
        KBR  Inc.
                                          3,987,325          189,876
    *
        Anaplan     Inc.
                                          3,947,444          180,990
    *
        Rapid7    Inc.
                                          1,527,907          179,819
    *
        CACI   International        Inc.   Class   A
                                           662,615        178,383
        Dolby   Laboratories       Inc.   Class   A
                                          1,848,967          176,059
    *
        Novanta     Inc.
                                           963,242        169,848
    *
        IPG  Photonics      Corp.
                                           984,734        169,512
    *
        New  Relic   Inc.
                                          1,487,956          163,616
    *
        Semtech     Corp.
                                          1,828,423          162,602
    *
        Asana   Inc.   Class   A
                                          2,163,723          161,306
    *
        Blackline      Inc.
                                          1,497,630          155,065
        CMC  Materials      Inc.
                                           808,168        154,918
        Power   Integrations       Inc.
                                          1,633,035          151,693
    *
        Digital     Turbine     Inc.
                                          2,477,752          151,118
    *
        NCR  Corp.
                                          3,755,566          150,974
    *
        Workiva     Inc.   Class   A
                                          1,155,251          150,749
    *
        Cirrus    Logic   Inc.
                                          1,624,388          149,476
    *
        Varonis     Systems     Inc.
                                          3,051,304          148,843
    *
        MaxLinear      Inc.   Class   A
                                          1,963,507          148,029
                                132/498


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                                                   市場価格     •
                                             株数     ( 千米ドル     )
        National     Instruments       Corp.
                                          3,369,834          147,161
    *
        SPS  Commerce     Inc.
                                          1,022,451          145,546
    *
        Rogers    Corp.
                                           532,404        145,346
    *
        Ziff   Davis   Inc.
                                          1,301,465          144,280
    *
        Tenable     Holdings     Inc.
                                          2,591,612          142,720
    *
        Onto   Innovation      Inc.
                                          1,405,241          142,253
    *
        Change    Healthcare      Inc.
                                          6,632,838          141,810
        CDK  Global    Inc.
                                          3,363,412          140,389
        TD  SYNNEX    Corp.
                                          1,227,199          140,342
        Science     Applications       International        Corp.
                                          1,635,873          136,743
    *
        Qualys    Inc.
                                           993,392        136,313
    *
        Procore     Technologies       Inc.
                                          1,687,511          134,950
    *
        Diodes    Inc.
                                          1,217,003          133,639
        Pegasystems       Inc.
                                          1,162,778          130,022
    *
        Sailpoint      Technologies       Holdings     Inc.
                                          2,646,343          127,924
    *
        Dun  & Bradstreet      Holdings     Inc.
                                          6,128,331          125,569
    *
        Fabrinet                                   1,052,409          124,679
    *
        DigitalOcean       Holdings     Inc.
                                          1,551,387          124,623
    *
        Teradata     Corp.
                                          2,930,297          124,450
    *
        Q2  Holdings     Inc.
                                          1,534,644          121,912
    *
        Perficient      Inc.
                                           936,641        121,098
    *
        SiTime    Corp.
                                           409,073        119,670
    *
        Envestnet      Inc.
                                          1,472,656          116,841
        Avnet   Inc.
                                          2,818,385          116,202
    *
        Mandiant     Corp.
                                          6,480,941          113,676
    *
        Upwork    Inc.
                                          3,280,922          112,076
    *
        Alarm.com      Holdings     Inc.
                                          1,284,885          108,971
    *
        MACOM   Technology      Solutions      Holdings     Inc.
                                          1,385,406          108,477
    *
        Blackbaud      Inc.
                                          1,370,019          108,204
    *
        Box  Inc.   Class   A
                                          4,093,796          107,217
    *
        Altair    Engineering       Inc.   Class   A
                                          1,371,103          106,014
    *
        Insight     Enterprises       Inc.
                                           991,210        105,663
    *
        Alteryx     Inc.   Class   A
                                          1,702,380          102,994
    *
        FormFactor      Inc.
                                          2,222,500          101,613
    *,1
        Fastly    Inc.   Class   A
                                          2,839,431          100,658
        Advanced     Energy    Industries      Inc.
                                          1,070,738          97,501
    *,1
        MicroStrategy        Inc.   Class   A
                                           177,758         96,787
        Switch    Inc.   Class   A
                                          3,266,161          93,543
    *
        Cargurus     Inc.   Class   A
                                          2,747,355          92,421
    *
        Kyndryl     Holdings     Inc.
                                          5,100,990          92,328
    *
        Rambus    Inc.
                                          3,118,229          91,645
    *
        nCino   Inc.
                                          1,650,260          90,533
    *
        LiveRamp     Holdings     Inc.
                                          1,839,033          88,182
    *
        Sprout    Social    Inc.   Class   A
                                           971,971         88,148
    *
        Verint    Systems     Inc.
                                          1,668,135          87,594
    *,1
        E2open    Parent    Holdings     Inc.
                                          7,672,934          86,397
        Xerox   Holdings     Corp.
                                          3,803,851          86,119
                                133/498


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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *
        CommVault      Systems     Inc.
                                          1,229,545          84,740
    *
        Cerence     Inc.
                                          1,095,655          83,971
        Vishay    Intertechnology         Inc.
                                          3,769,844          82,446
    *
        Bumble    Inc.   Class   A
                                          2,378,024          80,520
    *
        Plexus    Corp.
                                           796,606         76,387
    *
        Momentive      Global    Inc.
                                          3,599,426          76,128
        Shutterstock       Inc.
                                           674,364         74,773
    *
        3D  Systems     Corp.
                                          3,449,500          74,302
    *
        Everbridge      Inc.
                                          1,096,784          73,846
    *
        Appian    Corp.
                                          1,129,242          73,638
    *
        Sanmina     Corp.
                                          1,737,931          72,055
    *
        Yelp   Inc.   Class   A
                                          1,974,474          71,555
    *
        Jamf   Holding     Corp.
                                          1,860,208          70,706
    *
        TechTarget      Inc.
                                           736,966         70,498
    *
        Ultra   Clean   Holdings     Inc.
                                          1,211,602          69,497
        Amkor   Technology      Inc.
                                          2,777,609          68,857
    *
        Bottomline      Technologies       DE  Inc.
                                          1,219,093          68,842
    *
        Allegro     MicroSystems       Inc.
                                          1,885,975          68,235
    *
        Vimeo   Inc.
                                          3,768,402          67,680
    *
        PagerDuty      Inc.
                                          1,937,511          67,328
        McAfee    Corp.   Class   A
                                          2,597,373          66,986
    *
        Axcelis     Technologies       Inc.
                                           898,409         66,985
    *
        NetScout     Systems     Inc.
                                          2,006,252          66,367
    *
        LivePerson      Inc.
                                          1,811,535          64,708
    *,1
        C3.ai   Inc.   Class   A
                                          2,007,747          62,742
    *
        Magnite     Inc.
                                          3,577,896          62,613
    *
        Duck   Creek   Technologies       Inc.
                                          2,057,005          61,936
    *
        Zuora   Inc.   Class   A
                                          3,281,732          61,303
    *
        Allscripts      Healthcare      Solutions      Inc.
                                          3,312,490          61,115
        Progress     Software     Corp.
                                          1,241,569          59,931
    *
        Appfolio     Inc.   Class   A
                                           494,611         59,878
    *
        Covetrus     Inc.
                                          2,938,377          58,679
        Xperi   Holding     Corp.
                                          2,971,355          56,188
    *
        Qualtrics      International        Inc.   Class   A
                                          1,536,387          54,388
    *
        Super   Micro   Computer     Inc.
                                          1,235,645          54,307
    *
        BigCommerce       Holdings     Inc.
                                          1,528,086          54,048
    *,1
        SentinelOne       Inc.   Class   A
                                          1,064,182          53,731
    *,1
        Confluent      Inc.   Class   A
                                           691,588         52,727
    *
        Amplitude      Inc.   Class   A
                                           994,761         52,663
    *
        DoubleVerify       Holdings     Inc.
                                          1,575,840          52,444
    *
        Schrodinger       Inc.
                                          1,495,382          52,084
        CSG  Systems     International        Inc.
                                           886,339         51,071
    *
        Cohu   Inc.
                                          1,317,518          50,184
        Methode     Electronics       Inc.
                                          1,020,502          50,178
    *
        Impinj    Inc.
                                           555,350         49,260
    *
        Ping   Identity     Holding     Corp.
                                          2,136,826          48,891
    *
        SMART   Global    Holdings     Inc.
                                           658,208         46,726
                                134/498


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                                                有価証券報告書（外国投資信託受益証券）
                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *
        Grid   Dynamics     Holdings     Inc.
                                          1,205,205          45,762
    *
        Avaya   Holdings     Corp.
                                          2,283,601          45,215
    *
        TTM  Technologies       Inc.
                                          2,795,604          41,654
    *
        ePlus   Inc.
                                           767,238         41,339
    *
        Veeco   Instruments       Inc.
                                          1,435,035          40,855
    *
        JFrog   Ltd.
                                          1,369,047          40,661
    *,1
        HashiCorp      Inc.   Class   A
                                           434,900         39,593
    *
        PROS   Holdings     Inc.
                                          1,132,944          39,075
    *
        Bandwidth      Inc.   Class   A
                                           541,881         38,885
    *
        Domo   Inc.   Class   B
                                           780,227         38,699
    *,1
        PAR  Technology      Corp.
                                           725,024         38,260
    *
        Eventbrite      Inc.   Class   A
                                          2,168,432          37,817
    *
        Unisys    Corp.
                                          1,830,240          37,648
    *
        Ichor   Holdings     Ltd.
                                           809,440         37,259
    *
        Sumo   Logic   Inc.
                                          2,666,220          36,154
    *
        Informatica       Inc.   Class   A
                                           974,499         36,037
    *
        Alpha   & Omega   Semiconductor        Ltd.
                                           594,018         35,974
    *,1
        Porch   Group   Inc.
                                          2,227,645          34,729
    *
        Vroom   Inc.
                                          3,111,294          33,571
    *
        Yext   Inc.
                                          3,268,123          32,420
    *
        ACM  Research     Inc.   Class   A
                                           377,036         32,150
    *
        Olo  Inc.   Class   A
                                          1,540,826          32,065
        CTS  Corp.
                                           869,853         31,941
    *
        Photronics      Inc.
                                          1,651,619          31,133
    *
        Avid   Technology      Inc.
                                           955,731         31,128
    *
        Parsons     Corp.
                                           875,475         29,460
        A10  Networks     Inc.
                                          1,764,269          29,252
    *
        Model   N Inc.
                                           973,334         29,229
    *,1
        Skillz    Inc.   Class   A
                                          3,856,288          28,691
    *
        PDF  Solutions      Inc.
                                           901,002         28,643
    *
        Paycor    HCM  Inc.
                                           986,913         28,433
    *
        nLight    Inc.
                                          1,185,312          28,388
    *
        CEVA   Inc.
                                           624,044         26,984
    *,1
        Gitlab    Inc.   Class   A
                                           304,454         26,487
    *
        Consensus      Cloud   Solutions      Inc.
                                           452,295         26,174
        Benchmark      Electronics       Inc.
                                           944,125         25,586
    *
        KnowBe4     Inc.   Class   A
                                          1,114,396          25,564
    *
        ScanSource      Inc.
                                           724,735         25,424
    *
        PubMatic     Inc.   Class   A
                                           743,572         25,319
    *,1
        Aeva   Technologies       Inc.
                                          3,343,540          25,277
    *
        Agilysys     Inc.
                                           560,666         24,927
    *,1
        MicroVision       Inc.
                                          4,720,001          23,647
    *
        Thoughtworks       Holding     Inc.
                                           865,989         23,217
    *
        Squarespace       Inc.   Class   A
                                           774,097         22,836
    *,1
        Samsara     Inc.   Class   A
                                           795,400         22,359
        American     Software     Inc.   Class   A
                                           850,686         22,262
    *,1
        Toast   Inc.   Class   A
                                           635,651         22,063
                                135/498


                                                          EDINET提出書類
                                              バンガード・インデックス・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     )
    *
        NeoPhotonics       Corp.
                                          1,432,873          22,023
    *,1
        Freshworks      Inc.   Class   A
                                           833,937         21,899
    *,1
        Tucows    Inc.   Class   A
                                           259,269         21,732
        Ebix   Inc.
                                           702,350         21,351
    *,1
        Matterport      Inc.
                                          1,033,676          21,335
    *
        Mitek   Systems     Inc.
                                          1,170,254          20,772
        Simulations       Plus   Inc.
                                           437,858         20,711
    *
        Telos   Corp.
                                          1,330,133          20,511
    *
        Alkami    Technology      Inc.
                                          1,002,043          20,101
    *
        ChannelAdvisor         Corp.
                                           800,233         19,750
    *
        N-able    Inc.
                                          1,764,875          19,590
    *,1
        CCC  Intelligent       Solutions      Holdings     Inc.
                                          1,715,395          19,538
    *
        Diebold     Nixdorf     Inc.
                                          2,101,000          19,014
    *,1
        Veritone     Inc.
                                           842,495         18,939
    *
        ON24   Inc.
                                          1,081,630          18,766
    *,1
        Datto   Holding     Corp.
                                           694,177         18,292
    *,1
        Digimarc     Corp.
                                           451,405         17,821
    *,1
        Ouster    Inc.
                                          3,414,031          17,753
    *
        Braze   Inc.   Class   A
                                           226,651         17,488
    *
        Identiv     Inc.
                                           599,960         16,883
    *
        Groupon     Inc.
                                           727,221         16,842
    1
        Vivid   Seats   Inc.   Class   A
                                          1,527,100          16,615
    *,1
        Aehr   Test   Systems
                                           681,104         16,469
        SolarWinds      Corp.
                                          1,148,947          16,304
    *
        OneSpan     Inc.
                                           953,338         16,140
    *,1
        Cyxtera     Technologies       Inc.
                                          1,180,626          14,888
    *
        Kimball     Electronics       Inc.
                                           681,124         14,821
    *
        SEMrush     Holdings     Inc.   Class   A
                                           700,407         14,603
        Hackett     Group   Inc.
                                           703,805         14,449
    *,1
        IonQ   Inc.
                                           820,400         13,701
    *,1
        Clear   Secure    Inc.   Class   A
                                           422,535         13,255
        PC  Connection      Inc.
                                           305,972         13,197
    *
        Upland    Software     Inc.
                                           719,805         12,913
    *
        Vertex    Inc.   Class   A
                                           812,212         12,890
    *
        Expensify      Inc.   Class   A
                                           286,159         12,591
    *
        Limelight      Networks     Inc.
                                          3,621,469          12,422
    *,1
        Rackspace      Technology      Inc.
                                           906,694         12,213
    *,1
        Atomera     Inc.
                                           598,972         12,051
    *,1
        indie   Semiconductor        Inc.   Class   A
                                           959,946         11,510
        NVE  Corp.
                                           166,862         11,397
    *
        Enfusion     Inc.   Class   A
                                           543,647         11,384
    *
        Brightcove      Inc.
                                          1,108,617          11,330
    *
        Benefitfocus       Inc.
                                           984,491         10,495
    *
        AXT  Inc.
                                          1,158,144          10,203
    *
        eGain   Corp.
                                           994,878          9,929
    *
        GTY  Technology      Holdings     Inc.
                                          1,455,833           9,754
    *,1
        Red  Violet    Inc.
                                           234,813          9,320
                                136/498


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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *,1
        Cleanspark      Inc.
                                           971,716          9,251
    *
        MediaAlpha      Inc.   Class   A
                                           598,704          9,244
    *,1
        Xometry     Inc.   Class   A
                                           177,983          9,122
    *,1
        Nextdoor     Holdings     Inc.
                                          1,140,000           8,995
    *
        CyberOptics       Corp.
                                           193,062          8,977
    *,1
        Kopin   Corp.
                                          2,191,200           8,962
    *
        Quantum     Corp.
                                          1,620,965           8,948
    *
        TrueCar     Inc.
                                          2,596,466           8,828
    *
        ForgeRock      Inc.   Class   A
                                           310,395          8,284
    *,1
        Alpine    4 Holdings     Inc.
                                          4,269,734           8,198
    *
        Rimini    Street    Inc.
                                          1,358,208           8,108
    *,1
        SmartRent      Inc.   Class   A
                                           826,884          8,004
    *
        CoreCard     Corp.
                                           205,921          7,990
    *
        Sprinklr     Inc.   Class   A
                                           503,494          7,990
    *
        Smith   Micro   Software     Inc.
                                          1,589,694           7,821
    *
        MeridianLink       Inc.
                                           349,328          7,538
    *
        Asure   Software     Inc.
                                           936,577          7,333
    *
        EverQuote      Inc.   Class   A
                                           463,139          7,253
    *,1
        Intapp    Inc.
                                           272,438          6,855
    *
        EMCORE    Corp.
                                           978,233          6,828
    *
        comScore     Inc.
                                          1,926,362           6,434
    *
        Pixelworks      Inc.
                                          1,360,829           5,988
    *,1
        Couchbase      Inc.
                                           236,438          5,901
    *,1
        Phunware     Inc.
                                          2,190,620           5,761
    *,1
        NextNav     Inc.
                                           641,600          5,620
    *,1
        Zeta   Global    Holdings     Corp.   Class   A
                                           659,450          5,553
    *
        Innodata     Inc.
                                           912,571          5,402
    *,1
        KULR   Technology      Group   Inc.
                                          1,942,837           5,362
    *,1
        WM  Technology      Inc.
                                           893,261          5,342
    *
        Immersion      Corp.
                                           927,552          5,296
    *
        Daktronics      Inc.
                                          1,034,740           5,225
    *
        AvePoint     Inc.
                                           778,650          4,898
    *,1
        KORE   Group   Holdings     Inc.
                                           719,616          4,850
    *,1
        VirnetX     Holding     Corp.
                                          1,835,130           4,771
    *,1
        Greenidge      Generation      Holdings     Inc.
                                           296,976          4,766
    *
        Everspin     Technologies       Inc.
                                           420,060          4,747
    *
        Synchronoss       Technologies       Inc.
                                          1,886,342           4,603
    *
        Computer     Task   Group   Inc.
                                           448,443          4,471
    *,1
        Nuvve   Holding     Corp.
                                           321,077          4,277
    *
        SecureWorks       Corp.   Class   A
                                           263,152          4,203
    *,1
        Exela   Technologies       Inc.
                                          4,732,805           4,153
        Richardson      Electronics       Ltd.
                                           298,587          4,037
    *,1
        BuzzFeed     Inc.
                                           740,107          3,945
    *
        Viant   Technology      Inc.   Class   A
                                           388,628          3,772
    *
        Issuer    Direct    Corp.
                                           126,490          3,725
    *,1
        SkyWater     Technology      Inc.
                                           217,410          3,526
    *
        AstroNova      Inc.
                                           250,452          3,381
                                137/498


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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *
        inTEST    Corp.
                                           262,097          3,334
    *
        Intevac     Inc.
                                           685,231          3,227
    *
        Park   City   Group   Inc.
                                           546,003          3,178
    *,1
        NerdWallet      Inc.   Class   A
                                           187,176          2,911
    *
        Zedge   Inc.   Class   B
                                           329,626          2,802
    *
        Arteris     Inc.
                                           127,965          2,701
    *
        TransAct     Technologies       Inc.
                                           247,478          2,698
    *
        Amtech    Systems     Inc.
                                           268,244          2,650
    *,1
        Waitr   Holdings     Inc.
                                          3,543,228           2,622
    *,1
        Stronghold      Digital     Mining    Inc.   Class   A
                                           199,597          2,565
    *,1
        Remark    Holdings     Inc.
                                          2,574,727           2,553
    *
        Intellicheck       Inc.
                                           522,431          2,414
    *,1
        eMagin    Corp.
                                          1,840,738           2,375
    *,1
        Inpixon                                   3,857,401           2,314
    *,1
        Super   League    Gaming    Inc.
                                           969,852          2,289
    *,1
        Blend   Labs   Inc.   Class   A
                                           290,885          2,135
    *
        GSI  Technology      Inc.
                                           460,392          2,132
    *,1
        Boxlight     Corp.   Class   A
                                          1,524,589           2,104
    *
        Mastech     Digital     Inc.
                                           119,078          2,033
    *,1
        1stdibs.com       Inc.
                                           162,021          2,027
    *,1
        Verb   Technology      Co.  Inc.
                                          1,624,862           2,015
    *,1
        Quantum     Computing      Inc.
                                           576,947          1,967
    *
        Steel   Connect     Inc.
                                          1,313,081           1,825
    *,1
        SeaChange      International        Inc.
                                          1,082,170           1,731
    *,1
        American     Virtual     Cloud   Technologies       Inc.
                                           680,707          1,654
    *,1
        IronNet     Inc.
                                           379,700          1,595
    *
        QuickLogic      Corp.
                                           305,351          1,560
    *,1
        One  Stop   Systems     Inc.
                                           314,266          1,556
    *
        Key  Tronic    Corp.
                                           244,100          1,518
    *
        Research     Frontiers      Inc.
                                           819,655          1,410
    *
        Trio-Tech      International
                                           104,880          1,409
    *,1
        Inuvo   Inc.
                                          2,563,824           1,359
    *
        Aware   Inc.
                                           424,390          1,337
    *,1
        Flux   Power   Holdings     Inc.
                                           305,905          1,312
    *,1
        Cipher    Mining    Inc.
                                           282,658          1,309
    *
        NetSol    Technologies       Inc.
                                           324,880          1,280
    *
        AutoWeb     Inc.
                                           349,274          1,188
    *,1
        Creatd    Inc.
                                           554,557          1,159
    *
        CSP  Inc.
                                           129,793          1,141
    *
        AudioEye     Inc.
                                           162,397          1,140
    *
        Kubient     Inc.
                                           377,509          1,140
    *
        OMNIQ   Corp.
                                           175,600          1,085
    *
        SigmaTron      International        Inc.
                                            98,274         1,015
    *
        Qumu   Corp.
                                           459,382           974
    *,1
        Akerna    Corp.
                                           547,065           957
    *
        GSE  Systems     Inc.
                                           541,861           927
    *
        WidePoint      Corp.
                                           231,461           910
                                138/498


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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *,1
        Glimpse     Group   Inc.
                                            85,600          844
    *,1
        Intrusion      Inc.
                                           244,034           839
    *
        Data   I/O  Corp.
                                           180,859           834
    *
        Streamline      Health    Solutions      Inc.
                                           536,995           789
    *
        Peraso    Inc.
                                           176,997           743
    *
        Crown   ElectroKinetics         Corp.
                                           184,921           738
    *
        Rubicon     Technology      Inc.
                                            80,276          720
    *
        CVD  Equipment      Corp.
                                           165,470           682
    *
        EngageSmart       Inc.
                                            27,578          665
    *
        RealNetworks       Inc.
                                           675,168           662
    *,1
        PetVivo     Holdings     Inc.
                                           173,200           653
    *,1
        CYNGN   Inc.
                                           134,700           606
    *
        BTCS   Inc.
                                           176,100           553
    *,1
        BSQUARE     Corp.
                                           299,286           512
    *,1
        Terawulf     Inc.
                                            31,426          473
    *
        Bridgeline      Digital     Inc.
                                           200,736           454
        SilverSun      Technologies       Inc.
                                            99,500          443
    *
        Alfi   Inc.
                                           173,138           398
    *,1
        NXT-ID    Inc.
                                           125,063           383
    *,1
        Weave   Communications         Inc.
                                            24,444          371
    *
        Oblong    Inc.
                                           351,708           362
    *,1
        Backblaze      Inc.   Class   A
                                            21,397          361
    *
        Summit    Wireless     Technologies       Inc.
                                           242,859           338
    *
        UserTesting       Inc.
                                            34,465          290
    *
        VerifyMe     Inc.
                                            84,041          268
    *
        CynergisTek       Inc.
                                           158,445           228
    *
        Recruiter.com        Group   Inc.
                                            71,564          187
    *
        Evolving     Systems     Inc.
                                            72,375          162
    *
        EverCommerce       Inc.
                                            10,223          161
    *
        Sigma   Labs   Inc.
                                            54,433          100
    *
        Creative     Realities      Inc.
                                            66,218           93
    *,2
        Media   General     Inc.   CVR
                                          2,351,648            91
    *
        Data   Storage     Corp.
                                            24,445           75
    *
        Paltalk     Inc.
                                            24,400           69
    *
        Duos   Technologies       Group   Inc.
                                            12,313           63
    *
        iPower    Inc.
                                            25,320           60
    *
        Marin   Software     Inc.
                                              345          1
    *,2
        Ikonics     Corp.   CVR                                        -
                                             7,226
                                                  396,652,125
    通信サービス       (2.6  ％ )
        Cisco   Systems     Inc.
                                         107,877,184          6,836,177
        Comcast     Corp.   Class   A
                                         129,584,186          6,521,972
        Verizon     Communications         Inc.
                                         107,366,928          5,578,786
        AT&T   Inc.
                                         202,950,408          4,992,580
    *
        Charter     Communications         Inc.   Class   A
                                          3,312,233        2,159,477
    *
        T-Mobile     US  Inc.
                                          15,974,584         1,852,732
        Motorola     Solutions      Inc.
                                          4,799,588        1,304,048
                                139/498


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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *
        Arista    Networks     Inc.
                                          6,550,193          941,590
    *
        Roku   Inc.
                                          3,345,570          763,459
    *
        Liberty     Broadband      Corp.   Class    C 
                                          4,236,306          682,469
        Lumen   Technologies       Inc.
                                          29,108,761          365,315
    *
        Ciena   Corp.
                                          4,402,630          338,870
        Juniper     Networks     Inc.
                                          9,254,313          330,472
        Cable   One  Inc.
                                           163,144        287,696
    *
        DISH   Network     Corp.   Class   A
                                          7,020,805          227,755
    *
        Lumentum     Holdings     Inc.
                                          1,951,849          206,447
    *
        Frontier     Communications         Parent    Inc.
                                          6,955,433          205,116
    *
        Vonage    Holdings     Corp.
                                          6,823,475          141,860
    *
        Iridium     Communications         Inc.
                                          3,380,165          139,567
    *
        Calix   Inc.
                                          1,546,263          123,655
    *
        Viavi   Solutions      Inc.
                                          6,757,330          119,064
    *
        Altice    USA  Inc.   Class   A
                                          6,105,372          98,785
        Cogent    Communications         Holdings     Inc.
                                          1,220,138          89,290
    *
        Viasat    Inc.
                                          1,989,088          88,594
    *
        Liberty     Broadband      Corp.   Class   A
                                           422,122         67,919
    *
        CommScope      Holding     Co.  Inc.
                                          5,791,443          63,938
        InterDigital       Inc.
                                           872,791         62,518
    *
        Vocera    Communications         Inc.
                                           938,903         60,878
        Telephone      & Data   Systems     Inc.
                                          2,897,229          58,379
    *
        Extreme     Networks     Inc.
                                          3,689,355          57,923
    *,1
        fuboTV    Inc.
                                          3,494,561          54,236
    *
        8x8  Inc.
                                          3,079,617          51,614
    *
        Infinera     Corp.
                                          5,119,042          49,092
        Shenandoah      Telecommunications           Co.
                                          1,349,631          34,416
    *
        Plantronics       Inc.
                                          1,153,101          33,832
    *
        Harmonic     Inc.
                                          2,748,862          32,327
    *
        WideOpenWest       Inc.
                                          1,468,857          31,610
        ADTRAN    Inc.
                                          1,374,161          31,372
    *,1
        Globalstar      Inc.
                                          25,381,523           29,443
    *
        Clearfield      Inc.
                                           329,610         27,826
    *
        EchoStar     Corp.   Class   A
                                          1,051,825          27,716
    *
        IDT  Corp.   Class   B
                                           579,260         25,580
    *
        NETGEAR     Inc.
                                           788,783         23,040
    *
        Digi   International        Inc.
                                           927,075         22,778
    *
        Anterix     Inc.
                                           339,768         19,965
    *,1
        Gogo   Inc.
                                          1,407,387          19,042
        Comtech     Telecommunications           Corp.
                                           719,972         17,056
    *
        Consolidated       Communications         Holdings     Inc.
                                          2,144,845          16,043
    *,1
        Inseego     Corp.
                                          2,727,854          15,903
    *
        United    States    Cellular     Corp.
                                           454,355         14,321
    *
        Ooma   Inc.
                                           601,899         12,303
        ATN  International        Inc.
                                           297,951         11,903
    *
        Ribbon    Communications         Inc.
                                          1,859,251          11,248
    *,1
        Akoustis     Technologies       Inc.
                                          1,454,053           9,713
                                140/498


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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *
        Aviat   Networks     Inc.
                                           274,106          8,793
    *,1
        AST  SpaceMobile       Inc.
                                          1,093,565           8,683
    *
        Cambium     Networks     Corp.
                                           299,325          7,672
    *
        DZS  Inc.
                                           464,747          7,538
    *
        CalAmp    Corp.
                                          1,032,612           7,290
    *
        Lantronix      Inc.
                                           748,596          5,862
    *
        Casa   Systems     Inc.
                                           979,691          5,555
    *
        Powerfleet      Inc.
                                           919,204          4,357
        Spok   Holdings     Inc.
                                           464,693          4,336
    *
        KVH  Industries      Inc.
                                           457,474          4,204
    *
        Genasys     Inc.
                                          1,017,703           4,050
        Bel  Fuse   Inc.   Class   B
                                           300,241          3,882
    *
        Hemisphere      Media   Group   Inc.   Class   A
                                           478,622          3,480
    *,1
        Applied     Optoelectronics         Inc.
                                           664,868          3,417
    *
        Airgain     Inc.
                                           291,442          3,098
    *,1
        Resonant     Inc.
                                          1,683,883           2,879
    *
        PCTEL   Inc.
                                           434,105          2,461
    *
        Crexendo     Inc.
                                           343,511          1,718
    *,1
        Airspan     Networks     Holdings     Inc.
                                           384,800          1,458
        Network-1      Technologies       Inc.
                                           509,201          1,436
    *,1
        Vislink     Technologies       Inc.
                                          1,155,455           1,363
    *
        TESSCO    Technologies       Inc.
                                           206,685          1,279
    *
        Franklin     Wireless     Corp.
                                           244,162          1,067
    *,1
        ComSovereign       Holding     Corp.
                                          1,404,121           1,060
    1
        Communications         Systems     Inc.
                                           278,558           669
    *
        Optical     Cable   Corp.
                                            92,325          496
    *
        Kaltura     Inc.
                                            89,047          300
    *
        ClearOne     Inc.
                                           231,050           298
    *,1
        Sonim   Technologies       Inc.
                                           157,205           145
    *,1,2
        FTE  Networks     Inc.
                                            84,180          126
    *
        ADDvantage      Technologies       Group   Inc.
                                            47,738           83
        Bel  Fuse   Inc.   Class   A
                                             2,976          43
    *,1,2
        Ominto    Inc.                                           42
                                           101,171
                                                  35,488,850
    公益事業     (2.7  ％ )
        NextEra     Energy    Inc.
                                          55,764,274         5,206,153
        Duke   Energy    Corp.
                                          21,854,432         2,292,530
        Southern     Co.
                                          30,114,223         2,065,233
        Waste   Management      Inc.
                                          11,888,018         1,984,110
        Dominion     Energy    Inc.
                                          23,016,066         1,808,142
        Exelon    Corp.
                                          27,757,020         1,603,245
        American     Electric     Power   Co.  Inc.
                                          14,312,840         1,273,413
        Sempra    Energy
                                          8,954,402        1,184,488
        Xcel   Energy    Inc.
                                          15,304,357         1,036,105
        Waste   Connections       Inc.
                                          7,403,704        1,008,903
        American     Water   Works   Co.  Inc.
                                          5,160,405          974,594
        Public    Service     Enterprise      Group   Inc.
                                          14,373,727          959,159
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                                                   市場価格     •
                                             株数     ( 千米ドル     )
        Eversource      Energy
                                          9,772,155          889,071
        WEC  Energy    Group   Inc.
                                          8,965,652          870,296
        Republic     Services     Inc.
                                          5,857,568          816,838
        Edison    International
                                          10,794,013          736,691
        Consolidated       Edison    Inc.
                                          8,554,261          729,850
    *
        PG&E   Corp.
                                          56,007,922          679,936
        Ameren    Corp.
                                          7,258,374          646,068
        Entergy     Corp.
                                          5,714,934          643,787
        FirstEnergy       Corp.
                                          15,472,029          643,482
        PPL  Corp.
                                          21,339,452          641,464
        DTE  Energy    Co.
                                          4,954,133          592,217
        CMS  Energy    Corp.
                                          8,230,685          535,406
        CenterPoint       Energy    Inc.
                                          17,873,135          498,839
        Evergy    Inc.
                                          6,450,795          442,589
        Alliant     Energy    Corp.
                                          7,116,559          437,455
        AES  Corp.
                                          17,988,667          437,125
        Atmos   Energy    Corp.
                                          3,763,642          394,317
        Essential      Utilities      Inc.
                                          6,464,409          347,074
        Vistra    Corp.
                                          13,721,078          312,429
        NiSource     Inc.
                                          11,158,664          308,091
        NRG  Energy    Inc.
                                          6,958,091          299,755
        UGI  Corp.
                                          5,944,590          272,916
        Pinnacle     West   Capital     Corp.
                                          3,207,886          226,445
        OGE  Energy    Corp.
                                          5,686,909          218,264
    *
        Sunrun    Inc.
                                          5,589,969          191,736
        National     Fuel   Gas  Co.
                                          2,589,485          165,572
        IDACORP     Inc.
                                          1,436,947          162,820
    *
        Evoqua    Water   Technologies       Corp.
                                          3,428,754          160,294
    *
        Stericycle      Inc.
                                          2,609,693          155,642
    *
        Clean   Harbors     Inc.
                                          1,392,330          138,913
        Portland     General     Electric     Co.
                                          2,546,506          134,761
        Black   Hills   Corp.
                                          1,817,589          128,267
        Hawaiian     Electric     Industries      Inc.
                                          2,955,323          122,646
    *
        Casella     Waste   Systems     Inc.   Class   A
                                          1,434,086          122,500
        ONE  Gas  Inc.
                                          1,521,161          118,027
        New  Jersey    Resources      Corp.
                                          2,731,235          112,144
        Southwest      Gas  Holdings     Inc.
                                          1,597,867          111,931
        PNM  Resources      Inc.
                                          2,441,420          111,353
        Avangrid     Inc.
                                          2,200,369          109,754
        American     States    Water   Co.
                                          1,049,827          108,594
        California      Water   Service     Group
                                          1,498,101          107,654
    1
        Ormat   Technologies       Inc.
                                          1,273,967          101,026
        ALLETE    Inc.
                                          1,490,706          98,908
        Spire   Inc.
                                          1,394,754          90,966
        NorthWestern       Corp.
                                          1,538,545          87,943
        Avista    Corp.
                                          2,020,138          85,836
        MGE  Energy    Inc.
                                          1,029,166          84,649
                                142/498


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                                                   市場価格     •
                                             株数     ( 千米ドル     )
        South   Jersey    Industries      Inc.
                                          3,186,187          83,223
        Clearway     Energy    Inc.   Class    C 
                                          2,138,445          77,048
    *
        Sunnova     Energy    International        Inc.
                                          2,554,388          71,318
        Chesapeake      Utilities      Corp.
                                           475,358         69,312
        SJW  Group
                                           842,777         61,691
        Middlesex      Water   Co.
                                           470,857         56,644
        Northwest      Natural     Holding     Co.
                                           874,533         42,660
        Clearway     Energy    Inc.   Class   A
                                          1,185,258          39,682
    *
        Harsco    Corp.
                                          2,234,958          37,346
    *
        US  Ecology     Inc.
                                           886,627         28,319
        Unitil    Corp.
                                           447,308         20,572
        York   Water   Co.
                                           386,277         19,229
    *
        Heritage-Crystal          Clean   Inc.
                                           487,014         15,594
    *
        Archaea     Energy    Inc.
                                           685,300         12,527
        Global    Water   Resources      Inc.
                                           666,392         11,395
        Artesian     Resources      Corp.   Class   A
                                           233,644         10,825
    *
        Pure   Cycle   Corp.
                                           577,124          8,426
        RGC  Resources      Inc.
                                           289,761          6,667
    *
        Aris   Water   Solution     Inc.   Class   A
                                           491,258          6,362
    *,1
        Vertex    Energy    Inc.
                                          1,350,091           6,116
        Via  Renewables      Inc.   Class   A
                                           367,644          4,202
    *
        Sharps    Compliance      Corp.
                                           501,400          3,575
        Genie   Energy    Ltd.   Class   B
                                           635,893          3,542
    *
        Advanced     Emissions      Solutions      Inc.
                                           447,249          2,961
    *,1
        Cadiz   Inc.
                                           757,002          2,922
    *
        Quest   Resource     Holding     Corp.
                                           392,752          2,726
    *,1
        Aqua   Metals    Inc.
                                          1,740,923           2,141
    *
        Perma-Fix      Environmental        Services     Inc.
                                           325,244          2,059
    *,1
        Charah    Solutions      Inc.
                                           316,062          1,495
    *,1
        Renovare     Environmental        Inc.                                  429
                                           612,155
                                                  37,539,424
    普通株式総額       ( 原価  $573,421,149)
                                                 1,368,154,052
    優先株式     (0.0  ％ )
        Meta   Materials      Inc.   Pfd.,   1/31/22
                                          3,488,956           5,268
        Air  T Funding     Pfd.,   8.000   ％ , 6/7/24
                                             1,727          42
    優先株式総額       ( 原価   $36)
                                                     5,310
                                           額面金額

                                      ( 単位：千米ドル        )
    社債   (0.0  ％ )
    金融   (0.0  ％ )
        GAMCO   Investors      Inc.,   4.000   ％ , 6/15/23     ( 原価   $296)
                                              296        293
                                143/498




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                                                有価証券報告書（外国投資信託受益証券）
                                                   市場価格     •
                                             株数     ( 千米ドル     )
    短期現物投資       (0.6  ％ )
    マネー・マーケット・ファンド                (0.6  ％ )
    3,4
        Vanguard     Market    Liquidity      Fund,   0.090   ％
        ( 原価   $8,611,890)
                                          86,130,993         8,612,238
    投資総額     (100.2   ％ ) ( 原価   $582,033,371)
                                                 1,376,771,893
    その他の資産および負債－純額                ( － 0.2  ％ )
                                                  (3,359,041)
    純資産    (100  ％ )
                                                 1,373,412,852
                                              (176,977,980       百万円   )
    原価は千米ドル単位である。

    ・  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     3,987,307,000       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  バンガード・ファンド並びにバンガードが管理する一部の信託および口座にのみ利用可能な関連
       会社のマネー・マーケット・ファンド。提示されているレートは７日間の利回りである。
    ４  貸付有価証券に係る担保として                4,364,700,000       米ドルを受け取った。うち、               4,338,017,000       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、                                  26,683,000      米ドルは現金で保有
       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   ）
                                144/498











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    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）
                                                   時価および
                                       買建
                                                   未実現評価益
                                      (売建  )
                                 限月      玉数     想定元本         （損）
    買建の先物契約
    E-mini   ラッセル    2000  インデックス                 2022  年３月      1,914      214,636         2,623
    E-mini   S&P  500  インデックス
                              2022  年３月      18,701     4,449,435          96,842
    E-mini   S&P  ミッド・キャップ       400 インデックス
                              2022  年３月       240     68,105         1,583
                                                     101,048
                                                （単位：千米ドル）

    店頭トータル・リターンスワップ
                                         受領
                                                    時価および
                                        (支払  )
                              契約               時価および       未実現評価
                                           1
    参照企業                    満期日     相手方    想定元本     変動金利     未実現評価益         （損）
    Bandwidth     Inc.  Class   A
                     2022  年８月   31 日   BOANA     6,163    (0.521)   ％       6      -
    Consolidated      Edison   Inc.
                     2022  年８月   31 日   BOANA    116,460     (0.578)   ％     12,629         -
    New  York  Community     Bancorp    Inc.
                     2022  年８月   31 日   BOANA     5,391    (0.623)   ％      101       -
    Popular    Inc.
                     2022  年８月   31 日   BOANA     10,895    (0.474)   ％      643       -
    Signature     Bank
                     2023  年８月   31 日   BOANA     90,978    (0.834)   ％     6,034        -
    State   Street   Corp.
                     2023  年８月   31 日   BOANA    229,098     (0.675)   ％     11,721         -
    Visa  Inc.  Class   A
                     2022  年８月   31 日   BOANA     43,598     0.029  ％     5,247        -
    Williams    Cos.  Inc.
                     2022  年８月   31 日   BOANA     36,970    (0.470)   ％       -     (483)
                                               36,381       (483)
    1  直近の支払日における米ドル翌日物銀行調達金利に基づいている。月次の変動金利の支払に係る受

      取／支払
      BOANA-Bank      of  America,     N.A.
    2021  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                              36,068,000      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

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    トータル・ストック・マーケット・インデックス・ファンド

    財務書類
    投資有価証券明細表

    2020  年 12 月 31 日現在
    当ファンドは、各計算期間の第１四半期および第３四半期に、証券取引委員会（                                          SEC  ）に保有ポート

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

                                             株数     ( 千米ドル     )
    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
        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
                                146/498

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        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
                                147/498













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                                                  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
                                148/498

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    *
        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
                                149/498















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                                                  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
                                150/498

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        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
                                151/498















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                                                  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
                                152/498

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    *
        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
                                153/498















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                                                  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
                                154/498

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        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
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                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数     ( 千米ドル     )
    *
        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
                                156/498

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    *
        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
                                157/498















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                                                  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
                                158/498

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    *
        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
                                159/498















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                                                  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
                                160/498

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    *,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
                                161/498















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                                                  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
                                162/498

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        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
                                163/498















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                                                  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
                                164/498

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    *
        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
                                165/498















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                                                  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
                                166/498

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    *,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
                                167/498















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                                                  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
                                168/498

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        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
                                169/498















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                                                  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
                                170/498

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        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
                                171/498















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                                                  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
                                172/498

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    *
        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
                                173/498















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                                                  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
                                174/498

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    *
        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
                                175/498















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                                                  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
                                176/498

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        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
                                177/498















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                                                  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
                                178/498

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        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
                                179/498















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                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数     ( 千米ドル     )
        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
                                180/498

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    *
        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
                                181/498















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                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数     ( 千米ドル     )
    *
        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
                                182/498

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                                                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
                                183/498















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                                                  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
                                184/498

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                                                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
                                185/498















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                                                  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
                                186/498

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        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
                                187/498















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                                                  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
                                188/498

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    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
                                189/498















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                                                  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
                                190/498

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        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
                                191/498















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                                                  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
                                192/498

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                                                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
                                193/498















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                                                  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
                                194/498

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        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
                                195/498















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                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数     ( 千米ドル     )
        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
                                196/498

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    *
        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
                                197/498















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                                                  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
                                198/498

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    *
        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
                                199/498















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                                                  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
                                200/498

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    *
        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
                                201/498















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                                                  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
                                202/498

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    *
        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
                                203/498















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                                                  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
                                204/498

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        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
                                205/498















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                                                  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
                                206/498

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    *
        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
                                207/498















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                                                  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
                                208/498

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    *
        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
                                209/498















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                                                  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
                                210/498

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    *,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
                                211/498















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                                                  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
                                212/498

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    *
        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
                                213/498















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                                                  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
                                214/498

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    *
        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
                                215/498















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                                                  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
                                216/498

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    *,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
                                217/498















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                                                  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
                                218/498

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    *
        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
                                219/498















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                                                  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
                                220/498

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    *
        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
                                221/498















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                                                  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
                                222/498

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        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
                                223/498















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                                                  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
                                224/498

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        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
                                225/498















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                                                  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
                                226/498

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    *,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
                                227/498















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                                                有価証券報告書（外国投資信託受益証券）
                                                  市場価格・
                                             株数     ( 千米ドル     )
        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
                                228/498

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        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
                                229/498















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                                                  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
                                230/498

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    *
        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
                                231/498















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                                                  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
                                232/498

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    *
        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
                                233/498















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                                                  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
                                234/498


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    *,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            -
                                235/498















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                                                  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
                                236/498

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    *
        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
                                237/498















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                                                  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
                                238/498

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        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
                                239/498















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                                                  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
                                240/498

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        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
                                241/498















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                                                  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
                                242/498

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        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
                                243/498















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                                                  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
                                244/498

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    *
        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
                                245/498















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                                                  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
                                246/498

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    *
        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
                                247/498















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                                                  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
                                248/498

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        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
                                249/498















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                                                  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
                                250/498

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    *
        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
                                251/498















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                                                  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
                                252/498

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    *
        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
                                253/498















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                                                  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
                                254/498

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    *
        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
                                255/498















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                                                  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
                                256/498

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    *
        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
                                257/498















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                                                  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
                                258/498

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    *
        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
                                259/498















                                                          EDINET提出書類
                                              バンガード・インデックス・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
                                              (139,260,587       百万円   )
    ＊  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。
                                260/498


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                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    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）
                                261/498
















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    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           時価および
                                        (売建  )          未実現利益
                                  限月      玉数    想定元本        （損失）
    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               時価および        時価および
                                         1
                       満期日     相手方     想定元本     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.
                   2022  年９月２日       BOANA     35,600    (0.158)   ％      784        -
    State   Street   Corp.
                   2022  年９月２日       BOANA     35,373    (0.152)   ％     1,013         -
    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ヶ月物米ドル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
     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

                                262/498





                                                          EDINET提出書類
                                              バンガード・インデックス・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
                                         2021  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              573,421,481      千米ドル）              1,368,159,655            176,301,053
                                        8,612,238           1,109,773
    　関連発行体（取得原価             8,611,890     千米ドル）
    有価証券に対する投資合計                                 1,376,771,893            177,410,826
    バンガードに対する投資                                     43,666           5,627
    現金                                     190,969           24,608
    差し入れられた現金担保－先物契約                                     247,630           31,910
    売却投資有価証券に係る未収入金                                     31,586           4,070
    未収収益                                     847,968           109,269
    発行済資本持分に係る未収入金                                     788,733           101,636
                                          36,381           4,688
    未実現評価益－店頭スワップ契約
    資産合計                                 1,378,958,826            177,692,634
    負債
    購入投資有価証券に係る未払金                                     142,980           18,424
    貸付有価証券に係る担保                                    4,364,700            562,435
    資本持分の買戻しに係る未払金                                     999,768           128,830
    バンガードに対する未払金                                     24,036           3,097
    未払変動証拠金－先物契約                                     14,007           1,805
                                           483           62
    未実現評価損－店頭スワップ契約
                                        5,545,974            714,654
    負債合計
                                      1,373,412,852            176,977,980
    純資産
                                263/498










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                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    2021  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                                   591,207,805           76,183,038
    分配可能利益（損失）合計                                   782,205,047           100,794,942
    純資産                                 1,373,412,852            176,977,980
    インベスター受益証券

    発行済受益証券        1,139,944,671       口に対する純資産
    （額面   0.001   米ドル：授権口数は無制限）                            133,976,597           17,264,224
    受益証券１口当たり純資産価額
    －インベスター受益証券                                  117.53   米ドル          15,145   円
    ETF  受益証券

    発行済受益証券        1,238,501,714       口に対する純資産
    （額面   0.001   米ドル：授権口数は無制限）                            299,087,859           38,540,462
    受益証券１口当たり純資産価額
    － ETF  受益証券                               241.49   米ドル          31,118   円
    アドミラル受益証券

    発行済受益証券        2,906,961,253       口に対する純資産
    （額面   0.001   米ドル：授権口数は無制限）                            341,732,532           44,035,654
    受益証券１口当たり純資産価額
    －アドミラル受益証券                                  117.56   米ドル          15,149   円
    インスティテューショナル受益証券

    発行済受益証券        2,120,191,912       口に対する純資産
    （額面   0.001   米ドル：授権口数は無制限）                            249,281,850           32,122,459
    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                                  117.58   米ドル          15,151   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        1,344,965,858       口に対する純資産
    （額面   0.001   米ドル：授権口数は無制限）                            296,554,290           38,213,986
    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                                  220.49   米ドル          28,412   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        228,128,137      口に対する純資産
    （額面   0.001   米ドル：授権口数は無制限）                             52,779,724           6,801,195
    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                                  231.36   米ドル          29,813   円
    添付の注記は財務書類の不可欠の一部である。

                                264/498





                                                          EDINET提出書類
                                              バンガード・インデックス・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            138,596,079
                                        8,726,215           1,124,460
    　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            139,720,539
    バンガードに対する投資                                     40,719           5,247
    現金                                     173,936           22,413
    差し入れられた現金担保－先物契約                                     151,932           19,578
    売却投資有価証券に係る未収入金                                     18,400           2,371
    未収収益                                     803,487           103,537
    発行済資本持分に係る未収入金                                    1,123,176            144,732
    未収変動証拠金－先物契約                                     33,434           4,308
                                          11,300           1,456
    未実現評価益－店頭スワップ契約
    資産合計                                 1,086,638,080            140,024,183
    負債
    購入投資有価証券に係る未払金                                     115,347           14,864
    貸付有価証券に係る担保                                    4,200,627            541,293
    資本持分の買戻しに係る未払金                                    1,571,670            202,525
    分配に係る未払金                                        42           5
    バンガードに対する未払金                                     26,458           3,409
                                          11,636           1,499
    未実現評価損－店頭スワップ契約
                                        5,925,780            763,596
    負債合計
                                      1,080,712,300            139,260,587
    純資産
                                265/498










                                                          EDINET提出書類
                                              バンガード・インデックス・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           69,714,535
    分配可能利益（損失）合計                                   539,702,403           69,546,052
    純資産                                 1,080,712,300            139,260,587
    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           19,824,491
    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          12,204   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           26,039,323
    受益証券１口当たり純資産価額
    － ETF  受益証券                               194.61   米ドル          25,077   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           35,258,872
    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          12,208   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           23,270,348
    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受益証券                                   94.75   米ドル          12,209   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           29,159,523
    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          22,897   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           5,708,030
    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          24,026   円
    添付の注記は財務書類の不可欠の一部である。

                                266/498




                                                          EDINET提出書類
                                              バンガード・インデックス・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
                                         2021  年 12 月 31 日
                                          終了計算期間
                                     千米ドル            百万円
    投資収益
    収益
                １
                                       16,541,541
                                                   2,131,543
    配当金－非関連発行体
    配当金－関連発行体                                       －           －
    利息－非関連発行体                                       54            7
    利息－関連発行体                                     4,107            529
                                         154,799            19,947
    貸付有価証券－純額
                                       16,700,501            2,152,027
    収益総額
    費用
    バンガード・グループ－注記Ｂ
    投資運用報酬                                     19,467            2,509
    マネジメントおよび管理
     －インベスター受益証券                                   191,795            24,715
     － ETF  受益証券                                 60,934            7,852
     －アドミラル受益証券                                   109,061            14,054
     －インスティテューショナル受益証券                                    55,582            7,162
     －インスティテューショナル・プラス受益証券                                    45,193            5,824
     －インスティテューショナル・セレクト受益証券                                    3,969            511
    マーケティングおよび販売
     －インベスター受益証券                                    7,150            921
     － ETF  受益証券                                  7,604            980
     －アドミラル受益証券                                    8,899           1,147
     －インスティテューショナル受益証券                                    5,611            723
     －インスティテューショナル・プラス受益証券                                    3,061            394
     －インスティテューショナル・セレクト受益証券                                       1           0
    カストディアン報酬                                     2,032            262
    監査報酬                                       399            51
    受益者報告
     －インベスター受益証券                                    1,013            131
     － ETF  受益証券                                  2,476            319
     －アドミラル受益証券                                    1,265            163
     －インスティテューショナル受益証券                                    1,151            148
     －インスティテューショナル・プラス受益証券                                      83           11
     －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                                     357            46
                                           －           －

    支払利息
                                         527,103            67,922
     費用総額
                                       16,173,398            2,084,104
    投資純利益
    実現純利益（損失）
    受取キャピタルゲイン分配金－関連発行体                                       144            19
                     ２
                                       23,905,095
                                                   3,080,411
    売却投資有価証券－非関連発行体
    売却投資有価証券－関連発行体                                       211            27
    先物契約                                   1,472,639            189,764
                                         27,042            3,485
    スワップ契約
                                267/498


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                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
                                       25,405,131            3,273,705
    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                                  238,465,157            30,728,620
    投資有価証券－関連発行体                                     1,052            136
    先物契約                                     (6,444)            (830)
                                         36,234            4,669
    スワップ契約
                                      238,495,999            30,732,594
    未実現評価益（損）の変動
                                      280,074,528            36,090,404
    運用による純資産の純増加（減少）額
    １　配当金は、        1,369,000     米ドルの外国源泉税控除後である。

    ２　現物償還による          21,208,071,000        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。

                                268/498
















                                                          EDINET提出書類
                                              バンガード・インデックス・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
                                          終了計算期間
                                     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            2,030,992
    配当金－関連発行体                                      4,706            606
    利息－非関連発行体                                      7,137            920
    利息－関連発行体                                     19,398            2,500
                                         170,440            21,963
    貸付有価証券－純額
                                       15,962,910            2,056,981
    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            2,075
    マネジメントおよび管理
     －インベスター受益証券                                   176,352            22,725
     － ETF  受益証券                                 36,429            4,694
     －アドミラル受益証券                                    81,422           10,492
     －インスティテューショナル受益証券                                    37,765            4,866
     －インスティテューショナル・プラス受益証券                                    32,111            4,138
     －インスティテューショナル・セレクト受益証券                                     2,230            287
    マーケティングおよび販売
     －インベスター受益証券                                    10,789            1,390
     － ETF  受益証券                                  5,135            662
     －アドミラル受益証券                                     9,901           1,276
     －インスティテューショナル受益証券                                     3,576            461
     －インスティテューショナル・プラス受益証券                                     2,061            266
     －インスティテューショナル・セレクト受益証券                                       1           0
    カストディアン報酬                                      2,310            298
    監査報酬                                       397            51
    受益者報告
     －インベスター受益証券                                     1,620            209
     － ETF  受益証券                                   943           122
     －アドミラル受益証券                                      744            96
     －インスティテューショナル受益証券                                     1,731            223
     －インスティテューショナル・プラス受益証券                                      47            6
     －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            66
                                         422,183            54,403
     費用総額
                                       15,540,727            2,002,578
    投資純利益
    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            383,447
    売却投資有価証券－関連発行体                                     (36,300)            (4,678)
    先物契約                                     362,642            46,730
                                         (43,248)            (5,573)
    スワップ契約
                                        3,258,780            419,926
    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            21,897,392
    投資有価証券－関連発行体                                     86,640           11,164
                                269/498


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    先物契約                                     79,438           10,236
                                         (10,005)            (1,289)
    スワップ契約
                                       170,087,718            21,917,503
    未実現評価益（損）の変動
                                       188,887,225            24,340,008
    運用による純資産の純増加（減少）額
    １　現物償還による          14,120,527,000        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。

                                270/498


















                                                          EDINET提出書類
                                              バンガード・インデックス・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
                            2021  年 12 月 31 日に          2020  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                      16,173,398        2,084,104        15,540,727        2,002,578
    実現純利益（損失）                      25,405,131        3,273,705        3,258,780         419,926
                          238,495,999        30,732,594        170,087,718        21,917,503
    未実現評価益（損）の変動
                          280,074,528        36,090,404        188,887,225        24,340,008
     運用による純資産の純増加（減少）
    分配

     インベスター受益証券                     (1,676,741)         (216,065)       (2,178,405)         (280,709)
     ETF  受益証券                   (3,403,927)         (438,630)       (2,643,535)         (340,646)
     アドミラル受益証券                     (4,103,816)         (528,818)       (4,040,472)         (520,655)
     インスティテューショナル
     受益証券                     (2,969,898)         (382,701)       (2,632,899)         (339,275)
     インスティテューショナル・
     プラス受益証券                     (3,559,330)         (458,655)       (3,283,515)         (423,114)
     インスティテューショナル・
                            (647,913)        (83,490)        (503,956)        (64,940)
     セレクト受益証券
                          (16,361,625)        (2,108,359)        (15,282,782)        (1,969,339)
       分配総額
    資本持分取引

     インベスター受益証券                     (51,574,306)        (6,645,865)        (11,200,923)        (1,443,351)
     ETF  受益証券                   44,386,309        5,719,620        32,847,249        4,232,697
     アドミラル受益証券                      1,876,942         241,863      (23,050,842)        (2,970,332)
     インスティテューショナル
     受益証券                     22,144,976        2,853,602        (1,802,186)         (232,230)
     インスティテューショナル・
     プラス受益証券                     14,016,596        1,806,179        1,241,423         159,970
     インスティテューショナル・
                           (1,862,868)         (240,049)       11,449,267        1,475,353
     セレクト受益証券
                           28,987,649        3,735,348        9,483,988        1,222,107
       資本持分取引による純増加（減少）
                          292,700,552        37,717,393        183,088,431        23,592,775
        増加（減少）総額
    純資産
                         1,080,712,300         139,260,587        897,623,869        115,667,812
    期首
                         1,373,412,852         176,977,980       1,080,712,300         139,260,587
    期末
    添付の注記は、財務書類の不可欠の一部である。

                                271/498






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

                                  インデックス・ファンド
                                   インベスター受益証券
                                    12 月 31 日終了計算期間
                          2021  年     2020  年     2019  年     2018  年     2017  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
                            94.71      79.66      62.08      66.70      56.06
    期首純資産価額
    投資運用

         １
    投資純利益                        1.284      1.284      1.279      1.275      1.086
                             1,2
    受取キャピタルゲイン分配金                       0.000         －      －      －      －
                           22.837      15.026       17.634      (4.703)      10.630
    投資に係る実現および未実現純利益（損失）
                           24.121      16.310       18.913      (3.428)      11.716
    投資運用による総額
    分配

    投資純利益による配当                       (1.301)      (1.260)      (1.333)      (1.192)      (1.076)
                             －      －      －      －      －
    実現キャピタルゲインによる分配
                           (1.301)      (1.260)      (1.333)      (1.192)      (1.076)
    分配総額
                           117.53       94.71      79.66      62.08      66.70
    期末純資産価額
        ３

                           25.59  ％    20.87  ％    30.65  ％    － 5.26  ％    21.05  ％
    総収益率
    比率／補足データ

    期末純資産（百万米ドル）                       133,977      153,845      139,686      121,266      126,766
    平均純資産に対する総費用の比率                       0.14  ％     0.14  ％     0.14  ％     0.14  ％     0.14  ％
    平均純資産に対する投資純利益の比率                       1.20  ％     1.62  ％     1.78  ％     1.86  ％     1.77  ％
              ４
    ポートフォリオの回転率                         4％      8％      4％      3％      3％
    １　発行済の平均受益証券数に基づいて計算される。

    ２　分配金は受益証券１口当たり                 0.001   ドル未満であった。
    ３　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。
    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。
    添付の注記は、財務書類の不可欠の一部である。

                                272/498






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

                                  インデックス・ファンド
                                     ETF  受益証券
                                    12 月 31 日終了計算期間
                          2021  年     2020  年     2019  年     2018  年     2017  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
                           194.61      163.70      127.56      137.06      115.21
    期首純資産価額
    投資運用

         １
    投資純利益                        2.912      2.831      2.809      2.781      2.361
                             1,2
    受取キャピタルゲイン分配金                      0.000         －      －      －      －
                           46.898      30.848      36.236      (9.676)      21.832
    投資に係る実現および未実現純利益（損失）
                           49.810      33.679      39.045      (6.895)      24.193
    投資運用による総額
    分配

    投資純利益による配当                       (2.930)      (2.769)      (2.905)      (2.605)      (2.343)
                             －      －      －      －      －
    実現キャピタルゲインによる分配
                           (2.930)      (2.769)      (2.905)      (2.605)      (2.343)
    分配総額
                           241.49      194.61      163.70      127.56      137.06
    期末純資産価額
                           25.72  ％    20.95  ％    30.80  ％    － 5.13  ％    21.16  ％

    総収益率
    比率／補足データ

    期末純資産（百万米ドル）                       299,088      202,075      138,067       94,809      91,862
    平均純資産に対する総費用の比率                       0.03  ％     0.03  ％     0.03  ％     0.03  ％     0.04  ％
    平均純資産に対する投資純利益の比率                       1.31  ％     1.73  ％     1.89  ％     1.97  ％     1.87  ％
              ３
    ポートフォリオの回転率                         4％      8％      4％      3％      3％
    １　発行済の平均受益証券数に基づいて計算される。

    ２　分配金は受益証券１口当たり                 0.001   ドル未満であった。
    ３　  ETF  のクリエーション・ユニットを含む、当ファンドの資本持分の現物による買戻しあるいは償還
       の結果として受領したもしくは引渡されたポートフォリオ証券額を除く。
    添付の注記は財務書類の不可欠な一部である。

                                273/498







                                                          EDINET提出書類
                                              バンガード・インデックス・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
                          2021  年     2020  年     2019  年     2018  年     2017  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
                            94.74      79.69      62.09      66.72      56.08
    期首純資産価額
    投資運用

         １
    投資純利益                        1.402       1.364      1.360      1.344      1.148
                             1,2
    受取キャピタルゲイン分配金                      0.000         －      －      －      －
                           22.833      15.025      17.646      (4.711)      10.633
    投資に係る実現および未実現純利益（損失）
                           24.235      16.389      19.006      (3.367)      11.781
    投資運用による総額
    分配

    投資純利益による配当                       (1.415)      (1.339)      (1.406)      (1.263)      (1.141)
                             －      －      －      －      －
    実現キャピタルゲインによる分配
                           (1.415)      (1.339)      (1.406)      (1.263)      (1.141)
    分配総額
                           117.56       94.74      79.69      62.09      66.72
    期末純資産価額
        ３

                           25.71  ％    20.99  ％    30.80  ％    － 5.17  ％    21.17  ％
    総収益率
    比率／補足データ

    期末純資産（百万米ドル）                       341,733      273,622      252,536      185,102      190,099
    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                       1.30  ％     1.72  ％     1.88  ％     1.96  ％     1.87  ％
              ４
    ポートフォリオの回転率                         4％      8％      4％      3％      3％
    １　発行済の平均受益証券数に基づいて計算される。

    ２　分配金は受益証券１口当たり                 0.001   ドル未満であった。
    ３　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。
    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。
    添付の注記は財務書類の不可欠の一部である。

                                274/498






                                                          EDINET提出書類
                                              バンガード・インデックス・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
                          2021  年     2020  年     2019  年     2018  年     2017  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
                            94.75      79.70      62.10      66.73      56.09
    期首純資産価額
    投資運用

         １
    投資純利益                        1.416      1.374      1.365      1.354      1.153
                             1,2
    受取キャピタルゲイン分配金                      0.000         －      －      －      －
                           22.841      15.024      17.649      (4.715)      10.630

    投資に係る実現および未実現純利益（損失）
                           24.257      16.398      19.014      (3.361)      11.783
    投資運用による総額
    分配

    投資純利益による配当                       (1.427)      (1.348)      (1.414)      (1.269)      (1.143)
                             －      －      －      －      －
    実現キャピタルゲインによる分配
                           (1.427)      (1.348)      (1.414)      (1.269)      (1.143)
    分配総額
                           117.58       94.75      79.70      62.10      66.73
    期末純資産価額
                           25.73  ％    21.00  ％    30.81  ％    － 5.16  ％    21.17  ％

    総収益率
    比率／補足データ

    期末純資産（百万米ドル）                       249,282      180,586      152,716      115,115      113,557
    平均純資産に対する総費用の比率                        0.03%      0.03  ％     0.03  ％     0.03  ％    0.035  ％
    平均純資産に対する投資純利益の比率                       1.31  ％     1.73  ％     1.89  ％     1.97  ％     1.87  ％
              ３
    ポートフォリオの回転率                         4％      8％      4％      3％      3％
    １　発行済の平均受益証券数に基づいて計算される。

    ２　分配金は受益証券１口当たり                 0.001   ドル未満であった。
    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分な一部である。

                                275/498







                                                          EDINET提出書類
                                              バンガード・インデックス・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
                          2021  年     2020  年    2019  年    2018  年     2017  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
                            177.69      149.47      116.46      125.14       105.18
    期首純資産価額
    投資運用

         １
    投資純利益                        2.672      2.591      2.575      2.555       2.182
                             1,2
    受取キャピタルゲイン分配金                       0.000         －      －      －       －
                            42.823      28.172      33.100      (8.842)       19.938
    投資に係る実現および未実現純利益（損失）
                            45.495      30.763      35.675      (6.287)       22.120
    投資運用による総額
    分配

    投資純利益による配当                        (2.695)      (2.543)      (2.665)      (2.393)       (2.160)
                              －      －      －      －       －
    実現キャピタルゲインによる分配
                            (2.695)      (2.543)      (2.665)      (2.393)       (2.160)
    分配総額
                            220.49      177.69      149.47      116.46       125.14
    期末純資産価額
                           25.74  ％    21.02  ％    30.82  ％    － 5.15  ％    21.19  ％

    総収益率
    比率／補足データ

    期末純資産（百万米ドル）                       296,554      226,288      188,188      135,641       126,130
    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                        1.32  ％    1.74  ％    1.90  ％    1.98  ％     1.89  ％

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

    ２　分配金は受益証券１口当たり                 0.001   ドル未満であった。
    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分な一部である。

                                276/498







                                                          EDINET提出書類
                                              バンガード・インデックス・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
                                    12 月 31 日終了計算期間
                          2021  年     2020  年    2019  年     2018  年     2017  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
                            186.45      156.83      122.20       131.31      110.37
    期首純資産価額
    投資運用

         １
    投資純利益                        2.821      2.772      2.709       2.704      2.311
                             1,2
    受取キャピタルゲイン分配金                       0.000         －      －       －      －
                            44.937      29.532      34.731       (9.290)      20.908
    投資に係る実現および未実現純利益（損失）
                            47.758      32.304      37.440       (6.586)      23.219
    投資運用による総額
    分配

    投資純利益による配当                        (2.848)      (2.684)      (2.810)       (2.524)      (2.279)
                              －      －      －       －      －
    実現キャピタルゲインによる分配
                            (2.848)      (2.684)      (2.810)       (2.524)      (2.279)
    分配総額
                            231.36      186.45      156.83       122.20      131.31
    期末純資産価額
                           25.75  ％    21.03  ％    30.84  ％    － 5.14  ％    21.20  ％

    総収益率
    比率／補足データ

    期末純資産（百万米ドル）                        52,780      44,296      26,431       20,262      14,163
    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  ％
    平均純資産に対する投資純利益の比率                        1.33  ％    1.76  ％    1.91  ％     1.99  ％     1.90  ％
              ３
    ポートフォリオの回転率                         4％      8％      4％      3％      3％
    １　発行済の平均受益証券数に基づいて計算される。

    ２　分配金は受益証券１口当たり                 0.001   ドル未満であった。
    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分な一部である。

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

    2021  年 12 月 31 日終了計算期間

    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。債券および短期現物
        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。契約の想定元本は、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
                                278/498


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
        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。
        2021  年 12 月 31 日終了計算期間において、各四半期の平均想定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％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想定元本（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、当ファンドは当該想定元本に係る
        短期金利による変動金利を支払うと同時に、通常、スワップの想定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。
        スワップ契約の想定元本は、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。
        2021  年 12 月 31 日終了計算期間において、各四半期末の平均想定元本に基づく当ファンドのスワップ契
        約に対する投資の平均額は、純資産の１％未満を占めていた。
     ４．連邦所得税：当ファンドは、規制投資会社としての資格を有し、全ての課税所得を分配し続けること

        を意図している。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。
                                279/498


                                                          EDINET提出書類
                                              バンガード・インデックス・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。
        当ファンドには、         2021  年 12 月 31 日現在借入金残高はなかった。当ファンドは、クレジット・ファシリ
        ティ・プロセスに関する業務上の準備状況をテストするために、                                  1,000,000     米ドルの借入を１件行っ
                                280/498


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
        た。当該借入金は年率換算で               0.84  ％の利息で１営業日の間残存し、関連する支払利息は損益計算書に
        計上されている。
     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。      2021  年 12 月 31 日現在、当ファンドはバンガードの資本に対して、                           43,666,000      米ドルを拠出し
       たが、これは       FSA  に従って受領した当ファンドの純資産の                     0.01  ％未満およびバンガードの資本の                 17.46   ％
       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、       2021  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
                                281/498


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
       投資
       資産
       普通株式                1,368,142,978               1      11,073     1,368,154,052
       優先株式                    5,310          －         －       5,310
       社債                      －        293         －        293
       短期現物投資                  8,612,238             －         －     8,612,238
       合計                1,376,760,526              294       11,073     1,376,771,893
       デリバティブ金融商品
       資産
            １
                          101,048                          101,048
       先物契約                              －         －
       スワップ契約                      －      36,381           －      36,381
       合計                   101,048         36,381           －      137,429
       負債
       スワップ契約                      －     想定元本            －        483
       １　投資有価証券明細表に報告されているように、先物契約および中央清算スワップ（ある場合）に係
       る累積評価益（評価損）が含まれている。資産負債計算書では、当該日の変動証拠金のみが報告されて
       いる。
    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。期末日現在、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                                           21,210,259
       分配可能利益（損失）合計                                           (21,210,259)
       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。
       期末日現在、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                                             213,319
       未分配長期利益                                                －
       繰越キャピタルロス                                           (11,733,322)
       適格後期損失                                                －
       未実現純利益（損失）                                           793,725,050
                                282/498


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       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
                                    2021年             2020  年
                                    金額             金額
            ＊
                                      16,361,625             15,282,782
       経常利益
       長期キャピタルゲイン                                   －             －
       合計                              16,361,625             15,282,782
       ＊
        短期キャピタルゲインがある場合は、それを含む。
       2021  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                                          583,046,843
       未実現評価益総額                                          823,940,577
       未実現評価損総額                                          (30,215,527)
       未実現純評価益（損）                                          793,725,050
    Ｅ．  2021  年 12 月 31 日終了計算期間において、当ファンドは、短期現物投資以外の投資有価証券を

       106,017,595,000         米ドル購入し、        75,014,896,000        米ドル売却した。購入と売却には、当ファンドの資本持
       分の現物による買戻しおよび償還に関連して、それぞれ                             43,964,953,000        米ドルおよび       26,512,016,000        米
       ドルが含まれている。
       当ファンドは、        1940  年投資会社法の規則          17a-  ７に準拠して受託者会が承認した手続に従い、バンガード

       またはその関連会社が管理する他のバンガード・ファンドまたは口座から有価証券を購入し、当該ファ
       ンドまたは口座に有価証券を売却した。                     2021  年 12 月 31 日終了計算期間において、かかる購入および売却
       はそれぞれ      2,704,413,000       米ドルおよび       2,806,659,000       米ドルであり、実現純損失は               78,188,000      米ドルと
       なった。短期現物投資以外のこれらの金額は上記の投資有価証券の購入および売却に含まれている。
    Ｆ．受益証券の各クラスの資本持分取引は、以下のとおりであった。

                              2021  年 12 月 31 日        2020  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                          496,590        4,799     14,516,361        207,934
    現金分配に代えて発行                         1,676,741         15,550      2,178,405        28,832
    買戻し                        (53,747,637)         (504,787)      (27,895,689)        (365,845)
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    純増加（減少）額
    －インベスター受益証券                        (51,574,306)         (484,438)      (11,200,923)        (129,079)
    ETF  受益証券
    発行                        69,095,066         308,260      50,514,859        305,434
    現金分配に代えて発行                             －       －        －       －
    買戻し                        (24,708,757)         (108,100)      (17,667,610)        (110,500)
    純増加（減少）額
    － ETF  受益証券                      44,386,309         200,160      32,847,249        194,934
    アドミラル受益証券
    発行                        37,025,893         347,554      32,397,184        424,606
    現金分配に代えて発行                         3,424,237         31,536      3,371,979        44,445
    買戻し                        (38,573,188)         (360,387)      (58,820,005)        (749,884)
    純増加（減少）額
    －アドミラル受益証券                         1,876,942         18,703     (23,050,842)        (280,833)
    インスティテューショナル受益証券
    発行                        44,920,917         425,435      27,070,393        360,889
    現金分配に代えて発行                         2,799,517         25,726      2,476,296        32,636
    買戻し                        (25,575,458)         (236,871)      (31,348,875)        (403,732)
    純増加（減少）額
    －インスティテューショナル受益証券                        22,144,976         214,290      (1,802,186)        (10,207)
    インスティテューショナル・プラス
    受益証券
    発行                        27,268,129         137,022      28,455,775        204,305
    現金分配に代えて発行                         3,498,917         17,171      3,238,183        22,739
    買戻し                        (16,750,450)         (82,739)      (30,452,535)        (212,599)
    純増加（減少）額
    －インスティテューショナル・プラス
    　受益証券                        14,016,596         71,454      1,241,423        14,445
    インスティテューショナル・セレクト
    受益証券
    発行                         5,779,241         28,270      15,638,742         96,623
    現金分配に代えて発行                          647,913        3,034       503,956        3,296
    買戻し                        (8,290,022)         (40,759)      (4,693,431)        (30,863)
    純増加（減少）額
    －インスティテューショナル・セレクト
    　受益証券                        (1,862,868)         (9,455)      11,449,267         69,056
                                284/498






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    Ｇ．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当該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
                 2020  年                   未実現               2021  年
                           有価証券
                 12 月 31 日              実現     評価益         キャピタル     12 月 31 日
                           による
                 現在の     原価での           純利益     （損）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）
                                                       ２
    180  Life  Sciences    Corp.
                  2,919     3,353     5,959     3,375      (934)      －     －  該当なし
                                                       ２
    Avenue   Therapeutics     Inc.
                  4,991      －    2,478     (1,993)      (235)      －     －  該当なし
                                                       ２
    Dare  Bioscience    Inc.
                  3,618     2,043     3,640     1,554      589      －     －  該当なし
                                                       ２
    Lifevantage     Corp.
                  8,536     1,119     4,418     (3,261)     1,190      －     －  該当なし
                    ３                                    ２
    Luby's   Inc.
                該当なし       5,102     7,702     2,048      588      －     －  該当なし
                                                       ２
    NeuroMetrix     Inc.
                   －    3,523      506     (636)    (1,287)       －     －  該当なし
    Perma-Pipe    International
                                                       ２
    Holdings    Inc.
                  2,860       1    1,550      (318)     1,274      －     －  該当なし
                                                       ２
    Research    Solutions    Inc.
                  4,035       1    3,110      (62)     282      －     －  該当なし
    Vanguard    Market   Liquidity
                         ４     ４
                 8,699,256                 (496)     (415)     4,107      144   8,612,238
                      該当なし     該当なし
    Fund
    合計            8,726,215      15,142     29,363      211    1,052     4,107      144   8,612,238
    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－    2021  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。
    ３ 該当なし－    2020  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。
    ４ 該当なし－売買は短期現物投資目的である。
    Ｈ．経営陣は、本財務書類への認識または開示が要求されることとなる、                                      2021  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。
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    財務書類注記

    2020  年 12 月 31 日終了計算期間

    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。契約の想定元本は、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
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        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。
        2020  年 12 月 31 日終了計算期間において、四半期平均想定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％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想定元本（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、当ファンドは当該想定元本に係る
        短期金利による変動金利を支払うと同時に、通常、スワップの想定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。
        スワップ契約の想定元本は、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 日終了計算期間において、各四半期末の平均想定元本に基づく当ファンドのスワップ契
        約に対する投資の平均額は、純資産の１％未満を占めていた。
     ４．連邦所得税：当ファンドは、規制投資会社としての資格を有し、全ての課税所得を分配し続けること

        を意図している。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。
                                287/498


                                                          EDINET提出書類
                                              バンガード・インデックス・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。
                                288/498


                                                          EDINET提出書類
                                              バンガード・インデックス・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 日現在、当ファンドはバンガードの資本に対して、                           40,719,000      米ドルを拠出し
       たが、これは当ファンドの純資産の                    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
       16.29   ％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
       資産
       普通株式                1,075,194,224             2,120        11,063     1,075,207,407
                                289/498

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
       優先株式                      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。
                                290/498
















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

       おいて資本勘定に組替えられる。この組替えは、純資産または受益証券１口当たり純資産価額に影響を
       及ぼさない。期末日現在、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。期末日現在、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                                             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
                                             金額
             ＊
                                                  15,282,782
         経常利益
         長期キャピタルゲイン                                              －
         合計                                         15,282,782
       ＊
        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
                                291/498


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
       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
    Ｅ．  2020  年 12 月 31 日終了計算期間において、当ファンドは短期現金投資以外の投資目的有価証券を

       108,679,402,000         米ドル購入し、        100,770,952,000         米ドル売却した。購入と売却には、当ファンドの資本
       持分の現物による買戻しおよび償還に関連して、それぞれ                              35,879,901,000        米ドルおよび       18,058,478,000
       米ドルが含まれている。
    Ｆ．受益証券の各クラスの資本持分取引は、以下のとおりであった。

                              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
    買戻し                        (27,895,689)         (365,845)      (25,048,279)        (342,517)
    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
    発行                        32,397,184         424,606      37,798,017        521,571
    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)
                                292/498


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    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)
    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
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    Ｇ．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当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
    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
                                294/498




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                                               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。
    Ｈ．経営陣は、本財務書類への認識または開示が要求されることとなる、                                      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

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                                              バンガード・インデックス・ファンズ(E14945)
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     （２）【損益計算書】

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

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

       ①【投資株式明細表】

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

        ンドの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。

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    ２【ファンドの現況】

     【純資産額計算書】
    （全受益証券クラス）                                       （ 2022  年４月末日現在）
                                    米ドル         千円（   Ⅴ ．を除く）
     Ⅰ ．  資産総額                         1,204,924,902,847              155,266,622,981
     Ⅱ ．  負債総額                           4,556,879,548              587,199,499
                    （注１）
     Ⅲ ．                           1,200,368,023,299              154,679,423,482
        純資産総額（       Ⅰ － Ⅱ ）
              （注２）
     Ⅳ ．                                 8,007,275,960       口
        発行済口数
                        （注３）
     Ⅴ ．                                 149.91            19,317   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、                   294,742,883,363       米ドルである。
     （注２）アドミラル受益証券の発行済口数は、                   2,923,890,203      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、                       100.81   米ドルである。
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    第４【外国投資信託受益証券事務の概要】

     （イ）ファンド証券の名義書換

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

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

        受益者に対する特典はない。
        ファンドはいかなる者によるファンド証券の取得も制限することができる。
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    第二部【特別情報】

    第１【管理会社の概況】

    １【管理会社の概況】

     （イ）資本の額
        該当なし。
     （ロ）トラストの機構
        受託者はトラストの資産および運営につき唯一の所有者であるかのような絶対的な支配権をもつが、
       修正･再録済契約および信託宣言に定められるようにその権限を第三者に付与できる。修正･再録済契約
       および信託宣言は、受託者が、トラストの利益になるために必要、適当かつ望ましいと考えるすべての
       行為、書類の作成権限を定めている。
        受託者の数は受託者会の随時定めるところに従うものとし、常に１名以上とする。欠員が生じた場
       合、残余の受託者は、その裁量により適切と判断する者を受託者に任命し当該欠員を補充する。受託者
       は、各シリーズの発行済受益証券の３分の２の議決により、受益者集会においていつでも解任される。
       受託者の任期は、途中解任、辞任、変更または死亡がない限り本トラストの存続期間とする。
        トラストの受託者は、修正･再録済契約および信託宣言により受益証券を発行し、それを複数のシリー
       ズに分割できる。各シリーズの資産は、すべての目的において当該シリーズに取消不能のものとして帰
       属する。別個のシリーズの間の権利、特権および優先権は受託者が定める。受託者は特定のシリーズの
       受益証券を受託者が認める内容を異にするクラスに分割できる。
        修正･再録済契約および信託宣言に基づき、受益者は、証書が規定する範囲で、次にかかげる事項につ
       いてのみ議決することができる。
       （ ⅰ ）修正･再録済契約および信託宣言第４条１項に定める受託者の選任または解任
       （ ⅱ ） 1940  年法の適用規定（第          16 条（ａ）項を含む。）により要求されるトラストに関する追加的事項
       （ ⅲ ）その他法律に要請されない限り受託者が必要または望ましいと考える事項
        各受益者は、受益者会に議決のため提出された各議案についての基準日に当該受益者が保有する受益
       証券１口当り（端数を含む。）の純資産価格の１米ドルに対し１議決権（端数については端数の議決
       権）を有する。受託者の選任については累積投票は行われない。議決権の行使は、本人または委任状に
       より行われる。受益者により、または受益者のために署名された委任状は、その行使時またはそれ以前
       に争われない限り有効とみなされ、無効の立証責任は効力を争う者に課せられる。
        受益者会は、受託者により招集される。受益者会は、受託者の指定する場所で開催される。受益者集
       会の書面による通知は、当該受益者集会の                      90 日以内かつ      10 日以上前に受託者により手渡しまたは郵券を
       貼付した郵便で、集会の時間および場所を明記して、トラストの受益者名簿に記載されている受益者の
       住所宛に送付される。
        1940  年法または修正･再録済契約および信託宣言に別異に定められる場合の他、議決権のある総発行済
       受益証券の      50 ％を超える受益証券を表象する発行済受益証券を受益者名簿上保有する受益者が本人また
       は委任状により出席した場合、当該集会での議決のための定足数が満たされる。受益者会は、集会を他
       の日および時刻に延期する旨の議案を適正に認める過半数の議決により、定足数に足りていたかを問わ
       ず、随時延期され、当該集会は当初集会が予定されていた期日後合理的期間内に、追加的通知をするこ
       となく開催することができる。
        受託者は、修正･再録済契約および信託宣言により、トラストの業務を遂行するため修正･再録済契約
       および信託宣言と矛盾しない内容の付属定款を定める権限を付与されている。付属定款は、受託者会が
       会長、社長、財務役および秘書役を任命することを意図している。受託者は、トラストの業務上要求さ
       れる他の役員または代理人を選任または任命することができる。受託者は、役員または委員会により下
                                485/498


                                                          EDINET提出書類
                                              バンガード・インデックス・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・エヌ・エー
     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。
                                486/498












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                                                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。
                                487/498




















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                                                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。
                                488/498












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                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書（外国投資信託受益証券）
    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
         2022  年４月末日現在　         250,032,582      米ドル（約      322  億 1,920   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。
         2021  年 12 月 31 日現在、ファンドは平均純資産価額の                    0.01  ％未満を表象する         43,666,000      米ドルをバン
        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                                        17.46   ％にあたる。
     （２）   JP モルガン・チェース・バンク・エヌ・エー（「保管銀行」）

         （ JP  Morgan    Chase   Bank,   N.A.  ）
       ① 　資本金の額
         2022  年３月末日現在　約          2,992   億米ドル（約       38 兆 5,549   億円）
       ② 　事業の内容
         JP モルガン・チェース・バンク               ・エヌ・エー       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
         2022  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
         2022  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】

                                489/498


                                                          EDINET提出書類
                                              バンガード・インデックス・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・エヌ・エー（「保管銀行」）

         （ JP  Morgan    Chase   Bank,   N.A.  ）
        JP モルガン・チェース・バンク               ・エヌ・エー       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、       2021  年 12 月 31 日現在、バンガード・ファンドからの出資の                       17.46   ％を占めている。
                                490/498













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    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。
                                491/498


                                                          EDINET提出書類
                                              バンガード・インデックス・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
                                492/498


                                                          EDINET提出書類
                                              バンガード・インデックス・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。
                                493/498










                                                          EDINET提出書類
                                              バンガード・インデックス・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。
                                494/498





                                                          EDINET提出書類
                                              バンガード・インデックス・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。
                                495/498


















                                                          EDINET提出書類
                                              バンガード・インデックス・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。

      2021  年６月   30 日    有価証券報告書（第          29 期）
      2021  年９月   30 日    半期報告書（第        30 期中）
      2021  年 12 月７日       臨時報告書
    第５【その他】

       該当事項なし。

                                496/498
















                                                          EDINET提出書類
                                              バンガード・インデックス・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、      2021  年 12 月 31 日および     2020  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）、        2021  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                  2021  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              2021  年 12 月 31 日および     2020  年 12 月 31 日現在の財政状態、          2021  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                                   2021  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、            2021  年 12 月 31 日および     2020  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
    2022  年２月   17 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。
    （※）   この監査報告書の訳文は、英語で作成された原文監査報告書を翻訳したものです。情報、見解

        または意見のあらゆる解釈において、英語版の原文監査報告書がこの訳文に優先します。
                                497/498



                                                          EDINET提出書類
                                              バンガード・インデックス・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,  2021   and  December     31,  2020,   the  related
    statements     of operations     and  changes    in net  assets   for  each  of the  two  years   in the  period   ended   December     31,  2021,
    including     the  related   notes,   and  the  financial    highlights     for  each  of the  five  years   in the  period   ended   December     31,  2021
    (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,  2021   and  December     31,  2020,   the  results   of its
    operations     and  changes    in its  net  assets   for  each   of the  two  years   in the  period   ended   December     31,  2021   and  the
    financial    highlights     for  each  of the  five  years   in the  period   ended   December     31,  2021   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,  2021   and  December     31,  2020   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.
    /s/PricewaterhouseCoopers             LLP

    Philadelphia,      Pennsylvania
    February    17,  2022
    We  have  served   as the  auditor   of one  or more   investment     companies     in The  Vanguard     Group   of Funds   since   1975.

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

        途保管しております。
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