バンガード・インデックス・ファンズ 有価証券報告書(外国投資信託受益証券)-第31期(2022/01/01-2022/12/31)

提出書類 有価証券報告書(外国投資信託受益証券)-第31期(2022/01/01-2022/12/31)
提出日
提出者 バンガード・インデックス・ファンズ
カテゴリ 有価証券報告書(外国投資信託受益証券)-第31期(2022/01/01-2022/12/31)

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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)
    【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】                  2023  年6月   30 日

    【計算期間】                  第 31 期(自      2022  年1月1日 至          2022  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、                 2023  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=  134.13   円)による。以後、別段の記載がない限り同様とする。
     (注2)ファンド証券は米ドル建てのため、以下の金額表示は別段の記載がない限り、米ドルをもって行う。
     (注3)本書の中で金額および比率を表示する場合、四捨五入してある。したがって、合計の数字が一致しない場合がある。
        また、円貨への換算は、本書の中でそれに対応する数字につき所定の換算率で単純計算のうえ、必要な場合四捨五入
        してある。したがって、本書中の同一情報につき異なった円貨表示がなされている場合もある。
     (注4)本書の中で、計算期間(以下「会計年度」ともいう。)とは毎年1月1日に始まり                                     12 月 31 日に終わる一年を指す。
                                  1/544


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                                                有価証券報告書(外国投資信託受益証券)
    第一部【ファンド情報】

    第1【ファンドの状況】

    1【ファンドの性格】

     (1)【ファンドの目的及び基本的性格】
              Ⓡ
        バンガード       ・インデックス・ファンズ-バンガード・トータル・ストック・マーケット・インデッ
                    Ⓡ
       クス・ファンド(         VANGUARD      INDEX   FUNDS   - VANGUARD     TOTAL   STOCK   MARKET    INDEX   FUND  )(以下「ファ
       ンド」という。)は、米国の株式市場全体の投資収益を測る目標となるインデックスのパフォーマンス
       への一致を目指して運用を行う。
        ファンドは、バンガード・インデックス・ファンズ(以下「トラスト」という。)のシリーズ(また
       はサブ・ファンド)である。トラストは、                      1975  年にペンシルバニア州ビジネス・トラストとして設立さ
       れ、  1998  年にデラウェア籍法定トラストとして再編された。トラストは                                1940  年投資会社法(以下「            1940
       年法」という。)に基づき米国証券取引委員会(以下「                            SEC  」という。)にオープン・エンド分散型の運
       用投資会社として登録されている。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
                                  2/544







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                                                有価証券報告書(外国投資信託受益証券)
     (3)【ファンドの仕組み】

       ① ファンドの仕組み
                           ファンドの仕組み
                                  3/544



















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                                                有価証券報告書(外国投資信託受益証券)
       ② 投資運用会社とファンドの関係法人との契約関係

     ファンドの運営上の役割                     会社名                契約および委託内容
     ① 投資運用会社、             ザ・バンガード・グループ・インク                    2009  年6月8日付で締結された
                   ( The  Vanguard     Group,    Inc.  )     ファンド・サービス契約第5修正
      投資顧問会社、
                                                 (注1)
                   (以下「バンガード」という。)
      名義書換および
                                      契約(随時修正済)               に基づ
      配当支払代行会社
                                      き、バンガードは、ファンドの運
                                      用、管理、名義書換代行、配当支
                                      払代行および投資顧問業務を行
                                      う。
     ② 保管銀行             JP  モルガン・チェース・バンク・                  2017  年8月    14 日付で締結された修
                                      正・再録包括保管契約(随時修正
                   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。
                                  4/544



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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 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           2023  年3月    31 日現在のファンドのアドミラル受益証券の発行済受益証券の
                5%以上を保有する株主
                該当なし。
     ⑥代表者の役職氏名            会長兼最高経営責任者
                モーティマー・J.バックリー
                ( Mortimer     J.  Buckley    , Chairman     and  Chief   Executive      Officer    )
     (4)【ファンドに係る法制度の概要】

        トラストは、デラウェア州一般法およびコモン・ローに基づいて設立され、かつ同法の規制を受け
       る。ファンドの運営に関して、ファンドは、さらに                          1940  年法(改訂済)、アメリカ合衆国                 1986  年内国歳
       入法(改訂済)(以下「内国歳入法」という。)、および各法規の下で制定された規則の規制を受け
       る。ファンドの受益証券の販売に関して、ファンドは、                             1933  年証券法(以下「         1933  年法」という。)、
       1934  年証券取引所法、ブルー・スカイ・ロー(アメリカ合衆国の様々な州における証券州法、以下「ブ
       ルー・スカイ・ロー」という。)およびかかる法規の下で制定された規則の規制を受ける。かかる準拠
       法の内容は以下のとおりである。
       (イ)デラウェア籍法定トラスト法(デラウェア州法第                             38 章以降参照)(「デラウェア籍法定トラスト
          の取扱い」)(以下「法定トラスト法」という。)
         1988  年 10 月1日以降、デラウェア州では、デラウェア籍法定トラストを明確に承認した法定トラス
        ト法を採用している。法定トラスト法の主要な目的は、コモン・ローの近代化およびデラウェア法の
        体系化により商業活動におけるトラストの利用に関して確実性をもたらすことである。
         法定トラスト法は、法定トラストのトラスト契約に対して、あらゆる適切な、受託者および受益者
        の権利義務の設定を許可している。法定トラストに関連する文字どおり全ての事象に関して、受託者
        および受益者の議決権ならびに全ての該当クラスまたはシリーズは、拡大、制限または削減すること
        ができる。かかる融通性は、義務的条項に制限されることの多い、非主流的な商業組織およびコモ
        ン・ロー・トラストに対して有利となる。
         法定トラスト法のもとでは、デラウェア籍法定トラストの受益者は、デラウェア州企業の株主と同
        様の個人的責任の制限を受ける。信託約款に別途の規定がない限り、法定トラストは、法定トラスト
        またはいかなる受益者に対して、当該法定トラストの責務を負わない受託者に運営されるか、または
        かかる受託者の指導下におかれる。法定トラストは、受託者の最低1名がデラウェア州に在住してい
        ることを規定している。ただし、登録された投資会社であるかまたは将来的に登録された投資会社に
        なるトラストについてはこの規定の適用は除外される。受託者の義務は信託約款に規定される。さら
        に信託約款は、かかる信託約款が規定する権利、権限および義務を有して当該法定トラストを運営す
        る役員、従業員またはその他の人物の任命を規定することもできる。
         法定トラストの運営に責任を有する受託者またはその他の人物が、当該法定トラストまたは受益者
        に関連して有する義務(忠実義務も含む。)および責務に関しては、かかる人物の責任はトラスト契
        約により拡大または縮小することができる。加えて、かかる人物につき、法定トラスト、いかなる受
        益者またはいかなる受託者に対してもトラスト契約の条項に対する善意の依拠に対しての責務は有さ
        ない。
       (ロ)デラウェア州コモン・ロー
                                  5/544


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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
                                  6/544


                                                          EDINET提出書類
                                              バンガード・インデックス・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
                                  7/544


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書(外国投資信託受益証券)
        ⅰ )免許制に関する規定
          ブローカー、ディーラー、証券販売外務員およびある種の投資顧問に対し、州の免許の取得、ま
          たは少なくとも州機関における登録がほとんどの州において要求されている。
        ⅱ )証券の登録に関する規定
          米国内   50 州の各州において、合法的に受益証券を販売または募集する前に、                                  SEC  に受益証券を登録
          し、受益証券の有効性を通知しなければならない。
        ⅲ )詐欺的行為の防止に関する規定
          一般的に、受益証券の発行および販売を規定する州法である通称ブルー・スカイ・ローは、証券
          販売に関する詐欺的行為に関し、罰金刑および/もしくは自由刑の課せられる起訴、差止命令、
          供託金支払命令、免許または登録の一時停止または取消、民事上の損害賠償責任等の制裁に関し
          規定している。
                                  8/544
















                                                          EDINET提出書類
                                              バンガード・インデックス・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。
        ファンドの投資対象の一部を購入または処分するアドバイザーの能力は、法令または一部の規制当局
       もしくは発行体により課せられた制限のために限定され、もしくは損なわれており、またそのおそれが
       ある。その結果、当該アドバイザーは、既存投資対象の売買に関する制限を要求されることがある。
                                  9/544


                                                          EDINET提出書類
                                              バンガード・インデックス・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、ある特定の発行体への投資の制限を要求された場合は、規制上の救済措置または所有権の
       放棄を得ようと努めることができる。ファンドが追及しうる他の選択肢には、デリバティブまたは完全
       所 有子会社への投資(両方とも、当該発行体の証券の直接所有に比べて費用が高い場合がある。)等の
       代替手段を通じて当該発行体に対する経済エクスポージャーを得ようと努めることが含まれる。所有権
       に関する限定および制限は、ファンドに予想外の税効果をもたらす可能性があり、ひいては受益者への
       分配金額、タイミングおよび性質に影響を及ぼすことがある。
        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、株価全体が下降する可能性をいう。株
       式市場は、価格上昇期と下降期とが周期的に変動する傾向がある。さらに、ファンドの目標インデック
       スは時に、特定の市場セクターの株式に焦点を合わせることがあり、ファンドは、そのセクターにおい
       て、その割合に比例したより高いリスクに服する。
        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                      2022  年 12 月 31 日現在の資産加重平均時価総額は、                  1,100   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3%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
                                 10/544


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書(外国投資信託受益証券)
       バティブを採用することができる。一般に、デリバティブは、金融資産(株式、債券または通貨等)、
       物的資産(金、石油または小麦等)、市場指数または基準相場等の価額にその価額が基づいている金融
       契 約をいう。デリバティブへの投資により、ファンドは対象証券または資産への直接投資とは異なる、
       場合によってはより大きなリスクに服することがある。ファンドは、投機目的または投資リターンをレ
       バレッジ(拡大)する目的でデリバティブを用いることはないものとする。
       キャッシュ・マネジメント

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

       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。
       潜在的な買戻行動の影響

        ファンドは、一定の大口受益者またはファンドの多くの所有持分を構成する複数の受益者が、ファン
       ドの受益証券の大量買戻しを行う場合に、悪影響を被ることがある。大量買戻しにより、ファンドは、
       通常であれば売却しないタイミングで、ポートフォリオ証券の売却を強いられる可能性がある。その結
       果、ファンドは、買戻しを行わない受益者に対してキャピタル・ゲインまたはその他の課税所得を分配
       する可能性がある。また、大量買戻しによってファンドの取引費用が引き上げられる場合もある。買戻
       行動は、市場変動またはバンガードの行動とは関連のない他の事由に対する受益者の反応、あるいは、
       バンガードが商品の変更を行い、その結果として例えば受益者が別の類似ファンドもしくは投資ビーク
       ルの受益証券を購入するためにファンドの受益証券の買戻しを行う場合など、多くの理由により発生す
       る可能性がある。大量買戻しが発生した場合、ファンドは、買戻しの全部もしくは一部を現物で支払う
       権利、および/または最大7暦日まで買戻し金の支払いを延期する権利を有する。
       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
                                 11/544


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書(外国投資信託受益証券)
       合、デリバティブまたは上場投資信託(                    ETF  )などの金融商品がより有利な値を付けているか、または必
       要とされる流動性を有する場合、ファンドはその通常の限度額を超えて、ファンドの投資目的に整合し
       て いるデリバティブまたは             ETF  に投資することができる。
       頻繁な取引またはマーケット・タイミング

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

        バンガード・ファンド(マネー・マーケット・ファンドおよび短期公社債投信を除くが、バンガー
       ド・ショート・ターム・インフレーション・プロテクテッド・セキュリティーズ・インデックス・ファ
       ンドを含む。)は、企図して頻繁な取引を受け入れていない。各バンガード・ファンド(マネー・マー
       ケット・ファンドおよび短期公社債投信を除くが、バンガード・ショート・ターム・インフレーショ
       ン・プロテクテッド・セキュリティーズ・インデックス・ファンドを含む。)の受託者会は、頻繁な取
       引を発見しかつ自粛させるために、また、場合によっては、かかる取引に関連する費用をファンドに補
                                                Ⓡ         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
                                 12/544


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書(外国投資信託受益証券)
       投資会社向けの留意事項

        ファンドの受益証券は、登録投資会社により発行されるため、他の投資会社および私募ファンドによ
       る当該受益証券の取得は、              1940  年投資会社法(以下「            1940  年法」という。)の第            12 条(d)(1)項の
       制限の適用を受ける。           1940  年法に基づく       SEC  ルール   12d1-4   は、投資顧問の異なるファンドがファンド・オ
       ブ・ファンズ投資契約を締結しなければならない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。
     (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
       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。
        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、当該ファンドがルール                                 18f-4   を遵守する場合は、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。
       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。
                                 13/544


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

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

        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
                                 14/544


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書(外国投資信託受益証券)
       あって、一般に米国以外の証券市場での使用のためのものである。かかる2種類の預託証書のファシリ
       ティ(無保証または保証付)は類似しているが、所有者の権利と義務および市場参入者の取引慣行に関
       し ては相違点がある。預託機関は、原発行体による参加(またはその承諾)なしに無保証のファシリ
       ティを設定することができる。ただし、預託機関は往々にして、当該ファシリティの設定前に原発行体
       からの異議申立不可書を請求する。無保証預託証書の所持人は原則として、当該ファシリティに係る全
       コストを負担する。預託機関は通常、原証券の預託時と回収時、配当金の米ドルまたはその他通貨への
       換算時、現金以外の分配の処分時、およびその他サービスの履行時に手数料を請求する。無保証ファシ
       リティの預託機関は往々にして、原発行体から受け取った通信連絡を株主に伝える義務、または原証券
       に関る議決権を預託証券所持人に移譲する義務を負っていない。
        保証付預託証券のファシリティは、保証付預託証券のファシリティが預託契約を通じて預託機関と原
       発行体とによって共同で設定されること以外、原則として無保証ファシリティと同じ方法で設定され
       る。預託契約には、原発行体、預託機関、および預託証券所持人の権利と責務が定められる。保証付
       ファシリティについては、原発行体は概して、預託証券に係る費用(預託機関の配当支払手数料等)の
       一部を負担するが、ほとんどの保証付預託証券所持人は預託手数料や回収手数料等の費用を負担するこ
       とになろう。大方の保証付預託証券の預託機関は、原発行体の要請に応じ、株主総会通知、議決指図
       書、その他預託証券所持人への株主通信連絡や情報を配布することを承諾している。
        ファンドの投資目的の趣旨上、預託証券への投資は原証券への投資とみなされる。したがって、普通
       株式の所有権を表示する預託証券は普通株式として取り扱われる。預託証券は、米国以外の国の発行体
       の証券への直接投資に伴うリスクのすべてを取り除くものではない。
       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
                                 15/544


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書(外国投資信託受益証券)
       が同法の下で証券または投資としての資格を得る可能性があるとしても、その発行人とみなされない。
       ファンドのアドバイザーは              OTC  デリバティブ取引相手への資金の信用リスクを適宜調整監視する。
        デリバティブは、株式、債券、その他従来の投資対象とは異なる投資手法やリスク分析を必要とする
       高度に専門化された商品である。デリバティブの使用には原商品についての理解だけではなく、起こり
       うるあらゆる市況下でデリバティブの推移を見守ることの恩恵がない場合であってもデリバティブ自体
       についての理解も必要とする。
        ファンドが清算されるデリバティブ取引を行う場合、先物取次業者(                                    Futures     Commission      Merchant
       ( FCM  ))へ当初証拠金の預け入れが要される。当初証拠金は、一定期間における清算されるデリバティ
       ブの市場価値値動きと同額として一般的に計算される。ファンドの清算されるデリバティブの価値が減
       少した場合、ファンドは、価値変動の清算のため、                           FCM  への「変動証拠金」の追加支払いを要される。
       ファンドの清算されるデリバティブの価値が上昇した場合、                               FCM  は、価値変動の清算のため、ファンドへ
       の「変動証拠金」の追加支払いを要される。本プロセスは、「値洗い」として知られており、日次で計
       算される。
        OTC  デリバティブについて、ファンドは、取引相手の支払不能もしくは破産の結果、または取引相手に
       よる所定の支払の履行不能もしくはその他契約条件の順守不履行の結果、損失を被りうるというリスク
       にさらされる。さらに、信用デリバティブの使用は、信用デリバティブの元となる発行体の信用性を
       ファンドのアドバイザーが正確に評価していない場合は損失となることがある。
        デリバティブは、特定のデリバティブの売買が困難である時に発生する流動性リスクを被ることがあ
       る。デリバティブ取引が特に大規模である場合、または関係市場が(一部の                                       OTC  デリバティブの場合のよ
       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、ファンドがルール                          18f-4   を遵守する場合は、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     しなければならなかった             。 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
                                 16/544


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書(外国投資信託受益証券)
       課し、   1940  年法(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。
       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直接保有に関する議決権行使を管理している。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長期的な受益者価値に影響を
       与える可能性のある規制、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。
                                 17/544


                                                          EDINET提出書類
                                              バンガード・インデックス・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
                                 18/544


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書(外国投資信託受益証券)
       は、米国以外の国の証券の売買のための様々な通貨間の換算において生じる損失やその他費用、通貨規
       制、取引管理規制、通貨切下げ、政治経済動向によって影響されることがある。
       米国以外の国の証券-米国以外の国の通貨取引

        ファンドの非米ドル建て米国以外の国の証券の米ドル価格は、米国以外の国の為替レートの変動や取
       引管理規制の変更によって有利または不利に影響されることがあり、またファンドは様々な通貨間の換
       算に関連する費用を負担することがある。かかる要素の純資産価額への影響を最小限に留めるために、
       ファンドは、米国以外の国の証券への投資に関連して米国以外の国の通貨取引を行うことがある。ファ
       ンドは、米国以外の国の証券への投資に伴う通貨リスクをヘッジするためにのみ米国以外の国の通貨取
       引を実施する。かかる取引は、ヘッジ対象通貨の価値の下落による損失リスクを最小限に留める傾向は
       あるが、当該通貨の価値が値上がりした場合に起こりうる利益の可能性をも限定することになりうる。
        為替取引は、為替市場の実勢レートによる現物(すなわち、現金)ベースで、または米国以外の国の
       通貨の先渡契約により行われる。通貨予約は、当該契約の期日に指定された価格で、将来のある期日
       (両当事者が合意した契約期日からある確定日数の期日)に特定の通貨を売買する義務を伴う。かかる
       契約は大手商業銀行との間または銀行間市場への参加者であるその他の通貨トレーダーとの間で結ばれ
       る。為替取引は、スワップ契約またはその他デリバティブの利用によっても行われることがある。為替
       取引は借入とみなされうる。為替取引は、                      1940  年法の第     18 条(g)項に定義される「優先証券」のファ
       ンドによる発行となるものとはみなされず、したがって、かかる取引は、ファンドがルール                                               18f-4   を遵守
       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
                                 19/544


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書(外国投資信託受益証券)
       用を負担)しなければならないことがある。さらに、クロスヘッジ取引の利用は、特殊なリスクを伴う
       ことがあり、ヘッジが設定されなかった場合よりも不利な状況にファンドを貶めることがある。通貨予
       約 は直接的な相対取引であるため、ファンドがその旨希望する場合は通貨予約をその期限満了に応じて
       ロールオーバーする柔軟性を維持するとの保証はない。さらに、当該契約の他方当事者が同契約に基づ
       くその役務を履行するとの保証もない。
                                 20/544



















                                                          EDINET提出書類
                                              バンガード・インデックス・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、ファンドがルール                                 18f-4   を遵守する場合は、ファンドによ
       る借入に本来適用される            300  %資産補填率要件の対象とはならない。
        先物契約を対象とするオプション(または先物オプション)は、当該オプションの満期を迎える前の
       いずれかの時点に特定の先物契約を特定の価格(行使価格またはストライク・プライスという。)で購
       入(コール・オプションの場合)し、または売却(プット・オプションの場合)する権利(義務ではな
       い)を伴う。オプションの売り手は、オプション・ライターと呼ばれる。オプションの価格は「プレミ
       アム(オプション料)」という。オプションの買い手に生じうる損失は、プレミアムの金額に取引費用
       を加算した額に限定される。これは、たとえば、オプションがその満期日前に保有され、行使されない
       場合に発生しうる。一般にオプションの売り手(オプション・ライター)は、オプションの買い手が支
       払うプレミアムを得ることを目的としてオプションを売却する。オプションの売り手が売却したオプ
       ションが行使されずに満期を迎えた場合、オプションの売り手はプレミアムの全額を留保する。しか
       し、オプションの売り手は無制限の金銭的リスクを負う。これは、オプションの売り手に生じうる損失
       が、オプションが売られたときに受領したプレミアムにより相殺される部分を除き、満期日に当該オプ
       ションが「イン・ザ・マネー」である金額に等しいからである。コール・オプションは、対象資産の先
       物契約の価格が当該オプションの行使価格を上回る場合に「イン・ザ・マネー」である。プット・オプ
       ションは、当該オプションの行使価格が対象資産の先物契約の価格を上回る場合に「イン・ザ・マ
       ネー」である。一般に、オプションの買い手が実現する利益は、オプションの売り手にとっての損失を
       表す。
                                 21/544


                                                          EDINET提出書類
                                              バンガード・インデックス・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、ファンドがルール                                  18f-4   を遵守する場合は、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
       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
                                 22/544


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書(外国投資信託受益証券)
       拠金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。本方針は、ファンドが完全保有子会社の持分を取得す
       ることを妨げるものではない。
       オプション

        オプションはデリバティブである。証券(または指数)オプションは、「プレミアム」の支払の見返
       りとして、当該オプションの失効日前に特定の行使価格で当該オプションの原証券(または当該指数の
       現金価額)を当該オプションのライターから買い取る(コールオプションの場合)または当該オプショ
       ンのライターに売り付ける(プットオプションの場合)権利(ただし、義務ではない)を当該オプショ
       ン所有者に付与する契約である。証券オプションのライターは、当該オプションの行使時に、行使価格
       の支払に応じ原証券を引き渡す義務(コールオプションの場合)、または原証券の受渡しに応じ行使価
       格を支払う義務(プットオプションの場合)を負う。指数オプションのライターは、当該オプションの
       行使時に、当該指数オプションに係る特定の乗数で乗じた行使価格差引き後の当該指数の現金価額に等
       しい金額を支払う義務を負う。指数オプションの乗数は、当該オプションが表示する投資ポジションの
       規模を決定する。原商品、失効期日、契約規模およびストライク価格に関し標準化されている取引所で
       取引されるオプションとは異なり、                   OTC  オプション(取引所で取引されないオプション)の条件は一般
       に、オプション契約の他方当事者との交渉により設定される。この種の取決めは、買取人またはライ
       ターの必要に応じてオプションを適応させる大きな柔軟性を買取人またはライターに対し認めるもので
       あるが、     OTC  オプションは一般的に、取引所で取引される決済されたオプションについてではなく取引当
       事者に対する信用リスクを伴い、信用リスクは適用ある決済期間の関与を通して相互化される。
        オプションの買い手(または所持人)は、オプションを「ロング」すると言われ、またオプションの
       売り手(またはライター)は、オプションを「ショート」すると言われる。コールオプションは、あら
       かじめ決定された当該オプションの権利行使価格であるストライク価格で原証券を買い取る権利を所持
       人に対し認める(またライターに対し原証券の売付を義務付ける。)。プットオプションは、ストライ
       ク価格で原証券を売り付ける権利を所持人に対し認める(またライターに対し原証券の買取を義務付け
                                 23/544


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書(外国投資信託受益証券)
       る。)。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、ファンドがルール                                                  18f-4
       を遵守する場合は、ファンドによる借入に本来適用される                              300  %の資産補填率要件の対象とはならない。
        特定オプションの取引市場が利用できなくなった場合、かかるオプションへの投資者(ファンド等)
       は、取引の再開までそのポジションを決済できなくなり、また対象持分の価格がかかる期間中に不利に
       動いた場合は多額の損失に直面することになりうる。市場が依然利用可能であったとしても、オプショ
       ン価格が対象持分や関連権益の価格に対し通常の関係または予想される関係を維持しない期間が生じう
       る。投資者の関心の欠如、ボラティリティの変化、またはその他の要素もしくは条件が、特定オプショ
       ンの市場の流動性、効率性、継続性、または秩序にさえ不利に影響しうる。
        ファンドは、そのアドバイザーが将来の市場動向を正確に予測しないかもしれないというリスクを負
       う。アドバイザーがポートフォリオ投資に対するヘッジとして、またはその代替としてオプションを利
       用しようとする場合、ファンドは、当該オプションがポートフォリオ投資との不完全な連関性または無
       連関性を維持または展開するというリスクに晒され、ファンドに大きな損失をもたらしうる。オプショ
       ンを含んだヘッジ戦略は、損失リスクを軽減しうる一方、利益の機会を低減したり、ファンドのその他
       投資対象の有利な価格動向を相殺することによって損失さえもたらすことがある。多くのオプション、
       特に  OTC  オプションは複雑で、往々にして主観的要素に基づき評価される。不適切な評価は取引相手への
       支払金の必要の増大またはファンドに対する価値の喪失をもたらしうる。
       OTC  スワップ契約

        OTC  スワップ契約はデリバティブの一種で、特定の資産、基準レート、または指数を参照して計算され
       る支払金を伴う指定額(概念上の金額)に基づき指定日(定期的支払日)に支払を交換する両当事者
       (取引当事者)間の契約である。
        OTC  スワップ契約の例には、金利スワップ、クレジット・デフォルト・スワップ、エクイティ・スワッ
       プ、商品スワップ、非米国為替スワップ、指数スワップ、エクセス・リターン・スワップおよびトータ
       ル・リターン・スワップが含まれるが、それらに限らない。ほとんどの                                    OTC  スワップ契約には、両当事者
       の定期的支払日が同日の時は、支払は純額計算され、純額のみが純支払金の受取資格のある相手方当事
       者に対し支払われる旨規定されている。したがって、あるスワップ契約に基づくファンドの当座の債務
       (または権利)は原則として、各当事者によって保有されるポジションの相対的価額を基準として、当
       該契約に基づき支払われるまたは受け取られる純額に等しくなる。                                  OTC  スワップ契約は多様な取引を可能
       にする。例えば、確定利付きの支払は変動利付きの支払と交換することができ、米ドル建ての支払は異
       なる通貨建ての支払と交換することができ、またある資産、基準レートまたは指数の価格に連動した支
       払は別の資産、基準レート、または指数の価格に連動した支払と交換することができる。
        「スワップション」とも呼ばれる                 OTC  スワップ契約       OTC  オプションは、市場ベースの「プレミアム」の
       支払と引き換えに、ある将来の期日にスワップを結ぶ権利(ただし、義務ではない)を買手に付与する
                                 24/544


                                                          EDINET提出書類
                                              バンガード・インデックス・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、ファンドがルール                                18f-4   を遵守する場合は、ファンドによる
       借入に本来適用される           300  %資産補填率要件の対象とはならない。
        その他大方の投資対象と同様に、                 OTC  スワップ契約は、当該商品の市場価格がファンドの利益を損なう
       形で変動するというリスクを被る。ファンドは、そのアドバイザーがファンドのために                                            OTC  スワップポジ
       ションを設定する際に将来の市場動向または資産、基準レート、指数もしくはその他金融経済要素の評
       価値を不正確に予測するかもしれないというリスクを負う。アドバイザーがポートフォリオ投資に対す
       るヘッジとして、またはその代替物として                      OTC  スワップを利用しようとする場合、ファンドは、当該                            OTC
       スワップがポートフォリオ投資との不完全な連関性または無連関性を維持または展開するというリスク
       に晒される。このことは、当ファンドに大きな損失をもたらしうる。スワップ商品を含んだヘッジ戦略
       は、損失リスクを軽減しうる一方、利益の機会をも低減したり、ファンドのその他投資対象の有利な価
       格動向を相殺することによって損失さえもたらすことがある。多くの                                   OTC  スワップは複雑で、往々にして
       主観的に評価される。不適切な評価は取引相手への支払金の必要の増大またはファンドに対する価値の
       喪失をもたらしうる。
        OTC  スワップ契約の使用は、他方当事者の支払不能もしくは破産の結果、または取引相手による所定の
       支払の履行不能もしくはその他契約条件の順守不履行の結果、損失を被りうるというリスクを伴う。さ
       らに、クレジット・デフォルト・スワップの使用は、クレジット・スワップのベースである発行体の信
       用性をファンドのアドバイザーが正確に評価していない場合は損失をもたらしうる。
       米国以外の国の証券          - 米国以外の国の投資会社

        ファンドが投資する国々の一部は、国外投資者による直接投資を容認しないか、経済的制限を課すこ
       とがある。かかる国々へのファンドの投資は、他の投資会社を含む米国以外の国の政府承認または認可
       の投資機関を介してのみ認められることがある。かかる投資は、米国以外の国の証券に投資する登録ま
                                 25/544


                                                          EDINET提出書類
                                              バンガード・インデックス・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。
                                 26/544



















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

        ファンドは、適用法または              SEC  免除の認める範囲内でその他の投資会社(                      ETF  、取引所で取引されない
       米国の登録されたオープン・エンド型投資会社(ミューチュアル・ファンド)およびクローズド・エン
       ド型投資会社を含む。)に投資することがある。                         1940  年法の第     12 条(d)(1)項に基づき、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  年法に基づく       SEC  ルール   12d1-4   は、投資顧問の異なる
       ファンドがファンド・オブ・ファンズ投資契約を締結しなければならない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。ルール      12d1-4   はまた、複雑なファンド構造の利用を制限するよう策定されている。ルール                                       12d1-4   に
       基づき、一定の限定的な例外を除いて、取得したファンドは、購入後すぐに、取得したファンドが保有
       する投資会社および私募ファンドの証券の総額が、取得したファンドの総資産額の                                           10 %を超えることに
       なる場合、別の投資会社または私募ファンドの証券を購入しまたはその他取得することを禁止される。
       したがって、ファンドの受益証券がルール                      12d1-4   に依拠して他の投資会社に売却される限り、取得した
       ファンドは、他の投資会社および私募ファンドへの投資可能額を制限される。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。
       所有権の制限および規制上の救済措置

        ファンドの投資対象の一部を購入または処分し、またはファンドを代理して権利を行使するバンガー
       ドおよび外部アドバイザーの能力は、法令または一部の規制当局もしくは発行体により課せられた制限
       のために限定され、もしくは損なわれており、またそのおそれがある。その結果、バンガード、ならび
       に現在運用中のファンドの一部および将来運用する可能性のあるその他のファンドを代理する外部アド
       バイザーは、既存投資対象の売買に関する制限または当該ファンドによる投資主の権利(議決権を含
       む。)の行使に関する制限を要求される。かかる所有権の限定および制限は、ファンドのパフォーマン
       スに影響を及ぼす可能性がある。インデックス・ファンドの場合、この影響は一般に追跡エラー(ファ
       ンドが希望金額の証券を取得できないときに発現する可能性がある。)として現れる。積極運用ファン
       ドの場合は、逃さなければファンドの投資顧問が希望したであろう投資機会の逸失をもたらす可能性が
                                 27/544


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書(外国投資信託受益証券)
       ある。ファンドは、ある特定の発行体への投資の制限を要求された場合は、規制上もしくは会社の承認
       または所有権の放棄を得ようと努めることができる。ファンドが追及しうる他の選択肢には、デリバ
       ティ  ブまたは完全保有子会社への投資(両方とも、当該発行体の証券の直接所有に比べて費用が高い可
       能性がある。)等の代替手段を通じて当該発行体に対する経済エクスポージャーを得ようと努めること
       が含まれる。スワップ等のデリバティブがエクスポージャーの代替手段として利用される場合、バン
       ガードおよびファンドを代理する外部アドバイザーは、証券、セクターまたは産業に対する経済エクス
       ポージャーを許容するために必要なデリバティブのアベイラビリティを保証することはできない。この
       限られたアベイラビリティは、ファンドのパフォーマンスに追加の影響を及ぼすことがある。また、エ
       クスポージャーの代替手段としてデリバティブを利用する場合、ファンドはデリバティブ関連リスクに
       服する。所有権に関する限定および制限は、ファンドに予想外の税効果をもたらす可能性があり、ひい
       ては受益者への分配金額、タイミングおよび性質に影響を及ぼすことがある。
       優先株式

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

        エクイティ      REIT  は、直接不動産を所有し賃貸借収入により収益をあげる。エクイティ                                    REIT  はまた、財
       産を売却することで利益を得、キャピタル・ゲインを創出する可能性がある。モーゲージ                                              REIT  は、商業
       不動産デベロッパーに対して、建設、開発および長期モーゲージ・ローンの貸出しを行い、これらの
       ローンに付される金利収入を得る。ハイブリッド                         REIT  は、物件およびモーゲージの双方を所有する。法
       人レベルにおける課税回避のため、                   REIT  は、その収益のほとんどを株主に配当しなければならない。
       REIT  への投資は、不動産への直接投資と同様のリスクの多くに服する。一般的に、不動産価値は、物件
       の需要・供給、経済全般または地域経済状況および物件を利用する特定商業の経済状況等を含むがこれ
       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
                                 28/544


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書(外国投資信託受益証券)
       の重度の依存、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
       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。
                                 29/544










                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書(外国投資信託受益証券)
       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、ルール                           18f-4   を遵守する場合は、ファンドによる借入に本
       来適用される       300  %資産補填率要件の対象とはならない。ファンドは、アドバイザーによって信用性が精
       査され満足すべきとされる者とのみ逆買戻し特約付売買契約を締結する。逆買戻し特約付売買契約にお
       ける購入者が破産した場合、または破産申立をした場合、他の関係者、受託者または受信者が証券の買
       戻しの権利の履行を決定するまでの間、ファンドの販売による収益の使途は制限される。ファンドが逆
       買戻し特約付売買契約により売却された証券を買い戻せない場合、ファンドは証券の価格とファンドが
       証券について受領した支払額の差額を損失として認識する。
       証券貸付

        ファンドは、金融機関(典型的にはブローカー、ディーラーおよび銀行)に対して、ファンドの収益
       を生み出すために証券を貸し付けることができる。貸付証券には、取引相手方リスク、信用リスク、市
       場リスク、規制リスク、オペレーショナル・リスクを含む一定のリスクが存在する。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
                                 30/544


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

        ファンドは、デラウェア州法に基づき設立された完全保有子会社(以下「子会社」という。)に投資
       することができる。ファンドは、主としてファンドまたはバンガードに適用ある法的または規制上の要
       件の遵守を実現するために子会社に投資する意向である。子会社は専ら、自身が保有しなければファン
       ドに保有されていたか、または保有される可能性がある株式を保有する。ファンドは、完全保有子会社
       に投資することにより、子会社が服するすべてのリスクに間接的に服する。子会社は、登録された投資
       会社に該当しないため、             1940  年法の適用を受けない。よって、ファンドによる子会社への投資には、
       1940  年法に基づき登録された投資信託の投資者に提供される保護は一切適用されない。
        子会社は、独立した第三者マネジャー(以下「マネジャー」という。)に対し、報酬および子会社の
       マネジャーを務めるために要した合理的な追加費用を支払う。マネジャーは、子会社の運営文書に定め
       る制限のもと、子会社に対して単独の支配権を有している。また、独立した第三者銀行は、子会社に対
       し管理・保管業務を提供している。子会社への投資に関連するファンドの費用総額は、ファンドの純資
       産の  0.01  %未満とする。
       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
                                 31/544


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書(外国投資信託受益証券)
       る。当該およびこれらの取引に適用されるその他の税制は、場合によっては現在の法律上、不確実な場
       合があるため、当該ルールに関して、米国内国歳入庁(                             Internal     Revenue     Service    )による否定的な決
       定 または将来的な指針(決定や指針は遡求可能である可能性がある。)がなされ、ファンドが十分な配
       当を実行したかどうか、さもなければ、適格投資法人としての要件を維持しファンドレベルでの課税を
       避けるための関連要件を充足したかどうかに影響するおそれがある。
       定期預金

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

        ワラントとは、指定期間中に指定価格で持分証券を買い取る権利(ただし、義務ではない。)を所持
       人に付与する商品である。ワラント価格の変動は必ずしも原証券の価格の変動に対応するものではな
       い。ワラントの価格は原証券の価格よりも乱高下し、またワラントは原資の損失と共に原資の値上がり
       のより大きな可能性をも提示する。ワラントは、原証券に関わる配当または議決権を所持人に付与する
       ものではなく、また発行会社の資産に対する権利を表示するものではない。ワラントは、その失効日ま
       でに行使されない場合は価値を喪失する。これらの要素は、他の種類の投資対象よりもワラントを一層
       投機的なものにすることがある。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、                     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、ファンドがルール                                          18f-4   を遵守する場合
       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。
                                 32/544


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書(外国投資信託受益証券)
     (3)【運用体制】
       (i)投資運用体制
         バンガードは、バンガードのエクイティー・インデックス・グループ(以下「                                        EIG  」という。)を通
        し、ファンドの投資顧問会社として投資顧問業務を行っている。                                 2022  年 12 月末日現在、バンガードは
        約6兆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同運用してい
        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)。
         ミッシェル       ルイ(    Michelle     Louie   )、米国証券アナリスト(              CFA  )兼バンガードのポートフォリ
        オ・マネジャー。         2010  年にバンガードに入社し、              2011  年より投資運用業務を行っており、                  2016  年より
        投資ポートフォリオの運用、               2023  年2月よりファンドを共同運用している。
         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】

                                 33/544


                                                          EDINET提出書類
                                              バンガード・インデックス・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、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。
        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。
                                 34/544


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書(外国投資信託受益証券)
        前述の基本方針の準拠性は、通常証券が購入された時点に評価される。借入れについて                                             1940  年法に別

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

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

       要な行動を行う。これはファンドの唯一の義務であり、かつかかる違反に関しての唯一の改善手段であ
       る。かかる投資制限は、(1)ファンド証券の日本国内における募集または販売が適する限り、また
       (2)日本証券業協会の外国証券の取引に関する規則において設定されている「外国投資信託受益証券
       の選別基準」によって必要とされる限り、効力を有する。
       (注)インベスター受益証券の募集は                2017  年 11 月 30 日に終了した。インベスター受益証券は                2019  年5月   24 日をもって、アドミラル
         受益証券に強制転換された。
                                 35/544









                                                          EDINET提出書類
                                              バンガード・インデックス・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、
                                 36/544


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

        ロシアがウクライナに大規模侵攻をしたことにより、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
                                 37/544


                                                          EDINET提出書類
                                              バンガード・インデックス・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。
                                 38/544













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

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

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

        受託者報酬
         バンガード・ファンドすべてについて下記の受託者報酬表に記載された個人が受託者として行為
        し、各ファンドは受託者報酬を比例的に分担して支払う。ファンドは役員も分担して雇用する。ただ
        し、役員の報酬はファンドではなくザ・バンガード・グループ・インクによって支払われる。
         独立受託者
         ファンドは独立受託者(ファンドの役員ではない役員)の報酬を下記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とし
        て支払われる額を記載した。また、表は、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。
                                 39/544








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

                                         受託者に支払われる
                          ファンドからの
     受託者の氏名                                     バンガード・ファンド
                          報酬総額(1)
                                         全ての報酬総額(2)
     モーティマー・J.バックリー                           なし                なし
     タラ・バンチ                         98,754   米ドル            330,000    米ドル
     エマソン・U.フルウッド                         98,754   米ドル            330,000    米ドル
     F.ジョセフ・ローリー                        104,739    米ドル            350,000    米ドル
     マーク・ラフリッジ                        119,705    米ドル            400,000    米ドル
     スコット・C.マルパス                         98,754   米ドル            330,000    米ドル
     ディアナ・マリガン                         98,754   米ドル            330,000    米ドル
     アンドレ・F.ペロルド                         98,754   米ドル            330,000    米ドル
     サラ・ブルーム・ラスキン                        104,739    米ドル            350,000    米ドル
     デイヴィッド・トーマス                         98,754   米ドル            330,000    米ドル
     ピーター・F.ヴォラナキス                        104,739    米ドル            350,000    米ドル
       (1)本表に示される金額は、                2022  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、                 2022  年暦年について        206  のバンガード・ファンドの受託者としての業務
          に対して各受託者に支払われる報酬総額を反映する。
        管理費用

         2022  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。           2022  年 12 月 31 日現在、ファンドは純資産価額の                  0.01  %未満を表象する額をバン
        ガードに対して出資している。
         ファンドは、       200  を超えるファンドを有するザ・バンガード・グループ・インク(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。                       2022  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                          0.03  %、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
                                 40/544

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        スを利用する複数のファンド間で配分される。                         2022  年 12 月 31 日終了年度において、ファンドは約
        23,150,000      米ドルの投資顧問費用を負担した。
     (4)【その他の手数料等】

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

         本書の日付現在、日本の受益者に対する課税については、以下のような取扱いとなる。
       Ⅰ ファンドが税法上公募外国公社債投資信託である場合
        (1)受益証券は、特定口座を取り扱う金融商品取引業者の特定口座において取り扱うことができ
           る。
        (2)国内における支払の取扱者を通じて支払いを受ける場合、ファンドの分配金は、公募国内公社
           債投資信託の普通分配金と同じ取扱いとなる。
        (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
                                 41/544


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                                                有価証券報告書(外国投資信託受益証券)
           譲渡損益は申告分離課税の対象となり、税率は源泉徴収税率と同一だが、確定申告不要を選択
           した場合は源泉徴収された税額のみで課税関係は終了する。
           譲渡損益は、一定の他の上場株式等の譲渡損益および一定の上場株式等の配当所得等との損益
           通算が可能である。確定申告を行う場合、一定の譲渡損失の翌年以降3年間の繰越も可能であ
           る。
        (6)日本の個人受益者の場合、ファンドの償還についても譲渡があったものとみなされ、(5)と
           同様の取扱いとなる。
        (7)日本の個人受益者についての分配金ならびに譲渡および買戻しの対価については、一定の場
           合、支払調書が税務署長に提出される。
        (注)日本の受益者は、個人であるか法人であるかにかかわらず、アメリカ合衆国デラウェア州に住所または登記上の営業所も
          しくは恒久的施設を有しない場合、受益証券への投資に対しアメリカ合衆国税務当局により課税されることは一切ない。
       Ⅱ ファンドが税法上公募外国株式投資信託である場合

        (1)受益証券は、特定口座を取り扱う金融商品取引業者の特定口座において取り扱うことができ
           る。
        (2)国内における支払の取扱者を通じて支払いを受ける場合、ファンドの分配金は、公募国内株式
           投資信託の普通分配金と同じ取扱いとなる。
        (3)国内における支払の取扱者を通じて支払いを受ける場合、日本の個人受益者が支払いを受ける
           ファンドの分配金については、                20.315   %(所得税      15.315   %、住民税5%)(          2038  年1月1日以
           後は  20 %(所得税      15 %、住民税5%))の税率による源泉徴収が行われる。
           日本の個人受益者は、総合課税または申告分離課税のいずれかを選択して確定申告をすること
           もできるが、確定申告不要を選択することにより、源泉徴収された税額のみで課税関係を終了
           させることもできる。
           申告分離課税を選択した場合、一定の上場株式等の譲渡損失(繰越損失を含む。)との損益通
           算が可能である。
        (4)日本の法人受益者が支払いを受けるファンドの分配金(表示通貨ベースの償還金額と元本相当
           額との差益を含む。)については、国内における支払の取扱者を通じて支払いを受ける場合、
           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。
                                 42/544


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        (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。
                                 43/544

















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    5【運用状況】

     (1)【投資状況】
    資産別および地域別の投資状況
    (全受益証券クラス)                                       ( 2023  年4月末日現在)
                                                   (注2)
                                    時価合計
                                               投資比率
         資産の種類               国名
                                   (米ドル)
                                                 (%)
                        米国          1,254,494,678,500                  99.23
          普通株式
                       バミューダ               459,059,481               0.04
                      プエルトリコ               310,395,153               0.02
                        タイ             108,112,634               0.01
                        日本              87,690,334              0.01
                       イスラエル               40,602,840              0.00
                      アイルランド                25,151,281              0.00
                        中国              15,823,314              0.00
                       フィリピン               11,297,907              0.00
                        カナダ               3,303,978              0.00
                       ヨルダン                370,142             0.00
                      ケイマン諸島                  155,917             0.00
                        英国                61,340            0.00
                      スウェーデン                  19,910            0.00
                小計                  1,255,556,722,730                  99.31
          現金・預金およびその他の資産
                                    8,689,216,738                0.69
              (負債控除後)
                合計                  1,264,245,939,468                 100.00
              ( 純資産総額      )           (約  169,573,308      百万円)
       (注1)    2023  年4月末日現在、アドミラル受益証券の純資産総額は                      296,671,604,118       米ドルである。
       (注2)投資比率とは、ファンドの純資産総額に対する当該資産の時価の比率をいう。以下同じ。
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     (2)【投資資産】

       ① 【投資有価証券の主要銘柄】(上位                  30 銘柄)
    (アドミラル受益証券)                                        ( 2023  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        466,958,653     38.79    18,112,619,085      169.68    79,233,544,241       6.27
       MICROSOFT   CORP
     2 .             米国   情報技術        231,249,459     78.02    18,041,996,628      307.26    71,053,708,772       5.62
       AMAZON.COM    INC
     3 .             米国   一般消費財・サービス        270,594,070     47.20    12,772,300,409      105.45    28,534,144,682       2.26
       NVIDIA  CORP
     4 .             米国   情報技術        72,604,659     39.91    2,897,544,754      277.49    20,147,066,826       1.59
       ALPHABET   INC-A
     5 .             米国   電気通信・サービス        185,821,078     40.53    7,531,511,674      107.34    19,946,034,513       1.58
       BERKSHIRE   HATH-B
     6 .             米国   金融        54,437,606     161.18     8,774,296,718      328.55    17,885,475,451       1.41
       ALPHABET   INC-C
     7 .             米国   電気通信・サービス        156,797,969     37.44    5,871,018,282      108.22    16,968,676,205       1.34
     8 .  META  PLATFORMS-A          米国   電気通信・サービス        69,144,194     99.62    6,888,320,181      240.32    16,616,732,702       1.31
       EXXON  MOBIL  CORP
     9 .             米国   エネルギー        126,455,676     77.19    9,760,484,099      118.34    14,964,764,698       1.18
       UNITEDHEALTH    GRP
     10.              米国   ヘルスケア        29,025,304     149.98     4,353,239,790      492.09    14,283,061,845       1.13
       TESLA  INC
     11.              米国   一般消費財・サービス        83,553,508     76.17    6,364,106,471      164.31    13,728,676,899       1.09
     12.  JOHNSON&JOHNSON           米国   ヘルスケア        80,907,377     101.68     8,227,012,083      163.70    13,244,537,615       1.05
       JPMORGAN   CHASE
     13.              米国   金融        91,436,175     67.63    6,183,674,921      138.24    12,640,136,832       1.00
       VISA  INC-CLASS   A
     14.              米国   金融        50,251,032     68.57    3,445,947,863      232.73    11,694,922,677       0.93
       PROCTER   & GAMBLE
     15.              米国   生活必需品        73,295,020     83.12    6,091,963,011      156.38    11,461,875,228       0.91
       ELI LILLY  & CO
     16.              米国   ヘルスケア        26,572,272     91.50    2,431,460,125      395.86    10,518,899,594       0.83
       MASTERCARD    INC-A
     17.              米国   金融        26,439,337     92.72    2,451,415,717      380.03    10,047,741,240       0.79
       HOME  DEPOT  INC
     18.              米国   一般消費財・サービス        31,659,602     102.81     3,254,908,371      300.54    9,514,976,785      0.75
       MERCK  & CO
     19.              米国   ヘルスケア        78,770,620     54.87    4,322,023,251      115.47    9,095,643,491      0.72
       CHEVRON   CORP
     20.              米国   エネルギー        53,308,129     105.22     5,608,881,001      168.58    8,986,684,387      0.71
       ABBVIE  INC
     21.              米国   ヘルスケア        54,975,417     65.40    3,595,624,949      151.12    8,307,885,017      0.66
       PEPSICO   INC
     22.              米国   生活必需品        42,787,828     94.84    4,058,024,124      190.89    8,167,768,487      0.65
       BROADCOM   INC
     23.              米国   情報技術        12,952,384     224.36     2,906,026,906      626.50    8,114,668,576      0.64
       COCA-COLA   CO/THE
     24.              米国   生活必需品        120,979,261     40.65    4,918,188,631      64.15    7,760,819,593      0.61
       COSTCO  WHOLESALE
     25.              米国   生活必需品        13,785,683     173.93     2,397,775,658      503.22    6,937,231,399      0.55
       PFIZER  INC
     26.              米国   ヘルスケア        174,544,083     29.84    5,209,134,426      38.89    6,788,019,388      0.54
       MCDONALDS   CORP
     27.              米国   一般消費財・サービス        22,755,831     110.78     2,520,939,322      295.75    6,730,037,018      0.53
       THERMO  FISHER
     28.              米国   ヘルスケア        11,973,883     176.79     2,116,862,451      554.90    6,644,307,677      0.53
       WALMART   INC
     29.              米国   生活必需品        41,895,932     72.19    3,024,547,810      150.97    6,325,028,854      0.50
       BANK  OF AMERICA
     30.              米国   金融        211,316,611     19.87    4,198,506,678      29.28    6,187,350,370      0.49
       ② 【投資不動産物件】

         該当なし(      2023  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(      2023  年4月末日現在)。
                                 45/544






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

       ① 【純資産の推移】
         下記会計年度末および            2022  年5月から      2023  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 29 会計年度末
                        273,622        36,700,919           94.74         12,707
        ( 2020  年 12 月 31 日)
         第 30 会計年度末
                        341,733        45,836,647          117.56          15,768
        ( 2021  年 12 月 31 日)
         第 31 会計年度末
                        274,489        36,817,210           93.10         12,488
        ( 2022  年 12 月 31 日)
           2022  年5月          294,294        39,473,654          100.54          13,485
               6月         269,421        36,137,439           91.77         12,309
               7月         295,065        39,577,068          100.39          13,465
               8月         284,174        38,116,259           96.64         12,962
               9月         257,587        34,550,144           87.31         11,711
               10 月        278,290        37,327,038           94.44         12,667
               11 月        292,262        39,201,102           99.38         13,330
               12 月        274,489        36,817,210           93.10         12,488
           2023  年1月          293,392        39,352,669           99.52         13,349
               2月         286,400        38,414,832           97.20         13,037
               3月         293,710        39,395,322           99.37         13,328
               4月         296,672        39,792,615          100.41          13,468
                                 46/544









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

         下記会計年度における1口当り分配金の額および                         2022  年5月から      2023  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 29 会計年度(      20 /1/1-      20 / 12 / 31 )         1.339            179.600
       第 30 会計年度(      21 /1/1-      21 / 12 / 31 )         1.415            189.794
       第 31 会計年度(      22 /1/1-      22 / 12 / 31 )         1.540            206.560
               2022  年5月                     -             -
                  6月                  0.362             48.555
                  7月                   -             -
                  8月                   -             -
                  9月                  0.385             51.640
                  10 月                  -             -
                  11 月                  -             -
                  12 月                 0.451             60.493
               2023  年1月                     -             -
                  2月                   -             -
                  3月                  0.380             50.969
                  4月                   -             -
                                 47/544











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

    (アドミラル受益証券)
                 期間                  収益率(%)
       第 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
       第 31 会計年度(      22 /1/1-      22 / 12 / 31 )         - 19.50
        (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)                                       ( 2023  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
       1.05  %      1.30  %      13.93   %      10.50   %      11.61   %      7.42  %
         * 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
                   (%)              (%)              (%)
        2022           - 20.81               1.30             - 19.51
        2021            24.09               1.62              25.71
        2020            18.89               2.10              20.99
                                 48/544








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

    (アドミラル受益証券)
            トータル・             トータル・             トータル・             トータル・
           リターン(%)             リターン(%)             リターン(%)             リターン(%)
     2020  年5月       5.37    2021  年2月       3.19    2021  年 11 月    - 1.48    2022  年8月      - 3.74
     2020  年6月       2.29    2021  年3月       3.48    2021  年 12 月     3.82    2022  年9月      - 9.27
     2020  年7月       5.65    2021  年4月       5.13    2022  年1月      - 6.03    2022  年 10 月     8.17
     2020  年8月       7.17    2021  年5月       0.44    2022  年2月      - 2.55    2022  年 11 月     5.23
     2020  年9月      - 3.56    2021  年6月       2.54    2022  年3月       3.25    2022  年 12 月    - 5.87
     2020  年 10 月    - 2.15    2021  年7月       1.71    2022  年4月      - 9.02    2023  年1月       6.90
     2020  年 11 月     12.20     2021  年8月       2.86    2022  年5月      - 0.27    2023  年2月      - 2.33
     2020  年 12 月     4.46    2021  年9月      - 4.49    2022  年6月      - 8.36    2023  年3月       2.64
     2021  年1月      - 0.33    2021  年 10 月     6.73    2022  年7月       9.39    2023  年4月       1.05
        (ⅳ)ポートフォリオの内容(                2023  年4月末日現在)

         (全受益証券クラス)
          ファンドアセットアロケーション
                短期準備金                   0 %
                  株式                100  %
        株式の特徴
        組入れ銘柄数                                     3,895
        メジアン・マーケット・キャピタリゼーショ
                                         1,246   億米ドル
        ン
        PER  (株価収益率)                                   20.2  倍
        PBR  (株価純資産倍率)                                    3.5  倍
        ROE  (株主資本利益率)                                   22.3  %
        利益成長率                                     18.0  %
        米国以外の保有率                                     0.2  %
        回転率(年)(        2022  年 12 月末現在)                         3.4  %
        現金等比率                                       0 %
                                 49/544







                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書(外国投資信託受益証券)
        (ⅴ)歴史的変動率(米ドルベース実績値)(                        2023  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)

                         本邦内に             本邦内に             本邦内に

                  販売口数            買戻し口数             発行済口数
                         おける             おける             おける
                  (千口)             (千口)             (千口)
                         販売口数             買戻し口数             発行済口数
        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 )
        第 31 会計年度
                   356,638          0    315,336       23,825     2,948,263        171,642
     ( 22 /1/1-     22 / 12 / 31 )
                                 50/544






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

    1【申込(販売)手続等】

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

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

                                 51/544

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書(外国投資信託受益証券)
     (1)【資産の評価】
        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。
        ファンドは、一定の金融仲介機関およびその指名した者に対して、ファンドを代理してファンド受益
       証券の売買注文を受諾する権限を付与しており、またバンガードが投資顧問を務める一定のファンド・
       オブ・ファンズ(バンガード・ファンズ・オブ・ファンズ)に対して、かかる権限を随時付与すること
       ができる。ファンドは、金融仲介機関、その指名した者またはいずれかのバンガード・ファンズ・オ
       ブ・ファンズにより受諾された時点で注文を受領したとみなされ、かかる注文には、その受諾の直後に
       ファンドにより計算された純資産価格が適用される。
     (2)【受益証券の転換】
                                 52/544


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書(外国投資信託受益証券)
        日本においては、受益証券をトラストの他のクラスまたはシリーズの証券に転換することができな
       い。
     (3)【保管】
        保管の必要を省くため、ファンドは受益証券について券面を発行しない。
     (4)【信託期間】
        契約および信託宣言中で規定される方式により終了されない限り、トラストは期限の定めなく存続す
       る。
     (5)【計算期間】
        ファンドの決算期は毎年             12 月 31 日である。
     (6)【その他】
       (1)解散
         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】
                                 53/544


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書(外国投資信託受益証券)
        日本の受益者は、通常、その受益権を直接行使するためには、受益証券名義人としてその名義を登録
       しなければならない。したがって、販売取扱会社に受益証券の保管を委託している日本の受益者は、受
       益証券を販売取扱会社の名義で登録しているため、直接受益権を行使することは出来ない。日本の受益
       者 は販売取扱会社との間の約定に基づき販売取扱会社をして受益権を自己のために行使させることがで
       きる。
        受益証券の保管を販売取扱会社に委託しない日本の受益者は、自己の責任において権利行使を行う。
        受益者の有する主な権利は次のとおりである。
       ① 議決権
         受益者は、①受益権の権限および優先性に重大な不利益を及ぼす契約および信託宣言の変更に関わ
        る事項の場合、②受託者が受益者に議決権を与えることが必要または望ましいと決定した場合、③統
        合または合併、証券の転換、証券の交換、資産の売却が提案された場合および取引を承認するために
        1940  年法により受益者の議決が要求されている場合、④                           1940  年法の下で議決権が要求されている場
        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】
                                 54/544


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書(外国投資信託受益証券)
        森・濱田松本法律事務所 東京都千代田区丸の内二丁目6番1号 丸の内パークビルディング
        上記法律事務所は、日本においてファンドを代表しそのために行動する真実かつ法律上の代理人であ
       り、以下の行為を委任されている。
        ① 法律上および日本証券業協会の規則上の問題について一切の通信、請求、訴状その他の訴訟関係
          書類を受領すること、
        ② 日本におけるファンドの受益証券の募集、販売および買戻しの取引に関する一切の紛争、見解の
          相違に関する一切の裁判上、裁判外の行為を行うこと、
          日本国財務省関東財務局長に対する募集、継続開示等に関する届出ならびに金融庁長官に対する
          届出に関する代理人は、
            弁護士 三浦 健
            森・濱田松本法律事務所 
            東京都千代田区丸の内二丁目6番1号 丸の内パークビルディング
          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。
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    第3【ファンドの経理状況】

    1【財務諸表】

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

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

        円換算額が併記されている。日本円による金額は、                          2023  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=                        134.13   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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       (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

    2022  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     (99.3   % )
    素材   (2.2  % )
        Linde   plc
                                          15,019,901         4,899,191
        Air  Products     and  Chemicals      Inc.
                                          6,747,414        2,079,958
        Freeport-McMoRan          Inc.
                                          43,468,283         1,651,795
        Newmont     Corp.
                                          24,150,124         1,139,886
        Ecolab    Inc.
                                          7,794,372        1,134,549
        Dow  Inc.
                                          21,400,761         1,078,384
        Nucor   Corp.
                                          7,802,794        1,028,486
        Fastenal     Co.
                                          17,419,126          824,273
        International        Flavors     & Fragrances      Inc.
                                          7,755,009          813,035
        Albemarle      Corp.
                                          3,563,120          772,698
        LyondellBasell         Industries      NV  Class   A
                                          7,923,592          657,896
        CF  Industries      Holdings     Inc.
                                          5,969,622          508,612
        Steel   Dynamics     Inc.
                                          5,071,745          495,510
        FMC  Corp.
                                          3,828,433          477,788
        Mosaic    Co.
                                          10,349,890          454,050
        Avery   Dennison     Corp.
                                          2,463,992          445,983
        International        Paper   Co.
                                          10,825,230          374,878
        Reliance     Steel   & Aluminum     Co.
                                          1,783,267          361,005
        Celanese     Corp.   Class   A
                                          2,970,544          303,708
        Eastman     Chemical     Co.
                                          3,644,316          296,793
    *
        Cleveland-Cliffs          Inc.
                                          15,667,173          252,398
        Alcoa   Corp.
                                          5,374,987          244,401
        Royal   Gold   Inc.
                                          2,001,237          225,579
        Olin   Corp.
                                          4,161,097          220,289
    *
        RBC  Bearings     Inc.
                                           884,390        185,147
        Valvoline      Inc.
                                          5,296,473          172,930
        Commercial      Metals    Co.
                                          3,568,887          172,377
        United    States    Steel   Corp.
                                          6,405,607          160,460
        Ashland     Inc.
                                          1,478,030          158,933
    *
        Univar    Solutions      Inc.
                                          4,954,403          157,550
        Hexcel    Corp.
                                          2,546,678          149,872
        Huntsman     Corp.
                                          5,261,743          144,593
        UFP  Industries      Inc.
                                          1,785,831          141,527
        Timken    Co.
                                          1,994,295          140,937
        Chemours     Co.
                                          4,597,360          140,771
                                 57/544

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        Element     Solutions      Inc.
                                          6,628,259          120,568
        Balchem     Corp.
                                           980,941        119,783
                                 58/544




















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                                                   市場価格     •
                                             株数     ( 千米ドル     )
        Cabot   Corp.
                                          1,708,327          114,185
    *
        Livent    Corp.
                                          5,439,749          108,088
        Westlake     Corp.
                                           971,987         99,668
        Hecla   Mining    Co.
                                          17,560,999           97,639
        Mueller     Industries      Inc.
                                          1,637,331          96,603
        Sensient     Technologies       Corp.
                                          1,279,489          93,300
        Avient    Corp.
                                          2,757,611          93,097
        Boise   Cascade     Co.
                                          1,198,131          82,276
    *
        MP  Materials      Corp.
                                          3,246,837          78,833
        Innospec     Inc.
                                           759,391         78,111
    *
        Ingevity     Corp.
                                          1,075,720          75,774
        NewMarket      Corp.
                                           225,529         70,164
        Stepan    Co.
                                           654,667         69,696
        Quaker    Chemical     Corp.
                                           410,550         68,521
    *
        Arconic     Corp.
                                          3,094,651          65,483
        Scotts    Miracle-Gro       Co.
                                          1,276,318          62,016
        Minerals     Technologies       Inc.
                                           987,946         59,988
        Sylvamo     Corp.
                                          1,138,184          55,304
        Carpenter      Technology      Corp.
                                          1,480,343          54,684
        Materion     Corp.
                                           623,304         54,545
        Tronox    Holdings     plc
                                          3,504,026          48,040
        Worthington       Industries      Inc.
                                           906,508         45,063
    *,1
        Uranium     Energy    Corp.
                                          11,126,524           43,171
        Compass     Minerals     International        Inc.
                                          1,038,269          42,569
        Kaiser    Aluminum     Corp.
                                           488,565         37,111
        Mativ   Holdings     Inc.
                                          1,663,708          34,772
        AdvanSix     Inc.
                                           790,022         30,037
    *
        Resolute     Forest    Products     Inc.
                                          1,384,596          29,893
    *,1
        Energy    Fuels   Inc.
                                          4,573,542          28,402
        GrafTech     International        Ltd.
                                          5,815,400          27,681
    *
        US  Silica    Holdings     Inc.
                                          2,172,290          27,154
    *
        Coeur   Mining    Inc.
                                          7,680,148          25,805
    *
        Ecovyst     Inc.
                                          2,704,904          23,965
    *
        TimkenSteel       Corp.
                                          1,299,552          23,613
        Schnitzer      Steel   Industries      Inc.   Class   A
                                           766,436         23,491
    *
        LSB  Industries      Inc.
                                          1,753,855          23,326
    *
        Piedmont     Lithium     Inc.
                                           513,111         22,587
        Hawkins     Inc.
                                           555,705         21,450
    *
        Rayonier     Advanced     Materials      Inc.
                                          2,021,725          19,409
        Ryerson     Holding     Corp.
                                           622,511         18,837
    *
        Clearwater      Paper   Corp.
                                           486,081         18,379
        Koppers     Holdings     Inc.
                                           600,901         16,945
        American     Vanguard     Corp.
                                           752,362         16,334
        Haynes    International        Inc.
                                           347,482         15,876
    *,1
        Origin    Materials      Inc.
                                          2,995,000          13,807
    *
        Century     Aluminum     Co.
                                          1,585,067          12,966
    *,1
        Amyris    Inc.
                                          6,736,712          10,307
    *
        Northwest      Pipe   Co.
                                           283,882          9,567
        Olympic     Steel   Inc.
                                           270,195          9,073
                                 59/544

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    *
        Intrepid     Potash    Inc.
                                           295,437          8,529
        Omega   Flex   Inc.
                                            88,289         8,239
        Tredegar     Corp.
                                           804,870          8,226
    *,1
        5E  Advanced     Materials      Inc.
                                           968,490          7,632
    *,1
        Ur-Energy      Inc.
                                          6,553,123           7,536
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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *
        Alto   Ingredients       Inc.
                                          2,354,281           6,780
        FutureFuel      Corp.
                                           789,526          6,419
        Gold   Resource     Corp.
                                          3,353,910           5,132
    *
        Gatos   Silver    Inc.
                                          1,098,604           4,493
    *
        Unifi   Inc.
                                           515,832          4,441
    *
        Dakota    Gold   Corp.
                                          1,411,351           4,305
        Northern     Technologies       International        Corp.
                                           285,438          3,799
        Glatfelter      Corp.
                                          1,133,978           3,153
        Eastern     Co.
                                           163,220          3,147
    *
        AgroFresh      Solutions      Inc.
                                          1,057,843           3,131
    *
        NN  Inc.
                                          1,558,286           2,337
    *,1
        Hycroft     Mining    Holding     Corp.   Class   A
                                          4,292,776           2,284
        Friedman     Industries      Inc.
                                           205,359          2,011
    *
        Perma-Pipe      International        Holdings     Inc.
                                           203,835          1,926
    *
        Universal      Stainless      & Alloy   Products     Inc.
                                           231,105          1,657
    *,1
        Idaho   Strategic      Resources      Inc.
                                           277,137          1,580
    *
        Golden    Minerals     Co.
                                          4,483,331           1,230
    *
        United    States    Antimony     Corp.
                                          2,524,776           1,229
        Culp   Inc.
                                           248,217          1,139
    *
        Westwater      Resources      Inc.
                                          1,414,240           1,117
    *
        CPS  Technologies       Corp.
                                           388,523          1,045
    *
        Ampco-Pittsburgh          Corp.
                                           366,153           919
    *
        Flexible     Solutions      International        Inc.
                                           277,169           859
    *
        US  Gold   Corp.
                                           174,184           836
    *
        Ascent    Industries      Co.
                                            96,346          835
        Chicago     Rivet   & Machine     Co.
                                            28,369          812
        United-Guardian         Inc.
                                            73,136          761
    *
        Solitario      Zinc   Corp.
                                          1,173,263            728
    *
        Paramount      Gold   Nevada    Corp.
                                          1,223,263            422
    *
        Comstock     Inc.
                                          1,073,641            295
    *
        NextPlat     Corp.
                                            37,918           48
    *
        Hycroft     Mining    Holding     Corp.   Warrants     Exp.   10/6/25
                                           155,000            9
    *,2
        F-star    Therapeutics       Inc.   CVR                                 4
                                            61,021
                                                  25,113,243
    消費財    (13.1   % )
    *
        Amazon.com      Inc.
                                         263,718,686         22,152,370
    *
        Tesla   Inc.
                                          81,633,392        10,055,601
        Home   Depot   Inc.
                                          30,996,436         9,790,534
        Costco    Wholesale      Corp.
                                          13,460,235         6,144,597
        McDonald's      Corp.
                                          22,272,254         5,869,407
        Walmart     Inc.
                                          41,273,961         5,852,235
    *
        Walt   Disney    Co.
                                          55,449,819         4,817,480
        NIKE   Inc.   Class   B
                                          38,311,449         4,482,823
    *
        Netflix     Inc.
                                          13,534,983         3,991,196
        Lowe's    Cos.   Inc.
                                          18,391,941         3,664,410
        Starbucks      Corp.
                                          34,907,224         3,462,797
        TJX  Cos.   Inc.
                                          33,543,992         2,670,102
    *
        Booking     Holdings     Inc.
                                          1,179,749        2,377,525
        Target    Corp.
                                          14,001,889         2,086,842
                                 61/544

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        Dollar    General     Corp.
                                          6,859,824        1,689,232
        Activision      Blizzard     Inc.
                                          21,410,377         1,638,964
    *
        O'Reilly     Automotive      Inc.
                                          1,902,552        1,605,811
        Estee   Lauder    Cos.   Inc.   Class   A
                                          6,333,250        1,571,343
    *
        Uber   Technologies       Inc.
                                          57,614,358         1,424,803
                                 62/544



















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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *
        AutoZone     Inc.
                                           577,172       1,423,410
        Ford   Motor   Co.
                                         120,145,687          1,397,294
        General     Motors    Co.
                                          40,957,858         1,377,822
        Marriott     International        Inc.   Class   A
                                          8,662,687        1,289,788
        Ross   Stores    Inc.
                                          10,557,045         1,225,356
    *
        Lululemon      Athletica      Inc.
                                          3,719,590        1,191,682
    *
        Chipotle     Mexican     Grill   Inc.   Class   A
                                           843,044       1,169,715
        Yum!   Brands    Inc.
                                          8,565,177        1,097,028
        Hilton    Worldwide      Holdings     Inc.
                                          8,224,414        1,039,237
        Electronic      Arts   Inc.
                                          8,397,124        1,025,961
    *
        Airbnb    Inc.   Class   A
                                          10,902,531          932,166
    *
        Dollar    Tree   Inc.
                                          6,389,449          903,724
        DR  Horton    Inc.
                                          9,421,986          839,876
    *
        Copart    Inc.
                                          13,032,315          793,538
    *
        Aptiv   plc
                                          8,244,667          767,826
        Tractor     Supply    Co.
                                          3,359,499          755,787
        Genuine     Parts   Co.
                                          4,288,580          744,112
    *
        Ulta   Beauty    Inc.
                                          1,557,066          730,373
        eBay   Inc.
                                          16,490,833          683,875
        Lennar    Corp.   Class   A
                                          7,209,784          652,485
    *
        Delta   Air  Lines   Inc.
                                          19,480,028          640,114
    *
        Warner    Bros   Discovery      Inc.
                                          66,500,210          630,422
    *
        Southwest      Airlines     Co.
                                          18,072,820          608,512
    *
        Trade   Desk   Inc.   Class   A
                                          13,548,648          607,386
    *
        Take-Two     Interactive       Software     Inc.
                                          5,104,530          531,535
        Darden    Restaurants       Inc.
                                          3,720,496          514,656
        Omnicom     Group   Inc.
                                          6,202,949          505,975
    *
        Las  Vegas   Sands   Corp.
                                          10,463,685          502,989
        Best   Buy  Co.  Inc.
                                          6,158,595          493,981
    *
        Etsy   Inc.
                                          3,816,999          457,200
        Garmin    Ltd.
                                          4,659,382          430,014
    *
        NVR  Inc.
                                            92,156        425,077
        LKQ  Corp.
                                          7,720,116          412,331
    *
        Burlington      Stores    Inc.
                                          1,981,421          401,753
    *
        Expedia     Group   Inc.
                                          4,582,512          401,428
        Interpublic       Group   of  Cos.   Inc.
                                          11,821,005          393,758
    *
        United    Airlines     Holdings     Inc.
                                          9,919,904          373,980
        Domino's     Pizza   Inc.
                                          1,075,770          372,647
    *,1
        Rivian    Automotive      Inc.   Class   A
                                          19,462,254          358,689
    *
        Live   Nation    Entertainment        Inc.
                                          4,920,389          343,148
        Pool   Corp.
                                          1,129,465          341,471
    *
        Liberty     Media   Corp.-Liberty        Formula     One  Class    C 
                                          5,564,203          332,628
    *
        Royal   Caribbean      Cruises     Ltd.
                                          6,594,623          325,972
        Aramark                                   7,852,336          324,616
    *
        Deckers     Outdoor     Corp.
                                           804,943        321,301
        PulteGroup      Inc.
                                          6,909,199          314,576
        MGM  Resorts     International
                                          9,327,373          312,747
        Service     Corp.   International
                                          4,445,775          307,381
        Rollins     Inc.
                                          8,244,345          301,248
                                 63/544

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        VF  Corp.
                                          10,634,532          293,619
    *
        CarMax    Inc.
                                          4,804,822          292,566
        Vail   Resorts     Inc.
                                          1,224,551          291,872
        BorgWarner      Inc.
                                          7,121,781          286,652
    *
        ROBLOX    Corp.   Class   A
                                          10,028,220          285,403
                                 64/544



















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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *
        Five   Below   Inc.
                                          1,605,339          283,936
        Tapestry     Inc.
                                          7,319,005          278,708
        Bath   & Body   Works   Inc.
                                          6,602,122          278,213
    *
        BJ's   Wholesale      Club   Holdings     Inc.
                                          4,094,641          270,901
        Fox  Corp.   Class   A
                                          8,897,748          270,225
        Advance     Auto   Parts   Inc.
                                          1,799,333          264,556
    *
        Caesars     Entertainment        Inc.
                                          6,193,610          257,654
    1
        Paramount      Global    Class   B
                                          15,089,697          254,714
    *
        American     Airlines     Group   Inc.
                                          19,732,785          251,001
        News   Corp.   Class   A
                                          13,751,459          250,277
    *,1
        Carnival     Corp.
                                          30,450,640          245,432
        Hasbro    Inc.
                                          3,988,650          243,348
    *
        Wynn   Resorts     Ltd.
                                          2,922,356          241,007
        Whirlpool      Corp.
                                          1,657,276          234,438
        Williams-Sonoma         Inc.
                                          2,020,154          232,156
    *
        Capri   Holdings     Ltd.
                                          3,986,202          228,489
        Lear   Corp.
                                          1,801,270          223,394
        Churchill      Downs   Inc.
                                          1,023,872          216,477
    *
        Floor   & Decor   Holdings     Inc.   Class   A
                                          3,059,387          213,025
        Dick's    Sporting     Goods   Inc.
                                          1,730,252          208,132
    *
        Planet    Fitness     Inc.   Class   A
                                          2,538,871          200,063
        Gentex    Corp.
                                          7,157,507          195,185
    *
        Crocs   Inc.
                                          1,784,916          193,538
    *
        Mattel    Inc.
                                          10,784,383          192,393
        Wyndham     Hotels    & Resorts     Inc.
                                          2,677,970          190,966
        Nexstar     Media   Group   Inc.   Class   A
                                          1,087,704          190,381
        Texas   Roadhouse      Inc.   Class   A
                                          2,028,688          184,509
    *
        Liberty     Media   Corp.-Liberty        SiriusXM     Class    C 
                                          4,645,336          181,772
        Murphy    USA  Inc.
                                           618,403        172,868
        H&R  Block   Inc.
                                          4,723,343          172,449
        Lithia    Motors    Inc.   Class   A
                                           834,300        170,815
    *
        Skechers     USA  Inc.   Class   A
                                          4,071,177          170,786
        Tempur    Sealy   International        Inc.
                                          4,951,828          169,996
        Macy's    Inc.
                                          8,229,215          169,933
        Polaris     Inc.
                                          1,676,005          169,277
    *
        Light   & Wonder    Inc.
                                          2,855,552          167,335
        Harley-Davidson         Inc.
                                          4,004,666          166,594
    *
        Alaska    Air  Group   Inc.
                                          3,873,133          166,312
        Toll   Brothers     Inc.
                                          3,261,844          162,831
    *
        IAA  Inc.
                                          4,065,623          162,625
    *
        SiteOne     Landscape      Supply    Inc.
                                          1,370,077          160,737
        U-Haul    Holding     Co.
                                          2,894,243          159,126
    *
        Norwegian      Cruise    Line   Holdings     Ltd.
                                          12,776,406          156,383
        New  York   Times   Co.  Class   A
                                          4,769,349          154,813
        Newell    Brands    Inc.
                                          11,306,647          147,891
    *,1
        GameStop     Corp.   Class   A
                                          7,873,183          145,339
    *
        RH                                    540,951        144,537
        TEGNA   Inc.
                                          6,808,979          144,282
        Marriott     Vacations      Worldwide      Corp.
                                          1,049,582          141,263
                                 65/544

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        PVH  Corp.
                                          1,984,816          140,108
    *
        Penn   Entertainment        Inc.
                                          4,704,727          139,730
    *,1
        DraftKings      Inc.   Class   A
                                          11,606,646          132,200
        Leggett     & Platt   Inc.
                                          4,017,824          129,495
    *
        AutoNation      Inc.
                                          1,201,800          128,953
                                 66/544



















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                                                   市場価格     •
                                             株数     ( 千米ドル     )
        Academy     Sports    & Outdoors     Inc.
                                          2,431,568          127,755
    *
        Hyatt   Hotels    Corp.   Class   A
                                          1,386,145          125,377
        Wingstop     Inc.
                                           910,669        125,326
        Warner    Music   Group   Corp.   Class   A
                                          3,542,132          124,045
        Fox  Corp.   Class   B
                                          4,353,580          123,859
    *,1
        Lucid   Group   Inc.
                                          17,882,334          122,136
    *
        Asbury    Automotive      Group   Inc.
                                           672,068        120,468
        Choice    Hotels    International        Inc.
                                          1,054,345          118,761
        Ralph   Lauren    Corp.   Class   A
                                          1,121,270          118,485
    *
        Fox  Factory     Holding     Corp.
                                          1,290,288          117,713
    1
        Thor   Industries      Inc.
                                          1,552,829          117,223
        Wendy's     Co.
                                          5,177,644          117,170
        Boyd   Gaming    Corp.
                                          2,055,075          112,063
    *
        Visteon     Corp.
                                           851,989        111,466
    *
        Bright    Horizons     Family    Solutions      Inc.
                                          1,749,954          110,422
    *
        YETI   Holdings     Inc.
                                          2,621,730          108,304
        Foot   Locker    Inc.
                                          2,839,810          107,316
    *
        Lyft   Inc.   Class   A
                                          9,670,095          106,564
    1
        Sirius    XM  Holdings     Inc.
                                          17,803,793          103,974
    *
        Avis   Budget    Group   Inc.
                                           628,732        103,068
    *
        Meritage     Homes   Corp.
                                          1,113,603          102,674
    *,1
        Chewy   Inc.   Class   A
                                          2,723,263          100,979
    *
        Hilton    Grand   Vacations      Inc.
                                          2,620,092          100,978
    *
        Grand   Canyon    Education      Inc.
                                           943,357         99,675
    *
        Taylor    Morrison     Home   Corp.   Class   A
                                          3,142,741          95,382
    *
        National     Vision    Holdings     Inc.
                                          2,398,270          92,957
    *
        Chegg   Inc.
                                          3,622,603          91,543
        Signet    Jewelers     Ltd.
                                          1,340,499          91,154
        World   Wrestling      Entertainment        Inc.   Class   A
                                          1,315,229          90,120
    *
        Endeavor     Group   Holdings     Inc.   Class   A
                                          3,985,252          89,828
        Kohl's    Corp.
                                          3,542,346          89,444
    *
        Ollie's     Bargain     Outlet    Holdings     Inc.
                                          1,904,441          89,204
    *
        Liberty     Media   Corp.-Liberty        SiriusXM     Class   A
                                          2,261,761          88,910
        Madison     Square    Garden    Sports    Corp.
                                           484,090         88,748
    *
        Coty   Inc.   Class   A
                                          10,359,108           88,674
    *
        Goodyear     Tire   & Rubber    Co.
                                          8,574,736          87,034
        Travel    + Leisure     Co.
                                          2,342,051          85,251
    *
        Skyline     Champion     Corp.
                                          1,633,281          84,130
    *
        elf  Beauty    Inc.
                                          1,519,338          84,019
    *
        Topgolf     Callaway     Brands    Corp.
                                          4,216,196          83,270
        Columbia     Sportswear      Co.
                                           940,133         82,337
        Carter's     Inc.
                                          1,103,474          82,330
        Gap  Inc.
                                          7,230,096          81,556
        Lennar    Corp.   Class   B
                                          1,090,413          81,541
    *
        Helen   of  Troy   Ltd.
                                           729,736         80,935
        Papa   John's    International        Inc.
                                           967,366         79,624
    *
        Victoria's      Secret    & Co.
                                          2,216,580          79,309
    *,1
        Wayfair     Inc.   Class   A
                                          2,341,121          77,000
        Group   1 Automotive      Inc.
                                           420,210         75,793
                                 67/544

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        KB  Home
                                          2,352,938          74,941
        Penske    Automotive      Group   Inc.
                                           649,477         74,644
    *
        Peloton     Interactive       Inc.   Class   A
                                          9,136,928          72,547
        American     Eagle   Outfitters      Inc.
                                          5,145,030          71,825
    *
        Hertz   Global    Holdings     Inc.
                                          4,545,481          69,955
                                 68/544



















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                                                   市場価格     •
                                             株数     ( 千米ドル     )
        Steven    Madden    Ltd.
                                          2,163,573          69,148
        Graham    Holdings     Co.  Class   B
                                           112,700         68,095
        LCI  Industries
                                           734,952         67,946
        Kontoor     Brands    Inc.
                                          1,692,783          67,694
        Hanesbrands       Inc.
                                          10,569,184           67,220
    *
        Gentherm     Inc.
                                          1,008,700          65,858
    *,1
        AMC  Entertainment        Holdings     Inc.   Class   A
                                          16,169,715           65,811
    *
        Dorman    Products     Inc.
                                           811,918         65,660
    *
        Sonos   Inc.
                                          3,845,077          64,982
    *
        JetBlue     Airways     Corp.
                                          9,943,302          64,433
        Spirit    Airlines     Inc.
                                          3,306,303          64,407
        Cracker     Barrel    Old  Country     Store   Inc.
                                           668,995         63,381
    *
        Liberty     Media   Corp.-Liberty        Formula     One  Class   A
                                          1,184,518          63,289
        Rush   Enterprises       Inc.   Class   A
                                          1,208,458          63,178
    *
        Sabre   Corp.
                                          10,027,208           61,968
        Red  Rock   Resorts     Inc.   Class   A
                                          1,503,279          60,146
        Dana   Inc.
                                          3,919,480          59,302
    *
        Duolingo     Inc.   Class   A
                                           826,323         58,776
    *
        Cavco   Industries      Inc.
                                           255,081         57,712
    *
        SeaWorld     Entertainment        Inc.
                                          1,068,203          57,160
    *
        Tri  Pointe    Homes   Inc.
                                          3,055,927          56,810
    *
        Under   Armour    Inc.   Class    C 
                                          6,335,652          56,514
    *
        Boot   Barn   Holdings     Inc.
                                           900,679         56,310
    *
        LGI  Homes   Inc.
                                           602,905         55,829
    *
        PowerSchool       Holdings     Inc.   Class   A
                                          2,410,713          55,639
    *
        TripAdvisor       Inc.
                                          3,068,074          55,164
        MDC  Holdings     Inc.
                                          1,730,751          54,692
    *
        Under   Armour    Inc.   Class   A
                                          5,365,297          54,511
        Bloomin'     Brands    Inc.
                                          2,680,832          53,938
    *
        ODP  Corp.
                                          1,183,270          53,886
        Strategic      Education      Inc.
                                           683,930         53,565
        Inter   Parfums     Inc.
                                           546,554         52,753
        John   Wiley   & Sons   Inc.   Class   A
                                          1,285,754          51,507
    *
        Frontdoor      Inc.
                                          2,469,721          51,370
    *,1
        Leslie's     Inc.
                                          4,174,728          50,973
    *
        Six  Flags   Entertainment        Corp.
                                          2,134,155          49,619
        MillerKnoll       Inc.
                                          2,302,527          48,376
    *
        Driven    Brands    Holdings     Inc.
                                          1,768,993          48,311
        Cheesecake      Factory     Inc.
                                          1,521,626          48,251
        Nordstrom      Inc.
                                          2,913,929          47,031
        Winnebago      Industries      Inc.
                                           888,348         46,816
    *
        Shake   Shack   Inc.   Class   A
                                          1,124,894          46,717
        PriceSmart      Inc.
                                           764,138         46,444
    *
        Adtalem     Global    Education      Inc.
                                          1,294,415          45,952
    *
        Knowles     Corp.
                                          2,762,002          45,352
        Monro   Inc.
                                           972,605         43,962
    *
        Dave   & Buster's     Entertainment        Inc.
                                          1,239,018          43,911
        Century     Communities       Inc.
                                           873,223         43,670
    *
        Urban   Outfitters      Inc.
                                          1,827,629          43,589
                                 69/544

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        Jack   in  the  Box  Inc.
                                           638,523         43,566
        Laureate     Education      Inc.   Class   A
                                          4,471,698          43,018
    *
        KAR  Auction     Services     Inc.
                                          3,296,062          43,014
        Oxford    Industries      Inc.
                                           458,327         42,707
    *
        Brinker     International        Inc.
                                          1,330,441          42,454
                                 70/544



















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                                                   市場価格     •
                                             株数     ( 千米ドル     )
        Levi   Strauss     & Co.  Class   A
                                          2,705,626          41,991
    *
        Vista   Outdoor     Inc.
                                          1,714,451          41,781
        Buckle    Inc.
                                           914,403         41,468
        Acushnet     Holdings     Corp.
                                           975,000         41,399
    *
        Sally   Beauty    Holdings     Inc.
                                          3,231,680          40,461
    *,1
        QuantumScape       Corp.   Class   A
                                          7,005,022          39,719
    *,1
        Fisker    Inc.   Class   A
                                          5,379,833          39,111
    *
        M/I  Homes   Inc.
                                           839,631         38,774
    *
        Everi   Holdings     Inc.
                                          2,693,297          38,649
    *
        Stride    Inc.
                                          1,232,972          38,567
    1
        Dillard's      Inc.   Class   A
                                           119,093         38,491
    *
        iRobot    Corp.
                                           788,335         37,943
    *
        Madison     Square    Garden    Entertainment        Corp.
                                           801,369         36,038
    *
        Central     Garden    & Pet  Co.  Class   A
                                           982,941         35,189
    *,1
        Dutch   Bros   Inc.   Class   A
                                          1,245,900          35,122
    *
        XPEL   Inc.
                                           575,443         34,561
    *,1
        Luminar     Technologies       Inc.   Class   A
                                          6,970,324          34,503
    *
        Coursera     Inc.
                                          2,906,319          34,382
    *
        Liberty     Media   Corp.-Liberty        Braves    Class    C 
                                          1,030,274          33,206
        Scholastic      Corp.
                                           835,492         32,969
    *
        Allegiant      Travel    Co.
                                           482,849         32,829
        HNI  Corp.
                                          1,149,191          32,672
    *
        Malibu    Boats   Inc.   Class   A
                                           609,244         32,473
    *
        Abercrombie       & Fitch   Co.  Class   A
                                          1,411,415          32,336
        Rent-A-Center        Inc.
                                          1,427,240          32,184
    *
        Monarch     Casino    & Resort    Inc.
                                           401,599         30,879
        La-Z-Boy     Inc.
                                          1,288,036          29,393
    *
        ACV  Auctions     Inc.   Class   A
                                          3,567,917          29,293
        Dine   Brands    Global    Inc.
                                           452,673         29,243
    *
        Cinemark     Holdings     Inc.
                                          3,295,222          28,537
        Matthews     International        Corp.   Class   A
                                           909,011         27,670
        Gray   Television      Inc.
                                          2,472,495          27,667
        Sturm   Ruger   & Co.  Inc.
                                           538,741         27,271
    *
        Revolve     Group   Inc.   Class   A
                                          1,219,646          27,149
    *
        Perdoceo     Education      Corp.
                                          1,939,276          26,956
    *
        Figs   Inc.   Class   A
                                          4,002,813          26,939
    *
        Cars.com     Inc.
                                          1,946,627          26,805
    *
        Overstock.com        Inc.
                                          1,375,498          26,630
        News   Corp.   Class   B
                                          1,435,652          26,473
    *
        Clean   Energy    Fuels   Corp.
                                          5,028,302          26,147
    1
        Camping     World   Holdings     Inc.   Class   A
                                          1,166,986          26,047
        Wolverine      World   Wide   Inc.
                                          2,361,607          25,812
    *
        American     Axle   & Manufacturing        Holdings     Inc.
                                          3,262,182          25,510
    *
        SkyWest     Inc.
                                          1,523,700          25,156
    *
        PROG   Holdings     Inc.
                                          1,489,256          25,154
    *
        Udemy   Inc.
                                          2,370,324          25,007
    *
        Golden    Entertainment        Inc.
                                           639,248         23,908
    1
        Sonic   Automotive      Inc.   Class   A
                                           483,202         23,807
        Caleres     Inc.
                                          1,067,019          23,773
                                 71/544

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        RCI  Hospitality       Holdings     Inc.
                                           253,304         23,605
        Hibbett     Inc.
                                           344,284         23,487
    *
        EW  Scripps     Co.  Class   A
                                          1,779,286          23,469
    *
        Petco   Health    & Wellness     Co.  Inc.   Class   A
                                          2,436,785          23,101
    *,1
        Sweetgreen      Inc.   Class   A
                                          2,597,085          22,257
                                 72/544



















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                                                   市場価格     •
                                             株数     ( 千米ドル     )
        Arko   Corp.
                                          2,482,070          21,495
    *
        QuinStreet      Inc.
                                          1,490,772          21,393
    *,1
        Portillo's      Inc.   Class   A
                                          1,297,736          21,179
    1
        Krispy    Kreme   Inc.
                                          2,044,211          21,096
    *,1
        Mister    Car  Wash   Inc.
                                          2,278,674          21,032
        A-Mark    Precious     Metals    Inc.
                                           600,243         20,846
    *
        iHeartMedia       Inc.   Class   A
                                          3,280,407          20,109
    *
        MarineMax      Inc.
                                           624,661         19,502
        Sinclair     Broadcast      Group   Inc.   Class   A
                                          1,245,554          19,319
    *
        GoPro   Inc.   Class   A
                                          3,797,058          18,909
        Standard     Motor   Products     Inc.
                                           542,883         18,892
    *
        Green   Brick   Partners     Inc.
                                           774,676         18,770
        Steelcase      Inc.   Class   A
                                          2,647,612          18,719
    *
        Lions   Gate   Entertainment        Corp.   Class   B
                                          3,409,616          18,514
    *
        BJ's   Restaurants       Inc.
                                           690,579         18,218
        Ethan   Allen   Interiors      Inc.
                                           677,692         17,905
    1
        Franchise      Group   Inc.
                                           750,953         17,888
    *
        Boston    Omaha   Corp.   Class   A
                                           670,390         17,765
    *
        Genesco     Inc.
                                           385,373         17,735
    *
        Chico's     FAS  Inc.
                                          3,579,664          17,612
    *
        Central     Garden    & Pet  Co.
                                           468,985         17,564
        Interface      Inc.   Class   A
                                          1,745,201          17,225
    *
        Life   Time   Group   Holdings     Inc.
                                          1,423,736          17,028
        Guess?    Inc.
                                           822,162         17,011
    *
        G-III   Apparel     Group   Ltd.
                                          1,231,141          16,879
        Winmark     Corp.
                                            71,060        16,758
    *
        TravelCenters        of  America     Inc.
                                           373,245         16,714
    *
        Qurate    Retail    Inc.   Class   A
                                          10,109,894           16,479
    *
        Sleep   Number    Corp.
                                           633,551         16,460
    *,1
        Bally's     Corp.
                                           844,552         16,367
    *
        Poshmark     Inc.   Class   A
                                           915,018         16,361
    *,1
        Bowlero     Corp.
                                          1,212,627          16,346
    *
        Stoneridge      Inc.
                                           753,568         16,247
    *
        Denny's     Corp.
                                          1,741,210          16,037
        U-Haul    Holding     Co.  
                                           265,952         16,008
    *,1
        Liberty     Media   Corp.-Liberty        Braves    Class   A
                                           489,590         15,995
    *
        Thryv   Holdings     Inc.
                                           833,356         15,834
    *,1
        Corsair     Gaming    Inc.
                                          1,166,610          15,831
    *
        Chuy's    Holdings     Inc.
                                           537,332         15,207
    *
        Sun  Country     Airlines     Holdings     Inc.
                                           955,614         15,156
    *
        Hawaiian     Holdings     Inc.
                                          1,471,674          15,099
    *
        2U  Inc.
                                          2,364,776          14,827
        Designer     Brands    Inc.   Class   A
                                          1,507,736          14,746
    *
        Integral     Ad  Science     Holding     Corp.
                                          1,675,809          14,730
    *
        Stagwell     Inc.
                                          2,346,495          14,572
        Ruth's    Hospitality       Group   Inc.
                                           932,306         14,432
        Movado    Group   Inc.
                                           445,780         14,376
    *
        Viad   Corp.
                                           577,927         14,096
    *,1
        Blink   Charging     Co.
                                          1,284,837          14,095
                                 73/544

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    *
        Children's      Place   Inc.
                                           378,236         13,775
    *
        AMC  Networks     Inc.   Class   A
                                           862,736         13,519
    *,1
        Carvana     Co.  Class   A
                                          2,843,581          13,479
    *
        MasterCraft       Boat   Holdings     Inc.
                                           519,098         13,429
    *
        Rover   Group   Inc.   Class   A
                                          3,628,532          13,317
                                 74/544



















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                                                   市場価格     •
                                             株数     ( 千米ドル     )
        Rush   Enterprises       Inc.   Class   B
                                           232,433         13,079
        Haverty     Furniture      Cos.   Inc.
                                           432,133         12,921
    *,1
        Lions   Gate   Entertainment        Corp.   Class   A
                                          2,254,351          12,872
    *
        Accel   Entertainment        Inc.   Class   A
                                          1,651,081          12,713
    *
        America's      Car-Mart     Inc.
                                           175,495         12,681
    1
        Big  Lots   Inc.
                                           829,589         12,195
        Smith   & Wesson    Brands    Inc.
                                          1,379,309          11,972
        Global    Industrial      Co.
                                           498,050         11,719
    *
        Clear   Channel     Outdoor     Holdings     Inc.
                                          11,059,231           11,612
    *,1
        SES  AI  Corp.
                                          3,668,700          11,556
    *
        Beazer    Homes   USA  Inc.
                                           900,475         11,490
        Shoe   Carnival     Inc.
                                           479,790         11,472
    *
        Sciplay     Corp.   Class   A
                                           705,371         11,342
    *
        Liquidity      Services     Inc.
                                           795,167         11,180
    *
        Destination       XL  Group   Inc.
                                          1,645,333          11,106
        Carriage     Services     Inc.   Class   A
                                           402,181         11,076
    1
        Marcus    Corp.
                                           731,652         10,529
    *,1
        Mullen    Automotive      Inc.
                                          36,210,051           10,356
    *,1
        Vizio   Holding     Corp.   Class   A
                                          1,382,290          10,243
        Aaron's     Co.  Inc.
                                           853,131         10,195
    *
        Daily   Journal     Corp.
                                            40,386        10,117
    *
        Frontier     Group   Holdings     Inc.
                                           984,399         10,110
    *,1
        Canoo   Inc.
                                          8,177,397          10,058
    *
        Funko   Inc.   Class   A
                                           918,414         10,020
    *
        CarParts.com       Inc.
                                          1,596,734           9,996
    *
        Zumiez    Inc.
                                           459,022          9,979
    *
        Xponential      Fitness     Inc.   Class   A
                                           419,364          9,616
    *
        Build-A-Bear       Workshop     Inc.
                                           398,931          9,511
    *
        Sportsman's       Warehouse      Holdings     Inc.
                                          1,008,304           9,488
        European     Wax  Center    Inc.   Class   A
                                           757,745          9,434
    *
        Gannett     Co.  Inc.
                                          4,639,277           9,418
    *,1
        Playstudios       Inc.
                                          2,424,521           9,407
        Johnson     Outdoors     Inc.   Class   A
                                           142,149          9,399
    *,1
        ContextLogic       Inc.   Class   A
                                          18,577,458           9,060
    *
        Lovesac     Co.
                                           399,099          8,784
    *,1
        Bed  Bath   & Beyond    Inc.
                                          3,447,705           8,654
    *
        Arlo   Technologies       Inc.
                                          2,406,916           8,448
    *
        Quotient     Technology      Inc.
                                          2,441,688           8,375
    *
        First   Watch   Restaurant      Group   Inc.
                                           606,598          8,207
    *
        OneWater     Marine    Inc.   Class   A
                                           282,871          8,090
    *
        1-800-Flowers.com          Inc.   Class   A
                                           819,124          7,831
    *
        Lindblad     Expeditions       Holdings     Inc.
                                          1,015,079           7,816
    *
        Allbirds     Inc.   Class   A
                                          3,156,493           7,639
        Entravision       Communications         Corp.   Class   A
                                          1,589,251           7,628
    *
        Hovnanian      Enterprises       Inc.   Class   A
                                           179,684          7,561
    *
        Universal      Technical      Institute      Inc.
                                          1,117,753           7,511
        Alta   Equipment      Group   Inc.
                                           568,355          7,497
        Kimball     International        Inc.   Class   B
                                          1,148,596           7,466
    *
        Full   House   Resorts     Inc.
                                           992,078          7,460
                                 75/544

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        Hooker    Furnishings       Corp.
                                           396,339          7,412
    *
        American     Public    Education      Inc.
                                           579,083          7,117
    *,1
        Purple    Innovation      Inc.   Class   A
                                          1,478,691           7,083
    *,1
        Sonder    Holdings     Inc.
                                          5,595,300           6,938
    *,1
        Vuzix   Corp.
                                          1,905,420           6,936
                                 76/544



















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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *
        Citi   Trends    Inc.
                                           260,469          6,897
    *,1
        Cricut    Inc.   Class   A
                                           743,230          6,890
    *
        Stitch    Fix  Inc.   Class   A
                                          2,188,730           6,807
    *
        Fossil    Group   Inc.
                                          1,551,367           6,686
        Clarus    Corp.
                                           837,408          6,565
    *
        WW  International        Inc.
                                          1,688,237           6,517
    *
        Noodles     & Co.  Class   A
                                          1,186,247           6,513
    *
        Eastman     Kodak   Co.
                                          2,053,366           6,263
    *
        Century     Casinos     Inc.
                                           882,191          6,202
    *
        Universal      Electronics       Inc.
                                           293,728          6,113
    *
        Arhaus    Inc.   Class   A
                                           621,273          6,057
    *
        Motorcar     Parts   of  America     Inc.
                                           508,069          6,026
    *
        LL  Flooring     Holdings     Inc.
                                          1,068,848           6,007
    *
        Tilly's     Inc.   Class   A
                                           658,710          5,961
    *
        PlayAGS     Inc.
                                          1,155,888           5,895
    *
        ONE  Group   Hospitality       Inc.
                                           934,451          5,887
        El  Pollo   Loco   Holdings     Inc.
                                           587,328          5,850
    *
        Kura   Sushi   USA  Inc.   Class   A
                                           120,616          5,751
    1
        Big  5 Sporting     Goods   Corp.
                                           645,200          5,697
    1
        Bluegreen      Vacations      Holding     Corp.   Class   A
                                           226,451          5,652
    *
        Rush   Street    Interactive       Inc.
                                          1,572,928           5,647
        Bassett     Furniture      Industries      Inc.
                                           316,454          5,500
    *
        Tupperware      Brands    Corp.
                                          1,325,011           5,486
    *,1
        Lordstown      Motors    Corp.   Class   A
                                          4,776,543           5,445
    *
        Wheels    Up  Experience      Inc.
                                          5,232,722           5,390
    1
        Weber   Inc.   Class   A
                                           667,111          5,370
    *
        Cardlytics      Inc.
                                           903,992          5,225
    *
        Angi   Inc.   Class   A
                                          2,202,894           5,177
    *
        Legacy    Housing     Corp.
                                           273,001          5,176
    *
        Tile   Shop   Holdings     Inc.
                                          1,180,354           5,170
        Cato   Corp.   Class   A
                                           551,742          5,148
        Rocky   Brands    Inc.
                                           215,723          5,095
    *
        Lincoln     Educational       Services     Corp.
                                           863,609          5,000
    *,1
        Rent   the  Runway    Inc.   Class   A
                                          1,617,196           4,932
    *
        American     Outdoor     Brands    Inc.
                                           479,165          4,801
    *,1
        Dream   Finders     Homes   Inc.   Class   A
                                           550,933          4,771
        Climb   Global    Solutions      Inc.
                                           149,047          4,699
    *
        J.  Jill   Inc.
                                           180,048          4,465
        Superior     Group   of  Cos.   Inc.
                                           435,584          4,382
    *,1
        Genius    Brands    International        Inc.
                                          9,400,020           4,371
        Canterbury      Park   Holding     Corp.
                                           133,695          4,179
    *,1
        AMMO   Inc.
                                          2,389,053           4,133
    *,1
        RealReal     Inc.
                                          3,282,434           4,103
    *
        Snap   One  Holdings     Corp.
                                           531,350          3,937
    *
        Cooper-Standard         Holdings     Inc.
                                           428,370          3,881
    *
        Vacasa    Inc.   Class   A
                                          3,077,400           3,878
        Nathan's     Famous    Inc.
                                            56,557         3,801
    *
        Turtle    Beach   Corp.
                                           525,515          3,768
    *,1
        Traeger     Inc.
                                          1,319,878           3,722
                                 77/544

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    *
        Potbelly     Corp.
                                           667,556          3,718
    *
        Holley    Inc.
                                          1,753,269           3,717
    *
        Fiesta    Restaurant      Group   Inc.
                                           503,077          3,698
    *
        Outbrain     Inc.
                                           998,139          3,613
    1
        Weyco   Group   Inc.
                                           170,436          3,606
                                 78/544



















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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *
        BARK   Inc.
                                          2,379,098           3,545
    *
        Vera   Bradley     Inc.
                                           779,758          3,532
    *
        Superior     Industries      International        Inc.
                                           834,385          3,521
    *
        Nerdy   Inc.
                                          1,554,944           3,499
    *
        Container      Store   Group   Inc.
                                           790,613          3,408
    *
        Latham    Group   Inc.
                                          1,051,361           3,385
    *,1
        Focus   Universal      Inc.
                                           526,074          3,372
    *
        Lakeland     Industries      Inc.
                                           252,393          3,357
    *
        Urban   One  Inc.
                                           872,038          3,279
    *
        Red  Robin   Gourmet     Burgers     Inc.
                                           587,483          3,278
        Saga   Communications         Inc.   Class   A
                                           134,076          3,164
    *,1
        ThredUp     Inc.   Class   A
                                          2,409,149           3,156
    *,1
        Solo   Brands    Inc.   Class   A
                                           833,123          3,099
        Escalade     Inc.
                                           303,339          3,088
        Lifetime     Brands    Inc.
                                           401,793          3,050
    *
        VOXX   International        Corp.   Class   A
                                           360,976          3,025
        Marine    Products     Corp.
                                           255,346          3,005
    *
        Strattec     Security     Corp.
                                           145,120          2,982
    *,1
        Reservoir      Media   Inc.
                                           489,336          2,921
    *
        Lands'    End  Inc.
                                           383,020          2,907
    *
        Selectquote       Inc.
                                          4,324,874           2,906
    *
        Conn's    Inc.
                                           411,902          2,834
        Hamilton     Beach   Brands    Holding     Co.  Class   A
                                           228,579          2,832
    *,1
        Spruce    Power   Holding     Corp.
                                          3,048,837           2,802
    *
        Lee  Enterprises       Inc.
                                           144,656          2,685
    *
        RumbleON     Inc.   Class   B
                                           404,083          2,614
    *
        Biglari     Holdings     Inc.   Class   B
                                            18,772         2,606
    *
        F45  Training     Holdings     Inc.
                                           910,984          2,596
    *
        JAKKS   Pacific     Inc.
                                           147,124          2,573
    *
        Delta   Apparel     Inc.
                                           238,958          2,535
    *
        Cumulus     Media   Inc.   Class   A
                                           404,771          2,514
    *
        Emerald     Holding     Inc.
                                           690,955          2,446
    *
        Duluth    Holdings     Inc.   Class   B
                                           394,810          2,440
    *
        Townsquare      Media   Inc.   Class   A
                                           333,509          2,418
    *,1
        Express     Inc.
                                          2,253,471           2,299
        Flexsteel      Industries      Inc.
                                           141,758          2,183
    *,1
        Polished.com       Inc.
                                          3,683,713           2,128
    *
        Liberty     TripAdvisor       Holdings     Inc.   Class   A
                                          3,169,521           2,122
    *
        Barnes    & Noble   Education      Inc.
                                          1,197,964           2,096
    *,1
        Faraday     Future    Intelligent       Electric     Inc.
                                          7,120,807           2,067
        Acme   United    Corp.
                                            85,287         1,868
    *,1
        Cinedigm     Corp.   Class   A
                                          4,807,808           1,864
    *
        Harte   Hanks   Inc.
                                           154,100          1,801
    *,1
        Regis   Corp.
                                          1,407,700           1,717
    *,1
        Ondas   Holdings     Inc.
                                          1,071,044           1,703
    *
        Mesa   Air  Group   Inc.
                                          1,109,713           1,698
    *
        Brilliant      Earth   Group   Inc.   Class   A
                                           381,195          1,643
        Crown   Crafts    Inc.
                                           302,838          1,617
    *
        Landsea     Homes   Corp.
                                           310,401          1,617
                                 79/544

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    *,1
        Kirkland's      Inc.
                                           458,478          1,513
    *
        Nautilus     Inc.
                                           987,578          1,511
    *
        Kewaunee     Scientific      Corp.
                                            96,393         1,499
    *,1
        Lulu's    Fashion     Lounge    Holdings     Inc.
                                           571,382          1,434
    *,1
        Party   City   Holdco    Inc.
                                          3,826,895           1,399
                                 80/544



















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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
        Chicken     Soup   For  The  Soul   Entertainment        Inc.
                                           271,340          1,389
    *,1
        Aterian     Inc.
                                          1,765,809           1,360
    *,1
        Lazydays     Holdings     Inc.
                                           113,037          1,350
    *
        Live   Ventures     Inc.
                                            42,626         1,334
    *,1
        Inspirato      Inc.
                                          1,093,600           1,301
    *
        Carrols     Restaurant      Group   Inc.
                                           945,470          1,286
    *
        Travelzoo                                    274,335          1,221
    *
        Biglari     Holdings     Inc.   Class   A
                                             1,747        1,219
    *
        Owlet   Inc.
                                          2,177,118           1,217
        CompX   International        Inc.
                                            64,007         1,183
    *
        Envela    Corp.
                                           224,050          1,179
    *,1
        Bird   Global    Inc.   Class   A
                                          6,356,700           1,146
    *,1
        XWELL   Inc.
                                          3,134,508           1,138
    *,1
        CuriosityStream         Inc.
                                           986,623          1,125
    *
        Fluent    Inc.
                                          1,010,603           1,102
    *
        Gaia   Inc.   Class   A
                                           447,999          1,066
    1
        JOANN   Inc.
                                           360,480          1,027
        NL  Industries      Inc.
                                           148,433          1,011
    *
        LiveOne     Inc.
                                          1,540,686            991
    *
        SRAX   Inc.   Class   A
                                           625,336           957
        Ark  Restaurants       Corp.
                                            55,702          922
    *
        Marchex     Inc.   Class   B
                                           546,577           858
    *,2
        Luby's    Inc.
                                           449,752           801
    *,1
        Red  Cat  Holdings     Inc.
                                           849,136           798
    *
        Good   Times   Restaurants       Inc.
                                           350,945           783
    1
        FAT  Brands    Inc.   Class   A
                                           153,984           750
    *
        Audacy    Inc.   Class   A
                                          3,135,818            706
    *,1
        Hall   of  Fame   Resort    & Entertainment        Co.
                                            85,677          691
    1
        DallasNews      Corp.
                                           176,590           678
    *
        Vince   Holding     Corp.
                                            85,410          669
    *
        Envirotech      Vehicles     Inc.
                                           313,755           668
        Educational       Development       Corp.
                                           207,019           654
    *
        Koss   Corp.
                                           130,730           638
    *,1
        InterGroup      Corp.
                                            12,233          575
    *,1
        Shift   Technologies       Inc.   Class   A
                                          3,473,050            517
    *
        Charles     & Colvard     Ltd.
                                           610,246           497
    1
        National     CineMedia      Inc.
                                          2,253,479            496
    *
        Urban   One  Inc.   Class   A
                                           109,101           496
    *
        Salem   Media   Group   Inc.   Class   A
                                           419,347           440
    *,1
        Dolphin     Entertainment        Inc.
                                           229,216           415
    *
        FlexShopper       Inc.
                                           425,184           397
    *
        BurgerFi     International        Inc.
                                           310,543           391
    *,1
        Muscle    Maker   Inc.
                                           417,746           380
    *,1
        Volcon    Inc.
                                           362,634           366
    *
        Allied    Gaming    & Entertainment        Inc.
                                           342,015           359
    *,1
        iMedia    Brands    Inc.
                                           509,066           326
        Jerash    Holdings     US  Inc.
                                            80,817          314
        Flanigan's      Enterprises       Inc.
                                            11,919          309
    *
        Beasley     Broadcast      Group   Inc.   Class   A
                                           314,502           289
                                 81/544

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    *
        Dixie   Group   Inc.
                                           359,932           288
    *
        Reading     International        Inc.   Class   A
                                           100,050           277
    *
        Auddia    Inc.
                                           274,072           263
    *
        AYRO   Inc.
                                           673,813           258
    *,1
        EBET   Inc.
                                           351,169           221
                                 82/544



















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *,1
        Digital     Media   Solutions      Inc.
                                           151,164           203
    *,1
        HyreCar     Inc.
                                           442,201           188
    *,1
        Arcimoto     Inc.
                                            54,305          179
    *
        Xcel   Brands    Inc.
                                           251,214           176
    *
        Forward     Industries      Inc.
                                           144,468           155
    *
        Moving    Image   Technologies       Inc.
                                           128,637           148
    *,1
        Lottery.com       Inc.
                                           819,456           143
    *
        PARTS   iD  Inc.
                                           144,290           141
    *,1
        Stran   & Co.  Inc.
                                            97,248          125
    *
        EzFill    Holdings     Inc.
                                           388,645           105
        FAT  Brands    Inc.   Class   B
                                            16,464           86
    *,2
        Zagg   Inc.   CVR
                                           780,631           70
    *
        Twin   Vee  PowerCats      Co.
                                            34,923           64
    *,1
        Helbiz    Inc.
                                           386,127           50
    *
        Amesite     Inc.
                                           246,652           45
    2
        SRAX   Inc.
                                           590,641           41
    *
        IDW  Media   Holdings     Inc.   Class   B
                                            42,882           40
    *,1
        Applied     UV  Inc.
                                            38,595           35
    *
        Rave   Restaurant      Group   Inc.
                                            21,026           33
    *
        Emerson     Radio   Corp.
                                             6,500           3
    *,1
        Tuesday     Morning     Corp.                                       -
                                               1
                                                  151,399,285
    生活必需品      (6.0  % )
        Procter     & Gamble    Co.
                                          72,068,942        10,922,769
        PepsiCo     Inc.
                                          41,895,734         7,568,883
        Coca-Cola      Co.
                                         118,361,492          7,528,975
        Philip    Morris    International        Inc.
                                          47,149,120         4,771,962
        CVS  Health    Corp.
                                          39,961,675         3,724,029
        Mondelez     International        Inc.   Class   A
                                          41,523,102         2,767,515
        Altria    Group   Inc.
                                          54,507,276         2,491,528
        Colgate-Palmolive          Co.
                                          25,390,836         2,000,544
        McKesson     Corp.
                                          4,300,394        1,613,164
        Archer-Daniels-Midland             Co.
                                          16,707,183         1,551,262
        General     Mills   Inc.
                                          18,043,273         1,512,928
        Kimberly-Clark         Corp.
                                          10,256,311         1,392,294
        Corteva     Inc.
                                          21,851,907         1,284,455
        Sysco   Corp.
                                          15,407,075         1,177,871
    *
        Monster     Beverage     Corp.
                                          11,108,061         1,127,801
        Constellation        Brands    Inc.   Class   A
                                          4,769,163        1,105,254
        Hershey     Co.
                                          4,466,673        1,034,347
        Keurig    Dr  Pepper    Inc.
                                          27,991,330          998,171
        Kraft   Heinz   Co.
                                          24,217,516          985,895
        Kroger    Co.
                                          19,586,569          873,169
        AmerisourceBergen          Corp.
                                          4,998,939          828,374
        Walgreens      Boots   Alliance     Inc.
                                          20,990,992          784,223
        McCormick      & Co.  Inc.   (Non-Voting)
                                          7,623,245          631,891
        Brown-Forman       Corp.   Class   B
                                          9,415,520          618,411
        Church    & Dwight    Co.  Inc.
                                          7,412,840          597,549
        Conagra     Brands    Inc.
                                          14,568,253          563,791
                                 83/544

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        Kellogg     Co.
                                          7,784,271          554,551
        Tyson   Foods   Inc.   Class   A
                                          8,803,785          548,036
        Clorox    Co.
                                          3,747,700          525,915
        J M Smucker     Co.
                                          3,081,342          488,269
        Bunge   Ltd.
                                          4,556,389          454,591
                                 84/544



















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
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                                                   市場価格     •
                                             株数     ( 千米ドル     )
        Lamb   Weston    Holdings     Inc.
                                          4,364,045          389,971
        Hormel    Foods   Corp.
                                          8,304,899          378,288
        Campbell     Soup   Co.
                                          5,926,935          336,354
    *
        Darling     Ingredients       Inc.
                                          4,867,718          304,670
        Molson    Coors   Beverage     Co.  Class   B
                                          5,472,451          281,941
    *
        Performance       Food   Group   Co.
                                          4,731,087          276,248
        Casey's     General     Stores    Inc.
                                          1,131,500          253,852
    *
        US  Foods   Holding     Corp.
                                          6,154,153          209,364
        Ingredion      Inc.
                                          1,892,088          185,292
        Flowers     Foods   Inc.
                                          6,084,188          174,860
    *
        Post   Holdings     Inc.
                                          1,606,603          145,012
    *
        Celsius     Holdings     Inc.
                                          1,270,992          132,234
        Albertsons      Cos.   Inc.   Class   A
                                          5,693,923          118,092
        Lancaster      Colony    Corp.
                                           586,565        115,729
    *
        Simply    Good   Foods   Co.
                                          3,017,120          114,741
    *
        Sprouts     Farmers     Market    Inc.
                                          3,246,499          105,089
    *
        BellRing     Brands    Inc.
                                          4,088,975          104,841
    1
        Brown-Forman       Corp.   Class   A
                                          1,558,761          102,504
    *
        Boston    Beer   Co.  Inc.   Class   A
                                           281,099         92,628
    *
        Hostess     Brands    Inc.   Class   A
                                          4,061,813          91,147
    *
        TreeHouse      Foods   Inc.
                                          1,708,885          84,385
    *
        Grocery     Outlet    Holding     Corp.
                                          2,660,814          77,669
        Spectrum     Brands    Holdings     Inc.
                                          1,245,664          75,886
    *
        Freshpet     Inc.
                                          1,387,609          73,224
        Energizer      Holdings     Inc.
                                          2,171,448          72,852
        Primo   Water   Corp.
                                          4,638,793          72,087
        Coca-Cola      Consolidated       Inc.
                                           140,088         71,776
    *
        United    Natural     Foods   Inc.
                                          1,844,593          71,404
        WD-40   Co.
                                           419,038         67,553
        Cal-Maine      Foods   Inc.
                                          1,198,818          65,276
        Nu  Skin   Enterprises       Inc.   Class   A
                                          1,449,180          61,097
        Edgewell     Personal     Care   Co.
                                          1,571,886          60,581
        J & J Snack   Foods   Corp.
                                           359,814         53,868
        Reynolds     Consumer     Products     Inc.
                                          1,615,555          48,434
        Vector    Group   Ltd.
                                          4,078,716          48,374
        MGP  Ingredients       Inc.
                                           439,754         46,781
    *
        Herbalife      Nutrition      Ltd.
                                          2,983,306          44,392
    *
        Hain   Celestial      Group   Inc.
                                          2,721,250          44,030
        Ingles    Markets     Inc.   Class   A
                                           437,539         42,205
        Weis   Markets     Inc.
                                           502,849         41,379
        Universal      Corp.
                                           727,321         38,410
        Medifast     Inc.
                                           331,241         38,209
    *
        Chefs'    Warehouse      Inc.
                                          1,037,854          34,540
        Utz  Brands    Inc.
                                          2,065,002          32,751
    *
        National     Beverage     Corp.
                                           702,496         32,687
        Andersons      Inc.
                                           912,484         31,928
        SpartanNash       Co.
                                          1,018,834          30,810
        Fresh   Del  Monte   Produce     Inc.
                                          1,142,545          29,923
    *
        Beauty    Health    Co.
                                          2,851,620          25,950
                                 85/544

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    *
        Pilgrim's      Pride   Corp.
                                          1,084,599          25,738
        Seaboard     Corp.
                                             6,803        25,683
    1
        B&G  Foods   Inc.
                                          2,213,676          24,683
    *
        Duckhorn     Portfolio      Inc.
                                          1,466,854          24,306
    *,1
        Beyond    Meat   Inc.
                                          1,782,445          21,942
                                 86/544



















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                                                   市場価格     •
                                             株数     ( 千米ドル     )
        John   B Sanfilippo      & Son  Inc.
                                           269,014         21,876
        Tootsie     Roll   Industries      Inc.
                                           505,643         21,525
    *
        USANA   Health    Sciences     Inc.
                                           340,345         18,106
    *
        Mission     Produce     Inc.
                                          1,350,087          15,688
    *
        Sovos   Brands    Inc.
                                          1,083,568          15,571
    *
        Olaplex     Holdings     Inc.
                                          2,912,583          15,175
        ACCO   Brands    Corp.
                                          2,700,003          15,093
        Calavo    Growers     Inc.
                                           496,687         14,603
        PetMed    Express     Inc.
                                           640,080         11,329
    *
        Vital   Farms   Inc.
                                           742,708         11,081
    *,1
        Veru   Inc.
                                          1,923,707          10,157
    *
        Seneca    Foods   Corp.   Class   A
                                           162,229          9,888
        Turning     Point   Brands    Inc.
                                           434,620          9,401
    *,1
        Vita   Coco   Co.  Inc.
                                           654,853          9,050
    *,1
        Benson    Hill   Inc.
                                          3,328,592           8,488
    *,1
        BRC  Inc.   Class   A
                                          1,202,500           7,347
    *,1
        GrowGeneration         Corp.
                                          1,732,754           6,792
        Limoneira      Co.
                                           551,292          6,731
    *,1
        22nd   Century     Group   Inc.
                                          6,085,365           5,602
    *
        Rite   Aid  Corp.
                                          1,629,535           5,443
    *
        Whole   Earth   Brands    Inc.
                                          1,332,300           5,422
        Oil-Dri     Corp.   of  America
                                           160,678          5,389
        Village     Super   Market    Inc.   Class   A
                                           219,880          5,121
    *
        Lifecore     Biomedical      Inc.
                                           751,182          4,868
    *
        Honest    Co.  Inc.
                                          1,532,403           4,613
    *
        HF  Foods   Group   Inc.
                                          1,036,378           4,208
        Alico   Inc.
                                           170,218          4,063
    1
        ProPhase     Labs   Inc.
                                           394,258          3,797
        Natural     Grocers     by  Vitamin     Cottage     Inc.
                                           407,823          3,728
    *
        Vintage     Wine   Estates     Inc.
                                          1,027,600           3,350
    *,1
        PLBY   Group   Inc.
                                           969,862          2,667
    *
        Farmer    Bros   Co.
                                           511,916          2,360
    *
        Nature's     Sunshine     Products     Inc.
                                           231,851          1,929
    *
        AquaBounty      Technologies       Inc.
                                          1,988,764           1,519
    *
        Natural     Alternatives       International        Inc.
                                           162,521          1,364
    *,1
        Tattooed     Chef   Inc.
                                          1,086,098           1,336
    *,1
        AppHarvest      Inc.
                                          2,353,345           1,335
    *,1
        Local   Bounti    Corp.
                                           899,938          1,251
        AMCON   Distributing       Co.
                                             6,676        1,208
    *
        Real   Good   Food   Co.  Inc.   Class   A
                                           175,743          1,165
    *,1
        Zevia   PBC  Class   A
                                           271,418          1,110
        Lifevantage       Corp.
                                           253,547           943
    *,1
        Splash    Beverage     Group   Inc.
                                           950,644           914
    *
        Willamette      Valley    Vineyards      Inc.
                                           152,333           913
    *
        LifeMD    Inc.
                                           431,468           837
    *
        S&W  Seed   Co.
                                           558,871           833
    *
        Rocky   Mountain     Chocolate      Factory     Inc.
                                           128,662           733
    *
        Lifeway     Foods   Inc.
                                           115,467           641
    *
        Urban-Gro      Inc.
                                           227,616           619
                                 87/544

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    *
        MamaMancini's        Holdings     Inc.
                                           332,476           597
    *,1
        Boxed   Inc.
                                          2,879,590            561
        Mannatech      Inc.
                                            30,953          554
    *
        Bridgford      Foods   Corp.
                                            41,022          491
    *,1
        Kaival    Brands    Innovations       Group   Inc.
                                           526,590           473
                                 88/544



















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                                                   市場価格     •
                                             株数     ( 千米ドル     )
        Coffee    Holding     Co.  Inc.
                                           222,735           454
    *
        Alkaline     Water   Co.  Inc.
                                          2,273,743            397
    *
        Barfresh     Food   Group   Inc.
                                           233,784           306
    *
        MedAvail     Holdings     Inc.
                                           967,300           290
    *,1
        Blue   Apron   Holdings     Inc.   Class   A
                                           339,505           282
    *
        Better    Choice    Co.  Inc.
                                           413,653           223
    *
        Zivo   Bioscience      Inc.
                                            81,788          200
    *,1
        Reed's    Inc.
                                          2,105,891            147
    *
        Laird   Superfood      Inc.
                                           133,864           112
    *
        Yield10     Bioscience      Inc.
                                            65,737          108
    *,1
        RiceBran     Technologies
                                           102,160           78
    *,1
        Nuzee   Inc.
                                             7,321          63
    *
        Stryve    Foods   Inc.   Class   A
                                            32,837           24
    *
        Fresh   Vine   Wine   Inc.
                                            15,451           15
    *
        Blue   Star   Foods   Corp.
                                            28,420           11
    *,2
        Fresh   Market    Inc.
                                           661,450            -
    *,1
        PLBY   Group   Inc.   Rights    Exp.   1/17/23                                -
                                           969,862
                                                  68,894,655
    エネルギー      (5.3  % )
        Exxon   Mobil   Corp.
                                         125,243,406         13,814,348
        Chevron     Corp.
                                          52,926,261         9,499,735
        ConocoPhillips                                  37,898,245         4,471,993
        EOG  Resources      Inc.
                                          17,868,757         2,314,361
        Schlumberger       Ltd.
                                          43,121,202         2,305,259
        Marathon     Petroleum      Corp.
                                          14,250,461         1,658,611
        Pioneer     Natural     Resources      Co.
                                          6,866,594        1,568,261
        Phillips     66
                                          14,372,941         1,495,936
        Valero    Energy    Corp.
                                          11,725,291         1,487,470
        Occidental      Petroleum      Corp.
                                          20,733,560         1,306,007
        Devon   Energy    Corp.
                                          19,874,669         1,222,491
        Williams     Cos.   Inc.
                                          37,067,492         1,219,520
        Hess   Corp.
                                          8,442,488        1,197,314
        Cheniere     Energy    Inc.
                                          7,563,998        1,134,297
    *
        Enphase     Energy    Inc.
                                          4,132,283        1,094,890
        Kinder    Morgan    Inc.
                                          58,122,834         1,050,861
        Halliburton       Co.
                                          24,865,430          978,455
        Baker   Hughes    Co.  Class   A
                                          30,457,583          899,412
        ONEOK   Inc.
                                          13,596,788          893,309
        Diamondback       Energy    Inc.
                                          5,353,233          732,215
        Coterra     Energy    Inc.
                                          22,783,688          559,795
        Marathon     Oil  Corp.
                                          19,325,617          523,144
        Targa   Resources      Corp.
                                          6,880,686          505,730
    *
        First   Solar   Inc.
                                          3,077,758          461,017
        APA  Corp.
                                          9,770,688          456,096
        Texas   Pacific     Land   Corp.
                                           187,526        439,604
        Ovintiv     Inc.
                                          7,554,657          383,097
        Chesapeake      Energy    Corp.
                                          3,872,604          365,458
        EQT  Corp.
                                          10,035,063          339,486
        NOV  Inc.
                                          11,945,276          249,537
                                 89/544

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    *
        Antero    Resources      Corp.
                                          7,755,487          240,343
        HF  Sinclair     Corp.
                                          4,268,304          221,482
    *,1
        Plug   Power   Inc.
                                          17,771,382          219,832
    *
        Southwestern       Energy    Co.
                                          33,577,797          196,430
        Matador     Resources      Co.
                                          3,409,709          195,172
                                 90/544



















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                                                   市場価格     •
                                             株数     ( 千米ドル     )
        Murphy    Oil  Corp.
                                          4,485,171          192,907
        PDC  Energy    Inc.
                                          2,807,028          178,190
        ChampionX      Corp.
                                          6,069,913          175,967
        Range   Resources      Corp.
                                          6,969,176          174,369
        Chord   Energy    Corp.
                                          1,200,441          164,232
        DT  Midstream      Inc.
                                          2,937,871          162,347
        PBF  Energy    Inc.   Class   A
                                          3,602,602          146,914
        Helmerich      & Payne   Inc.
                                          2,878,106          142,668
        SM  Energy    Co.
                                          3,730,957          129,949
    *
        Denbury     Inc.
                                          1,438,037          125,138
        Magnolia     Oil  & Gas  Corp.   Class   A
                                          5,145,411          120,660
    *
        Noble   Corp.   plc
                                          3,191,731          120,360
        Patterson-UTI        Energy    Inc.
                                          6,591,042          110,993
    *
        Weatherford       International        plc
                                          2,155,571          109,762
        Antero    Midstream      Corp.
                                          9,428,663          101,735
        California      Resources      Corp.
                                          2,230,264          97,039
        Cactus    Inc.   Class   A
                                          1,842,509          92,605
    *
        Peabody     Energy    Corp.
                                          3,500,743          92,490
    *
        Transocean      Ltd.
                                          20,013,085           91,260
        Civitas     Resources      Inc.
                                          1,554,467          90,050
    *
        CNX  Resources      Corp.
                                          5,275,497          88,839
        Equitrans      Midstream      Corp.
                                          13,189,543           88,370
    *
        Array   Technologies       Inc.
                                          4,327,278          83,646
        New  Fortress     Energy    Inc.
                                          1,898,884          80,551
        Liberty     Energy    Inc.   Class   A
                                          5,019,266          80,358
        Arcosa    Inc.
                                          1,478,795          80,358
    *,1
        ChargePoint       Holdings     Inc.
                                          8,319,837          79,288
    1
        Arch   Resources      Inc.
                                           547,803         78,221
    *
        Callon    Petroleum      Co.
                                          1,867,075          69,250
    *
        Shoals    Technologies       Group   Inc.   Class   A
                                          2,623,041          64,710
    1
        Sitio   Royalties      Corp.
                                          2,231,420          64,376
        Northern     Oil  & Gas  Inc.
                                          2,036,951          62,779
        Alpha   Metallurgical        Resources      Inc.
                                           410,512         60,095
    *
        NexTier     Oilfield     Solutions      Inc.
                                          6,347,093          58,647
        Delek   US  Holdings     Inc.
                                          2,145,572          57,930
    *
        Ameresco     Inc.   Class   A
                                           981,696         56,094
        CONSOL    Energy    Inc.
                                           844,562         54,897
        Warrior     Met  Coal   Inc.
                                          1,569,746          54,376
    *
        Oceaneering       International        Inc.
                                          3,066,491          53,633
    *
        Green   Plains    Inc.
                                          1,707,983          52,093
    *
        Tidewater      Inc.
                                          1,377,552          50,763
        Permian     Resources      Corp.   Class   A
                                          5,262,498          49,467
        World   Fuel   Services     Corp.
                                          1,785,198          48,789
        Enviva    Inc.
                                           917,657         48,608
    *
        SunPower     Corp.
                                          2,637,856          47,561
    *
        NOW  Inc.
                                          3,361,286          42,688
        Archrock     Inc.
                                          4,702,223          42,226
    *
        Nabors    Industries      Ltd.
                                           270,995         41,969
    *
        Stem   Inc.
                                          4,459,762          39,870
                                 91/544

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        Comstock     Resources      Inc.
                                          2,833,681          38,850
    *
        Par  Pacific     Holdings     Inc.
                                          1,647,862          38,313
    *
        Talos   Energy    Inc.
                                          2,019,211          38,123
    *,1
        FuelCell     Energy    Inc.
                                          12,562,353           34,923
    *
        Helix   Energy    Solutions      Group   Inc.
                                          4,472,007          33,003
                                 92/544



















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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *
        ProPetro     Holding     Corp.
                                          3,076,283          31,901
    *
        Diamond     Offshore     Drilling     Inc.
                                          2,948,976          30,669
    *
        MRC  Global    Inc.
                                          2,581,795          29,897
        CVR  Energy    Inc.
                                           915,238         28,684
        Core   Laboratories       NV
                                          1,379,086          27,954
    *,1
        Earthstone      Energy    Inc.   Class   A
                                          1,946,058          27,692
    *
        Dril-Quip      Inc.
                                           979,622         26,616
    *,1
        Tellurian      Inc.
                                          15,325,175           25,746
    *
        Laredo    Petroleum      Inc.
                                           484,900         24,934
    *
        Gulfport     Energy    Corp.
                                           331,810         24,435
        RPC  Inc.
                                          2,713,940          24,127
        Ranger    Oil  Corp.
                                           576,479         23,307
        SunCoke     Energy    Inc.
                                          2,524,635          21,788
    *,1
        Fluence     Energy    Inc.   Class   A
                                          1,257,061          21,559
    *,1
        Montauk     Renewables      Inc.
                                          1,737,042          19,160
    *
        Bristow     Group   Inc.   Class   A
                                           693,278         18,809
        Select    Energy    Services     Inc.   Class   A
                                          1,983,896          18,331
    1
        Kinetik     Holdings     Inc.   Class   A
                                           529,122         17,503
    *
        ProFrac     Holding     Corp.   Class   A
                                           655,618         16,522
    *
        SandRidge      Energy    Inc.
                                           933,349         15,895
    *
        W&T  Offshore     Inc.
                                          2,772,648          15,471
        VAALCO    Energy    Inc.
                                          3,343,681          15,247
    *
        REX  American     Resources      Corp.
                                           477,153         15,202
        Berry   Corp.
                                          1,701,948          13,616
    1
        Crescent     Energy    Co.  Class   A
                                          1,084,502          13,003
    *
        Oil  States    International        Inc.
                                          1,696,380          12,655
    *,1
        Gevo   Inc.
                                          6,638,561          12,613
    *,1
        SilverBow      Resources      Inc.
                                           433,984         12,273
    *
        TETRA   Technologies       Inc.
                                          3,494,648          12,091
    *
        NextDecade      Corp.
                                          2,346,418          11,591
    *
        Centrus     Energy    Corp.   Class   A
                                           342,567         11,127
    *
        TPI  Composites      Inc.
                                          1,071,321          10,863
    *
        DMC  Global    Inc.
                                           524,094         10,188
    *
        Newpark     Resources      Inc.
                                          2,449,089          10,164
    *,1
        EVgo   Inc.   Class   A
                                          2,082,073           9,307
        Solaris     Oilfield     Infrastructure         Inc.   Class   A
                                           935,530          9,290
    *
        Amplify     Energy    Corp.
                                          1,044,290           9,179
    *
        Solid   Power   Inc.
                                          3,120,617           7,926
    *,1
        Nine   Energy    Service     Inc.
                                           508,263          7,385
    *
        Hallador     Energy    Co.
                                           681,965          6,813
    *
        SEACOR    Marine    Holdings     Inc.
                                           700,466          6,416
    *
        Ring   Energy    Inc.
                                          2,558,293           6,293
        Evolution      Petroleum      Corp.
                                           784,579          5,924
        Ramaco    Resources      Inc.
                                           673,015          5,916
    *
        Forum   Energy    Technologies       Inc.
                                           194,303          5,732
    *,1
        KLX  Energy    Services     Holdings     Inc.
                                           328,707          5,690
    *,1
        Beam   Global
                                           296,377          5,178
    *,1,2
        Next   Bridge    Hydrocarbons       Inc.
                                          1,763,201           5,104
    *,1
        374Water     Inc.
                                          1,698,615           4,977
                                 93/544

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    *
        Matrix    Service     Co.
                                           785,548          4,886
        Epsilon     Energy    Ltd.
                                           661,802          4,388
        NACCO   Industries      Inc.   Class   A
                                           111,685          4,244
    *
        Ranger    Energy    Services     Inc.   Class   A
                                           357,073          3,931
    *,1
        ESS  Tech   Inc.
                                          1,593,000           3,871
                                 94/544



















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                                                   市場価格     •
                                             株数     ( 千米ドル     )
        Riley   Exploration       Permian     Inc.
                                           125,900          3,705
    *
        Aemetis     Inc.
                                           924,014          3,659
    *,1
        FTC  Solar   Inc.
                                          1,323,352           3,547
    *
        Natural     Gas  Services     Group   Inc.
                                           308,325          3,533
    *
        Heliogen     Inc.
                                          4,874,100           3,403
        PHX  Minerals     Inc.
                                           831,790          3,236
    *
        Empire    Petroleum      Corp.
                                           234,700          2,887
    *
        Mammoth     Energy    Services     Inc.
                                           308,591          2,669
    *
        American     Superconductor         Corp.
                                           684,748          2,520
    *,1
        American     Resources      Corp.
                                          1,756,997           2,319
    *,1
        Sunworks     Inc.
                                          1,299,138           2,053
    *,1
        Flotek    Industries      Inc.
                                          1,811,795           2,029
    *
        Battalion      Oil  Corp.
                                           207,783          2,018
    *
        Gulf   Island    Fabrication       Inc.
                                           358,485          1,839
    *
        Ideal   Power   Inc.
                                           149,114          1,584
    *
        PrimeEnergy       Resources      Corp.
                                            17,932         1,558
    *
        Smart   Sand   Inc.
                                           860,390          1,540
    *,1
        Volta   Inc.
                                          3,973,258           1,412
    *,1
        Advent    Technologies       Holdings     Inc.
                                           760,618          1,377
    *,1
        Stabilis     Solutions      Inc.
                                           169,932           880
    *
        Profire     Energy    Inc.
                                           830,050           872
    *
        PEDEVCO     Corp.
                                           768,132           845
        Barnwell     Industries      Inc.
                                           267,900           792
    *,1
        Houston     American     Energy    Corp.
                                           199,104           685
    *
        Geospace     Technologies       Corp.
                                           159,910           675
    *
        Mexco   Energy    Corp.
                                            44,605          557
    *,1
        Dawson    Geophysical       Co.
                                           275,110           539
    *
        Enservco     Corp.
                                           314,865           513
    *,1
        Camber    Energy    Inc.
                                           226,702           458
    *,1
        Ocean   Power   Technologies       Inc.
                                          1,001,472            451
    *,1
        Independence       Contract     Drilling     Inc.
                                           133,014           435
    *
        Capstone     Green   Energy    Corp.
                                           297,760           432
    *
        Pineapple      Energy    Inc.
                                           163,316           381
    *
        iSun   Inc.
                                           242,226           322
    *
        Energy    Services     of  America     Corp.
                                           121,699           315
    *
        OPAL   Fuels   Inc.   Class   A
                                            39,434          287
    1
        US  Energy    Corp.
                                           108,748           250
    *
        Superior     Drilling     Products     Inc.
                                           258,628           238
        Adams   Resources      & Energy    Inc.
                                             4,305          168
    *
        Ecoark    Holdings     Inc.
                                           250,250           58
    *
        NCS  Multistage      Holdings     Inc.
                                              800         20
    *
        Tidewater      Inc.   Class   A Warrants     Exp.   7/31/23
                                             8,839          10
    *,1
        Tidewater      Inc.   Class   B Warrants     Exp.   7/31/23
                                             9,555           6
    *,2
        Pineapple      Energy    Inc.   CVR                                   -
                                            69,639
                                                  61,115,427
    金融   (11.8   % )
    *
        Berkshire      Hathaway     Inc.   Class   B
                                          51,057,930        15,771,795
        JPMorgan     Chase   & Co.
                                          89,204,681        11,962,348
        Bank   of  America     Corp.
                                         207,377,454          6,868,341
                                 95/544

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        Wells   Fargo   & Co.
                                         115,874,794          4,784,470
        Charles     Schwab    Corp.
                                          46,942,437         3,908,427
        S&P  Global    Inc.
                                          9,907,985        3,318,580
        Morgan    Stanley
                                          38,550,543         3,277,567
        Goldman     Sachs   Group   Inc.
                                          9,445,939        3,243,547
                                 96/544



















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                                                   市場価格     •
                                             株数     ( 千米ドル     )
        BlackRock      Inc.
                                          4,339,764        3,075,287
        Chubb   Ltd.
                                          11,986,848         2,644,299
        Citigroup      Inc.
                                          55,948,963         2,530,572
        Marsh   & McLennan     Cos.   Inc.
                                          15,080,928         2,495,592
        Progressive       Corp.
                                          17,790,095         2,307,553
        PNC  Financial      Services     Group   Inc.
                                          12,265,546         1,937,220
        US  Bancorp
                                          42,923,181         1,871,880
        CME  Group   Inc.
                                          10,939,180         1,839,532
        Aon  plc  Class   A
                                          5,973,491        1,792,884
        Intercontinental          Exchange     Inc.
                                          16,986,954         1,742,692
        Truist    Financial      Corp.
                                          40,356,812         1,736,554
        Blackstone      Inc.
                                          21,341,523         1,583,328
        American     International        Group   Inc.
                                          22,588,215         1,428,479
        Travelers      Cos.   Inc.
                                          7,124,119        1,335,701
        Moody's     Corp.
                                          4,734,908        1,319,240
        MetLife     Inc.
                                          17,885,447         1,294,370
        Aflac   Inc.
                                          17,010,273         1,223,719
        Arthur    J Gallagher      & Co.
                                          6,408,270        1,208,215
        Prudential      Financial      Inc.
                                          11,190,868         1,113,044
        Allstate     Corp.
                                          8,066,868        1,093,867
        MSCI   Inc.   Class   A
                                          2,310,092        1,074,585
        Ameriprise      Financial      Inc.
                                          3,235,931        1,007,572
        Bank   of  New  York   Mellon    Corp.
                                          22,130,348         1,007,373
        KKR  & Co.  Inc.
                                          19,650,982          912,199
        Discover     Financial      Services
                                          8,304,648          812,444
        Willis    Towers    Watson    plc
                                          3,288,697          804,350
        M&T  Bank   Corp.
                                          5,246,963          761,124
        T.  Rowe   Price   Group   Inc.
                                          6,796,980          741,279
        Nasdaq    Inc.
                                          11,952,508          733,286
        Hartford     Financial      Services     Group   Inc.
                                          9,660,235          732,536
        Fifth   Third   Bancorp
                                          20,879,232          685,048
        First   Republic     Bank
                                          5,564,541          678,262
    *
        Arch   Capital     Group   Ltd.
                                          10,681,213          670,567
        Apollo    Global    Management      Inc.
                                          10,436,343          665,734
        Raymond     James   Financial      Inc.
                                          5,884,697          628,780
        Principal      Financial      Group   Inc.
                                          7,433,396          623,811
        Huntington      Bancshares      Inc.
                                          43,843,500          618,193
        Regions     Financial      Corp.
                                          28,410,891          612,539
        State   Street    Corp.
                                          7,777,320          603,287
        Citizens     Financial      Group   Inc.
                                          14,968,790          589,321
        Northern     Trust   Corp.
                                          6,023,995          533,063
    *
        Markel    Corp.
                                           388,914        512,390
        LPL  Financial      Holdings     Inc.
                                          2,300,263          497,248
        KeyCorp                                  28,382,493          494,423
    *
        Berkshire      Hathaway     Inc.   Class   A
                                             1,051       492,615
        Cincinnati      Financial      Corp.
                                          4,785,307          489,968
        Broadridge      Financial      Solutions      Inc.
                                          3,582,232          480,485
        FactSet     Research     Systems     Inc.
                                          1,158,569          464,829
        W R Berkley     Corp.
                                          6,052,917          439,260
                                 97/544

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    *
        SVB  Financial      Group
                                          1,796,181          413,373
        Cboe   Global    Markets     Inc.
                                          3,228,338          405,060
        First   Horizon     Corp.
                                          16,286,648          399,023
        Everest     Re  Group   Ltd.
                                          1,191,336          394,654
        Brown   & Brown   Inc.
                                          6,885,122          392,245
                                 98/544



















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                                                   市場価格     •
                                             株数     ( 千米ドル     )
        Loews   Corp.
                                          6,138,809          358,077
        Ares   Management      Corp.   Class   A
                                          4,742,403          324,570
        Equitable      Holdings     Inc.
                                          11,227,719          322,236
        Globe   Life   Inc.
                                          2,657,316          320,339
        MarketAxess       Holdings     Inc.
                                          1,087,345          303,250
        American     Financial      Group   Inc.
                                          2,201,100          302,167
        Annaly    Capital     Management      Inc.
                                          14,184,280          299,005
        Fidelity     National     Financial      Inc.
                                          7,873,046          296,184
        Reinsurance       Group   of  America     Inc.
                                          2,031,981          288,724
        East   West   Bancorp     Inc.
                                          4,283,268          282,267
        Comerica     Inc.
                                          3,972,848          265,585
        Webster     Financial      Corp.
                                          5,292,371          250,541
        Invesco     Ltd.
                                          13,809,503          248,433
        RenaissanceRe        Holdings     Ltd.
                                          1,329,563          244,945
    1
        Franklin     Resources      Inc.
                                          9,102,204          240,116
        Cullen/Frost       Bankers     Inc.
                                          1,759,978          235,309
        Commerce     Bancshares      Inc.
                                          3,430,208          233,494
        First   Citizens     BancShares      Inc.   Class   A
                                           307,877        233,482
        Carlyle     Group   Inc.
                                          7,735,664          230,832
        Zions   Bancorp     NA
                                          4,565,640          224,447
        Signature      Bank
                                          1,916,098          220,773
        Tradeweb     Markets     Inc.   Class   A
                                          3,378,145          219,343
        SEI  Investments       Co.
                                          3,688,899          215,063
        Interactive       Brokers     Group   Inc.   Class   A
                                          2,969,760          214,862
        Unum   Group
                                          5,153,352          211,442
        Assurant     Inc.
                                          1,612,765          201,692
        Old  Republic     International        Corp.
                                          8,321,433          200,963
        Ally   Financial      Inc.
                                          8,139,142          199,002
        Erie   Indemnity      Co.  Class   A
                                           772,461        192,126
        Prosperity      Bancshares      Inc.
                                          2,639,887          191,867
        Western     Alliance     Bancorp
                                          3,153,482          187,821
        Voya   Financial      Inc.
                                          2,969,373          182,587
        Affiliated      Managers     Group   Inc.
                                          1,144,833          181,376
        AGNC   Investment      Corp.
                                          17,427,563          180,375
        Stifel    Financial      Corp.
                                          3,063,871          178,838
        SouthState      Corp.
                                          2,304,106          175,942
        Kinsale     Capital     Group   Inc.
                                           668,405        174,801
        RLI  Corp.
                                          1,309,235          171,863
        New  York   Community      Bancorp     Inc.
                                          19,631,718          168,833
        Morningstar       Inc.
                                           775,316        167,926
        Jefferies      Financial      Group   Inc.
                                          4,879,196          167,259
        Glacier     Bancorp     Inc.
                                          3,374,910          166,788
        United    Bankshares      Inc.
                                          4,094,075          165,769
        Starwood     Property     Trust   Inc.
                                          8,972,543          164,467
        Pinnacle     Financial      Partners     Inc.
                                          2,211,946          162,357
        Selective      Insurance      Group   Inc.
                                          1,830,137          162,168
        Old  National     Bancorp
                                          8,906,245          160,134
        Primerica      Inc.
                                          1,124,655          159,499
        Synovus     Financial      Corp.
                                          4,199,129          157,677
                                 99/544

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        First   American     Financial      Corp.
                                          2,988,251          156,405
        Wintrust     Financial      Corp.
                                          1,838,874          155,422
    *,1
        Coinbase     Global    Inc.   Class   A
                                          4,360,711          154,326
    *
        Robinhood      Markets     Inc.   Class   A
                                          18,452,450          150,203
        Valley    National     Bancorp
                                          13,119,136          148,377
                                100/544



















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                                                   市場価格     •
                                             株数     ( 千米ドル     )
        Popular     Inc.
                                          2,203,760          146,153
        Lincoln     National     Corp.
                                          4,649,089          142,820
        First   Financial      Bankshares      Inc.
                                          4,129,082          142,040
        Blue   Owl  Capital     Inc.   Class   A
                                          13,322,573          141,219
        FNB  Corp.
                                          10,718,747          139,880
        Cadence     Bank
                                          5,553,402          136,947
        Bank   OZK
                                          3,401,373          136,259
        Home   BancShares      Inc.
                                          5,900,339          134,469
        Houlihan     Lokey   Inc.   Class   A
                                          1,513,977          131,958
        Hanover     Insurance      Group   Inc.
                                           976,472        131,951
        SLM  Corp.
                                          7,590,419          126,001
        Axis   Capital     Holdings     Ltd.
                                          2,309,840          125,124
        Essent    Group   Ltd.
                                          3,100,396          120,543
        First   Bancorp
                                          6,808,902          120,070
        Hancock     Whitney     Corp.
                                          2,466,439          119,351
        American     Equity    Investment      Life   Holding     Co.
                                          2,603,242          118,760
        MGIC   Investment      Corp.
                                          9,070,299          117,914
        Umpqua    Holdings     Corp.
                                          6,600,146          117,813
        Rithm   Capital     Corp.
                                          14,342,033          117,174
        Independent       Bank   Corp.  
                                          1,383,809          116,835
        Lazard    Ltd.   Class   A
                                          3,256,575          112,905
        OneMain     Holdings     Inc.
                                          3,367,156          112,160
        Assured     Guaranty     Ltd.
                                          1,732,047          107,837
    *
        Brighthouse       Financial      Inc.
                                          2,095,367          107,429
    *
        Ryan   Specialty      Holdings     Inc.   Class   A
                                          2,559,328          106,238
        White   Mountains      Insurance      Group   Ltd.
                                            74,454        105,303
        Blackstone      Mortgage     Trust   Inc.   Class   A
                                          4,943,176          104,647
        CVB  Financial      Corp.
                                          4,027,770          103,715
    *,1
        SoFi   Technologies       Inc.
                                          22,472,273          103,597
        United    Community      Banks   Inc.
                                          3,051,762          103,150
        Community      Bank   System    Inc.
                                          1,636,337          103,007
        Evercore     Inc.   Class   A
                                           943,438        102,910
        ServisFirst       Bancshares      Inc.
                                          1,491,694          102,793
        First   Hawaiian     Inc.
                                          3,893,734          101,393
        Associated      Banc-Corp
                                          4,305,330          99,410
        UMB  Financial      Corp.
                                          1,174,832          98,122
        FirstCash      Holdings     Inc.
                                          1,124,293          97,712
        Kemper    Corp.
                                          1,942,867          95,589
        Janus   Henderson      Group   plc
                                          4,033,253          94,862
    1
        Bank   of  Hawaii    Corp.
                                          1,217,080          94,397
        Ameris    Bancorp
                                          1,995,484          94,067
    *,1
        Credit    Acceptance      Corp.
                                           197,447         93,669
        Federated      Hermes    Inc.   Class   B
                                          2,565,789          93,164
        First   Interstate      BancSystem      Inc.   Class   A
                                          2,386,629          92,243
        Pacific     Premier     Bancorp     Inc.
                                          2,910,810          91,865
    *
        Texas   Capital     Bancshares      Inc.
                                          1,512,994          91,249
        Radian    Group   Inc.
                                          4,732,509          90,249
        Cathay    General     Bancorp
                                          2,143,690          87,441
        Fulton    Financial      Corp.
                                          5,136,705          86,451
                                101/544

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        WSFS   Financial      Corp.
                                          1,874,911          85,008
        Eastern     Bankshares      Inc.
                                          4,863,291          83,892
        PacWest     Bancorp
                                          3,558,754          81,673
        Atlantic     Union   Bankshares      Corp.
                                          2,303,456          80,943
        Simmons     First   National     Corp.   Class   A
                                          3,717,745          80,229
                                102/544



















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                                                   市場価格     •
                                             株数     ( 千米ドル     )
        CNO  Financial      Group   Inc.
                                          3,497,556          79,919
        BankUnited      Inc.
                                          2,350,632          79,851
    *
        Genworth     Financial      Inc.   Class   A
                                          15,011,421           79,410
        International        Bancshares      Corp.
                                          1,720,826          78,745
        Jackson     Financial      Inc.   Class   A
                                          2,254,463          78,433
    *
        Mr  Cooper    Group   Inc.
                                          1,932,515          77,552
        Walker    & Dunlop    Inc.
                                           954,651         74,921
        BOK  Financial      Corp.
                                           721,178         74,851
        First   Merchants      Corp.
                                          1,812,774          74,523
        Moelis    & Co.  Class   A
                                          1,933,749          74,198
    *
        Enstar    Group   Ltd.
                                           320,927         74,147
        Columbia     Banking     System    Inc.
                                          2,393,519          72,117
    *
        Axos   Financial      Inc.
                                          1,753,271          67,010
        Washington      Federal     Inc.
                                          1,994,275          66,908
        Piper   Sandler     Cos.
                                           512,652         66,742
        First   Financial      Bancorp
                                          2,722,391          65,964
        Banner    Corp.
                                          1,037,449          65,567
        WesBanco     Inc.
                                          1,737,774          64,263
        Arbor   Realty    Trust   Inc.
                                          4,871,812          64,259
        Independent       Bank   Group   Inc.
                                          1,069,223          64,239
        Towne   Bank
                                          2,068,654          63,797
        Seacoast     Banking     Corp.   of  Florida
                                          2,038,581          63,583
        Park   National     Corp.
                                           447,598         62,999
        Hamilton     Lane   Inc.   Class   A
                                           973,463         62,185
        Renasant     Corp.
                                          1,607,029          60,408
        Trustmark      Corp.
                                          1,668,433          58,245
        Artisan     Partners     Asset   Management      Inc.   Class   A
                                          1,953,299          58,013
        Virtu   Financial      Inc.   Class   A
                                          2,801,846          57,186
    *
        Focus   Financial      Partners     Inc.   Class   A
                                          1,498,269          55,840
        NBT  Bancorp     Inc.
                                          1,252,446          54,381
        Northwest      Bancshares      Inc.
                                          3,887,354          54,345
        Lakeland     Financial      Corp.
                                           742,829         54,204
    *,1
        Trupanion      Inc.
                                          1,127,536          53,592
    *
        NMI  Holdings     Inc.   Class   A
                                          2,557,232          53,446
        Enterprise      Financial      Services     Corp.
                                          1,080,745          52,913
    1
        Claros    Mortgage     Trust   Inc.
                                          3,582,367          52,697
        Stock   Yards   Bancorp     Inc.
                                           802,577         52,151
        Heartland      Financial      USA  Inc.
                                          1,112,711          51,875
    *
        StoneX    Group   Inc.
                                           535,748         51,057
        Navient     Corp.
                                          3,081,533          50,691
        TPG  Inc.   Class   A
                                          1,821,085          50,681
        PJT  Partners     Inc.   Class   A
                                           664,599         48,974
        BancFirst      Corp.
                                           553,064         48,769
        Cohen   & Steers    Inc.
                                           754,851         48,733
        National     Bank   Holdings     Corp.   Class   A
                                          1,152,150          48,471
        Horace    Mann   Educators      Corp.
                                          1,277,292          47,732
    *
        Cannae    Holdings     Inc.
                                          2,304,004          47,578
    *
        BRP  Group   Inc.   Class   A
                                          1,883,589          47,353
        Provident      Financial      Services     Inc.
                                          2,214,342          47,298
                                103/544

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        Westamerica       Bancorp
                                           792,627         46,773
        Apollo    Commercial      Real   Estate    Finance     Inc.
                                          4,320,289          46,486
        Sandy   Spring    Bancorp     Inc.
                                          1,315,036          46,329
        TriCo   Bancshares
                                           900,004         45,891
        Veritex     Holdings     Inc.
                                          1,585,797          44,529
                                104/544



















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                                                   市場価格     •
                                             株数     ( 千米ドル     )
        Hope   Bancorp     Inc.
                                          3,431,147          43,953
        Eagle   Bancorp     Inc.
                                           990,908         43,669
    *
        Bancorp     Inc.
                                          1,534,653          43,553
        StepStone      Group   Inc.   Class   A
                                          1,657,153          41,727
        OFG  Bancorp
                                          1,490,715          41,084
        Two  Harbors     Investment      Corp.
                                          2,604,910          41,079
        Hilltop     Holdings     Inc.
                                          1,363,554          40,920
        First   Busey   Corp.
                                          1,637,374          40,476
        Virtus    Investment      Partners     Inc.
                                           211,368         40,464
        City   Holding     Co.
                                           428,546         39,893
        Stellar     Bancorp     Inc.
                                          1,350,171          39,776
        FB  Financial      Corp.
                                          1,096,435          39,625
    1
        Corebridge      Financial      Inc.
                                          1,968,337          39,485
        Chimera     Investment      Corp.
                                          7,132,506          39,229
        Berkshire      Hills   Bancorp     Inc.
                                          1,293,745          38,683
        PennyMac     Financial      Services     Inc.
                                           679,112         38,478
        Pathward     Financial      Inc.
                                           891,986         38,400
        BGC  Partners     Inc.   Class   A
                                          10,162,208           38,312
        S&T  Bancorp     Inc.
                                          1,117,917          38,210
        OceanFirst      Financial      Corp.
                                          1,777,794          37,778
        First   Commonwealth       Financial      Corp.
                                          2,670,715          37,310
        Safety    Insurance      Group   Inc.
                                           439,712         37,050
    *
        PRA  Group   Inc.
                                          1,095,461          37,005
    *
        Enova   International        Inc.
                                           937,425         35,969
        Ladder    Capital     Corp.   Class   A
                                          3,525,368          35,395
        Employers      Holdings     Inc.
                                           819,465         35,344
        Stewart     Information       Services     Corp.
                                           818,852         34,990
    *
        Blucora     Inc.
                                          1,359,668          34,712
    *
        Triumph     Financial      Inc.
                                           705,694         34,487
        Ready   Capital     Corp.
                                          3,072,836          34,231
        PennyMac     Mortgage     Investment      Trust
                                          2,733,208          33,864
        Capitol     Federal     Financial      Inc.
                                          3,884,090          33,597
    1
        Compass     Diversified       Holdings
                                          1,836,527          33,480
        Origin    Bancorp     Inc.
                                           903,040         33,142
        Heritage     Financial      Corp.
                                          1,080,734          33,114
    *
        Palomar     Holdings     Inc.
                                           731,115         33,017
        Southside      Bancshares      Inc.
                                           901,741         32,454
        Lakeland     Bancorp     Inc.
                                          1,842,324          32,443
        Nelnet    Inc.   Class   A
                                           355,880         32,296
    *
        Encore    Capital     Group   Inc.
                                           673,165         32,272
        Brookline      Bancorp     Inc.
                                          2,252,520          31,873
        Franklin     BSP  Realty    Trust   Inc.
                                          2,446,033          31,554
        Dime   Community      Bancshares      Inc.
                                           988,547         31,465
    *
        Nicolet     Bankshares      Inc.
                                           391,726         31,256
        AMERISAFE      Inc.
                                           600,691         31,218
        German    American     Bancorp     Inc.
                                           829,939         30,957
        MFA  Financial      Inc.
                                          3,066,836          30,208
        Federal     Agricultural       Mortgage     Corp.   Class    C 
                                           267,523         30,153
        Live   Oak  Bancshares      Inc.
                                           994,781         30,042
                                105/544

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    1
        Cowen   Inc.   Class   A
                                           754,682         29,146
        Preferred      Bank
                                           389,706         29,080
    *
        LendingClub       Corp.
                                          3,287,130          28,927
        Mercury     General     Corp.
                                           843,998         28,865
        ProAssurance       Corp.
                                          1,649,086          28,810
                                106/544



















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                                                   市場価格     •
                                             株数     ( 千米ドル     )
        Premier     Financial      Corp.
                                          1,060,618          28,605
    *
        MoneyGram      International        Inc.
                                          2,624,418          28,580
        ConnectOne      Bancorp     Inc.
                                          1,177,893          28,517
    *,1
        Upstart     Holdings     Inc.
                                          2,127,680          28,128
        New  York   Mortgage     Trust   Inc.
                                          10,943,238           28,015
        TFS  Financial      Corp.
                                          1,879,247          27,080
    *
        Customers      Bancorp     Inc.
                                           939,524         26,626
        Tompkins     Financial      Corp.
                                           338,988         26,299
        Amerant     Bancorp     Inc.   Class   A
                                           952,284         25,559
        QCR  Holdings     Inc.
                                           507,006         25,168
    1
        Rocket    Cos.   Inc.   Class   A
                                          3,586,354          25,104
    1
        ARMOUR    Residential       REIT   Inc.
                                          4,395,731          24,748
        Banc   of  California      Inc.
                                          1,550,511          24,700
    *
        Columbia     Financial      Inc.
                                          1,139,427          24,634
        Argo   Group   International        Holdings     Ltd.
                                           927,917         23,987
        Hanmi   Financial      Corp.
                                           965,551         23,897
        Enact   Holdings     Inc.
                                           988,708         23,848
        First   Bancshares      Inc.
                                           737,705         23,614
    *
        Ambac   Financial      Group   Inc.
                                          1,346,454          23,482
    1
        Bank   First   Corp.
                                           250,966         23,295
        Redwood     Trust   Inc.
                                          3,331,863          22,523
        Washington      Trust   Bancorp     Inc.
                                           474,187         22,372
        Heritage     Commerce     Corp.
                                          1,707,856          22,202
        Peoples     Bancorp     Inc.
                                           779,671         22,026
        Old  Second    Bancorp     Inc.
                                          1,367,594          21,936
        Univest     Financial      Corp.
                                           834,242         21,799
        First   Foundation      Inc.
                                          1,492,436          21,387
    *,1
        Lemonade     Inc.
                                          1,517,226          20,756
        TrustCo     Bank   Corp.
                                           548,863         20,632
        KKR  Real   Estate    Finance     Trust   Inc.
                                          1,451,080          20,257
        Brightsphere       Investment      Group   Inc.
                                           982,773         20,225
        Northfield      Bancorp     Inc.
                                          1,279,070          20,120
        WisdomTree      Inc.
                                          3,691,556          20,119
        Community      Trust   Bancorp     Inc.
                                           437,907         20,113
    *
        Goosehead      Insurance      Inc.   Class   A
                                           570,227         19,582
        United    Fire   Group   Inc.
                                           714,514         19,549
        Ellington      Financial      Inc.
                                          1,573,479          19,464
        Victory     Capital     Holdings     Inc.   Class   A
                                           721,738         19,364
        James   River   Group   Holdings     Ltd.
                                           921,185         19,262
        HarborOne      Bancorp     Inc.
                                          1,369,005          19,029
        Kearny    Financial      Corp.
                                          1,871,083          18,991
    *
        Open   Lending     Corp.   Class   A
                                          2,801,319          18,909
        iStar   Inc.
                                          2,458,453          18,758
        Cambridge      Bancorp
                                           222,172         18,454
        Peapack-Gladstone          Financial      Corp.
                                           493,155         18,355
    *
        Metropolitan       Bank   Holding     Corp.
                                           311,071         18,251
        Great   Southern     Bancorp     Inc.
                                           302,804         18,014
        B.  Riley   Financial      Inc.
                                           521,564         17,837
    *
        MBIA   Inc.
                                          1,382,103          17,760
                                107/544

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        First   Mid  Bancshares      Inc.
                                           544,930         17,481
        BrightSpire       Capital     Inc.   Class   A
                                          2,788,244          17,371
        Horizon     Bancorp     Inc.
                                          1,130,130          17,042
    *
        SiriusPoint       Ltd.
                                          2,875,652          16,966
        Dynex   Capital     Inc.
                                          1,333,660          16,964
                                108/544



















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                                                   市場価格     •
                                             株数     ( 千米ドル     )
        Business     First   Bancshares      Inc.
                                           759,121         16,807
        Camden    National     Corp.
                                           401,070         16,721
    *
        Clearwater      Analytics      Holdings     Inc.   Class   A
                                           881,534         16,529
        Midland     States    Bancorp     Inc.
                                           610,984         16,264
        Diamond     Hill   Investment      Group   Inc.
                                            87,521        16,193
        Flushing     Financial      Corp.
                                           829,310         16,072
        Central     Pacific     Financial      Corp.
                                           784,064         15,901
        Amalgamated       Financial      Corp.
                                           689,657         15,890
        National     Western     Life   Group   Inc.   Class   A
                                            55,873        15,700
    *,1
        Silvergate      Capital     Corp.   Class   A
                                           901,737         15,690
    *,1
        Riot   Blockchain      Inc.
                                          4,579,007          15,523
        Byline    Bancorp     Inc.
                                           644,601         14,806
        Hingham     Institution       For  Savings
                                            53,653        14,806
        HomeStreet      Inc.
                                           535,464         14,768
    *
        AssetMark      Financial      Holdings     Inc.
                                           640,865         14,740
        Bank   of  Marin   Bancorp
                                           446,902         14,694
    *
        Coastal     Financial      Corp.
                                           308,378         14,654
        Mercantile      Bank   Corp.
                                           435,675         14,586
        Equity    Bancshares      Inc.   Class   A
                                           443,588         14,492
    *
        CrossFirst      Bankshares      Inc.
                                          1,158,754          14,380
        Independent       Bank   Corp.
                                           599,260         14,334
        P10  Inc.   Class   A
                                          1,343,205          14,332
        First   Financial      Corp.
                                           303,859         14,002
        Broadmark      Realty    Capital     Inc.
                                          3,923,468          13,968
        CNB  Financial      Corp.
                                           584,803         13,912
        First   Community      Bankshares      Inc.
                                           407,777         13,824
        Arrow   Financial      Corp.
                                           407,363         13,810
    *
        EZCORP    Inc.   Class   A
                                          1,624,375          13,239
        Bar  Harbor    Bankshares
                                           412,183         13,206
    1
        Invesco     Mortgage     Capital     Inc.
                                          1,023,676          13,031
        Capital     City   Bank   Group   Inc.
                                           393,835         12,800
        Farmers     National     Banc   Corp.
                                           895,587         12,646
        Alerus    Financial      Corp.
                                           537,480         12,550
        1st  Source    Corp.
                                           233,785         12,412
        TPG  RE  Finance     Trust   Inc.
                                          1,817,114          12,338
        First   of  Long   Island    Corp.
                                           672,717         12,109
    1
        CBL  & Associates      Properties      Inc.
                                           522,774         12,066
        Metrocity      Bankshares      Inc.
                                           554,638         11,997
    *
        Carter    Bankshares      Inc.
                                           712,025         11,812
        SmartFinancial         Inc.
                                           416,988         11,467
    1
        Orchid    Island    Capital     Inc.
                                          1,081,779          11,359
        NexPoint     Diversified       Real   Estate    Trust
                                          1,006,100          11,278
    *,1
        Marathon     Digital     Holdings     Inc.
                                          3,292,345          11,260
        Mid  Penn   Bancorp     Inc.
                                           374,344         11,219
        Financial      Institutions       Inc.
                                           450,573         10,976
        American     National     Bankshares      Inc.
                                           296,822         10,962
    1
        GCM  Grosvenor      Inc.   Class   A
                                          1,437,229          10,937
        Civista     Bancshares      Inc.
                                           496,781         10,934
    *
        F&G  Annuities      & Life   Inc.
                                           539,190         10,789
                                109/544

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        West   Bancorp     Inc.
                                           414,261         10,584
        Merchants      Bancorp
                                           434,604         10,570
        Republic     Bancorp     Inc.   Class   A
                                           253,793         10,385
    *
        Southern     First   Bancshares      Inc.
                                           226,710         10,372
        Waterstone      Financial      Inc.
                                           600,218         10,348
                                110/544



















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                                                   市場価格     •
                                             株数     ( 千米ドル     )
        Macatawa     Bank   Corp.
                                           925,613         10,210
    *
        Professional       Holding     Corp.   Class   A
                                           367,867         10,205
    *
        Bridgewater       Bancshares      Inc.
                                           573,719         10,178
        HomeTrust      Bancshares      Inc.
                                           419,370         10,136
    *
        Blue   Foundry     Bancorp
                                           782,802         10,059
        Southern     Missouri     Bancorp     Inc.
                                           217,810          9,982
        John   Marshall     Bancorp     Inc.
                                           346,600          9,975
    *
        Oscar   Health    Inc.   Class   A
                                          3,936,237           9,683
        Northrim     Bancorp     Inc.
                                           176,916          9,654
        MidWestOne      Financial      Group   Inc.
                                           297,943          9,460
    1
        ACNB   Corp.
                                           236,741          9,425
    1
        HCI  Group   Inc.
                                           237,701          9,411
        Citizens     & Northern     Corp.
                                           409,413          9,359
        Peoples     Financial      Services     Corp.
                                           179,285          9,294
        RBB  Bancorp
                                           435,114          9,072
        Farmers     & Merchants      Bancorp     Inc.
                                           333,453          9,063
        First   Bancorp     Inc.
                                           302,521          9,057
    *,1
        World   Acceptance      Corp.
                                           137,028          9,036
        Enterprise      Bancorp     Inc.
                                           255,668          9,025
        Tiptree     Inc.   Class   A
                                           651,681          9,019
        Esquire     Financial      Holdings     Inc.
                                           206,705          8,942
        Shore   Bancshares      Inc.
                                           509,859          8,887
        Capstar     Financial      Holdings     Inc.
                                           501,635          8,859
        Universal      Insurance      Holdings     Inc.
                                           826,787          8,756
        Northeast      Bank
                                           206,474          8,693
        Granite     Point   Mortgage     Trust   Inc.
                                          1,592,579           8,536
        Guaranty     Bancshares      Inc.
                                           245,483          8,504
        Sierra    Bancorp
                                           394,292          8,375
        Colony    Bankcorp     Inc.
                                           655,847          8,323
        AFC  Gamma   Inc.
                                           528,841          8,319
        Home   Bancorp     Inc.
                                           205,685          8,234
        Central     Valley    Community      Bancorp
                                           383,357          8,119
        Primis    Financial      Corp.
                                           682,667          8,090
        South   Plains    Financial      Inc.
                                           292,506          8,053
        Five   Star   Bancorp
                                           293,908          8,006
        Codorus     Valley    Bancorp     Inc.
                                           327,515          7,795
        BCB  Bancorp     Inc.
                                           430,285          7,741
        National     Bankshares      Inc.
                                           190,358          7,671
        PCSB   Financial      Corp.
                                           400,428          7,624
    1
        UWM  Holdings     Corp.   Class   A
                                          2,300,429           7,614
        Summit    Financial      Group   Inc.
                                           304,535          7,580
        Northeast      Community      Bancorp     Inc.
                                           503,961          7,519
        First   Business     Financial      Services     Inc.
                                           205,340          7,505
        Donegal     Group   Inc.   Class   A
                                           524,280          7,445
        Chicago     Atlantic     Real   Estate    Finance     Inc.
                                           491,800          7,411
        BayCom    Corp.
                                           386,727          7,340
        Timberland      Bancorp     Inc.
                                           212,824          7,264
        FS  Bancorp     Inc.
                                           214,292          7,166
        Investar     Holding     Corp.
                                           331,586          7,139
                                111/544

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        Orrstown     Financial      Services     Inc.
                                           307,627          7,125
        First   Bank
                                           511,381          7,037
        HBT  Financial      Inc.
                                           349,190          6,834
        Chemung     Financial      Corp.
                                           148,664          6,819
        Oppenheimer       Holdings     Inc.   Class   A
                                           158,975          6,729
                                112/544



















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                                                   市場価格     •
                                             株数     ( 千米ドル     )
        Norwood     Financial      Corp.
                                           199,708          6,678
        MVB  Financial      Corp.
                                           302,098          6,652
    *
        FVCBankcorp       Inc.
                                           348,752          6,651
    *
        Third   Coast   Bancshares      Inc.
                                           358,852          6,614
        Red  River   Bancshares      Inc.
                                           127,746          6,523
    *
        First   Western     Financial      Inc.
                                           230,318          6,483
        MainStreet      Bancshares      Inc.
                                           233,617          6,422
    *
        LendingTree       Inc.
                                           299,471          6,388
    *
        Greenlight      Capital     Re  Ltd.   Class   A
                                           776,574          6,329
        Regional     Management      Corp.
                                           224,220          6,296
        PCB  Bancorp
                                           355,560          6,290
    *
        Ocwen   Financial      Corp.
                                           204,363          6,249
        Community      Financial      Corp.
                                           156,422          6,241
        Ames   National     Corp.
                                           263,155          6,213
    1
        Fidelity     D&D  Bancorp     Inc.
                                           129,702          6,114
    *
        California      Bancorp
                                           254,329          6,048
        LCNB   Corp.
                                           335,831          6,045
    1
        Greene    County    Bancorp     Inc.
                                           105,184          6,040
        Parke   Bancorp     Inc.
                                           290,867          6,033
        First   Internet     Bancorp
                                           247,933          6,020
        William     Penn   Bancorp
                                           489,511          5,933
        Unity   Bancorp     Inc.
                                           216,027          5,904
        Middlefield       Banc   Corp.
                                           214,014          5,864
        C&F  Financial      Corp.
                                            99,227         5,782
        Blue   Ridge   Bankshares      Inc.
                                           462,864          5,781
        Bankwell     Financial      Group   Inc.
                                           195,733          5,760
        Capital     Bancorp     Inc.
                                           244,670          5,760
        Southern     States    Bancshares      Inc.
                                           197,192          5,709
        ChoiceOne      Financial      Services     Inc.
                                           192,470          5,582
        Investors      Title   Co.
                                            37,598         5,548
    *
        Ponce   Financial      Group   Inc.
                                           594,372          5,540
        Plumas    Bancorp
                                           149,103          5,524
    *
        Hagerty     Inc.   Class   A
                                           651,800          5,482
        Territorial       Bancorp     Inc.
                                           226,146          5,430
        Bank   of  Princeton
                                           170,560          5,410
    *,1
        Forge   Global    Holdings     Inc.
                                          3,118,181           5,394
    *
        Kingsway     Financial      Services     Inc.
                                           679,437          5,388
        ESSA   Bancorp     Inc.
                                           257,669          5,378
    *
        Oportun     Financial      Corp.
                                           960,206          5,291
        Partners     Bancorp
                                           596,295          5,283
    *
        Maiden    Holdings     Ltd.
                                          2,459,113           5,189
        Western     New  England     Bancorp     Inc.
                                           541,360          5,121
        Evans   Bancorp     Inc.
                                           135,370          5,061
        Penns   Woods   Bancorp     Inc.
                                           190,029          5,059
        Salisbury      Bancorp     Inc.
                                           159,453          5,007
        Orange    County    Bancorp     Inc.
                                           107,232          4,995
        Medallion      Financial      Corp.
                                           698,986          4,991
        Meridian     Corp.
                                           164,242          4,975
    *,1
        Hippo   Holdings     Inc.
                                           361,460          4,916
                                113/544

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        Great   Ajax   Corp.
                                           672,741          4,877
        Silvercrest       Asset   Management      Group   Inc.   Class   A
                                           249,318          4,680
        First   Community      Corp.
                                           210,458          4,607
        OP  Bancorp
                                           409,054          4,565
    *
        ECB  Bancorp     Inc.
                                           283,246          4,546
                                114/544



















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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *
        Trean   Insurance      Group   Inc.
                                           749,232          4,495
        Peoples     Bancorp     of  North   Carolina     Inc.
                                           137,293          4,470
        Riverview      Bancorp     Inc.
                                           571,750          4,391
    *
        Pioneer     Bancorp     Inc.
                                           382,436          4,360
        Richmond     Mutual    Bancorp     Inc.
                                           330,188          4,296
        Seven   Hills   Realty    Trust
                                           469,696          4,270
        Eagle   Bancorp     Montana     Inc.
                                           257,546          4,162
        FNCB   Bancorp     Inc.
                                           498,310          4,091
    1
        Ellington      Residential       Mortgage     REIT
                                           591,253          4,056
        Sculptor     Capital     Management      Inc.   Class   A
                                           462,486          4,005
        Greenhill      & Co.  Inc.
                                           387,823          3,975
        Crawford     & Co.  Class   B
                                           746,601          3,964
    *
        eHealth     Inc.
                                           816,369          3,951
    1
        First   Guaranty     Bancshares      Inc.
                                           167,977          3,939
    *
        Malvern     Bancorp     Inc.
                                           221,900          3,939
        First   Northwest      Bancorp
                                           246,872          3,792
        HMN  Financial      Inc.
                                           174,893          3,725
        First   United    Corp.
                                           188,849          3,711
        Finward     Bancorp
                                           101,400          3,671
    *
        Sterling     Bancorp     Inc.
                                           590,269          3,595
        Limestone      Bancorp     Inc.
                                           146,744          3,583
        Bank7   Corp.
                                           137,673          3,524
        BankFinancial        Corp.
                                           328,418          3,458
        First   Financial      Northwest      Inc.
                                           230,131          3,447
        Hawthorn     Bancshares      Inc.
                                           157,894          3,437
        Provident      Bancorp     Inc.
                                           470,772          3,427
        Nexpoint     Real   Estate    Finance     Inc.
                                           213,897          3,399
        Luther    Burbank     Corp.
                                           300,288          3,336
        AG  Mortgage     Investment      Trust   Inc.
                                           622,463          3,305
    *,1
        1895   Bancorp     of  Wisconsin      Inc.
                                           327,037          3,283
        SB  Financial      Group   Inc.
                                           195,052          3,269
    1
        Old  Point   Financial      Corp.
                                           119,700          3,227
    *
        NI  Holdings     Inc.
                                           240,510          3,192
    1
        Cherry    Hill   Mortgage     Investment      Corp.
                                           540,434          3,135
        First   Savings     Financial      Group   Inc.
                                           152,355          3,047
    1
        Hanover     Bancorp     Inc.
                                           145,775          2,972
        CB  Financial      Services     Inc.
                                           137,767          2,952
    *,1
        Citizens     Inc.   Class   A
                                          1,357,628           2,892
        Summit    State   Bank
                                           181,477          2,867
        Sachem    Capital     Corp.
                                           868,554          2,866
    *
        Arlington      Asset   Investment      Corp.   Class   A
                                           964,778          2,827
        Westwood     Holdings     Group   Inc.
                                           253,091          2,818
        Federal     Agricultural       Mortgage     Corp.   Class   A
                                            29,131         2,792
    *,1
        BM  Technologies       Inc.
                                           531,936          2,771
    *
        SWK  Holdings     Corp.
                                           156,426          2,759
    *,1
        Guild   Holdings     Co.  Class   A
                                           271,900          2,743
    *
        Heritage     Global    Inc.
                                          1,122,609           2,638
    1
        LINKBANCORP       Inc.
                                           279,587          2,614
        Curo   Group   Holdings     Corp.
                                           735,347          2,610
                                115/544

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    *
        Republic     First   Bancorp     Inc.
                                          1,174,692           2,526
        Provident      Financial      Holdings     Inc.
                                           178,916          2,464
    *,1
        Consumer     Portfolio      Services     Inc.
                                           276,673          2,449
        TC  Bancshares      Inc.
                                           151,263          2,248
    *
        Velocity     Financial      Inc.
                                           225,504          2,176
                                116/544



















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                                                   市場価格     •
                                             株数     ( 千米ドル     )
        Sound   Financial      Bancorp     Inc.
                                            53,437         2,163
    1
        Union   Bankshares      Inc.
                                            92,353         2,162
    *,1
        Rigetti     Computing      Inc.
                                          2,946,700           2,149
    *,1
        Bakkt   Holdings     Inc.
                                          1,805,265           2,148
    *
        Security     National     Financial      Corp.   Class   A
                                           293,859          2,145
    *
        Broadway     Financial      Corp.
                                          2,114,129           2,135
    *,1
        USCB   Financial      Holdings     Inc.
                                           173,225          2,113
        Western     Asset   Mortgage     Capital     Corp.
                                           228,767          2,084
        Associated      Capital     Group   Inc.   Class   A
                                            48,920         2,054
    *
        ACRES   Commercial      Realty    Corp.
                                           245,355          2,027
    *
        Bogota    Financial      Corp.
                                           175,708          1,964
    *,1
        Sunlight     Financial      Holdings     Inc.
                                          1,506,790           1,944
    *
        Catalyst     Bancorp     Inc.
                                           151,200          1,935
    *
        NSTS   Bancorp     Inc.
                                           186,636          1,891
    *,1
        Finance     of  America     Cos.   Inc.   Class   A
                                          1,481,602           1,882
    *
        Finwise     Bancorp
                                           196,982          1,824
    *,1
        Dave   Inc.
                                          6,160,800           1,787
    *
        Doma   Holdings     Inc.
                                          3,765,455           1,705
    *
        Elevate     Credit    Inc.
                                           957,460          1,676
        CF  Bankshares      Inc.
                                            77,960         1,651
        Bayfirst     Financial      Corp.
                                            95,510         1,597
        Heritage     Insurance      Holdings     Inc.
                                           864,537          1,556
    1
        Hennessy     Advisors     Inc.
                                           182,750          1,535
        loanDepot      Inc.   Class   A
                                           927,893          1,531
        IF  Bancorp     Inc.
                                            85,645         1,476
        Auburn    National     Bancorp     Inc.
                                            63,021         1,461
        Lument    Finance     Trust   Inc.
                                           736,731          1,400
        AmeriServ      Financial      Inc.
                                           351,198          1,380
        Manhattan      Bridge    Capital     Inc.
                                           253,648          1,367
    *
        Great   Elm  Group   Inc.
                                           643,568          1,300
    *
        Safeguard      Scientifics       Inc.
                                           417,279          1,294
    *,1
        Root   Inc.   Class   A
                                           270,892          1,216
        US  Global    Investors      Inc.   Class   A
                                           375,986          1,087
    *,1
        GoHealth     Inc.   Class   A
                                           103,498          1,082
    *
        Patriot     National     Bancorp     Inc.
                                           101,605          1,077
    1
        Angel   Oak  Mortgage     Inc.
                                           216,627          1,025
    *
        Affinity     Bancshares      Inc.
                                            62,333          941
    *
        Nicholas     Financial      Inc.
                                           148,305           936
    *
        Ashford     Inc.
                                            63,617          883
    *,1
        OppFi   Inc.
                                           405,300           831
    *
        FFBW   Inc.
                                            70,764          824
    *
        Generations       Bancorp     NY  Inc.
                                            67,225          726
    *,1
        Midwest     Holding     Inc.
                                            54,287          692
        Lake   Shore   Bancorp     Inc.
                                            49,379          596
    *
        Carver    Bancorp     Inc.
                                           133,111           547
    *,1
        MarketWise      Inc.
                                           304,854           512
        Mid-Southern       Bancorp     Inc.
                                            33,699          443
        United    Insurance      Holdings     Corp.
                                           346,040           367
    *
        Biorestorative         Therapies      Inc.
                                           121,046           333
                                117/544

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        Oconee    Federal     Financial      Corp.
                                            13,734          325
    *
        PB  Bankshares      Inc.
                                            22,618          307
        Kentucky     First   Federal     Bancorp
                                            44,526          302
        Village     Bank   & Trust   Financial      Corp.
                                             5,510          299
        Kingstone      Cos.   Inc.
                                           193,591           261
                                118/544



















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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *,1,2
        Palisade     Bio  Inc.   CVR
                                           204,224           196
    *
        OptimumBank       Holdings     Inc.
                                            48,881          195
    *
        Hallmark     Financial      Services     Inc.
                                           308,158           180
    *
        First   Seacoast     Bancorp
                                            18,095          174
    *
        Oxbridge     Re  Holdings     Ltd.
                                           132,133           155
    *
        LM  Funding     America     Inc.
                                           214,624           118
    *
        Texas   Community      Bancshares      Inc.
                                             7,372          113
    *,1
        FG  Financial      Group   Inc.
                                            35,157          100
    *,1
        NeuroOne     Medical     Technologies       Corp.
                                            73,065           88
        Atlantic     American     Corp.
                                            36,081           83
    *
        Reliance     Global    Group   Inc.
                                           109,418           62
    1
        Cincinnati      Bancorp     Inc.
                                             3,324          51
    *
        Siebert     Financial      Corp.
                                            23,651           32
    *
        Vericity     Inc.
                                             2,636          18
    1
        Cohen   & Co.  Inc.
                                              446          4
    *
        CFSB   Bancorp     Inc.
                                              546          4
    *,1,2
        Cogent    Biosciences       Inc.   CVR                                  -
                                           400,874
                                                  135,589,572
    ヘルスケア      (14.8   % )
        UnitedHealth       Group   Inc.
                                          28,415,783        15,065,480
        Johnson     & Johnson
                                          79,515,153        14,046,352
        Eli  Lilly   & Co.
                                          26,009,578         9,515,344
        Pfizer    Inc.
                                         170,728,317          8,748,119
        AbbVie    Inc.
                                          53,784,710         8,692,147
        Merck   & Co.  Inc.
                                          77,112,203         8,555,599
        Thermo    Fisher    Scientific      Inc.
                                          11,928,276         6,568,782
        Abbott    Laboratories
                                          53,029,301         5,822,087
        Danaher     Corp.
                                          19,927,821         5,289,242
        Bristol-Myers        Squibb    Co.
                                          64,669,470         4,652,968
        Amgen   Inc.
                                          16,226,652         4,261,768
        Elevance     Health    Inc.
                                          7,263,234        3,725,821
        Gilead    Sciences     Inc.
                                          38,145,447         3,274,787
        Medtronic      plc
                                          40,458,637         3,144,445
        Cigna   Corp.
                                          9,297,488        3,080,630
    *
        Intuitive      Surgical     Inc.
                                          10,749,250         2,852,314
        Stryker     Corp.
                                          10,360,849         2,533,124
    *
        Vertex    Pharmaceuticals         Inc.
                                          7,807,473        2,254,642
    *
        Regeneron      Pharmaceuticals         Inc.
                                          3,094,021        2,232,305
        Becton    Dickinson      & Co.
                                          8,619,067        2,191,829
    *
        Boston    Scientific      Corp.
                                          43,559,138         2,015,481
        Humana    Inc.
                                          3,849,566        1,971,709
        Zoetis    Inc.   Class   A
                                          12,762,557         1,870,353
    *
        Moderna     Inc.
                                          9,932,159        1,784,014
        HCA  Healthcare      Inc.
                                          6,449,762        1,547,685
    *
        Centene     Corp.
                                          17,222,448         1,412,413
    *
        Edwards     Lifesciences       Corp.
                                          18,809,167         1,403,352
        Agilent     Technologies       Inc.
                                          8,970,368        1,342,416
    *
        Dexcom    Inc.
                                          11,745,487         1,330,059
    *
        Biogen    Inc.
                                          4,379,712        1,212,830
                                119/544

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    *
        IQVIA   Holdings     Inc.
                                          5,647,498        1,157,116
    *
        IDEXX   Laboratories       Inc.
                                          2,519,323        1,027,783
    *
        Illumina     Inc.
                                          4,785,825          967,694
        ResMed    Inc.
                                          4,456,660          927,565
    *
        Alnylam     Pharmaceuticals         Inc.
                                          3,743,830          889,721
                                120/544



















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                                                   市場価格     •
                                             株数     ( 千米ドル     )
        Zimmer    Biomet    Holdings     Inc.
                                          6,381,776          813,676
    *
        Horizon     Therapeutics       plc
                                          6,893,035          784,427
        Baxter    International        Inc.
                                          15,342,053          781,984
    *
        Veeva   Systems     Inc.   Class   A
                                          4,273,209          689,610
        Laboratory      Corp.   of  America     Holdings
                                          2,694,389          634,475
    *
        Insulet     Corp.
                                          2,112,710          621,961
        Cardinal     Health    Inc.
                                          7,962,622          612,087
    *
        Molina    Healthcare      Inc.
                                          1,775,735          586,383
    *
        BioMarin     Pharmaceutical         Inc.
                                          5,648,372          584,550
        STERIS    plc
                                          3,038,531          561,186
    *
        Hologic     Inc.
                                          7,477,778          559,413
    *
        Seagen    Inc.
                                          4,237,243          544,528
        Quest   Diagnostics       Inc.
                                          3,460,879          541,420
        PerkinElmer       Inc.
                                          3,844,726          539,108
        West   Pharmaceutical         Services     Inc.
                                          2,250,237          529,593
        Cooper    Cos.   Inc.
                                          1,500,512          496,174
    *
        Align   Technology      Inc.
                                          2,255,883          475,766
    *
        Incyte    Corp.
                                          5,749,995          461,840
        Royalty     Pharma    plc  Class   A
                                          11,401,079          450,571
    *
        Avantor     Inc.
                                          19,502,276          411,303
        Viatris     Inc.
                                          36,903,458          410,736
        Bio-Techne      Corp.
                                          4,771,662          395,475
    *
        United    Therapeutics       Corp.
                                          1,386,283          385,511
        Teleflex     Inc.
                                          1,427,266          356,288
    *
        Neurocrine      Biosciences       Inc.
                                          2,926,666          349,561
    *
        Charles     River   Laboratories       International        Inc.
                                          1,546,417          336,964
    *
        Henry   Schein    Inc.
                                          4,124,341          329,411
    *
        Sarepta     Therapeutics       Inc.
                                          2,538,178          328,897
    *
        Jazz   Pharmaceuticals         plc
                                          1,819,163          289,811
    *
        Repligen     Corp.
                                          1,687,930          285,783
    *
        Bio-Rad     Laboratories       Inc.   Class   A
                                           641,825        269,881
    *
        Exact   Sciences     Corp.
                                          5,409,124          267,806
        Universal      Health    Services     Inc.   Class   B
                                          1,853,760          261,176
    *
        Penumbra     Inc.
                                          1,096,066          243,831
    *
        Catalent     Inc.
                                          5,207,680          234,398
    *
        Novocure     Ltd.
                                          3,187,723          233,820
    *
        Halozyme     Therapeutics       Inc.
                                          4,107,739          233,730
        Chemed    Corp.
                                           451,874        230,650
    *
        Acadia    Healthcare      Co.  Inc.
                                          2,764,127          227,543
    *
        Shockwave      Medical     Inc.
                                          1,099,027          225,971
    *
        Masimo    Corp.
                                          1,519,029          224,740
    *
        Inspire     Medical     Systems     Inc.
                                           880,085        221,676
        Organon     & Co.
                                          7,732,294          215,963
        Bruker    Corp.
                                          3,138,805          214,537
        DENTSPLY     SIRONA    Inc.
                                          6,550,242          208,560
        Encompass      Health    Corp.
                                          3,026,887          181,038
    *
        Elanco    Animal    Health    Inc.
                                          14,457,656          176,673
    *
        Globus    Medical     Inc.   Class   A
                                          2,358,288          175,150
    *
        Envista     Holdings     Corp.
                                          4,950,104          166,670
                                121/544

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    *
        Karuna    Therapeutics       Inc.
                                           839,916        165,044
    *
        Tenet   Healthcare      Corp.
                                          3,291,327          160,584
    *
        HealthEquity       Inc.
                                          2,574,770          158,709
    *
        Exelixis     Inc.
                                          9,844,888          157,912
    *
        Ionis   Pharmaceuticals         Inc.
                                          4,123,619          155,749
                                122/544



















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                                                   市場価格     •
                                             株数     ( 千米ドル     )
        Ensign    Group   Inc.
                                          1,604,049          151,759
    *
        Medpace     Holdings     Inc.
                                           707,299        150,237
    *
        Apellis     Pharmaceuticals         Inc.
                                          2,853,130          147,535
    *
        LHC  Group   Inc.
                                           892,848        144,365
    *
        Option    Care   Health    Inc.
                                          4,713,574          141,831
        Perrigo     Co.  plc
                                          4,088,690          139,383
    *
        Intra-Cellular         Therapies      Inc.
                                          2,590,508          137,090
    *
        Azenta    Inc.
                                          2,275,885          132,502
    *
        Alkermes     plc
                                          5,008,697          130,877
    *
        QuidelOrtho       Corp.
                                          1,505,204          128,951
    *
        Natera    Inc.
                                          3,155,165          126,743
        Premier     Inc.   Class   A
                                          3,618,402          126,572
    *
        Cytokinetics       Inc.
                                          2,728,906          125,038
    *
        Arrowhead      Pharmaceuticals         Inc.
                                          3,055,993          123,951
    *
        Merit   Medical     Systems     Inc.
                                          1,725,090          121,826
    *
        Haemonetics       Corp.
                                          1,548,506          121,790
    *
        Integra     LifeSciences       Holdings     Corp.
                                          2,168,260          121,574
    *
        Prometheus      Biosciences       Inc.
                                          1,060,660          116,673
    *
        Syneos    Health    Inc.
                                          3,120,064          114,444
    *
        DaVita    Inc.
                                          1,520,050          113,502
    *
        Madrigal     Pharmaceuticals         Inc.
                                           390,270        113,276
    *
        ICU  Medical     Inc.
                                           691,543        108,904
    *
        Lantheus     Holdings     Inc.
                                          2,089,822          106,497
    *
        Teladoc     Health    Inc.
                                          4,462,216          105,531
    *
        Vaxcyte     Inc.
                                          2,174,250          104,255
    *
        Amicus    Therapeutics       Inc.
                                          8,522,463          104,059
    *
        agilon    health    Inc.
                                          6,291,482          101,545
    *
        10X  Genomics     Inc.   Class   A
                                          2,754,526          100,375
    *
        Doximity     Inc.   Class   A
                                          2,936,329          98,543
    *
        Prestige     Consumer     Healthcare      Inc.
                                          1,515,823          94,891
    *
        Axonics     Inc.
                                          1,513,435          94,635
    *
        Ultragenyx      Pharmaceutical         Inc.
                                          2,025,106          93,823
    *
        1Life   Healthcare      Inc.
                                          5,580,123          93,244
    *
        Tandem    Diabetes     Care   Inc.
                                          1,958,242          88,023
    *
        Oak  Street    Health    Inc.
                                          4,071,745          87,583
    *
        Denali    Therapeutics       Inc.
                                          3,139,302          87,304
    *
        IVERIC    bio  Inc.
                                          4,060,026          86,925
    *
        Intellia     Therapeutics       Inc.
                                          2,453,538          85,604
    *
        PTC  Therapeutics       Inc.
                                          2,182,071          83,290
    *
        Inari   Medical     Inc.
                                          1,298,597          82,539
        CONMED    Corp.
                                           931,087         82,532
    *
        Amedisys     Inc.
                                           984,374         82,235
    *
        Insmed    Inc.
                                          4,113,502          82,188
    *
        iRhythm     Technologies       Inc.
                                           872,382         81,716
    *,1
        Axsome    Therapeutics       Inc.
                                          1,056,977          81,525
    *
        Guardant     Health    Inc.
                                          2,945,329          80,113
    *
        Blueprint      Medicines      Corp.
                                          1,821,967          79,820
    *
        Beam   Therapeutics       Inc.
                                          2,025,500          79,217
    *
        Evolent     Health    Inc.   Class   A
                                          2,781,234          78,097
                                123/544

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    *
        Vir  Biotechnology        Inc.
                                          3,036,900          76,864
        Select    Medical     Holdings     Corp.
                                          3,078,278          76,434
    *
        Enovis    Corp.
                                          1,404,607          75,175
        Patterson      Cos.   Inc.
                                          2,676,814          75,031
    *
        Akero   Therapeutics       Inc.
                                          1,359,624          74,507
                                124/544



















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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *
        Neogen    Corp.
                                          4,790,433          72,958
    *
        Mirati    Therapeutics       Inc.
                                          1,597,297          72,374
    *
        STAAR   Surgical     Co.
                                          1,461,345          70,934
    *
        Progyny     Inc.
                                          2,272,416          70,786
    *
        Integer     Holdings     Corp.
                                          1,012,842          69,339
    *
        Omnicell     Inc.
                                          1,356,587          68,399
    *
        NuVasive     Inc.
                                          1,578,063          65,079
    *
        BioCryst     Pharmaceuticals         Inc.
                                          5,651,958          64,884
    *
        Celldex     Therapeutics       Inc.
                                          1,434,388          63,931
    *
        Signify     Health    Inc.   Class   A
                                          2,158,525          61,863
    *
        Glaukos     Corp.
                                          1,377,745          60,180
    *
        Cerevel     Therapeutics       Holdings     Inc.
                                          1,905,773          60,108
    *
        AtriCure     Inc.
                                          1,349,439          59,888
    *,1
        Ginkgo    Bioworks     Holdings     Inc.   Class   A
                                          35,303,793           59,663
    *
        REVOLUTION      Medicines      Inc.
                                          2,487,653          59,256
    *
        ACADIA    Pharmaceuticals         Inc.
                                          3,719,591          59,216
    *
        Sage   Therapeutics       Inc.
                                          1,551,751          59,184
    *
        Certara     Inc.
                                          3,675,092          59,059
    *
        Silk   Road   Medical     Inc.
                                          1,095,550          57,900
    *
        TransMedics       Group   Inc.
                                           925,736         57,136
    *
        Corcept     Therapeutics       Inc.
                                          2,787,567          56,616
    *
        Catalyst     Pharmaceuticals         Inc.
                                          3,020,411          56,180
    *
        Amylyx    Pharmaceuticals         Inc.
                                          1,506,333          55,659
    *
        Supernus     Pharmaceuticals         Inc.
                                          1,555,942          55,500
    *
        Krystal     Biotech     Inc.
                                           684,424         54,220
    *
        Relay   Therapeutics       Inc.
                                          3,540,393          52,893
    *
        Veracyte     Inc.
                                          2,187,978          51,921
    *
        Surgery     Partners     Inc.
                                          1,850,820          51,564
    *
        Pacira    BioSciences       Inc.
                                          1,320,139          50,971
    *
        Pacific     Biosciences       of  California      Inc.
                                          6,173,678          50,501
    *
        Rhythm    Pharmaceuticals         Inc.
                                          1,719,237          50,064
    *
        Harmony     Biosciences       Holdings     Inc.
                                           906,037         49,923
    *
        Ironwood     Pharmaceuticals         Inc.   Class   A
                                          3,969,615          49,184
    *
        Syndax    Pharmaceuticals         Inc.
                                          1,926,725          49,035
    *
        Phreesia     Inc.
                                          1,514,768          49,018
    *
        Xencor    Inc.
                                          1,872,695          48,765
    *
        Addus   HomeCare     Corp.
                                           486,397         48,392
    *
        Maravai     LifeSciences       Holdings     Inc.   Class   A
                                          3,378,339          48,344
    *
        Agios   Pharmaceuticals         Inc.
                                          1,708,008          47,961
    *
        Arvinas     Inc.
                                          1,396,926          47,789
    *
        TG  Therapeutics       Inc.
                                          3,965,159          46,908
    *
        Revance     Therapeutics       Inc.
                                          2,492,680          46,015
    *,1
        PROCEPT     BioRobotics       Corp.
                                          1,094,681          45,473
    *
        Chinook     Therapeutics       Inc.
                                          1,709,444          44,787
    *
        Avidity     Biosciences       Inc.
                                          2,014,502          44,702
        Embecta     Corp.
                                          1,753,507          44,346
    *
        Meridian     Bioscience      Inc.
                                          1,326,187          44,043
    *
        AdaptHealth       Corp.   Class   A
                                          2,267,917          43,589
    *
        Owens   & Minor   Inc.
                                          2,187,613          42,724
                                125/544

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    *
        Travere     Therapeutics       Inc.
                                          1,975,007          41,534
    *
        FibroGen     Inc.
                                          2,558,266          40,983
    *
        Nevro   Corp.
                                          1,025,242          40,600
    *
        MannKind     Corp.
                                          7,586,771          39,982
    *
        Twist   Bioscience      Corp.
                                          1,667,735          39,709
                                126/544



















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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *
        Privia    Health    Group   Inc.
                                          1,728,903          39,263
    *
        Dynavax     Technologies       Corp.
                                          3,686,504          39,224
    *
        CorVel    Corp.
                                           269,513         39,168
    *
        Avanos    Medical     Inc.
                                          1,437,070          38,887
    *
        SpringWorks       Therapeutics       Inc.
                                          1,459,000          37,949
    *
        Outset    Medical     Inc.
                                          1,468,445          37,915
    *
        Vericel     Corp.
                                          1,428,955          37,639
    *,1
        Cassava     Sciences     Inc.
                                          1,233,334          36,433
    *
        Replimune      Group   Inc.
                                          1,335,904          36,337
    *
        Pediatrix      Medical     Group   Inc.
                                          2,426,012          36,051
    *
        Apollo    Medical     Holdings     Inc.
                                          1,197,565          35,436
    *
        R1  RCM  Inc.
                                          3,193,070          34,964
    *,1
        DICE   Therapeutics       Inc.
                                          1,112,917          34,723
    *
        ModivCare      Inc.
                                           386,099         34,645
    *
        Viridian     Therapeutics       Inc.
                                          1,181,587          34,514
    *
        Myriad    Genetics     Inc.
                                          2,332,306          33,842
    *
        NeoGenomics       Inc.
                                          3,640,498          33,638
    *,1
        Warby   Parker    Inc.   Class   A
                                          2,461,174          33,201
    *
        ImmunoGen      Inc.
                                          6,685,222          33,159
    *
        Ligand    Pharmaceuticals         Inc.
                                           496,070         33,137
    *
        Rocket    Pharmaceuticals         Inc.
                                          1,677,825          32,835
    *,1
        Day  One  Biopharmaceuticals           Inc.
                                          1,482,586          31,905
        US  Physical     Therapy     Inc.
                                           390,135         31,613
    *
        Amphastar      Pharmaceuticals         Inc.
                                          1,120,042          31,384
    *
        Reata   Pharmaceuticals         Inc.   Class   A
                                           822,629         31,252
    *
        NextGen     Healthcare      Inc.
                                          1,618,246          30,391
    *
        Alignment      Healthcare      Inc.
                                          2,571,193          30,237
    *
        Kymera    Therapeutics       Inc.
                                          1,197,647          29,893
    *
        Adaptive     Biotechnologies         Corp.
                                          3,882,344          29,661
    *
        Keros   Therapeutics       Inc.
                                           612,068         29,392
    *
        Arcus   Biosciences       Inc.
                                          1,419,782          29,361
    *
        Iovance     Biotherapeutics         Inc.
                                          4,582,219          29,280
    *
        Ventyx    Biosciences       Inc.
                                           868,284         28,471
    *
        Immunovant      Inc.
                                          1,594,573          28,304
    *
        Aclaris     Therapeutics       Inc.
                                          1,786,979          28,145
    *
        Geron   Corp.
                                          11,611,470           28,100
    *
        Enanta    Pharmaceuticals         Inc.
                                           588,655         27,384
    *
        Arcellx     Inc.
                                           877,147         27,174
        LeMaitre     Vascular     Inc.
                                           587,008         27,014
    *,1
        Provention      Bio  Inc.
                                          2,553,871          26,994
    *
        RadNet    Inc.
                                          1,415,800          26,660
    *,1
        Altimmune      Inc.
                                          1,617,739          26,612
        Healthcare      Services     Group   Inc.
                                          2,212,503          26,550
    *
        REGENXBIO      Inc.
                                          1,167,740          26,484
    *,1
        Novavax     Inc.
                                          2,572,931          26,450
    *
        Ideaya    Biosciences       Inc.
                                          1,438,344          26,135
    *
        Fate   Therapeutics       Inc.
                                          2,562,686          25,858
    *
        Zentalis     Pharmaceuticals         Inc.
                                          1,282,651          25,833
    *
        Avid   Bioservices       Inc.
                                          1,873,520          25,798
                                127/544

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    *
        Imago   Biosciences       Inc.
                                           714,290         25,679
    *
        Innoviva     Inc.
                                          1,926,684          25,529
    *
        Sotera    Health    Co.
                                          3,012,420          25,093
    *
        Nuvalent     Inc.   Class   A
                                           838,651         24,975
    *
        Inhibrx     Inc.
                                          1,008,455          24,848
                                128/544



















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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *
        Morphic     Holding     Inc.
                                           928,813         24,846
    *
        Crinetics      Pharmaceuticals         Inc.
                                          1,351,469          24,732
    *
        Cytek   Biosciences       Inc.
                                          2,421,555          24,724
    *
        Treace    Medical     Concepts     Inc.
                                          1,063,312          24,446
    *
        Kura   Oncology     Inc.
                                          1,969,608          24,443
        National     HealthCare      Corp.
                                           410,079         24,400
    *
        Pliant    Therapeutics       Inc.
                                          1,256,914          24,296
    *
        ADMA   Biologics      Inc.
                                          6,244,828          24,230
    *
        Cutera    Inc.
                                           543,164         24,019
    *
        Recursion      Pharmaceuticals         Inc.   Class   A
                                          3,109,298          23,973
    *
        Bridgebio      Pharma    Inc.
                                          3,145,370          23,968
    *
        UFP  Technologies       Inc.
                                           203,088         23,942
    *
        Varex   Imaging     Corp.
                                          1,173,432          23,821
    *
        Alphatec     Holdings     Inc.
                                          1,913,581          23,633
    *
        Deciphera      Pharmaceuticals         Inc.
                                          1,439,564          23,594
    *
        Verve   Therapeutics       Inc.
                                          1,210,541          23,424
    *
        Cogent    Biosciences       Inc.
                                          2,026,040          23,421
    *
        Hims   & Hers   Health    Inc.
                                          3,571,326          22,892
    *
        Arcutis     Biotherapeutics         Inc.
                                          1,539,117          22,779
    *
        ViewRay     Inc.
                                          5,066,099          22,696
        Atrion    Corp.
                                            39,886        22,314
    *,1
        EQRx   Inc.
                                          8,997,500          22,134
    *
        Collegium      Pharmaceutical         Inc.
                                           934,245         21,675
    *
        Agenus    Inc.
                                          8,886,270          21,327
    *
        BioLife     Solutions      Inc.
                                          1,153,686          20,997
    *,1
        Anavex    Life   Sciences     Corp.
                                          2,266,872          20,991
    *
        Viking    Therapeutics       Inc.
                                          2,231,261          20,974
    *
        CTI  BioPharma      Corp.
                                          3,484,904          20,944
        National     Research     Corp.
                                           545,986         20,365
    *
        Enhabit     Inc.
                                          1,501,468          19,759
    *
        American     Well   Corp.   Class   A
                                          6,917,282          19,576
    *
        Castle    Biosciences       Inc.
                                           819,406         19,289
    *
        Heska   Corp.
                                           309,784         19,256
    *
        Editas    Medicine     Inc.   Class   A
                                          2,161,413          19,172
    *,1
        Theravance      Biopharma      Inc.
                                          1,701,393          19,090
    *
        Alector     Inc.
                                          2,043,595          18,862
    *
        Cerus   Corp.
                                          5,068,933          18,502
    *
        Bluebird     Bio  Inc.
                                          2,663,630          18,432
    *,1
        23andMe     Holding     Co.
                                          8,501,758          18,364
    *
        CareDx    Inc.
                                          1,607,708          18,344
    *
        Coherus     Biosciences       Inc.
                                          2,298,127          18,201
    *,1
        Point   Biopharma      Global    Inc.
                                          2,479,082          18,073
    *
        HealthStream       Inc.
                                           721,873         17,931
    *
        Fulgent     Genetics     Inc.
                                           586,434         17,464
    *
        OrthoPediatrics         Corp.
                                           436,239         17,332
    *
        Health    Catalyst     Inc.
                                          1,626,169          17,286
    *
        RAPT   Therapeutics       Inc.
                                           869,450         17,215
    *
        Community      Health    Systems     Inc.
                                          3,983,855          17,210
    *
        AnaptysBio      Inc.
                                           544,680         16,880
                                129/544

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    *
        Accolade     Inc.
                                          2,117,310          16,494
    *,1
        Agiliti     Inc.
                                          1,009,959          16,472
    *
        4D  Molecular      Therapeutics       Inc.
                                           733,244         16,285
    *
        Paragon     28  Inc.
                                           849,890         16,241
    *
        Emergent     BioSolutions       Inc.
                                          1,352,002          15,967
                                130/544



















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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *
        OPKO   Health    Inc.
                                          12,728,537           15,911
    *
        Seres   Therapeutics       Inc.
                                          2,835,302          15,878
    *
        Cardiovascular         Systems     Inc.
                                          1,154,654          15,726
    *
        ANI  Pharmaceuticals         Inc.
                                           389,590         15,673
    *
        AVEO   Pharmaceuticals         Inc.
                                          1,039,472          15,540
    *
        DocGo   Inc.
                                          2,195,997          15,526
    *
        Mersana     Therapeutics       Inc.
                                          2,637,451          15,455
    *
        AngioDynamics        Inc.
                                          1,113,842          15,338
    *
        MaxCyte     Inc.
                                          2,801,647          15,297
    *
        Allakos     Inc.
                                          1,814,261          15,276
    *
        Protagonist       Therapeutics       Inc.
                                          1,393,645          15,205
    *
        Mirum   Pharmaceuticals         Inc.
                                           777,288         15,157
    *
        Cymabay     Therapeutics       Inc.
                                          2,398,201          15,037
    *,1
        Zymeworks      Inc.
                                          1,911,300          15,023
    *
        Ardelyx     Inc.
                                          5,265,872          15,008
    *
        iTeos   Therapeutics       Inc.
                                           750,688         14,661
    *
        Brookdale      Senior    Living    Inc.
                                          5,329,226          14,549
    *
        Cara   Therapeutics       Inc.
                                          1,354,313          14,545
    *
        Quanterix      Corp.
                                          1,026,087          14,211
    *,1
        Sharecare      Inc.
                                          8,867,300          14,188
    *
        Lyell   Immunopharma       Inc.
                                          4,077,466          14,149
    *,1
        89bio   Inc.
                                          1,102,700          14,037
    *
        Intercept      Pharmaceuticals         Inc.
                                          1,123,441          13,897
    *,1
        Invitae     Corp.
                                          7,454,414          13,865
    *,1
        Bioxcel     Therapeutics       Inc.
                                           645,295         13,861
    *
        Sorrento     Therapeutics       Inc.
                                          15,624,325           13,843
    *,1
        Esperion     Therapeutics       Inc.
                                          2,216,547          13,809
    *
        Sutro   Biopharma      Inc.
                                          1,708,596          13,805
    *,1
        Allogene     Therapeutics       Inc.
                                          2,181,839          13,724
    *
        Artivion     Inc.
                                          1,123,317          13,615
    *
        Kiniksa     Pharmaceuticals         Ltd.   Class   A
                                           893,713         13,388
    *,1
        Senseonics      Holdings     Inc.
                                          12,947,685           13,336
    *
        Nurix   Therapeutics       Inc.
                                          1,214,146          13,331
    *
        Surmodics      Inc.
                                           388,090         13,242
    *
        Kezar   Life   Sciences     Inc.
                                          1,877,555          13,218
    *
        Nektar    Therapeutics       Class   A
                                          5,846,571          13,213
    *
        Sangamo     Therapeutics       Inc.
                                          4,164,900          13,078
    *,1
        Bionano     Genomics     Inc.
                                          8,898,523          12,992
    *
        Anika   Therapeutics       Inc.
                                           438,739         12,987
    *
        Inovio    Pharmaceuticals         Inc.
                                          8,260,428          12,886
    *
        Albireo     Pharma    Inc.
                                           593,770         12,831
    *
        Inogen    Inc.
                                           642,617         12,666
    *
        MacroGenics       Inc.
                                          1,875,612          12,585
    *
        Dyne   Therapeutics       Inc.
                                          1,079,732          12,514
    *
        Tango   Therapeutics       Inc.
                                          1,700,696          12,330
    *
        Arcturus     Therapeutics       Holdings     Inc.
                                           716,967         12,160
    *,1
        ImmunityBio       Inc.
                                          2,397,295          12,154
    *
        SI-BONE     Inc.
                                           885,948         12,049
    *
        Multiplan      Corp.
                                          10,447,112           12,014
                                131/544

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    *,1
        Sana   Biotechnology        Inc.
                                          2,968,610          11,726
    *
        Vanda   Pharmaceuticals         Inc.
                                          1,581,120          11,684
    *
        Aldeyra     Therapeutics       Inc.
                                          1,678,186          11,680
    *,1
        Harrow    Health    Inc.
                                           783,528         11,565
    *
        Scholar     Rock   Holding     Corp.
                                          1,264,195          11,441
                                132/544



















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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *,1
        LifeStance      Health    Group   Inc.
                                          2,276,264          11,245
    *
        NanoString      Technologies       Inc.
                                          1,409,732          11,236
    *
        Orthofix     Medical     Inc.
                                           547,257         11,235
    *
        Computer     Programs     & Systems     Inc.
                                           407,736         11,099
    *,1
        Compass     Therapeutics       Inc.
                                          2,187,972          11,006
    *
        Tarsus    Pharmaceuticals         Inc.
                                           748,349         10,971
    *
        GoodRx    Holdings     Inc.   Class   A
                                          2,333,432          10,874
    *
        Atea   Pharmaceuticals         Inc.
                                          2,253,893          10,841
    *
        BioAtla     Inc.
                                          1,302,896          10,749
    *
        Edgewise     Therapeutics       Inc.
                                          1,189,398          10,633
    *
        Sight   Sciences     Inc.
                                           863,824         10,547
    *
        SomaLogic      Inc.
                                          4,157,015          10,434
    *
        OraSure     Technologies       Inc.
                                          2,157,546          10,399
    *
        2seventy     bio  Inc.
                                          1,108,531          10,387
    *
        PMV  Pharmaceuticals         Inc.
                                          1,192,114          10,371
    1
        Zynex   Inc.
                                           732,906         10,195
    *,1
        PDS  Biotechnology        Corp.
                                           754,695          9,962
    *
        Axogen    Inc.
                                           990,595          9,886
    *
        Liquidia     Corp.
                                          1,531,173           9,754
        Utah   Medical     Products     Inc.
                                            96,930         9,744
    *
        Cullinan     Oncology     Inc.
                                           922,529          9,733
    *,1
        ARS  Pharmaceuticals         Inc.
                                          1,134,600           9,678
    *
        CareMax     Inc.
                                          2,648,343           9,666
    *
        SeaSpine     Holdings     Corp.
                                          1,143,457           9,548
    *
        Apollo    Endosurgery       Inc.
                                           948,117          9,453
    *
        MiMedx    Group   Inc.
                                          3,362,582           9,348
    *
        Caribou     Biosciences       Inc.
                                          1,479,875           9,294
    *
        Eagle   Pharmaceuticals         Inc.
                                           314,910          9,205
    *,1
        Clover    Health    Investments       Corp.   Class   A
                                          9,752,612           9,065
    *,1
        Butterfly      Network     Inc.
                                          3,615,330           8,894
    *
        Atara   Biotherapeutics         Inc.
                                          2,710,236           8,890
    *
        Adicet    Bio  Inc.
                                           983,730          8,795
        SIGA   Technologies       Inc.
                                          1,189,862           8,757
    *
        Fulcrum     Therapeutics       Inc.
                                          1,199,920           8,735
    *
        Seer   Inc.   Class   A
                                          1,499,055           8,695
    *
        OmniAb    Inc.
                                          2,406,909           8,665
    *
        Codexis     Inc.
                                          1,820,160           8,482
    *,1
        Ocugen    Inc.
                                          6,504,099           8,455
    *
        Heron   Therapeutics       Inc.
                                          3,357,971           8,395
    *,1
        Aerovate     Therapeutics       Inc.
                                           284,834          8,346
    *
        Pennant     Group   Inc.
                                           758,088          8,324
    *
        Evolus    Inc.
                                          1,102,093           8,277
    *
        Terns   Pharmaceuticals         Inc.
                                           800,066          8,145
    *,1
        Entrada     Therapeutics       Inc.
                                           600,633          8,121
    *
        Actinium     Pharmaceuticals         Inc.
                                           760,573          8,100
    *
        Nuvation     Bio  Inc.
                                          4,178,976           8,024
    *
        PetIQ   Inc.   Class   A
                                           867,296          7,996
    *
        Poseida     Therapeutics       Inc.   Class   A
                                          1,506,603           7,985
    *
        Amneal    Pharmaceuticals         Inc.
                                          3,989,978           7,940
                                133/544

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    *,1
        Vera   Therapeutics       Inc.   Class   A
                                           409,785          7,929
    *,1
        Erasca    Inc.
                                          1,830,279           7,889
    *
        Tactile     Systems     Technology      Inc.
                                           686,887          7,885
    *
        Zimvie    Inc.
                                           838,745          7,834
    *
        Rigel   Pharmaceuticals         Inc.
                                          5,156,463           7,735
                                134/544



















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                                                   市場価格     •
                                             株数     ( 千米ドル     )
        Phibro    Animal    Health    Corp.   Class   A
                                           574,011          7,698
    *
        Arbutus     Biopharma      Corp.
                                          3,300,543           7,690
    *
        Pulmonx     Corp.
                                           892,990          7,528
    *
        Gritstone      bio  Inc.
                                          2,168,030           7,480
    *
        Karyopharm      Therapeutics       Inc.
                                          2,183,595           7,424
    *,1
        CinCor    Pharma    Inc.
                                           603,738          7,420
    *
        C4  Therapeutics       Inc.
                                          1,244,099           7,340
    *
        OptimizeRx      Corp.
                                           430,224          7,228
    *
        Concert     Pharmaceuticals         Inc.
                                          1,222,223           7,138
    *
        G1  Therapeutics       Inc.
                                          1,295,502           7,035
    *
        Cano   Health    Inc.
                                          5,128,280           7,026
    *
        Kodiak    Sciences     Inc.
                                           980,492          7,020
    *
        Viemed    Healthcare      Inc.
                                           907,059          6,857
    *
        Phathom     Pharmaceuticals         Inc.
                                           608,134          6,823
    *,1
        Vigil   Neuroscience       Inc.
                                           531,740          6,647
    *
        Astria    Therapeutics       Inc.
                                           445,544          6,634
    *,1
        Vor  BioPharma      Inc.
                                           990,141          6,584
    *
        Allovir     Inc.
                                          1,272,621           6,529
    *
        Ocular    Therapeutix       Inc.
                                          2,307,462           6,484
    *,1
        HilleVax     Inc.
                                           385,505          6,450
    *
        NGM  Biopharmaceuticals           Inc.
                                          1,269,403           6,372
    *
        Tela   Bio  Inc.
                                           544,647          6,263
    *,1
        Alpine    Immune    Sciences     Inc.
                                           851,829          6,261
    *,1
        Assertio     Holdings     Inc.
                                          1,450,548           6,237
    *,1
        ORIC   Pharmaceuticals         Inc.
                                          1,058,147           6,233
    *
        ALX  Oncology     Holdings     Inc.
                                           544,979          6,142
    *,1
        ClearPoint      Neuro   Inc.
                                           725,080          6,141
    *
        RxSight     Inc.
                                           468,338          5,934
    *,1
        Monte   Rosa   Therapeutics       Inc.
                                           776,911          5,912
    *
        Voyager     Therapeutics       Inc.
                                           965,356          5,889
    *
        CVRx   Inc.
                                           316,816          5,814
    *,1
        Marinus     Pharmaceuticals         Inc.
                                          1,455,215           5,792
        iRadimed     Corp.
                                           204,005          5,771
    *
        Accuray     Inc.
                                          2,748,522           5,744
    *
        Aadi   Bioscience      Inc.
                                           445,926          5,721
    *
        Aura   Biosciences       Inc.
                                           543,093          5,702
    *
        Stoke   Therapeutics       Inc.
                                           615,840          5,684
    *
        Y-mAbs    Therapeutics       Inc.
                                          1,159,178           5,657
    *,1
        IGM  Biosciences       Inc.
                                           331,533          5,639
    *,1
        Cabaletta      Bio  Inc.
                                           601,842          5,567
    *,1
        908  Devices     Inc.
                                           727,330          5,542
    *
        Akoya   Biosciences       Inc.
                                           577,915          5,531
    *
        Berkeley     Lights    Inc.
                                          2,057,763           5,515
    *,1
        Zomedica     Corp.
                                          33,520,591           5,464
    *,1
        Xeris   Biopharma      Holdings     Inc.
                                          4,106,991           5,462
    *,1
        Quantum-Si      Inc.
                                          2,938,592           5,378
    *,1
        Prime   Medicine     Inc.
                                           287,205          5,336
    *
        Generation      Bio  Co.
                                          1,356,025           5,329
    *
        Semler    Scientific      Inc.
                                           160,229          5,288
                                135/544

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    *,1
        Gossamer     Bio  Inc.
                                          2,417,239           5,245
    *
        Lexicon     Pharmaceuticals         Inc.
                                          2,717,874           5,191
    *,1
        Cue  Health    Inc.
                                          2,505,948           5,187
    *
        InfuSystem      Holdings     Inc.
                                           596,955          5,182
    *,1
        scPharmaceuticals          Inc.
                                           718,034          5,148
                                136/544



















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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *
        Organogenesis        Holdings     Inc.   Class   A
                                          1,884,061           5,068
    *
        Savara    Inc.
                                          3,255,385           5,046
    *,1
        CorMedix     Inc.
                                          1,193,591           5,037
    *
        Avita   Medical     Inc.
                                           755,807          4,988
    *
        Chimerix     Inc.
                                          2,670,560           4,967
    *
        KalVista     Pharmaceuticals         Inc.
                                           733,821          4,961
    *
        Neuronetics       Inc.
                                           718,657          4,937
    *
        Janux   Therapeutics       Inc.
                                           374,211          4,928
    *
        Joint   Corp.
                                           352,141          4,923
    *
        Beyond    Air  Inc.
                                           749,067          4,861
    *
        Biomea    Fusion    Inc.
                                           575,055          4,848
    *
        Puma   Biotechnology        Inc.
                                          1,141,707           4,829
    *,1
        Lineage     Cell   Therapeutics       Inc.
                                          4,125,846           4,827
    *
        Frequency      Therapeutics       Inc.
                                          1,246,700           4,800
    *
        Nkarta    Inc.
                                           793,900          4,755
    *,1
        Annexon     Inc.
                                           915,149          4,731
    *,1
        Innovage     Holding     Corp.
                                           630,750          4,529
    *,1
        Bright    Health    Group   Inc.
                                          6,885,777           4,475
    *,1
        AN2  Therapeutics       Inc.
                                           466,278          4,444
    *
        Precigen     Inc.
                                          2,901,233           4,410
    *,1
        Greenwich      Lifesciences       Inc.
                                           282,263          4,290
    *,1
        Optinose     Inc.
                                          2,317,428           4,287
    *
        GlycoMimetics        Inc.
                                          1,406,037           4,260
    *
        Prelude     Therapeutics       Inc.
                                           704,828          4,257
    *
        Icosavax     Inc.
                                           535,192          4,249
    *
        Merrimack      Pharmaceuticals         Inc.
                                           369,998          4,240
    *,1
        KemPharm     Inc.
                                           920,269          4,224
    *,1
        Design    Therapeutics       Inc.
                                           411,201          4,219
    *
        Rallybio     Corp.
                                           636,414          4,181
    *
        Sonendo     Inc.
                                          1,470,409           4,161
    *,1
        Omeros    Corp.
                                          1,822,044           4,118
    *
        Tabula    Rasa   HealthCare      Inc.
                                           826,607          4,092
    *
        XOMA   Corp.
                                           221,997          4,085
    *,1
        PepGen    Inc.
                                           304,943          4,077
    *
        Summit    Therapeutics       Inc.
                                           929,216          3,949
    *
        Anixa   Biosciences       Inc.
                                           927,841          3,943
    *,1
        Vaxart    Inc.
                                          4,069,328           3,910
    *,1
        Selecta     Biosciences       Inc.
                                          3,446,145           3,894
    *
        Kinnate     Biopharma      Inc.
                                           637,863          3,891
    *,1
        Sesen   Bio  Inc.
                                          6,362,488           3,878
    *
        Sensus    Healthcare      Inc.
                                           518,680          3,849
    *
        Celcuity     Inc.
                                           273,679          3,834
    *,1
        Outlook     Therapeutics       Inc.
                                          3,489,864           3,769
    *,1
        Alaunos     Therapeutics       Inc.
                                          5,807,002           3,769
    *
        Athira    Pharma    Inc.
                                          1,183,657           3,752
    *
        Larimar     Therapeutics       Inc.
                                           853,025          3,523
    *,1
        Mallinckrodt       plc
                                           454,500          3,522
    *
        Foghorn     Therapeutics       Inc.
                                           550,850          3,514
    *
        FONAR   Corp.
                                           206,318          3,456
                                137/544

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    *
        Ovid   therapeutics       Inc.
                                          1,851,578           3,444
    *,1
        Omega   Therapeutics       Inc.
                                           602,610          3,441
    *,1
        Evelo   Biosciences       Inc.
                                          2,090,967           3,366
    *,1
        Standard     BioTools     Inc.
                                          2,856,696           3,342
    *,1
        Co-Diagnostics         Inc.
                                          1,279,125           3,223
                                138/544



















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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *
        Graphite     Bio  Inc.
                                           969,009          3,217
    *
        Century     Therapeutics       Inc.
                                           625,729          3,210
    *
        Inotiv    Inc.
                                           647,206          3,197
    *,1
        Sanara    Medtech     Inc.
                                            69,768         3,174
    *
        Relmada     Therapeutics       Inc.
                                           904,705          3,157
    *,1
        Citius    Pharmaceuticals         Inc.
                                          3,958,982           3,128
    *,1
        Humacyte     Inc.
                                          1,480,153           3,123
    *
        EyePoint     Pharmaceuticals         Inc.
                                           890,209          3,116
    *,1
        Rani   Therapeutics       Holdings     Inc.   Class   A
                                           522,155          3,081
    *,1
        Societal     CDMO   Inc.
                                          2,064,292           3,076
    *,1
        Absci   Corp.
                                          1,453,297           3,052
    *
        KORU   Medical     Systems     Inc.
                                           842,318          3,007
    *,1
        Immuneering       Corp.   Class   A
                                           614,133          2,979
    *
        Capricor     Therapeutics       Inc.
                                           767,235          2,962
    *
        ChromaDex      Corp.
                                          1,762,037           2,960
    *
        Matinas     BioPharma      Holdings     Inc.
                                          5,866,959           2,934
    *,1
        Tyra   Biosciences       Inc.
                                           384,648          2,923
    *
        X4  Pharmaceuticals         Inc.
                                          2,903,141           2,883
    *
        Stereotaxis       Inc.
                                          1,388,482           2,874
    *,1
        CEL  - SCI  Corp.
                                          1,220,994           2,869
    *,2
        PDL  BioPharma      Inc.
                                          2,258,201           2,845
    *
        Cue  Biopharma      Inc.
                                           975,866          2,781
    *,1
        Vicarious      Surgical     Inc.   Class   A
                                          1,352,238           2,732
    *
        Personalis      Inc.
                                          1,370,373           2,713
    *
        Paratek     Pharmaceuticals         Inc.
                                          1,443,552           2,699
    *,1
        Asensus     Surgical     Inc.   Class   A
                                          7,734,650           2,685
    *,1
        Rain   Oncology     Inc.
                                           333,919          2,671
    *,1
        Acumen    Pharmaceuticals         Inc.
                                           491,029          2,652
    *
        Electromed      Inc.
                                           249,774          2,620
    *
        Taysha    Gene   Therapies      Inc.
                                          1,157,514           2,616
    *
        Precision      BioSciences       Inc.
                                          2,188,905           2,605
    *
        Tenaya    Therapeutics       Inc.
                                          1,283,462           2,580
    *
        Praxis    Precision      Medicines      Inc.
                                          1,071,276           2,550
    *
        Olema   Pharmaceuticals         Inc.
                                          1,006,591           2,466
    *
        Opiant    Pharmaceuticals         Inc.
                                           120,263          2,439
    *,1
        Invivyd     Inc.
                                          1,620,200           2,430
    *
        Vapotherm      Inc.
                                           882,373          2,382
    *,1
        Singular     Genomics     Systems     Inc.
                                          1,180,133           2,372
    *
        CytomX    Therapeutics       Inc.
                                          1,468,702           2,350
    *,1
        Biodesix     Inc.
                                          1,017,561           2,340
    *
        Durect    Corp.
                                           663,463          2,296
    *,1
        Inmune    Bio  Inc.
                                           361,452          2,292
    *
        Verastem     Inc.
                                          5,682,571           2,287
    *,1
        Seelos    Therapeutics       Inc.
                                          3,356,797           2,279
    *
        Verrica     Pharmaceuticals         Inc.
                                           814,672          2,240
    *
        Apyx   Medical     Corp.
                                           945,007          2,211
    *
        XBiotech     Inc.
                                           622,546          2,185
    *,1
        Annovis     Bio  Inc.
                                           161,007          2,162
    *
        Oncternal      Therapeutics       Inc.
                                          2,159,797           2,160
                                139/544

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    *,1
        Oncology     Institute      Inc.
                                          1,273,384           2,101
    *
        Celularity      Inc.   Class   A
                                          1,625,100           2,096
    *,1
        Vaxxinity      Inc.   Class   A
                                          1,489,274           2,085
    *
        Akumin    Inc.
                                          2,890,700           2,078
    *
        Passage     Bio  Inc.
                                          1,496,581           2,065
                                140/544



















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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *
        Nautilus     Biotechnology        Inc.   Class   A
                                          1,137,499           2,048
    *
        Trevi   Therapeutics       Inc.
                                          1,049,601           2,026
    *,1
        Theseus     Pharmaceuticals         Inc.
                                           405,973          2,022
    *
        CytoSorbents       Corp.
                                          1,302,216           2,018
    *,1
        Third   Harmonic     Bio  Inc.
                                           467,005          2,008
    *,1
        Atossa    Therapeutics       Inc.
                                          3,779,376           1,997
    *
        Xilio   Therapeutics       Inc.
                                           739,563          1,989
    *
        Spectrum     Pharmaceuticals         Inc.
                                          5,348,837           1,971
    *
        Dare   Bioscience      Inc.
                                          2,375,133           1,971
    *
        Thorne    HealthTech      Inc.
                                           540,104          1,961
    *
        Harvard     Bioscience      Inc.
                                           682,174          1,890
    *,1
        Talkspace      Inc.
                                          3,039,403           1,855
    *
        Cardiff     Oncology     Inc.
                                          1,285,846           1,800
    *
        Assembly     Biosciences       Inc.
                                          1,377,385           1,791
    *
        Homology     Medicines      Inc.
                                          1,395,301           1,758
    *,1
        Bioventus      Inc.   Class   A
                                           673,435          1,758
    *
        Rezolute     Inc.
                                           841,974          1,743
    *
        Ikena   Oncology     Inc.
                                           654,658          1,741
    *
        PharmaCyte      Biotech     Inc.
                                           590,900          1,725
    *
        Shattuck     Labs   Inc.
                                           731,691          1,683
    *,1
        Genprex     Inc.
                                          1,127,694           1,635
    *
        aTyr   Pharma    Inc.
                                           737,935          1,616
    *,1
        Eton   Pharmaceuticals         Inc.
                                           575,285          1,611
    *,1
        P3  Health    Partners     Inc.
                                           866,984          1,595
    *
        Ocuphire     Pharma    Inc.
                                           451,409          1,593
    *,1
        Accelerate      Diagnostics       Inc.
                                          2,234,561           1,578
    *,1
        BrainStorm      Cell   Therapeutics       Inc.
                                           951,371          1,560
    *
        Clearside      Biomedical      Inc.
                                          1,383,654           1,550
    *
        Lantern     Pharma    Inc.
                                           256,113          1,547
    *
        Adverum     Biotechnologies         Inc.
                                          2,661,554           1,542
    *,1
        SCYNEXIS     Inc.
                                           985,620          1,538
    *
        Lyra   Therapeutics       Inc.
                                           476,157          1,495
    *
        Eiger   BioPharmaceuticals           Inc.
                                          1,261,824           1,489
    *
        Enzo   Biochem     Inc.
                                          1,040,908           1,489
    *,1
        Impel   Pharmaceuticals         Inc.
                                           396,809          1,488
    *
        Infinity     Pharmaceuticals         Inc.
                                          2,556,398           1,419
    *
        Fortress     Biotech     Inc.
                                          2,146,747           1,406
    *
        Surface     Oncology     Inc.
                                          1,709,153           1,402
    *,1
        SELLAS    Life   Sciences     Group   Inc.
                                           592,271          1,398
    *,1
        TherapeuticsMD         Inc.
                                           249,657          1,396
    *
        Akebia    Therapeutics       Inc.
                                          2,410,502           1,391
    *,1
        Forian    Inc.
                                           507,760          1,386
    *,1
        Nuvectis     Pharma    Inc.
                                           181,040          1,360
    *
        Cidara    Therapeutics       Inc.
                                          1,796,543           1,359
    *,1
        Reviva    Pharmaceuticals         Holdings     Inc.
                                           319,823          1,359
    *,1
        Galectin     Therapeutics       Inc.
                                          1,189,409           1,344
    *
        IMARA   Inc.
                                           326,756          1,336
    *
        Pro-Dex     Inc.
                                            83,413         1,305
    *
        iCAD   Inc.
                                           695,170          1,272
                                141/544

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    *,1
        SmileDirectClub         Inc.   Class   A
                                          3,592,430           1,265
    1
        AirSculpt      Technologies       Inc.
                                           341,234          1,263
    *
        Biomerica      Inc.
                                           374,536          1,255
    *,1
        PAVmed    Inc.
                                          2,495,928           1,198
    *
        Alpha   Teknova     Inc.
                                           210,918          1,190
                                142/544



















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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *
        Viracta     Therapeutics       Inc.
                                           813,922          1,188
    *,1
        Miromatrix      Medical     Inc.
                                           391,565          1,171
    *
        Kronos    Bio  Inc.
                                           715,054          1,158
    *
        Synlogic     Inc.
                                          1,521,748           1,157
    *
        Pear   Therapeutics       Inc.
                                           977,960          1,154
    *
        MyMD   Pharmaceuticals         Inc.
                                           986,327          1,134
    *
        Hookipa     Pharma    Inc.
                                          1,396,133           1,131
    *
        Sema4   Holdings     Corp.
                                          4,245,465           1,120
    *,1
        enVVeno     Medical     Corp.
                                           216,998          1,107
    *
        Orgenesis      Inc.
                                           566,688          1,105
    *,1
        NRX  Pharmaceuticals         Inc.
                                           978,921          1,087
    *
        Aveanna     Healthcare      Holdings     Inc.
                                          1,391,988           1,086
    *
        Instil    Bio  Inc.
                                          1,718,076           1,082
    *,1
        Spero   Therapeutics       Inc.
                                           617,531          1,068
    *
        Eledon    Pharmaceuticals         Inc.
                                           459,998          1,067
    *
        Jounce    Therapeutics       Inc.
                                           950,782          1,055
    *,1
        Syros   Pharmaceuticals         Inc.
                                           292,279          1,049
    *
        Pardes    Biosciences       Inc.   Class   A
                                           615,600          1,040
    *
        Leap   Therapeutics       Inc.
                                          2,289,511           1,030
    *
        Curis   Inc.
                                          1,852,559           1,019
    *,1
        Cognition      Therapeutics       Inc.
                                           485,183          1,019
    *,1
        Checkpoint      Therapeutics       Inc.
                                           197,736          1,010
    *
        Eyenovia     Inc.
                                           617,303          1,006
    *,1
        Pyxis   Oncology     Inc.
                                           748,923          1,004
    *,1
        Immunic     Inc.
                                           710,074           994
    *,1
        Decibel     Therapeutics       Inc.
                                           483,353           991
    *
        Oncocyte     Corp.
                                          3,079,720            988
    *,1
        Science     37  Holdings     Inc.
                                          2,379,691            988
    *,1
        MEI  Pharma    Inc.
                                          4,022,132            980
    *
        TCR2   Therapeutics       Inc.
                                           981,016           980
    *
        UNITY   Biotechnology        Inc.
                                           357,567           980
    *,1
        Bolt   Biotherapeutics         Inc.
                                           747,881           972
    *,1
        Pulse   Biosciences       Inc.
                                           350,609           971
    *,1
        Acutus    Medical     Inc.
                                           835,044           960
    *
        BioCardia      Inc.
                                           457,496           956
    *,1
        DermTech     Inc.
                                           534,767           947
    *
        Lipocine     Inc.
                                          2,398,282            921
    *,1
        Delcath     Systems     Inc.
                                           255,213           919
    *,1,2
        Tobira    Therapeutics       Inc.   CVR  Exp.   12/31/28
                                           201,001           911
    *,1
        IsoRay    Inc.
                                          3,609,244            892
    *
        Inozyme     Pharma    Inc.
                                           842,985           885
    *
        Longboard      Pharmaceuticals         Inc.
                                           278,227           879
    *,1
        Black   Diamond     Therapeutics       Inc.
                                           481,157           866
    *
        ImmuCell     Corp.
                                           139,968           857
    *,1
        Solid   Biosciences       Inc.
                                           159,271           857
    *
        Xtant   Medical     Holdings     Inc.
                                          1,278,952            844
    *
        LENSAR    Inc.
                                           282,930           837
    *
        Aziyo   Biologics      Inc.   Class   A
                                           195,766           832
    *
        Cyteir    Therapeutics       Inc.
                                           498,303           822
                                143/544

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        Psychemedics       Corp.
                                           165,415           817
    *,1
        Zynerba     Pharmaceuticals         Inc.
                                          1,521,801            807
    *
        DiaMedica      Therapeutics       Inc.
                                           506,271           800
    *
        Alzamend     Neuro   Inc.
                                          1,412,695            798
    *,1
        Novan   Inc.
                                           545,361           796
                                144/544



















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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *
        Exagen    Inc.
                                           326,266           783
    *
        Talaris     Therapeutics       Inc.
                                           764,850           780
    *
        Protara     Therapeutics       Inc.
                                           284,301           762
    *,1
        ATI  Physical     Therapy     Inc.
                                          2,485,615            758
    *
        IRIDEX    Corp.
                                           373,047           750
    *
        CareCloud      Inc.
                                           266,292           748
    *
        Cyclerion      Therapeutics       Inc.
                                          1,138,259            747
    *
        NextCure     Inc.
                                           530,127           747
    *,1
        ARCA   biopharma      Inc.
                                           312,166           737
    *
        Dyadic    International        Inc.
                                           596,383           734
    *
        Movano    Inc.
                                           562,483           731
    *
        Corvus    Pharmaceuticals         Inc.
                                           853,716           726
    *,1
        Atreca    Inc.   Class   A
                                           905,470           725
    *,1
        Abeona    Therapeutics       Inc.
                                           235,366           725
    *,1
        Gelesis     Holdings     Inc.
                                          2,478,100            720
    *
        GT  Biopharma      Inc.
                                           804,500           719
    *,1
        Acer   Therapeutics       Inc.
                                           278,634           699
    *
        IsoPlexis      Corp.
                                           449,112           696
    *,1
        Milestone      Scientific      Inc.
                                          1,447,898            695
    *,1
        Adamis    Pharmaceuticals         Corp.
                                          4,096,010            693
    *
        Aligos    Therapeutics       Inc.
                                           712,990           679
    *,1
        Eliem   Therapeutics       Inc.
                                           189,734           679
    *
        Aquestive      Therapeutics       Inc.
                                           751,948           678
    *
        Lumos   Pharma    Inc.
                                           187,322           676
    *
        Geron   Corp.   Warrants     Exp.   12/31/25
                                          1,202,419            673
    *,1
        Rapid   Micro   Biosystems      Inc.   Class   A
                                           594,568           672
    *
        Sensei    Biotherapeutics         Inc.
                                           441,585           658
    *,1
        Moleculin      Biotech     Inc.
                                           616,108           653
    *
        Werewolf     Therapeutics       Inc.
                                           314,965           646
    *
        Retractable       Technologies       Inc.
                                           392,689           644
    *
        Cumberland      Pharmaceuticals         Inc.
                                           280,820           632
    *,1
        Palatin     Technologies       Inc.
                                           246,703           632
    *
        Equillium      Inc.
                                           570,835           628
    *
        Hepion    Pharmaceuticals         Inc.
                                          2,070,833            621
    *
        Mustang     Bio  Inc.
                                          1,562,523            617
    *
        Avalo   Therapeutics       Inc.
                                           119,822           610
    *,1
        Clene   Inc.
                                           592,311           592
    *
        TFF  Pharmaceuticals         Inc.
                                           562,689           591
    *,1
        Conformis      Inc.
                                           177,088           588
    *
        Aeglea    BioTherapeutics         Inc.
                                          1,282,021            577
    *,1
        Achieve     Life   Sciences     Inc.
                                           230,562           570
    *
        Galera    Therapeutics       Inc.
                                           381,675           569
    *,1
        NightHawk      Biosciences       Inc.
                                           705,534           568
    *
        Magenta     Therapeutics       Inc.
                                          1,432,921            566
    *,1
        Aspira    Women's     Health    Inc.
                                          1,702,595            566
    *
        9 Meters    Biopharma      Inc.
                                           445,647           562
    *,1
        Soligenix      Inc.
                                          1,217,959            551
    *,1
        Disc   Medicine     Inc.   Class   A
                                            27,515          547
    *,1
        Immunome     Inc.
                                           233,400           514
                                145/544

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        Biora   Therapeutics       Inc.
                                          3,875,866            510
    *,1
        Harpoon     Therapeutics       Inc.
                                           691,063           502
    *
        Reneo   Pharmaceuticals         Inc.
                                           214,913           501
    *
        Athenex     Inc.
                                          3,316,592            489
    *
        Sio  Gene   Therapies      Inc.
                                          1,124,834            489
                                146/544



















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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *
        Forte   Biosciences       Inc.
                                           487,429           487
    *,1
        SQZ  Biotechnologies         Co.
                                           657,886           487
    *
        Candel    Therapeutics       Inc.
                                           269,900           483
    *,1
        Invacare     Corp.
                                          1,122,314            471
    *
        Satsuma     Pharmaceuticals         Inc.
                                           522,516           470
    *
        Strata    Skin   Sciences     Inc.
                                           593,248           469
    *,1
        Bright    Green   Corp.
                                           992,772           466
    *,1
        Microbot     Medical     Inc.
                                           153,549           462
    *,1
        Aridis    Pharmaceuticals         Inc.
                                           388,959           459
    *
        Applied     Molecular      Transport      Inc.
                                          1,089,900            458
    *
        Tracon    Pharmaceuticals         Inc.
                                           306,490           457
    *
        Avrobio     Inc.
                                           630,579           450
    *
        Daxor   Corp.
                                            47,328          437
        Catalyst     Biosciences       Inc.
                                           826,502           436
    *,1
        Enochian     Biosciences       Inc.
                                           416,683           429
    *
        Five   Star   Senior    Living    Inc.
                                           775,241           426
    *
        Predictive      Oncology     Inc.
                                          1,385,931            425
    *
        Sonida    Senior    Living    Inc.
                                            33,836          423
    *
        Angion    Biomedica      Corp.
                                           515,996           419
    *
        Finch   Therapeutics       Group   Inc.
                                           855,860           411
    *,1
        AIM  ImmunoTech      Inc.
                                          1,311,599            409
    *
        Applied     Therapeutics       Inc.
                                           536,460           408
    *
        vTv  Therapeutics       Inc.   Class   A
                                           625,032           408
    *
        Upexi   Inc.
                                           134,054           402
    *,1
        Senti   Biosciences       Inc.   Class   A
                                           282,432           398
    *,1
        Lucid   Diagnostics       Inc.
                                           286,266           389
    *,1
        Quince    Therapeutics       Inc.
                                           606,618           387
    *,1
        Codex   DNA  Inc.
                                           307,523           384
    *,1
        Longeveron      Inc.
                                           118,115           380
    *
        Context     Therapeutics       Inc.
                                           573,400           379
    *,1
        Sientra     Inc.
                                          1,852,556            376
    *,1
        Oragenics      Inc.
                                          3,556,869            374
    *,1
        NeuroMetrix       Inc.
                                           252,738           372
    *
        Augmedix     Inc.
                                           237,719           371
    *
        Cocrystal      Pharma    Inc.
                                           191,359           369
    *,1
        Aptevo    Therapeutics       Inc.
                                           158,476           368
    *
        Aptinyx     Inc.   Class   A
                                          1,251,830            367
    *
        Precipio     Inc.
                                           662,055           367
    *
        Better    Therapeutics       Inc.
                                           326,043           365
    *
        TScan   Therapeutics       Inc.
                                           220,934           360
    *,1
        Vaccinex     Inc.
                                           534,485           352
    *
        ElectroCore       Inc.
                                          1,341,498            345
    *
        Vincerx     Pharma    Inc.
                                           334,111           341
    *
        Aravive     Inc.
                                           257,022           339
    *,1
        Molecular      Templates      Inc.
                                          1,030,942            338
    *,1
        NanoViricides        Inc.
                                           300,189           333
    *
        Processa     Pharmaceuticals         Inc.
                                           299,657           330
    *,1
        Indaptus     Therapeutics       Inc.
                                           229,197           330
    *,1
        Trevena     Inc.
                                           217,018           310
                                147/544

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        Cryo-Cell      International        Inc.
                                            72,236          306
    *
        IN8bio    Inc.
                                           132,077           305
    *
        HCW  Biologics      Inc.
                                           153,473           295
    *
        Lisata    Therapeutics       Inc.
                                           118,336           295
    *
        Ekso   Bionics     Holdings     Inc.
                                           243,385           290
                                148/544



















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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *
        Plus   Therapeutics       Inc.
                                           897,484           285
    *
        GeoVax    Labs   Inc.
                                           439,870           277
    *,1
        UpHealth     Inc.
                                           166,349           271
    *,1
        NeuroPace      Inc.
                                           180,700           269
    *
        Jupiter     Wellness     Inc.
                                           355,834           267
    *
        Venus   Concept     Inc.
                                           824,933           264
    *,1
        AcelRx    Pharmaceuticals         Inc.
                                           112,873           255
    *,2
        Strongbridge       Biopharma      plc  CVR
                                          1,399,363            253
    *
        Elevation      Oncology     Inc.
                                           265,550           252
    *
        Neoleukin      Therapeutics       Inc.
                                           493,540           251
    *,1
        Cyclo   Therapeutics       Inc.
                                           176,807           251
    *,1
        Organovo     Holdings     Inc.
                                           175,314           249
    *,1
        Corbus    Pharmaceuticals         Holdings     Inc.
                                          2,188,069            242
    *
        Ontrak    Inc.
                                           657,410           242
    *,1
        Eargo   Inc.
                                           418,952           241
    *
        Inhibikase      Therapeutics       Inc.
                                           475,753           238
    *,1
        BioSig    Technologies       Inc.
                                           564,517           237
    *
        Alimera     Sciences     Inc.
                                            87,148          236
    *
        AgeX   Therapeutics       Inc.
                                           426,190           235
    *
        Onconova     Therapeutics       Inc.
                                           365,661           235
    *
        ABVC   BioPharma      Inc.
                                           375,142           235
    *,1
        Chembio     Diagnostics       Inc.
                                          1,058,315            233
    *,1
        Modular     Medical     Inc.
                                           106,826           229
    *
        Sera   Prognostics       Inc.   Class   A
                                           183,767           226
    *,1
        Tonix   Pharmaceuticals         Holding     Corp.
                                           580,543           226
    *,1
        Regulus     Therapeutics       Inc.
                                           162,509           223
    *,1
        Tricida     Inc.
                                          1,439,241            220
    *
        Codiak    Biosciences       Inc.
                                           552,448           220
    *,1
        NantHealth      Inc.
                                            59,606          218
    *
        Surgalign      Holdings     Inc.
                                           110,253           216
    *,1
        Marpai    Inc.   Class   A
                                           293,017           211
    *,1
        Biocept     Inc.
                                           394,514           209
    *,1
        Diffusion      Pharmaceuticals         Inc.
                                            41,002          209
    1
        Kineta    Inc.
                                            32,976          209
    *,1
        Minerva     Neurosciences        Inc.
                                           128,899           205
    *,1
        Idera   Pharmaceuticals         Inc.
                                           576,093           202
    *
        Marker    Therapeutics       Inc.
                                           759,500           200
    *,1
        SAB  Biotherapeutics         Inc.
                                           338,972           200
    *,1
        Synaptogenix       Inc.
                                           171,031           198
    *,1
        T2  Biosystems      Inc.
                                           130,994           186
    *,1
        Athersys     Inc.
                                           220,627           185
    *,1
        Rubius    Therapeutics       Inc.
                                          1,066,867            184
    *,1
        Bio-Path     Holdings     Inc.
                                           121,084           183
    *
        CASI   Pharmaceuticals         Inc.
                                           102,469           179
    *,2
        Ocera   Therapeutics       Inc.   CVR
                                           653,477           176
    *
        iSpecimen      Inc.
                                           126,917           175
    *
        cbdMD   Inc.
                                           759,341           172
    *
        Vivos   Therapeutics       Inc.
                                           426,060           171
    *
        Tempest     Therapeutics       Inc.
                                           147,142           171
                                149/544

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    *
        Cellectar      Biosciences       Inc.
                                            99,704          171
    *
        Aileron     Therapeutics       Inc.
                                            70,526          167
    *,1
        Graybug     Vision    Inc.
                                           318,437           159
    *,1
        Jasper    Therapeutics       Inc.
                                           325,773           155
    *,1
        Axcella     Health    Inc.
                                           462,695           152
                                150/544



















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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *,2
        Adamas    Pharmaceuticals         Inc.   CVR
                                          2,522,158            152
    *,1
        Theriva     Biologics      Inc.
                                           330,873           151
    *,1
        iBio   Inc.
                                           336,211           149
    *,1
        Vivani    Medical     Inc.
                                           173,362           147
    *,1
        VYNE   Therapeutics       Inc.
                                           893,188           134
    *
        eFFECTOR     Therapeutics       Inc.
                                           300,033           128
    *,1
        180  Life   Sciences     Corp.
                                            37,583          127
    *
        Monopar     Therapeutics       Inc.
                                            52,392          124
    *,1
        VistaGen     Therapeutics       Inc.
                                          1,183,241            122
    *
        Talis   Biomedical      Corp.
                                           274,003           122
    *
        Immix   Biopharma      Inc.
                                            52,979          121
    *,1
        Aytu   BioPharma      Inc.
                                           634,538           120
    *,1
        Artelo    Biosciences       Inc.
                                            40,554          117
    *,1
        Surrozen     Inc.
                                           199,181           116
    *
        Femasys     Inc.
                                           128,310           115
    *
        Nephros     Inc.
                                           102,105           114
    *
        INVO   BioScience      Inc.
                                           259,122           113
    *,1
        Biolase     Inc.
                                           167,042           109
    *
        American     Shared    Hospital     Services
                                            36,338          106
    *
        NeuBase     Therapeutics       Inc.
                                           543,821           103
    *
        Imac   Holdings     Inc.
                                           508,049           102
    *,1
        Rockwell     Medical     Inc.
                                            98,674          100
    *,1
        Lannett     Co.  Inc.
                                           185,256           97
    *
        ENDRA   Life   Sciences     Inc.
                                            23,331           95
    *,1
        Biofrontera       Inc.
                                            98,114           90
    *,1
        NanoVibronix       Inc.
                                           347,433           87
    *,1
        NexImmune      Inc.
                                           344,561           84
    *
        Nutriband      Inc.
                                            22,490           81
    *
        Navidea     Biopharmaceuticals           Inc.
                                           381,102           80
    *,1
        Metacrine      Inc.
                                           179,530           80
    *
        Imunon    Inc.
                                            57,488           78
    *,2
        Aduro   Biotech     Inc.   CVR
                                           415,255           76
    *,1
        Qualigen     Therapeutics       Inc.
                                            56,774           74
    *
        Vyant   Bio  Inc.
                                           101,063           71
    *,2
        OncoMed     Pharmaceuticals         Inc.   CVR
                                           255,777           67
    *,1
        Oncorus     Inc.
                                           264,842           67
    *
        Pulmatrix      Inc.
                                            17,004           66
    *
        Sigilon     Therapeutics       Inc.
                                           181,760           64
    *
        Avinger     Inc.
                                            58,389           63
    *
        Virpax    Pharmaceuticals         Inc.
                                            96,777           60
    *,1
        Bellicum     Pharmaceuticals         Inc.
                                            82,034           59
    *,1
        Adial   Pharmaceuticals         Inc.
                                           275,517           59
    *
        Lucira    Health    Inc.
                                           464,745           52
    *,1
        Kintara     Therapeutics       Inc.
                                             7,268          50
    *
        MiNK   Therapeutics       Inc.
                                            18,490           48
    *
        TRxADE    HEALTH    Inc.
                                           119,112           46
    *
        Star   Equity    Holdings     Inc.
                                            53,681           46
    *
        Protagenic      Therapeutics       Inc.
                                           104,510           44
    *,1
        Jaguar    Health    Inc.
                                           448,409           39
                                151/544

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    *
        Cohbar    Inc.
                                            23,045           39
    *,1,2
        Miragen     Therapeutics       Inc.   CVR
                                          1,753,041            35
    *
        Novo   Integrated      Sciences     Inc.
                                           174,830           35
    *
        Salarius     Pharmaceuticals         Inc.
                                            21,884           34
    *
        Aprea   Therapeutics       Inc.
                                            99,800           32
                                152/544



















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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *,1
        Eterna    Therapeutics       Inc.
                                            10,000           32
    *,1
        Virios    Therapeutics       Inc.
                                           127,853           30
    *
        Journey     Medical     Corp.
                                            15,723           30
    *
        Eloxx   Pharmaceuticals         Inc.
                                            16,840           30
    *
        Pasithea     Therapeutics       Corp.
                                            39,188           25
    *
        RenovoRx     Inc.
                                            10,815           25
    *,1
        Acurx   Pharmaceuticals         Inc.
                                             6,127          24
    *
        Xenetic     Biosciences       Inc.
                                            61,641           18
    *
        Lixte   Biotechnology        Holdings     Inc.
                                            32,745           17
    *,1
        Unicycive      Therapeutics       Inc.
                                            22,695           12
    *,2
        Alexza    Pharmaceuticals         Inc.   CVR
                                           327,391           11
    *,1
        Spruce    Biosciences       Inc.
                                             8,958          10
    *,1,2
        Oncternal      Therapeutics       Inc.   CVR
                                             8,933           9
    *,1
        CNS  Pharmaceuticals         Inc.
                                             3,360           8
    *,2
        F-star    Therapeutics       Inc.   CVR
                                            61,021           4
    *
        Aethlon     Medical     Inc.
                                             5,764           2
    *,2
        Ambit   Biosciences       Corp.   CVR
                                           201,330            -
    *,2
        Biosante     Pharmaceuticals         Inc.   CVR
                                           253,823            -
    *,1
        Synergy     Pharmaceuticals         LLC
                                          5,148,145             -
    *
        Advaxis     Inc.   Warrants     Exp.   9/11/24
                                           157,660            -
    *,2
        Lantheus     Holdings     Inc.   CVR
                                          2,319,511             -
    *
        SELLAS    Life   Sciences     Group   Inc.   Warrants     Exp.   4/5/27
                                            40,000           -
    *
        Athenex     Inc.   Warrants     Exp.   8/15/27
                                           535,168            -
    *,2
        OmniAb    Inc.   (Earnout     Shares)
                                           372,534            -
    *,2
        ABIOMED     Inc.   CVR
                                              264          -
    *,1
        SiNtx   Technologies       Inc.
                                               1        -
    *
        Disc   Medicine     Inc.   CVR                                     -
                                           275,152
                                                  171,027,041
    資本財・サービス          (13.6   % )
        Visa   Inc.   Class   A
                                          49,292,699        10,241,051
        Mastercard      Inc.   Class   A
                                          26,107,377         9,078,318
        Accenture      plc  Class   A
                                          19,128,358         5,104,211
        Raytheon     Technologies       Corp.
                                          44,697,254         4,510,847
        Honeywell      International        Inc.
                                          20,445,124         4,381,390
        Union   Pacific     Corp.
                                          18,698,697         3,871,939
        United    Parcel    Service     Inc.   Class   B
                                          22,194,977         3,858,375
        Caterpillar       Inc.
                                          15,827,377         3,791,606
        Lockheed     Martin    Corp.
                                          7,793,644        3,791,530
        Deere   & Co.
                                          8,260,842        3,541,919
    *
        Boeing    Co.
                                          18,126,460         3,452,909
        Automatic      Data   Processing      Inc.
                                          12,617,999         3,013,935
        General     Electric     Co.
                                          33,237,288         2,784,952
        American     Express     Co.
                                          17,042,755         2,518,067
    *
        PayPal    Holdings     Inc.
                                          34,600,429         2,464,243
        Northrop     Grumman     Corp.
                                          4,212,417        2,298,337
        3M  Co.
                                          17,033,443         2,042,650
        CSX  Corp.
                                          63,942,562         1,980,941
        Eaton   Corp.   plc
                                          12,099,061         1,898,948
        General     Dynamics     Corp.
                                          7,511,656        1,863,717
                                153/544

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        Illinois     Tool   Works   Inc.
                                          8,404,325        1,851,473
    *
        Fiserv    Inc.
                                          17,386,068         1,757,210
        Norfolk     Southern     Corp.
                                          7,042,389        1,735,385
        Emerson     Electric     Co.
                                          17,990,270         1,728,145
        Sherwin-Williams          Co.
                                          7,093,432        1,683,484
                                154/544



















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                                                   市場価格     •
                                             株数     ( 千米ドル     )
        Johnson     Controls     International        plc
                                          20,885,890         1,336,697
        FedEx   Corp.
                                          7,123,562        1,233,801
        Fidelity     National     Information       Services     Inc.
                                          18,003,010         1,221,504
        L3Harris     Technologies       Inc.
                                          5,790,126        1,205,562
        Cintas    Corp.
                                          2,623,291        1,184,731
        Trane   Technologies       plc
                                          7,004,750        1,177,428
        Paychex     Inc.
                                          9,868,426        1,140,395
        Parker-Hannifin         Corp.
                                          3,903,417        1,135,894
        Capital     One  Financial      Corp.
                                          11,601,225         1,078,450
        Carrier     Global    Corp.
                                          25,427,634         1,048,890
        Cummins     Inc.
                                          4,287,767        1,038,883
    *
        Block   Inc.   Class   A
                                          16,348,606         1,027,346
        Otis   Worldwide      Corp.
                                          12,671,166          992,279
        TransDigm      Group   Inc.
                                          1,570,664          988,969
    *
        Mettler-Toledo         International        Inc.
                                           678,023        980,048
        AMETEK    Inc.
                                          6,987,799          976,335
        PACCAR    Inc.
                                          9,514,982          941,698
        DuPont    de  Nemours     Inc.
                                          13,597,978          933,229
    *
        Keysight     Technologies       Inc.
                                          5,430,166          928,938
        Rockwell     Automation      Inc.
                                          3,495,082          900,228
        PPG  Industries      Inc.
                                          7,147,932          898,781
        Old  Dominion     Freight     Line   Inc.
                                          3,025,000          858,434
        Verisk    Analytics      Inc.   Class   A
                                          4,753,413          838,597
        Ferguson     plc
                                          6,379,009          809,943
        Global    Payments     Inc.
                                          7,853,195          779,979
        WW  Grainger     Inc.
                                          1,382,754          769,157
    *
        United    Rentals     Inc.
                                          2,107,479          749,040
        Equifax     Inc.
                                          3,724,193          723,834
        Fortive     Corp.
                                          10,757,488          691,169
        Vulcan    Materials      Co.
                                          3,839,775          672,383
        Ingersoll      Rand   Inc.
                                          12,317,486          643,589
        Martin    Marietta     Materials      Inc.
                                          1,887,811          638,023
        Quanta    Services     Inc.
                                          4,346,235          619,338
    *
        Waters    Corp.
                                          1,806,424          618,845
        Xylem   Inc.
                                          5,482,567          606,207
        Dover   Corp.
                                          4,267,658          577,884
    *
        Teledyne     Technologies       Inc.
                                          1,426,497          570,470
        Westinghouse       Air  Brake   Technologies       Corp.
                                          5,255,168          524,518
        IDEX   Corp.
                                          2,292,913          523,541
        Expeditors      International        of  Washington      Inc.
                                          4,833,473          502,294
        Ball   Corp.
                                          9,544,364          488,099
        Jacobs    Solutions      Inc.
                                          3,842,541          461,374
    *
        Fair   Isaac   Corp.
                                           759,405        454,565
        Textron     Inc.
                                          6,363,811          450,558
        Synchrony      Financial
                                          13,677,419          449,440
        Howmet    Aerospace      Inc.
                                          11,301,525          445,393
        JB  Hunt   Transport      Services     Inc.
                                          2,520,605          439,493
        Booz   Allen   Hamilton     Holding     Corp.   Class   A
                                          4,019,282          420,095
    *
        Zebra   Technologies       Corp.   Class   A
                                          1,570,456          402,681
                                155/544

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    *
        FleetCor     Technologies       Inc.
                                          2,133,790          391,935
        Jack   Henry   & Associates      Inc.
                                          2,219,752          389,700
        RPM  International        Inc.
                                          3,931,747          383,149
        Hubbell     Inc.   Class   B
                                          1,631,883          382,970
    *
        Trimble     Inc.
                                          7,501,631          379,282
                                156/544



















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                                                   市場価格     •
                                             株数     ( 千米ドル     )
        Nordson     Corp.
                                          1,565,794          372,221
        Carlisle     Cos.   Inc.
                                          1,570,664          370,127
        Snap-on     Inc.
                                          1,616,533          369,362
        Packaging      Corp.   of  America
                                          2,812,093          359,695
        Toro   Co.
                                          3,169,508          358,788
        AECOM                                   4,221,908          358,567
        HEICO   Corp.   Class   A
                                          2,984,460          357,688
        Stanley     Black   & Decker    Inc.
                                          4,646,624          349,054
        Graco   Inc.
                                          5,122,535          344,542
    *
        Axon   Enterprise      Inc.
                                          2,056,127          341,173
        TransUnion                                   5,864,039          332,784
    *
        Bill.com     Holdings     Inc.
                                          3,051,875          332,532
        CH  Robinson     Worldwide      Inc.
                                          3,580,841          327,862
        Masco   Corp.
                                          6,851,765          319,772
        Crown   Holdings     Inc.
                                          3,651,096          300,157
    *
        Builders     FirstSource       Inc.
                                          4,470,939          290,075
    *
        WillScot     Mobile    Mini   Holdings     Corp.
                                          6,344,301          286,572
        Allegion     plc
                                          2,667,416          280,772
        Huntington      Ingalls     Industries      Inc.
                                          1,211,994          279,583
        Westrock     Co.
                                          7,743,883          272,275
        AGCO   Corp.
                                          1,926,875          267,238
        Genpact     Ltd.
                                          5,586,945          258,787
        Lincoln     Electric     Holdings     Inc.
                                          1,754,749          253,544
        Watsco    Inc.
                                          1,012,343          252,478
    *
        Paylocity      Holding     Corp.
                                          1,268,222          246,365
        Knight-Swift       Transportation         Holdings     Inc.   Class   A
                                          4,639,544          243,158
        Owens   Corning
                                          2,837,516          242,040
        Regal   Rexnord     Corp.
                                          2,016,333          241,920
        Cognex    Corp.
                                          4,998,324          235,471
        Tetra   Tech   Inc.
                                          1,615,671          234,579
        Lennox    International        Inc.
                                           967,985        231,571
        Robert    Half   International        Inc.
                                          3,132,492          231,272
        Berry   Global    Group   Inc.
                                          3,774,930          228,119
        Pentair     plc
                                          4,998,843          224,848
        Fortune     Brands    Innovations       Inc.
                                          3,894,987          222,443
        A O Smith   Corp.
                                          3,853,715          220,587
        Sealed    Air  Corp.
                                          4,408,270          219,884
        Donaldson      Co.  Inc.
                                          3,729,429          219,551
    *
        Middleby     Corp.
                                          1,637,048          219,201
        AptarGroup      Inc.
                                          1,988,372          218,681
    *
        WEX  Inc.
                                          1,325,240          216,876
        EMCOR   Group   Inc.
                                          1,450,258          214,798
        Valmont     Industries      Inc.
                                           649,021        214,612
        Graphic     Packaging      Holding     Co.
                                          9,319,117          207,350
        ITT  Inc.
                                          2,512,878          203,794
    *
        Generac     Holdings     Inc.
                                          1,936,542          194,932
        nVent   Electric     plc
                                          5,066,955          194,926
        Curtiss-Wright         Corp.
                                          1,164,395          194,442
    *
        WESCO   International        Inc.
                                          1,549,968          194,056
                                157/544

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        MDU  Resources      Group   Inc.
                                          6,200,700          188,129
        Sensata     Technologies       Holding     plc
                                          4,650,619          187,792
        Advanced     Drainage     Systems     Inc.
                                          2,269,857          186,060
        Sonoco    Products     Co.
                                          2,969,044          180,251
        Landstar     System    Inc.
                                          1,092,215          177,922
                                158/544



















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                                                   市場価格     •
                                             株数     ( 千米ドル     )
        Woodward     Inc.
                                          1,823,545          176,173
        Oshkosh     Corp.
                                          1,992,675          175,734
        MKS  Instruments       Inc.
                                          2,019,698          171,129
    *
        Axalta    Coating     Systems     Ltd.
                                          6,692,790          170,465
    *
        Saia   Inc.
                                           802,877        168,347
    *
        Mohawk    Industries      Inc.
                                          1,640,489          167,691
        Littelfuse      Inc.
                                           755,836        166,435
        MSA  Safety    Inc.
                                          1,132,179          163,249
    *,1
        MasTec    Inc.
                                          1,904,436          162,506
    *
        ExlService      Holdings     Inc.
                                           955,736        161,930
        Acuity    Brands    Inc.
                                           977,223        161,838
        Western     Union   Co.
                                          11,742,087          161,689
        BWX  Technologies       Inc.
                                          2,768,562          160,798
        Brunswick      Corp.
                                          2,200,964          158,645
    *
        FTI  Consulting      Inc.
                                           993,842        157,822
    *
        GXO  Logistics      Inc.
                                          3,603,587          153,837
        Exponent     Inc.
                                          1,545,077          153,102
    *
        TopBuild     Corp.
                                           973,317        152,314
    *
        Fluor   Corp.
                                          4,319,943          149,729
    *
        Chart   Industries      Inc.
                                          1,295,904          149,327
        Eagle   Materials      Inc.
                                          1,119,233          148,690
        Applied     Industrial      Technologies       Inc.
                                          1,174,382          148,007
        Crane   Holdings     Co.
                                          1,449,337          145,586
    *
        Trex   Co.  Inc.
                                          3,349,411          141,781
    *
        Atkore    Inc.
                                          1,209,213          137,149
        Maximus     Inc.
                                          1,850,954          135,730
    *
        Euronet     Worldwide      Inc.
                                          1,437,952          135,714
    *
        AMN  Healthcare      Services     Inc.
                                          1,319,713          135,693
        Silgan    Holdings     Inc.
                                          2,509,906          130,114
    *
        Aerojet     Rocketdyne      Holdings     Inc.
                                          2,322,849          129,917
        ManpowerGroup        Inc.
                                          1,538,044          127,981
        Comfort     Systems     USA  Inc.
                                          1,085,800          124,954
        Insperity      Inc.
                                          1,093,509          124,223
        Air  Lease   Corp.   Class   A
                                          3,209,146          123,295
        Triton    International        Ltd.
                                          1,790,495          123,150
        Watts   Water   Technologies       Inc.   Class   A
                                           832,694        121,765
        Ryder   System    Inc.
                                          1,454,613          121,562
        Flowserve      Corp.
                                          3,958,413          121,444
        Altra   Industrial      Motion    Corp.
                                          1,979,106          118,252
    *
        ASGN   Inc.
                                          1,445,757          117,800
    *
        ATI  Inc.
                                          3,938,044          117,590
    *
        Kirby   Corp.
                                          1,823,180          117,322
        Allison     Transmission       Holdings     Inc.
                                          2,802,501          116,584
        Louisiana-Pacific          Corp.
                                          1,963,421          116,235
        Simpson     Manufacturing        Co.  Inc.
                                          1,309,768          116,124
        HB  Fuller    Co.
                                          1,613,318          115,546
        GATX   Corp.
                                          1,079,432          114,787
        Maxar   Technologies       Inc.
                                          2,156,303          111,567
        MSC  Industrial      Direct    Co.  Inc.   Class   A
                                          1,360,822          111,179
                                159/544

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    *
        XPO  Inc.
                                          3,313,070          110,292
    *
        API  Group   Corp.
                                          5,748,963          108,138
    *
        Summit    Materials      Inc.   Class   A
                                          3,611,326          102,526
        HEICO   Corp.
                                           654,552        100,565
        Herc   Holdings     Inc.
                                           752,794         99,045
                                160/544



















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                                                   市場価格     •
                                             株数     ( 千米ドル     )
        AAON   Inc.
                                          1,307,527          98,483
        Badger    Meter   Inc.
                                           890,027         97,040
        Armstrong      World   Industries      Inc.
                                          1,399,052          95,961
        Franklin     Electric     Co.  Inc.
                                          1,196,312          95,406
        Spirit    AeroSystems       Holdings     Inc.   Class   A
                                          3,200,138          94,724
    1
        ADT  Inc.
                                          10,394,832           94,281
        Belden    Inc.
                                          1,309,757          94,172
    *
        Bloom   Energy    Corp.   Class   A
                                          4,925,234          94,170
        Vontier     Corp.
                                          4,823,331          93,235
        Albany    International        Corp.   Class   A
                                           944,218         93,090
        EnerSys                                   1,242,476          91,744
    *
        Marqeta     Inc.   Class   A
                                          14,942,723           91,300
        Zurn   Elkay   Water   Solutions      Corp.
                                          4,315,875          91,281
        ABM  Industries      Inc.
                                          2,025,405          89,968
        UniFirst     Corp.
                                           459,727         88,723
        John   Bean   Technologies       Corp.
                                           965,300         88,161
    *
        Atlas   Air  Worldwide      Holdings     Inc.
                                           862,194         86,909
    *
        SPX  Technologies       Inc.
                                          1,311,548          86,103
        Federal     Signal    Corp.
                                          1,852,223          86,073
        Forward     Air  Corp.
                                           819,494         85,957
    *
        Shift4    Payments     Inc.   Class   A
                                          1,532,163          85,694
        Terex   Corp.
                                          1,954,860          83,512
        Korn   Ferry
                                          1,641,858          83,111
        Esab   Corp.
                                          1,740,280          81,654
        Hillenbrand       Inc.
                                          1,885,758          80,465
    *
        Dycom   Industries      Inc.
                                           853,396         79,878
    *
        Beacon    Roofing     Supply    Inc.
                                          1,480,209          78,140
    *
        O-I  Glass   Inc.
                                          4,708,486          78,020
    *,1
        TriNet    Group   Inc.
                                          1,132,617          76,791
        Moog   Inc.   Class   A
                                           872,834         76,600
    *
        ACI  Worldwide      Inc.
                                          3,263,940          75,071
    *
        Mercury     Systems     Inc.
                                          1,674,353          74,911
    *
        Hub  Group   Inc.   Class   A
                                           941,707         74,856
        Otter   Tail   Corp.
                                          1,269,746          74,547
        Trinity     Industries      Inc.
                                          2,470,445          73,051
        McGrath     RentCorp
                                           739,349         73,003
    *
        Resideo     Technologies       Inc.
                                          4,432,712          72,918
        Encore    Wire   Corp.
                                           528,462         72,695
        Brink's     Co.
                                          1,335,739          71,743
        Matson    Inc.
                                          1,144,914          71,569
    *
        Alight    Inc.   Class   A
                                          8,498,896          71,051
    *
        Itron   Inc.
                                          1,383,037          70,051
        Werner    Enterprises       Inc.
                                          1,736,203          69,900
        EnPro   Industries      Inc.
                                           642,484         69,832
        ESCO   Technologies       Inc.
                                           788,440         69,020
    *
        CBIZ   Inc.
                                          1,466,418          68,702
    *
        Flywire     Corp.
                                          2,718,322          66,517
    *
        AZEK   Co.  Inc.   Class   A
                                          3,221,271          65,456
        EVERTEC     Inc.
                                          1,995,334          64,609
                                161/544

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    *
        GMS  Inc.
                                          1,290,138          64,249
    *
        Verra   Mobility     Corp.   Class   A
                                          4,637,206          64,133
        Kadant    Inc.
                                           355,221         63,098
        Brady   Corp.   Class   A
                                          1,335,210          62,888
    *
        AeroVironment        Inc.
                                           721,498         61,804
                                162/544



















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                                                   市場価格     •
                                             株数     ( 千米ドル     )
        Installed      Building     Products     Inc.
                                           704,655         60,318
        Kennametal      Inc.
                                          2,504,105          60,249
    *
        RXO  Inc.
                                          3,494,991          60,114
        Barnes    Group   Inc.
                                          1,459,573          59,624
    *
        Air  Transport      Services     Group   Inc.
                                          2,220,026          57,676
    *,1
        Affirm    Holdings     Inc.   Class   A
                                          5,962,437          57,657
        ICF  International        Inc.
                                           576,291         57,082
        Bread   Financial      Holdings     Inc.
                                          1,505,564          56,700
        CSW  Industrials       Inc.
                                           483,294         56,028
        Griffon     Corp.
                                          1,559,314          55,808
    *
        Masonite     International        Corp.
                                           684,892         55,209
        Lindsay     Corp.
                                           336,731         54,837
        Helios    Technologies       Inc.
                                           989,120         53,848
    *
        NV5  Global    Inc.
                                           405,637         53,674
        Greif   Inc.   Class   A
                                           791,276         53,063
        Mueller     Water   Products     Inc.   Class   A
                                          4,768,560          51,310
        International        Seaways     Inc.
                                          1,341,283          49,654
        ArcBest     Corp.
                                           702,329         49,191
    *
        Evo  Payments     Inc.   Class   A
                                          1,452,726          49,160
        Veritiv     Corp.
                                           387,255         47,133
    *
        MYR  Group   Inc.
                                           509,211         46,883
        Granite     Construction       Inc.
                                          1,322,561          46,382
    *
        AAR  Corp.
                                          1,013,774          45,518
        Enerpac     Tool   Group   Corp.   Class   A
                                          1,770,748          45,066
    *
        Gibraltar      Industries      Inc.
                                           970,231         44,514
        FTAI   Aviation     Ltd.
                                          2,596,900          44,459
    *
        Huron   Consulting      Group   Inc.
                                           604,616         43,895
        Alamo   Group   Inc.
                                           309,690         43,852
        H&E  Equipment      Services     Inc.
                                           933,448         42,379
    *
        CoreCivic      Inc.
                                          3,584,068          41,432
    *
        Enovix    Corp.
                                          3,326,542          41,382
    *
        Core   & Main   Inc.   Class   A
                                          2,120,695          40,951
    *
        Payoneer     Global    Inc.
                                          7,439,917          40,696
    *
        Kratos    Defense     & Security     Solutions      Inc.
                                          3,873,242          39,972
        Patrick     Industries      Inc.
                                           651,206         39,463
        Standex     International        Corp.
                                           370,891         37,983
    *
        OSI  Systems     Inc.
                                           474,159         37,705
    *
        Vicor   Corp.
                                           687,153         36,934
        TriMas    Corp.
                                          1,317,739          36,554
    *
        AvidXchange       Holdings     Inc.
                                          3,641,244          36,194
    *
        Gates   Industrial      Corp.   plc
                                          3,055,726          34,866
        Primoris     Services     Corp.
                                          1,587,771          34,836
        Marten    Transport      Ltd.
                                          1,741,453          34,446
        Kforce    Inc.
                                           622,514         34,132
        Tennant     Co.
                                           548,199         33,753
    *
        Montrose     Environmental        Group   Inc.
                                           753,788         33,461
        Greenbrier      Cos.   Inc.
                                           948,862         31,815
    *
        Energy    Recovery     Inc.
                                          1,542,662          31,609
    *
        PGT  Innovations       Inc.
                                          1,744,942          31,339
                                163/544

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    *
        Construction       Partners     Inc.   Class   A
                                          1,171,251          31,261
        Wabash    National     Corp.
                                          1,364,206          30,831
    *
        Hillman     Solutions      Corp.
                                          4,261,443          30,725
    *,1
        Rocket    Lab  USA  Inc.
                                          8,071,932          30,431
    *
        Masterbrand       Inc.
                                          3,912,619          29,540
                                164/544



















                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *
        Modine    Manufacturing        Co.
                                          1,483,829          29,469
        Apogee    Enterprises       Inc.
                                           656,760         29,200
        AZZ  Inc.
                                           726,124         29,190
    *
        Remitly     Global    Inc.
                                          2,545,529          29,146
    *
        Sterling     Infrastructure         Inc.
                                           873,382         28,647
    *
        Cross   Country     Healthcare      Inc.
                                          1,065,059          28,299
    *
        Hayward     Holdings     Inc.
                                          3,008,475          28,280
    *
        Donnelley      Financial      Solutions      Inc.
                                           703,483         27,190
        Astec   Industries      Inc.
                                           668,601         27,185
        Schneider      National     Inc.   Class   B
                                          1,144,186          26,774
    *
        Napco   Security     Technologies       Inc.
                                           972,857         26,734
        CRA  International        Inc.
                                           210,751         25,802
        Mesa   Laboratories       Inc.
                                           154,969         25,757
        Columbus     McKinnon     Corp.
                                           792,747         25,740
    *,1
        Joby   Aviation     Inc.
                                          7,648,252          25,622
        TTEC   Holdings     Inc.
                                           567,356         25,037
        Quanex    Building     Products     Corp.
                                          1,048,900          24,838
    *
        International        Money   Express     Inc.
                                          1,007,480          24,552
    *
        Titan   Machinery      Inc.
                                           612,978         24,354
    *
        CryoPort     Inc.
                                          1,396,316          24,226
    *
        Mirion    Technologies       Inc.
                                          3,655,360          24,162
        Douglas     Dynamics     Inc.
                                           666,232         24,091
    *
        American     Woodmark     Corp.
                                           487,299         23,809
    *
        JELD-WEN     Holding     Inc.
                                          2,453,900          23,680
        Myers   Industries      Inc.
                                          1,064,615          23,666
    *
        Titan   International        Inc.
                                          1,526,933          23,393
        Shyft   Group   Inc.
                                           929,754         23,114
    *
        Proterra     Inc.
                                          6,100,871          23,000
    *,1
        Nikola    Corp.
                                          10,513,601           22,709
    *,1
        Legalzoom.com        Inc.
                                          2,932,007          22,694
    *,1
        Virgin    Galactic     Holdings     Inc.
                                          6,498,979          22,616
    *
        Conduent     Inc.
                                          5,553,255          22,491
    *
        Aspen   Aerogels     Inc.
                                          1,894,081          22,331
        Deluxe    Corp.
                                          1,314,727          22,324
        Heartland      Express     Inc.
                                          1,421,064          21,799
    *
        Green   Dot  Corp.   Class   A
                                          1,377,254          21,788
    *,1
        PureCycle      Technologies       Inc.
                                          3,186,067          21,538
    *
        Paya   Holdings     Inc.
                                          2,690,758          21,176
    *
        Proto   Labs   Inc.
                                           822,107         20,988
    *
        SP  Plus   Corp.
                                           601,630         20,889
    *
        First   Advantage      Corp.
                                          1,578,966          20,527
    *
        ZipRecruiter       Inc.   Class   A
                                          1,244,212          20,430
    *
        Leonardo     DRS  Inc.
                                          1,588,300          20,298
    *
        Thermon     Group   Holdings     Inc.
                                           995,677         19,993
        Barrett     Business     Services     Inc.
                                           211,351         19,715
        Chase   Corp.
                                           228,012         19,668
    *
        Vivint    Smart   Home   Inc.
                                          1,596,857          19,003
    *
        Triumph     Group   Inc.
                                          1,794,321          18,876
        Cass   Information       Systems     Inc.
                                           408,138         18,701
                                165/544

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    *
        Repay   Holdings     Corp.   Class   A
                                          2,322,791          18,698
    *
        Janus   International        Group   Inc.
                                          1,950,110          18,565
    *
        TrueBlue     Inc.
                                           942,024         18,445
    *
        BlueLinx     Holdings     Inc.
                                           258,113         18,354
        Kaman   Corp.
                                           815,429         18,184
                                166/544



















                                                          EDINET提出書類
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                                                   市場価格     •
                                             株数     ( 千米ドル     )
        Pitney    Bowes   Inc.
                                          4,751,486          18,056
    *
        I3  Verticals      Inc.   Class   A
                                           707,059         17,210
        Ennis   Inc.
                                           770,417         17,072
        Gorman-Rupp       Co.
                                           665,592         17,052
        Resources      Connection      Inc.
                                           902,924         16,596
    *
        Franklin     Covey   Co.
                                           349,702         16,356
        Heidrick     & Struggles      International        Inc.
                                           580,522         16,237
    *
        FARO   Technologies       Inc.
                                           546,929         16,085
    *
        Ducommun     Inc.
                                           315,153         15,745
        Argan   Inc.
                                           426,696         15,737
        Kelly   Services     Inc.   Class   A
                                           921,762         15,578
        Insteel     Industries      Inc.
                                           533,757         14,689
    *
        Transcat     Inc.
                                           203,696         14,436
    *
        TaskUS    Inc.   Class   A
                                           839,369         14,185
    *
        CIRCOR    International        Inc.
                                           591,811         14,180
    1
        Eagle   Bulk   Shipping     Inc.
                                           283,417         14,154
        VSE  Corp.
                                           291,711         13,675
        Allied    Motion    Technologies       Inc.
                                           388,182         13,513
    *
        Target    Hospitality       Corp.
                                           883,697         13,379
    *
        Vishay    Precision      Group   Inc.
                                           346,096         13,377
    *
        Cimpress     plc
                                           477,287         13,178
    *
        DXP  Enterprises       Inc.
                                           478,217         13,175
    *,1
        Aurora    Innovation      Inc.
                                          10,860,578           13,141
    *
        V2X  Inc.
                                           316,924         13,086
    *
        Forrester      Research     Inc.
                                           359,746         12,865
        REV  Group   Inc.
                                          1,017,861          12,845
        Perella     Weinberg     Partners     Class   A
                                          1,278,425          12,529
        Pactiv    Evergreen      Inc.
                                          1,068,389          12,137
        National     Presto    Industries      Inc.
                                           174,466         11,944
    *
        Hudson    Technologies       Inc.
                                          1,149,613          11,634
    *
        Custom    Truck   One  Source    Inc.
                                          1,831,243          11,573
    *
        Great   Lakes   Dredge    & Dock   Corp.
                                          1,843,428          10,968
    *
        Babcock     & Wilcox    Enterprises       Inc.
                                          1,843,405          10,636
    *
        Manitowoc      Co.  Inc.
                                          1,083,726           9,927
    *
        CECO   Environmental        Corp.
                                           843,032          9,847
        Cadre   Holdings     Inc.
                                           488,900          9,846
    *
        AerSale     Corp.
                                           605,262          9,817
        Powell    Industries      Inc.
                                           271,733          9,560
        LSI  Industries      Inc.
                                           777,330          9,515
    *,1
        Desktop     Metal   Inc.   Class   A
                                          6,996,405           9,515
        FTAI   Infrastructure         Inc.
                                          3,188,200           9,405
    *
        Tutor   Perini    Corp.
                                          1,210,073           9,136
    *
        ShotSpotter       Inc.
                                           260,978          8,829
    *
        Sterling     Check   Corp.
                                           566,975          8,771
    *,1
        Hyliion     Holdings     Corp.
                                          3,720,847           8,707
    *
        Luna   Innovations       Inc.
                                           960,256          8,441
    *
        BrightView      Holdings     Inc.
                                          1,219,101           8,400
    *
        IES  Holdings     Inc.
                                           235,697          8,384
    *
        Astronics      Corp.
                                           808,671          8,329
                                167/544

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    *,1
        Velo3D    Inc.
                                          4,652,256           8,328
        Miller    Industries      Inc.
                                           308,624          8,228
        Park   Aerospace      Corp.
                                           610,019          8,180
    *
        HireRight      Holdings     Corp.
                                           676,654          8,025
        Universal      Logistics      Holdings     Inc.
                                           230,693          7,714
                                168/544



















                                                          EDINET提出書類
                                              バンガード・インデックス・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     )
        United    States    Lime   & Minerals     Inc.
                                            53,708         7,560
    *
        Daseke    Inc.
                                          1,310,814           7,459
    *,1
        Workhorse      Group   Inc.
                                          4,801,523           7,298
        Covenant     Logistics      Group   Inc.   Class   A
                                           209,606          7,246
    *,1
        Microvast      Holdings     Inc.
                                          4,657,800           7,126
    *,1
        TuSimple     Holdings     Inc.   Class   A
                                          4,277,881           7,016
    *
        Radiant     Logistics      Inc.
                                          1,368,861           6,967
    *
        Archer    Aviation     Inc.   Class   A
                                          3,679,429           6,881
        Hyster-Yale       Materials      Handling     Inc.
                                           269,570          6,823
    *
        Willdan     Group   Inc.
                                           379,924          6,782
        Greif   Inc.   Class   B
                                            85,951         6,724
    *
        Commercial      Vehicle     Group   Inc.
                                           986,674          6,719
    *
        Cantaloupe      Inc.
                                          1,518,675           6,606
    *
        DHI  Group   Inc.
                                          1,239,544           6,557
    *
        Ranpak    Holdings     Corp.   Class   A
                                          1,135,957           6,554
    *
        Performant      Financial      Corp.
                                          1,777,229           6,416
    *,1
        Blade   Air  Mobility     Inc.
                                          1,780,179           6,373
        Kronos    Worldwide      Inc.
                                           666,260          6,263
    *,1
        ShiftPixy      Inc.
                                           298,600          6,256
    *
        Overseas     Shipholding       Group   Inc.   Class   A
                                          2,157,938           6,236
    *
        Bowman    Consulting      Group   Ltd.   Class   A
                                           281,036          6,141
    *
        Acacia    Research     Corp.
                                          1,349,295           5,681
    *
        Distribution       Solutions      Group   Inc.
                                           144,378          5,322
    *,1
        Danimer     Scientific      Inc.   Class   A
                                          2,920,239           5,227
    *
        PAM  Transportation         Services     Inc.
                                           196,206          5,082
        BGSF   Inc.
                                           327,376          5,015
        Hurco   Cos.   Inc.
                                           189,475          4,951
    *
        Blue   Bird   Corp.
                                           456,096          4,885
    *
        CPI  Card   Group   Inc.
                                           132,336          4,775
    *
        Advantage      Solutions      Inc.
                                          2,262,148           4,705
    *
        Iteris    Inc.
                                          1,478,666           4,599
    *
        Atlas   Technical      Consultants       Inc.   Class   A
                                           880,011          4,532
    *
        Quad/Graphics        Inc.
                                          1,103,900           4,504
        Information       Services     Group   Inc.
                                           977,121          4,495
    *
        Evolv   Technologies       Holdings     Inc.
                                          1,718,460           4,451
    *
        CS  Disco   Inc.
                                           700,982          4,430
    *
        Velodyne     Lidar   Inc.
                                          5,956,174           4,400
    *
        Concrete     Pumping     Holdings     Inc.
                                           737,042          4,312
    *
        Yellow    Corp.
                                          1,705,847           4,282
    *
        Core   Molding     Technologies       Inc.
                                           316,688          4,114
    *
        L B Foster    Co.  Class   A
                                           421,226          4,077
    *,1
        View   Inc.
                                          4,168,453           4,022
    *,1
        BlackSky     Technology      Inc.   Class   A
                                          2,605,410           4,012
    *
        Atlanticus      Holdings     Corp.
                                           150,156          3,934
    *,1
        Terran    Orbital     Corp.
                                          2,419,100           3,822
    *,1
        Virgin    Orbit   Holdings     Inc.
                                          2,044,300           3,782
    *,1
        Skillsoft      Corp.
                                          2,900,886           3,771
    *
        EVI  Industries      Inc.
                                           155,167          3,704
    *,1
        Byrna   Technologies       Inc.
                                           472,114          3,701
                                169/544

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    *,1
        Global    Business     Travel    Group   I
                                           544,900          3,678
    *
        RCM  Technologies       Inc.
                                           294,549          3,635
    *
        Graham    Corp.
                                           377,551          3,632
    *
        Mistras     Group   Inc.
                                           709,943          3,500
    *
        DLH  Holdings     Corp.
                                           292,132          3,466
                                170/544



















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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *,1
        Hyzon   Motors    Inc.
                                          2,227,561           3,453
        PFSweb    Inc.
                                           559,304          3,440
    *
        Gencor    Industries      Inc.
                                           332,487          3,358
    *
        Twin   Disc   Inc.
                                           342,600          3,330
    *,1
        Paymentus      Holdings     Inc.   Class   A
                                           404,533          3,240
    *
        Mayville     Engineering       Co.  Inc.
                                           251,155          3,180
        Park-Ohio      Holdings     Corp.
                                           258,617          3,163
    *
        Willis    Lease   Finance     Corp.
                                            53,245         3,142
    *,1
        Markforged      Holding     Corp.
                                          2,651,263           3,075
    *,1
        SKYX   Platforms      Corp.
                                          1,219,153           3,072
        ARC  Document     Solutions      Inc.
                                          1,040,504           3,049
    *,1
        MSP  Recovery     Inc.
                                          1,855,915           2,969
    *
        Innovative      Solutions      & Support     Inc.
                                           353,301          2,904
    *,1
        Spire   Global    Inc.
                                          2,946,300           2,828
    *
        Paysign     Inc.
                                          1,077,060           2,779
    *,1
        Smith-Midland        Corp.
                                           127,258          2,609
    *,1
        Moneylion      Inc.
                                          4,172,254           2,587
    *,1
        INNOVATE     Corp.
                                          1,371,484           2,565
    *,1
        Eos  Energy    Enterprises       Inc.
                                          1,694,200           2,507
    *,1
        MICT   Inc.
                                          2,994,134           2,485
        Karat   Packaging      Inc.
                                           171,091          2,459
    *
        Limbach     Holdings     Inc.
                                           232,517          2,420
        HireQuest      Inc.
                                           149,263          2,360
    *,1
        Astra   Space   Inc.
                                          5,320,648           2,308
    *
        Hudson    Global    Inc.
                                           100,173          2,267
    *
        Orion   Group   Holdings     Inc.
                                           939,452          2,236
    *,1
        Cepton    Inc.
                                          1,753,500           2,227
    *
        Latch   Inc.
                                          3,068,500           2,178
    *,1
        Knightscope       Inc.   Class   A
                                          1,010,525           1,910
    *
        StarTek     Inc.
                                           457,203          1,714
    *
        GEE  Group   Inc.
                                          3,354,057           1,643
    *,1
        Energous     Corp.
                                          1,958,094           1,637
    *
        Frequency      Electronics       Inc.
                                           228,179          1,609
    *
        Alpha   Pro  Tech   Ltd.
                                           398,671          1,603
    *,1
        Katapult     Holdings     Inc.
                                          1,643,191           1,572
    *,1
        AEye   Inc.
                                          3,258,500           1,566
    *
        Hydrofarm      Holdings     Group   Inc.
                                           950,421          1,473
    *
        Orion   Energy    Systems     Inc.
                                           765,432          1,393
    *
        US  Xpress    Enterprises       Inc.   Class   A
                                           752,668          1,362
    *
        Research     Solutions      Inc.
                                           700,394          1,352
    *
        Lightbridge       Corp.
                                           345,233          1,343
    *
        Ultralife      Corp.
                                           348,051          1,343
    *
        Sarcos    Technology      & Robotics     Corp.
                                          2,362,032           1,326
    *,1
        Momentus     Inc.   Class   A
                                          1,648,139           1,285
    *
        RF  Industries      Ltd.
                                           249,088          1,270
    *
        Priority     Technology      Holdings     Inc.
                                           239,738          1,261
    *,1
        Coda   Octopus     Group   Inc.
                                           183,470          1,259
    *
        VirTra    Inc.
                                           262,879          1,230
    *
        LS  Starrett     Co.  Class   A
                                           166,241          1,224
                                171/544

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    *
        Usio   Inc.
                                           757,304          1,212
    *,1
        Rekor   Systems     Inc.
                                          1,005,498           1,207
    *,1
        Berkshire      Grey   Inc.
                                          1,873,972           1,132
    *,1
        Odyssey     Marine    Exploration       Inc.   Class   B
                                           290,463          1,127
    *
        FreightCar      America     Inc.
                                           350,356          1,121
                                172/544



















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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *,1
        Wrap   Technologies       Inc.
                                           658,952          1,114
    *,1
        Redwire     Corp.
                                           562,616          1,114
    *
        Sono-Tek     Corp.
                                           157,600          1,012
    *,1
        BitNile     Holdings     Inc.
                                          8,202,267           1,005
    *,1
        Where   Food   Comes   From   Inc.
                                            69,360          969
    *
        Air  T Inc.
                                            32,860          824
    *
        IZEA   Worldwide      Inc.
                                          1,398,592            759
    *
        LightPath      Technologies       Inc.   Class   A
                                           619,617           756
    *
        Broadwind      Inc.
                                           385,036           689
    *,1
        AgEagle     Aerial    Systems     Inc.
                                          1,950,222            683
    *
        Wireless     Telecom     Group   Inc.
                                           339,257           607
    *
        FG  Group   Holdings     Inc.
                                           226,990           595
    *
        Sypris    Solutions      Inc.
                                           286,226           578
    *,1
        Applied     DNA  Sciences     Inc.
                                           346,633           575
    *,1
        Lightning      eMotors     Inc.
                                          1,485,715            545
    *
        Fuel   Tech   Inc.
                                           424,566           539
    *,1
        Xos  Inc.
                                          1,199,595            531
    *
        Espey   Manufacturing        & Electronics       Corp.
                                            36,920          524
    *,1
        Orbital     Infrastructure         Group   Inc.
                                          2,398,886            473
        Taitron     Components      Inc.   Class   A
                                           126,100           434
    *,1
        CompoSecure       Inc.
                                            79,739          392
    *
        Astrotech      Corp.
                                            38,881          388
    *
        Biotricity      Inc.
                                           845,735           381
    *
        Williams     Industrial      Services     Group   Inc.
                                           366,258           374
    *,1
        Dominari     Holdings     Inc.
                                           111,013           361
    *
        Team   Inc.
                                            67,315          353
    *
        TSR  Inc.
                                            50,537          343
    *
        ClearSign      Technologies       Corp.
                                           584,529           313
    *,1
        Air  Industries      Group
                                            69,263          294
    *
        ENGlobal     Corp.
                                           378,679           292
    *,1
        Pioneer     Power   Solutions      Inc.
                                           107,157           287
    *
        Horizon     Global    Corp.
                                           737,857           287
    *,1
        AmpliTech      Group   Inc.
                                           132,700           281
    *,1
        Aeroclean      Technologies       Inc.
                                            77,685          243
    *,1
        Digital     Ally   Inc.
                                          1,045,002            243
    *,1
        TOMI   Environmental        Solutions      Inc.
                                           484,669           238
    *
        DSS  Inc.
                                          1,292,763            212
    *,1
        Polar   Power   Inc.
                                           156,102           201
    *
        Jewett-Cameron         Trading     Co.  Ltd.
                                            33,538          193
    *
        Shapeways      Holdings     Inc.
                                           354,017           193
    *
        M-Tron    Industries      Inc.
                                            21,794          191
    *,1
        Safe   & Green   Holdings     Corp.
                                           124,227           170
    *,1
        Nuvve   Holding     Corp.
                                           234,173           157
    *
        Sidus   Space   Inc.   Class   A
                                           134,281           146
    *,1
        OLB  Group   Inc.
                                           172,095           144
    *
        LGL  Group   Inc.
                                            30,781          125
    *,1
        Ryvyl   Inc.
                                           263,629           121
    *
        Socket    Mobile    Inc.
                                            60,175          117
        P&F  Industries      Inc.   Class   A
                                            19,762           99
                                173/544

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    *
        Servotronics       Inc.
                                             8,633          91
        Autoscope      Technologies       Corp.
                                            20,187           73
    *
        Manitex     International        Inc.
                                             8,258          33
    *,1
        Staffing     360  Solutions      Inc.
                                             8,115          23
    *
        Fathom    Digital     Manufacturing         C 
                                             8,300          11
                                174/544



















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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *,1
        AppTech     Payments     Corp.
                                             4,100          10
    *
        Art's-Way      Manufacturing        Co.  Inc.
                                             4,484           9
    *,2
        Patriot     National     Inc.
                                           129,819            -
    *
        Ardagh    Group   SA  Class   A
                                              37         -
    *
        LGL  Group   Inc.   Warrants     Exp.   12/16/25                               -
                                             2,391
                                                  156,778,170
    不動産    (3.4  % )
        Prologis     Inc.
                                          28,071,854         3,164,540
        American     Tower   Corp.
                                          14,159,997         2,999,937
        Equinix     Inc.
                                          2,814,333        1,843,473
        Crown   Castle    Inc.
                                          13,169,960         1,786,373
        Public    Storage
                                          4,540,330        1,272,155
        Realty    Income    Corp.
                                          19,064,759         1,209,278
        Simon   Property     Group   Inc.
                                          9,944,803        1,168,315
    *
        CoStar    Group   Inc.
                                          12,365,660          955,618
        Welltower      Inc.
                                          14,371,569          942,056
        SBA  Communications         Corp.   Class   A
                                          3,281,949          919,963
        Digital     Realty    Trust   Inc.
                                          8,745,029          876,864
        VICI   Properties      Inc.
                                          25,554,170          827,955
        Alexandria      Real   Estate    Equities     Inc.
                                          4,990,552          726,974
    *
        CBRE   Group   Inc.   Class   A
                                          9,149,676          704,159
        Weyerhaeuser       Co.
                                          22,372,185          693,538
        AvalonBay      Communities       Inc.
                                          4,254,627          687,207
        Equity    Residential
                                          10,920,323          644,299
        Extra   Space   Storage     Inc.
                                          4,071,709          599,274
        Mid-America       Apartment      Communities       Inc.
                                          3,511,214          551,226
        Invitation      Homes   Inc.
                                          18,595,550          551,172
        Ventas    Inc.
                                          12,161,508          547,876
        Sun  Communities       Inc.
                                          3,765,629          538,485
        WP  Carey   Inc.
                                          6,327,113          494,464
        Iron   Mountain     Inc.
                                          8,833,577          440,354
        Essex   Property     Trust   Inc.
                                          1,970,033          417,489
        Healthpeak      Properties      Inc.
                                          16,344,278          409,751
        Kimco   Realty    Corp.
                                          18,769,832          397,545
        Gaming    & Leisure     Properties      Inc.
                                          7,434,538          387,265
        UDR  Inc.
                                          9,888,406          382,978
        Camden    Property     Trust
                                          3,235,736          362,014
        Host   Hotels    & Resorts     Inc.
                                          21,754,252          349,156
        Equity    LifeStyle      Properties      Inc.
                                          5,089,517          328,783
        Regency     Centers     Corp.
                                          5,198,185          324,887
        Rexford     Industrial      Realty    Inc.
                                          5,573,334          304,527
        Boston    Properties      Inc.
                                          4,284,619          289,555
        CubeSmart                                   6,816,908          274,381
        American     Homes   4 Rent   Class   A
                                          8,586,374          258,793
        Life   Storage     Inc.
                                          2,587,160          254,835
        Lamar   Advertising       Co.  Class   A
                                          2,649,309          250,095
        Federal     Realty    Investment      Trust
                                          2,467,526          249,319
        National     Retail    Properties      Inc.
                                          5,419,969          248,018
        STORE   Capital     Corp.
                                          7,721,004          247,535
                                175/544

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        Americold      Realty    Trust   Inc.
                                          8,198,633          232,103
    *
        Jones   Lang   LaSalle     Inc.
                                          1,444,748          230,250
        Healthcare      Realty    Trust   Inc.   Class   A
                                          11,569,048          222,936
        Brixmor     Property     Group   Inc.
                                          9,072,087          205,664
        Medical     Properties      Trust   Inc.
                                          18,158,335          202,284
                                176/544



















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                                                   市場価格     •
                                             株数     ( 千米ドル     )
        Omega   Healthcare      Investors      Inc.
                                          7,119,301          198,984
        EastGroup      Properties      Inc.
                                          1,325,066          196,189
        First   Industrial      Realty    Trust   Inc.
                                          4,004,015          193,234
        Agree   Realty    Corp.
                                          2,681,423          190,193
        STAG   Industrial      Inc.
                                          5,462,419          176,491
        Spirit    Realty    Capital     Inc.
                                          4,263,338          170,235
        Apartment      Income    REIT   Corp.   Class   A
                                          4,605,051          157,999
    *
        Zillow    Group   Inc.   Class    C 
                                          4,899,243          157,805
        Rayonier     Inc.
                                          4,447,915          146,603
        Kite   Realty    Group   Trust
                                          6,639,872          139,769
        Kilroy    Realty    Corp.
                                          3,545,183          137,092
        Ryman   Hospitality       Properties      Inc.
                                          1,589,519          129,991
        Terreno     Realty    Corp.
                                          2,208,805          125,615
        Cousins     Properties      Inc.
                                          4,617,142          116,768
        Independence       Realty    Trust   Inc.
                                          6,823,832          115,050
        Phillips     Edison    & Co.  Inc.
                                          3,548,191          112,974
        Vornado     Realty    Trust
                                          5,281,480          109,908
        PotlatchDeltic         Corp.
                                          2,450,399          107,793
        Essential      Properties      Realty    Trust   Inc.
                                          4,374,284          102,664
        Physicians      Realty    Trust
                                          6,929,270          100,267
        Apple   Hospitality       REIT   Inc.
                                          6,222,898          98,197
        National     Storage     Affiliates      Trust
                                          2,630,659          95,019
        Highwoods      Properties      Inc.
                                          3,217,026          90,012
        Corporate      Office    Properties      Trust
                                          3,428,085          88,925
        Sabra   Health    Care   REIT   Inc.
                                          6,970,017          86,637
        Innovative      Industrial      Properties      Inc.
                                           849,282         86,075
        EPR  Properties
                                          2,274,676          85,801
        LXP  Industrial      Trust
                                          8,489,172          85,062
        Broadstone      Net  Lease   Inc.
                                          5,022,510          81,415
        Equity    Commonwealth
                                          3,194,059          79,756
        Douglas     Emmett    Inc.
                                          5,070,434          79,504
    *,1
        Howard    Hughes    Corp.
                                          1,034,131          79,028
        Hannon    Armstrong      Sustainable       Infrastructure         Capital     Inc.
                                          2,723,437          78,925
        Park   Hotels    & Resorts     Inc.
                                          6,490,659          76,525
        SITE   Centers     Corp.
                                          5,519,346          75,394
        Outfront     Media   Inc.
                                          4,478,178          74,248
        Macerich     Co.
                                          6,555,435          73,814
        JBG  SMITH   Properties
                                          3,473,430          65,926
    1
        SL  Green   Realty    Corp.
                                          1,940,860          65,446
        Four   Corners     Property     Trust   Inc.
                                          2,518,781          65,312
        National     Health    Investors      Inc.
                                          1,243,893          64,956
        Sunstone     Hotel   Investors      Inc.
                                          6,406,404          61,886
    *
        Cushman     & Wakefield      plc
                                          4,793,912          59,732
        Kennedy-Wilson         Holdings     Inc.
                                          3,583,854          56,374
        CareTrust      REIT   Inc.
                                          2,941,443          54,652
        Retail    Opportunity       Investments       Corp.
                                          3,627,228          54,517
        Pebblebrook       Hotel   Trust
                                          4,024,072          53,882
        Tanger    Factory     Outlet    Centers     Inc.
                                          2,995,208          53,734
        DigitalBridge        Group   Inc.
                                          4,854,511          53,108
                                177/544

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        DiamondRock       Hospitality       Co.
                                          6,398,737          52,406
        RLJ  Lodging     Trust
                                          4,945,600          52,374
        Elme   Communities
                                          2,726,831          48,538
        Urban   Edge   Properties
                                          3,402,084          47,935
        InvenTrust      Properties      Corp.
                                          1,959,753          46,387
                                178/544



















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                                                   市場価格     •
                                             株数     ( 千米ドル     )
        Xenia   Hotels    & Resorts     Inc.
                                          3,493,149          46,040
        LTC  Properties      Inc.
                                          1,221,233          43,390
        Getty   Realty    Corp.
                                          1,266,179          42,860
    *
        Veris   Residential       Inc.
                                          2,686,816          42,801
        Hudson    Pacific     Properties      Inc.
                                          4,370,707          42,527
        Acadia    Realty    Trust
                                          2,912,504          41,794
        Alexander      & Baldwin     Inc.
                                          2,211,166          41,415
        Easterly     Government      Properties      Inc.   Class   A
                                          2,814,966          40,170
        Uniti   Group   Inc.
                                          7,164,853          39,622
        American     Assets    Trust   Inc.
                                          1,488,186          39,437
        Global    Net  Lease   Inc.
                                          3,135,658          39,415
    *
        GEO  Group   Inc.
                                          3,590,246          39,313
        St.  Joe  Co.
                                           999,745         38,640
        Service     Properties      Trust
                                          5,050,565          36,819
        Paramount      Group   Inc.
                                          5,914,575          35,133
        Piedmont     Office    Realty    Trust   Inc.   Class   A
                                          3,788,999          34,745
    *
        Zillow    Group   Inc.   Class   A
                                          1,083,087          33,803
        Empire    State   Realty    Trust   Inc.   Class   A
                                          5,005,870          33,740
        Brandywine      Realty    Trust
                                          5,380,893          33,093
        Newmark     Group   Inc.   Class   A
                                          3,957,178          31,539
        Apartment      Investment      & Management      Co.  Class   A
                                          4,331,912          30,843
        NexPoint     Residential       Trust   Inc.
                                           677,616         29,490
        NETSTREIT      Corp.
                                          1,549,386          28,400
    *
        Radius    Global    Infrastructure         Inc.
                                          2,290,762          27,077
        RPT  Realty
                                          2,686,489          26,972
        Centerspace                                    455,138         26,703
        Community      Healthcare      Trust   Inc.
                                           740,782         26,520
        Plymouth     Industrial      REIT   Inc.
                                          1,354,907          25,987
        Marcus    & Millichap      Inc.
                                           742,423         25,576
    1
        eXp  World   Holdings     Inc.
                                          2,296,413          25,444
        UMH  Properties      Inc.
                                          1,524,833          24,550
        Armada    Hoffler     Properties      Inc.
                                          2,118,054          24,358
        Necessity      Retail    REIT   Inc.   Class   A
                                          3,941,256          23,372
        Summit    Hotel   Properties      Inc.
                                          3,173,275          22,911
        Gladstone      Commercial      Corp.
                                          1,182,896          21,884
        Safehold     Inc.
                                           761,747         21,801
    *
        Anywhere     Real   Estate    Inc.
                                          3,293,319          21,044
        Office    Properties      Income    Trust
                                          1,553,526          20,740
        Gladstone      Land   Corp.
                                          1,118,425          20,523
    *
        Compass     Inc.   Class   A
                                          8,507,087          19,822
    *,1
        Opendoor     Technologies       Inc.
                                          16,341,522           18,956
        Chatham     Lodging     Trust
                                          1,474,768          18,095
        Saul   Centers     Inc.
                                           432,397         17,590
        Farmland     Partners     Inc.
                                          1,408,234          17,547
        Global    Medical     REIT   Inc.
                                          1,827,279          17,323
        Universal      Health    Realty    Income    Trust
                                           355,007         16,944
    1
        Ares   Commercial      Real   Estate    Corp.
                                          1,520,824          15,649
        Orion   Office    REIT   Inc.
                                          1,773,249          15,144
        Whitestone      REIT
                                          1,512,138          14,577
                                179/544

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    *
        Redfin    Corp.
                                          3,051,525          12,938
        Alexander's       Inc.
                                            58,505        12,875
        RMR  Group   Inc.   Class   A
                                           443,704         12,535
    *,1
        WeWork    Inc.
                                          8,465,950          12,106
    *
        Seritage     Growth    Properties      Class   A
                                          1,013,232          11,987
                                180/544



















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                                                   市場価格     •
                                             株数     ( 千米ドル     )
        One  Liberty     Properties      Inc.
                                           534,493         11,876
        Urstadt     Biddle    Properties      Inc.   Class   A
                                           614,832         11,651
        CTO  Realty    Growth    Inc.
                                           630,295         11,522
    *
        Tejon   Ranch   Co.
                                           610,106         11,494
        City   Office    REIT   Inc.
                                          1,177,661           9,869
        Bridge    Investment      Group   Holdings     Inc.   Class   A
                                           806,505          9,718
        RE/MAX    Holdings     Inc.   Class   A
                                           519,322          9,680
        Hersha    Hospitality       Trust   Class   A
                                          1,109,885           9,456
    *
        FRP  Holdings     Inc.
                                           170,118          9,163
        Indus   Realty    Trust   Inc.
                                           136,973          8,696
        Braemar     Hotels    & Resorts     Inc.
                                          2,097,772           8,622
    *
        Forestar     Group   Inc.
                                           538,939          8,305
        Douglas     Elliman     Inc.
                                          1,920,937           7,818
        Franklin     Street    Properties      Corp.
                                          2,758,628           7,531
        Postal    Realty    Trust   Inc.   Class   A
                                           503,103          7,310
        Industrial      Logistics      Properties      Trust
                                          2,135,037           6,982
        BRT  Apartments      Corp.
                                           355,404          6,980
        Alpine    Income    Property     Trust   Inc.
                                           326,561          6,231
        Urstadt     Biddle    Properties      Inc.
                                           340,991          6,209
    *
        Ashford     Hospitality       Trust   Inc.
                                          1,160,323           5,187
        Stratus     Properties      Inc.
                                           235,957          4,552
        Diversified       Healthcare      Trust
                                          6,421,459           4,153
        Modiv   Inc.   Class    C 
                                           224,372          2,692
        Clipper     Realty    Inc.
                                           405,295          2,594
        Creative     Media   & Community      Trust   Corp.
                                           477,630          2,340
    *
        Bluerock     Homes   Trust   Inc.
                                           109,382          2,331
    *
        Altisource      Portfolio      Solutions      SA
                                           195,665          1,851
    *
        Maui   Land   & Pineapple      Co.  Inc.
                                           192,501          1,813
        Global    Self   Storage     Inc.
                                           319,661          1,560
    *
        AMREP   Corp.
                                           115,952          1,339
    *
        Rafael    Holdings     Inc.   Class   B
                                           381,611           714
    *
        Comstock     Holding     Cos.   Inc.   Class   A
                                           164,051           699
    1
        New  York   City   REIT   Inc.   Class   A
                                           395,144           699
        CorEnergy      Infrastructure         Trust   Inc.
                                           293,803           614
    *
        Sotherly     Hotels    Inc.
                                           337,859           612
    *
        Fathom    Holdings     Inc.
                                           144,051           612
    *
        Trinity     Place   Holdings     Inc.
                                           756,919           560
    *,1
        Offerpad     Solutions      Inc.
                                          1,145,520            528
    *
        Power   REIT
                                            72,668          287
    *
        Avalon    GloboCare      Corp.
                                           486,240           253
    *,2
        New  York   REIT   Liquidating       LLC
                                            19,100          214
    1
        Presidio     Property     Trust   Inc.   Class   A
                                           184,525           185
    *
        Wheeler     REIT   Inc.
                                           130,830           179
    *,1
        Alset   Inc.
                                            77,598          178
    1
        Generation      Income    Properties      Inc.
                                            32,616          158
    *,1
        Harbor    Custom    Development       Inc.
                                           127,370           50
        Medalist     Diversified       REIT   Inc.
                                            48,881           35
    *
        Presidio     Property     Trust   Inc.   Warrants     Exp.   1/24/27
                                           110,319            6
    *
        JW  Mays   Inc.
                                              100          5
                                181/544

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    *,2
        Spirit    MTA  REIT
                                          2,854,330             -
    *,1
        Pennsylvania       REIT                                        -
                                               3
                                                  38,923,536
    テクノロジー       (23.3   % )
        Apple   Inc.
                                         459,623,200         59,718,842
                                182/544



















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                                                   市場価格     •
                                             株数     ( 千米ドル     )
        Microsoft      Corp.
                                         226,710,185         54,369,637
    *
        Alphabet     Inc.   Class   A
                                         181,777,406         16,038,220
    *
        Alphabet     Inc.   Class    C 
                                         157,203,318         13,948,650
        NVIDIA    Corp.
                                          71,076,358        10,387,099
    *
        Meta   Platforms      Inc.   Class   A
                                          68,388,680         8,229,894
        Broadcom     Inc.
                                          12,316,850         6,886,720
    *
        Adobe   Inc.
                                          14,138,391         4,757,993
        Texas   Instruments       Inc.
                                          27,596,559         4,559,503
        International        Business     Machines     Corp.
                                          27,498,107         3,874,208
    *
        Salesforce      Inc.
                                          28,893,138         3,830,941
        QUALCOMM     Inc.
                                          34,093,490         3,748,238
        Oracle    Corp.
                                          45,096,132         3,686,158
        Intel   Corp.
                                         125,513,881          3,317,332
    *
        Advanced     Micro   Devices     Inc.
                                          49,036,817         3,176,115
        Intuit    Inc.
                                          8,116,959        3,159,283
        Applied     Materials      Inc.
                                          26,165,880         2,548,033
        Analog    Devices     Inc.
                                          15,487,728         2,540,452
    *
        ServiceNow      Inc.
                                          6,143,380        2,385,290
        Lam  Research     Corp.
                                          4,147,939        1,743,379
        Micron    Technology      Inc.
                                          33,061,567         1,652,417
        KLA  Corp.
                                          4,308,991        1,624,619
    *
        Synopsys     Inc.
                                          4,649,526        1,484,547
        Roper   Technologies       Inc.
                                          3,224,370        1,393,218
        Amphenol     Corp.   Class   A
                                          18,109,473         1,378,855
    *
        Cadence     Design    Systems     Inc.
                                          8,340,108        1,339,755
    *
        Palo   Alto   Networks     Inc.
                                          9,195,817        1,283,184
    *
        Autodesk     Inc.
                                          6,561,625        1,226,171
    *
        Snowflake      Inc.   Class   A
                                          8,271,044        1,187,226
        Microchip      Technology      Inc.
                                          16,727,199         1,175,086
        TE  Connectivity       Ltd.
                                          9,655,712        1,108,476
    *
        Workday     Inc.   Class   A
                                          6,113,831        1,023,027
    *
        Fortinet     Inc.
                                          20,193,591          987,265
        Marvell     Technology      Inc.
                                          25,943,566          960,950
        Cognizant      Technology      Solutions      Corp.   Class   A
                                          15,638,586          894,371
    *
        VMware    Inc.   Class   A
                                          7,103,355          872,008
    *
        ON  Semiconductor        Corp.
                                          13,152,359          820,313
    *
        Gartner     Inc.
                                          2,282,610          767,277
        HP  Inc.
                                          27,540,071          740,002
        Corning     Inc.
                                          23,159,196          739,705
        CDW  Corp.
                                          4,118,435          735,470
    *
        Crowdstrike       Holdings     Inc.   Class   A
                                          6,533,823          687,946
    *
        ANSYS   Inc.
                                          2,648,559          639,865
        Hewlett     Packard     Enterprise      Co.
                                          39,154,154          624,900
    *
        Datadog     Inc.   Class   A
                                          7,996,299          587,728
    *
        Atlassian      Corp.   Class   A
                                          4,510,535          580,416
    *
        VeriSign     Inc.
                                          2,740,406          562,989
    *
        EPAM   Systems     Inc.
                                          1,662,085          544,732
    *
        Paycom    Software     Inc.
                                          1,549,505          480,827
        Monolithic      Power   Systems     Inc.
                                          1,356,612          479,712
                                183/544

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        Skyworks     Solutions      Inc.
                                          4,871,359          443,927
        Leidos    Holdings     Inc.
                                          4,157,814          437,360
    *
        Pinterest      Inc.   Class   A
                                          17,849,136          433,377
    *
        Zoom   Video   Communications         Inc.   Class   A
                                          6,334,134          429,074
    *
        DoorDash     Inc.   Class   A
                                          8,748,963          427,124
                                184/544



















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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *
        Splunk    Inc.
                                          4,943,142          425,555
        Teradyne     Inc.
                                          4,734,131          413,526
    *
        Tyler   Technologies       Inc.
                                          1,264,675          407,744
    *
        HubSpot     Inc.
                                          1,404,674          406,133
    *
        Akamai    Technologies       Inc.
                                          4,786,431          403,496
        NetApp    Inc.
                                          6,612,339          397,137
    *
        MongoDB     Inc.   Class   A
                                          1,983,423          390,417
    *
        PTC  Inc.
                                          3,211,622          385,523
    *
        Cloudflare      Inc.   Class   A
                                          8,219,486          371,603
        Gen  Digital     Inc.
                                          16,823,719          360,532
    *
        GoDaddy     Inc.   Class   A
                                          4,723,189          353,389
    *
        Match   Group   Inc.
                                          8,498,001          352,582
        SS&C   Technologies       Holdings     Inc.
                                          6,527,138          339,803
    *
        DocuSign     Inc.   Class   A
                                          6,099,472          338,033
    *
        Palantir     Technologies       Inc.   Class   A
                                          51,181,704          328,587
    *
        ZoomInfo     Technologies       Inc.   Class   A
                                          10,438,973          314,317
        Seagate     Technology      Holdings     plc
                                          5,963,204          313,724
    *
        Western     Digital     Corp.
                                          9,674,998          305,246
        Dell   Technologies       Inc.   Class    C 
                                          7,493,533          301,390
    *
        Okta   Inc.   Class   A
                                          4,380,062          299,290
        Entegris     Inc.
                                          4,529,661          297,100
    *
        Zscaler     Inc.
                                          2,626,856          293,945
    *
        Ceridian     HCM  Holding     Inc.
                                          4,433,498          284,409
    *
        Qorvo   Inc.
                                          3,081,737          279,329
    *
        Black   Knight    Inc.
                                          4,505,585          278,220
    *
        Snap   Inc.   Class   A
                                          30,928,419          276,809
    *
        Lattice     Semiconductor        Corp.
                                          4,162,734          270,078
    *,1
        Unity   Software     Inc.
                                          9,432,774          269,683
        Jabil   Inc.
                                          3,891,428          265,395
    *
        F5  Inc.
                                          1,835,758          263,450
    *
        Wolfspeed      Inc.
                                          3,780,608          261,013
    *
        Twilio    Inc.   Class   A
                                          5,313,520          260,150
        Bentley     Systems     Inc.   Class   B
                                          6,733,363          248,865
    *
        Dynatrace      Inc.
                                          6,122,275          234,483
    *
        Pure   Storage     Inc.   Class   A
                                          8,624,313          230,787
    *
        Manhattan      Associates      Inc.
                                          1,899,341          230,580
        KBR  Inc.
                                          4,171,222          220,241
    *
        CACI   International        Inc.   Class   A
                                           714,865        214,881
    *
        Arrow   Electronics       Inc.
                                          1,872,469          195,804
        Science     Applications       International        Corp.
                                          1,674,191          185,718
    *
        Coupa   Software     Inc.
                                          2,309,715          182,860
    *
        Nutanix     Inc.   Class   A
                                          6,990,900          182,113
    *
        Aspen   Technology      Inc.
                                           884,115        181,597
    *
        Dropbox     Inc.   Class   A
                                          8,065,440          180,505
    *
        DXC  Technology      Co.
                                          6,809,525          180,452
    *
        Toast   Inc.   Class   A
                                          9,138,626          164,769
        Concentrix      Corp.
                                          1,181,625          157,345
    *
        Guidewire      Software     Inc.
                                          2,483,233          155,351
    *
        Smartsheet      Inc.   Class   A
                                          3,778,599          148,726
                                185/544

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        National     Instruments       Corp.
                                          3,995,646          147,439
    *
        Five9   Inc.
                                          2,146,116          145,635
    *
        Fabrinet                                   1,116,412          143,146
    *
        SPS  Commerce     Inc.
                                          1,097,206          140,914
    *
        Novanta     Inc.
                                          1,035,825          140,738
                                186/544



















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                                                   市場価格     •
                                             株数     ( 千米ドル     )
        Universal      Display     Corp.
                                          1,294,919          139,903
    *
        Tenable     Holdings     Inc.
                                          3,445,763          131,456
    *
        Silicon     Laboratories       Inc.
                                           962,814        130,625
    *
        Box  Inc.   Class   A
                                          4,119,789          128,249
        Dolby   Laboratories       Inc.   Class   A
                                          1,813,862          127,950
    *
        Coherent     Corp.
                                          3,588,687          125,963
        Vertiv    Holdings     Co.  Class   A
                                          9,212,615          125,844
    *
        Cirrus    Logic   Inc.
                                          1,679,565          125,094
        Power   Integrations       Inc.
                                          1,737,467          124,611
        TD  SYNNEX    Corp.
                                          1,314,534          124,500
    *
        Elastic     NV
                                          2,310,512          118,991
    *
        Workiva     Inc.   Class   A
                                          1,413,247          118,670
    *
        UiPath    Inc.   Class   A
                                          9,254,895          117,630
    *
        Qualys    Inc.
                                          1,042,269          116,974
    *
        Rambus    Inc.
                                          3,260,139          116,778
        Avnet   Inc.
                                          2,784,963          115,799
    *
        Synaptics      Inc.
                                          1,215,585          115,675
    *
        Super   Micro   Computer     Inc.
                                          1,367,278          112,254
    *
        Blackline      Inc.
                                          1,630,363          109,675
    *
        Ziff   Davis   Inc.
                                          1,358,788          107,480
    *
        IAC  Inc.
                                          2,399,808          106,551
    *
        Insight     Enterprises       Inc.
                                          1,060,003          106,287
    *
        Teradata     Corp.
                                          3,087,709          103,932
    *
        Envestnet      Inc.
                                          1,675,931          103,405
    *
        Onto   Innovation      Inc.
                                          1,501,599          102,244
    *,1
        Gitlab    Inc.   Class   A
                                          2,246,106          102,063
    *
        MACOM   Technology      Solutions      Holdings     Inc.
                                          1,606,931          101,205
    *
        Diodes    Inc.
                                          1,323,264          100,753
    *
        Procore     Technologies       Inc.
                                          2,089,862          98,600
        Dun  & Bradstreet      Holdings     Inc.
                                          7,939,091          97,333
        Advanced     Energy    Industries      Inc.
                                          1,133,618          97,242
    *
        Sanmina     Corp.
                                          1,653,982          94,757
    *
        Blackbaud      Inc.
                                          1,607,289          94,605
    *
        New  Relic   Inc.
                                          1,668,059          94,162
    *
        NCR  Corp.
                                          3,962,274          92,757
    *
        RingCentral       Inc.   Class   A
                                          2,609,410          92,373
    *
        Ambarella      Inc.
                                          1,106,533          90,990
    *
        Alteryx     Inc.   Class   A
                                          1,758,997          89,128
    *
        Plexus    Corp.
                                           845,566         87,034
    *
        SentinelOne       Inc.   Class   A
                                          5,963,407          87,006
        Vishay    Intertechnology         Inc.
                                          3,931,123          84,794
    *
        IPG  Photonics      Corp.
                                           891,864         84,433
    *
        CommVault      Systems     Inc.
                                          1,343,452          84,423
    *
        Confluent      Inc.   Class   A
                                          3,787,774          84,240
    *
        Sprout    Social    Inc.   Class   A
                                          1,438,284          81,206
        Amkor   Technology      Inc.
                                          3,364,074          80,670
    *
        Varonis     Systems     Inc.   Class   B
                                          3,187,820          76,316
    *
        Axcelis     Technologies       Inc.
                                           943,370         74,866
    *
        Perficient      Inc.
                                          1,052,876          73,522
                                187/544

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    *
        Altair    Engineering       Inc.   Class   A
                                          1,613,509          73,366
    *
        Impinj    Inc.
                                           669,226         73,066
    *
        MaxLinear      Inc.   Class   A
                                          2,149,267          72,968
    *
        Alarm.com      Holdings     Inc.
                                          1,441,425          71,322
    *
        Kyndryl     Holdings     Inc.
                                          6,255,300          69,559
                                188/544



















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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *,1
        Freshworks      Inc.   Class   A
                                          4,677,671          68,809
    *
        Rogers    Corp.
                                           572,290         68,297
    *
        Verint    Systems     Inc.
                                          1,875,379          68,039
    *
        NetScout     Systems     Inc.
                                          2,087,777          67,874
        Clear   Secure    Inc.   Class   A
                                          2,473,067          67,836
    *
        PagerDuty      Inc.
                                          2,473,155          65,687
        Progress     Software     Corp.
                                          1,299,409          65,555
    *
        KnowBe4     Inc.   Class   A
                                          2,610,582          64,690
    *
        Allegro     MicroSystems       Inc.
                                          2,044,537          61,377
    *
        Appfolio     Inc.   Class   A
                                           559,535         58,964
    *
        nCino   Inc.
                                          2,215,710          58,583
    *
        Rapid7    Inc.
                                          1,699,591          57,752
    *,1
        AppLovin     Corp.   Class   A
                                          5,314,404          55,961
    *
        Allscripts      Healthcare      Solutions      Inc.
                                          3,161,338          55,766
    *
        Semtech     Corp.
                                          1,929,162          55,348
    *
        Yelp   Inc.   Class   A
                                          2,013,343          55,045
    *
        DoubleVerify       Holdings     Inc.
                                          2,483,915          54,547
    *
        Bumble    Inc.   Class   A
                                          2,559,851          53,885
        CSG  Systems     International        Inc.
                                           925,548         52,941
    *,1
        HashiCorp      Inc.   Class   A
                                          1,912,703          52,293
    *
        FormFactor      Inc.
                                          2,343,232          52,090
    *
        Parsons     Corp.
                                          1,095,312          50,658
    *
        DigitalOcean       Holdings     Inc.
                                          1,917,500          48,839
    *
        Agilysys     Inc.
                                           609,866         48,265
        Xerox   Holdings     Corp.
                                          3,279,828          47,885
        Methode     Electronics       Inc.
                                          1,061,221          47,086
    *
        LiveRamp     Holdings     Inc.
                                          1,985,001          46,528
    *
        SiTime    Corp.
                                           453,792         46,114
    *
        Model   N Inc.
                                          1,103,089          44,741
    *
        Q2  Holdings     Inc.
                                          1,661,343          44,640
    *
        Cohu   Inc.
                                          1,376,278          44,110
    *
        Ultra   Clean   Holdings     Inc.
                                          1,314,737          43,584
    *
        Digital     Turbine     Inc.
                                          2,845,488          43,365
    *
        Jamf   Holding     Corp.
                                          2,029,942          43,238
        Pegasystems       Inc.
                                          1,259,450          43,124
    *
        TTM  Technologies       Inc.
                                          2,798,390          42,200
    *
        JFrog   Ltd.
                                          1,969,517          42,010
    *
        Cargurus     Inc.   Class   A
                                          2,959,535          41,463
    *
        CCC  Intelligent       Solutions      Holdings     Inc.
                                          4,726,454          41,120
    *
        Paycor    HCM  Inc.
                                          1,660,032          40,621
    *
        Magnite     Inc.
                                          3,831,249          40,573
    *,1
        MicroStrategy        Inc.   Class   A
                                           285,067         40,357
    *,1
        Xometry     Inc.   Class   A
                                          1,223,667          39,439
    *
        Appian    Corp.   Class   A
                                          1,194,983          38,909
    *
        E2open    Parent    Holdings     Inc.
                                          6,465,136          37,950
    *
        Upwork    Inc.
                                          3,570,489          37,276
        Shutterstock       Inc.
                                           702,876         37,056
        CTS  Corp.
                                           909,709         35,861
    *
        TechTarget      Inc.
                                           813,687         35,851
                                189/544

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    *
        Everbridge      Inc.
                                          1,210,506          35,807
    *,1
        Samsara     Inc.   Class   A
                                          2,877,656          35,769
    *
        ePlus   Inc.
                                           801,946         35,510
        A10  Networks     Inc.
                                          2,126,311          35,361
    *
        Qualtrics      International        Inc.   Class   A
                                          3,394,615          35,236
                                190/544



















                                                          EDINET提出書類
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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *
        Zeta   Global    Holdings     Corp.   Class   A
                                          4,017,660          32,824
    *,1
        Credo   Technology      Group   Holding     Ltd.
                                          2,448,300          32,587
    *,1
        C3.ai   Inc.   Class   A
                                          2,867,884          32,092
    *
        Squarespace       Inc.   Class   A
                                          1,354,064          30,020
    *
        Thoughtworks       Holding     Inc.
                                          2,936,882          29,927
    *
        Schrodinger       Inc.
                                          1,592,005          29,755
    *
        ForgeRock      Inc.   Class   A
                                          1,304,911          29,713
    *
        PROS   Holdings     Inc.
                                          1,222,742          29,664
    *
        Photronics      Inc.
                                          1,758,193          29,590
    *
        Veeco   Instruments       Inc.
                                          1,592,329          29,585
    *
        Consensus      Cloud   Solutions      Inc.
                                           544,091         29,250
        Adeia   Inc.
                                          3,049,495          28,909
    *,1
        Asana   Inc.   Class   A
                                          2,088,403          28,757
        Benchmark      Electronics       Inc.
                                          1,049,006          27,998
    *,1
        Braze   Inc.   Class   A
                                          1,023,274          27,915
    *
        3D  Systems     Corp.
                                          3,732,912          27,624
    *
        Fastly    Inc.   Class   A
                                          3,361,313          27,529
    *
        Momentive      Global    Inc.
                                          3,822,194          26,755
    *
        Duck   Creek   Technologies       Inc.
                                          2,215,353          26,695
    *
        Avid   Technology      Inc.
                                          1,000,776          26,611
    *
        PDF  Solutions      Inc.
                                           917,483         26,167
    *,1
        Planet    Labs   PBC
                                          5,705,087          24,817
    *
        Sprinklr     Inc.   Class   A
                                          2,987,601          24,409
    *
        Zuora   Inc.   Class   A
                                          3,711,427          23,605
    *
        Sumo   Logic   Inc.
                                          2,845,248          23,047
    *
        Ichor   Holdings     Ltd.
                                           847,475         22,729
    *,1
        Matterport      Inc.
                                          7,851,178          21,983
    *
        Cerence     Inc.
                                          1,185,156          21,961
    *
        LivePerson      Inc.
                                          2,152,384          21,825
    *
        ScanSource      Inc.
                                           729,236         21,308
    *
        SMART   Global    Holdings     Inc.
                                          1,409,909          20,979
    *
        Yext   Inc.
                                          3,175,521          20,736
    *,1
        PAR  Technology      Corp.
                                           786,360         20,500
    *,1
        UserTesting       Inc.
                                          2,597,409          19,507
    *
        N-able    Inc.
                                          1,882,441          19,351
    *
        Olo  Inc.   Class   A
                                          3,067,735          19,173
    *
        Grid   Dynamics     Holdings     Inc.
                                          1,666,570          18,699
    *
        Alpha   & Omega   Semiconductor        Ltd.
                                           643,490         18,385
    *,1
        AvePoint     Inc.
                                          4,421,969          18,174
        Simulations       Plus   Inc.
                                           475,654         17,395
    *
        Informatica       Inc.   Class   A
                                          1,056,927          17,217
    *,1
        IonQ   Inc.
                                          4,817,950          16,622
    *
        CEVA   Inc.
                                           645,647         16,516
        PC  Connection      Inc.
                                           342,881         16,081
    *
        Vertex    Inc.   Class   A
                                          1,081,312          15,690
    *
        Alkami    Technology      Inc.
                                          1,064,985          15,538
    *
        BigCommerce       Holdings     Inc.
                                          1,768,100          15,453
    *
        PubMatic     Inc.   Class   A
                                          1,205,268          15,439
    *
        Kimball     Electronics       Inc.
                                           681,124         15,387
                                191/544

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        Ebix   Inc.
                                           765,121         15,272
    *
        SolarWinds      Corp.
                                          1,618,452          15,149
    *
        Eventbrite      Inc.   Class   A
                                          2,533,728          14,848
    *,1
        Aehr   Test   Systems
                                           732,904         14,731
        Hackett     Group   Inc.
                                           689,753         14,050
                                192/544



















                                                          EDINET提出書類
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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *
        Amplitude      Inc.   Class   A
                                          1,158,040          13,989
    *
        Vimeo   Inc.
                                          3,982,389          13,660
    *
        Bandwidth      Inc.   Class   A
                                           590,854         13,560
        American     Software     Inc.   Class   A
                                           921,406         13,526
    *
        Mitek   Systems     Inc.
                                          1,391,563          13,484
    *
        indie   Semiconductor        Inc.   Class   A
                                          2,256,789          13,157
    *
        EngageSmart       Inc.
                                           739,319         13,012
    *
        nLight    Inc.
                                          1,264,578          12,823
    *
        Definitive      Healthcare      Corp.   Class   A
                                          1,161,629          12,766
    *
        Domo   Inc.   Class   B
                                           876,577         12,482
    *,1
        Cvent   Holding     Corp.   Class   A
                                          2,269,000          12,253
    *,1
        MicroVision       Inc.
                                          4,838,257          11,370
    *
        Intapp    Inc.
                                           453,545         11,311
    *
        OneSpan     Inc.
                                           973,180         10,890
    *
        Expensify      Inc.   Class   A
                                          1,226,965          10,834
    *
        NerdWallet      Inc.   Class   A
                                          1,080,320          10,371
    *
        ACM  Research     Inc.   Class   A
                                          1,295,355           9,987
    *
        Couchbase      Inc.
                                           747,916          9,917
    *,1
        SmartRent      Inc.   Class   A
                                          4,002,742           9,727
    *
        Unisys    Corp.
                                          1,893,734           9,677
    *
        Benefitfocus       Inc.
                                           917,128          9,593
    *
        EverQuote      Inc.   Class   A
                                           645,954          9,521
    *,1
        Tucows    Inc.   Class   A
                                           278,469          9,446
        NVE  Corp.
                                           145,801          9,441
    *
        Blend   Labs   Inc.   Class   A
                                          6,432,185           9,262
    *
        ON24   Inc.
                                          1,062,930           9,173
    *,1
        Digimarc     Corp.
                                           490,852          9,076
    *,1
        Navitas     Semiconductor        Corp.
                                          2,424,400           8,510
    *,1
        SoundHound      AI  Inc.
                                          4,658,401           8,245
    *
        Immersion      Corp.
                                          1,102,930           7,754
    *
        Nextdoor     Holdings     Inc.
                                          3,659,313           7,538
    *
        Red  Violet    Inc.
                                           320,472          7,377
    *
        MediaAlpha      Inc.   Class   A
                                           726,568          7,229
    *
        Telos   Corp.
                                          1,351,503           6,879
    *,1
        Enfusion     Inc.   Class   A
                                           707,347          6,840
    *
        SEMrush     Holdings     Inc.   Class   A
                                           822,251          6,693
        Richardson      Electronics       Ltd.
                                           309,653          6,605
    *
        EverCommerce       Inc.
                                           865,323          6,438
    *
        TrueCar     Inc.
                                          2,547,978           6,395
    *
        MeridianLink       Inc.
                                           461,628          6,338
    *
        CoreCard     Corp.
                                           218,240          6,322
    *
        Brightcove      Inc.
                                          1,198,403           6,268
    *,1
        NextNav     Inc.
                                          2,126,531           6,231
    *
        Upland    Software     Inc.
                                           853,856          6,088
    *,1
        Groupon     Inc.   Class   A
                                           698,916          5,997
    *
        eGain   Corp.
                                           657,552          5,938
    *
        Asure   Software     Inc.
                                           632,680          5,909
    *,1
        Veritone     Inc.
                                          1,079,319           5,720
    *,1
        Rackspace      Technology      Inc.
                                          1,911,506           5,639
                                193/544

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    *
        Rimini    Street    Inc.
                                          1,477,020           5,627
    *
        Aeva   Technologies       Inc.
                                          3,931,094           5,346
    *,1
        Rumble    Inc.
                                           873,200          5,196
    *
        Porch   Group   Inc.
                                          2,673,021           5,025
    *
        Computer     Task   Group   Inc.
                                           621,005          4,695
                                194/544



















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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *,1
        Atomera     Inc.
                                           742,219          4,617
    *
        Intevac     Inc.
                                           709,768          4,592
    *,1
        Innovid     Corp.
                                          2,584,769           4,420
    *,1
        Vroom   Inc.
                                          4,332,182           4,419
    *,1
        SkyWater     Technology      Inc.
                                           621,278          4,417
    *
        Transphorm      Inc.
                                           793,700          4,318
    *
        AXT  Inc.
                                           967,301          4,237
    *
        Edgio   Inc.
                                          3,619,157           4,090
    *,1
        Cleanspark      Inc.
                                          1,947,178           3,972
    *,1
        Weave   Communications         Inc.
                                           843,625          3,864
    *
        Daktronics      Inc.
                                          1,325,348           3,737
    *
        Pixelworks      Inc.
                                          2,099,613           3,716
    *,1
        Ouster    Inc.
                                          4,276,255           3,690
    *,1
        Smith   Micro   Software     Inc.
                                          1,731,542           3,636
    *
        Diebold     Nixdorf     Inc.
                                          2,523,583           3,583
    *
        Kopin   Corp.
                                          2,889,183           3,583
    *
        Everspin     Technologies       Inc.
                                           636,377          3,538
    *
        inTEST    Corp.
                                           338,791          3,490
    *
        Identiv     Inc.
                                           476,807          3,452
    *,1
        System1     Inc.
                                           726,600          3,408
    *,1
        Applied     Digital     Corp.
                                          1,836,200           3,379
    *
        Quantum     Corp.
                                          3,061,313           3,337
    *
        WM  Technology      Inc.
                                          3,203,513           3,236
    *,1
        Arena   Group   Holdings     Inc.
                                           301,686          3,201
    *
        AstroNova      Inc.
                                           241,721          3,099
    *,1
        VirnetX     Holding     Corp.
                                          2,309,933           3,003
    *
        1stdibs.com       Inc.
                                           570,459          2,898
    *
        comScore     Inc.
                                          2,442,580           2,833
    *,1
        Alpine    4 Holdings     Inc.
                                          5,195,298           2,746
    *
        QuickLogic      Corp.
                                           525,294          2,700
    *
        Mastech     Digital     Inc.
                                           243,683          2,683
    *,1
        LiveVox     Holdings     Inc.
                                           898,787          2,669
    *
        Arteris     Inc.
                                           586,203          2,521
    *,1
        eMagin    Corp.
                                          2,923,838           2,485
    *,1
        Vinco   Ventures     Inc.
                                          5,348,103           2,482
    *
        Innodata     Inc.
                                           818,315          2,426
    *
        Backblaze      Inc.   Class   A
                                           378,125          2,325
    *,1
        Phunware     Inc.
                                          2,995,747           2,317
    *,1
        Skillz    Inc.   Class   A
                                          4,509,252           2,284
    *
        Amtech    Systems     Inc.
                                           299,830          2,279
    *,1
        KULR   Technology      Group   Inc.
                                          1,895,666           2,275
    *
        Issuer    Direct    Corp.
                                            89,309         2,236
    *,1
        Cyxtera     Technologies       Inc.
                                          1,124,515           2,159
    *
        Synchronoss       Technologies       Inc.
                                          3,129,535           1,934
    *
        Steel   Connect     Inc.
                                          1,333,595           1,907
    1
        Park   City   Group   Inc.
                                           344,056          1,703
    *
        SecureWorks       Corp.   Class   A
                                           263,152          1,682
    *
        TransAct     Technologies       Inc.
                                           268,278          1,669
    *,1
        Beachbody      Co.  Inc.
                                          3,047,190           1,603
                                195/544

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    *,1
        Embark    Technology      Inc.
                                           482,700          1,588
    *
        Research     Frontiers      Inc.
                                           799,655          1,535
    *,1
        BuzzFeed     Inc.
                                          2,108,022           1,454
    *
        Streamline      Health    Solutions      Inc.
                                           916,198          1,448
    *
        EMCORE    Corp.
                                          1,425,083           1,372
                                196/544



















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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *,1
        Glimpse     Group   Inc.
                                           441,350          1,337
    *,1
        Terawulf     Inc.
                                          1,992,318           1,326
    *,1
        DecisionPoint        Systems     Inc.
                                           160,700          1,302
        CSP  Inc.
                                           129,793          1,224
    *
        Loyalty     Ventures     Inc.
                                           505,277          1,218
    *
        Viant   Technology      Inc.   Class   A
                                           299,468          1,204
    *
        Key  Tronic    Corp.
                                           270,500          1,171
    *
        Aware   Inc.
                                           617,876          1,057
    *,1
        Flux   Power   Holdings     Inc.
                                           265,036          1,052
    *
        Intellicheck       Inc.
                                           524,781          1,050
    *,1
        KORE   Group   Holdings     Inc.
                                           823,448          1,038
    *,1
        Intrusion      Inc.
                                           327,757          1,036
    *,1
        Quantum     Computing      Inc.
                                           675,564          1,020
    *
        One  Stop   Systems     Inc.
                                           331,059           996
    *
        CVD  Equipment      Corp.
                                           172,490           950
    *
        NetSol    Technologies       Inc.
                                           324,880           926
    *
        GSI  Technology      Inc.
                                           481,492           833
    *
        OMNIQ   Corp.
                                           175,600           799
    *
        Zedge   Inc.   Class   B
                                           433,006           762
    *,1
        Cipher    Mining    Inc.
                                          1,308,472            733
    *
        Inuvo   Inc.
                                          3,288,909            728
    *
        Data   I/O  Corp.
                                           180,859           718
    *
        AudioEye     Inc.
                                           162,397           617
    *,1
        SeaChange      International        Inc.
                                          1,192,825            562
    *,1
        Verb   Technology      Co.  Inc.
                                          3,198,586            525
    *
        WidePoint      Corp.
                                           265,533           483
    *
        Trio-Tech      International
                                           105,180           473
    *,1
        Boxlight     Corp.   Class   A
                                          1,499,605            466
    *,1
        Avaya   Holdings     Corp.
                                          2,265,900            444
    *,1
        IronNet     Inc.
                                          1,890,753            435
    *
        SigmaTron      International        Inc.
                                            98,274          377
    *
        BSQUARE     Corp.
                                           329,095           372
    *
        GSE  Systems     Inc.
                                           541,861           368
    *
        Peraso    Inc.
                                           496,038           362
    *
        PetVivo     Holdings     Inc.
                                           173,200           346
    *,1
        Remark    Holdings     Inc.
                                           310,306           341
    *
        CYNGN   Inc.
                                           479,651           325
    *
        authID    Inc.
                                           553,374           325
    *
        SilverSun      Technologies       Inc.
                                           104,551           309
    *,1
        NextPlay     Technologies       Inc.
                                          2,541,646            291
    *
        Super   League    Gaming    Inc.
                                           736,401           250
    *
        Direct    Digital     Holdings     Inc.   Class   A
                                            90,848          223
    *
        Bridgeline      Digital     Inc.
                                           210,329           221
    *,1
        American     Virtual     Cloud   Technologies       Inc.
                                           180,236           207
    *
        Leafly    Holdings     Inc.
                                           310,600           202
    *
        Kubient     Inc.
                                           295,586           189
    *
        BTCS   Inc.
                                           280,193           177
    *
        Duos   Technologies       Group   Inc.
                                            73,218          154
    *,1
        iPower    Inc.
                                           386,294           147
                                197/544

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    *
        Creative     Realities      Inc.
                                           170,766           99
    *
        VerifyMe     Inc.
                                            85,157           99
    *,1
        Data   Storage     Corp.
                                            64,393           94
    *
        Paltalk     Inc.
                                            65,588           87
    *,1
        Greenidge      Generation      Holdings     Inc.   Class   A
                                           254,255           74
                                198/544



















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                                                   市場価格     •
                                             株数     ( 千米ドル     )
    *
        Soluna    Holdings     Inc.
                                           260,638           70
    *
        Nortech     Systems     Inc.
                                             5,000          63
    *,1
        LogicMark      Inc.
                                           124,022           57
    *
        Recruiter.com        Group   Inc.
                                           123,854           54
    *
        T Stamp   Inc.   Class   A
                                            71,835           37
    *,1
        Exela   Technologies       Inc.
                                           433,800           36
    *
        WaveDancer      Inc.
                                            27,707           13
    *
        Cryptyde     Inc.
                                            66,466           13
    *
        Sigma   Additive     Solutions      Inc.
                                            26,358           11
    *
        Inpixon                                     6,333          11
    *,1
        Waitr   Holdings     Inc.
                                             5,949           2
    *,2
        Ikonics     Corp.   CVR                                        -
                                             7,226
                                                  268,168,078
    通信サービス       (2.4  % )
        Cisco   Systems     Inc.
                                         112,455,321          5,357,371
        Verizon     Communications         Inc.
                                         121,358,404          4,781,521
        Comcast     Corp.   Class   A
                                         130,976,593          4,580,251
        AT&T   Inc.
                                         216,754,884          3,990,457
    *
        T-Mobile     US  Inc.
                                          18,916,548         2,648,317
        Motorola     Solutions      Inc.
                                          5,086,888        1,310,942
    *
        Charter     Communications         Inc.   Class   A
                                          3,071,157        1,041,429
    *
        Arista    Networks     Inc.
                                          6,972,899          846,161
        Juniper     Networks     Inc.
                                          9,878,142          315,705
    *
        Liberty     Broadband      Corp.   Class    C 
                                          3,663,318          279,401
    *
        Ciena   Corp.
                                          4,505,869          229,709
    *
        Frontier     Communications         Parent    Inc.
                                          7,453,365          189,912
    *
        Iridium     Communications         Inc.
                                          3,447,007          177,176
        Lumen   Technologies       Inc.
                                          31,457,441          164,208
    *
        Roku   Inc.   Class   A
                                          3,710,537          151,019
        Cable   One  Inc.
                                           177,213        126,151
    *
        Calix   Inc.
                                          1,698,043          116,197
    *
        DISH   Network     Corp.   Class   A
                                          7,572,131          106,313
    *
        Lumentum     Holdings     Inc.
                                          1,965,814          102,557
        Cogent    Communications         Holdings     Inc.
                                          1,313,070          74,950
    *
        Extreme     Networks     Inc.
                                          3,973,332          72,752
    *
        Viavi   Solutions      Inc.
                                          6,898,039          72,498
    *
        Viasat    Inc.
                                          2,194,013          69,441
        InterDigital       Inc.
                                           894,912         44,280
    *
        CommScope      Holding     Co.  Inc.
                                          5,995,636          44,068
    *
        Harmonic     Inc.
                                          3,182,421          41,690
        ADTRAN    Holdings     Inc.
                                          2,164,947          40,679
    *
        Infinera     Corp.
                                          5,672,577          38,233
    *
        Liberty     Broadband      Corp.   Class   A
                                           503,030         38,155
    *
        Digi   International        Inc.
                                          1,020,276          37,291
    *
        Clearfield      Inc.
                                           385,400         36,282
        Telephone      & Data   Systems     Inc.
                                          3,065,247          32,154
    *
        Altice    USA  Inc.   Class   A
                                          6,570,329          30,224
    *
        Globalstar      Inc.
                                          21,677,414           28,831
    *
        Gogo   Inc.
                                          1,933,605          28,540
                                199/544

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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)
        Shenandoah      Telecommunications           Co.
                                          1,395,384          22,159
    *
        EchoStar     Corp.   Class   A
                                          1,106,964          18,464
    *
        IDT  Corp.   Class   B
                                           640,184         18,034
        ATN  International        Inc.
                                           324,753         14,715
    *
        NETGEAR     Inc.
                                           802,059         14,525
                                200/544



















                                                          EDINET提出書類
                                              バンガード・インデックス・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     )
    *
        WideOpenWest       Inc.
                                          1,564,532          14,253
    *,1
        Lightwave      Logic   Inc.
                                          3,299,828          14,222
    *
        8x8  Inc.
                                          3,289,503          14,211
        Bel  Fuse   Inc.   Class   B
                                           379,156         12,482
    *
        Anterix     Inc.
                                           369,725         11,894
    *,1
        fuboTV    Inc.
                                          6,082,840          10,584
    *
        Xperi   Inc.
                                          1,203,602          10,363
        Comtech     Telecommunications           Corp.
                                           846,569         10,277
    *
        United    States    Cellular     Corp.
                                           461,155          9,615
    *
        Aviat   Networks     Inc.
                                           301,106          9,392
    *
        Ooma   Inc.
                                           671,112          9,141
    *,1
        AST  SpaceMobile       Inc.   Class   A
                                          1,767,881           8,521
    *
        DZS  Inc.
                                           641,747          8,137
    *
        Consolidated       Communications         Holdings     Inc.
                                          2,207,355           7,902
    *
        Cambium     Networks     Corp.
                                           347,319          7,526
    *
        Ribbon    Communications         Inc.
                                          2,258,211           6,300
    *
        KVH  Industries      Inc.
                                           523,973          5,355
    *
        CalAmp    Corp.
                                          1,083,412           4,854
    *,1
        Akoustis     Technologies       Inc.
                                          1,659,890           4,681
    *
        Lantronix      Inc.
                                          1,043,968           4,510
        Spok   Holdings     Inc.
                                           517,811          4,241
    *
        Genasys     Inc.
                                          1,014,600           3,754
    *,1
        Kaltura     Inc.
                                          2,119,548           3,646
    *
        Charge    Enterprises       Inc.
                                          2,488,228           3,085
    *
        Casa   Systems     Inc.
                                           957,382          2,614
    *,1
        Inseego     Corp.
                                          3,041,116           2,562
    *
        Powerfleet      Inc.
                                           952,316          2,562
    *,1
        SurgePays      Inc.
                                           345,312          2,265
    *
        PCTEL   Inc.
                                           471,713          2,028
    *
        Airgain     Inc.
                                           309,957          2,018
    *,1
        Applied     Optoelectronics         Inc.
                                           828,961          1,567
        Network-1      Technologies       Inc.
                                           570,833          1,256
    *
        Franklin     Wireless     Corp.
                                           243,722          1,087
    *,1
        Airspan     Networks     Holdings     Inc.
                                           614,890           806
    *
        TESSCO    Technologies       Inc.
                                           138,125           666
        Crexendo     Inc.
                                           345,906           657
    *,1
        Vislink     Technologies       Inc.
                                          1,119,195            627
    *
        Optical     Cable   Corp.
                                            92,325          384
    *
        ClearOne     Inc.
                                           230,450           350
    *
        ADDvantage      Technologies       Group   Inc.
                                            96,416          140
    *
        Minim   Inc.
                                           701,390           137
    *,1,2
        FTE  Networks     Inc.
                                            84,180          126
        Bel  Fuse   Inc.   Class   A
                                             3,626          121
    *,1
        ComSovereign       Holding     Corp.                                   82
                                          1,145,207
                                                  27,553,763
    公益事業     (3.4  % )
        NextEra     Energy    Inc.
                                          60,435,187         5,052,382
        Duke   Energy    Corp.
                                          23,412,482         2,411,252
        Southern     Co.
                                          33,106,568         2,364,140
                                201/544

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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)
        Waste   Management      Inc.
                                          12,478,073         1,957,560
        Dominion     Energy    Inc.
                                          25,347,149         1,554,287
        American     Electric     Power   Co.  Inc.
                                          15,626,852         1,483,770
        Sempra    Energy
                                          9,560,971        1,477,552
        Exelon    Corp.
                                          30,160,292         1,303,829
                                202/544



















                                                          EDINET提出書類
                                              バンガード・インデックス・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     )
        Xcel   Energy    Inc.
                                          16,642,045         1,166,774
        Waste   Connections       Inc.
                                          7,822,938        1,037,009
    *
        PG&E   Corp.
                                          63,707,628         1,035,886
        Consolidated       Edison    Inc.
                                          10,795,591         1,028,928
        Public    Service     Enterprise      Group   Inc.
                                          15,175,439          929,799
        WEC  Energy    Group   Inc.
                                          9,602,901          900,368
        Eversource      Energy
                                          10,592,579          888,082
        Constellation        Energy    Corp.
                                          9,933,893          856,401
        American     Water   Works   Co.  Inc.
                                          5,525,567          842,207
        Republic     Services     Inc.   Class   A
                                          6,248,575          806,004
        Edison    International
                                          11,619,107          739,208
        Ameren    Corp.
                                          7,859,173          698,838
        Entergy     Corp.
                                          6,184,424          695,748
        FirstEnergy       Corp.
                                          16,515,664          692,667
        PPL  Corp.
                                          21,255,386          621,082
        DTE  Energy    Co.
                                          5,004,197          588,143
        AES  Corp.
                                          20,306,354          584,011
        CenterPoint       Energy    Inc.
                                          19,111,005          573,139
        CMS  Energy    Corp.
                                          8,820,983          558,633
        Atmos   Energy    Corp.
                                          4,277,327          479,360
        Evergy    Inc.
                                          6,974,290          438,892
        Alliant     Energy    Corp.
                                          7,629,292          421,213
        Essential      Utilities      Inc.
                                          7,181,559          342,776
        NiSource     Inc.
                                          12,320,434          337,826
        Vistra    Corp.
                                          12,113,266          281,028
        Pinnacle     West   Capital     Corp.
                                          3,428,826          260,728
        OGE  Energy    Corp.
                                          6,071,822          240,141
        UGI  Corp.
                                          6,372,594          236,232
        NRG  Energy    Inc.
                                          6,996,145          222,617
    *
        Clean   Harbors     Inc.
                                          1,558,741          177,884
        National     Fuel   Gas  Co.
                                          2,776,317          175,741
        IDACORP     Inc.
                                          1,539,427          166,027
    *
        Sunrun    Inc.
                                          6,141,032          147,508
    *
        Evoqua    Water   Technologies       Corp.
                                          3,700,358          146,534
        New  Jersey    Resources      Corp.
                                          2,931,211          145,447
    *
        Stericycle      Inc.
                                          2,812,255          140,303
        Hawaiian     Electric     Industries      Inc.
                                          3,342,412          139,880
        Black   Hills   Corp.
                                          1,982,721          139,465
        Portland     General     Electric     Co.
                                          2,707,023          132,644
        South   Jersey    Industries      Inc.
                                          3,710,507          131,834
        PNM  Resources      Inc.
                                          2,599,819          126,845
        Ormat   Technologies       Inc.
                                          1,453,270          125,679
        ONE  Gas  Inc.
                                          1,646,361          124,662
    *
        Casella     Waste   Systems     Inc.   Class   A
                                          1,542,658          122,348
        Southwest      Gas  Holdings     Inc.
                                          1,931,270          119,507
        ALLETE    Inc.
                                          1,731,008          111,667
        Spire   Inc.
                                          1,521,349          104,760
        American     States    Water   Co.
                                          1,131,515          104,722
        NorthWestern       Corp.
                                          1,759,477          104,407
                                203/544

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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)
        Avangrid     Inc.
                                          2,375,146          102,084
        California      Water   Service     Group
                                          1,663,549          100,878
        Avista    Corp.
                                          2,246,550          99,612
        MGE  Energy    Inc.
                                          1,122,106          78,996
        Clearway     Energy    Inc.   Class    C 
                                          2,306,682          73,514
                                204/544



















                                                          EDINET提出書類
                                              バンガード・インデックス・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     )
        SJW  Group
                                           845,979         68,685
        Chesapeake      Utilities      Corp.
                                           520,461         61,508
    *
        Sunnova     Energy    International        Inc.
                                          2,974,743          53,575
        Northwest      Natural     Holding     Co.
                                          1,065,570          50,710
        Middlesex      Water   Co.
                                           543,787         42,780
        Clearway     Energy    Inc.   Class   A
                                          1,249,501          37,385
        Unitil    Corp.
                                           502,176         25,792
        York   Water   Co.
                                           433,004         19,476
    *
        Harsco    Corp.
                                          2,563,153          16,122
        Excelerate      Energy    Inc.   Class   A
                                           635,447         15,918
    *
        Heritage-Crystal          Clean   Inc.
                                           487,171         15,823
        Artesian     Resources      Corp.   Class   A
                                           248,665         14,567
    *,1
        NuScale     Power   Corp.
                                          1,294,240          13,279
        Aris   Water   Solution     Inc.   Class   A
                                           797,758         11,496
    *,1
        Vertex    Energy    Inc.
                                          1,808,451          11,212
    *,1
        Altus   Power   Inc.   Class   A
                                          1,153,700           7,522
        RGC  Resources      Inc.
                                           297,109          6,551
        Genie   Energy    Ltd.   Class   B
                                           626,553          6,479
    *
        Pure   Cycle   Corp.
                                           599,533          6,283
        Global    Water   Resources      Inc.
                                           429,961          5,710
    *
        Quest   Resource     Holding     Corp.
                                           558,617          3,413
    *,1
        Cadiz   Inc.
                                           819,649          2,049
    *,1
        Aqua   Metals    Inc.
                                          1,524,663           1,906
        Via  Renewables      Inc.   Class   A
                                           344,223          1,759
    *
        Perma-Fix      Environmental        Services     Inc.
                                           325,244          1,148
    *
        Advanced     Emissions      Solutions      Inc.
                                           440,948          1,071
    *
        Charah    Solutions      Inc.
                                            43,176          233
    *,1
        Stronghold      Digital     Mining    Inc.   Class   A                         191
                                           398,400
                                                  39,754,103
    普通株式総額
    ( 原価   $643,671,180)
                                                 1,144,316,873
    優先株式     (0.0  % )
        Air  T Funding     Pfd.,   8.000   % , 6/7/24
        ( 原価   $36)
                                             1,727          36
    短期現物投資       (0.9  % )
    マネー・マーケット・ファンド                (0.9  % )
    3,4
        Vanguard     Market    Liquidity      Fund,   4.334   %
        ( 原価   $10,586,135)
                                         105,898,486         10,588,790
    投資総額     (100.2   % )
    ( 原価   $654,257,351)
                                                 1,154,905,699
    その他の資産および負債-純額                (-0.2   % )
                                                  (1,979,216)
    純資産    (100  % )
                                                 1,152,926,483
                                              (154,642,029       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が含まれている。貸付有価
       証券の価値総額は         2,776,937,000       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                3,130,152,000       米ドルを受け取った。
                                205/544

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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)
       CVR-不確定価額受領権(Contingent                   Value   Rights)
       REIT-不動産投資信託(Real               Estate    Investment      Trust)
                                206/544




















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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                 2023  年3月      4,453      394,291         (9,075)
    E-mini   S&P  500  インデックス
                              2023  年3月      37,805     7,298,255         (177,510)
    E-mini   S&P  ミッド・キャップ       400 インデックス
                              2023  年3月       240     58,623        (1,058)
                                                    (187,643)
                                                (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  )
                                             時価および
                              契約                      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)
    ACI  Worldwide     Inc.
                     2023  年8月   31 日    BANA     1,306    (4.515)   %      126       -
    ACI  Worldwide     Inc.
                     2023  年8月   31 日    BANA     1,568    (4.515)   %      152       -
    ACI  Worldwide     Inc.
                     2023  年8月   31 日    BANA     1,400    (4.515)   %      136       -
    DXC  Technology     Co.
                     2023  年8月   31 日    BANA     5,934    (4.515)   %       -     (655)
    Global   Payments    Inc.
                     2023  年8月   31 日    BANA     8,951    (4.749)   %       -      (8)
    Global   Payments    Inc.
                     2023  年8月   31 日    BANA    13,950    (4.727)   %       -     (41)
    Global   Payments    Inc.
                     2023  年8月   31 日    BANA    13,695    (4.707)   %      213       -
    Goldman    Sachs   Group   Inc.
                     2024  年8月   30 日    BANA    243,275     (4.715)   %       -    (26,288)
    Goldman    Sachs   Group   Inc.
                     2024  年8月   30 日    BANA    66,032    (4.715)   %       -    (7,135)
    Goldman    Sachs   Group   Inc.
                     2024  年8月   30 日    BANA    19,308    (4.715)   %       -    (2,086)
    Lockheed    Martin   Corp.
                     2023  年8月   31 日    BANA    41,241    (4.115)   %      230       -
    Lockheed    Martin   Corp.
                     2023  年8月   31 日    BANA    43,667    (4.115)   %      243       -
    Paycor   HCM  Inc.
                     2024  年1月   31 日   CITNA     5,432    (4.277)   %       -     (549)
    State   Street   Corp.
                     2024  年8月   30 日    BANA    205,150     (4.715)   %       -    (4,560)
    State   Street   Corp.
                     2024  年8月   30 日    BANA     9,560    (4.715)   %       -     (213)
    State   Street   Corp.
                     2024  年8月   30 日    BANA     9,560    (4.715)   %       -     (213)
    VICI  Properties     Inc.
                     2023  年8月   31 日    BANA    162,450     (4.665)   %       -    (7,304)
    Virtu   Financial     Inc.  Class   A
                     2023  年8月   31 日    BANA     1,087    (4.515)   %       -     (79)
    Virtu   Financial     Inc.  Class   A
                     2023  年8月   31 日    BANA      510   (4.515)   %       -     (37)
    Visa  Inc.  Class   A
                     2023  年8月   31 日    BANA    48,825    (4.015)   %       -    (2,135)
                                               1,110     (51,303)
    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。
    BANA-Bank      of  America,     N.A.
    CITNA-Citibank,         N.A.
    添付の注記は財務書類の不可欠の一部である。

    次へ

                                207/544





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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

    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
    *
        Univar    Solutions      Inc.
                                          4,851,470          137,539
        Timken    Co.
                                          1,941,655          134,537
                                208/544


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        Commercial      Metals    Co.
                                          3,461,159          125,605
                                209/544




















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                                                  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
                                210/544


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                                                  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
                                211/544


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                                                  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
                                212/544


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                                                  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
                                213/544


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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     )
        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
                                214/544


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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     )
        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
                                215/544


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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
                                216/544


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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
                                217/544


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                                                  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
                                218/544


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                                                  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
                                219/544


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                                                  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
                                220/544


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                                                  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
                                221/544


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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     )
    *
        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
                                222/544


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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
                                223/544


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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
                                224/544


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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
                                225/544


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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
                                226/544


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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
                                227/544


                                                          EDINET提出書類
                                              バンガード・インデックス・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
                                228/544


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                                                  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
                                229/544


                                                          EDINET提出書類
                                              バンガード・インデックス・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
                                230/544


                                                          EDINET提出書類
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                                                有価証券報告書(外国投資信託受益証券)
                                                  市場価格・
                                             株数     ( 千米ドル     )
    *
        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           -
                                231/544


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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
                                232/544


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                                                  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
                                233/544


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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
                                234/544


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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
                                235/544


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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
                                236/544


                                                          EDINET提出書類
                                              バンガード・インデックス・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     )
    *
        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
                                237/544


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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     )
        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
                                238/544


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書(外国投資信託受益証券)
                                                  市場価格・
                                             株数     ( 千米ドル     )
        First   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
                                239/544


                                                          EDINET提出書類
                                              バンガード・インデックス・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     )
        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
                                240/544


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                                                  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
                                241/544


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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
                                242/544


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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
                                243/544


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                                             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
                                244/544


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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
                                245/544


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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
                                246/544


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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
                                247/544


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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
                                248/544


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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
                                249/544


                                                          EDINET提出書類
                                              バンガード・インデックス・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     )
    *
        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
                                250/544


                                                          EDINET提出書類
                                              バンガード・インデックス・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
        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
                                251/544


                                                          EDINET提出書類
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                                                有価証券報告書(外国投資信託受益証券)
                                                  市場価格・
                                             株数     ( 千米ドル     )
    *
        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
                                252/544


                                                          EDINET提出書類
                                              バンガード・インデックス・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     )
    *
        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
                                253/544


                                                          EDINET提出書類
                                              バンガード・インデックス・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
                                254/544


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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
                                255/544


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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
                                256/544


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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
                                257/544


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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
                                258/544


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                                                  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
                                259/544


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                                                  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
                                260/544


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                                                  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
                                261/544


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                                                  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
                                262/544


                                                          EDINET提出書類
                                              バンガード・インデックス・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
                                263/544


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
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                                                  市場価格・
                                             株数     ( 千米ドル     )
    *,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
                                264/544


                                                          EDINET提出書類
                                              バンガード・インデックス・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
        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
                                265/544


                                                          EDINET提出書類
                                              バンガード・インデックス・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     )
    *
        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             -
                                266/544


                                                          EDINET提出書類
                                              バンガード・インデックス・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
                                267/544


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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
                                268/544


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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
                                269/544


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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
                                270/544


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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
                                271/544


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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
                                272/544


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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
                                273/544


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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
                                274/544


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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
                                275/544


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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
                                276/544


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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
                                277/544


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                                              バンガード・インデックス・ファンズ(E14945)
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                                                  市場価格・
                                             株数     ( 千米ドル     )
    *
        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
                                278/544


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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     )
    *,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
                                279/544


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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
                                280/544


                                                          EDINET提出書類
                                              バンガード・インデックス・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     )
        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
                                281/544


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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
                                282/544


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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
                                283/544


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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
                                284/544


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                                              バンガード・インデックス・ファンズ(E14945)
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                                                  市場価格・
                                             株数     ( 千米ドル     )
    *
        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
                                285/544


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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
                                286/544


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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     )
        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
                                287/544


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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     )
    *
        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
                                288/544


                                                          EDINET提出書類
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                                                有価証券報告書(外国投資信託受益証券)
                                                  市場価格・
                                             株数     ( 千米ドル     )
    *
        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
                                289/544


                                                          EDINET提出書類
                                              バンガード・インデックス・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
                                290/544


                                                          EDINET提出書類
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                                                有価証券報告書(外国投資信託受益証券)
                                                  市場価格・
                                             株数     ( 千米ドル     )
    *,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
                                291/544


                                                          EDINET提出書類
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                                                有価証券報告書(外国投資信託受益証券)
                                                  市場価格・
                                             株数     ( 千米ドル     )
    *
        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
                                292/544


                                                          EDINET提出書類
                                              バンガード・インデックス・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
        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
                                293/544


                                                          EDINET提出書類
                                              バンガード・インデックス・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     )
    *
        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
                                294/544


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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
                                295/544


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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
                                296/544


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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     )
        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
                                297/544




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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
                                              (184,215,866       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   )
                                298/544











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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

                                299/544







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    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
                                         2022  年 12 月 31 日現在
                                      千米ドル           百万円
    資産
                   1
    有価証券に対する投資-時価
     非関連発行体(取得原価              643,671,216      千米ドル)              1,144,316,909            153,487,227
                                        10,588,790           1,420,274
     関連発行体(取得原価             10,586,135      千米ドル)
    有価証券に対する投資合計                                 1,154,905,699            154,907,501
    バンガードに対する投資                                     44,075           5,912
    現金                                     104,849           14,063
    差し入れられた現金担保-先物契約                                     426,640           57,225
    差し入れられた現金担保-店頭スワップ契約                                     49,910           6,694
    売却投資有価証券に係る未収入金                                     24,827           3,330
    未収収益                                    1,074,581            144,134
    発行済資本持分に係る未収入金                                     762,690           102,300
                                          1,100            148
    未実現評価益-店頭スワップ契約
    資産合計                                 1,157,394,371            155,241,307
    負債
    購入投資有価証券に係る未払金                                    1,039,534            139,433
    貸付有価証券に係る担保                                    3,130,152            419,847
    資本持分の買戻しに係る未払金                                     210,418           28,223
    分配に係る未払金                                        13           2
    バンガードに対する未払金                                     14,719           1,974
    未払変動証拠金-先物契約                                     21,749           2,917
                                          51,303           6,881
    未実現評価損-店頭スワップ契約
                                        4,467,888            599,278
    負債合計
                                      1,152,926,483            154,642,029
    純資産
    1  貸付有価証券        2,776,937,000       米ドルを含む。

                                300/544









                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書(外国投資信託受益証券)
    2022  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                                   678,721,162           91,036,869
    分配可能利益(損失)合計                                   474,205,321           63,605,160
    純資産                                 1,152,926,483            154,642,029
    インベスター受益証券

    発行済受益証券        197,756,979      口に対する純資産
    (額面   0.001   米ドル:授権口数は無制限)                             18,409,235           2,469,231
    受益証券1口当たり純資産価額
    -インベスター受益証券                                   93.09   米ドル          12,486   円
    ETF  受益証券

    発行済受益証券        1,365,109,194       口に対する純資産
    (額面   0.001   米ドル:授権口数は無制限)                            261,083,828           35,019,174
    受益証券1口当たり純資産価額
    - ETF  受益証券                               191.25   米ドル          25,652   円
    アドミラル受益証券

    発行済受益証券        2,948,262,764       口に対する純資産
    (額面   0.001   米ドル:授権口数は無制限)                            274,488,864           36,817,191
    受益証券1口当たり純資産価額
    -アドミラル受益証券                                   93.10   米ドル          12,488   円
    インスティテューショナル受益証券

    発行済受益証券        716,859,646      口に対する純資産
    (額面   0.001   米ドル:授権口数は無制限)                             66,751,142           8,953,331
    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                                   93.12   米ドル          12,490   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        2,794,942,329       口に対する純資産
    (額面   0.001   米ドル:授権口数は無制限)                            488,092,664           65,467,869
    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                                  174.63   米ドル          23,423   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        240,652,808      口に対する純資産
    (額面   0.001   米ドル:授権口数は無制限)                             44,100,750           5,915,234
    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                                  183.25   米ドル          24,579   円
    添付の注記は財務書類の不可欠の一部である。

                                301/544





                                                          EDINET提出書類
                                              バンガード・インデックス・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            183,511,255
                                        8,612,238           1,155,159
     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            184,666,414
    バンガードに対する投資                                     43,666           5,857
    現金                                     190,969           25,615
    差し入れられた現金担保-先物契約                                     247,630           33,215
    売却投資有価証券に係る未収入金                                     31,586           4,237
    未収収益                                     847,968           113,738
    発行済資本持分に係る未収入金                                     788,733           105,793
                                          36,381           4,880
    未実現評価益-店頭スワップ契約
    資産合計                                 1,378,958,826            184,959,747
    負債
    購入投資有価証券に係る未払金                                     142,980           19,178
    貸付有価証券に係る担保                                    4,364,700            585,437
    資本持分の買戻しに係る未払金                                     999,768           134,099
    バンガードに対する未払金                                     24,036           3,224
    未払変動証拠金-先物契約                                     14,007           1,879
                                           483           65
    未実現評価損-店頭スワップ契約
                                        5,545,974            743,881
    負債合計
                                      1,373,412,852            184,215,866
    純資産
                                302/544










                                                          EDINET提出書類
                                              バンガード・インデックス・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           79,298,703
    分配可能利益(損失)合計                                   782,205,047           104,917,163
    純資産                                 1,373,412,852            184,215,866
    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           17,970,281
    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          15,764   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           40,116,655
    受益証券1口当たり純資産価額
    - ETF  受益証券                               241.49   米ドル          32,391   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           45,836,585
    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          15,768   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           33,436,175
    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          15,771   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           39,776,827
    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          29,574   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           7,079,344
    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          31,032   円
    添付の注記は財務書類の不可欠の一部である。

                                303/544





                                                          EDINET提出書類
                                              バンガード・インデックス・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
                                         2022  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
    配当金-非関連発行体                                   18,676,000            2,505,012
    配当金-関連発行体                                       -           -
    利息-非関連発行体                                     3,395            455
    利息-関連発行体                                    104,414            14,005
                                         247,749            33,231
    貸付有価証券-純額
                                       19,031,558            2,552,703
    収益総額
    費用
    バンガード・グループ-注記B
    投資運用報酬                                     23,150            3,105
    マネジメントおよび管理
     -インベスター受益証券                                    40,508            5,433
     - ETF  受益証券                                 63,071            8,460
     -アドミラル受益証券                                   101,568            13,623
     -インスティテューショナル受益証券                                    21,299            2,857
     -インスティテューショナル・プラス受益証券                                    70,619            9,472
     -インスティテューショナル・セレクト受益証券                                    3,905            524
    マーケティングおよび販売
     -インベスター受益証券                                    1,876            252
     - ETF  受益証券                                  9,890           1,327
     -アドミラル受益証券                                    10,123            1,358
     -インスティテューショナル受益証券                                    3,051            409
     -インスティテューショナル・プラス受益証券                                    10,121            1,358
     -インスティテューショナル・セレクト受益証券                                       6           1
    カストディアン報酬                                     1,961            263
    監査報酬                                       238            32
    受益者報告
     -インベスター受益証券                                      82           11
     - ETF  受益証券                                  2,979            400
     -アドミラル受益証券                                    1,274            171
     -インスティテューショナル受益証券                                     653            88
     -インスティテューショナル・プラス受益証券                                    2,097            281
     -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                                       449            60
                                           131            18
    その他の費用
                                         369,051            49,501
    費用総額
                                          (313)            (42)
    間接的に支払われた費用
                                         368,738            49,459
    費用純額
                                       18,662,820            2,503,244
    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                                       23            3
                     2
    売却投資有価証券-非関連発行体                                   6,536,956            876,802
    売却投資有価証券-関連発行体                                     (4,131)            (554)
    先物契約                                    (889,682)           (119,333)
                                         21,069            2,826
    スワップ契約
                                304/544

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書(外国投資信託受益証券)
                                        5,664,235            759,744
    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                                 (294,093,642)            (39,446,780)
    投資有価証券-関連発行体                                     3,468            465
    先物契約                                    (288,691)            (38,722)
                                         (86,101)           (11,549)
    スワップ契約
                                      (294,464,966)            (39,496,586)
    未実現評価益(損)の変動
                                      (270,137,911)            (36,233,598)
    運用による純資産の純増加(減少)額
    1 配当金は、        1,329,000     米ドルの外国源泉税控除後である。

    2 現物償還による          19,138,772,000        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。

                                305/544
















                                                          EDINET提出書類
                                              バンガード・インデックス・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
    配当金-非関連発行体                                   16,541,541            2,218,717
    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            551
                                         154,799            20,763
    貸付有価証券-純額
                                       16,700,501            2,240,038
    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            2,611
    マネジメントおよび管理
     -インベスター受益証券                                   191,795            25,725
     - ETF  受益証券                                 60,934            8,173
     -アドミラル受益証券                                   109,061            14,628
     -インスティテューショナル受益証券                                    55,582            7,455
     -インスティテューショナル・プラス受益証券                                    45,193            6,062
     -インスティテューショナル・セレクト受益証券                                    3,969            532
    マーケティングおよび販売
     -インベスター受益証券                                    7,150            959
     - ETF  受益証券                                  7,604           1,020
     -アドミラル受益証券                                    8,899           1,194
     -インスティテューショナル受益証券                                    5,611            753
     -インスティテューショナル・プラス受益証券                                    3,061            411
     -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            273
    監査報酬                                       399            54
    受益者報告
     -インベスター受益証券                                    1,013            136
     - ETF  受益証券                                  2,476            332
     -アドミラル受益証券                                    1,265            170
     -インスティテューショナル受益証券                                    1,151            154
     -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            48
                                           -           -
    支払利息
                                         527,103            70,700
     費用総額
                                       16,173,398            2,169,338
    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
    売却投資有価証券-非関連発行体                                   23,905,095            3,206,390
    売却投資有価証券-関連発行体                                       211            28
    先物契約                                   1,472,639            197,525
                                         27,042            3,627
    スワップ契約
                                       25,405,131            3,407,590
    実現純利益(損失)
    未実現評価益(損)の変動
                                306/544

                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書(外国投資信託受益証券)
    投資有価証券-非関連発行体                                  238,465,157            31,985,332
    投資有価証券-関連発行体                                     1,052            141
    先物契約                                     (6,444)            (864)
                                         36,234            4,860
    スワップ契約
                                      238,495,999            31,989,468
    未実現評価益(損)の変動
                                      280,074,528            37,566,396
    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。

                                307/544

















                                                          EDINET提出書類
                                              バンガード・インデックス・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
                             2022  年 12 月 31 日          2021  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                      18,662,820         2,503,244        16,173,398         2,169,338
    実現純利益(損失)                       5,664,235         759,744       25,405,131         3,407,590
                          (294,464,966)         (39,496,586)        238,495,999         31,989,468
    未実現評価益(損)の変動
                          (270,137,911)         (36,233,598)        280,074,528         37,566,396
     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                      (284,794)         (38,199)       (1,676,741)         (224,901)
     ETF  受益証券                    (4,187,918)         (561,725)       (3,403,927)         (456,569)
     アドミラル受益証券                     (4,513,747)         (605,429)       (4,103,816)         (550,445)
     インスティテューショナル
     受益証券                     (1,107,318)         (148,525)       (2,969,898)         (398,352)
     インスティテューショナル・
     プラス受益証券                     (7,915,118)        (1,061,655)        (3,559,330)         (477,413)
     インスティテューショナル・
                            (713,492)         (95,701)        (647,913)         (86,905)
     セレクト受益証券
                          (18,722,387)         (2,511,234)        (16,361,625)         (2,194,585)
       分配総額
    資本持分取引

     インベスター受益証券                    (104,300,286)         (13,989,797)        (51,574,306)         (6,917,662)
     ETF  受益証券                    25,952,138         3,480,960        44,386,309         5,953,536
     アドミラル受益証券                      4,099,576         549,876       1,876,942         251,754
     インスティテューショナル
     受益証券                    (155,304,571)         (20,831,002)         22,144,976         2,970,306
     インスティテューショナル・
     プラス受益証券                     295,703,507         39,662,711        14,016,596         1,880,046
     インスティテューショナル・
                           2,223,565         298,247       (1,862,868)         (249,866)
     セレクト受益証券
       資本持分取引による純増加
                           68,373,929         9,170,995        28,987,649         3,888,113
       (減少)
                          (220,486,369)         (29,573,837)        292,700,552         39,259,925
        増加(減少)総額
    純資産
                         1,373,412,852         184,215,866       1,080,712,300         144,955,941
    期首
                         1,152,926,483         154,642,029       1,373,412,852         184,215,866
    期末
    添付の注記は、財務書類の不可欠の一部である。

                                308/544






                                                          EDINET提出書類
                                              バンガード・インデックス・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
                          2022  年     2021  年     2020  年     2019  年     2018  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
                           117.53       94.71      79.66      62.08      66.70
    期首純資産価額
    投資運用

         1
    投資純利益                       1.335      1.284      1.284      1.279      1.275
                              1,2      1,2
    受取キャピタルゲイン分配金                       0.000      0.000        -      -      -
                           (24.344)       22.837      15.026      17.634      (4.703)
    投資に係る実現および未実現純利益(損失)
                           (23.009)       24.121      16.310      18.913      (3.428)
    投資運用による総額
    分配

    投資純利益による配当                       (1.431)      (1.301)      (1.260)      (1.333)      (1.192)
                             -      -      -      -      -
    実現キャピタルゲインによる分配
                           (1.431)      (1.301)      (1.260)      (1.333)      (1.192)
    分配総額
                           93.09      117.53       94.71      79.66      62.08
    期末純資産価額
        3

                           -19.60   %    25.59  %    20.87  %    30.65  %    -5.26  %
    総収益率
    比率/補足データ

    期末純資産(百万米ドル)                       18,409      133,977      153,845      139,686      121,266
                              4

    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                       1.28  %     1.20  %     1.62  %     1.78  %     1.86  %

              5
    ポートフォリオの回転率                         3%      4%      8%      4%      3%
    1 発行済の平均株式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 カストディアン報酬相殺の取り決めによる削減分控除後の期中の平均純資産に対する費用の比率
       は 0.14  %であった。
    5   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。

                                309/544





                                                          EDINET提出書類
                                              バンガード・インデックス・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
                          2022  年     2021  年     2020  年     2019  年     2018  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
                           241.49      194.61      163.70      127.56      137.06
    期首純資産価額
    投資運用

         1
    投資純利益                       3.191      2.912      2.831      2.809      2.781
                              1,2      1,2
    受取キャピタルゲイン分配金                       0.000      0.000        -      -      -
                           (50.248)       46.898      30.848      36.236      (9.676)
    投資に係る実現および未実現純利益(損失)
                           (47.057)       49.810      33.679      39.045      (6.895)
    投資運用による総額
    分配

    投資純利益による配当                       (3.183)      (2.930)      (2.769)      (2.905)      (2.605)
                             -      -      -      -      -
    実現キャピタルゲインによる分配
                           (3.183)      (2.930)      (2.769)      (2.905)      (2.605)
    分配総額
                           191.25      241.49      194.61      163.70      127.56
    期末純資産価額
                           -19.50   %    25.72  %    20.95  %    30.80  %    -5.13  %

    総収益率
    比率/補足データ

    期末純資産(百万米ドル)                       261,084      299,088      202,075      138,067       94,809
                              3
    平均純資産に対する総費用の比率                       0.03  %     0.03  %     0.03  %     0.03  %     0.03  %
    平均純資産に対する投資純利益の比率                       1.55  %     1.31  %     1.73  %     1.89  %     1.97  %
              4
    ポートフォリオの回転率                         3%      4%      8%      4%      3%
    1 発行済の平均株式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 カストディアン報酬相殺の取り決めによる削減分控除後の期中の平均純資産に対する費用の比率
    は 0.03  %であった。
    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な一部である。

                                310/544






                                                          EDINET提出書類
                                              バンガード・インデックス・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
                          2022  年     2021  年     2020  年     2019  年     2018  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
                           117.56       94.74      79.69      62.09      66.72
    期首純資産価額
    投資運用

         1
    投資純利益                       1.540      1.402      1.364      1.360      1.344
                              1,2      1,2
    受取キャピタルゲイン分配金                       0.000      0.000        -      -      -
                           (24.460)       22.833      15.025      17.646       (4.711)
    投資に係る実現および未実現純利益(損失)
                           (22.920)       24.235      16.389      19.006       (3.367)
    投資運用による総額
    分配

    投資純利益による配当                       (1.540)      (1.415)      (1.339)      (1.406)      (1.263)
                             -      -      -      -      -
    実現キャピタルゲインによる分配
                           (1.540)      (1.415)      (1.339)      (1.406)      (1.263)
    分配総額
                           93.10      117.56       94.74      79.69      62.09
    期末純資産価額
        3

                           -19.53   %    25.71  %    20.99  %    30.80  %    -5.17  %
    総収益率
    比率/補足データ

    期末純資産(百万米ドル)                       274,489      341,733      273,622      252,536      185,102
                              4
    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                       1.54  %     1.30  %     1.72  %     1.88  %     1.96  %
              5
    ポートフォリオの回転率                         3%      4%      8%      4%      3%
    1 発行済の平均株式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 カストディアン報酬相殺の取り決めによる削減分控除後の期中の平均純資産に対する費用の比率
       は 0.04  %であった。
    5   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。

                                311/544






                                                          EDINET提出書類
                                              バンガード・インデックス・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
                          2022  年     2021  年     2020  年     2019  年     2018  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
                           117.58       94.75      79.70      62.10      66.73
    期首純資産価額
    投資運用

         1
    投資純利益                       1.497      1.416      1.374      1.365      1.354
                              1,2      1,2
    受取キャピタルゲイン分配金                       0.000      0.000        -      -      -
                           (24.407)       22.841      15.024      17.649      (4.715)
    投資に係る実現および未実現純利益(損失)
                           (22.910)       24.257      16.398      19.014      (3.361)
    投資運用による総額
    分配

    投資純利益による配当                       (1.550)      (1.427)      (1.348)      (1.414)      (1.269)
                             -      -      -      -      -
    実現キャピタルゲインによる分配
                           (1.550)      (1.427)      (1.348)      (1.414)      (1.269)
    分配総額
                           93.12      117.58       94.75      79.70      62.10
    期末純資産価額
                           -19.51   %    25.73  %    21.00  %    30.81  %    -5.16  %

    総収益率
    比率/補足データ

    期末純資産(百万米ドル)                       66,751      249,282      180,586      152,716      115,115
                              3
    平均純資産に対する総費用の比率                       0.03  %     0.03  %     0.03  %     0.03  %     0.03  %
    平均純資産に対する投資純利益の比率                       1.46  %     1.31  %     1.73  %     1.89  %     1.97  %
              4
    ポートフォリオの回転率                         3%      4%      8%      4%      3%
    1 発行済の平均株式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 カストディアン報酬相殺の取り決めによる削減分控除後の期中の平均純資産に対する費用の比率
       は 0.03  %であった。
    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分な一部である。

                                312/544






                                                          EDINET提出書類
                                              バンガード・インデックス・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
                          2022  年     2021  年     2020  年     2019  年     2018  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
                           220.49      177.69      149.47      116.46      125.14
    期首純資産価額
    投資運用

         1
    投資純利益                       2.960      2.672      2.591      2.575      2.555
                              1,2      1,2
    受取キャピタルゲイン分配金                       0.000      0.000        -      -      -
                           (45.906)       42.823      28.172      33.100      (8.842)
    投資に係る実現および未実現純利益(損失)
                           (42.946)       45.495      30.763      35.675      (6.287)
    投資運用による総額
    分配

    投資純利益による配当                       (2.914)      (2.695)      (2.543)      (2.665)      (2.393)
                             -      -      -      -      -
    実現キャピタルゲインによる分配
                           (2.914)      (2.695)      (2.543)      (2.665)      (2.393)
    分配総額
                           174.63      220.49      177.69      149.47      116.46
    期末純資産価額
                           -19.51   %    25.74  %    21.02  %    30.82  %    -5.15  %

    総収益率
    比率/補足データ

    期末純資産(百万米ドル)                       488,093      296,554      226,288      188,188      135,641
                              3
    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                       1.59  %     1.32  %     1.74  %     1.90  %     1.98  %
              4
    ポートフォリオの回転率                         3%      4%      8%      4%      3%
    1 発行済の平均株式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 カストディアン報酬相殺の取り決めによる削減分控除後の期中の平均純資産に対する費用の比率は
       0.02  %であった。
    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分な一部である。

                                313/544






                                                          EDINET提出書類
                                              バンガード・インデックス・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
                          2022  年     2021  年     2020  年     2019  年     2018  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
                           231.36      186.45      156.83      122.20      131.31
    期首純資産価額
    投資運用

         1
    投資純利益                       3.093      2.821      2.772      2.709      2.704
                              1,2      1,2
    受取キャピタルゲイン分配金                       0.000      0.000        -      -      -
                           (48.139)       44.937      29.532      34.731      (9.290)
    投資に係る実現および未実現純利益(損失)
                           (45.046)       47.758      32.304      37.440      (6.586)
    投資運用による総額
    分配

    投資純利益による配当                       (3.064)      (2.848)      (2.684)      (2.810)      (2.524)
                             -      -      -      -      -
    実現キャピタルゲインによる分配
                           (3.064)      (2.848)      (2.684)      (2.810)      (2.524)
    分配総額
                           183.25      231.36      186.45      156.83      122.20
    期末純資産価額
                           -19.50   %    25.75  %    21.03  %    30.84  %    -5.14  %

    総収益率
    比率/補足データ

    期末純資産(百万米ドル)                       44,101      52,780      44,296      26,431      20,262
                              3
    平均純資産に対する総費用の比率                       0.01  %     0.01  %     0.01  %     0.01  %     0.01  %
    平均純資産に対する投資純利益の比率                       1.57  %     1.33  %     1.76  %     1.91  %     1.99  %
              4
    ポートフォリオの回転率                         3%      4%      8%      4%      3%
    1 発行済の平均株式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 カストディアン報酬相殺の取り決めによる削減分控除後の期中の平均純資産に対する費用の比率
       は 0.01  %であった。
    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分な一部である。

                                314/544






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

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

    オープン・エンド型投資会社すなわちミューチュアル・ファンドとして登録されている。当ファンドは、イ
    ンベスター受益証券、           ETF  受益証券、アドミラル受益証券、インスティテューショナル受益証券、インスティ
    テューショナル・プラス受益証券およびインスティテューショナル・セレクト受益証券の6種類のクラスを
    提供している。受益証券の各クラスには、異なる適格性と最低限の購入条件があり、異なるタイプの投資家
    向けに設定されている。             ETF  受益証券は、       NYSE   Arca  に上場されており、ブローカーを通して売買が可能であ
    る。
    パンデミック(        COVID-19     のパンデミック等)、自然災害または環境災害、戦争(ロシアのウクライナ侵攻
    等)、テロ行為、あるいはその他の事象によって引き起こされるような著しい市場の混乱は、国内および世
    界の市場並びに通常の市場運営に悪影響を及ぼす可能性がある。そのような混乱は、当ファンドの投資価値
    と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影響された有価証券については、評価指名者
        によって公正価値を表すと考えられる方法で評価され、それは受託者会の監視を受ける。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
                                315/544


                                                          EDINET提出書類
                                              バンガード・インデックス・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。
        2022  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%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。
        2022  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。
                                316/544






                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書(外国投資信託受益証券)
     4.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、実質的に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。
     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、バンガードが提供する
        クレジット契約および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      44 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は、参加ファンドは事務管理費と、未使用枠のコミットされ
        た金額の     0.10  %に相当する年次の約定手数料を支払う必要があり、当該費用は当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、合意されたスプレッドにフェデラル・
        ファンド実効金利、オーバーナイト・バンク・ファンディング・レート、または追加の合意されたス
        プレッドを含むデイリー・シンプル・セキュアド・オーバーナイト・ファイナンシング・レートのい
        ずれか高い方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
                                317/544


                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書(外国投資信託受益証券)
        リティに基づく借入金については、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が
        発生する可能性がある。
        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
        前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。
        2022  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・ファシリティを利用しなかった
        が、ファンド間貸付プログラムの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、バンガー
        ド 500  インデックス・ファンドに対して                 1,000,000     米ドルの貸付を1件行った。当該貸付金は年率換算
        で 2.72  %の利息で1営業日の間残存し、関連する                      500  米ドル未満の受取利息は損益計算書に計上されて
        いる。   2022  年 12 月 31 日現在、当ファンドには貸付残高はなかった。
     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。
                                318/544







                                                          EDINET提出書類
                                              バンガード・インデックス・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。      2022  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、                           44,075,000      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                 17.63   %
       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.当ファンドのカストディアン銀行は、当ファンドが無利子のカストディアン口座に現金預金を維持する

       場合、その報酬を減額することに合意している。                         2022  年 12 月 31 日終了計算期間において、カストディア
       ン報酬相殺の取り決めにより、当ファンドの費用が                          313,000    米ドル   ( 平均純資産の年率         0.01  %未満   ) 減少し
       た。
    D.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。
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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)
       以下の表は、       2022  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               1,144,305,105              673       11,095     1,144,316,873
       優先株式                     36         -         -         36
       短期現物投資                 10,588,790             -         -    10,588,790
       合計               1,154,893,931              673       11,095     1,154,905,699
       デリバティブ金融商品
       資産
       スワップ契約                     -       1,100          -       1,100
       負債
            1
       先物契約                  187,643            -         -      187,643
       スワップ契約                     -       51,303           -       51,303
       合計                  187,643         51,303           -      238,946
       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。
    E.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、主に該当する現物償還、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                                           19,139,428
       分配可能利益(損失)合計                                           (19,139,428)
       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。
                                320/544




                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書(外国投資信託受益証券)
       期末日現在、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                                             142,762
       未分配長期利益                                                -
       繰越キャピタルロス                                           (23,659,027)
       適格後期損失                                                -
       未実現純利益(損失)                                           497,721,586
       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
                                    202  2 年          2021年
                                    金額             金額
            *
       経常利益                              18,722,387             16,361,625
       長期キャピタルゲイン                                   -             -
       合計                              18,722,387             16,361,625
       *
        短期キャピタルゲインがある場合は、それを含む。
       2022  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                                           657,184,113
       未実現評価益総額                                           564,431,072
       未実現評価損総額                                           (66,709,486)
       未実現純評価益(損)                                           497,721,586
    F.   2022  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

       130,916,726,000         米ドル購入し、        66,622,586,000        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                             43,208,304,000        米ドルおよび       25,411,060,000        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。                     2022  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      1,774,251,000       米ドルおよび       1,803,772,000       米ドルであり、実現純損失は               732,926,000      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。
                                321/544



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

                              2022  年 12 月 31 日        2021  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                         3,914,517         36,574       496,590        4,799
    現金分配に代えて発行                          284,794        2,978      1,676,741        15,550
    買戻し                       (108,499,597)         (981,740)      (53,747,637)        (504,787)
    純増加(減少)額
    -インベスター受益証券                       (104,300,286)         (942,188)      (51,574,306)        (484,438)
    ETF  受益証券
    発行                        50,798,717         249,707      69,095,066        308,260
    現金分配に代えて発行                             -       -        -       -
    買戻し                        (24,846,579)         (123,100)      (24,708,757)        (108,100)
    純増加(減少)額
    - ETF  受益証券                      25,952,138         126,607      44,386,309        200,160
    アドミラル受益証券
    発行                        31,898,755         317,329      37,025,893        347,554
    現金分配に代えて発行                         3,762,619         39,309      3,424,237        31,536
    買戻し                        (31,561,798)         (315,336)      (38,573,188)        (360,387)
    純増加(減少)額
    -アドミラル受益証券                         4,099,576         41,302      1,876,942        18,703
    インスティテューショナル受益証券
    発行                         9,249,702         92,024      44,920,917        425,435
    現金分配に代えて発行                          903,770        9,433      2,799,517        25,726
    買戻し                       (165,458,043)        (1,504,789)       (25,575,458)        (236,871)
    純増加(減少)額
    -インスティテューショナル受益証券                       (155,304,571)        (1,403,332)        22,144,976        214,290
    インスティテューショナル・プラス
    受益証券
    発行                        320,489,415        1,582,401       27,268,129        137,022
    現金分配に代えて発行                         7,850,659         43,753      3,498,917        17,171
    買戻し                        (32,636,567)         (176,178)      (16,750,450)         (82,739)
    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                        295,703,507        1,449,976       14,016,596         71,454
    インスティテューショナル・セレクト
    受益証券
    発行                         6,711,633         34,640      5,779,241        28,270
    現金分配に代えて発行                          713,492        3,786       647,913        3,034
    買戻し                        (5,201,560)         (25,901)      (8,290,022)        (40,759)
    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                         2,223,565         12,525      (1,862,868)         (9,455)
                                322/544



                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書(外国投資信託受益証券)
    H.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
                 2021  年                   未実現               2022  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)
    1895  Bancorp   of Wisconsin
                    1                                    2
    Inc.             該当なし       3,706      262     (35)     (297)      -     -  該当なし
                    1                                    2
    Asure  Software    Inc.
                 該当なし       4,449     5,246     (2,085)      1,458      -     -  該当なし
    Vanguard    Market   Liquidity
                         3     3
    Fund             8,612,238     該当なし     該当なし      (2,011)      2,307    104,414       23  10,588,790
    合計             8,612,238       8,155     5,508     (4,131)      3,468    104,414       23  10,588,790
    1 該当なし-    2021  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。
    2 該当なし-    2022  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-売買は短期現物投資目的である。
    I.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、                                      2022  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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                                                          EDINET提出書類
                                              バンガード・インデックス・ファンズ(E14945)
                                                有価証券報告書(外国投資信託受益証券)
    財務書類注記

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

    オープン・エンド型投資会社すなわちミューチュアル・ファンドとして登録されている。当ファンドは、イ
    ンベスター受益証券、           ETF  受益証券、アドミラル受益証券、インスティテューショナル受益証券、インスティ
    テューショナル・プラス受益証券およびインスティテューショナル・セレクト受益証券の6種類のクラスを
    提供している。受益証券の各クラスには、異なる適格性と最低限の購入条件があり、異なるタイプの投資家
    向けに設定されている。             ETF  受益証券は、       NYSE   Arca  に上場されており、ブローカーを通して売買が可能であ
    る。
    COVID-19     のパンデミックに伴う市場の混乱は世界に影響を及ぼしており、長期的な影響に関する不確実性が
    存在している。そのような混乱は、当ファンドの資産、ひいては当ファンドのパフォーマンスに悪影響を及
    ぼす可能性がある。
    A.以下の重要な会計方針は、米国の投資会社について一般に公正妥当と認められる会計原則に準拠してい

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

        時)で評価される。持分証券は、各有価証券の主要な取引日における直近の売値または公式な終値で
        評価される。評価日に約定のなかった有価証券は、直近の売買気配値の仲値を用いて評価される。市
        場取引価格を容易に入手することができない有価証券、あるいはファンドの価格決定時前で有価証券
        の主要な取引所の取引終了後に生じた事象により価格が大きく影響された有価証券については、受託
        者会によって公正価値を表すとみなされた方法で評価される。バンガード・マーケット・リクイディ
        ティ・ファンドに対する投資は、そのファンドの純資産価額で評価されている。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
        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。
                                324/544


                                                          EDINET提出書類
                                              バンガード・インデックス・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。
                                325/544


                                                          EDINET提出書類
                                              バンガード・インデックス・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
        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。
                                326/544


                                                          EDINET提出書類
                                              バンガード・インデックス・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。      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
       投資
       資産
                                327/544

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

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

     【純資産額計算書】
    (全受益証券クラス)                                       ( 2023  年4月末日現在)
                                    米ドル         千円(   Ⅴ .を除く)
     Ⅰ .  資産総額                         1,268,337,976,413              170,122,172,776
     Ⅱ .  負債総額                           4,092,036,945              548,864,915
                   (注1)
     Ⅲ .                           1,264,245,939,468              169,573,307,861
        純資産総額(       Ⅰ - Ⅱ )
              (注2)
     Ⅳ .                                  8,374,307,149       口
        発行済口数
                        (注3)
     Ⅴ .                                 150.97           20,249   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、                   296,671,604,118       米ドルである。
     (注2)アドミラル受益証券の発行済口数は、                   2,954,708,228      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、                       100.41   米ドルである。
                                529/544















                                                          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)
    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。
                                530/544













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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
                                531/544


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

       トラストは、組入証券の購入、売却、申込みおよび交換ならびにファンド資産に直接または間接に付随
     する権利の行使を含む管理・運用業務を行う。
       ザ・バンガード・グループ・インクは、トラストの投資運用会社、名義書換および配当支払代行会社で
     ある。バンガードは、ファンドの投資顧問会社でもある。                               JP モルガン・チェース・バンク・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。
                                532/544












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    3【管理会社の経理状況】

       該当なし。
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    4【利害関係人との取引制限】

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

     (1)受託者および役員の変更
        受託者は、各シリーズの発行済受益証券の3分の2の賛成決議により解任される。欠員が生じた場合
       は、残余の受託者は、その裁量により適切と判断する者を受託者に任命する。受託者は適切と考える数
       の受託者を追加することができる。受託者は適切と考える役員を選任または解任することができる。
     (2)契約および信託宣言の変更
        修正・再録済契約および信託宣言はいつでも受託者の多数の署名をもって改訂または修正される。
     (3)訴訟事件その他の重要事項
        本書提出前1年以内において、トラストに重要な悪影響を与え、または与えることが予想される未公
       表の事実はない。
        ファンドの会計年度の最終日は、                 12 月 31 日である。
                                534/544












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    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
         2023  年4月末日現在          250,032,582      米ドル(約      335  億 3,687   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。
         2022  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         44,075,000      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                                        17.63   %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
         2023  年3月末日現在 約          3,080   億米ドル(約       41 兆 3,120   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
         2023  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
         2023  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】

                                535/544


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                                                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、       2022  年 12 月 31 日現在、バンガード・ファンドからの出資の                       17.63   %を占めている。
                                536/544













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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。
                                537/544


                                                          EDINET提出書類
                                              バンガード・インデックス・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
                                538/544


                                                          EDINET提出書類
                                              バンガード・インデックス・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。
                                539/544










                                                          EDINET提出書類
                                              バンガード・インデックス・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。
                                540/544





                                                          EDINET提出書類
                                              バンガード・インデックス・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。
                                541/544


















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

      2022  年6月   30 日    有価証券報告書(第          30 期)
      2022  年9月   30 日    半期報告書(第        31 期中)
    第5【その他】

       該当事項なし。

                                542/544
















                                                          EDINET提出書類
                                              バンガード・インデックス・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、      2022  年 12 月 31 日および     2021  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)、   2022  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         2022  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                                                     2022
    年 12 月 31 日および     2021  年 12 月 31 日現在の財政状態、          2022  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               2022  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、                                                     2022
    年 12 月 31 日および     2021  年 12 月 31 日現在において保有されている、                 カストディアン、名義書換代行会社および
    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
    2023  年2月   16 日

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

    (※)   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。
                                543/544





                                                          EDINET提出書類
                                              バンガード・インデックス・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,  2022   and  December     31,  2021,   the  related
    statements     of operations     and  changes    in net  assets   for  each  of the  two  years   in the  period   ended   December     31,  2022,
    including     the  related   notes,   and  the  financial    highlights     for  each  of the  five  years   in the  period   ended   December     31,  2022
    (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,  2022   and  December     31,  2021,   the  results   of its
    operations     and  changes    in its  net  assets   for  each   of the  two  years   in the  period   ended   December     31,  2022   and  the
    financial    highlights     for  each  of the  five  years   in the  period   ended   December     31,  2022   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,  2022   and  December     31,  2021   by  correspondence        with  the  custodian,     transfer    agent   and  brokers;    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    16,  2023
    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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