■当ファンドの仕組みは次の通りです。
商 品 分 類
信 託 期 間運 用 方 針主要投資対象主な投資制限分 配 方 針追加型投信／海外／資産複合
無期限(2019年11月5日設定)
楽天 米国レバレッジ・バランス・マザー
ファンド(以下｢マザーファンド｣といいます。)受益証券への投資を通じて、主に上場投資信託証券、株価指数先物取引にかかる権利および国債先物取引にかかる権利に投資することで、実質的に米国の株式および債券に投資し、投資信託財産の成長を目指します。
マザーファンドの運用にあたって、原則として、米国の株式および債券の実質的な組入比率は、米国の株式90％程度、米国の債券270％程度とすることを基本とします。
楽天・米国レバレッジ マザーファンド受益証券
を主要投資対象としま
バランス・ファンド す。
米国の株価指数に連動する上場投資信託証券および米国の株価指数先物取
引ならびに国債先物取引
マザーファンド の活用を通じて、実質的に米国の株式および債券を主要投資対象とします。
マザーファンド受益証券への投資割合には制限を設けません。
投資信託証券(上場投資信託証券を除きます。)への実質投資割合は、投資信
楽天・米国レバレッジ 託財産の純資産総額の5％バランス・ファンド 以下とします。
外貨建資産への直接投資は行いません。
株式への直接投資は行いません。
デリバティブの直接利用は行いません。
投資信託証券(上場投資信託証券を除きます。)への投資割合は、投資信託財産の純資産総額の5％以下とします。
マザーファンド 外貨建資産への投資割合には制限を設けません。
株式への直接投資は行いません。
デリバティブの利用はヘッ
ジ目的に限定しません。
分配対象額の範囲は、繰越分を含めた経費控除後の利子・配当等収益および売買益(評価損益を含みます。)等の全額とします。
収益分配金額は、委託者が基準価額水準、市況動向等を勘案して決定します。
ただし、必ず分配を行うものではありません。
留保益の運用については特に制限を設けず、運用の基本方針に基づいた運用を行います。

運用報告書(全体版)

楽天・米国レバレッジバランス・ファンド＜愛称：USA360＞
第5期
決算日：2024年8月26日

受益者の皆様へ
平素は当ファンドにご投資いただき、厚く御礼申し上げます。
さて、当ファンドは、このたび上記決算を行いました
ので、当期間の運用状況につきまして、ご報告申し上げます。
今後とも一層のご愛顧を賜りますよう、お願い申し上げます。

楽天投信投資顧問株式会社
https://www.rakuten-toushin.co.jp/
東京都港区南青山二丁目6番21号
本資料(運用報告書(全体版))の記載内容のお問い合
わせ先
TEL：03－6432－7746
受付時間：営業日の午前9時から午後5時まで※お客様のお取引内容等につきましては販売会社に
お問い合わせください。

■本資料の表記に関する注記
・金額等の数値は表記未満切捨または四捨五入により表示しております。このため、各項目の合計の値が合計欄と一致しないことがあります。
・－印は、組入・売買が無いことを示します。

－ 0 －設定以来の運用実績
基
決

算

期

(設 定 日)2019年11月 5日
1期(2020年 8月25日)
2期(2021年 8月25日)
3期(2022年 8月25日)
4期(2023年 8月25日)
5期(2024年 8月26日)(分 配 落)円
10,00012,92916,534
13,82912,494
15,968

準 価 額
投資信託
株式先物 債券先物
券 純資産総額税
込
期
中 組入比率 組入比率 証
組入比率
分 配 金
騰 落 率
円
％
％
％
％
百万円
－
－
－
－
－
206
0
29.3
15.1
269.6
75.7
5,529
0
27.9
6.1
268.3
84.5
15,031
0
△16.4
6.6
271.0
85.8
13,759
0
△9.7
6.3
268.8
83.8
16,315
0
27.8
6.7
262.2
83.1
19,461(注1) 基準価額の騰落率は分配金込み。
(注2) 株式先物組入比率および債券先物組入比率＝買建比率－売建比率(注3) 当ファンドはマザーファンドを組入れますので、｢株式先物組入比率｣、｢債券先物組入比率｣、｢投資信託証券組入比率｣は、実質組入比率を記載しています。
(注4) 当ファンドの運用方針に対応する適切な指数が存在しないため、ベンチマークおよび参考指数を設定しておりません。
(注5) 設定日の基準価額には当初設定価額を、純資産総額には当初設定元本を用いています。

当期中の基準価額の推移
年

月

日

(期
首)
2023年 8月25日
8月末
9月末
10月末
11月末
12月末
2024年 1月末
2月末
3月末
4月末
5月末
6月末
7月末
（期
末）
2024年 8月26日

基

準

価

額
騰 落 率

円
12,494
13,055
12,057
11,321
12,978
13,831
14,337
14,45015,097
14,353
14,67016,173
15,745

％
－
4.5
△3.5
△9.4
3.9
10.7
14.8
15.7
20.8
14.9
17.4
29.4
26.0

株 式 先 物組 入 比 率
％
6.3
6.2
6.6
6.6
6.0
5.8
6.1
6.4
6.5
7.1
7.1
7.1
6.9

15,96827.8

6.7

債 券 先 物組 入 比 率
％
268.8
263.8
269.4
271.7
264.6
266.4
264.1
267.5
264.8
264.7
271.2
265.5
266.2

投資信託証券組 入 比 率
％
83.8
82.8
83.9
84.6
82.1
83.9
84.7
84.1
84.0
83.0
82.9
83.2
81.9

262.2

83.1

(注1) 期末基準価額は分配金込み、騰落率は期首比。
(注2) 株式先物組入比率および債券先物組入比率＝買建比率－売建比率(注3) 当ファンドはマザーファンドを組入れますので、｢株式先物組入比率｣、｢債券先物組入比率｣、｢投資信託証券組入比率｣は、実質組入比率を記載しています。

－ 1 －当期中の運用経過と今後の運用方針■基準価額等の推移(注1) 分配金再投資基準価額は、分配金(税込)を分配時に再投資したものとみなして計算したもので、ファンド運用の実質的なパフォーマンス
を示すものです。
(注2) 分配金を再投資するかどうかについてはお客様がご利用のコースにより異なります。また、ファンドの購入金額により課税条件も異なります。従って、各個人のお客様の損益の状況を示すものではありません。
(注3) 分配金再投資基準価額は、期首の基準価額を起点として指数化しています。

－ 2 －■基準価額の主な変動要因
当ファンドは、主要投資対象である｢楽天 米国レバレッジ・バランス・マザーファンド｣受益証券(｢マザーファンド｣)を通じて実質的に投資している米国株式ETF、米国株式先物、ならびに米国国債先物の価格変動の影
響を受けます。また、マザーファンドが保有する米ドル資産に対して米ドル／円相場の変動の影響を受けます。
当期の基準価額は上昇しました。投資している米国株式ETF、米国株式先物、ならびに米国国債先物がすべて上昇し、基準価額を押し上げました。

※ETFの寄与度には、税引前配当金を含みます。
※その他要因には、費用等を含みます。
※上記要因分析は、楽天・米国レバレッジバランス・ファンドの基準価額への反映を考慮した期間により算出しています。
上記｢基準価額(マザーファンド)の要因分析｣は、基準価額の変動要因の傾向をご理解いただくために楽天投信
投資顧問が算出した概算値であり、実際の変動要因を正確に説明するものではありません。

－ 3 －■投資環境
当期の米国株式市場は、前期末比で上昇しました。
米国株式市場は、長期金利の上昇とそれに伴う景気減速への懸念、中東における地政学リスクの高まりなどを受けて2023年10月
下旬にかけて軟調地合いが続きました。しかし、11月以降は、FRB(米連邦準備制度理事会)に対する追加利上げ観測が後退するとともに利下げ転換への期待が急速に広がり、金利低下圧力が強まるなか、株式市場は一転して持ち直し基調となりました。2024年に入ってからも、米国経済がソフトランディング(軟着陸)することへの期待などを背景に株式市場の騰勢は継続しました。4月には、物価や雇用関連指標の上振れを受けた早期利下げ観測の後退を、7月中旬から8月上旬にかけては、一部大手ハイテク企業の決算の下 ※ファンドの基準価額への反映を考慮し、作成期間を1
営業日前にずらして作成しております。
振れや、製造業景況感指数や雇用関連指標の悪化を受けた景気減
速懸念を、それぞれ背景に、株式市場は調整する局面があったものの、いずれの局面でもすぐに反発し、AI(人工知能)関連の需要拡大などをテーマに期末まで概ね堅調な推移が継続しました。
当期の米国国債市場では、幅広い年限で利回りが低下(債券価格は上昇)しました。労働市場のひっ迫や米国経済の底堅さを示す経済指標などを受けてFRBが金融引き締め姿勢を継続したことなどから、米金利は期初から上昇基調となりました。しかし、11月のFOMC(米連邦公開市場委員会)においてパウエルFRB議長がハト派的(金融引き締めに消極的)な姿勢を示したことや、予想を下回る10
月米雇用統計などを受けて、米国の利上げサイクル終了ならびに早期利下げ観測が広がり、米金利は年末にかけて急速に低下する展開となりました。その後、2024年に入ると、底堅い経済指標やインフレ圧力が根強いことを示す物価指標を受けてFRBの早期利下げ期待が後退するなか、米金利は再び上昇基調となりましたが、5月以降は物価指標が落ち着きを見せたほか雇用指標も労働市場の減速を示す内容となり、FRBによる利下げへの転換や追加利下げ実施への期待が高まるなか、米金利は期末にかけて再び低下する展開となりました。
当期の米ドル／円相場は、大きなレンジで上下する展開となるなか、前期末比で米ドル安／円高となりました。

－ 4 －期初、1米ドル＝146円近辺でスタートした後、上昇を続ける米長期金利と歩調を合わせるかたちで米ドル高／
円安が進行し、2023年10月から11月にかけては1米ドル＝150円を超える水準に達しました。その後は米金利上昇が一服したことなどを背景に反転し、年末にかけては一時1米ドル＝141円割れの水準まで米ドル安／円高が進行しましたが、2024年に入ると、堅調な米雇用関連指標や燻るインフレ懸念、FRB高官による早期利下げけん制発言などを受けた米金利の上昇を受けて、再び米ドル高／円安基調となりました。2024年3月には、日本銀行が金融政策決定会合にてマイナス金利解除などの政策修正を決定したものの、追加的な政策修正を急がないとの見方から米ドル高／円安圧力は衰えませんでした。その後も、日本当局による為替介入を受けて一時円高に振れる場
面がありましたが、円キャリー取引(低い金利の円を借りて米ドル等の外貨に換え、期待リターンの高い資産に投資する取引)への需要が根強かったことなどから7月上旬にかけては1米ドル＝161円を超える水準まで米ドル高／円安が進行しました。しかし、7月中旬以降は、米国で予想を下回る物価指標や景況感指数を背景に米長期金利が低下したことや、日本銀行が7月末の金融政策決定会合において利上げを決定し、年内の追加利上げの可能性についても言及したことなどを受けて急速に米ドル安／円高が進行する展開となり、期末には1米ドル＝144円
前後で推移しました。
■当ファンドのポートフォリオ
当ファンドは、マザーファンドを主要投資対象とし、実質的な運用はマザーファンドで行っています。
マザーファンドは先物取引を活用して、実質的にファンドの純資産総額の360％(3.6倍)相当額を米国株式と米国債券に分散投資する運用を行います。運用にあたっては、純資産総額の90％程度を米国株式に配分するとともに、先物取引を活用することで、純資産総額の270％程度を米国債券へ投資する運用を行います。
米国株式への投資は主に代表的な株価指数に連動する上場投資信託証券(ETF)を通じて行うとともに、株価指数先物取引を活用しています。
また、米国債券への投資は米国国債先物取引を活用します。外貨建て資産については、原則として為替ヘッジは行いません。
当期は、概ね目標配分(米国株式90％、米国国債先物270％)に沿った組み入れを維持しました。
■当ファンドのベンチマークとの差異
当ファンドは運用の目標となるベンチマークおよび参考指数を設けておりません。
■分配金
運用の基本方針等を勘案し、収益分配は見送らせていただきました。なお、留保益の運用については、特に制限を設けず、元本部分と同一の運用を行います。
●分配原資の内訳項
当期分配金(対基準価額比率)
当期の収益
当期の収益以外
翌期繰越分配対象額

目
(円)
(％)
(円)
(円)
(円)

(1万口当たり・税込)
第5期
2023年8月26日～2024年8月26日
－
(－)
－
－
5,968

(注1) ｢対基準価額比率｣は｢当期分配金｣の期末基準価額(分配金込み)に対する比率であり、ファンドの収益率とは異なります。
(注2) ｢当期の収益｣は経費控除後の配当等収益および経費控除後の有価証券売買等損益、「当期の収益以外｣は収益調整金および分配準備積立金です。
(注3) ｢当期の収益｣および｢当期の収益以外｣は、円未満を切捨てて表示しているため、合計した額が｢当期分配金｣と一致しない場合があります。

■今後の運用方針
引き続きマザーファンドを通じて、目標配分(米国株式90％、米国国債先物270％)に沿った組入比率を高位に維持していく方針です。
－ 5 －1万口当たりの費用明細
当期項

目

2023年8月26日～2024年8月26日
金額(a) 信託報酬66円

項 目 の 概 要

比率

(投信会社)(31)

0.469％ (a) 信託報酬＝期中の平均基準価額×信託報酬率※期中の平均基準価額は14,005円です。
(0.221) ・委託した資金の運用の対価(販売会社)(31)(0.221)(受託会社)(4)(0.028)(b) 売買委託手数料

12

0.086

(投資信託証券)(0)(0.000)(先物・オプション)(12)(0.085)(c) 有価証券取引税－－(d) その他費用

16

0.115

(保管費用)(2)(0.011)(監査費用)(1)(0.008)(印刷費用)(2)(0.013)

(その他)

(12)

(0.083)

94

0.670

合

計

・購入後の情報提供、交付運用報告書等各種書類の送付、口座内でのファンドの管理等の対価
・運用財産の管理、委託会社からの指図の実行の対価
期中の売買委託手数料
期中の平均受益権口数
売買委託手数料は、有価証券等の売買の際、売買仲介人に支払う手数料(b) 売買委託手数料＝期中の有価証券取引税
期中の平均受益権口数
有価証券取引税は、有価証券の取引の都度発生する取引に関する税金
期中のその他費用(d) その他費用＝期中の平均受益権口数
・保管費用は、海外における保管銀行等に支払う有価証券等の保管および資金の送金・資産の移転等に要する費用・監査費用は、監査法人等に支払うファンドの監査に係る費用・印刷費用は、有価証券届出書、目論見書、運用報告書等の作成、印刷および提出等に係る費用・その他は、金銭信託への預入金額に対する手数料、その他投資信託財産の運営にかかる費用等(c) 有価証券取引税＝(注1) 期中の費用(消費税等のかかるものは消費税等を含む)は、追加・解約により受益権口数に変動があるため、簡便法により算出した結果です。
(注2) 各金額は各項目ごとに円未満は四捨五入してあります。
(注3) 売買委託手数料、有価証券取引税およびその他費用は、このファンドが組み入れているマザーファンドが支払った金額のうち、当ファン
ドに対応するものを含みます。
(注4) 各比率は1万口当たりのそれぞれの費用金額を期中の平均基準価額で除して100を乗じたものです。

－ 6 －－ 7 －

売買および取引の状況■親投資信託受益証券の設定、解約状況
当

楽天 米国レバレッジ・バランス・マザーファンド

設
口
数
千口
1,454,357

期

定
金

額
千円
1,934,017

解数
千口
2,374,917

約
金

当
期
数
千口
11,856,065

末
評 価

口

額
千円
3,494,112(注) 単位未満は切捨て。

利害関係人※との取引状況等
該当事項はありません。
※利害関係人とは、投資信託及び投資法人に関する法律第11条第1項に規定されている利害関係人です。

自社による当ファンドの設定・解約状況
該当事項はありません。

組入資産の明細■親投資信託残高
前口
楽天 米国レバレッジ・バランス・マザーファンド

期

末
数
千口
12,776,626

口

額千円
19,456,989(注1) 単位未満は切捨て。
(注2) 親投資信託の当期末現在の受益権口数は、11,856,065千口です。

投資信託財産の構成
項

当

目

評 価 額

楽天 米国レバレッジ・バランス・マザーファンド
短
期
金
融
資
産
、
そ
の
他
投
資
信
託
財
産
総
額

千円
19,456,989
153,602
19,610,591

期

末
比

率
％
99.2
0.8
100.0

(注1) 評価額の単位未満は切捨て。
(注2) 楽天 米国レバレッジ・バランス・マザーファンドにおいて、当期末における外貨建資産(19,206,560千円)の投資信託財産総額(19,503,603千円)に対する比率は、98.5％です。
(注3) 外貨建資産は、当期末の時価をわが国の対顧客電信売買相場の仲値により邦貨換算したものです。なお、当期末における邦貨換算レート
は、1米ドル＝143.56円です。

－ 8 －資産、負債、元本及び基準価額の状況ならびに損益の状況■損益の状況

■資産、負債、元本及び基準価額の状況(2024年8月26日現在)
項

目

当 期 末

(Ａ) 資

産

19,610,591,285円

コ ー ル ・ ロ ー ン 等

107,461,214

楽天 米国レバレッジ・バランス・マ ザ ー フ ァ ン ド ( 評 価 額 )19,456,989,748

未

収

入

金

46,140,000

未

収

利

息

323

(Ｂ) 負
未

払

未

払

解
信

託

債

148,823,056

約

金

93,628,709

報酬

44,945,313

そ の 他 未 払 費 用

10,249,034(Ｃ) 純 資 産 総 額(Ａ－Ｂ)

19,461,768,229

元

本次 期 繰 越 損 益 金
(Ｄ) 受

益

権

総

口

数

12,187,732,844
7,274,035,385
12,187,732,844口

1万口当たり基準価額(Ｃ／Ｄ)(注) 期首元本額
期中追加設定元本額期中一部解約元本額

15,968円
13,059,042,865円
5,157,895,260円
6,029,205,281円(自2023年8月26日 至2024年8月26日)
項
目
(Ａ) 配
当
等
収
益
受
取
利
息
支
払
利
息
(Ｂ) 有 価 証 券 売 買 損 益
売
買
益
売
買
損
(Ｃ) 信
託
報
酬
等
(Ｄ) 当 期 損 益 金(Ａ＋Ｂ＋Ｃ)(Ｅ) 前 期 繰 越 損 益 金(Ｆ) 追 加 信 託 差 損 益 金(配 当 等 相 当 額)
(売 買 損 益 相 当 額)
(Ｇ)
計
(Ｄ＋Ｅ＋Ｆ)
(Ｈ) 収
益
分
配
金
次 期 繰 越 損 益 金(Ｇ＋Ｈ)
追 加 信 託 差 損 益 金(配 当 等 相 当 額)
(売 買 損 益 相 当 額)
分 配 準 備 積 立 金

当期△28,792円
10,721△39,5133,784,693,745
4,710,937,706△926,243,961△105,138,428
3,679,526,525△1,031,360,478
4,625,869,338(4,060,133,178)(565,736,160)
7,274,035,385
0
7,274,035,385
4,625,869,338(4,068,998,610)(556,870,728)
2,648,166,047(注1) 損益の状況の中で(B)有価証券売買損益は期末の評価替えによるものを含みます。
(注2) 損益の状況の中で(C)信託報酬等には信託報酬に対する消費税等相当額を含めて表示しています。
(注3) 損益の状況の中で(F)追加信託差損益金とあるのは、信託の追加設定の際、追加設定をした価額から元本を差し引いた差額分をいいます。

<分配金の計算過程>
当期
項目(Ａ)配当等収益額（費用控除後）
232,757,181円(Ｂ)有価証券売買等損益額
1,737,404,879円（費用控除後・繰越欠損金補填後）(Ｃ)収益調整金額
4,625,869,338円(Ｄ)分配準備積立金額
678,003,987円(Ｅ)分配対象収益額（Ａ＋Ｂ＋Ｃ＋Ｄ） 7,274,035,385円(Ｆ)期末残存口数
12,187,732,844口(Ｇ)収益分配対象額（１万口当たり）
5,968.30円(Ｅ／Ｆ×10,000）(Ｈ)分配金額（１万口当たり）－円(Ｉ)収益分配金金額－円(Ｆ×Ｈ／10,000）

お知らせ
該当事項はありません。
－ 9 －

楽天

米国レバレッジ・バランス・マザーファンド
第5期(2024年8月26日)≪運用報告書≫●当マザーファンドの仕組みは次の通りです。
信

託

期

間

無期限(2019年11月5日設定)

運

用

方

針

投資信託財産の成長を目指して運用を行います。

主 な 投 資 対 象

米国の株価指数に連動する上場投資信託証券および米国の株価指数先物取引ならびに国債
先物取引の活用を通じて、実質的に米国の株式および債券を主要投資対象とします。

主 な 投 資 制 限

投資信託証券(上場投資信託証券を除きます｡)への投資割合は、投資信託財産の純資産総額の5％以下とします。
外貨建資産への投資割合には制限を設けません。
株式への直接投資は行いません。
デリバティブの利用はヘッジ目的に限定しません。

当マザーファンドはこのたび上記決算を行いましたので、期中の運用状況をご報告申し上げます。

楽天投信投資顧問株式会社
東京都港区南青山二丁目6番21号
URL： https://www.rakuten-toushin.co.jp/－ 10 －

設定以来の運用実績
基
決

算

準

期

(設 定 日)2019年11月 5日
1期(2020年 8月25日)
2期(2021年 8月25日)
3期(2022年 8月25日)
4期(2023年 8月25日)
5期(2024年 8月26日)

円
10,00012,985
16,70014,04912,766
16,411

価 額
期
中
騰 落 率
％
－
29.9
28.6
△15.9
△9.1
28.6

株式先物
組入比率

債券先物
組入比率

％
－
15.1
6.1
6.6
6.3
6.7

％
－
269.6
268.3
271.1
268.9
262.2

投資信託
証
券
組入比率
％
－
75.7
84.5
85.8
83.9
83.2

純資産総額
百万円
206
5,528
15,031
13,754
16,31019,456(注1) 株式先物組入比率および債券先物組入比率＝買建比率－売建比率(注2) 当ファンドの運用方針に対応する適切な指数が存在しないため、ベンチマークおよび参考指数を設定しておりません。
(注3) 設定日の基準価額には当初設定価額を、純資産総額には当初設定元本を用いています。

当期中の基準価額の推移
年

月

日

(期
首)
2023年 8月25日
8月末
9月末
10月末
11月末
12月末
2024年 1月末
2月末
3月末
4月末
5月末
6月末
7月末
（期
末）
2024年 8月26日

基

準

価

額
騰 落 率

円
12,766
13,341
12,326
11,57913,281
14,161
14,686
14,80915,47914,723
15,056
16,606
16,175

％
－
4.5
△3.4
△9.3
4.0
10.9
15.0
16.0
21.3
15.3
17.9
30.1
26.7

株 式 先 物組 入 比 率
％
6.3
6.2
6.6
6.6
6.0
5.8
6.1
6.4
6.5
7.1
7.1
7.1
6.9

16,411

28.6

6.7(注1) 騰落率は期首比。
(注2) 株式先物組入比率および債券先物組入比率＝買建比率－売建比率－ 11 －

債 券 先 物組 入 比 率
％
268.9
263.8
269.5
271.8
264.7
266.5
264.1
267.5
264.9
264.8
271.3
265.6
266.2

投資信託証券組 入 比 率
％
83.9
82.9
83.9
84.6
82.1
83.9
84.7
84.2
84.0
83.0
82.9
83.2
82.0

262.2

83.2

当期中の運用経過と今後の運用方針■基準価額の推移■基準価額の主な変動要因
当ファンドは、投資している米国株式ETF、米国株式先物、ならびに米国国債先物の価格変動の影響を受けます。また、保有する米ドル資産に対して米ドル／円相場の変動の影響を受けます。
当期の基準価額は上昇しました。投資している米国株式ETF、米国株式先物、ならびに米国国債先物がすべて上昇し、基準価額を押し上げました。

※ETFの寄与度には、税引前配当金を含みます。
※その他要因には、費用等を含みます。
※上記要因分析は、楽天 米国レバレッジ・バランス・マザーファンドの基準価額への反映を考慮した期間により算出しています。
上記｢基準価額の要因分析｣は、基準価額の変動要因の傾向をご理解いただくために楽天投信投資顧問が算出した概算値であり、実際の変動要因を正確に説明するものではありません。

－ 12 －

■投資環境
当期の米国株式市場は、前期末比で上昇しました。
米国株式市場は、長期金利の上昇とそれに伴う景気減速への懸念、中東における地政学リスクの高まりなどを受けて2023年
10月下旬にかけて軟調地合いが続きました。しかし、11月以降
は、FRB(米連邦準備制度理事会)に対する追加利上げ観測が後退するとともに利下げ転換への期待が急速に広がり、金利低下圧力が強まるなか、株式市場は一転して持ち直し基調となりました。2024年に入ってからも、米国経済がソフトランディング(軟着陸)することへの期待などを背景に株式市場の騰勢は継続しました。4月には、物価や雇用関連指標の上振れを受けた早期利下げ観測の後退を、7月中旬から8月上旬にかけては、一部大手ハ※ファンドの基準価額への反映を考慮し、作成期間
イテク企業の決算の下振れや、製造業景況感指数や雇用関連指を1営業日前にずらして作成しております。
標の悪化を受けた景気減速懸念を、それぞれ背景に、株式市場は調整する局面があったものの、いずれの局面でもすぐに反発
し、AI(人工知能)関連の需要拡大などをテーマに期末まで概ね堅調な推移が継続しました。
当期の米国国債市場では、幅広い年限で利回りが低下(債券価格は上昇)しました。労働市場のひっ迫や米国経済の底堅さを示す経済指標などを受けてFRBが金融引き締め姿勢を継続したことなどから、米金利は期初から上昇基調となりました。しかし、11月のFOMC(米連邦公開市場委員会)においてパウエルFRB議長がハト派的(金融引き締めに消極的)な姿勢を示したことや、予想を下回る10月米雇用統計などを受けて、米国の利上げサイクル
終了ならびに早期利下げ観測が広がり、米金利は年末にかけて急速に低下する展開となりました。その後、2024年に入ると、底堅い経済指標やインフレ圧力が根強いことを示す物価指標を受けてFRBの早期利下げ期待が後退するなか、米金利は再び上昇基調となりましたが、5月以降は物価指標が落ち着きを見せたほか雇用指標も労働市場の減速を示す内容となり、FRBによる利下げへの転換や追加利下げ実施への期待が高まるなか、米金利は期末にかけて再び低下する展開となりました。
当期の米ドル／円相場は、大きなレンジで上下する展開とな
るなか、前期末比で米ドル安／円高となりました。
期初、1米ドル＝146円近辺でスタートした後、上昇を続ける
米長期金利と歩調を合わせるかたちで米ドル高／円安が進行し、2023年10月から11月にかけては1米ドル＝150円を超える水準に達しました。その後は米金利上昇が一服したことなどを背景に反転し、年末にかけては一時1米ドル＝141円割れの水準まで米ドル安／円高が進行しましたが、2024年に入ると、堅調な米雇用関連指標や燻るインフレ懸念、FRB高官による早期利下げけん制発言などを受けた米金利の上昇を受けて、再び米ドル高／円
安基調となりました。2024年3月には、日本銀行が金融政策決定－ 13 －

会合にてマイナス金利解除などの政策修正を決定したものの、追加的な政策修正を急がないとの見方から米ドル
高／円安圧力は衰えませんでした。その後も、日本当局による為替介入を受けて一時円高に振れる場面がありましたが、円キャリー取引(低い金利の円を借りて米ドル等の外貨に換え、期待リターンの高い資産に投資する取引)への需要が根強かったことなどから7月上旬にかけては1米ドル＝161円を超える水準まで米ドル高／円安が進行しました。しかし、7月中旬以降は、米国で予想を下回る物価指標や景況感指数を背景に米長期金利が低下したことや、日本銀行が7月末の金融政策決定会合において利上げを決定し、年内の追加利上げの可能性についても言及したことなどを受けて急速に米ドル安／円高が進行する展開となり、期末には1米ドル＝144円前後で推移しました。
■当ファンドのポートフォリオ
当ファンドは先物取引を活用して、実質的にファンドの純資産総額の360％(3.6倍)相当額を米国株式と米国債券に分散投資する運用を行います。運用にあたっては、純資産総額の90％程度を米国株式に配分するとともに、先物取引を活用することで、純資産総額の270％程度を米国債券へ投資する運用を行います。
米国株式への投資は主に代表的な株価指数に連動する上場投資信託証券(ETF)を通じて行うとともに、株価指数先物取引を活用しています。
また、米国債券への投資は米国国債先物取引を活用します。外貨建て資産については、原則として為替ヘッジは行いません。
当期は、概ね目標配分(米国株式90％、米国国債先物270％)に沿った組み入れを維持しました。
■当ファンドのベンチマークとの差異
当ファンドは運用の目標となるベンチマークおよび参考指数を設けておりません。
■今後の運用方針
引き続き目標配分(米国株式90％、米国国債先物270％)に沿った組入比率を高位に維持していく方針です。

－ 14 －

1万口当たりの費用明細
当期金額比率(a)売買委託手数料
12円
0.086％(投資信託証券)(0)(0.000)(先物・オプション)(12)(0.085)(b)その他費用
20.011(保管費用)(2)(0.011)(その他)(0)(0.000)合計
14
0.097
期中の平均基準価額は14,351円です。
項目(注1) 期中の費用(消費税等のかかるものは消費税等を含む)は、追加・解約により受益権口数に変動があるため、簡便法により算出した結果です。なお、費用項目については6ページ(1万口当たりの費用の明細の項目の概要)をご参照下さい。
(注2) 各金額は各項目ごとに円未満は四捨五入してあります。
(注3) 各比率は1万口当たりのそれぞれの費用金額を期中の平均基準価額で除して100を乗じたものです。
(注4) 各項目の費用は、このファンドが組み入れている投資信託証券が支払った費用を含みません。当該投資信託証券の直近の計算期末時点における｢1万口当たりの費用明細｣が取得できるものについては｢組入ファンドの概要｣に表示することとしております。

売買および取引の状況■投資信託証券
当外アメリカ バンガードⓇ・トータル・ストック・マーケットETF
国小計

買
単位数又は口数
千口
99
99

期

付
金

売
単位数又は口数
千口
124
124

額
千米ドル
23,617
23,617

付
金額
千米ドル
30,21630,216(注1) 金額は受渡し代金。
(注2) 単位未満は切捨て。

派生商品の取引状況等■先物取引の銘柄別取引・残高状況
銘
外

柄

別

国
株式先物取引
S&P 500 EMIN
債券先物取引US 5YR NOTE
US 10YR NOTE

百万円

期
売
新 規
売付額
百万円

4,811

4,755

－

－

1,298

－

33

106,924
105,770

103,259
102,289－－－－

25,51225,513

－
－

724
967

買
新 規
買付額
百万円

当
建
決済額

(注) 単位未満は切捨て。

－ 15 －

当期末評価額

建
決済額

買建額

売建額

評価損益

百万円

百万円

百万円

百万円

利害関係人※との取引状況等
該当事項はありません。
※利害関係人とは、投資信託及び投資法人に関する法律第11条第1項に規定されている利害関係人です。

組入資産の明細■外国投資信託証券
期 首 (前 期 末 )
銘
ア
メ
リ
カ
合

柄

口
銘

数
柄

期

末
評
価
額
外貨建金額
邦貨換算金額
千米ドル
千円

単位数又は口数

単位数又は口数

千口

千口

430

406

112,701

16,179,433

430
1

406
1

112,701－

16,179,433<83.2％>

バンガードⓇ・トータル・ストック・マーケットETF
計

当

・ 金 額
数 <比 率>(注1) 邦貨換算金額は期末の時価をわが国の対顧客電信売買相場の仲値により、邦貨換算したものです。
(注2) < >内は純資産総額に対する各国別投資信託証券評価額の比率です。
(注3) 単位数又は口数、評価額の単位未満は切捨て。

■先物取引の銘柄別期末残高
銘

柄

当

別

期

末

買 建 額

外 国
株式先物取引
S&P 500 EMIN
債券先物取引US 5YR NOTE
US 10YR NOTE

売 建 額
百万円

百万円

1,298

－

25,51225,513－－(注) 単位未満は切捨て。

投資信託財産の構成
項

投
短
投

資
期
資

信
金

融
信

当

目

託
資
託

受
産
財

評 価 額
益

、

そ
産

証
の
総

券
他
額

千円
16,179,433
3,324,170
19,503,603

期

末
比

率
％
83.0
17.0
100.0

(注1) 評価額の単位未満は切捨て。
(注2) 当期末における外貨建資産(19,206,560千円)の投資信託財産総額(19,503,603千円)に対する比率は、98.5％です。
(注3) 外貨建資産は、当期末の時価をわが国の対顧客電信売買相場の仲値により邦貨換算したものです。なお、当期末における邦貨換算レート
は、1米ドル＝143.56円です。

－ 16 －

資産、負債、元本及び基準価額の状況ならびに損益の状況■損益の状況

■資産、負債、元本及び基準価額の状況(2024年8月26日現在)
項目(自2023年8月26日 至2024年8月26日)

当 期 末

(Ａ) 資

産

項

19,503,042,615円

(Ａ) 配

当

受

目
収

等

取

配

当

益

当

期
247,681,084円

金201,249,641

コ ー ル ・ ロ ー ン 等

644,567,961

投資信託受益証券(評価額)16,179,433,082

未

収

入

金

1,728,145,785

未

収

利

息

893

売

買

益

3,788,726,064

950,894,894

売

買

損

△300,484,700

差 入 委 託 証 拠 金
(Ｂ) 負
未

払

解

約

債

46,140,000

金

46,140,000(Ｃ) 純 資 産 総 額(Ａ－Ｂ)
元本

次 期 繰 越 損 益 金
(Ｄ) 受

益

権

総

口

受

息

14,892,806

金

31,720,225

息△181,588(Ｂ) 有 価 証 券 売 買 損 益

3,488,241,364

そ

の

支

取

利

他

収

払

利

益

(Ｃ) 先 物 取 引 等 取 引 損 益
取

引

取
(Ｄ) そ

引

△1,192,815,200△2,042,206
4,706,443,065

11,856,065,900(Ｆ) 前 期 繰 越 損 益 金3,533,928,477

7,600,836,715(Ｇ) 追 加 信 託 差 損 益 金479,659,646

11,856,065,900口

1万口当たり基準価額(Ｃ／Ｄ)

16,411円(注1) 期首元本額
12,776,626,073円
期中追加設定元本額
1,454,357,354円
期中一部解約元本額
2,374,917,527円(注2) 当期末における当マザーファンドを投資対象とする投資信託の元本額
楽天・米国レバレッジバランス・ファンド 11,856,065,900円

差

費

損

(Ｅ) 当期損益金(Ａ＋Ｂ＋Ｃ＋Ｄ)

数

他

2,165,378,023

用

19,456,902,615の972,562,823

益

(Ｈ) 解

約

(Ｉ)

計 （Ｅ＋Ｆ＋Ｇ＋Ｈ)

損

益

金

△1,119,194,473
7,600,836,715

次 期 繰 越 損 益 金(Ｉ)7,600,836,715(注1) 損益の状況の中で(B)有価証券売買損益及び(C)先物取引等取引損益は期末の評価替えによるものを含みます。
(注2) 損益の状況の中で(G)追加信託差損益金とあるのは、信託の追加設定の際、追加設定をした価額から元本を差し引いた差額分をいいます。
(注3) 損益の状況の中で(H)解約差損益金とあるのは、中途解約の際、元本から解約価額を差し引いた差額分をいいます。

お知らせ
該当事項はありません。

－ 17 －

■組入ファンドの概要
以下は、『楽天 米国レバレッジ・バランス・マザーファンド』が組み入れている投資信託証券(ファンド)の状況として、当期末において入手できる直近の情報を掲げております。
ファンド名

決算日

バンガード ・トータル・ストック・マーケットETF

2023年12月31日Ⓡ－ 18 －

バンガード®・トータル・ストック・マーケットETF●当ファンドの仕組みは次の通りです｡
運
用会
社
主 要 投 資 対 象
運 用 の 基 本 方 針
管 理 報 酬 等 (年)

ザ・バンガード・グループ・インク
米国株式
CRSP USトータル・マーケット・インデックスに連動する投資成果を目指す
0.03％－ 19 －

バンガード®・トータル・ストック・マーケットETF■損益計算書（2023年12月31日に終了する計算期間）Year Ended
December 31, 2023($000)

Investment Income
Income20,631,366

Dividends—Unaffiliated Issuers1
Dividends—Affiliated Issuers

149Interest—Unaffiliated Issuers

13,676

Interest—Affiliated Issuers

243,599

Securities Lending—Net

308,413

Total Income

21,197,203

Expenses
The Vanguard Group

Investment Advisory Services

32,625

Management and Administrative—Investor Shares

25,438

Management and Administrative—ETF Shares

67,204

Management and Administrative—Admiral Shares

101,815

Management and Administrative—Institutional Shares

18,148

Management and Administrative—Institutional Plus Shares

76,033

Management and Administrative—Institutional Select Shares

3,812

Marketing and Distribution—Investor Shares

1,054

Marketing and Distribution—ETF Shares

12,195Marketing and Distribution—Admiral Shares

12,251Marketing and Distribution—Institutional Shares

2,279

Marketing and Distribution—Institutional Plus Shares

14,384Marketing and Distribution—Institutional Select Shares

101

Custodian Fees

1,876

Auditing Fees

253

Shareholders’ Reports—Investor Shares

188

Shareholders’ Reports—ETF Shares

3,033

Shareholders’ Reports—Admiral Shares

1,239

Shareholders’ Reports—Institutional Shares

64

Shareholders’ Reports—Institutional Plus Shares

2,413

Shareholders’ Reports—Institutional Select Shares—

Trustees’ Fees and Expenses

787

Interest Expense—

Other Expenses

138

Total Expenses

377,330

Expenses Paid Indirectly(8)

Net Expenses

377,322Net Investment Income

20,819,881－ 20 －

バンガード®・トータル・ストック・マーケットETF

Statement of Operations (continued)
Year Ended
December 31, 2023($000)
Realized Net Gain (Loss)
Capital Gain Distributions Received—Affiliated Issuers

13

Investment Securities Sold—Unaffiliated Issuers2

24,251,460

Investment Securities Sold—Affiliated Issuers3

2,246

Futures Contracts

760,654

Swap Contracts(23,641)

Realized Net Gain (Loss)

24,990,732

Change in Unrealized Appreciation (Depreciation)
Investment Securities—Unaffiliated Issuers

256,421,058

Investment Securities—Affiliated Issuers(2,621)

Futures Contracts

231,959

Swap Contracts

130,344

Change in Unrealized Appreciation (Depreciation)

256,780,740

Net Increase (Decrease) in Net Assets Resulting from Operations

302,591,353

1 Dividends are net of foreign withholding taxes of $2,051,000.
2 Includes $25,907,196,000 of net gain (loss) resulting from in-kind redemptions.
3 Includes $582,000 of net gain (loss) resulting from in-kind redemptions.

－ 21 －

As of December 31, 2023

バンガード®・トータル・ストック・マーケットETF■組入銘柄

（2023年12月31日現在）

As of December 31, 2023

SharesMarketValue($000)

SharesCommon Stocks (99.7%)
Basic Materials (2.0%)
Linde plc
FreeportMcMoRan Inc.
Air Products andChemicals Inc.
Ecolab Inc.
Common Stocks (99.7%)
Newmont Corp.
Basic Materials(2.0%)
Nucor Corp.
Linde
plc
Dow Inc.
FreeportFastenal Co.
McMoRan Inc.
LyondellBasell
Air
ProductsNV
andIndustries
Chemicals
Inc.
Class
A
Ecolab Inc. Flavors
International
Newmont
Corp.Inc.
& Fragrances
NucorDynamics
Corp.
Steel
Inc.
1
Dow
Inc. Corp.
Albemarle
Fastenal
CelaneseCo.
Corp.
Class A
LyondellBasell
Industries
NV
Avery Dennison
Class
Corp. A
International
Flavors
Reliance Steel&&
Fragrances
Aluminum
Co.Inc.
Steel
Dynamics Inc.
CF Industries
1
Holdings Inc.
Albemarle
Corp.
International
Paper
Celanese
Corp.
Co. A
Class
MosaicCo.
Avery Dennison
Corp. Chemical
EastmanCo.
Reliance
Steel &*
Aluminum Co. Inc.
Cleveland-Cliffs
CF Industries
UnitedStates Steel
Holdings Inc.
Corp.
*
International
RBC BearingsPaper
Inc.
Co. Gold Inc.
Royal
Mosaic
Co.
FMC
Corp.
EastmanChemical
UFP
Industries
Inc.
Co.Corp.
Olin*
Cleveland-Cliffs
HexcelCorp. Inc.
UnitedCorp.
States Steel
Alcoa
Corp.
*
RBC Bearings Inc.
Royal Gold Inc.
FMC Corp.
UFP Industries Inc.
Olin Corp.
Hexcel Corp.
Alcoa Corp.

15,215,421

6,249,126

45,082,646
6,979,284
Shares8,053,649
36,198,394
7,718,789
15,215,421
22,036,942
17,917,428
45,082,646

1,919,168
MarketValue
1,910,928($000)
1,597,441
1,498,252
1,343,378
6,249,126
1,208,506
1,160,512
1,919,168

6,979,284
8,127,069
8,053,649
36,198,394
8,010,123
7,718,789
4,832,756
22,036,942
3,684,336
17,917,428
3,416,179

1,910,928
772,722
1,597,441
1,498,252
648,580
1,343,378
570,748
1,208,506
532,313
1,160,512
530,772

8,127,069
2,526,465

772,722510,750

8,010,123
1,798,844
4,832,756
5,986,618
3,684,336

648,580
503,101
570,748475,936532,313

10,843,662
3,416,179
10,297,765
2,526,465
3,720,535
1,798,844
15,908,609

391,998
530,772
367,939
510,750
334,178
503,101
324,854

5,986,618
6,284,695
912,100
10,843,662
2,060,474
10,297,765
3,919,469

475,936
305,750
259,848
391,998
249,235367
247,939,123
230,555
334,178
207,609324,854
195,172
190,516
305,750
259,848249,235
247,123
230,555
207,609
195,172
190,516

1,836,357
3,720,535
3,848,168
15,908,609
2,646,399
5,603,401
6,284,695
912,100
2,060,474
3,919,469
1,836,357
3,848,168
2,646,399
5,603,401

*

*

*,1

*

*,1

*
*

*
*
*

*,1

*

*

*,1

Commercial Metals
Co.
3,662,937
Element
Solutions Inc.
7,229,788
Timken Co.
2,004,759
Boise Cascade Co.
1,241,371
Mueller
SharesIndustries Inc.
3,390,170
Commercial
Valvoline
Inc.Metals
4,119,701
Co.
3,662,937
BalchemCorp.
1,012,353
Element
Cabot
Corp.
1,763,060
SolutionsInc.
7,229,788
Chemours Co.
4,653,687
TimkenCo.
2,004,759
WestlakeCorp.
1,000,421
BoiseCascade1,241,371
Huntsman
Corp.Co.
5,311,450
Mueller
Ashland Inc.
1,467,336
Industries Inc.
3,390,170
NewMarket Corp.
224,986
Valvoline Inc.
4,119,701
Avient Corp.
2,861,511
Balchem Corp.
1,012,353
Carpenter Technology
Cabot
1,763,060
Corp.Corp.
1,463,624
Chemours
4,653,687
LiventCorp.Co.
5,630,396
Westlake Inc.
Corp.
1,000,421
Innospec
778,885
HuntsmanCorp.
5,311,450
QuakerChemicalAshland1,467,336
Corp. Inc.
424,919
NewMarket
224,986
MP
MaterialsCorp.
Corp.
4,501,073
AvientCorp.
2,861,511
Hecla Mining Co.
18,440,684
Carpenter
Sensient Technology
Corp.
Technologies Corp. 1,463,624
1,320,575
LiventCorp.
5,630,396
MaterionCorp.
647,108
Innospec
Inc.
778,885
ScottsMiracle-Gro
Quaker
Co. Chemical
1,318,584
Corp. Energy
424,919
Uranium
MP
Materials Corp. 11,824,178
4,501,073
Corp.
Hecla
Mining Co.
18,440,684
MineralsTechnologies Inc.
1,019,510
Sensient
Technologies
Corp.
1,320,575
Stepan Co.
666,767
MaterionCorp.
647,108
Sylvamo Corp.
1,141,927
ScottsTronox Miracle-Gro
Holdings plc
3,731,007
Co.
1,318,584
IngevityCorp.
1,026,403
Uranium Energy
Hawkins
Inc.
588,517
Corp.Mining Inc.
11,824,178
Coeur
11,385,405
Minerals
KaiserAluminum
Technologies
Inc.
1,019,510
Corp.
500,346
StepanCo. Inc.
666,767
Energy Fuels
4,709,210
Sylvamo Corp.
1,141,927
Tronox Holdings plc
3,731,007
Ingevity Corp.
1,026,403
Hawkins Inc.
588,517
Coeur Mining Inc.
11,385,405
Kaiser AluminumCorp.
500,346
Energy Fuels Inc.
4,709,210－ 22 －

MarketValue($000)
183,293
167,297
160,681Market160,584
Value($000)
159,847
154,818
183,293
150,587
147,215
167,297
146,777
160,681
140,019
160,584
133,477
123,711
159,847
122,804
154,818
118,953
150,587
147,215
103,625
146,777
101,235
140,019
95,990133,477
123,711
90,686
122,804
89,346
118,953
88,700103,625
87,158101,235
84,20895,99084,06090,68689,34675,67588,70072,701
87,15863,04384,20856,08052,831
84,06048,46741,44375,675
37,116
72,701
35,62063,04333,85956,08052,831
48,46741,443
37,11635,62033,859

バンガード®・トータル・ストック・マーケットETF

*
*
*

*

*,1

*

*

*
*,1

*,1

*
*

*,1

*
*

*,1

*

*,1

*

*,1
*
*

Compass Minerals
International Inc.
Ryerson Holding
Corp.
Koppers
Holdings Inc.
TimkenSteel Corp.
Ecovyst Inc.
Worthington
Steel Inc.
Mativ Holdings Inc.
US Silica
Holdings Inc.
AdvanSix Inc.
Schnitzer Steel
Industries Inc.
Class A
LanzaTech Global Inc.
HaynesInternational Inc.
Century AluminumCo.
Olympic Steel Inc.
Clearwater PaperCorp.
LSB Industries Inc.
Piedmont
Lithium Inc.
GrafTechInternational Ltd.
Ur-Energy Inc.
American Vanguard
Corp.
Northwest Pipe Co.
Rayonier Advanced
Materials Inc.
American Battery
Technology Co.
Alto Ingredients Inc.
Intrepid Potash Inc.
Omega Flex Inc.
NN Inc.
FutureFuel Corp.
Universal Stainless &Alloy Products Inc.
Tredegar Corp.
Dakota Gold Corp.
Eastern Co.
Northern
Technologies
International Corp.
Unifi Inc.
FriedmanIndustries Inc.
Origin Materials Inc.
Glatfelter Corp.
Idaho Strategic
Resources Inc.

SharesMarketValue($000)

1,294,205

32,769**910,099

31,562600,901
1,299,552
3,093,311

30,77830,47430,222*,1

1,022,823
1,711,358

28,741
26,201*,12,293,847
806,395

25,94324,160*765,690
4,424,472

23,093
22,255*,1351,719

20,066

*

*

*,1
*

*

*,1

*

1,585,067
285,467

19,24319,041

486,081
1,753,855

17,557
16,328564,685

15,941

5,984,730
8,257,023

13,107
12,716***,1

890,572
283,882

9,770
8,590

2,021,725

8,188

1,618,965
2,655,238
295,437
89,3491,558,286
789,526

7,593
7,063
7,058
6,300
6,233
4,800

231,105
804,870
1,569,599
163,220

4,641
4,354
4,112
3,591

303,498
515,832

3,575
3,435

206,261
3,032,849
1,272,895

3,189
2,536
2,469

277,137

1,755*

Culp Inc.
Perma-Pipe
International
Holdings Inc.
Gold Resource Corp.
5E Advanced
Materials Inc.
Comstock Inc.
Ascent Industries Co.
Hycroft Mining
Holding Corp.
Class A
Ampco-Pittsburgh
Corp.
CPS Technologies
Corp.
Contango ORE Inc.
Westwater
Resources Inc.
US Gold Corp.
Solitario Resources
Corp.
United States
Antimony Corp.
United-Guardian Inc.
Flexible Solutions
International Inc.
Chicago Rivet &Machine Co.
Paramount Gold
Nevada Corp.
NioCorp
Developments Ltd.
TechPrecision Corp.

SharesMarketValue($000)

296,017

1,714

203,835
3,809,091

1,588
1,432

965,874
2,159,157
120,516

1,362
1,183
1,152

460,8461,129

366,153

1,000

412,694
53,430970
968

1,414,240
174,184799
740

1,173,263

657

2,524,776
75,085629
541

277,169529

28,369482

1,223,263

459

103,592
3,764

330
19
28,706,048

Consumer Discretionary (14.4%)*
Amazon.com Inc. 291,936,043*
Tesla Inc.
84,816,985
Home Depot Inc.
31,218,717
Costco WholesaleCorp.
13,892,935
Walmart Inc.
46,447,762
McDonald's Corp.
22,754,516*
Netflix Inc.
13,739,236
Walt Disney Co.
57,449,775
NIKE Inc. Class B
38,409,213
Lowe's Cos. Inc.
18,036,282*
Booking
Holdings Inc.
1,094,935*
UberTechnologies Inc.
61,378,590
Starbucks Corp.
35,668,244
TJX Cos. Inc.
35,865,717
Target Corp.
14,503,189*
Chipotle Mexican
Grill Inc. Class A
861,707－ 23 －

44,356,762
21,075,324
10,818,846
9,170,449
7,322,490
6,746,942
6,689,359
5,187,140
4,170,088
4,013,975
3,883,975
3,779,080
3,424,508
3,364,563
2,065,544
1,970,689

バンガード®・トータル・ストック・マーケットETF

Shares
*

*

*

*

*

*

*
*

*

*
*

*

*

*
*

*
*,1

*

Lululemon
Athletica Inc.
3,621,016
MarriottInternational Inc.
Class A
7,831,299
O'Reilly
Automotive Inc.
1,856,750
Airbnb Inc. Class A
11,603,011
General Motors Co. 42,988,371
Ford Motor Co.
123,346,777
Ross Stores Inc.
10,632,855
Hilton Worldwide
Holdings Inc.
8,044,785
AutoZone Inc.
553,650
DR Horton Inc.
8,890,780
Copart Inc.
27,162,623
Electronic Arts Inc.
8,428,919
Yum! Brands Inc.
8,615,694
Lennar Corp. Class A 7,200,290
Estee Lauder Cos.
Inc. Class A
6,943,908
Trade Desk Inc.
Class A
13,988,530
Dollar General Corp. 6,882,039
Dollar Tree Inc.
6,559,655
Royal Caribbean
Cruises Ltd.
6,831,605
Take-Two Interactive
Software Inc.
5,345,755
Delta Air Lines Inc. 20,229,400
Aptiv plc
8,870,401
Warner Bros
Discovery Inc.
68,851,450
Ulta Beauty Inc.
1,542,479
Tractor Supply Co.
3,384,809
eBay Inc.
16,296,611
ROBLOX Corp.
Class A
15,333,999
PulteGroup Inc.
6,770,519
NVR Inc.
94,646
Expedia Group Inc.
4,184,092
DardenRestaurants Inc.
3,778,732
Garmin Ltd.
4,799,393
Genuine Parts Co.
4,399,266
Las Vegas Sands
Corp.
11,991,371
Carnival Corp.
31,549,608
RivianAutomotive Inc.
Class A
23,958,696
Southwest Airlines
Co.
18,726,088
Deckers Outdoor
Corp.
807,182
Omnicom Group Inc. 6,191,015
Best Buy Co. Inc.
6,139,256

MarketValue($000)

Shares*

1,851,389*

1,766,036
1,764,061
1,579,634
1,544,142
1,503,597
1,471,481*

1,464,875
1,431,523
1,351,221
1,330,969
1,153,160
1,125,727
1,073,131*

1,015,547*

1,006,615
935,613931,799****884,625
860,399
813,829
795,852*

783,530
755,799
727,835
710,858*

701,070
698,853
662,565
635,103*620,846
616,914609,298
590,095
584,930
562,071
540,809539,545535,585
480,581**,1*

Live Nation
Entertainment Inc. 5,052,970
DraftKings Inc.
Class A
13,217,995
Pool Corp.
1,147,912
Domino's Pizza Inc.
1,094,404
United Airlines
Holdings Inc.
10,224,231
WilliamsSonoma Inc.
2,012,187
LKQ Corp.
8,351,964
Rollins Inc.
9,124,902
Burlington Stores Inc. 2,034,277
Interpublic Group of
Cos. Inc.
12,043,183
Liberty Media
Corp.-Liberty
Formula One
Class C
6,077,070
RB Global Inc.
5,710,362
CarMax Inc.
4,955,768
MGM Resorts
International
8,085,523
Five Below Inc.
1,666,492
Floor & Decor
Holdings Inc.
Class A
3,162,187
News Corp. Class A 14,006,314
Toll Brothers Inc.
3,331,799
Bath & Body
Works Inc.
7,168,673
Etsy Inc.
3,773,821
Service Corp.
International
4,406,219
Caesars
Entertainment Inc.
6,410,374
Churchill Downs Inc. 2,114,407
Lithia Motors Inc.
Class A
865,940
BJ's Wholesale Club
Holdings Inc.
4,208,555
American Airlines
Group Inc.
20,378,081
Wynn Resorts Ltd.
3,030,566
Norwegian CruiseLine Holdings Ltd. 13,328,790
BorgWarner Inc.
7,382,471
Skechers USA Inc.
Class A
4,217,465
Tapestry Inc.
7,111,533
Tempur Sealy
International Inc.
5,132,344
Lear Corp.
1,833,914
Texas Roadhouse Inc.
Class A
2,095,682
Dick's Sporting
Goods Inc.
1,739,677
Vail Resorts Inc.
1,186,089－ 24 －

MarketValue($000)
472,958
465,934
457,684
451,146
421,852
406,019399,140
398,484
395,626
393,089

383,645
381,966
380,306
361,261355,229352,774
343,855
342,476
309,400
305,868
301,606
300,518
285,297
285,137
280,542
279,995
276,115
267,109
264,662
262,917
261,776
261,596258,967
256,155
255,646
253,194

バンガード®・トータル・ストック・マーケットETF

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Duolingo Inc. Class A 1,071,029
Gentex Corp.
7,327,970
New York Times Co.
Class A
4,875,072
elf Beauty Inc.
1,652,157
Wingstop Inc.
918,383
Fox Corp. Class A
7,930,900
Paramount Global
Class B
15,711,631
PVH Corp.
1,900,473
Light & Wonder Inc.
2,812,778
Aramark
8,180,487
SiteOne LandscapeSupply Inc.
1,411,044
H&R Block Inc.
4,473,759
U-Haul Holding Co.
(XNYS)
3,069,293
Murphy USA Inc.
598,740
Hasbro Inc.
4,131,857
Mattel Inc.
11,159,843
Whirlpool Corp.
1,718,083
Wyndham Hotels &Resorts Inc.
2,577,810
VF Corp.
10,997,472
Meritage Homes
Corp.
1,145,598
Planet Fitness Inc.
Class A
2,703,668
Thor Industries Inc.
1,593,564
Capri Holdings Ltd.
3,629,883
Hyatt Hotels Corp.
Class A
1,396,805
Macy's Inc.
8,588,334
Taylor Morrison
Home Corp. Class A 3,213,724
Carvana Co. Class A 3,232,170
Wayfair Inc. Class A
2,765,509
Bright Horizons
FamilySolutions Inc.
1,808,279
Crocs Inc.
1,785,218
Ralph Lauren Corp.
Class A
1,123,334
Liberty Media
Corp.-Liberty
SiriusXM
5,594,991
Polaris Inc.
1,697,142
AutoNation Inc.
1,069,274
Nexstar MediaGroup Inc. Class A
1,008,662
TKO Group
Holdings Inc.
Class A
1,934,052
Academy Sports &Outdoors Inc.
2,370,224
Alaska Air Group Inc. 3,991,774
Coty Inc. Class A
12,536,072

MarketValue($000)
242,963
239,332
238,830
238,472
235,639
235,310232,375
232,086
230,957
229,872
229,295
216,396

Shares
*
*

*

*,1

*

*

216,201
213,487
210,973
210,698
209,211*207,282
206,752*

199,563
197,368
188,439
182,365
182,157
172,797
171,452
171,111
170,632

*

*

*,1

*

*

*

170,412
166,757*

161,985*

161,024
160,838
160,584
158,1081

157,7801

156,435
155,959
155,698*

Lyft Inc. Class A
10,359,046
Ollie's Bargain Outlet
Holdings Inc.
1,953,676
Harley-Davidson Inc. 3,968,673
Lennar Corp. Class B 1,090,413
Asbury Automotive
Group Inc.
646,341
Signet Jewelers Ltd. 1,355,058
GameStop Corp.
Class A
8,108,822
KB Home2,260,447
YETI Holdings Inc.
2,722,296
Warner Music Group
Corp. Class A
3,907,597
RH
465,212Boyd Gaming Corp.
2,132,494
Abercrombie & Fitch
Co. Class A
1,488,248
Goodyear Tire &Rubber Co.
8,884,505
Penn
Entertainment Inc.
4,788,112
Grand Canyon
Education Inc.
938,607
Group 1
Automotive Inc.
405,097
Lucid Group Inc.
29,302,260
Gap Inc.
5,855,107
Skyline Champion
Corp.
1,636,945
American Eagle
Outfitters Inc.
5,651,108
M/I Homes Inc.
824,931
Advance Auto
Parts Inc.
1,853,842
Visteon Corp.
880,378
Kontoor Brands Inc.
1,760,230
Wendy's Co.
5,577,948
Newell Brands Inc.
12,511,597
Madison Square
Garden Sports Corp.
584,597
Fox Corp. Class B
3,842,897
Tri Pointe Homes Inc. 2,984,066
Leggett & Platt Inc.
3,961,707
MDC Holdings Inc.
1,860,184
Penske Automotive
Group Inc.
635,305
Kohl's Corp.
3,555,381
Endeavor Group
Holdings Inc.
Class A
4,286,164
Avis Budget
Group Inc.
566,589
Sirius XM
Holdings Inc.
18,293,199
Hilton Grand
Vacations Inc.
2,408,429－ 25 －

MarketValue($000)
155,282
148,264
146,206
146,170
145,407145,344
142,148
141,188
140,960
139,853
135,600
133,515
131,293
127,226
124,587
123,934
123,449
123,363
122,430
121,560
119,577
113,626
113,140
109,959
109,874
108,658
108,601
106,297106,256
105,636
103,678
102,775
101,973
101,968
101,711
100,434
100,064
96,771

バンガード®・トータル・ストック・マーケットETF

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*

*
*

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*

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*

*

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*

Choice Hotels
International Inc.
LCI Industries
TEGNA Inc.
Steven Madden Ltd.
Foot Locker Inc.
Helen of Troy Ltd.
Fox Factory Holding
Corp.
Frontdoor Inc.
Rush Enterprises Inc.
Class A
Shake Shack Inc.
Class A
Cavco Industries Inc.
Marriott Vacations
Worldwide Corp.
Red Rock
Resorts Inc. Class A
LGI Homes Inc.
Columbia Sportswear
Co.
CenturyCommunities Inc.
Travel + Leisure Co.
Carter's Inc.
Inter Parfums Inc.
Papa John'sInternational Inc.
Stride Inc.
Chewy Inc. Class A
Bloomin' Brands Inc.
Graham Holdings Co.
Class B
Liberty Media
Corp.-Liberty
Formula One
Class AUrban Outfitters Inc.
Boot Barn
Holdings Inc.
DormanProducts Inc.
TripAdvisor Inc.
PowerSchool
Holdings Inc.
Class ASkyWest Inc.
Adtalem Global
Education Inc.
Liberty Media
Corp.-Liberty
SiriusXM Class A
QuantumScape Corp.
Class A
Sonos Inc.
Winnebago
Industries Inc.

SharesMarketValue($000)

853,277
758,6196,201,334
2,223,926
2,934,761
753,216

96,676
95,366
94,88093,40591,41890,996

1,325,531
2,520,956

89,44788,788

1,739,141

87,4791,171,622
245,145

86,841
84,972*

987,026

83,789*1,563,384
624,713

83,375
83,187*

1,044,393

83,071*

911,199
2,102,095
1,071,982
554,419

83,047
82,17180,281
79,842

1,022,129
1,292,903
3,241,899
2,715,267

77,91776,76076,60676,435

107,268

74,714

Shares
*

*

*

*

*

*

*

*

1

1,288,116
2,061,943

74,68573,591

935,01271,772

838,766
3,247,375

69,961
69,916

2,956,909
1,323,803

69,665
69,103

1,171,522

69,061

2,395,862

68,857

*

1
*
*
1

*
*

*

*,1

*

9,885,651
4,006,896

68,70568,678913,869

66,603

Victoria's Secret &Co.
2,474,298
Coursera Inc.
3,383,851
Strategic
Education Inc.
695,725
MillerKnoll Inc.
2,389,159
Topgolf Callaway
Brands Corp.
4,360,870
PelotonInteractive Inc.
Class A
10,078,477
Laureate
Education Inc.
4,443,437
BrinkerInternational Inc.
1,396,109
Dana Inc.
4,108,493
ACV Auctions Inc.
Class A
3,958,132
ODP Corp.
1,061,778
Acushnet Holdings
Corp.
936,380
Under Armour Inc.
Class A
6,728,843
PriceSmart Inc.
779,637
Worthington
Enterprises Inc.
1,023,702
Dave & Buster'sEntertainment Inc. 1,082,554
SeaWorld
Entertainment Inc.
1,102,240
Liberty Media
Corp.-Liberty LiveClass C1,554,885
HNI Corp.
1,388,187
JetBlue Airways
Corp.
10,415,483
Spirit Airlines Inc.
3,443,142
Six Flags
Entertainment Corp. 2,224,063
Nordstrom Inc.
3,002,654
Gentherm Inc.
1,050,070
Sabre Corp.
12,271,698
Cracker Barrel Old
Country Store Inc.
697,023
Jack in the Box Inc.
647,278
Knowles Corp.
2,918,825
National Vision
Holdings Inc.
2,480,050
OPENLANE Inc.
3,458,235
Cheesecake
Factory Inc.
1,461,258
Dutch Bros Inc.
Class A
1,610,682
Atlanta Braves
Holdings Inc.
Class C
1,271,801
La-Z-Boy Inc.
1,353,831－ 26 －

MarketValue($000)
65,66865,54564,264
63,74362,53561,37860,92060,28460,02559,966
59,77859,15159,14759,081
58,91458,29658,231
58,13758,06857,80656,43355,78055,39954,982
53,99553,727
52,83752,27651,90751,216
51,15951,01050,33849,983

バンガード®・トータル・ストック・マーケットETF

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*

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*

*
*,1

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*

Green Brick
Partners Inc.
941,204
Cinemark
Holdings Inc.
3,425,246
Oxford Industries Inc.
473,074
Hanesbrands Inc.
10,584,496
Upbound Group Inc.
1,387,144
Vista Outdoor Inc.
1,572,544
Levi Strauss & Co.
Class A
2,790,822
Under Armour Inc.
Class C5,451,414
Udemy Inc.
3,042,528
Phinia Inc.
1,463,395
Buckle Inc.
931,987
Rover Group Inc.
Class A
4,060,625
PROG Holdings Inc.
1,421,236
Sally Beauty
Holdings Inc.
3,300,748
Central Garden & Pet
Co. Class A
994,212
G-III Apparel GroupLtd.
1,287,921
John Wiley &Sons Inc. Class A
1,327,396
Krispy Kreme Inc.
2,735,545
News Corp. Class B
1,592,765
Allegiant Travel Co.
493,502
Hertz Global
Holdings Inc.
3,853,393
Dillard's Inc. Class A
97,101
Integral Ad Science
Holding Corp.
2,719,909
Beyond Inc.
1,406,301
AMC Entertainment
Holdings Inc.
Class A
6,325,872
Chegg Inc.
3,373,772
Winmark Corp.
90,427
Cars.com Inc.
1,982,139
Steelcase Inc.
Class A
2,780,543
Leslie's Inc.
5,395,474
Lions Gate
Entertainment Corp.
Class B
3,609,636
Madison Square
GardenEntertainment Corp.
Class A
1,109,809
XPEL Inc.
654,711
Life Time Group
Holdings Inc.
2,286,887
Matthews
International Corp.
Class A
937,734

MarketValue($000)

Shares

48,88648,26247,307
47,207
47,12146,50046,16045,51944,81644,32644,28844,18043,93043,834

*

*
*

*

*

*
*

*

43,78543,764
42,132
41,27940,966
40,768

*
*,1
1
*,1
*,1

40,03739,195*,1

39,13938,940*38,71438,32637,75837,601**

37,59337,28336,782***,1

35,28135,25634,486*34,368Perdoceo EducationCorp.
1,951,264
Camping World
Holdings Inc.
Class A
1,302,180
Caleres Inc.
1,065,952
Malibu Boats Inc.
Class A
588,972
iRobot Corp.
833,053
Beazer Homes
USA Inc.
931,444
Scholastic Corp.
809,222
Sweetgreen Inc.
Class A
2,692,782
American Axle &Manufacturing
Holdings Inc.
3,422,003
Everi Holdings Inc.
2,607,749
SphereEntertainment Co.
862,977
Arlo Technologies Inc. 3,025,279
Monro Inc.
979,030
Monarch Casino &Resort Inc.
414,055
Chico's FAS Inc.
3,692,504
Figs Inc. Class A
4,002,813
Hibbett Inc.
372,701
Mister Car Wash Inc. 3,063,543
LuminarTechnologies Inc.
Class A
7,726,058
Lions Gate
Entertainment Corp.
Class A
2,384,374
Driven Brands
Holdings Inc.
1,801,573
GoldenEntertainment Inc.
638,631
MarineMax Inc.
651,461
Central Garden & PetCo.
503,252
Sonic
Automotive Inc.
Class A
444,708
Sturm Ruger & Co.
Inc.
549,209
BJ's Restaurants Inc.
690,579
Portillo's Inc. Class A 1,511,719
Gray Television Inc.
2,622,613
Cava Group Inc.
544,510
Ethan Allen
Interiors Inc.
705,592
Dine Brands
Global Inc.
452,134
Interface Inc. Class A 1,745,201
Liberty Media
Corp.-Liberty LiveClass A
601,616－ 27 －

MarketValue($000)
34,26434,19532,75732,28732,23931,47330,50830,42830,14829,38929,30728,801
28,72528,632
27,98927,82026,842
26,46926,03725,99025,69025,501
25,342
25,21824,997
24,962
24,86824,082
23,49923,40322,522
22,44822,02421,989

バンガード®・トータル・ストック・マーケットETF

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1

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*

*,1

Hawaiian
Holdings Inc.
1,532,692
Dream Finders
Homes Inc. Class A
611,208
Standard Motor
Products Inc.
542,883
Wolverine World
Wide Inc.
2,402,640
Instructure
Holdings Inc.
789,800
Sun Country Airlines
Holdings Inc.
1,351,214
Revolve Group Inc.
Class A
1,280,737
WWInternational Inc.
2,397,137
Viad Corp.
577,927
Chuy's Holdings Inc.
537,332
Guess? Inc.
889,181
Clean Energy Fuels
Corp.
5,270,102
Bluegreen Vacations
Holding Corp.
Class A
268,375
Clear Channel
OutdoorHoldings Inc.
11,024,013
Thryv Holdings Inc.
980,395
HovnanianEnterprises Inc.
Class A
128,184
Rush Enterprises Inc.
Class B
369,345
U-Haul Holding Co.
271,612Smith & Wesson
Brands Inc.
1,433,189
QuinStreet Inc.
1,509,277
EW Scripps Co.
Class A
2,380,474
Denny's Corp.
1,741,210
A-Mark Precious
Metals Inc.
600,243
Arhaus Inc. Class A
1,502,715
Stagwell Inc. Class A 2,659,382
Corsair Gaming Inc.
1,232,424
AMC Networks Inc.
Class A
918,757
RCI Hospitality
Holdings Inc.
257,289
Accel
Entertainment Inc.
Class A
1,651,081
Shoe Carnival Inc.
523,116Wheels Up
Experience Inc.
4,516,667
Haverty FurnitureCos. Inc.
432,133

MarketValue($000)

Shares*

21,764
21,716*

21,612*

21,359*21,333*

21,255*

21,235
20,97520,921
20,542
20,505

*
*,1

*

*

20,184*

20,1601*

20,064
19,951
19,94819,56819,502

*

*,1

*,1
*

*
*

19,434
19,34919,02018,944
18,157
17,807
17,632
17,377

*
*

*
*

*

17,263
17,048
16,95715,803****

15,492*

15,341*First Watch
RestaurantGroup Inc.
740,198
Arko Corp.
1,798,970
Stoneridge Inc.
753,568
Movado Group Inc.
468,835
Vizio Holding Corp.
Class A
1,798,846
Daily Journal Corp.
40,386
Liquidity
Services Inc.
795,167
GoPro Inc. Class A
3,924,228
Genesco Inc.
385,373
Savers Value
Village Inc.
766,904
America's
Car-Mart Inc.
175,495
Designer Brands Inc.
Class A
1,479,836
Kura Sushi USA Inc.
Class A
169,216European Wax
Center Inc. Class A
926,577
Sinclair Inc.
954,858
Bally's Corp.
868,349
MasterCraft Boat
Holdings Inc.
519,098
Bowlero Corp.
Class A
829,598
Fisker Inc. Class A
6,621,961
Lindblad Expeditions
Holdings Inc.
1,020,179
Lovesac Co.
428,899
Potbelly Corp.
1,030,823
Hooker FurnishingsCorp.
410,853
Marcus Corp.
734,527
Gannett Co. Inc.
4,639,277
Boston Omaha Corp.
Class A
670,390
Cardlytics Inc.
1,144,674
Universal TechnicalInstitute Inc.
822,926
PlayAGS Inc.
1,193,838
Carriage
Services Inc.
Class A
402,181
Sleep Number Corp.
665,131
OneWaterMarine Inc. Class A
282,871
Xponential
Fitness Inc. Class A
741,194
Cooper-Standard
Holdings Inc.
482,479
Qurate Retail Inc.
Class A
10,684,542
Zumiez Inc.
459,022
Aaron's Co. Inc.
853,131－ 28 －

MarketValue($000)

14,878
14,842
14,747
14,135
13,851
13,764
13,685
13,617
13,56913,32913,297
13,097
12,86012,592
12,442
12,105
11,752
11,747
11,588
11,497
10,958
10,741
10,715
10,70910,670
10,545
10,542
10,303
10,064
10,059
9,864
9,558
9,554
9,428
9,354
9,337
9,282

バンガード®・トータル・ストック・マーケットETF

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*
*

*
*,1

*
*

*

*
*

*

*,1

*

*

*

*
*

*,1
*

*,1

*

1

*
*

1

Build-A-BearWorkshop Inc.
1-800-Flowers.com
Inc. Class A
Children's Place Inc.
iHeartMedia Inc.
Class A
Stitch Fix Inc. Class A
Atlanta Braves
Holdings Inc.
Class A
Holley Inc.
National
CineMedia Inc.
Citi Trends Inc.
Alta Equipment
Group Inc.
Eastman Kodak Co.
Petco Health &Wellness Co. Inc.
Class A
JohnsonOutdoors Inc.
Class AJAKKS Pacific Inc.
Carrols RestaurantGroup Inc.
Frontier Group
Holdings Inc.
J. Jill Inc.
Rocky Brands Inc.
Destination XLGroup Inc.
Rush Street
Interactive Inc.
Funko Inc. Class A
Legacy HousingCorp.
SES AI Corp.
Lincoln Educational
Services Corp.
Entravision
Communications
Corp. Class A
Red Robin Gourmet
Burgers Inc.
Playstudios Inc.
Weyco Group Inc.
Climb Global
Solutions Inc.
Big Lots Inc.
Clarus Corp.
Vera Bradley Inc.
Landsea Homes
Corp.
Escalade Inc.

SharesMarketValue($000)

398,931

9,171

819,124
378,236

8,830
8,783

*

*

3,272,276
2,447,324

8,737
8,737

*

*
*

201,557
1,753,269

8,623
8,538

2,010,420
287,674

8,323
8,135

655,855
2,070,366

8,113
8,074

*

*

*
*,1
*,1
*,1

2,513,685

7,943

142,149
213,410

7,594
7,587

945,470

7,450

1,358,099
284,934
242,614

7,415
7,346
7,322

1,645,333

7,239

1,587,271
918,414

7,127
7,099

273,001
3,668,700

6,885
6,714

660,298

6,629

1,589,251

6,627

528,783
2,424,521
208,741

6,594
6,570
6,546

119,168
829,589
935,808
803,599

6,534
6,463
6,452
6,188

470,898
306,383

6,188
6,155

*

*
*

*

*,1
*

*

*

*,1

*

*,1
*

1

*,1
*

*
*,1
*

*

Hamilton Beach
Brands Holding Co.
Class A
Full House
Resorts Inc.
CarParts.com Inc.
American Public
Education Inc.
Selectquote Inc.
Outbrain Inc.
Superior Group of
Cos. Inc.
ONE Group
Hospitality Inc.
El Pollo Loco
Holdings Inc.
Tilly's Inc. Class A
Angi Inc. Class A
Blink Charging Co.
ThredUp Inc. Class A
AMMO Inc.
Cricut Inc. Class A
Nerdy Inc.
Century Casinos Inc.
Bassett Furniture
Industries Inc.
LakelandIndustries Inc.
Solo Brands Inc.
Class A
RealReal Inc.
Motorcar Parts ofAmerica Inc.
Tile Shop
Holdings Inc.
Noodles & Co.
Class A
Snap One Holdings
Corp.
Sportsman's
Warehouse
Holdings Inc.
Surf Air Mobility Inc.
LL Flooring
Holdings Inc.
Nathan's
Famous Inc.
Big 5 Sporting Goods
Corp.
Vuzix Corp.
VOXX International
Corp. Class A
Emerald Holding Inc.
Canoo Inc.
American Outdoor
Brands Inc.
Cato Corp. Class A
Allbirds Inc. Class A－ 29 －

SharesMarketValue($000)

344,356

6,023

1,115,067
1,883,644

5,988
5,952

615,683
4,324,874
1,344,551

5,941
5,925
5,889

435,5845,880

946,750

5,794

645,328
737,525
2,202,894
1,617,867
2,409,149
2,577,445
817,539
1,554,944
1,084,503

5,692
5,561
5,485
5,485
5,421
5,413
5,388
5,333
5,292

318,476

5,287

278,050

5,155

833,1232,548,706

5,132
5,123

536,128

5,007

667,742

4,915

1,557,750

4,907

531,350

4,734

1,060,404
2,894,155

4,517
4,486

1,140,348

4,447

56,557

4,412

685,5702,028,819

4,347
4,230

389,401
692,957
15,747,112

4,159
4,144
4,050

479,165
551,948
3,156,493

4,025
3,941
3,867

バンガード®・トータル・ストック・マーケットETF

*,1

*

*

*,1

*
*,1
*

*
*

*,1

*
*

*

*

*

*

*
*,1

*,1
*,1

*

*,1
*
*,1
*
*

*,1

*
1

ContextLogic Inc.
Class A
Lands' End Inc.
TownsquareMedia Inc. Class A
Acme United Corp.
Strattec Security
Corp.
MondeeHoldings Inc.
Class A
Traeger Inc.
Reservoir Media Inc.
Universal
Electronics Inc.
Urban One Inc.
Biglari Holdings Inc.
Class B
2U Inc.
Saga
Communications
Inc. Class A
Marine Products
Corp.
Turtle Beach Corp.
Superior Industries
International Inc.
Kewaunee Scientific
Corp.
Container Store
Group Inc.
Latham Group Inc.
Canterbury Park
Holding Corp.
Lifetime Brands Inc.
FlexsteelIndustries Inc.
Duluth Holdings Inc.
Class B
Travelzoo
Tupperware Brands
Corp.
BARK Inc.
RumbleON Inc.
Class B
Cumulus Media Inc.
Class A
LiveOne Inc.
Fossil Group Inc.
Ondas Holdings Inc.
Conn's Inc.
Barnes & Noble
Education Inc.
Spruce Power
Holding Corp.
Delta Apparel Inc.
Purple Innovation Inc.
Class A

SharesMarketValue($000)

619,250
385,220

3,685
3,683

Shares*347,347
85,287

3,668
3,655

*,1

145,120

3,644

*

*

*,1

1,309,000
1,319,878
489,336

3,613
3,603
3,489

344,481872,038

3,235
3,078

18,3172,445,776

3,021
3,008

134,076

2,985

*,1

*,1

*
*

255,346
265,654

2,911
2,909

883,561

2,827

96,3932,802

1,219,767
1,051,361

2,781
2,765

133,795
401,793

2,735
2,696

141,758

2,672

488,310274,335

2,627
2,614

1,306,065
3,242,000

2,612
2,611

319,7632,603

422,698
1,608,595
1,471,211
1,363,437
411,902

2,249
2,236
2,148
2,086
1,829

1,154,766

1,721

388,404
238,958

1,717
1,704

1,645,889

1,695

*,1
*,1

*,1
*
*
*,1
*,1

*,1
1

*

*,1

*,1

*,1
*,1

*
*

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*,1
*,1
*,1

*,1
*,1
*
*
*,1

CompX
International Inc.
64,007
Crown Crafts Inc.
322,459
Envela Corp.
323,754
Loop Media Inc.
1,562,500
Biglari Holdings Inc.
Class A
1,924
Brilliant EarthGroup Inc. Class A
381,195
Kirkland's Inc.
458,478
Lazydays
Holdings Inc.
194,354
Focus Universal Inc.
932,363
Virco ManufacturingCorp.
112,729
Harte Hanks Inc.
194,041
Lee Enterprises Inc.
167,206
Kartoon Studios Inc.
940,003
Lulu's Fashion
LoungeHoldings Inc.
692,559
Vacasa Inc. Class A
153,870
Gaia Inc. Class A
447,999
Live Ventures Inc.
45,160Mesa Air Group Inc. 1,084,447
Grove Collaborative
Holdings
606,752
Sonder Holdings Inc.
304,152
FAT Brands Inc.
Class A
153,984
NL Industries Inc.
159,132
Good Times
Restaurants Inc.
350,945
Rent the Runway Inc.
Class A
1,617,196
Reading
International Inc.
Class A
438,093
Express Inc.
98,917
Owlet Inc.
155,507
Ark Restaurants
Corp.
55,702
Marchex Inc. Class B
565,612
BowFlex Inc.
987,578
DallasNews Corp.
176,590
Red Cat Holdings Inc.
849,136
Aterian Inc.
2,126,982
FlexShopper Inc.
425,184
MullenAutomotive Inc.
47,497
Fluent Inc.
1,010,603
Regis Corp.
70,385
CuriosityStream Inc.
986,623
Koss Corp.
150,699
Envirotech
Vehicles Inc.
313,755－ 30 －

MarketValue($000)
1,618
1,599
1,573
1,563
1,528
1,418
1,385
1,370
1,361
1,356
1,318
1,316
1,307
1,288
1,262
1,210
1,147
1,095
1,074
1,031
933
893
891
853
837
828
821
788
769
760
754
747
741
710
679
677
665
533
505
414

バンガード®・トータル・ストック・マーケットETF

*

*,1

*,2
*,1
*
1

*
*,1

*

*
*,1

*,1

*,1
*,1
*,1
*,1

*,1
*,1

*,1
*,1
*,1
*

1

*,1

*

*

*

*,1
*,2
*
*

*
*

*

*

DolphinEntertainment Inc.
Allied Gaming &Entertainment Inc.
Luby's Inc.
Cineverse Corp.
Xcel Brands Inc.
Flanigan's
Enterprises Inc.
Vince Holding Corp.
Hall of Fame Resort& Entertainment
Co.
Beasley Broadcast
Group Inc. Class A
Dixie Group Inc.
BurgerFi
International Inc.
Charles & Colvard
Ltd.
Jerash Holdings
US Inc.
Sadot Group Inc.
Inspirato Inc.
InterGroup Corp.
United Homes
Group Inc.
XWELL Inc.
Salem MediaGroup Inc. Class A
Sobr Safe Inc.
JOANN Inc.
Stran & Co. Inc.
Rave RestaurantGroup Inc.
FAT Brands Inc.
Class B
Faraday FutureIntelligent
Electric Inc. Class A
ForwardIndustries Inc.
Twin Vee PowerCats
Co.
Moving Image
Technologies Inc.
AYRO Inc.
SRAX Inc.
EzFill Holdings Inc.
Yunhong Green CTI
Ltd.
Getaround Inc.
SRM
Entertainment Inc.
GEN RestaurantGroup Inc. Class A
Emerson Radio Corp.

SharesMarketValue($000)

229,216392**

342,015449,752
242,635
251,214

363
351
328
324

11,91985,410307
296

85,677278

314,502359,932276
268

310,543267

610,246250

80,817608,21255,734
10,732

248
244
206
196

21,683
104,340183
179

419,347
310,977
323,778
97,248

164
146
144
144

46,126103

17,80996393,70691

117,20984

34,92349

48,38424,804590,641
24,047

46
44
41
39

17,688117,84538
28

16,042

25

2,800
6,500

22
4

*,1,2

Tandy Leather
Factory Inc.
Wilhelmina
International Inc.
Empire Resorts Inc.

SharesMarketValue($000)

500

2442
96,3562—
210,349,410

Consumer Staples (4.7%)
Procter & Gamble
Co.
73,967,537
PepsiCo Inc.
43,131,669
Coca-Cola Co.
122,030,194
Philip MorrisInternational Inc.
48,747,332
CVS Health Corp.
40,406,129
MondelezInternational Inc.
Class A
42,730,464
Altria Group Inc.
55,353,895
Colgate-PalmoliveCo.
25,787,168
McKesson Corp.
4,174,496*
Monster BeverageCorp.
22,917,718
Kimberly-Clark Corp. 10,585,549
Archer-DanielsMidland Co.
16,746,061
General Mills Inc.
18,241,161
Constellation
Brands Inc. Class A 4,906,458
Kenvue Inc.
54,119,715
Sysco Corp.
15,798,785
Cencora Inc.
5,304,363
Corteva Inc.
22,171,535
Keurig Dr Pepper Inc. 30,686,046
Kroger Co.
20,360,209
Kraft Heinz Co.
25,011,090
Hershey Co.
4,705,718
Church & Dwight Co.
Inc.
7,714,063
Walgreens Boots
Alliance Inc.
21,800,031
Clorox Co.
3,882,721
Brown-Forman Corp.
Class B
9,682,517
McCormick & Co.
Inc. (Non-Voting)
7,884,820
Bunge Global SA
5,075,322
Lamb Weston
Holdings Inc.
4,553,654
Kellanova
8,649,740
Tyson Foods Inc.
Class A
8,959,978
Conagra Brands Inc. 15,001,656
J M Smucker Co.
3,161,197
Molson Coors
Beverage Co.
Class B
5,672,253－ 31 －

10,839,203
7,325,483
7,191,239
4,586,149
3,190,468
3,094,968
2,232,976
2,055,495
1,932,708
1,320,290
1,286,250
1,209,401
1,188,229
1,186,136
1,165,198
1,155,365
1,089,410
1,062,460
1,022,459
930,665924,910877,334
729,442
569,199553,637
552,872
539,479
512,354492,205
483,607481,599
429,948
399,512347,199

バンガード®・トータル・ストック・マーケットETF

Shares
*

*

*

*,1
*

*

*

*

*

*

1

*

*

*

*

*

Performance FoodGroup Co.
4,895,921
Casey's General
Stores Inc.
1,171,299
US Foods Holding
Corp.
6,973,734
Hormel Foods Corp. 8,580,482
Campbell Soup Co.
6,066,612
Darling
Ingredients Inc.
5,020,693
Celsius Holdings Inc. 4,384,104
BellRing Brands Inc.
4,103,119
Albertsons Cos. Inc.
Class A
9,827,443
Ingredion Inc.
2,044,572
Sprouts Farmers
Market Inc.
3,194,287
Post Holdings Inc.
1,539,609
Coca-Cola
Consolidated Inc.
144,888Freshpet Inc.
1,538,541
Flowers Foods Inc.
5,298,033
Simply Good Foods
Co.
2,844,191
WD-40 Co.
425,094
Lancaster ColonyCorp.
608,983
Boston Beer Co. Inc.
Class A
286,622
Brown-Forman Corp.
Class A
1,648,803
Spectrum Brands
Holdings Inc.
1,090,150
Grocery Outlet
Holding Corp.
2,787,724
Cal-Maine Foods Inc. 1,253,578
Primo Water Corp.
4,773,493
Energizer
Holdings Inc.
2,257,547
TreeHouse Foods Inc. 1,523,930
J & J Snack Foods
Corp.
367,900
Andersons Inc.
1,010,398
Edgewell Personal
Care Co.
1,547,749
Universal Corp.
735,460
Vector Group Ltd.
4,172,849
Herbalife Ltd.
3,053,237
Reynolds Consumer
Products Inc.
1,690,710
MGP Ingredients Inc.
449,025
Ingles Markets Inc.
Class A
442,146
National BeverageCorp.
743,862
Sovos Brands Inc.
1,613,068
Utz Brands Inc.
2,062,507

MarketValue($000)*

338,553
321,803
316,677
275,519262,260***

250,231
239,021
227,436*

226,031221,8971

153,677
135,578
134,514
133,484
119,259
112,630
101,627**,1

101,329
99,054
98,252
86,961**
1

75,157
71,943
71,841
71,51963,16761,491
58,13856,69449,51147,07046,592

*,1
*

*,1
*

*
*
*

*,1

45,37944,238*38,188**36,98535,53633,495*Chefs'
Warehouse Inc.
Weis Markets Inc.
Vita Coco Co. Inc.
Nu SkinEnterprises Inc.
Class A
Pilgrim's Pride Corp.
Hain Celestial
Group Inc.
WK Kellogg Co.
United Natural
Foods Inc.
Fresh Del Monte
Produce Inc.
B&G Foods Inc.
Seaboard Corp.
John B Sanfilippo &Son Inc.
SpartanNash Co.
Medifast Inc.
USANA Health
Sciences Inc.
Beyond Meat Inc.
ACCO Brands Corp.
Turning Point
Brands Inc.
Calavo Growers Inc.
Tootsie Roll
Industries Inc.
Duckhorn
Portfolio Inc.
Mission Produce Inc.
Limoneira Co.
Westrock Coffee Co.
Vital Farms Inc.
Oil-Dri Corp. of
America
Cibus Inc. Class A
Seneca Foods Corp.
Class A
Beauty Health Co.
Olaplex Holdings Inc.
Nature's Sunshine
Products Inc.
Natural Grocers byVitamin Cottage Inc.
Lifecore
Biomedical Inc.
Village Super
Market Inc. Class A
HF Foods Group Inc.
Honest Co. Inc.
Mama'sCreations Inc.
PetMed Express Inc.
LifeMD Inc.

－ 32 －

SharesMarketValue($000)

1,119,739
508,993
1,248,717

32,95432,55532,0301,644,073
1,114,855

31,92830,8372,798,829
2,320,989

30,64730,498

1,861,429

30,211

1,141,145
2,716,263
7,493

29,95528,521
26,751

238,465
1,017,792
337,61224,571
23,35822,694340,345
1,926,592
2,700,003

18,243
17,147
16,416575,320
512,935

15,142
15,085452,012

15,025

1,427,054
1,350,087
586,683
1,154,372
742,708

14,057
13,622
12,103
11,786
11,653

162,617464,861

10,9089,130

162,763
2,693,942
3,027,448

8,535
8,378
7,690

395,918

6,845

424,248

6,788

937,582

5,804

220,062
1,044,744
1,538,602

5,772
5,579
5,077

994,476
640,080
568,168

4,883
4,839
4,710

バンガード®・トータル・ストック・マーケットETF

*

*

*,1
*,1
*
*,1
*

*,1
*
*,1

*

*

*,1
*

*

*,1

*,1

*
*,1

*,1
*,1

*,1

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*,1

*,1

*,1

*,1

Whole Earth
Brands Inc.
GrowGeneration
Corp.
BRC Inc. Class A
Veru Inc.
Lifeway Foods Inc.
ProPhase Labs Inc.
Farmer Bros Co.
Lifevantage Corp.
AMCON Distributing
Co.
PLBY Group Inc.
Zevia PBC Class A
Natural Alternatives
International Inc.
Real Good Food Co.
Inc. Class A
Willamette Valley
Vineyards Inc.
Benson Hill Inc.
Vintage Wine
Estates Inc.
Rocky Mountain
Chocolate
Factory Inc.
Splash BeverageGroup Inc.
Bridgford Foods
Corp.
S&W Seed Co.
Barfresh FoodGroup Inc.
Urban-Gro Inc.
Local Bounti Corp.
Mannatech Inc.
AquaBounty
Technologies Inc.
Alico Inc.
Kaival Brands
Innovations
Group Inc.
Maison Solutions Inc.
Class A
22nd Century
Group Inc.
MedAvail
Holdings Inc.
Stryve Foods Inc.
Class A

SharesMarketValue($000)

1,332,300

4,543

1,753,390
1,202,500
3,724,907
172,782
408,045
511,916
253,547

4,401
4,365
2,682
2,317
1,844
1,567
1,521

7,756
1,487,321
544,118

1,512
1,487
1,094

162,5211,043

562,143854

152,433
3,980,438

808
692

1,296,027

651

Shares**128,662591

950,644525

42,038558,871

460
391

233,784
227,616130,21730,953

374
319
270
243

45,065
4,320

128
126

582,869

117

77,000106

247,632

46

4,362

19

2,189

6

*

*

*

68,518,415
Energy (4.1%)
Exxon Mobil Corp. 125,741,000
Chevron Corp.
56,281,472
ConocoPhillips
37,278,213
Schlumberger NV
44,706,076
EOG Resources Inc. 18,314,751

12,571,585
8,394,944
4,326,882
2,326,504
2,215,169*

Phillips 66
13,815,147
Marathon PetroleumCorp.
11,917,416
Pioneer Natural
Resources Co.
7,320,701
Valero Energy Corp. 10,686,807
Williams Cos. Inc.
38,131,661
ONEOK Inc.
18,252,480
Hess Corp.
8,666,210
Occidental PetroleumCorp.
20,716,100
Cheniere Energy Inc. 7,093,964
Baker Hughes Co.
Class A
31,517,109
Kinder Morgan Inc. 59,319,149
Halliburton Co.
25,324,661
Devon Energy Corp. 20,081,157
Diamondback
Energy Inc.
5,614,964
Targa ResourcesCorp.
7,005,378
Coterra Energy Inc. 22,492,038
First Solar Inc.
3,184,010
Enphase Energy Inc. 4,058,333
EQT Corp.
12,889,857
Marathon Oil Corp. 18,308,764
Ovintiv Inc.
8,535,024
APA Corp.
9,633,764
Texas Pacific Land
Corp.
192,838
Chesapeake EnergyCorp.
3,853,561
HF Sinclair Corp.
4,796,487
TechnipFMC plc
13,049,762
NOV Inc.
12,375,780
Southwestern
Energy Co.
34,249,181
Weatherford
International plc
2,253,743
Range Resources
Corp.
7,198,883
Permian Resources
Corp. Class A
15,268,929
Chord Energy Corp.
1,226,339
CivitasResources Inc.
2,931,872
Murphy Oil Corp.
4,649,419
Antero ResourcesCorp.
8,502,420
Matador ResourcesCo.
3,380,394
ChampionX Corp.
6,140,698
Noble Corp. plc
3,564,751
DT Midstream Inc.
3,052,643
PBF Energy Inc.
Class A
3,441,198
Transocean Ltd.
23,281,326－ 33 －

MarketValue($000)
1,839,349
1,768,068
1,646,279
1,389,285
1,328,126
1,281,689
1,249,321
1,236,958
1,211,011
1,077,255
1,046,390
915,487
909,676
870,769
608,557
573,997548,541
536,268
498,322442,340
374,858
345,659
303,228
296,493
266,541
262,822
250,981
224,332
220,484
219,134
207,657
203,854
200,481
198,344
192,835
192,209179,370
171,678
167,285
151,275
147,836

バンガード®・トータル・ストック・マーケットETF

Shares

1

*

*

*,1
*

*

*

*

*
*

*

*
*

*
*,1

SM Energy Co.
3,697,875
Patterson-UTI
Energy Inc.
13,183,653
Equitrans Midstream
Corp.
13,021,268
Antero Midstream
Corp.
10,496,458
Arcosa Inc.
1,527,302
California ResourcesCorp.
2,191,357
Magnolia Oil & Gas
Corp. Class A
5,570,494
Alpha Metallurgical
Resources Inc.
335,573
New Fortress
Energy Inc.
2,923,816
Tidewater Inc.
1,507,898
Northern Oil &Gas Inc.
2,801,454
Helmerich &Payne Inc.
2,833,474
Warrior Met Coal Inc. 1,627,500
CNX Resources
Corp.
4,632,686
Cactus Inc. Class A
2,037,183
Arch Resources Inc.
549,420
Liberty Energy Inc.
Class A
4,776,711
Peabody EnergyCorp.
3,525,752
Viper Energy Inc.
Class A
2,723,497
Plug Power Inc.
18,864,450
Shoals Technologies
Group Inc. Class A
5,342,466
Array
Technologies Inc.
4,516,733
CONSOL Energy Inc.
741,722
Archrock Inc.
4,689,675
NEXTracker Inc.
Class A
1,506,984
Oceaneering
International Inc.
3,158,148
Callon Petroleum Co. 1,930,771
Par Pacific
Holdings Inc.
1,707,225
Sitio Royalties Corp.
Class A2,576,671
Gulfport EnergyCorp.
403,753
Delek US
Holdings Inc.
1,996,486
Talos Energy Inc.
3,481,418
Helix Energy
Solutions Group Inc. 4,519,929
Green Plains Inc.
1,777,608
Fluence Energy Inc.
1,778,892
World Kinect Corp.
1,843,525

MarketValue($000)

Shares143,182*

142,383**

132,557
1

131,521
126,216*

119,823*
1

118,5961

113,732
110,316
108,735
103,850*

102,628
99,229*,1*

92,654
92,48891,171*

86,650

*,1

1

*,1

85,746*85,46384,890*83,022*75,881
74,56572,221*70,602*,1

67,20562,557**62,09260,578*53,78051,50949,541
46,46544,83142,427
41,996*,1*,1

1

Diamond Offshore
Drilling Inc.
3,198,220
NOW Inc.
3,493,831
Vital Energy Inc.
834,123
CVR Energy Inc.
1,101,317
Crescent Energy Co.
Class A2,438,586
Ameresco Inc.
Class A
1,012,501
MRC Global Inc.
2,579,179
Comstock
Resources Inc.
3,136,753
Atlas Energy
Solutions Inc.
Class A
1,611,422
SunCoke Energy Inc. 2,522,025
Core
Laboratories Inc.
1,464,154
ProPetro Holding
Corp.
3,073,248
Dril-Quip Inc.
1,087,564
ChargePoint
Holdings Inc.
9,936,424
Nabors Industries
Ltd.
284,778
Kinetik Holdings Inc.
Class A
684,135
NextDecade Corp.
4,771,090
FuelCell Energy Inc. 14,142,790
REX American
Resources Corp.
477,153
RPC Inc.
3,025,849
Centrus Energy Corp.
Class A
394,915
SilverBow
Resources Inc.
678,107
Bristow Group Inc.
Class A
696,250
Select Water
Solutions Inc.
Class A
2,504,296
Stem Inc.
4,714,276
TETRA
Technologies Inc.
3,630,548
Newpark
Resources Inc.
2,449,089
Vitesse Energy Inc.
730,922Montauk
Renewables Inc.
1,737,042
VAALCO Energy Inc. 3,343,681
Berry Corp.
1,914,730
SunPower Corp.
2,745,685
Tellurian Inc.
17,249,662
Kodiak Gas
Services Inc.
637,940
SandRidge
Energy Inc.
933,349HighPeak Energy Inc.
884,700－ 34 －

MarketValue($000)
41,57739,55037,94433,37032,21432,06628,397
27,76027,74927,08725,85725,75425,30823,251
23,24622,85022,75822,62822,56922,02821,487
19,71919,68319,00818,291
16,41016,262
16,00015,47715,013
13,461
13,262
13,034
12,81012,75912,598

バンガード®・トータル・ストック・マーケットETF

*

1

*,1
*

*

*

*,1
*

*

*
*

*

*,1
*,1

*,1
*

*,1

*

*,1

1
*,1

*

*,1

*,1
*
*,1

Oil States
International Inc.
RamacoResources Inc.
Class A
EVgo Inc. Class A
DMC Global Inc.
W&T Offshore Inc.
SEACOR Marine
Holdings Inc.
AmericanSuperconductor
Corp.
Gevo Inc.
Matrix Service Co.
Solaris Oilfield
Infrastructure Inc.
Class A
Forum Energy
Technologies Inc.
Hallador Energy Co.
Amplify Energy Corp.
Riley Exploration
Permian Inc.
Granite Ridge
Resources Inc.
Geospace
Technologies Corp.
Aemetis Inc.
ProFrac Holding
Corp. Class A
Evolution PetroleumCorp.
TPI Composites Inc.
Natural Gas Services
Group Inc.
Solid Power Inc.
NACCO
Industries Inc.
Class AKLX Energy Services
Holdings Inc.
Ranger Energy
Services Inc.
Class A
Ring Energy Inc.
PHX Minerals Inc.
Epsilon Energy Ltd.
American Resources
Corp.
OPAL Fuels Inc.
Class A
Empire Petroleum
Corp.
Beam Global
Battalion Oil Corp.
PrimeEnergy
Resources Corp.

SharesMarketValue($000)

1,847,876

12,547

701,380
3,179,153
540,379
2,896,052

12,05011,381
10,1709,441

735,140

9,255

Shares
*,1

*
*,1

*

*
*

824,756
6,871,435
785,548

9,188
7,971
7,683

*

*,1
*,1

935,5307,447

1324,803
722,014
1,044,290

7,201
6,383
6,193

*,1

222,250

6,054*

1,004,600

6,048

460,675
1,111,968

5,970
5,827

655,619

5,560

895,061
1,239,552

5,200
5,132

310,277
3,190,948

4,989
4,627

121,068

4,419

389,409

4,385

406,9112,669,972
1,009,748
638,076

4,163
3,898
3,251
3,241

1,873,823

2,792

490,434

2,707

238,346
317,644
223,426

2,619
2,252
2,147

19,756

2,101

*,1

*,1

*,1

*,1
*,1

*

*,1

*,1
*
*

ESS Tech Inc.
1,593,000
RamacoResources Inc.
Class B
135,153
Smart Sand Inc.
860,390
Nine Energy
Service Inc.
609,231
Gulf Island
Fabrication Inc.
358,485
Profire Energy Inc.
830,050
Mammoth Energy
Services Inc.
308,591
Ideal Power Inc.
177,061
Energy Services ofAmerica Corp.
200,540
Flotek Industries Inc.
305,077
FTC Solar Inc.
1,574,728
Enviva Inc.
928,942
Adams Resources &Energy Inc.
31,232
Stabilis Solutions Inc.
169,932
BarnwellIndustries Inc.
267,900
PEDEVCO Corp.
768,132
IndependenceContract Drilling Inc.
225,114
Houston American
Energy Corp.
231,528
Mexco Energy Corp.
44,605
Ocean PowerTechnologies Inc.
1,001,472
Sunworks Inc.
1,299,138
Dawson GeophysicalCo.
163,584
Superior Drilling
Products Inc.
258,628
Advent Technologies
Holdings Inc.
760,618
US Energy Corp.
133,545
Camber Energy Inc.
332,001
Pineapple Energy Inc.
95,645NCS Multistage
Holdings Inc.
1,912

MarketValue($000)
1,816
1,799
1,661
1,633
1,552
1,502
1,376
1,374
1,199
1,196
1,091
925
818
705
651
592
552
414
407
316
305
299
185
169
134
76
57
33
59,767,596

Financials (10.8%)*
Berkshire
Hathaway Inc.
Class B
55,960,019
JPMorgan Chase &Co.
90,715,286
Bank of America
Corp.
211,026,559
Wells Fargo & Co. 113,959,217
S&P Global Inc.
9,938,743
Goldman Sachs
Group Inc.
9,380,537
Morgan Stanley
38,628,950－ 35 －

19,958,700
15,430,670
7,105,264
5,609,073
4,378,215
3,618,730
3,602,150

バンガード®・トータル・ストック・マーケットETF

Shares**BlackRock Inc.
4,198,995
Charles SchwabCorp.
44,500,704
Marsh & McLennan
Cos. Inc.
15,457,336
Progressive Corp.
18,381,600
Blackstone Inc.
22,312,200
Citigroup Inc.
56,307,325
Chubb Ltd.
12,810,982
CME Group Inc.
11,295,900
Intercontinental
Exchange Inc.
17,952,621
US Bancorp
48,877,749
PNC Financial
Services Group Inc. 12,503,943
Moody's Corp.
4,878,274
Aon plc Class A
5,972,498
KKR & Co. Inc.
20,867,825
Truist Financial Corp. 41,889,412
Arthur J Gallagher &Co.
6,789,146
Aflac Inc.
18,328,770
AmericanInternational
Group Inc.
22,029,284
Travelers Cos. Inc.
7,181,982
MSCI Inc. Class A
2,355,676
Bank of New York
Mellon Corp.
24,131,039
Ameriprise
Financial Inc.
3,170,574
Prudential
Financial Inc.
11,329,886
Apollo Global
Management Inc. 12,495,132
MetLife Inc.
17,438,256
Allstate Corp.
8,215,350
Discover Financial
Services
7,866,556
Coinbase Global Inc.
Class A4,824,495
Arch Capital GroupLtd.
11,112,943
Willis Towers Watsonplc
3,250,003
Broadridge Financial
Solutions Inc.
3,695,680
Hartford Financial
Services Group Inc. 9,432,663
T. Rowe Price
Group Inc.
7,016,831
Nasdaq Inc.
12,711,425
Fifth Third Bancorp
21,385,315
State Street Corp.
9,225,900
M&T Bank Corp.
5,208,043
Raymond James
Financial Inc.
5,896,988

MarketValue($000)
3,408,744
3,061,648
2,928,701
2,927,821
2,921,113
2,896,449
2,895,282
2,378,917*

2,305,655
2,115,429
1,936,236
1,905,259
1,738,116
1,728,899
1,546,557*

1,526,743
1,512,124
1,492,484
1,368,096
1,332,488
1,256,021
1,204,279
1,175,022
1,164,421
1,153,192
1,149,985
884,201
839,076825,358
783,901
760,386
758,197755,643
739,042
737,580
714,638
713,919
657,514*,1

Ares Management
Corp. Class A
Principal Financial
Group Inc.
Cboe Global
Markets Inc.
Huntington
Bancshares Inc.
Berkshire
Hathaway Inc.
Class A
FactSet Research
Systems Inc.
Regions Financial
Corp.
Markel Group Inc.
LPL Financial
Holdings Inc.
Northern Trust Corp.
Brown & Brown Inc.
Cincinnati Financial
Corp.
Everest Group Ltd.
Citizens Financial
Group Inc.
First Citizens
BancShares Inc.
Class AW R Berkley Corp.
KeyCorp
Fidelity National
Financial Inc.
Loews Corp.
Equitable
Holdings Inc.
MarketAxess
Holdings Inc.
Globe Life Inc.
Reinsurance Groupof America Inc.
TradewebMarkets Inc.
Class A
Carlyle Group Inc.
RenaissanceRe
Holdings Ltd.
East West
Bancorp Inc.
Annaly CapitalManagement Inc.
Ally Financial Inc.
Assurant Inc.
Webster Financial
Corp.
SoFi
Technologies Inc.
Erie Indemnity Co.
Class A

SharesMarketValue($000)

5,275,406

627,351

7,512,694

591,024

3,304,755

590,09745,303,021

576,254

1,051

570,299

1,190,901

568,119

29,191,495
394,366

565,731559,960

2,370,573
6,168,982
7,177,212

539,590
520,539
510,372

4,916,035
1,360,655

508,613481,100

13,880,377

459,996

316,9316,054,434
29,488,147

449,716
428,170424,629

8,095,927
5,566,684

413,054387,386

10,622,456

353,728

1,193,070
2,792,645

349,391
339,9212,070,383

334,947

3,597,954
7,976,682

326,982
324,571

1,653,901

324,165

4,433,484

318,989

15,853,352
8,469,124
1,660,179

307,079
295,742
279,724

5,423,284

275,286

27,222,334

270,862799,295

267,700－ 36 －

バンガード®・トータル・ストック・マーケットETF

Shares*1

1American Financial
Group Inc.
2,229,453
Interactive Brokers
Group Inc. Class A
3,178,400
Franklin
Resources Inc.
8,586,125First Horizon Corp.
17,528,794
Invesco Ltd.
13,771,835
Voya Financial Inc.
3,310,981
RobinhoodMarkets Inc.
Class A
18,634,684
Unum Group
5,206,991
SEI Investments Co. 3,661,513
Old Republic
International Corp.
7,903,704
Kinsale CapitalGroup Inc.
691,796
Comerica Inc.
4,123,000
Morningstar Inc.
803,775
Primerica Inc.
1,095,602
New York
Community
Bancorp Inc.
21,421,737
Western Alliance
Bancorp3,260,585
Blue Owl Capital Inc.
Class A
14,356,656
Stifel Financial Corp. 3,016,293
AGNC Investment
Corp.
20,946,116
Zions Bancorp NA
4,647,119SouthState Corp.
2,382,493
Pinnacle Financial
Partners Inc.
2,302,546
Commerce
Bancshares Inc.
3,731,621
First American
Financial Corp.
3,073,507
Cullen/Frost
Bankers Inc.
1,817,890
Houlihan Lokey Inc.
Class A
1,628,749
Starwood Property
Trust Inc.
9,281,318
Prosperity
Bancshares Inc.
2,796,395
Selective InsuranceGroup Inc.
1,902,285
Jefferies Financial
Group Inc.
4,637,688
Popular Inc.
2,269,437
OneMainHoldings Inc.
3,769,704
Evercore Inc. Class A 1,070,476
RLI Corp.
1,354,950
Bank OZK3,578,146

MarketValue($000)

Shares265,060
263,489
255,781248,208
245,690
241,569
237,406
235,460
232,689*,1

232,369
231,689
230,105
230,073
225,431219,144214,514
213,914208,577
205,481203,869
201,202**200,828
199,306
198,057
197,223
195,303*

195,093
189,400
189,239
187,409186,253
185,469
183,105
180,371
178,299*

Wintrust Financial
Corp.
1,912,930
Columbia Banking
System Inc.
6,542,542
Cadence Bank
5,763,236
MGIC Investment
Corp.
8,750,300
Essent Group Ltd.
3,138,176
Synovus Financial
Corp.
4,364,048
UnitedBankshares Inc.
4,241,350
Rithm Capital Corp. 14,886,706
Marathon Digital
Holdings Inc.
6,679,783
Affiliated Managers
Group Inc.
1,033,290
Old National Bancorp 9,180,985
FNB Corp.
11,244,311
Corebridge
Financial Inc.
6,913,340
Valley National
Bancorp13,572,293
Home
BancShares Inc.
5,785,274
Glacier Bancorp Inc. 3,490,659
Lincoln NationalCorp.
5,310,535
SLM Corp.
7,222,660
Radian Group Inc.
4,727,530
American Equity
Investment Life
Holding Co.
2,415,443
Ryan Specialty
Holdings Inc.
Class A
3,128,426
Axis Capital Holdings
Ltd.
2,400,377
FirstCash
Holdings Inc.
1,212,666
First Financial
Bankshares Inc.
4,269,541
Mr Cooper
Group Inc.
1,969,975
Jackson Financial Inc.
Class A2,486,629
Assured GuarantyLtd.
1,678,489
Hamilton Lane Inc.
Class A
1,103,726
Janus Henderson
Group plc
4,132,505
Hancock WhitneyCorp.
2,563,770
Hanover InsuranceGroup Inc.
1,010,971
Moelis & Co. Class A 2,134,419
Enstar Group Ltd.
404,319－ 37 －

MarketValue($000)
177,424
174,555
170,534
168,793
165,507164,306
159,263
158,990
156,908
156,461
155,067
154,834
149,743
147,395
146,541
144,234
143,225
138,097
134,971
134,782
134,585
132,909
131,441
129,367
128,285
127,315
125,601
125,207
124,595
124,574
122,752
119,805
119,011

バンガード®・トータル・ストック・マーケットETF

Shares

1

*

*

*,1

*

*,1
*

*

Lazard Ltd. Class A
3,363,039
White Mountains
Insurance Group
Ltd.
76,901
Ameris Bancorp
2,098,444
Blackstone Mortgage
Trust Inc. Class A
5,198,296
Walker & Dunlop Inc.
986,437Brighthouse
Financial Inc.
2,061,205
United Community
Banks Inc.
3,555,927
ServisFirst
Bancshares Inc.
1,544,023
UMB Financial Corp. 1,226,359
Texas CapitalBancshares Inc.
1,512,894
Cathay General
Bancorp2,176,762
Riot Platforms Inc.
6,210,523
AssociatedBanc-Corp
4,470,347
International
Bancshares Corp.
1,759,816
CNO Financial
Group Inc.
3,421,522
Artisan Partners
AssetManagement Inc.
Class A
2,122,843
Piper Sandler Cos.
535,561
Kemper Corp.
1,921,292
GenworthFinancial Inc.
Class A
13,806,986
First Hawaiian Inc.
4,029,346
Upstart Holdings Inc. 2,237,848
Axos Financial Inc.
1,662,755
Bank of Hawaii Corp. 1,250,932
First Interstate
BancSystem Inc.
Class A
2,939,739
TPG Inc. Class A
2,072,871
WSFS Financial Corp. 1,938,156
Federated
Hermes Inc.
Class B
2,614,392
Community Bank
System Inc.
1,688,469
Pacific PremierBancorp Inc.
3,013,123
Independent Bank
Corp.
1,327,970
First Bancorp
5,272,270
Atlantic Union
Bankshares Corp.
2,368,116
Credit AcceptanceCorp.
161,035

MarketValue($000)

Shares117,034
115,737
111,322
110,568
109,504**

109,079
104,046
102,878
102,462
1

97,77897,01896,077
95,621
95,593
95,46093,78793,65493,509***,1

92,231
92,111
91,43890,78690,64390,39789,48689,01988,52387,98687,71287,39486,72986,53185,788*1

Fulton Financial Corp. 5,203,897
CVB Financial Corp.
4,241,821
BGC Group Inc.
Class A
11,775,831
Clearwater Analytics
Holdings Inc.
Class A
3,948,529
NMI Holdings Inc.
Class A
2,611,555
BankUnited Inc.
2,388,475
Seacoast Banking
Corp. of Florida
2,695,122Simmons First
National Corp.
Class A
3,802,363
Arbor Realty
Trust Inc.
4,834,620
Eastern
Bankshares Inc.
5,005,394
PennyMac Financial
Services Inc.
802,766PJT Partners Inc.
Class A
694,322First Merchants Corp. 1,857,218
WaFd Inc.
2,057,503
First Financial
Bancorp2,817,524
Towne Bank
2,122,686
BOK Financial Corp.
736,866
StoneX Group Inc.
828,785
Park National Corp.
457,960
Bancorp Inc.
1,562,705
Rocket Cos. Inc.
Class A
4,074,451
NBT Bancorp Inc.
1,401,918
Cohen & Steers Inc.
770,629
Banner Corp.
1,079,019
Virtu Financial Inc.
Class A
2,823,145
OFG Bancorp
1,510,460
Independent Bank
Group Inc.
1,110,951
Triumph Financial Inc.
701,794
Renasant Corp.
1,669,901
BancFirst Corp.
576,481
WesBanco Inc.
1,776,472
Ready Capital Corp.
5,389,324
StepStone Group Inc.
Class A
1,695,189
Banc of California Inc. 3,978,554
Virtus Investment
Partners Inc.
215,598
Apollo Commercial
Real Estate
Finance Inc.
4,416,882
Federal Agricultural
Mortgage Corp.
Class C270,904－ 38 －

MarketValue($000)
85,65685,64285,021
79,08977,511
77,45876,70375,43973,39071,07770,94070,731
68,866
67,81566,916
63,171
63,113
61,18960,84560,25858,99858,75458,36057,79257,19756,61256,52556,27056,242
56,10955,72855,241
53,95853,432
52,12351,85451,802

バンガード®・トータル・ストック・マーケットETF

*

*

*

*

*

Hilltop Holdings Inc.
Stewart Information
Services Corp.
Claros Mortgage
Trust Inc.
Northwest
Bancshares Inc.
Enterprise Financial
Services Corp.
Lakeland Financial
Corp.
Goosehead
Insurance Inc.
Class AFirst Commonwealth
Financial Corp.
City Holding Co.
Customers
Bancorp Inc.
BRP Group Inc.
Class A
Live OakBancshares Inc.
Trustmark Corp.
Navient Corp.
Enova
International Inc.
First Bancorp (XNGS)
Westamerica
Bancorp
FB Financial Corp.
Pathward
Financial Inc.
National Bank
Holdings Corp.
Class A
Oscar Health Inc.
Class A
Horace Mann
Educators Corp.
Hope Bancorp Inc.
Heartland Financial
USA Inc.
Stock Yards
Bancorp Inc.
Compass Diversified
Holdings
Two Harbors
Investment Corp.
PennyMac Mortgage
Investment Trust
Victory Capital
Holdings Inc.
Class AFirst Busey Corp.
Ladder Capital Corp.
Class A

SharesMarketValue($000)

1,437,585

50,617

852,559

50,0883,665,552

49,961

3,989,936

49,794

1,103,275

49,261

752,901

49,059645,903

48,9593,163,276
437,529

48,841
48,242835,298

48,1301,998,235

47,9981,034,676
1,687,931
2,513,015

47,07847,06046,792

843,965
1,237,620

46,72245,804

791,697
1,116,367

44,66044,487

839,479

44,434

1,172,694

43,612

4,685,148

42,8691,309,876
3,494,977

42,83342,219*1,120,449

42,140*,1

818,043

42,121

1,867,334

41,9222,970,456

41,3782,763,682

41,317

1,198,838
1,657,232

41,28841,132

3,555,544

40,924

*

*

*

*

*

1

1

*

PalomarHoldings Inc.
Provident Financial
Services Inc.
Safehold Inc.
S&T Bancorp Inc.
Stellar Bancorp Inc.
Veritex Holdings Inc.
Cannae Holdings Inc.
Chimera Investment
Corp.
Sandy Spring
Bancorp Inc.
Peoples Bancorp Inc.
MFA Financial Inc.
Encore CapitalGroup Inc.
Nelnet Inc. Class A
Safety InsuranceGroup Inc.
SiriusPoint Ltd.
BrightSpire
Capital Inc. Class A
Employers
Holdings Inc.
Franklin BSP Realty
Trust Inc.
Skyward Specialty
Insurance
Group Inc.
TriCo Bancshares
Origin Bancorp Inc.
Mercury GeneralCorp.
Berkshire Hills
Bancorp Inc.
NicoletBankshares Inc.
OceanFirst Financial
Corp.
PRA Group Inc.
QCR Holdings Inc.
Trupanion Inc.
ARMOUR Residential
REIT Inc.
Ellington
Financial Inc.
Dime Community
Bancshares Inc.
LendingClub Corp.
Eagle Bancorp Inc.
Enact Holdings Inc.
Southside
Bancshares Inc.
AMERISAFE Inc.
Preferred Bank
National Western LifeGroup Inc. Class A－ 39 －

SharesMarketValue($000)

734,361

40,7572,230,718
1,659,651
1,140,060
1,365,491
1,607,760
1,883,947

40,22038,836
38,10138,01537,41336,756

7,339,545

36,624

1,325,600
1,058,510
3,141,703

36,10935,73535,407680,681
390,170

34,54534,421

449,806
2,946,652

34,181
34,181

4,543,526

33,804

848,434

33,4282,472,504

33,404985,265
765,759
913,084

33,381
32,90532,478867,129

32,353

1,296,581

32,194

393,817

31,694

1,779,868
1,170,822
514,779
981,307

30,89830,67630,05829,9401,541,014

29,772

2,341,448

29,7601,101,151
3,283,854
951,714988,708

29,65428,701
28,68528,564

911,789
609,096389,302

28,55728,49328,43858,27528,148

バンガード®・トータル・ストック・マーケットETF

*,1

1

*

*

1

1

*

Brookline
Bancorp Inc.
Lakeland
Bancorp Inc.
ConnectOne
Bancorp Inc.
German American
Bancorp Inc.
Lemonade Inc.
WisdomTree Inc.
Redwood Trust Inc.
Premier Financial
Corp.
First Bancshares Inc.
Capitol Federal
Financial Inc.
TFS Financial Corp.
F&G Annuities &Life Inc.
Open Lending Corp.
New York Mortgage
Trust Inc.
Bank First Corp.
Heritage Financial
Corp.
Amerant
Bancorp Inc.
Class A
1st Source Corp.
First Mid
Bancshares Inc.
Ambac Financial
Group Inc.
ProAssurance Corp.
Community Trust
Bancorp Inc.
UWM Holdings Corp.
Class A
Dynex Capital Inc.
Old Second
Bancorp Inc.
Tompkins Financial
Corp.
HCI Group Inc.
KKR Real Estate
Finance Trust Inc.
AssetMark Financial
Holdings Inc.
Brightsphere
Investment
Group Inc.
Hanmi Financial
Corp.
Business First
Bancshares Inc.
Univest Financial
Corp.

SharesMarketValue($000)

2,542,527

27,7391,862,506

27,546

1,192,696

27,325

840,496
1,674,937
3,780,368
3,489,302

27,24027,017
26,19825,856

1,072,357
874,751

25,84425,656

3,952,960
1,714,510

25,49725,186544,128
2,935,132

25,03024,9782,825,845
277,228

24,10424,025

1,102,412

23,581

1*

951,334
425,256

23,37423,368671,439

23,272

1,386,506
1,647,124

22,85022,714

515,007

22,5883,092,429
1,723,960

22,111
21,584

1,367,182

21,109345,569
225,301

20,814
19,691

1,451,080

19,198640,865

19,194

981,747

18,810968,596

18,791

759,255

18,716

848,090

18,683**

AmalgamatedFinancial Corp.
Merchants Bancorp
Farmers National
Banc Corp.
Byline Bancorp Inc.
Great Southern
Bancorp Inc.
Mercantile BankCorp.
Washington Trust
Bancorp Inc.
Orchid Island
Capital Inc.
Metropolitan Bank
Holding Corp.
TrustCo Bank Corp.
Heritage Commerce
Corp.
Midland States
Bancorp Inc.
Columbia
Financial Inc.
Kearny Financial
Corp.
HarborOne
Bancorp Inc.
Southern Missouri
Bancorp Inc.
CrossFirst
Bankshares Inc.
Horizon Bancorp Inc.
Northfield
Bancorp Inc.
Central PacificFinancial Corp.
First Community
Bankshares Inc.
Independent Bank
Corp. (Michigan)
Cambridge Bancorp
Camden National
Corp.
First Foundation Inc.
EquityBancshares Inc.
Class A
American National
Bankshares Inc.
Peapack-Gladstone
Financial Corp.
HomeTrustBancshares Inc.
Diamond Hill
Investment
Group Inc.
United Fire
Group Inc.

－ 40 －

SharesMarketValue($000)

689,657
434,604

18,57918,505

1,273,130
777,481

18,39718,317

302,904

17,977445,144

17,975552,876

17,902

2,091,609

17,632311,071
550,930

17,227
17,106

1,711,952

16,983614,037

16,923872,234

16,817

1,871,083

16,784

1,385,460

16,598310,151

16,5591,202,409
1,130,130

16,32916,172

1,279,932

16,102801,026

15,764423,255

15,703599,260
222,214

15,593
15,422

403,181
1,567,086

15,172
15,169443,588

15,038302,173

14,731

493,833

14,726539,258

14,51787,521

14,493

714,514

14,376

バンガード®・トータル・ストック・マーケットETF

*

*

1

*

1

1

1

*,1

*

*

EZCORP Inc. Class A
Republic
Bancorp Inc.
Class A
P10 Inc. Class A
Coastal Financial
Corp.
Flushing Financial
Corp.
Shore
Bancshares Inc.
Metrocity
Bankshares Inc.
CNB Financial Corp.
Universal Insurance
Holdings Inc.
First Financial Corp.
GCM Grosvenor Inc.
Class A
Burke & Herbert
Financial Services
Corp.
Tiptree Inc. Class A
World AcceptanceCorp.
Bar Harbor
Bankshares
B. Riley Financial Inc.
Alerus Financial Corp.
Arrow Financial Corp.
TPG RE Finance
Trust Inc.
Invesco Mortgage
Capital Inc.
NewtekOne Inc.
Capital City Bank
Group Inc.
Northeast BankFirst BankACNB Corp.
Forge Global
Holdings Inc.
CarterBankshares Inc.
LendingTree Inc.
Macatawa Bank
Corp.
Hingham Institution
For Savings
SmartFinancial Inc.
Esquire Financial
Holdings Inc.
Northrim
Bancorp Inc.
Bank of Marin
Bancorp
BayCom Corp.

SharesMarketValue($000)

1,624,375

14,197

253,793
1,343,205

13,99913,728308,378

13,695829,310

13,667944,911

13,465558,211588,697

13,40813,299826,787
303,927

13,212
13,0781,437,229

12,878202,900
651,681

12,762
12,356

Shares

**94,353

12,316412,183
573,323537,268
425,176

12,102
12,034
12,02911,8791,817,114

11,811

1,324,933
847,975

11,73911,702

397,180
206,474
770,907240,241

11,68911,395
11,332
10,753

3,118,181

10,695712,025
347,613

10,65910,540925,613

10,44153,653423,631

10,43010,375

206,705

10,327

176,916

10,121

447,868
415,597

9,862
9,804

*

Crawford & Co.
Class B
747,804
Financial
Institutions Inc.
450,573
Orrstown Financial
Services Inc.
324,496
Granite Point
Mortgage Trust Inc. 1,592,579
Capstar Financial
Holdings Inc.
501,635
Summit Financial
Group Inc.
304,535
Citizens & NorthernCorp.
410,526
CivistaBancshares Inc.
497,943
Mid Penn
Bancorp Inc.
374,344Southern California
Bancorp523,200
Sierra Bancorp
399,592
First of Long Island
Corp.
676,836
Greenlight Capital Re
Ltd. Class A
776,574
First Bancorp Inc.
312,385
West Bancorp Inc.
414,402
Peoples Financial
Services Corp.
179,285
FS Bancorp Inc.
235,608
Home Bancorp Inc.
206,339
Primis Financial Corp.
682,667
Waterstone
Financial Inc.
604,252
Citizens Financial
Services Inc.
131,902
James River Group
Holdings Ltd.
921,185
South Plains
Financial Inc.
292,506
MBIA Inc.
1,382,103
First Business
Financial
Services Inc.
210,016
Codorus Valley
Bancorp Inc.
327,297
Southern First
Bancshares Inc.
226,710RBB Bancorp
440,333
Unity Bancorp Inc.
282,715
Farmers &Merchants
Bancorp Inc.
333,453
Guaranty
Bancshares Inc.
245,483
Enterprise
Bancorp Inc.
255,668－ 41 －

MarketValue($000)
9,781
9,597
9,573
9,460
9,401
9,346
9,208
9,182
9,089
9,078
9,011
8,961
8,868
8,815
8,785
8,731
8,708
8,668
8,643
8,580
8,537
8,512
8,471
8,458
8,422
8,412
8,411
8,384
8,366
8,270
8,253
8,248

バンガード®・トータル・ストック・マーケットETF

1

*

*

1

*
*

*

1

1

NexPoint Diversified
Real Estate Trust
MidWestOne
Financial Group Inc.
Donegal Group Inc.
Class AJohn MarshallBancorp Inc.
BridgewaterBancshares Inc.
Fidelity D&D
Bancorp Inc.
Five Star Bancorp
Norwood Financial
Corp.
Timberland
Bancorp Inc.
Blue Foundry
Bancorp
Chicago Atlantic Real
Estate Finance Inc.
Middlefield Banc
Corp.
Central Valley
Community
Bancorp
PCB Bancorp
Colony Bankcorp Inc.
FVCBankcorp Inc.
Third Coast
Bancshares Inc.
Oak Valley Bancorp
Red RiverBancshares Inc.
eHealth Inc.
Plumas Bancorp
Medallion Financial
Corp.
Princeton
Bancorp Inc.
MVB Financial Corp.
C&F Financial Corp.
Orange County
Bancorp Inc.
Virginia National
Bankshares Corp.
Oppenheimer
Holdings Inc.
Class AAFC Gamma Inc.
Ames National Corp.
HBT Financial Inc.
Seven Hills Realty
Trust
Western New
EnglandBancorp Inc.

SharesMarketValue($000)

1,031,167

8,198

298,7548,039

562,139

7,864

346,600

7,819

574,3777,766

132,823
293,908

7,708
7,694

233,197

7,675

242,733

7,636

782,8027,570

466,820

7,553

Shares1**

232,314

7,520

335,244401,511550,804
514,940

7,493
7,400
7,326
7,312

367,175
239,900

7,296
7,185

127,746
816,369
168,907

7,168
7,119
6,984

698,986

6,885

191,688
303,098
99,227

6,882
6,838
6,766

111,832

6,737

195,778

6,731

158,975
544,493304,055
305,390

6,569
6,550
6,489
6,447

482,900

6,249

*

*

*,1
1

*

*

692,944

6,236*

National
Bankshares Inc.
192,376
Parke Bancorp Inc.
306,015
ChoiceOne Financial
Services Inc.
210,670
AG Mortgage
Investment
Trust Inc.
965,155
Investors Title Co.
37,598Bankwell Financial
Group Inc.
201,545
Sachem Capital Corp. 1,619,896
Ponce Financial
Group Inc.
620,432
Capital Bancorp Inc.
250,159Southern States
Bancshares Inc.
206,492
Sterling Bancorp Inc. 1,047,247
First Internet
Bancorp247,933
LINKBANCORP Inc.
752,326
Ocwen Financial
Corp.
193,274
Greene County
Bancorp Inc.
210,368
Regional
Management Corp.
234,220
MainStreet
Bancshares Inc.
235,247
Silvercrest AssetManagement
Group Inc. Class A
330,416
Northeast
Community
Bancorp Inc.
315,219
BCB Bancorp Inc.
430,285
HomeStreet Inc.
535,464First Community
Corp.
254,872
California Bancorp
219,318
Chemung Financial
Corp.
107,126LCNB Corp.
335,831
Peoples Bancorp ofNorth Carolina Inc.
172,294
Evans Bancorp Inc.
164,147ESSA Bancorp Inc.
257,669
Meridian Corp.
367,884
Hagerty Inc. Class A
651,800
Angel Oak Mortgage
REIT Inc.
472,039
Pioneer Bancorp Inc.
497,336
Investar Holding
Corp.
331,586
Provident
Bancorp Inc.
470,772
Heritage Insurance
Holdings Inc.
724,037－ 42 －

MarketValue($000)
6,223
6,197
6,173
6,129
6,096
6,083
6,058
6,055
6,054
6,046
6,043
5,997
5,996
5,945
5,932
5,874
5,836
5,617
5,592
5,529
5,515
5,487
5,430
5,335
5,296
5,202
5,176
5,159
5,114
5,084
5,004
4,978
4,944
4,741
4,721

バンガード®・トータル・ストック・マーケットETF

Shares
*

*

*,1

*,1

*

*

*

*,1
*

*,1

1

*

*

*

1

*,1

1
*
*,1

OP Bancorp
427,154
NI Holdings Inc.
346,693First United Corp.
188,849
First Western
Financial Inc.
222,640
Penns Woods
Bancorp Inc.
190,732
American Coastal
Insurance Corp.
440,681
HawthornBancshares Inc.
164,209
Eagle Bancorp
Montana Inc.
257,546
Bakkt Holdings Inc.
1,805,265
Bank7 Corp.
146,279
First Northwest
Bancorp246,872
Heritage Global Inc.
1,401,176
William Penn
Bancorp318,150
Velocity Financial Inc.
225,504
Guild Holdings Co.
Class A
272,500
ECB Bancorp Inc.
306,402
Federal Agricultural
Mortgage Corp.
Class A
24,386
Nexpoint Real Estate
Finance Inc.
241,453
Citizens Inc. Class A 1,402,435
Oportun Financial
Corp.
960,206
Great Ajax Corp.
691,162
Riverview
Bancorp Inc.
571,750
Hippo Holdings Inc.
399,918First National Corp.
165,138
Westwood HoldingsGroup Inc.
277,674
Cherry Hill Mortgage
Investment Corp.
845,975
loanDepot Inc.
Class A
961,855
Maiden Holdings Ltd. 1,475,921
BankFinancial Corp.
328,418
Luther Burbank Corp.
304,937First Financial
Northwest Inc.
230,131
Ellington Residential
Mortgage REIT
486,682
United Security
Bancshares353,209
Consumer Portfolio
Services Inc.
316,832
BV Financial Inc.
207,878
Finwise Bancorp
200,082
Caret Holdings Inc.
Class A
270,892

MarketValue($000)
4,677
4,504
4,440

Shares

*,1
*

4,415
4,293
4,169
4,166
4,067
4,026
4,001
3,935
3,895

*,1
*

*,3

*

3,885
3,883
3,840
3,836
3,832
3,803
3,773
3,754
3,663
3,659
3,647
3,592
3,490

*,1
*
*

*,1
*
*

3,418
3,386
3,380
3,370
3,266
3,102

*,1

*
1

2,983
2,970
2,969
2,948
2,863

*,1

Union
Bankshares Inc.
92,353
OppFi Inc.
543,794
Security National
Financial Corp.
Class A
308,551First Savings
Financial Group Inc.
159,427Franklin Financial
Services Corp.
82,388Finward Bancorp
101,400
Territorial
Bancorp Inc.
226,146
SWK Holdings Corp.
138,755
ACRES Commercial
Realty Corp.
245,355
1895 Bancorp of
Wisconsin Inc.
331,179
USCB Financial
Holdings Inc.
185,252
Provident Financial
Holdings Inc.
178,916
Summit State Bank
181,477
Old Point Financial
Corp.
119,700
TC Bancshares Inc.
151,263First Guaranty
Bancshares Inc.
167,977
Lument Finance
Trust Inc.
799,449
Dave Inc.
214,024
NSTS Bancorp Inc.
186,636
Broadway Financial
Corp.
264,266
Associated CapitalGroup Inc. Class A
48,920SR Bancorp Inc.
174,600
Catalyst Bancorp Inc.
151,200
Finance of America
Cos. Inc. Class A
1,481,602
Blue Ridge
Bankshares Inc.
525,645First Capital Inc.
56,504
GoHealth Inc.
Class A
103,499
Manhattan Bridge
Capital Inc.
262,659
Great Elm Group Inc.
643,568
Hennessy
Advisors Inc.
185,534
AmeriServ
Financial Inc.
351,357
NeuroOne Medical
Technologies Corp.
712,451
US Global
Investors Inc.
Class A
376,672

2,839－ 43 －

MarketValue($000)
2,831
2,784
2,777
2,678
2,599
2,535
2,522
2,432
2,360
2,291
2,269
2,256
2,178
2,122
2,071
1,868
1,863
1,795
1,752
1,752
1,747
1,669
1,639
1,630
1,593
1,542
1,381
1,305
1,249
1,245
1,137
1,126
1,062

バンガード®・トータル・ストック・マーケットETF

*,1

*

*

*,1
*,1

*

*,1
*
*
*
*

*
*

*,1
*

*

*

*,1
*

*
*

*
*

*

*

NicholasFinancial Inc.
Bogota Financial
Corp.
Kingsway Financial
Services Inc.
Hanover Bancorp Inc.
Bayfirst Financial
Corp.
MarketWise Inc.
Bank of the James
Financial Group Inc.
Doma Holdings Inc.
Curo Group Holdings
Corp.
Lake Shore
Bancorp Inc.
Daxor Corp.
PB Bankshares Inc.
Kingstone Cos. Inc.
BM Technologies Inc.
Patriot National
Bancorp Inc.
Ashford Inc.
Siebert Financial
Corp.
Safeguard
Scientifics Inc.
Bitcoin Depot Inc.
Carver Bancorp Inc.
Village Bank & Trust
Financial Corp.
OptimumBank
Holdings Inc.
BioRestorative
Therapies Inc.
Texas Community
Bancshares Inc.
First Seacoast
Bancorp
Atlantic AmericanCorp.
CXApp Inc.
FG Financial
Group Inc.
Vericity Inc.
Generations Bancorp
NY Inc.
SHF Holdings Inc.
CaliberCos Inc.
Class A
Hallmark Financial
Services Inc.
Conifer Holdings Inc.

SharesMarketValue($000)

148,305

1,013

Shares117,122942

110,758
52,401930
924

65,679304,854851
832

66,294
164,352798
761

735,347

588

49,37947,32834,141
193,591
196,926

577
454
428
412
404

101,605
104,740

389
385

188,535

317

385,500
83,372
133,111

302
269
262

5,610

224

53,069220*

100,161

171

*

9,328

131

17,374131

30,63850,57173
65

35,157
3,536

55
40

3,634
20,499

37
29

7,900

10

3,070
1,497

3
2

*

*

*

*

*
*

*
*
*

*

*

*

157,159,411
Health Care (12.0%)
Eli Lilly & Co.

*

26,822,326

15,635,270

UnitedHealthGroup Inc.
29,032,311
Johnson & Johnson 75,569,538
Merck & Co. Inc.
79,570,231
AbbVie Inc.
55,427,844
Thermo Fisher
Scientific Inc.
12,126,517
Abbott Laboratories 54,507,932
Pfizer Inc.
177,271,872
Amgen Inc.
16,803,951
Danaher Corp.
20,879,269
Intuitive Surgical Inc. 11,062,748
Elevance Health Inc.
7,379,960
Medtronic plc
41,766,386
VertexPharmaceuticals Inc. 8,093,235
Bristol-Myers Squibb
Co.
63,874,220
Stryker Corp.
10,738,705
Gilead Sciences Inc. 39,139,396
RegeneronPharmaceuticals Inc. 3,196,827
Cigna Group
9,190,550
Boston ScientificCorp.
46,026,637
Zoetis Inc. Class A
12,973,759
Becton Dickinson &Co.
9,121,263
Humana Inc.
3,867,859
HCA Healthcare Inc. 6,305,635
Dexcom Inc.
12,125,470
Edwards
Lifesciences Corp. 19,055,067
IDEXX
Laboratories Inc.
2,610,285
IQVIA Holdings Inc.
5,730,084
Agilent
Technologies Inc.
9,185,699
Centene Corp.
16,797,712
Biogen Inc.
4,558,606
Moderna Inc.
10,801,509
GE HealthCare
Technologies Inc.
12,125,570
West Pharmaceutical
Services Inc.
2,325,488
Zimmer Biomet
Holdings Inc.
6,559,400
Veeva Systems Inc.
Class A4,135,783
ResMed Inc.
4,617,511
Cardinal Health Inc.
7,729,568
Alnylam
Pharmaceuticals Inc. 3,959,777
Illumina Inc.
4,973,266
STERIS plc
3,099,855
MolinaHealthcare Inc.
1,828,965－ 44 －

MarketValue($000)
15,284,641
11,844,769
8,674,747
8,589,653
6,436,634
5,999,688
5,103,657
4,839,874
4,830,210
3,732,129
3,480,094
3,440,715
3,293,056
3,277,386
3,215,813
3,170,682
2,807,741
2,752,110
2,660,800
2,560,631
2,224,038
1,770,745
1,706,809
1,504,650
1,452,949
1,448,839
1,325,827
1,277,088
1,246,558
1,179,630
1,074,210
937,549
818,851
798,279
796,221794,304
779,140
757,941
692,478
681,503
660,823

バンガード®・トータル・ストック・マーケットETF

Shares
*

*

*

*
*

*
*

*

*

*

*

*
*
*

*

*
*
*

*
*

*
*

*

*
*

*

Align Technology Inc. 2,282,857
BaxterInternational Inc.
15,912,640
Laboratory Corp. of
America Holdings
2,662,879
Cooper Cos. Inc.
1,554,955
BioMarin
Pharmaceutical Inc. 5,909,902
Hologic Inc.
7,567,981
Quest
Diagnostics Inc.
3,523,191
Avantor Inc.
21,177,199
Insulet Corp.
2,188,573
Revvity Inc.
3,895,266
Exact Sciences Corp. 5,667,673
Neurocrine
Biosciences Inc.
3,109,713
Viatris Inc.
37,642,800
Bio-Techne Corp.
4,968,087
Charles River
Laboratories
International Inc.
1,609,522
Incyte Corp.
5,965,113
Teleflex Inc.
1,479,681
Royalty Pharma plc
Class A
11,939,033
KarunaTherapeutics Inc.
1,031,346
United Therapeutics
Corp.
1,475,870
Henry Schein Inc.
4,094,456
Repligen Corp.
1,658,869
Penumbra Inc.
1,147,047
Chemed Corp.
472,350
Universal HealthServices Inc.
Class B
1,809,896
Sarepta
Therapeutics Inc.
2,788,735
Cytokinetics Inc.
3,154,850
ImmunoGen Inc.
8,400,555
Tenet HealthcareCorp.
3,200,333
Catalent Inc.
5,373,843
Medpace
Holdings Inc.
772,458
DENTSPLY
SIRONA Inc.
6,636,783
Exelixis Inc.
9,766,182
Jazz Pharmaceuticals
plc
1,899,704
Elanco Animal
Health Inc.
15,515,619
Natera Inc.
3,624,753
Shockwave
Medical Inc.
1,151,359
Ionis
Pharmaceuticals Inc. 4,275,916

MarketValue($000)
625,503

Shares*615,183
605,246
588,457
569,833
540,732
485,778
483,475
474,877425,792
419,294
409,736
407,672
383,338

*

*

*

*

*

*

*
*

380,491
374,549
368,944335,367****

326,431*324,529
309,991
298,265
288,528
276,207*275,901*

268,918
263,398
249,076
241,849
241,447
236,782
236,203234,291
233,664

*
*

*

*

*

*

*

*
*

*

*
*

231,183
227,055*

219,403*

216,319**

Acadia Healthcare
Co. Inc.
2,761,951
Encompass HealthCorp.
3,157,194
Bruker Corp.
2,853,983
Intra-Cellular
Therapies Inc.
2,918,925
Bio-RadLaboratories Inc.
Class A
640,305
Ensign Group Inc.
1,789,367
Globus Medical Inc.
Class A
3,678,084
Option Care
Health Inc.
5,607,168
ApellisPharmaceuticals Inc. 3,137,929
Inspire Medical
Systems Inc.
922,920
Masimo Corp.
1,584,157
HealthEquity Inc.
2,680,070
Blueprint MedicinesCorp.
1,922,505
Vaxcyte Inc.
2,657,954
Bridgebio
Pharma Inc.
4,132,646
DaVita Inc.
1,573,652
10X Genomics Inc.
Class A
2,931,539
Halozyme
Therapeutics Inc.
4,144,894
Alkermes plc
5,211,206
REVOLUTION
Medicines Inc.
4,955,001
Insmed Inc.
4,574,547
Perrigo Co. plc
4,250,975
Haemonetics Corp.
1,589,471
Amicus
Therapeutics Inc.
9,569,161
Lantheus
Holdings Inc.
2,152,010
Merit Medical
Systems Inc.
1,738,225
Envista Holdings
Corp.
5,479,292
Neogen Corp.
6,107,016
Ultragenyx
Pharmaceutical Inc. 2,537,788
ACADIA
Pharmaceuticals Inc. 3,848,518
agilon health Inc.
9,550,403
Teladoc Health Inc.
5,465,436
QuidelOrtho Corp.
1,574,859
Organon & Co.
8,016,096
Glaukos Corp.
1,452,067
Madrigal
Pharmaceuticals Inc. 493,669
Azenta Inc.
1,724,869－ 45 －

MarketValue($000)
214,769
210,648
209,711
209,053
206,748
200,785
196,005
188,906
187,836
187,750
185,679
177,689
177,332
166,920
166,835
164,856
164,049
153,195
144,559
142,109141,765
136,796
135,916
135,786
133,425
132,036
131,832
122,812
121,357
120,497
119,858
117,780
116,067
115,592
115,425
114,225
112,358

バンガード®・トータル・ストック・マーケットETF

Shares
*

*

*

*
*

*
*

*

*
*
*
*

*
*
*
*,1

*

*

*
*

*

*

*

*
*

*

*,1

*

*
*
*
*

*

Evolent Health Inc.
Class A
3,385,625
Mirati
Therapeutics Inc.
1,816,862
CONMED Corp.
959,204
Integer Holdings
Corp.
1,041,796
Inari Medical Inc.
1,562,826
ArrowheadPharmaceuticals Inc. 3,245,289
Axonics Inc.
1,588,517
iRhythm
Technologies Inc.
918,208
Cerevel Therapeutics
Holdings Inc.
2,309,137
Fortrea Holdings Inc. 2,776,994
Amedisys Inc.
1,014,044
Progyny Inc.
2,582,108
Prestige Consumer
Healthcare Inc.
1,566,174
Guardant Health Inc. 3,517,527
Krystal Biotech Inc.
765,032
Doximity Inc. Class A 3,384,748
AxsomeTherapeutics Inc.
1,190,855
Integra LifeSciences
Holdings Corp.
2,058,729
RhythmPharmaceuticals Inc. 1,901,409
Enovis Corp.
1,546,372
Pacific Biosciencesof California Inc.
8,579,841
Corcept
Therapeutics Inc.
2,579,198
Premier Inc. Class A 3,734,693
Cymabay
Therapeutics Inc.
3,476,988
Intellia
Therapeutics Inc.
2,636,708
Immunovant Inc.
1,875,846
Nuvalent Inc. Class A 1,071,131
Patterson Cos. Inc.
2,763,530
TransMedics
Group Inc.
979,745
Ginkgo Bioworks
Holdings Inc.
Class A
45,147,591
Surgery Partners Inc. 2,381,871
Select Medical
Holdings Corp.
3,195,924
CorVel Corp.
294,506
TG Therapeutics Inc. 4,256,351
ICU Medical Inc.
722,563
Privia HealthGroup Inc.
3,126,701
Amphastar
Pharmaceuticals Inc. 1,161,880

MarketValue($000)

Shares*111,827*

106,741
105,042103,221
101,459***

99,30698,853**

98,285*97,907
96,917
96,39596,003*

95,881
95,14994,91094,908*94,780*89,658

*

*
*
*

*
*

*

87,40886,628*84,168*,1

83,772
83,508***82,126*80,39379,02978,82578,622*

77,331

*

*

*

*
*

76,29976,196*,1

75,10472,80572,69872,068*72,008*71,862***SpringWorks
Therapeutics Inc.
1,922,406
Crinetics
Pharmaceuticals Inc. 1,970,199
Denali
Therapeutics Inc.
3,257,822
Celldex
Therapeutics Inc.
1,717,439
RocketPharmaceuticals Inc. 2,242,118
Certara Inc.
3,814,093
IdeayaBiosciences Inc.
1,863,817
NeoGenomics Inc.
4,085,347
PTC Therapeutics Inc. 2,372,118
Arcellx Inc.
1,175,998
RadNet Inc.
1,863,273
Twist BioscienceCorp.
1,719,854
Beam
Therapeutics Inc.
2,302,115
Veracyte Inc.
2,277,635
Tandem Diabetes
Care Inc.
2,073,609
Dynavax Technologies
Corp.
4,219,116
Arvinas Inc.
1,422,199
Apollo Medical
Holdings Inc.
1,525,379
Iovance
Biotherapeutics Inc. 7,104,401
PROCEPT
BioRobotics Corp.
1,329,448
Omnicell Inc.
1,424,491
Vericel Corp.
1,497,790
Catalyst
Pharmaceuticals Inc. 3,145,237
Sotera Health Co.
3,119,148
Viking
Therapeutics Inc.
2,816,935
SyndaxPharmaceuticals Inc. 2,397,295
AtriCure Inc.
1,422,532
R1 RCM Inc.
4,793,504
Myriad Genetics Inc. 2,645,322
Novocure Ltd.
3,379,432
Recursion
Pharmaceuticals Inc.
Class A
5,116,069
Ironwood
Pharmaceuticals Inc.
Class A
4,175,083
Addus HomeCareCorp.
513,720
Supernus
Pharmaceuticals Inc. 1,641,380
STAAR Surgical Co.
1,512,658
RayzeBio Inc.
758,478－ 46 －

MarketValue($000)
70,16870,10069,913
68,114
67,196
67,09066,315
66,101
65,37665,26864,786
63,39462,66462,65861,33758,98358,53858,42257,75955,71753,60453,33652,871
52,55852,42351,80650,77050,66750,63150,45550,44447,76347,69947,502
47,21047,155

バンガード®・トータル・ストック・マーケットETF

Shares
*

*,1

*

*

*
*
*

*

*

*

*

*

*

*
*

*

*

*

*

*
*

*

*

*

*
*

*
*
*
*

*

PaciraBioSciences Inc.
1,393,966
Mirum
Pharmaceuticals Inc. 1,516,303
Alphatec
Holdings Inc.
2,945,236
Owens & Minor Inc. 2,294,526
US Physical
Therapy Inc.
463,233
Ardelyx Inc.
6,867,148
Inhibrx Inc.
1,098,031
BioCryst
Pharmaceuticals Inc. 6,927,612
Xencor Inc.
1,922,471
National HealthCareCorp.
436,033
Hims & Hers
Health Inc.
4,519,954
Relay
Therapeutics Inc.
3,651,716
Agios
Pharmaceuticals Inc. 1,756,423
UFP
Technologies Inc.
226,753
Protagonist
Therapeutics Inc.
1,700,416
Phreesia Inc.
1,607,539
Viridian
Therapeutics Inc.
1,706,889
Warby Parker Inc.
Class A
2,577,087
LeMaitre
Vascular Inc.
625,200
LigandPharmaceuticals Inc. 495,497
Akero
Therapeutics Inc.
1,504,408
Sage
Therapeutics Inc.
1,591,020
Geron Corp.
16,290,065
Morphic Holding Inc. 1,169,956
Embecta Corp.
1,784,266
Harmony
Biosciences
Holdings Inc.
1,030,691
KymeraTherapeutics Inc.
1,283,411
Brookdale Senior
Living Inc.
5,605,895
Avanos Medical Inc. 1,449,219
Scholar Rock Holding
Corp.
1,715,795
Vir Biotechnology Inc. 3,201,683
RxSight Inc.
797,938
Kura Oncology Inc.
2,207,564
Keros
Therapeutics Inc.
784,812
Innoviva Inc.
1,926,684

MarketValue($000)

Shares*47,032*

44,761*44,50344,216**43,146
42,576
41,72541,49640,81440,298

*
*

*
*,1

*
*

40,228*40,205
39,116*39,011*,1

38,991
37,215*,1*

37,176**,1

36,337**,1

35,486*35,388*35,128*34,477
34,37233,78833,776

*

*
*,1

*

33,291*

32,67632,62632,506***32,25732,20932,17331,74531,20430,904**

Collegium
Pharmaceutical Inc.
991,246
Cytek
Biosciences Inc.
3,288,520
RAPT
Therapeutics Inc.
1,200,884
MiMedx Group Inc.
3,362,582
Arcus
Biosciences Inc.
1,528,425
MannKind Corp.
7,997,219
PliantTherapeutics Inc.
1,606,245
ADMA Biologics Inc. 6,411,673
EyePoint
Pharmaceuticals Inc. 1,253,709
Quanterix Corp.
1,054,687
Deciphera
Pharmaceuticals Inc. 1,760,798
Day OneBiopharmaceuticals
Inc.
1,932,967
ANI
Pharmaceuticals Inc. 506,983
SolenoTherapeutics Inc.
692,700
Cassava
Sciences Inc.
1,237,880
89bio Inc.
2,417,463
Disc Medicine Inc.
466,139
Cabaletta Bio Inc.
1,172,821
Editas Medicine Inc. 2,598,006
Verve
Therapeutics Inc.
1,846,281
Accolade Inc.
2,115,278
AmylyxPharmaceuticals Inc. 1,724,366
Zentalis
Pharmaceuticals Inc. 1,654,319
AmnealPharmaceuticals Inc. 4,061,878
Varex Imaging Corp. 1,183,858
Alpine Immune
Sciences Inc.
1,271,329
Healthcare Services
Group Inc.
2,327,311
SI-BONE Inc.
1,147,891
Revance
Therapeutics Inc.
2,727,369
Pediatrix Medical
Group Inc.
2,551,252
Alignment
Healthcare Inc.
2,719,836
National ResearchCorp.
588,072
Olema
Pharmaceuticals Inc. 1,650,326
Nevro Corp.
1,073,584－ 47 －

MarketValue($000)
30,511
29,991
29,84229,49029,19329,11029,08928,981
28,973
28,83528,402
28,221
27,95527,881
27,86527,00326,924
26,623
26,31825,73725,40525,38325,06324,65624,26924,232
24,13424,09423,97423,727
23,41823,264
23,154
23,104

バンガード®・トータル・ストック・マーケットETF

Shares
*

*

*
*

*

*,1
*,1

*
*

*
*
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*
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*

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*
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*,1

*,1
*,1
*
*
*

*

*
*
*
*
*
*

*
*

*,1

4D Molecular
Therapeutics Inc.
1,139,344
Arcturus Therapeutics
Holdings Inc.
716,967
REGENXBIO Inc.
1,239,237
Maravai LifeSciences
Holdings Inc.
Class A
3,290,910
TravereTherapeutics Inc.
2,383,520
ImmunityBio Inc.
4,255,631
Anavex Life SciencesCorp.
2,266,872
Zymeworks Inc.
2,028,900
Avidity
Biosciences Inc.
2,312,947
OmniAb Inc.
3,296,609
Artivion Inc.
1,123,317
Adaptive
Biotechnologies
Corp.
4,084,649
ApogeeTherapeutics Inc.
709,568
HealthStream Inc.
721,873
Dyne
Therapeutics Inc.
1,453,532
CareDx Inc.
1,607,580
OPKO Health Inc.
12,728,537
Ambrx
Biopharma Inc.
1,340,800
BioLife Solutions Inc. 1,173,331
Savara Inc.
3,930,071
TarsusPharmaceuticals Inc.
911,649
Liquidia Corp.
1,531,173
LifeStance HealthGroup Inc.
2,350,645
Novavax Inc.
3,816,536
Altimmune Inc.
1,617,739
ACELYRIN Inc.
2,415,024
MacroGenics Inc.
1,839,450
OraSureTechnologies Inc.
2,157,546
Treace Medical
Concepts Inc.
1,378,355
Fulgent Genetics Inc.
603,703
ModivCare Inc.
394,429
Multiplan Corp.
12,035,952
Evolus Inc.
1,640,561
Icosavax Inc.
1,095,971
CastleBiosciences Inc.
796,167PetIQ Inc. Class A
867,296
AdaptHealth Corp.
Class A
2,337,979
Tango
Therapeutics Inc.
1,700,696

MarketValue($000)

Shares*,1

23,083*22,60622,244***

21,555*

21,42821,363
21,10521,080***20,932
20,34020,085**,1*

20,015*19,825
19,512
19,332
19,291
19,22019,09319,067
18,471

*
*

*
*

*

*,1

18,461
18,420**18,406
18,31918,20018,016
17,696
17,692

*
*

*,1

*
*

17,574
17,453
17,351
17,332
17,275
17,273*,1

17,181
17,129*,1

17,044
16,837

*

*

*,1

*

*

Marinus
Pharmaceuticals Inc. 1,507,998
Alector Inc.
2,043,595
Enhabit Inc.
1,542,041
Zimvie Inc.
886,345
Kiniksa
Pharmaceuticals
Ltd. Class A
893,713
GoodRx Holdings Inc.
Class A
2,333,432
AN2
Therapeutics Inc.
749,421
Surmodics Inc.
421,394
Atrion Corp.
39,845
Health Catalyst Inc.
1,626,169
CogentBiosciences Inc.
2,552,205
Nurix
Therapeutics Inc.
1,429,349
Ocular
Therapeutix Inc.
3,289,162
Orthofix Medical Inc. 1,079,096
OrthoPediatrics Corp.
446,225
Silk Road
Medical Inc.
1,168,288
Tourmaline Bio Inc.
544,450
DocGo Inc.
2,537,297
KalVista
Pharmaceuticals Inc. 1,153,121
Organogenesis
Holdings Inc.
Class A
3,432,061
Theravance
Biopharma Inc.
1,226,993
MaxCyte Inc.
2,818,256
Edgewise
Therapeutics Inc.
1,198,693
Pulmonx Corp.
1,028,344
Caribou
Biosciences Inc.
2,272,290
Vera
Therapeutics Inc.
Class A
835,574
Avid Bioservices Inc. 1,945,642
Paragon 28 Inc.
1,009,325
Replimune
Group Inc.
1,483,980
Immunome Inc.
1,168,900
Community Health
Systems Inc.
3,983,855
Allogene
Therapeutics Inc.
3,876,439
ORIC
Pharmaceuticals Inc. 1,349,104
ALX Oncology
Holdings Inc.
831,579
AnaptysBio Inc.
574,301－ 48 －

MarketValue($000)
16,392
16,30815,96015,733
15,676
15,634
15,35615,31815,093
15,05815,007
14,751
14,67014,546
14,507
14,335
14,254
14,184
14,126
14,037
13,791
13,246
13,114
13,111
13,02012,851
12,647
12,546
12,51012,507
12,46912,443
12,412
12,382
12,302

バンガード®・トータル・ストック・マーケットETF

Shares
*

*,1
*,1

*,1
*
*

*

*,1

*,1
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*

*
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*

*
*,1

*
*
*
*
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Sana
Biotechnology Inc.
2,968,610
Prime Medicine Inc. 1,363,505
Lyell
Immunopharma Inc. 6,174,266
HilleVax Inc.
734,955
Pennant Group Inc.
840,720
Fulcrum
Therapeutics Inc.
1,694,516
Voyager
Therapeutics Inc.
1,344,790
FennecPharmaceuticals Inc. 1,004,000
Avita Medical Inc.
816,217
Harrow Inc.
992,128
Cerus Corp.
5,068,933
Coherus
Biosciences Inc.
3,264,178
Biomea Fusion Inc.
745,055
SomaLogic Inc.
4,157,015
American Well Corp.
Class A
6,917,282
Phathom
Pharmaceuticals Inc. 1,108,452
Tactile Systems
Technology Inc.
702,000
CVRx Inc.
316,816
Anika
Therapeutics Inc.
438,739
Clover HealthInvestments Corp.
Class A
10,280,134
iRadimed Corp.
204,905
Scilex Holding Co.
4,763,028
Enliven
Therapeutics Inc.
699,300
Xeris Biopharma
Holdings Inc.
4,106,991
Fate
Therapeutics Inc.
2,562,686
Sharecare Inc.
8,872,250
SummitTherapeutics Inc.
3,662,182
AngioDynamics Inc.
1,212,644
Cullinan
Oncology Inc.
922,529
Axogen Inc.
1,375,595
EntradaTherapeutics Inc.
602,072
Outset Medical Inc.
1,666,098
Semler Scientific Inc.
202,309
Talkspace Inc.
3,519,033
Accuray Inc.
3,121,853
AstriaTherapeutics Inc.
1,134,044
908 Devices Inc.
758,127
iTeos
Therapeutics Inc.
771,420

MarketValue($000)

Shares*,1

12,112
12,081

*,1
*,1
*,1

11,978
11,796
11,703*

11,438*,1

11,350*,1

11,265
11,19911,112
10,949

*

*,1
*
*,1

10,87010,81810,517*

10,307*

10,120

*,1

*

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10,039
9,961
9,942

*,1

*

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9,788
9,727
9,717

*,1

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9,678

*

9,651

*
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9,584
9,582

*,1
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9,558
9,507
9,401
9,395

*

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9,085
9,014
8,960
8,938
8,835
8,709
8,506
8,447

*

*,1
*

Korro Bio Inc.
175,933
Bluebird Bio Inc.
6,048,441
Genelux Corp.
591,200
Arbutus BiopharmaCorp.
3,300,543
Aura Biosciences Inc.
924,293
Utah Medical
Products Inc.
96,930
Arcutis
Biotherapeutics Inc. 2,501,217
Esperion
Therapeutics Inc.
2,691,796
Applied
Therapeutics Inc.
2,396,489
Celcuity Inc.
550,479
Agiliti Inc.
1,009,959
Zynex Inc.
732,906
Mersana
Therapeutics Inc.
3,413,782
Y-mAbs
Therapeutics Inc.
1,159,178
Terns
Pharmaceuticals Inc. 1,218,066
Agenus Inc.
9,494,960
Taysha Gene
Therapies Inc.
4,387,426
23andMe Holding
Co. Class A
8,501,758
Rigel
Pharmaceuticals Inc. 5,156,463
Aerovate
Therapeutics Inc.
328,971
Senseonics
Holdings Inc.
12,947,685
Sutro Biopharma Inc. 1,708,596
Vanda
Pharmaceuticals Inc. 1,722,130
OptimizeRx Corp.
505,901
Absci Corp.
1,708,381
C4 Therapeutics Inc. 1,268,599
Gossamer Bio Inc.
7,830,376
ViemedHealthcare Inc.
907,059
TScan
Therapeutics Inc.
1,190,934
Atea
Pharmaceuticals Inc. 2,253,893
Harpoon
Therapeutics Inc.
603,141
InfuSystem
Holdings Inc.
645,855
Zomedica Corp.
33,687,896
HarvardBioscience Inc.
1,259,834
SIGA
Technologies Inc.
1,189,862
Phibro Animal HealthCorp. Class A
569,430－ 49 －

MarketValue($000)
8,432
8,347
8,283
8,251
8,189
8,163
8,079
8,048
8,028
8,020
7,999
7,981
7,920
7,906
7,905
7,861
7,766
7,766
7,477
7,445
7,381
7,330
7,267
7,239
7,175
7,168
7,145
7,120
6,943
6,874
6,858
6,807
6,744
6,740
6,663
6,594

バンガード®・トータル・ストック・マーケットETF

Shares
*,1

*
*,1

*,1
*,1

*
*

*
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*,1
*,1
*,1
*,1

*

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*

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*,1

*
*,1

*

*

*

*,1
*
*,1

*,1
*,1
*,1

*,1
*

*

Vistagen
Therapeutics Inc.
1,277,510
Invivyd Inc.
1,620,200
Orchestra BioMed
Holdings Inc.
697,362
Tyra Biosciences Inc.
458,562
Zevra
Therapeutics Inc.
967,269
Codexis Inc.
2,072,588
Standard
BioTools Inc.
2,856,696
Nuvation Bio Inc.
4,178,976
ARS
Pharmaceuticals Inc. 1,134,600
CorMedix Inc.
1,649,126
2seventy bio Inc.
1,443,176
Nkarta Inc.
931,700
Heron
Therapeutics Inc.
3,607,037
Puma
Biotechnology Inc.
1,414,207
Verastem Inc.
746,247
Quantum-Si Inc.
3,012,870
VerricaPharmaceuticals Inc. 814,672
Ovid therapeutics
Inc.
1,851,578
Omeros Corp.
1,822,044
AldeyraTherapeutics Inc.
1,696,710
Janux
Therapeutics Inc.
548,511
AkebiaTherapeutics Inc.
4,709,482
Inozyme Pharma Inc. 1,351,902
LexiconPharmaceuticals Inc. 3,702,774
Third Harmonic
Bio Inc.
516,335
Mineralys
Therapeutics Inc.
658,659
EnantaPharmaceuticals Inc. 592,129
ClearPoint Neuro Inc.
819,120
FONAR Corp.
282,837
Stoke
Therapeutics Inc.
1,029,440
Gritstone bio Inc.
2,636,056
Precigen Inc.
3,991,343
scPharmaceuticals
Inc.
847,334
Shattuck Labs Inc.
731,691
TenayaTherapeutics Inc.
1,610,005
Nautilus
Biotechnology Inc.
Class A
1,742,974

MarketValue($000)

Shares
*

6,566
6,384

*,1
*

6,367
6,351
6,336
6,321

*

*,1
*

6,313
6,310

*,1

*

6,218
6,201
6,162
6,149

*
*
*,1

6,132

*

6,124
6,074
6,056

*,1

5,963

*,1

*

*

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5,962
5,958
5,955

*,1

*,1
*

5,886
*

5,840
5,759

*,1
*,1

5,665

*,1

5,664

*,1

5,664

*

5,572
5,562
5,532

*,1

*,1
*,1

5,415
5,378
5,348
5,313
5,217

*

*,1
*,1
*
*

5,216
*,1
*,1

5,212
*

Computer Programs& Systems Inc.
463,726
Invitae Corp.
8,208,345
AcumenPharmaceuticals Inc. 1,319,129
PoseidaTherapeutics Inc.
Class A
1,506,603
XOMA Corp.
272,821
Allakos Inc.
1,821,663
Lineage Cell
Therapeutics Inc.
4,523,730
Praxis Precision
Medicines Inc.
219,483
Myomo Inc.
958,764Annexon Inc.
1,055,049
Monte Rosa
Therapeutics Inc.
844,219
PMV
Pharmaceuticals Inc. 1,524,487
Humacyte Inc.
1,620,693
Immuneering Corp.
Class A
616,596
Joint Corp.
469,145
Sight Sciences Inc.
863,824
Butterfly
Network Inc.
4,113,565
X4
Pharmaceuticals Inc. 5,283,949
Ocugen Inc.
7,596,773
Akoya
Biosciences Inc.
881,015
Merrimack
Pharmaceuticals Inc. 318,128
Tela Bio Inc.
642,283
Annovis Bio Inc.
225,507
InovioPharmaceuticals Inc. 8,260,428
PDS Biotechnology
Corp.
845,684
Syros
Pharmaceuticals Inc. 535,713
Seres
Therapeutics Inc.
2,966,502
Inmune Bio Inc.
361,452
Actinium
Pharmaceuticals Inc. 794,173
Ventyx
Biosciences Inc.
1,608,361
G1 Therapeutics Inc. 1,295,502
GlycoMimetics Inc.
1,661,637
Erasca Inc.
1,830,279
Perspective
Therapeutics Inc.
9,673,312
IGM Biosciences Inc.
460,333
Innovage Holding
Corp.
630,750
Inogen Inc.
688,056－ 50 －

MarketValue($000)
5,194
5,145
5,065
5,062
5,047
4,973
4,931
4,890
4,803
4,790
4,770
4,726
4,603
4,532
4,508
4,457
4,443
4,431
4,368
4,299
4,266
4,252
4,217
4,213
4,203
4,173
4,153
4,070
4,034
3,973
3,951
3,921
3,899
3,889
3,825
3,785
3,777

バンガード®・トータル・ストック・マーケットETF

Shares
*,1

*

*

*,1

*,1

*

*,2
*,1
*,1

*,1

*

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*,1
*
*

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*

*,1

*,1

*

*
*

*

*,1

*
*
*,1

*
*
1

*
*

Capricor
Therapeutics Inc.
767,235
RelmadaTherapeutics Inc.
904,705
Aveanna Healthcare
Holdings Inc.
1,391,988
Emergent
BioSolutions Inc.
1,543,545
AbeonaTherapeutics Inc.
738,626
LarimarTherapeutics Inc.
811,421PDL BioPharma Inc. 2,258,201
CEL - SCI Corp.
1,336,126
Pulse
Biosciences Inc.
296,203
RevivaPharmaceuticals
Holdings Inc.
700,442
Anixa
Biosciences Inc.
927,841
Bioventus Inc.
Class A
679,103
Foghorn
Therapeutics Inc.
550,850
Sera Prognostics Inc.
Class A
586,201
Biote Corp. Class A
708,040
Lyra Therapeutics Inc.
661,817Compass
Therapeutics Inc.
2,187,972
Optinose Inc.
2,642,428
Black Diamond
Therapeutics Inc.
1,204,957
CytomX
Therapeutics Inc.
2,182,220
AtossaTherapeutics Inc.
3,779,376
Lexeo
Therapeutics Inc.
247,281
Augmedix Inc.
564,821
Nektar Therapeutics
Class A
5,846,571
Assertio
Holdings Inc.
3,013,166
Omega
Therapeutics Inc.
1,055,010
Cue Biopharma Inc.
1,190,778
ChromaDex Corp.
2,196,484
CitiusPharmaceuticals Inc. 4,132,683
BioAtla Inc.
1,267,868
Seer Inc. Class A
1,594,055
Carisma
Therapeutics Inc.
1,054,783
Mural Oncology plc
520,278
PreludeTherapeutics Inc.
720,427

MarketValue($000)

Shares
*,1

3,752
*

3,745

*,1
*

3,731
3,705
3,701
3,692
3,636
3,634
3,626
3,607
3,600
3,579
3,553
3,505
3,498
3,468
3,413
3,409

*
*

*
*,1

*
*
*

*,1

*,1
*,1
*,1

*
*

*,1
*
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3,386

*,1

3,382

*

3,326

*

*
*,1

3,319
3,304

*,1
*

3,303
*

3,224
*

3,176
3,144
3,141
3,126
3,119
3,092
3,091
3,080
3,076

*

*

*,1
*

*,1
*
*

Eton
Pharmaceuticals Inc. 681,717
Kodiak Sciences Inc.
980,492
Sanara Medtech Inc.
71,464
Personalis Inc.
1,375,373
Athira Pharma Inc.
1,183,657
KORU Medical
Systems Inc.
1,140,651
Chimerix Inc.
2,904,360
Karyopharm
Therapeutics Inc.
3,209,249
Electromed Inc.
253,800
NeuroPace Inc.
267,456
Longboard
Pharmaceuticals Inc. 454,801
Hyperfine Inc.
Class A
2,390,349
Apyx Medical Corp.
1,015,930
Inotiv Inc.
720,906
Cartesian
Therapeutics Inc.
3,799,067
Neuronetics Inc.
902,726
Oncology
Institute Inc.
1,273,384
FibroGen Inc.
2,912,350
Stereotaxis Inc.
1,470,512
Generation Bio Co.
1,555,025
AirSculpt
Technologies Inc.
341,234
Graphite Bio Inc.
969,009
XBiotech Inc.
622,546
Asensus Surgical Inc. 7,734,650
Vaxart Inc.
4,069,328
aTyr Pharma Inc.
1,652,835
Sangamo
Therapeutics Inc.
4,281,700
SCYNEXIS Inc.
1,040,219
BionanoGenomics Inc.
1,218,851
Vor BioPharma Inc.
990,141
Aquestive
Therapeutics Inc.
1,096,885
Werewolf
Therapeutics Inc.
567,665
Jasper
Therapeutics Inc.
2,773,673
AclarisTherapeutics Inc.
1,999,428
Adverum
Biotechnologies Inc. 2,788,554
Cutera Inc.
594,164
Century
Therapeutics Inc.
625,729
PepGen Inc.
304,943
Ikena Oncology Inc.
1,031,034
Trevi
Therapeutics Inc.
1,502,831－ 51 －

MarketValue($000)
2,986
2,981
2,937
2,888
2,876
2,800
2,795
2,776
2,769
2,757
2,742
2,677
2,662
2,646
2,619
2,618
2,598
2,581
2,573
2,566
2,556
2,539
2,490
2,467
2,331
2,331
2,326
2,320
2,304
2,228
2,216
2,191
2,188
2,099
2,099
2,094
2,077
2,074
2,031
2,014

バンガード®・トータル・ストック・マーケットETF

Shares
*,1

*,1

*,1

*

*,1
*,1
*
*

*

*

*

*

*,1
*,1

*,1

*
*,1
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*
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*
*

*,1

*,1
*

*,1

*
*,1
*
*
*,1

*,1
*
*

*,1
*

Galectin
Therapeutics Inc.
1,189,409
ProKidney Corp.
Class A
1,064,701
BioxcelTherapeutics Inc.
640,245
SpruceBiosciences Inc.
638,558
Cardiff Oncology Inc. 1,254,717
Ocuphire Pharma Inc.
611,415
Adicet Bio Inc.
968,997
Vigil
Neuroscience Inc.
531,740
Kezar Life
Sciences Inc.
1,877,555
Eagle
Pharmaceuticals Inc. 336,766
Theseus
Pharmaceuticals Inc. 431,873
KinnateBiopharma Inc.
730,663
Immunic Inc.
1,150,800
Rani Therapeutics
Holdings Inc.
Class A
518,702
CidaraTherapeutics Inc.
2,166,543
Pro-Dex Inc.
98,013
Co-Diagnostics Inc.
1,279,125
Cargo
Therapeutics Inc.
73,218
DermTech Inc.
967,000
Enzo Biochem Inc.
1,187,908
PalatinTechnologies Inc.
409,703
Pyxis Oncology Inc.
903,923
Clearside
Biomedical Inc.
1,383,654
GreenwichLifesciences Inc.
153,459
Eyenovia Inc.
775,664
Cyteir
Therapeutics Inc.
517,703
Acrivon
Therapeutics Inc.
309,500
Rallybio Corp.
636,414
Curis Inc.
119,269
Passage Bio Inc.
1,496,581
Nuvectis Pharma Inc.
181,040
CorvusPharmaceuticals Inc.
857,417
Beyond Air Inc.
763,374
Forian Inc.
507,760
Spero
Therapeutics Inc.
1,007,326
CytoSorbents Corp.
1,302,216
Xtant Medical
Holdings Inc.
1,278,952

MarketValue($000)

Shares
*

1,974
*,1

1,895
*

1,889

*,1

1,871
1,857
1,840
1,831

*,1

1,797

*,1

*,1
*,1

*

1,779
*,1

1,761
*

1,749

*,1
*,1

1,732
1,726

*,1

*

1,722
1,720
1,703
1,701
1,695
1,692
1,651

*,1
*

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*,1

*,1
*

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1,631
1,627

*,1

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1,619
*

1,614
1,613

*

1,574

*

1,523
1,521
1,521
1,512
1,510

*

*,1
*,1

*,1

1,509
1,496
1,485
1,481
1,445
1,445

*
*

*,1

*,1

DiaMedica
Therapeutics Inc.
506,271
RockwellMedical Inc.
759,624
Avrobio Inc.
1,051,279
Outlook
Therapeutics Inc.
3,610,237
Atara
Biotherapeutics Inc. 2,710,236
Kronos Bio Inc.
1,070,954
Achieve Life
Sciences Inc.
320,421
CareMax Inc.
2,648,343
SensusHealthcare Inc.
555,562
Matinas BioPharma
Holdings Inc.
6,020,598
iCAD Inc.
726,680
Vaxxinity Inc. Class A 1,489,274
Delcath Systems Inc.
302,558
P3 HealthPartners Inc.
868,499
ElicioTherapeutics Inc.
144,639
Allovir Inc.
1,771,721
Solid
Biosciences Inc.
190,097
MEI Pharma Inc.
201,106
Oncternal
Therapeutics Inc.
2,159,797
Hookipa Pharma Inc. 1,396,133
Assembly
Biosciences Inc.
1,377,385
Alpha Teknova Inc.
303,047
GeneDx Holdings
Corp. Class A
410,782
enVVeno Medical
Corp.
216,998
Lantern Pharma Inc.
256,113NGM
Biopharmaceuticals
Inc.
1,269,403
DesignTherapeutics Inc.
411,201
Dianthus
Therapeutics Inc.
103,857
IRIDEX Corp.
373,047
Vicarious
Surgical Inc. Class A 2,852,321
Cellectar
Biosciences Inc.
365,704
Aadi Bioscience Inc.
499,926
Cara
Therapeutics Inc.
1,354,313
Milestone
Scientific Inc.
1,447,898
Acurx
Pharmaceuticals Inc. 260,850－ 52 －

MarketValue($000)
1,438
1,436
1,430
1,422
1,390
1,339
1,320
1,319
1,311
1,302
1,286
1,266
1,259
1,225
1,206
1,204
1,167
1,166
1,158
1,131
1,130
1,130
1,130
1,115
1,096
1,090
1,090
1,080
1,048
1,046
1,013
1,010
1,006
999
999

バンガード®・トータル・ストック・マーケットETF

Shares
*

*
*,1

*,1
*,1

*,1

*

*

*
*,1

*,1

*
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*,1

*,1

*

*,1

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*
*
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*
*
*,1

*,1

*

*,1

*
*
*,1

*,1

*,1
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NanoString
Technologies Inc.
1,330,066
LENSAR Inc.
282,930
Leap
Therapeutics Inc.
235,604
Movano Inc.
1,233,783
DyadicInternational Inc.
596,383
Cognition
Therapeutics Inc.
517,783
Reneo
Pharmaceuticals Inc.
596,113
Precision
BioSciences Inc.
2,436,960
PAVmed Inc.
213,896
Accelerate
Diagnostics Inc.
223,456
Bolt
Biotherapeutics Inc.
747,881
Rezolute Inc.
841,974
EledonPharmaceuticals Inc. 459,998
Homology
Medicines Inc.
1,354,738
Bright HealthGroup Inc.
104,371
Minerva
Neurosciences Inc.
128,899
SELLAS Life
Sciences Group Inc.
742,353
BioSigTechnologies Inc.
1,638,452
Fortress Biotech Inc.
258,336
Marker
Therapeutics Inc.
135,408
HeartBeam Inc.
315,883
Biodesix Inc.
400,114
Dare Bioscience Inc. 2,375,133
Societal CDMO Inc.
2,064,292
ImmuCell Corp.
139,968
QuinceTherapeutics Inc.
663,318
UNITY
Biotechnology Inc.
357,567
CorbusPharmaceuticals
Holdings Inc.
112,022
Checkpoint
Therapeutics Inc.
293,542
Instil Bio Inc.
85,903
Exagen Inc.
326,266
Context
Therapeutics Inc.
573,400
Science 37
Holdings Inc.
118,985
Rain Oncology Inc.
518,612Ekso Bionics
Holdings Inc.
243,385

MarketValue($000)

Shares
*

995
993

*

977
964

*

960

*,1

*

*

*,1

958
954
890
881
876

*,1
*,1

*
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838
836

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828

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824

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796
793

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787

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778
778

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745
742
736
734
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707

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*,1

*

697
*,1

690
*

677
672
655
649

*

*

*,1

648
*,1

635
622
608

*,1
*

NextCure Inc.
530,127
Lumos Pharma Inc.
187,322
AIM
ImmunoTech Inc.
1,311,599
Celularity Inc. Class A 2,316,900
Microbot
Medical Inc.
348,549
Clene Inc.
1,911,118
TherapeuticsMD Inc.
249,657
Biomerica Inc.
440,355
Singular Genomics
Systems Inc.
1,180,133
Synlogic Inc.
139,449
ProtaraTherapeutics Inc.
284,301
ARCA biopharma Inc.
312,166
Moleculin
Biotech Inc.
616,108
ElectroCore Inc.
91,007
Incannex
Healthcare Inc.
112,351
Turnstone Biologics
Corp.
200,545
Eliem
Therapeutics Inc.
189,734
Elutia Inc.
233,593
Biora
Therapeutics Inc.
372,034
Psychemedics Corp.
165,415
Cumberland
Pharmaceuticals Inc. 280,820
Neurogene Inc.
24,677
Aligos
Therapeutics Inc.
712,990
Retractable
Technologies Inc.
421,212
Viracta
Therapeutics Inc.
813,922
Aspira Women's
Health Inc.
113,506
Elevation
Oncology Inc.
854,850
NRX
Pharmaceuticals Inc. 978,921
Sonida Senior
Living Inc.
46,397
Intensity
Therapeutics Inc.
52,091
Rapid Micro
Biosystems Inc.
Class A
594,568
Alaunos
Therapeutics Inc.
6,058,963
Bright Green Corp.
1,286,273
Cano Health Inc.
71,958Cryo-Cell
International Inc.
72,821－ 53 －

MarketValue($000)
604
586
577
573
572
567
562
550
543
537
532
531
529
527
521
510
509
505
502
490
489
478
473
468
464
463
459
450
448
446
440
428
425
422
419

バンガード®・トータル・ストック・マーケットETF

Shares
*,1

*
*,1

*,1

*
*
*,1

*,1
*,1

*,1
*,1

*
*,1
*,1
*,1
*,1

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*

*

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SagimetBiosciences Inc.
Class A76,983Equillium Inc.
570,835
SAB
Biotherapeutics Inc.
598,672
CandelTherapeutics Inc.
279,875
Cue Health Inc.
2,505,948
Xilio Therapeutics Inc.
739,563
Indaptus
Therapeutics Inc.
229,197
CareCloud Inc.
266,292
Lucid
Diagnostics Inc.
286,266
Durect Corp.
684,963
Forte
Biosciences Inc.
487,429
Vincerx Pharma Inc.
334,111
Lipocine Inc.
141,076
Oncocyte Corp.
153,986
Alimera Sciences Inc.
87,394
Immix
Biopharma Inc.
52,979Kineta Inc.
99,876Nephros Inc.
102,105
HepionPharmaceuticals Inc. 104,005
Cyclo
Therapeutics Inc.
211,053
Coya
Therapeutics Inc.
44,096Strata Skin
Sciences Inc.
593,248
Cocrystal
Pharma Inc.
191,359
LisataTherapeutics Inc.
118,336
Seelos
Therapeutics Inc.
224,893
NanoViricides Inc.
300,189
Sensei
Biotherapeutics Inc.
441,585
ATI Physical
Therapy Inc.
49,713
BioCardia Inc.
457,496
AnebuloPharmaceuticals Inc. 121,000
Dominari
Holdings Inc.
111,013
Orgenesis Inc.
566,688
NeumoraTherapeutics Inc.
16,451
Eiger
BioPharmaceuticals
Inc.
1,244,467
Onconova
Therapeutics Inc.
365,661

MarketValue($000)

Shares
*,1

417
413
412

*,1

*,1
*,1

411
407
407
406
405

*
*,1

*
*,1

404
404

*,1

401
394
389
382
378

*,1

367
355
352

*

*

*,1
*
*,1
*,1

340

*,1

336

*

327

*

326

*,1

325

*,1

323

*

313
306

*,1

*
*,1

306

*

305
304

*
*
*,1

293

*

288
284

*,1

281

*,1
*,1

279

*
*

273

*

Organovo
Holdings Inc.
Class A
238,972
Molecular
Templates Inc.
71,577
Vivani Medical Inc.
258,649
BrainStorm Cell
Therapeutics Inc.
951,371
Genprex Inc.
1,127,694
MyMD
Pharmaceuticals Inc. 986,327
Upexi Inc.
214,062
Predictive
Oncology Inc.
69,297Modular Medical Inc.
115,726
Regulus
Therapeutics Inc.
164,709
Senti
Biosciences Inc.
Class A
320,153
PharmaCyte
Biotech Inc.
96,416IN8bio Inc.
150,136
HCW Biologics Inc.
167,691
GT Biopharma Inc.
766,308vTv Therapeutics Inc.
Class A
15,627Longeveron Inc.
Class A
125,885
AgeX
Therapeutics Inc.
426,190
ArmataPharmaceuticals Inc.
50,136
BioVie Inc. Class A
128,489
GeoVax Labs Inc.
439,870
MiNK
Therapeutics Inc.
148,229
TFF
Pharmaceuticals Inc.
22,507
Mustang Bio Inc.
104,168
eFFECTOR
Therapeutics Inc.
300,033
Talis Biomedical
Corp.
18,267
Surrozen Inc.
13,278Precipio Inc.
19,779Telesis Bio Inc.
307,523
Precision Optics
Corp. Inc.
19,998
Tonix
Pharmaceuticals
Holding Corp.
297,302
Sientra Inc.
181,333
MAIA
Biotechnology Inc.
93,500Know Labs Inc.
211,143
Eargo Inc.
40,636
Nutriband Inc.
41,970－ 54 －

MarketValue($000)

265
265
264
260
259
255
248
228
211
211
211
208
207
205
195
180
171
164
162
162
159
159
158
141
140
136
126
125
123
123
120
111
109
107
105
98

バンガード®・トータル・ストック・マーケットETF

Shares
*,1
*,1

*

*

*,1

*,1

*,1
*,1
*

*,1

*,1

*
*,1

*
*,2

*,1
*,1

*
*

*

*,1,2

*,2

*,2

Aravive Inc.
779,481
Inhibikase
Therapeutics Inc.
75,629Journey Medical
Corp.
15,723
American Shared
Hospital Services
36,859
AcelRxPharmaceuticals Inc.
112,873
Finch Therapeutics
Group Inc.
22,530
Theriva Biologics Inc.
172,086
Atreca Inc. Class A
485,847
Champions
Oncology Inc.
11,573
Novo Integrated
Sciences Inc.
77,105
Star Equity
Holdings Inc.
53,681
iSpecimen Inc.
98,114NightHawk
Biosciences Inc.
107,297
Venus Concept Inc.
37,158Impact
BioMedical Inc.
(Registered)
5,171,052
Vaccinex Inc.
35,633
Aprea
Therapeutics Inc.
4,990
KALA BIO Inc.
907
Coeptis Therapeutics
Holdings
7,950
AcordaTherapeutics Inc.
370
Synergy
Pharmaceuticals LLC 5,148,145
OmniAb Inc. 12.5
Earnout
186,267
OmniAb Inc. 15
Earnout
186,267

MarketValue($000)
96
96
91
88
83

*

81
74
64
*

63
63
55
49
47
43
33
24
23
6
6
5
—
—
—
175,231,349

Industrials (13.1%)
Visa Inc. Class A
49,161,229
Mastercard Inc.
Class A
26,261,902
Accenture plc
Class A
19,693,641*
Boeing Co.
18,995,096
Caterpillar Inc.
15,980,540
Union Pacific Corp. 19,125,414
General Electric Co. 34,192,214
HoneywellInternational Inc.
20,699,356
RTX Corp.
45,157,308
United Parcel
Service Inc. Class B 22,672,144

Shares12,799,126
11,200,964
6,910,696
4,951,262
4,724,966
4,697,584
4,363,952
4,340,862
3,799,536
3,564,741*

Lockheed Martin
Corp.
7,781,461
Deere & Co.
8,138,787
American Express
Co.
17,154,973
Eaton Corp. plc
12,546,651
Automatic Data
Processing Inc.
12,902,739
Fiserv Inc.
18,841,756
Illinois Tool
Works Inc.
8,953,776
Sherwin-Williams Co. 7,230,256
CSX Corp.
62,017,878
PayPal Holdings Inc. 33,872,041
General Dynamics
Corp.
7,708,880
Northrop GrummanCorp.
4,262,306
3M Co.
17,337,401
Parker-Hannifin Corp. 4,037,796
FedEx Corp.
7,097,384
Emerson Electric Co. 17,906,942
Trane Technologies
plc
7,143,049
Norfolk SouthernCorp.
7,102,500
TransDigm Group Inc. 1,651,003
Cintas Corp.
2,713,465
PACCAR Inc.
16,424,461
Carrier Global Corp. 26,379,345
Capital One Financial
Corp.
11,354,942
Block Inc. Class A
17,397,837
L3Harris
Technologies Inc.
5,964,325
Old Dominion FreightLine Inc.
3,085,860
Ferguson plc
6,395,035
Johnson Controls
International plc
21,332,887
United Rentals Inc.
2,130,772
Paychex Inc.
10,204,499
AMETEK Inc.
7,233,454
WW Grainger Inc.
1,400,571
Otis Worldwide Corp. 12,819,033
RockwellAutomation Inc.
3,602,718
PPG Industries Inc.
7,410,874
Verisk Analytics Inc.
Class A4,544,939
Cummins Inc.
4,445,252
Quanta Services Inc. 4,571,620
Ingersoll Rand Inc.
12,738,470
Martin Marietta
Materials Inc.
1,938,346
Equifax Inc.
3,877,318
Vulcan Materials Co. 4,162,545－ 55 －

MarketValue($000)
3,526,869
3,254,457
3,213,813
3,021,484
3,005,951
2,502,939
2,345,352
2,255,117
2,150,160
2,080,082
2,001,765
1,995,356
1,895,325
1,860,213
1,795,425
1,742,883
1,742,190
1,678,889
1,670,155
1,635,297
1,603,849
1,515,493
1,488,860
1,345,723
1,256,206
1,250,792
1,234,689
1,229,628
1,221,827
1,215,458
1,192,724
1,160,639
1,146,919
1,118,572
1,108,296
1,085,604
1,064,949
986,556
985,193
967,060
958,822944,939

バンガード®・トータル・ストック・マーケットETF

Shares

*

*
*

*

*

*

*

*

*

DuPont deNemours Inc.
12,162,157
Keysight
Technologies Inc.
5,489,430
Fidelity National
Information
Services Inc.
14,459,338
Xylem Inc.
7,589,530
Fair Isaac Corp.
735,800
Mettler-Toledo
International Inc.
680,609
Fortive Corp.
11,037,637
Global Payments Inc. 6,382,137
Westinghouse Air
Brake Technologies
Corp.
5,623,695
HowmetAerospace Inc.
12,952,631
Dover Corp.
4,380,164
Teledyne
Technologies Inc.
1,485,955
Builders
FirstSource Inc.
3,875,784
FleetCor
Technologies Inc.
2,157,390
Waters Corp.
1,851,713
Veralto Corp.
7,355,556
Expeditors
International of
Washington Inc.
4,550,400
Axon Enterprise Inc. 2,228,508
Ball Corp.
9,897,934
Hubbell Inc. Class B 1,680,691
Booz Allen Hamilton
Holding Corp.
Class A4,103,391
JB Hunt Transport
Services Inc.
2,592,145
IDEX Corp.
2,368,862
Jacobs Solutions Inc. 3,945,611
Textron Inc.
6,147,423
Synchrony Financial 12,942,016
Carlisle Cos. Inc.
1,531,899
Snap-on Inc.
1,654,023
Stanley Black &Decker Inc.
4,817,212
Masco Corp.
7,020,867
Graco Inc.
5,303,248
Packaging Corp. of
America
2,811,341
Watsco Inc.
1,062,287
RPMInternational Inc.
4,050,066
HEICO Corp. Class A 3,156,132
LennoxInternational Inc.
1,000,356
Zebra Technologies
Corp. Class A
1,613,130

MarketValue($000)
935,635*

873,313868,572
867,939
856,479825,551
812,701
810,531**713,647
700,996
673,713663,167*

647,023
609,700
609,639
605,068*

578,811575,690569,329552,830*

524,865
517,755
514,304
512,140
494,376494,256
478,611477,748472,568
470,258
460,110
457,996455,158
452,109449,559
447,679

*
*

*

*

*

Nordson Corp.
TransUnion
Trimble Inc.
Owens Corning
AECOM
Lincoln Electric
Holdings Inc.
Pentair plc
Jack Henry &Associates Inc.
TopBuild Corp.
Saia Inc.
Crown Holdings Inc.
Allegion plc
Westrock Co.
Advanced Drainage
Systems Inc.
Huntington Ingalls
Industries Inc.
Affirm Holdings Inc.
Class AEMCOR Group Inc.
A O Smith Corp.
Toro Co.
Regal Rexnord Corp.
nVent Electric plc
ITT Inc.
XPO Inc.
Fortune Brands
Innovations Inc.
CH Robinson
Worldwide Inc.
Trex Co. Inc.
WESCO
International Inc.
Tetra Tech Inc.
Knight-Swift
Transportation
Holdings Inc.
Class A
Robert Half Inc.
Curtiss-Wright Corp.
Simpson
Manufacturing Co.
Inc.
WEX Inc.
BILL Holdings Inc.
Woodward Inc.
WillScot Mobile Mini
Holdings Corp.
AptarGroup Inc.
Generac
Holdings Inc.
Middleby Corp.
Donaldson Co. Inc.
AGCO Corp.

440,917－ 56 －

SharesMarketValue($000)

1,610,023
6,066,423
7,797,185
2,780,589
4,270,648

425,304
416,824
414,810412,167
394,736

1,803,568
5,168,650

392,204
375,8132,289,612
993,761
831,141
3,785,508
2,748,722
8,060,395

374,145
371,925364,223
348,607348,236
334,668

2,327,318

327,314

1,252,546

325,2116,475,512
1,475,815
3,847,110
3,270,698
2,085,500
5,214,751
2,573,973
3,456,853

318,207317,935
317,156
313,954308,696308,140
307,126
302,786

3,975,372

302,685

3,469,735
3,410,508

299,750
282,356

1,608,522
1,667,432

279,690
278,344

4,811,777
3,133,597
1,202,484

277,399
275,506
267,901

1,339,098
1,341,277
3,168,013
1,881,834

265,115260,945
258,478
256,1745,734,476
2,059,579

255,184
254,605

1,936,201
1,689,281
3,799,667
2,002,968

250,235
248,611248,308
243,180

バンガード®・トータル・ストック・マーケットETF

*

*
*

*

*

*

*
*

*
*

*

*

*

Graphic Packaging
Holding Co.
Axalta Coating
Systems Ltd.
Berry Global
Group Inc.
Comfort Systems
USA Inc.
API Group Corp.
GXO Logistics Inc.
Cognex Corp.
FTI Consulting Inc.
Oshkosh Corp.
Eagle Materials Inc.
BWX
Technologies Inc.
Landstar System Inc.
Paylocity Holding
Corp.
MKS
Instruments Inc.
Fluor Corp.
Brunswick Corp.
Applied Industrial
Technologies Inc.
Littelfuse Inc.
Acuity Brands Inc.
MSA Safety Inc.
Genpact Ltd.
Atkore Inc.
Core & Main Inc.
Class AATI Inc.
Chart Industries Inc.
Watts Water
Technologies Inc.
Class A
Sensata Technologies
Holding plc
Crane Co.
MohawkIndustries Inc.
Sonoco Products Co.
AZEK Co. Inc.
Class A
Flowserve Corp.
Vontier Corp.
Sealed Air Corp.
Allison Transmission
Holdings Inc.
Maximus Inc.
Esab Corp.
Valmont
Industries Inc.
Beacon Roofing
Supply Inc.

SharesMarketValue($000)

9,619,485

237,120

6,950,605

236,1123,454,285

232,784

1,121,465
6,622,280
3,725,476
5,431,807
1,123,121
2,052,249
1,093,690

230,652
229,131
227,850
226,724
223,670
222,484
221,8442,874,120
1,123,765

220,531217,617

1,317,553

217,199

2,103,748
5,382,618
2,173,615

216,413
210,837
210,297

1,212,155
781,738
978,607
1,172,240
5,677,082
1,179,645

209,327
209,162
200,448
197,909
197,052
188,7434,556,433
4,036,679
1,340,271

184,125
183,548
182,719

861,374

179,459

4,773,439
1,516,964

179,338
179,214

1,697,249
3,071,043

175,665
171,579

Shares
*

*

*

*

*

*

*

*

*

4,460,705
4,105,918
4,860,826
4,526,984

170,622
169,246
167,942
165,325

2,798,549
1,901,331
1,795,188

162,736
159,446
155,499**665,601

155,424

1,783,310

155,184*

ExlService
Holdings Inc.
4,952,750
AAON Inc.
2,065,185
MasTec Inc.
1,989,900
Ryder System Inc.
1,307,353
Federal Signal Corp. 1,933,564
Kirby Corp.
1,867,841
Louisiana-PacificCorp.
2,029,306
SummitMaterials Inc.
Class A
3,730,080
MSC Industrial Direct
Co. Inc. Class A
1,410,861
Badger Meter Inc.
919,945
EuronetWorldwide Inc.
1,391,863
Exponent Inc.
1,600,869
Air Lease Corp.
Class A
3,299,684
HB Fuller Co.
1,696,560
SPX Technologies Inc. 1,361,272
Installed Building
Products Inc.
751,953
Armstrong World
Industries Inc.
1,373,045
Western Union Co. 11,305,217
Shift4 Payments Inc.
Class A
1,803,814
GATX Corp.
1,109,705
ASGN Inc.
1,384,045
Moog Inc. Class A
903,945
EnerSys
1,287,262
Insperity Inc.
1,095,357
Zurn Elkay Water
Solutions Corp.
4,346,362
MDU ResourcesGroup Inc.
6,378,160
Herc Holdings Inc.
843,483
ManpowerGroup Inc. 1,549,825
FTAI Aviation Ltd.
2,651,151
Franklin Electric Co.
Inc.
1,245,465
Knife River Corp.
1,775,012
HEICO Corp.
654,552
Brink's Co.
1,324,343
Matson Inc.
1,060,722
Terex Corp.
2,014,965
Spirit AeroSystems
Holdings Inc.
Class A
3,597,853
Silgan Holdings Inc.
2,474,104
Verra Mobility Corp.
Class A
4,847,621
Otter Tail Corp.
1,306,480
Itron Inc.
1,420,982
Hillenbrand Inc.
2,239,011－ 57 －

MarketValue($000)
152,792
152,555
150,675
150,424
148,382
146,588
143,736
143,459
142,864
142,012141,260
140,941
138,389
138,117
137,502137,472
134,998
134,758
134,096
133,409
133,104
130,873
129,962
128,398
127,827
126,288
125,586
123,165
123,013120,374
117,470
117,080
116,476
116,255
115,780
114,340
111,953
111,641
111,012107,298
107,137

バンガード®・トータル・ストック・マーケットETF

Shares
*
*
*
*
*,1

*

*

*,1

*
*

*

*

*
*

*

*
*

*
*

*

*

AeroVironment Inc.
838,771
ACI Worldwide Inc.
3,395,998
TriNet Group Inc.
872,127
Marqeta Inc. Class A 14,849,394
AuroraInnovation Inc.
Class A
23,673,451
Kadant Inc.
367,507
Enpro Inc.
656,503
GMS Inc.
1,243,622
CSW Industrials Inc.
491,371
Dycom
Industries Inc.
879,131
Encore Wire Corp.
471,228
Korn Ferry
1,688,993
John Bean
Technologies Corp. 1,001,457
Belden Inc.
1,280,052
Albany International
Corp. Class A
981,654
ESCO
Technologies Inc.
813,320
Bloom Energy Corp.
Class A
6,400,837
Alight Inc. Class A
11,026,060
CBIZ Inc.
1,493,595
ABM Industries Inc. 2,069,008
ModineManufacturing Co.
1,551,325
McGrath RentCorp
766,858
AMN Healthcare
Services Inc.
1,184,561
UniFirst Corp.
475,839
WernerEnterprises Inc.
2,047,074
Vestis Corp.
4,092,494
ArcBest Corp.
719,604
Crane NXT Co.
1,511,205
RXO Inc.
3,675,662
Hub Group Inc.
Class A
929,525
EVERTEC Inc.
2,065,778
ResideoTechnologies Inc.
4,411,658
Griffon Corp.
1,353,941
Flywire Corp.
3,528,738
Kratos Defense &Security
Solutions Inc.
4,024,600
Remitly Global Inc.
4,150,145
Sterling
Infrastructure Inc.
915,171
Brady Corp. Class A 1,366,372
O-I Glass Inc.
4,837,829
ICF International Inc.
590,565
MYR Group Inc.
540,799

MarketValue($000)
105,719
103,918
103,722103,649
103,453
103,016
102,900
102,512
101,915
101,179
100,654
100,242
99,59598,884

Shares
*

*
*,1

*

*
*

96,418*95,183*

94,732
94,052
93,48492,754**

92,61491,732*

88,70087,036*86,73586,51586,50485,94285,49685,461
84,573****83,027
82,523
81,69081,65980,59680,47180,192
79,244
79,18978,216**,1**

Gibraltar
Industries Inc.
988,085
ADT Inc.
11,042,433
Mueller Water
Products Inc.
Class A
4,910,327
GraniteConstruction Inc.
1,378,302
Trinity Industries Inc. 2,601,392
OSI Systems Inc.
527,329
Joby Aviation Inc.
10,165,192
Alamo Group Inc.
320,750
Patrick Industries Inc.
665,868
Gates Industrial Corp.
plc
4,973,804
PGT Innovations Inc. 1,639,775
AAR Corp.
1,044,223
Kennametal Inc.
2,510,741
International
Seaways Inc.
1,402,851
Mercury
Systems Inc.
1,735,610
Hayward
Holdings Inc.
4,505,474
AvidXchange
Holdings Inc.
4,909,739
Masterbrand Inc.
4,058,821
Standex International
Corp.
379,590
MirionTechnologies Inc.
Class A
5,790,755
MasoniteInternational Corp.
696,945
Hillman Solutions
Corp.
6,384,493
Huron Consulting
Group Inc.
571,594
Construction
Partners Inc.
Class A
1,299,192
NCR Atleos Corp.
2,300,517
Enerpac Tool Group
Corp. Class A
1,784,191
Primoris Services
Corp.
1,662,971
Greif Inc. Class A
837,914
Tennant Co.
568,086
Forward Air Corp.
831,073
H&E Equipment
Services Inc.
985,625
Leonardo DRS Inc.
2,572,522
Enovix Corp.
4,092,703
Bread Financial
Holdings Inc.
1,547,275
NV5 Global Inc.
450,683
Legalzoom.com Inc. 4,423,719
Barnes Group Inc.
1,507,243－ 58 －

MarketValue($000)
78,03975,30970,70970,10069,171
68,052
67,59967,41866,82066,74866,73965,16064,75263,802
63,471
61,27460,83260,273
60,11959,35559,00358,801
58,76056,54155,88055,47055,22754,95952,65652,25051,56851,55351,24150,96750,08049,98849,181

バンガード®・トータル・ストック・マーケットETF

Shares
*
*

*

*

*

*,1

*

*
*,1
*

*

*,1

*
*

*
*
*
*,1
*

*

*,1

*

*

CoreCivic Inc.
3,380,191
American Woodmark
Corp.
520,003
Donnelley Financial
Solutions Inc.
766,118
JELD-WEN
Holding Inc.
2,523,083
Janus International
Group Inc.
3,613,805
HeliosTechnologies Inc.
1,024,698
Rocket Lab USA Inc. 8,353,301
Lindsay Corp.
349,443
Greenbrier Cos. Inc.
982,764
AZZ Inc.
742,578
Triumph Group Inc.
2,536,121
Kforce Inc.
621,799
Payoneer Global Inc. 7,851,095
Symbotic Inc. Class A
784,229
Cimpress plc
494,191
Wabash NationalCorp.
1,464,767
Marten Transport Ltd. 1,772,306
ApogeeEnterprises Inc.
679,634
Air Transport Services
Group Inc.
2,058,061
Archer Aviation Inc.
Class A
5,798,126
Napco Security
Technologies Inc.
1,022,669
TriMas Corp.
1,346,325
Columbus McKinnon
Corp.
867,216
Aspen Aerogels Inc. 2,091,646
Thermon Group
Holdings Inc.
1,006,633
Quanex Building
Products Corp.
1,048,907
Proto Labs Inc.
821,262
Vicor Corp.
705,525SP Plus Corp.
601,630
Nikola Corp.
34,458,847
Energy Recovery Inc. 1,596,651
Schneider
National Inc.
Class B
1,180,186
BlueLinx
Holdings Inc.
258,113
Virgin Galactic
Holdings Inc.
11,696,553
Transcat Inc.
258,027
Deluxe Corp.
1,314,727
Montrose
Environmental
Group Inc.
864,555
Astec Industries Inc.
742,110MarketValue($000)
49,114*

48,28247,783*47,63647,16046,47046,19445,134
43,41943,13642,04942,00940,90440,25439,560

*
*

*

*
*

37,52737,18336,29936,242*35,60035,026
34,102*

33,83933,006*32,78632,06531,99631,70630,83430,14530,081***,1

30,036*29,24728,65728,21028,201**

27,77827,606*

ZipRecruiter Inc.
Class AVSE Corp.
First Advantage Corp.
Powell Industries Inc.
Cross Country
Healthcare Inc.
Barrett Business
Services Inc.
Gorman-Rupp Co.
Blue Bird Corp.
International Money
Express Inc.
Titan
International Inc.
Hyster-Yale Materials
Handling Inc.
CryoPort Inc.
Ducommun Inc.
Pitney Bowes Inc.
CRA
International Inc.
Myers Industries Inc.
Insteel Industries Inc.
Heartland
Express Inc.
Conduent Inc.
DouglasDynamics Inc.
Argan Inc.
Kelly Services Inc.
Class A
Repay Holdings Corp.
Class A
Kaman Corp.
IES Holdings Inc.
Titan Machinery Inc.
REV Group Inc.
Cass Information
Systems Inc.
Manitowoc Co. Inc.
Cadre Holdings Inc.
Ennis Inc.
PureCycle
Technologies Inc.
Heidrick & Struggles
International Inc.
CECO Environmental
Corp.
Mesa
Laboratories Inc.
DXP Enterprises Inc.
Perella Weinberg
Partners Class A
HudsonTechnologies Inc.
Franklin Covey Co.

－ 59 －

SharesMarketValue($000)

1,957,712
407,011
1,578,966
282,335

27,212
26,297
26,163
24,9581,087,862

24,629211,351
674,820859,376

24,47423,97623,1691,047,443

23,138

1,526,933

22,721

361,598
1,449,481
421,727
4,751,486

22,48822,452
21,95520,907

210,751
1,064,615
535,957

20,833
20,813
20,522

1,428,621
5,553,255

20,372
20,269676,869
427,894

20,08920,021

921,762

19,9282,322,791
815,429
235,697
640,698
1,017,861

19,837
19,53018,672
18,503
18,495408,138
1,083,726
528,400
789,811

18,38718,087
17,37917,305

4,248,447

17,206

580,522

17,143843,032

17,097

159,129478,217

16,672
16,116

1,278,425

15,635

1,149,613
349,70215,50815,223

バンガード®・トータル・ストック・マーケットETF

*
*

*

*

*

*,1

*
*,1

*

*

*

*

*

*

*
*

*
1

*

*
*

*

*,1

*,1

*

Resources
Connection Inc.
Cantaloupe Inc.
I3 Verticals Inc.
Class AV2X Inc.
Pactiv Evergreen Inc.
TrueBlue Inc.
National Presto
Industries Inc.
Great Lakes Dredge& Dock Corp.
Atmus Filtration
Technologies Inc.
Astronics Corp.
Evolv Technologies
Holdings Inc.
Green Dot Corp.
Class A
Miller Industries Inc.
Sterling Check Corp.
United States Lime &Minerals Inc.
LimbachHoldings Inc.
FTAIInfrastructure Inc.
FARO
Technologies Inc.
TTEC Holdings Inc.
Vishay Precision
Group Inc.
Shyft Group Inc.
Allient Inc.
Concrete Pumping
Holdings Inc.
Daseke Inc.
Custom Truck One
Source Inc.
AerSale Corp.
Eagle Bulk
Shipping Inc.
Tutor Perini Corp.
LSI Industries Inc.
Radiant Logistics Inc.
BrightView
Holdings Inc.
Distribution Solutions
Group Inc.
Bowman Consulting
Group Ltd. Class A
Target Hospitality
Corp.
Covenant Logistics
Group Inc. Class A
Forrester
Research Inc.

SharesMarketValue($000)

1,068,324
2,042,575

15,13815,135707,059
316,924
1,068,389
942,024

14,96814,718
14,64814,451

179,509

14,411*

1,843,428

14,158

*

*

*
*
*

*

601,023
808,671

14,11814,0872,974,460

14,0391,377,254
314,326
939,412

13,635
13,293
13,077*54,808

12,625*273,917

12,455*

3,188,200

12,402546,929567,356

12,322
12,295

*
*

*

*,1

346,096964,741
388,182

11,791
11,78911,727*

1,403,777
1,397,196

11,511
11,317

1,831,243
886,801

11,317
11,258*202,315
1,210,073
777,330
1,602,191

11,20811,012
10,945
10,639*1,219,101

10,265*

319,072

10,070*281,436

9,997

995,822

9,689

*,1

209,606

9,650*

359,746

9,645

*,1

*

*

*
*,1

*
*

L B Foster Co.
Class A
Park Aerospace Corp.
Overseas
Shipholding
Group Inc. Class A
TaskUS Inc. Class A
Moneylion Inc.
Willdan Group Inc.
Advantage
Solutions Inc.
Iteris Inc.
Ranpak Holdings
Corp. Class A
Luna Innovations Inc.
Paymentus
Holdings Inc.
Class A
Graham Corp.
SoundThinking Inc.
Park-Ohio Holdings
Corp.
Performant Financial
Corp.
Commercial Vehicle
Group Inc.
Information Services
Group Inc.
KronosWorldwide Inc.
Microvast
Holdings Inc.
Universal Logistics
Holdings Inc.
Blade Air
Mobility Inc.
Eos EnergyEnterprises Inc.
Quad/Graphics Inc.
Atlanticus Holdings
Corp.
Mistras Group Inc.
Manitex
International Inc.
Twin Disc Inc.
Karat Packaging Inc.
GencorIndustries Inc.
Acacia Research
Corp.
CS Disco Inc.
Rekor Systems Inc.
Desktop Metal Inc.
Class A
Smith-Midland Corp.
DLH Holdings Corp.
Orion Group
Holdings Inc.

－ 60 －

SharesMarketValue($000)

413,355
613,019

9,090
9,011

1,689,920
680,818
139,245399,927

8,906
8,898
8,729
8,598

2,262,148
1,518,768

8,189
7,898

1,271,849
1,112,056

7,402
7,395

408,611377,551
274,829

7,302
7,162
7,019

258,617

6,972

2,204,695

6,890

969,649

6,797

1,420,253

6,689

666,260

6,623

4,691,275

6,568

230,693

6,464

1,780,179

6,284

5,747,383
1,103,900

6,265
5,983

150,156
778,795

5,807
5,701

640,610344,051
216,891

5,599
5,560
5,390

332,487

5,366

1,364,575
700,982
1,590,214

5,349
5,320
5,295

7,049,819
132,192
326,878

5,294
5,222
5,148

939,452

4,641

バンガード®・トータル・ストック・マーケットETF

*

*
*

*

*

*

*,1

1
*,1

*,1

*,1

*,1

*

*,1

*,1
*,1
*,1
*

*

*,1
*,1
*,1

*

1
*
*,1
*
*,1
*,1,2
*

*,1

*,1

RCM
Technologies Inc.
ARC Document
Solutions Inc.
DHI Group Inc.
HireRight Holdings
Corp.
Hurco Cos. Inc.
Mayville Engineering
Co. Inc.
PAM Transportation
Services Inc.
Core Molding
Technologies Inc.
TuSimple
Holdings Inc.
Class AEVI Industries Inc.
BlackSky
Technology Inc.
Class A
BGSF Inc.
Byrna
Technologies Inc.
AmpriusTechnologies Inc.
Hyliion Holdings
Corp.
Innovative Solutions& Support Inc.
Danimer
Scientific Inc.
Class A
Spire Global Inc.
Terran Orbital Corp.
CompoSecure Inc.
Babcock & Wilcox
Enterprises Inc.
Willis Lease FinanceCorp.
CPI Card Group Inc.
Skillsoft Corp.
Markforged Holding
Corp.
VirTra Inc.
Frequency
Electronics Inc.
HireQuest Inc.
Alpha Pro Tech Ltd.
374Water Inc.
Ultralife Corp.
Paysign Inc.
Tingo Group Inc.
Research
Solutions Inc.
SKYX Platforms
Corp.
Redwire Corp.

SharesMarketValue($000)

159,492

4,632

*,1

*

1,338,175
1,659,630

4,389
4,298

*,1
*

312,786
194,394

4,207
4,185

283,525

4,088

*
*,1
*,1

*,1

196,206

4,077

210,686

3,904

*,1
*
*,1

4,277,881
155,167

3,755
3,682

2,623,844
359,805

3,673
3,382

*,1

515,082

3,291*

593,900

3,142

3,720,847

3,028

353,301

3,014

*,1

*
*

*,1

*,1

*

2,920,239
372,0902,419,100
505,739

2,979
2,910
2,758
2,731

1,843,405

2,691

53,245
133,343
145,044

2,603
2,559
2,550

3,063,363
265,149

2,512
2,511

228,179
159,520462,840
1,698,615
348,051
842,1133,254,473

2,499
2,449
2,448
2,412
2,374
2,358
2,246

*,1

*,1
*

*
*
*

*,1

*

*

*

*,1
*,1

*

846,894

2,202

1,335,481
737,344

2,137
2,101

*,1
*

*

Wrap
Technologies Inc.
LS Starrett Co.
Class A
Hyzon Motors Inc.
GEE Group Inc.
Broadwind Inc.
Velo3D Inc.
WorkhorseGroup Inc.
Where Food Comes
From Inc.
INNOVATE Corp.
Hudson Global Inc.
Odyssey Marine
Exploration Inc.
Class B
Coda Octopus
Group Inc.
Usio Inc.
Lightbridge Corp.
Knightscope Inc.
Class A
LightPath
Technologies Inc.
Class A
FreightCar
America Inc.
Hydrofarm HoldingsGroup Inc.
Priority Technology
Holdings Inc.
Astra Space Inc.
Class A
Sono-Tek Corp.
M-TronIndustries Inc.
RF Industries Ltd.
IZEA Worldwide Inc.
Pioneer Power
Solutions Inc.
Katapult
Holdings Inc.
StarTek Inc.
Espey Manufacturing& Electronics Corp.
Orion Energy
Systems Inc.
ClearSign
Technologies Corp.
Sypris Solutions Inc.
AppTech Payments
Corp.
Air T Inc.
Cepton Inc.
TOMI Environmental
Solutions Inc.
Mega Matrix Corp.

－ 61 －

SharesMarketValue($000)

672,384

2,084

166,241
2,227,561
3,870,957
689,278
4,791,156

2,012
1,994
1,936
1,909
1,905

5,121,723

1,844

133,053
1,428,742
107,683

1,811
1,757
1,676

349,692

1,626

222,690757,304
383,955

1,336
1,303
1,232

1,984,525

1,191

875,201

1,103

351,606

949

950,421872

239,738853

361,787
158,428

825
822

22,400249,088369,547

800
757
743

107,157728

65,728158,219718
698

36,920690

765,432

663

588,974
311,226

654
629

289,967
32,860170,313

577
542
535

484,669
339,000

490
478

バンガード®・トータル・ストック・マーケットETF

Shares
*
*
*,1

*
*

*,1

*
*,1
*,1
*,1
*,1
*,1
*
*,1

*,1

*,1

*
*

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*
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*

*

*

*
*

*

*,2

TSR Inc.
50,537
Fuel Tech Inc.
430,339
Team Inc.
67,315
TaitronComponents Inc.
Class A
125,572
Taylor Devices Inc.
15,808FG Group
Holdings Inc.
226,990
Dragonfly Energy
Holdings Corp.
610,200
Astrotech Corp.
38,881MSP Recovery Inc.
140,320
Xos Inc.
39,986
Momentus Inc.
174,015
AmpliTech Group Inc.
135,900
AEye Inc.
108,615
Servotronics Inc.
19,533
Sarcos Technology &Robotics Corp.
335,368
Applied DNA
Sciences Inc.
346,633
AgEagle Aerial
Systems Inc.
1,950,222
LGL Group Inc.
30,781
Jewett-Cameron
Trading Co. Ltd.
33,538Air Industries Group
52,840DSS Inc.
1,292,763
Professional Diversity
Network Inc.
68,106
Ryvyl Inc.
32,268OLB Group Inc.
113,427
Shapeways
Holdings Inc.
44,252
ENGlobal Corp.
50,641CISO Global Inc.
726,500
CPI
Aerostructures Inc.
24,969Polar Power Inc.
156,102
Energous Corp.
33,731
Digital Ally Inc.
15,845
Safe & Green
Development Corp.
23,128Art's-Way
Manufacturing Co.
Inc.
6,594
Interlink
Electronics Inc.
438
Greif Inc. Class B
76
Electro-Sensors Inc.
1,400
Intuitive
Machines Inc.
2,154
Fathom Digital
Manufacturing C
673
Patriot National Inc.
129,819

MarketValue($000)
455
452
444

*

*,2
*

438
349
334
331
330
319
311
301
259
249
244
242
214
205
189
179
172
155
138
135
120
109
87
74
68
63
62
33
32
14
6
5
5
5
3
—

Ardagh Group SA
Class A
GCI Liberty Inc.
Sidus Space Inc.
Class A

SharesMarketValue($000)

37
2,704,635

—
—

1

—
190,298,744

Real Estate (3.0%)
Prologis Inc.
29,005,186
American Tower
Corp.
14,638,758
Equinix Inc.
2,945,648
Welltower Inc.
17,468,904
Crown Castle Inc.
13,605,475
Public Storage
4,963,106
Simon Property
Group Inc.
9,714,257
Realty Income Corp. 22,692,481
Digital Realty
Trust Inc.
9,502,319*
CoStar Group Inc.
12,807,972
Extra Space
Storage Inc.
6,623,048
VICI Properties Inc.
Class A
27,557,957
SBA
Communications
Corp. Class A
3,393,340*
CBRE Group Inc.
Class A
9,076,794
AvalonBay
Communities Inc.
4,449,033
Weyerhaeuser Co.
22,894,971
Equity Residential
11,345,969
Alexandria Real
Estate Equities Inc. 5,472,500
Invitation Homes Inc. 19,168,024
Iron Mountain Inc.
9,184,877
Ventas Inc.
12,624,557
SunCommunities Inc.
3,905,724
Essex Property
Trust Inc.
2,011,599
Mid-America
Apartment
Communities Inc.
3,655,450
WP Carey Inc.
6,855,834
Host Hotels &Resorts Inc.
22,055,499
Kimco Realty Corp. 19,473,694
UDR Inc.
10,306,683
Gaming & Leisure
Properties Inc.
7,907,997
Regency CentersCorp.
5,783,019
Equity LifeStyle
Properties Inc.
5,255,010－ 62 －

3,866,391
3,160,215
2,372,395
1,575,171
1,567,215
1,513,747
1,385,642
1,303,002
1,278,822
1,119,289
1,061,873
878,548
860,856
844,959
832,948
796,058
693,920
693,749
653,821642,758
629,208
522,000
498,756
491,512444,327
429,421414,984
394,643
390,260
387,462
370,688

バンガード®・トータル・ストック・マーケットETF

Shares**Rexford Industrial
Realty Inc.
6,422,060
American Homes 4
Rent Class A
9,614,830
Healthpeak
Properties Inc.
17,152,943
Camden Property
Trust
3,337,097
CubeSmart
7,045,568
BostonProperties Inc.
4,428,187
Lamar Advertising
Co. Class A
2,748,855
Zillow Group Inc.
Class C4,925,065
Jones Lang
LaSalle Inc.
1,499,720
Americold Realty
Trust Inc.
8,974,599
EastGroup
Properties Inc.
1,456,377
Federal Realty
Investment Trust
2,556,057
NNN REIT Inc.
5,692,087
Omega Healthcare
Investors Inc.
7,671,282
STAG Industrial Inc.
5,735,930
Brixmor Property
Group Inc.
9,378,601
First Industrial Realty
Trust Inc.
4,127,491
Healthcare Realty
Trust Inc. Class A
12,017,829
Agree Realty Corp.
3,131,670
Ryman Hospitality
Properties Inc.
1,771,070
Spirit Realty
Capital Inc.
4,399,673
Terreno Realty Corp.
2,717,924
Apartment Income
REIT Corp. Class A
4,567,210
Kite Realty Group
Trust
6,884,009
Rayonier Inc.
4,681,076
Vornado Realty Trust 5,436,828
Kilroy Realty Corp.
3,681,965
Phillips Edison & Co.
Inc.
3,767,274
Essential Properties
Realty Trust Inc.
4,897,772
PotlatchDeltic Corp.
2,503,279
Cousins
Properties Inc.
4,763,164
EPR Properties
2,364,241
Independence Realty
Trust Inc.
7,070,134
Apple Hospitality
REIT Inc.
6,403,559

MarketValue($000)

Shares360,278345,749
339,628
331,340
326,562
310,7261

292,148284,9641

283,252
271,6611

267,303
263,402245,329
235,202
225,193*

218,240
217,395*

207,067
197,139
194,9241

192,222
170,332
158,619
157,368
156,395
153,590
146,690
137,430
125,187
122,911
115,983
114,548
108,173
106,363**

Macerich Co.
6,786,795
Sabra Health Care
REIT Inc.
7,292,221
Broadstone Net
Lease Inc.
5,879,915
Physicians Realty
Trust
7,451,241
National Storage
Affiliates Trust
2,372,607
Park Hotels &Resorts Inc.
6,413,483
Hannon Armstrong
Sustainable
Infrastructure
Capital Inc.
3,540,979
Medical Properties
Trust Inc.
18,769,212
LXP Industrial Trust
9,270,070
SL Green RealtyCorp.
2,028,359
COPT Defense
Properties
3,524,705
DigitalBridge
Group Inc.
5,086,461
Innovative Industrial
Properties Inc.
878,122
Tanger Inc.
3,112,038
Opendoor
Technologies Inc.
19,195,131
CareTrust REIT Inc.
3,740,748
SITE Centers Corp.
6,138,966
Howard Hughes
Holdings Inc.
968,271
Highwoods
Properties Inc.
3,321,104
Global Net Lease Inc. 7,608,379
Douglas Emmett Inc. 5,065,522
National HealthInvestors Inc.
1,300,502
St. Joe Co.
1,195,695
Four Corners
Property Trust Inc.
2,804,407
Sunstone Hotel
Investors Inc.
6,496,227
Zillow Group Inc.
Class A
1,163,369
Outfront Media Inc.
4,638,794
Cushman &Wakefield plc
5,937,720
Urban Edge
Properties
3,466,910
Pebblebrook Hotel
Trust
3,927,532
DiamondRock
Hospitality Co.
6,497,620
EquityCommonwealth
3,150,949
RLJ Lodging Trust
4,823,853－ 63 －

MarketValue($000)
104,720
104,060
101,252
99,176
98,392
98,126

97,66092,157
91,95991,621
90,33889,21788,532
86,26685,994
83,71883,674
82,83676,25375,70373,45072,633
71,95770,952
69,70565,98664,75864,12763,44462,76261,01360,49856,536

バンガード®・トータル・ストック・マーケットETF

Shares

*

*

1

*
*

*

Retail Opportunity
Investments Corp.
3,784,433
Acadia Realty Trust
2,997,012
InvenTrust Properties
Corp.
2,007,100
JBG SMITH
Properties
2,933,752
Compass Inc.
Class A
11,889,624
Service Properties
Trust
5,220,401
Newmark Group Inc.
Class A
4,036,442
Alexander &Baldwin Inc.
2,277,884
Uniti Group Inc.
7,463,005
Xenia Hotels &Resorts Inc.
3,165,313
LTC Properties Inc.
1,324,789
Kennedy-Wilson
Holdings Inc.
3,429,394
Getty Realty Corp.
1,428,700
Elme Communities
2,813,618
Hudson Pacific
Properties Inc.
4,402,588
GEO Group Inc.
3,736,646
Easterly Government
Properties Inc.
Class A
2,891,300
Empire State Realty
Trust Inc. Class A
3,990,347
Veris Residential Inc. 2,448,747
eXp World
Holdings Inc.
2,432,851
NETSTREIT Corp.
2,063,533
Redfin Corp.
3,457,551
Apartment
Investment &Management Co.
Class A
4,437,902
UMH Properties Inc. 2,256,065
RPT Realty
2,665,717
Plymouth Industrial
REIT Inc.
1,371,217
Marcus &Millichap Inc.
755,429
ParamountGroup Inc.
6,004,698
Brandywine Realty
Trust5,445,069
Piedmont Office
Realty Trust Inc.
Class A
3,892,835
DiversifiedHealthcare Trust
7,325,882
Anywhere Real
Estate Inc.
3,293,319
Centerspace
454,649

MarketValue($000)

Shares53,09650,91950,86049,90344,705

1

44,582
44,23943,325
43,136
43,11242,55242,456
41,74741,0791

1*40,98840,4681

38,85938,66638,51937,75836,83435,682
1

34,74934,56334,201*33,005*,1*

32,99731,04429,40327,67827,39926,70926,461*,1

American Assets
Trust Inc.
1,155,723
Armada Hoffler
Properties Inc.
1,896,036
NexPoint Residential
Trust Inc.
676,829
Summit Hotel
Properties Inc.
3,209,693
Peakstone Realty
Trust
1,076,600
Global Medical
REIT Inc.
1,861,159
Community
Healthcare Trust Inc.
747,617
Whitestone REIT
1,541,690
FarmlandPartners Inc.
1,486,534
CBL & Associates
Properties Inc.
732,574
Universal Health
Realty Income Trust
413,444
Forestar Group Inc.
538,939
Saul Centers Inc.
439,170
Gladstone Land Corp. 1,118,425
Alexander's Inc.
75,137
Chatham Lodging
Trust1,474,768
Ares Commercial
Real Estate Corp.
1,521,592
Gladstone
Commercial Corp.
1,186,750
RMR Group Inc.
Class A
443,704
One Liberty
Properties Inc.
549,453
Office Properties
Income Trust
1,518,403
CTO Realty
Growth Inc.
633,230
FRP Holdings Inc.
170,118
Tejon Ranch Co.
619,353
Orion Office
REIT Inc.
1,829,577
Seritage Growth
Properties Class A
1,116,701
Industrial Logistics
Properties Trust
2,135,037
NET Lease Office
Properties
497,306
Stratus
Properties Inc.
274,453
Alpine Income
Property Trust Inc.
467,309
Bridge Investment
Group Holdings Inc.
Class A
806,505
Postal Realty
Trust Inc. Class A
503,164－ 64 －

MarketValue($000)
26,01523,45423,303
21,56921,457
20,65919,917
18,947
18,552
17,88917,881
17,823
17,246
16,161
16,047
15,81015,764
15,713
12,526
12,03911,115
10,974
10,697
10,653
10,465
10,441
10,035
9,190
7,921
7,902
7,888
7,326

バンガード®・トータル・ストック・マーケットETF

Shares

*,1

*

*

*
*,1

*,1

*
*

*

*
*,1
1

*,2

*
*

*,1

*

*,2
*

City Office REIT Inc.
1,177,661
Franklin Street
Properties Corp.
2,758,628
RE/MAX
Holdings Inc.
Class A
519,322
BRT Apartments
Corp.
355,802
Douglas Elliman Inc.
2,057,383
Offerpad
Solutions Inc.
568,364
Star Holdings
384,803
Braemar Hotels &Resorts Inc.
2,097,772
Modiv Industrial Inc.
Class C
224,372
Maui Land &Pineapple Co. Inc.
201,600
AMREP Corp.
115,952
Ashford Hospitality
Trust Inc.
1,242,653
Clipper Realty Inc.
405,295
Creative Media &Community TrustCorp.
477,630
Bluerock Homes
Trust Inc.
109,382
Global Self
Storage Inc.
319,661
Altisource Portfolio
Solutions SA
399,728
Fathom Holdings Inc.
347,914
Comstock Holding
Cos. Inc. Class A
164,051
Rafael Holdings Inc.
Class B
381,611
Sotherly Hotels Inc.
337,859
LuxUrban Hotels Inc.
43,833Presidio Property
Trust Inc. Class A
184,525
New York REIT
Liquidating LLC
19,100
Alset Inc.
77,598Trinity Place
Holdings Inc.
467,678
Avalon GloboCareCorp.
33,944
American Strategic
Investment Co.
254
Spirit MTA REIT
2,854,330
CKX Lands Inc.
30

Technology (31.0%)
Apple Inc.
463,748,976
Microsoft Corp.
233,278,085
NVIDIA Corp.
73,651,336*
Alphabet Inc. Class A185,773,154

MarketValue($000)

Shares

7,196

*

7,062

*

*

6,923
6,614
6,069

*
*

5,826
5,764
5,244
3,343
3,203
2,548

*

2,411
2,189
1,786
1,530
1,480
1,423
1,249

*

*
*

*

733
698
503
262
190
133
80

*

*

*

52
16
2
—
—

*

*

43,977,030*

89,285,590
87,721,891
36,473,615
25,950,652***

Meta Platforms Inc.
Class A69,669,051
Alphabet Inc. Class C152,719,604
Broadcom Inc.
13,928,914
Adobe Inc.
14,289,771
Salesforce Inc.
29,009,098
Advanced Micro
Devices Inc.
50,708,088
Intel Corp.
132,347,697
Oracle Corp.
51,580,874
Intuit Inc.
8,354,502
QUALCOMM Inc.
34,922,133
Texas
Instruments Inc.
28,482,478
International
Business MachinesCorp.
28,640,079
ServiceNow Inc.
6,432,254
Applied Materials Inc. 26,252,722
Lam Research Corp. 4,136,298
Analog Devices Inc. 15,570,646
MicronTechnology Inc.
34,472,657
Palo Alto
Networks Inc.
9,898,099
KLA Corp.
4,265,906
Synopsys Inc.
4,773,109
Cadence Design
Systems Inc.
8,539,101
Amphenol Corp.
Class A
18,761,794
Snowflake Inc.
Class A
9,321,315
Roper
Technologies Inc.
3,344,804
Crowdstrike
Holdings Inc.
Class A
7,101,528
Workday Inc. Class A 6,496,043
MarvellTechnology Inc.
27,105,912
Autodesk Inc.
6,710,560
MicrochipTechnology Inc.
16,985,836
TE Connectivity Ltd. 9,755,583
Fortinet Inc.
20,480,474
Cognizant Technology
Solutions Corp.
Class A
15,721,910
Atlassian Corp.
Class A
4,872,748
ON SemiconductorCorp.
13,527,613
Palantir
Technologies Inc.
Class A
61,738,653
Gartner Inc.
2,324,409
Datadog Inc. Class A 8,542,756－ 65 －

MarketValue($000)
24,660,057
21,522,774
15,548,150
8,525,277
7,633,454
7,474,879
6,650,472
5,438,172
5,221,814
5,050,788
4,855,123
4,684,085
4,544,323
4,254,779
3,239,797
3,091,707
2,941,897
2,918,751
2,479,771
2,457,722
2,325,795
1,859,857
1,854,942
1,823,487
1,813,162
1,793,298
1,634,758
1,633,887
1,531,783
1,370,659
1,198,722
1,187,476
1,159,032
1,129,962
1,060,053
1,048,564
1,036,920

バンガード®・トータル・ストック・マーケットETF

Shares
*
*

*
*

*
*

*

*
*

*

*
*
*

*
*

*

*

*
*
*

*

*

*

ANSYS Inc.
2,732,569
DoorDash Inc.
Class A
9,905,913
CDW Corp.
4,202,456
Monolithic Power
Systems Inc.
1,430,997
HubSpot Inc.
1,504,140
MongoDB Inc.
Class A
2,129,759
HP Inc.
27,909,533
Splunk Inc.
5,285,897
Cloudflare Inc.
Class A
8,843,863
Corning Inc.
24,073,700
Pinterest Inc. Class A 18,434,979
Hewlett Packard
Enterprise Co.
40,193,075
PTC Inc.
3,553,734
Zscaler Inc.
2,780,423
Dell Technologies Inc.
Class C7,987,767
NetApp Inc.
6,542,088
Entegris Inc.
4,709,616
Skyworks
Solutions Inc.
5,003,941
AkamaiTechnologies Inc.
4,726,953
VeriSign Inc.
2,707,716
Snap Inc. Class A
32,820,879
Tyler
Technologies Inc.
1,318,991
EPAM Systems Inc.
1,815,236
Western Digital Corp. 10,228,792
Seagate Technology
Holdings plc
6,263,163
Zoom Video
Communications
Inc. Class A
7,294,702
Teradyne Inc.
4,798,838
Vertiv Holdings Co.
Class A
10,734,535
Jabil Inc.
3,819,661
GoDaddy Inc. Class A 4,416,070
Leidos Holdings Inc.
4,307,704
Dynatrace Inc.
8,298,026
Okta Inc. Class A
4,933,901
Super Micro
Computer Inc.
1,484,478
Manhattan
Associates Inc.
1,929,732
Twilio Inc. Class A
5,390,398
SS&C Technologies
Holdings Inc.
6,603,738
Gen Digital Inc.
17,013,885
DocuSign Inc.
Class A
6,383,307

MarketValue($000)

Shares991,595
979,596955,302***902,644873,213870,752
839,798
805,306****

736,340
733,044682,832
682,478
621,761
616,031
611,064
576,750
564,306

*

*
*

*

*
*

562,543*

559,435
557,681555,657*

551,497539,742535,682

*

*

*
*
*,1

534,686
524,562
520,770**

515,580
486,625
468,810466,266
453,819446,666
421,978
415,510
408,969
403,554388,257
379,488

*

*

*

*

*

*

*
*
*

*

Bentley Systems Inc.
Class B
7,104,361
Nutanix Inc. Class A
7,537,563
Qorvo Inc.
3,060,986
Unity Software Inc.
8,377,996
F5 Inc.
1,874,185
Pure Storage Inc.
Class A
9,351,311
PaycomSoftware Inc.
1,611,545
Match Group Inc.
8,547,566
Ceridian HCM
Holding Inc.
4,643,544
Lattice
SemiconductorCorp.
4,325,177
UiPath Inc. Class A 11,446,235
Guidewire
Software Inc.
2,565,214
Elastic NV
2,460,399
Universal Display
Corp.
1,414,440
Onto Innovation Inc. 1,548,803
Toast Inc. Class A
12,794,225
KBR Inc.
4,212,871
Dropbox Inc. Class A 7,860,970
Rambus Inc.
3,373,203
CACI
International Inc.
Class A
697,124
SPS Commerce Inc.
1,147,711
Fabrinet
1,146,909
Qualys Inc.
1,088,222
MicroStrategy Inc.
Class A
335,693
Science Applications
International Corp.
1,670,248
Arrow
Electronics Inc.
1,688,600
Coherent Corp.
4,734,643
ProcoreTechnologies Inc.
2,958,877
ZoomInfo
Technologies Inc.
Class A
11,047,729
Aspen
Technology Inc.
908,813
SentinelOne Inc.
Class A
7,279,356
AppLovin Corp.
Class A
4,995,377
Smartsheet Inc.
Class A
4,066,946
Novanta Inc.
1,121,519
Gitlab Inc. Class A
2,960,462
Insight
Enterprises Inc.
1,023,704
Five9 Inc.
2,285,318－ 66 －

MarketValue($000)
370,706
359,466
344,698
342,576
335,442
333,468
333,139
311,986
311,675
298,394
284,324
279,711277,287
270,526
236,812233,623
233,435
231,741
230,221
225,771
222,472
218,291
213,596
212,030
207,645
206,431206,099
204,813204,273
200,075
199,746
199,066
194,481
188,875
186,391
181,390
179,832

バンガード®・トータル・ストック・マーケットETF

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*

*
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*

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*

*
*

*

*
*
*
*

*

*
*

*
*

*
*
*
*

*
*
*
*
*

*

Concentrix Corp.
TD SYNNEX Corp.
Wolfspeed Inc.
Tenable Holdings Inc.
Dolby
Laboratories Inc.
Class A
Samsara Inc. Class A
DoubleVerify
Holdings Inc.
MACOM Technology
Solutions
Holdings Inc.
Workiva Inc. Class A
Kyndryl Holdings Inc.
Varonis Systems Inc.
Class BPower
Integrations Inc.
Blackbaud Inc.
Freshworks Inc.
Class A
Avnet Inc.
AltairEngineering Inc.
Class A
Synaptics Inc.
DXC Technology Co.
Cirrus Logic Inc.
Confluent Inc.
Class A
SiliconLaboratories Inc.
Teradata Corp.
AxcelisTechnologies Inc.
Amkor
Technology Inc.
Advanced Energy
Industries Inc.
IAC Inc.
CommVault
Systems Inc.
Box Inc. Class A
Diodes Inc.
BlackLine Inc.
Appfolio Inc. Class A
Dun & Bradstreet
Holdings Inc.
Rapid7 Inc.
FormFactor Inc.
IPG Photonics Corp.
Yelp Inc. Class A
Alarm.com
Holdings Inc.
VishayIntertechnology Inc.
Plexus Corp.

SharesMarketValue($000)

1,802,617
1,592,946
3,924,135
3,622,318

177,035
171,417
170,739
166,844

*
*,1
*

*

1,869,036
4,811,159

161,074
160,596*

4,266,288

156,914*

1,666,094
1,478,338
7,208,446

154,863150,096
149,792*

3,262,196

147,712*

1,792,895
1,682,256

147,215
145,852

6,131,296
2,852,864

144,024
143,784

*

*
*

*

*

1,701,833
1,237,297
6,089,036
1,672,600

143,209
141,151
139,256
139,1445,914,880

138,408

1,013,366
3,068,278

134,038
133,501

1,024,591

132,879

3,891,601

129,474

1,184,350
2,284,679

128,999
119,671

1,393,172
4,293,090
1,359,694
1,713,216
617,010111,245
109,946
109,483
106,973
106,891

9,096,127
1,806,242
2,432,698
909,901
2,046,689

106,425
103,136
101,468
98,761
96,8901,492,446

96,442

4,017,559
873,706

96,301
94,474

*
*

*

*
*
*
*
*
*
*
*

*
*,1

*,1
*,1

*,1

*
*

*

*
*

*
*
*

*
*

Ziff Davis Inc.
C3.ai Inc. Class A
CCC Intelligent
Solutions
Holdings Inc.
Braze Inc. Class A
Alteryx Inc. Class A
Sprout Social Inc.
Class A
Sanmina Corp.
JFrog Ltd.
RingCentral Inc.
Class A
Parsons Corp.
Credo Technology
Group Holding Ltd.
Rogers Corp.
Envestnet Inc.
Q2 Holdings Inc.
HashiCorp Inc.
Class A
LiveRamp
Holdings Inc.
Progress Software
Corp.
Perficient Inc.
Ambarella Inc.
nCino Inc.
Schrodinger Inc.
NCR Voyix Corp.
Cargurus Inc. Class A
ePlus Inc.
AllegroMicroSystems Inc.
SiTime Corp.
Fastly Inc. Class A
Pegasystems Inc.
IonQ Inc.
Impinj Inc.
Xerox Holdings Corp.
DigitalOcean
Holdings Inc.
PagerDuty Inc.
Squarespace Inc.
Class A
Upwork Inc.
Clear Secure Inc.
Class A
Photronics Inc.
MaxLinear Inc.
Class A
Agilysys Inc.
Verint Systems Inc.
Veeco
Instruments Inc.
Cleanspark Inc.
PROS Holdings Inc.

－ 67 －

SharesMarketValue($000)

1,403,453
3,240,409

94,29893,0328,089,183
1,714,321
1,871,539

92,13691,082
88,262

1,434,106
1,698,911
2,507,959

88,111
87,27386,8002,523,615
1,333,802

85,677
83,643

4,006,330
590,355
1,536,522
1,736,011

78,003
77,96876,08975,3603,147,025

74,396

1,963,284

74,3691,367,690
1,089,931
1,169,817
2,120,722
1,982,406
4,169,167
2,872,703
842,988

74,266
71,73971,69871,32070,97070,501
69,40567,3042,168,466
530,377
3,626,374
1,302,725
5,052,628
694,053
3,403,634

65,63964,74864,54963,65162,602
62,48662,3891,664,786
2,588,630

61,081
59,927

1,798,427
3,788,967

59,36656,342

2,648,213
1,730,995

54,68654,3012,266,415
634,411
1,962,609

53,87353,81153,0491,661,047
4,610,798
1,299,892

51,54250,85750,423

バンガード®・トータル・ストック・マーケットETF

*
*

*
*

*

*

*,1

*
*
*
*
*,1

*,1

*
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1
*
*
*

*
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*
*
*
*
*
*
*
*

*

*

*

*
*

*

Cohu Inc.
TTM
Technologies Inc.
Appian Corp. Class A
NetScout
Systems Inc.
Ultra Clean
Holdings Inc.
Informatica Inc.
Class A
Xometry Inc. Class A
CSG Systems
International Inc.
Bumble Inc. Class A
Vertex Inc. Class A
Paycor HCM Inc.
Semtech Corp.
Asana Inc. Class A
CTS Corp.
PAR Technology
Corp.
Adeia Inc.
Magnite Inc.
Zeta Global Holdings
Corp. Class A
Shutterstock Inc.
Jamf Holding Corp.
Intapp Inc.
indie
Semiconductor Inc.
Class A
Sprinklr Inc. Class A
Zuora Inc. Class A
AvePoint Inc.
PDF Solutions Inc.
Veradigm Inc.
ScanSource Inc.
EngageSmart Inc.
Everbridge Inc.
Model N Inc.
AlkamiTechnology Inc.
BenchmarkElectronics Inc.
TechTarget Inc.
A10 Networks Inc.
Amplitude Inc.
Class AACM Research Inc.
Class A
Ichor Holdings Ltd.
NavitasSemiconductor
Corp. Class A
SMART Global
Holdings Inc.

SharesMarketValue($000)

1,420,203

50,261*

3,165,196
1,311,913

50,042
49,407*2,151,820

47,232

Shares**1,366,150

46,640**,1

1,614,836
1,271,417

45,84545,657

846,686
3,047,003
1,665,584
2,030,807
1,987,195
2,235,408
957,527

45,052
44,91344,871
43,84543,53942,49541,882

917,640
3,077,516
4,064,385

39,954
38,13037,961

4,278,341
777,5072,073,381
984,678

37,73537,53837,44537,437

*

*

*

*
*
*,1
*
*

*
*

*
*

*,1

4,558,066
3,066,236
3,917,211
4,421,969
1,123,545
3,282,514
836,9361,369,819
1,271,286
1,110,025

36,96636,91736,82236,304
36,111
34,43433,151
31,36930,90529,893

*
*,1
*

*
*,1

*
*

1,220,260

29,591*,1

1,065,589
831,768
2,174,205

29,45328,99528,634*2,250,274

28,623

1,463,522
846,634

28,59728,472

3,461,400

27,933

1,470,356

27,834

*,1

*

*,1
*
*
*

*

E2open Parent
Holdings Inc.
6,164,124N-able Inc.
1,965,948
3D Systems Corp.
4,013,073
MethodeElectronics Inc.
1,103,207
Couchbase Inc.
1,066,263
Cerence Inc.
1,201,324
Aehr Test Systems
886,185
PC Connection Inc.
343,225
Grid Dynamics
Holdings Inc.
1,666,570
Diebold Nixdorf Inc.
749,600
Simulations Plus Inc.
475,654
Eventbrite Inc.
Class A
2,533,728
Matterport Inc.
7,851,178
Vimeo Inc.
5,339,889
Klaviyo Inc. Class A
735,788
SolarWinds Corp.
1,618,452
PubMatic Inc.
Class A
1,239,124
Digital Turbine Inc.
2,901,678
BigCommerce
Holdings Inc.
1,977,724
Yext Inc.
3,172,438
KimballElectronics Inc.
677,296
SEMrushHoldings Inc.
Class A
1,332,280
Mitek Systems Inc.
1,391,563
Digimarc Corp.
494,615
SmartRent Inc.
Class A5,566,988
Olo Inc. Class A
3,067,735
Getty Images
Holdings Inc.
3,254,300
nLight Inc.
1,264,578
Alpha & Omega
Semiconductor Ltd.
643,490
Blend Labs Inc.
Class A
6,432,185
Vivid Seats Inc.
Class A
2,588,800
NerdWallet Inc.
Class A
1,106,720
Weave
Communications
Inc.
1,413,748
Hackett Group Inc.
689,753
MicroVision Inc.
5,662,357
CEVA Inc.
645,647
Planet Labs PBC
5,801,296
Consensus Cloud
Solutions Inc.
544,091
Thoughtworks
Holding Inc.
2,936,882－ 68 －

MarketValue($000)
27,061
26,04925,48325,07624,012
23,61823,51023,06822,21521,701
21,28621,182
21,12020,932
20,44020,214
20,21019,906
19,243
18,686
18,25318,19918,146
17,86517,75917,547
17,085
17,072
16,76916,402
16,361
16,291
16,216
15,706
15,062
14,663
14,32914,261
14,126

バンガード®・トータル・ストック・マーケットETF

*

*,1
*,1

*
*,1

*
*
*

*
*,1
*
*

*,1
*

*
*
*,1
*

*,1
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*
*

*
*

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*,1
*
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*

*
*
*,1
*,1

*,1
*,1
*
*
*
1
*

Definitive Healthcare
Corp. Class A
Applied Digital Corp.
SoundHound AI Inc.
Class A
MeridianLink Inc.
Terawulf Inc.
NVE Corp.
OneSpan Inc.
Daktronics Inc.
Unisys Corp.
AmericanSoftware Inc.
Class A
Enfusion Inc. Class A
Rumble Inc.
Domo Inc. Class B
Bandwidth Inc.
Class AGroupon Inc. Class A
TrueCar Inc.
Immersion Corp.
LivePerson Inc.
eGain Corp.
QuickLogic Corp.
EverQuote Inc.
Class A
Porch Group Inc.
Tucows Inc. Class A
Kopin Corp.
Backblaze Inc.
Class A
Rimini Street Inc.
Nextdoor
Holdings Inc.
Identiv Inc.
Innodata Inc.
ON24 Inc.
Ouster Inc.
inTEST Corp.
Red Violet Inc.
MediaAlpha Inc.
Class A
Asure Software Inc.
Telos Corp.
Atomera Inc.
SkyWaterTechnology Inc.
NextNav Inc.
Cipher Mining Inc.
EverCommerce Inc.
Arteris Inc.
Innovid Corp.
ReposiTrak Inc.
Everspin
Technologies Inc.

SharesMarketValue($000)

1,415,958
1,988,300

14,075
13,401*,1*

6,118,998
509,328
4,846,555
145,801
1,058,980
1,325,348
1,935,305

12,972
12,616
11,632
11,435
11,352
11,23910,876

*
*
*
*
*
*

*

921,406
1,069,947
2,181,400
900,573

10,412
10,3789,794
9,267

631,073
698,916
2,570,193
1,189,827
2,161,862
977,552
584,273

9,132
8,974
8,893
8,400
8,193
8,143
8,098

645,9542,459,734
280,369
3,713,434

7,906
7,576
7,570
7,538

*,1

948,030
2,193,828

7,196
7,174

*

3,659,313
821,350
826,077
852,030
864,088471,536
320,472

6,916
6,768
6,724
6,714
6,628
6,413
6,400

*

*
*
*

*,1

555,905
650,426
1,644,309
855,596

6,198
6,192
6,002
5,998

621,278
1,285,569
1,308,472
458,280
816,270
3,010,125
446,046

5,977
5,721
5,404
5,055
4,808
4,515
4,465

491,754

4,445

*,1

*,1

1
*

*,1
*,1
1

*
*

*

*,1
*,1

*
*,1
*,1

*,1

*,1
*,1
*,1

*
*
*,1
*,1

Richardson
Electronics Ltd.
CoreCard Corp.
Upland Software Inc.
AstroNova Inc.
AXT Inc.
1stdibs.com Inc.
Pixelworks Inc.
Brightcove Inc.
Viant Technology Inc.
Class A
Rackspace
Technology Inc.
Transphorm Inc.
Intevac Inc.
Expensify Inc.
Class A
FiscalNote Holdings
Inc.
Aeva
Technologies Inc.
RigettiComputing Inc.
CSP Inc.
Synchronoss
Technologies Inc.
Vroom Inc.
WM Technology Inc.
Veritone Inc.
SilverSun
Technologies Inc.
Amtech Systems Inc.
Issuer Direct Corp.
comScore Inc.
SecureWorks Corp.
Class A
TransAct
Technologies Inc.
Nutex Health Inc.
Smith Micro
Software Inc.
Inuvo Inc.
System1 Inc.
BigBear.ai
Holdings Inc.
Stronghold Digital
Mining Inc. Class A
GSI Technology Inc.
Sphere 3D Corp.
Direct Digital
Holdings Inc.
Class AIntellicheck Inc.
Edgio Inc.
Skillz Inc. Class A
Steel Connect Inc.

－ 69 －

SharesMarketValue($000)

332,253
314,332
980,074
251,021
1,622,032
822,834
2,796,204
1,404,266

4,436
4,347
4,146
4,082
3,893
3,851
3,663
3,637

509,873

3,513

1,690,995
898,488712,652

3,382
3,279
3,079

1,226,965

3,031

2,641,300

3,011

3,931,094

2,979

2,946,700
139,445

2,902
2,789

422,273
4,332,182
3,203,513
1,137,370

2,622
2,610
2,307
2,059

118,790
477,101
110,039
118,989

2,032
2,004
1,995
1,987

263,152

1,942

269,345
9,268,251

1,880
1,668

2,009,704
3,857,320
726,600

1,660
1,639
1,613

739,669

1,583

211,910574,548450,035

1,547
1,517
1,494

90,848685,1453,619,157
196,381
126,263

1,352
1,302
1,240
1,225
1,202

バンガード®・トータル・ストック・マーケットETF

Shares
*,1

*
*
*
*

*
*
*

*

*

*

*,1

*,1

*

1
*,1

*

*
*,1
*
*
*
*
*,1
*
*
*,1

*,1
*,1
*,1

*

*
*

*,1

*
*

*,1
*,1
*,1

Flux Power
Holdings Inc.
287,084
Key Tronic Corp.
270,500
Quantum Corp.
3,321,825
AudioEye Inc.
211,717
DecisionPoint
Systems Inc.
179,250
Aware Inc.
646,876
Zedge Inc. Class B
455,536
One Stop
Systems Inc.
498,283
KORE Group
Holdings Inc.
1,047,448
NetSolTechnologies Inc.
448,836
AdTheorent Holding
Co. Inc.
654,100
Arena Group
Holdings Inc.
382,903
Greenidge
Generation
Holdings Inc.
Class A
134,326
CVD Equipment
Corp.
198,073
VirnetX Holding Corp.
116,102
Quantum
Computing Inc.
880,269
PrestoAutomation Inc.
1,445,442
Wag! Group Co.
404,431authID Inc.
73,845EMCORE Corp.
1,425,083
ZeroFox Holdings Inc.
799,152
WidePoint Corp.
265,533
Mastech Digital Inc.
69,007
Urgent.ly Inc.
182,809
Trio-Tech International
108,490
Data I/O Corp.
180,859
BuzzFeed Inc.
Class A2,108,022
Beachbody Co. Inc.
60,943Glimpse Group Inc.
437,150
Alpine 4
Holdings Inc.
649,415
Duos Technologies
Group Inc.
158,934
BTCS Inc.
280,193
Streamline Health
Solutions Inc.
1,027,543
KULR Technology
Group Inc.
2,126,566
Bridgeline Digital Inc.
419,181
SigmaTron
International Inc.
98,274
Phunware Inc.
3,434,695
Creative Realities Inc.
113,471
Maplebear Inc.
9,188

MarketValue($000)
*

1,180
1,169
1,159
1,148
1,122
1,074
1,071

*

*
*
*
*
*,1

1,046

*,1
*,1

1,027

*,1
*,1

965
948
911

*
*

*,1
*

Boxlight Corp.
Class A
RubiconTechnologies Inc.
Class A
Data Storage Corp.
iPower Inc.
Paltalk Inc.
VerifyMe Inc.
Intrusion Inc.
Leafly Holdings Inc.
T Stamp Inc. Class A
CYNGN Inc.
OMNIQ Corp.
Nortech Systems Inc.
Laser Photonics
Corp.
Remark Holdings Inc.
Intellinetics Inc.

SharesMarketValue($000)

189,451

203

106,092
64,393386,294
65,588111,129
416,377
17,934
61,734525,965
90,005
5,000

196
185
174
153
124
105
86
85
76
56
48

28,09140,096
1,500

33
20
8
452,045,607

901
877
813
804
768
716
699
697
695
616
582
580
550
532
527
505
494
477
458
457
437
393
363
295
282
268
216

Telecommunications (2.0%)
Cisco Systems Inc. 114,726,249
Comcast Corp.
Class A
125,965,855
VerizonCommunications
Inc.
118,780,572
AT&T Inc.
224,727,919
T-Mobile US Inc.
16,301,046*
Arista Networks Inc. 7,816,629
Motorola
Solutions Inc.
5,202,023*
Charter
Communications
Inc. Class A
3,018,969*
Roku Inc. Class A
3,935,179*
Liberty Broadband
Corp. Class C
3,744,468
Juniper
Networks Inc.
10,068,162*
Ciena Corp.
4,686,757*
Frontier
Communications
Parent Inc.
7,714,044
Iridium
Communications
Inc.
3,563,840*
Lumentum
Holdings Inc.
2,146,621
CogentCommunications
Holdings Inc.
1,371,442*,1
Viasat Inc.
3,551,415
InterDigital Inc.
793,108
Cable One Inc.
141,428*
Calix Inc.
1,769,868*
Viavi Solutions Inc.
7,026,436－ 70 －

5,795,970
5,523,603
4,478,028
3,770,935
2,613,547
1,840,894
1,628,701
1,173,413
360,699
301,767
296,809
210,951
195,474
146,688
112,526
104,31299,262
86,08478,717
77,32670,756

バンガード®・トータル・ストック・マーケットETF

Shares
*

*

*

*
*
*

*
*,1
*

*
*

*
*

*,1

*

*,1
*

*,1

*
*

*
*
*,1
*
*

*

*
*
*
*

Extreme
Networks Inc.
3,875,543
Telephone & Data
Systems Inc.
3,251,568
Lumen
Technologies Inc.
31,781,128
DISH Network Corp.
Class A
7,857,323
Harmonic Inc.
3,320,726
Globalstar Inc.
22,256,913
Liberty Broadband
Corp. Class A
522,829
Shenandoah
Telecommunications
Co.
1,565,246
fuboTV Inc.
9,076,840
Infinera Corp.
5,831,136
Digi International Inc. 1,039,708
Bel Fuse Inc. Class B
379,156
IDT Corp. Class B
645,387
Altice USA Inc.
Class A
6,717,067
Gogo Inc.
1,931,306
United States CellularCorp.
461,155
AppliedOptoelectronics Inc.
943,878
CommScope Holding
Co. Inc.
6,269,922
Lightwave Logic Inc. 3,319,973
EchoStar Corp.
Class A
979,864ADTRAN
Holdings Inc.
2,181,394
ASTSpaceMobile Inc.
Class A
2,482,967
Anterix Inc.
414,796
Xperi Inc.
1,204,322
ATN International Inc.
324,753
NETGEAR Inc.
857,7388x8 Inc.
3,289,503
Clearfield Inc.
406,637
Aviat Networks Inc.
301,106
Consolidated
Communications
Holdings Inc.
2,207,355
RibbonCommunications
Inc.
2,867,787
Spok Holdings Inc.
518,466
ComtechTelecommunications
Corp.
862,269
Ooma Inc.
671,112
WideOpenWest Inc. 1,564,532
Kaltura Inc.
2,537,683
Lantronix Inc.
822,470

MarketValue($000)*

68,365*,1*

59,666*,1

58,15945,33743,302
43,17842,161
33,841
28,864
27,69827,032
25,31622,001
21,831
19,564
19,156
18,236
17,681
16,533
16,236
16,011
14,972
13,821
13,272
12,656
12,506
12,434
11,825
9,834
9,602
8,317
8,026
7,269
7,201
6,336
4,949
4,820

*
*,1

*
*

*,1
*
*

*

*,1

*

*

*,1

*

*,1,2

KVH Industries Inc.
Powerfleet Inc.
Cambium Networks
Corp.
SurgePays Inc.
Genasys Inc.
Akoustis
Technologies Inc.
Crexendo Inc.
Airgain Inc.
DZS Inc.
Network-1
Technologies Inc.
Inseego Corp.
Casa Systems Inc.
Franklin Wireless
Corp.
ChargeEnterprises Inc.
CalAmp Corp.
ClearOne Inc.
Optical Cable Corp.
Bel Fuse Inc. Class A
Sonim
Technologies Inc.
Vislink
Technologies Inc.
BK Technologies
Corp.
FTE Networks Inc.

SharesMarketValue($000)

623,125
952,316

3,278
3,257

375,529
345,312
1,069,984

2,253
2,227
2,172

2,123,996
345,906
355,805
641,747

1,771
1,678
1,267
1,264

570,833
3,041,116
957,382

1,244
668
507

119,754406

2,547,177
1,119,100
249,029
93,055
3,626

291
281
269
251
233

239,926

176

34,830134

300
84,1804—
29,818,101

Utilities (2.6%)
NextEra Energy Inc. 63,541,375
Southern Co.
34,268,056
Duke Energy Corp. 24,220,815
WasteManagement Inc. 12,632,897
Sempra19,738,916
PG&E Corp.
79,899,019
American ElectricPower Co. Inc.
16,190,090
Dominion Energy Inc. 26,271,237
Waste
Connections Inc.
8,082,030
Constellation Energy
Corp.
10,034,899
Exelon Corp.
31,178,428
Xcel Energy Inc.
17,348,689
Republic
Services Inc.
Class A
6,405,767
Consolidated
Edison Inc.
10,818,867
Public Service
EnterpriseGroup Inc.
15,547,472
Edison International 12,029,114－ 71 －

3,859,503
2,402,876
2,350,388
2,262,552
1,475,089
1,440,579
1,314,959
1,234,748
1,206,405
1,172,979
1,119,306
1,074,057
1,056,375
984,192
950,728
859,961

バンガード®・トータル・ストック・マーケットETF

Shares

*

*

*

*,1

WEC Energy
Group Inc.
9,912,059
American Water
Works Co. Inc.
6,153,045
Eversource Energy 10,949,537
Entergy Corp.
6,626,534
PPL Corp.
23,112,577
FirstEnergy Corp.
17,065,571
DTE Energy Co.
5,491,047
Ameren Corp.
8,245,107
CenterPoint
Energy Inc.
19,733,836
Atmos Energy Corp. 4,643,847
CMS Energy Corp.
9,145,216
Vistra Corp.
11,232,423
Alliant Energy Corp.
7,909,642
AES Corp.
21,029,862
Evergy Inc.
7,195,391
NiSource Inc.
13,906,297
NRG Energy Inc.
7,107,443
Essential Utilities Inc. 7,817,034
Clean Harbors Inc.
1,530,586
Pinnacle West CapitalCorp.
3,540,701
OGE Energy Corp.
6,267,999
UGI Corp.
6,585,644
IDACORP Inc.
1,579,715
Casella Waste
Systems Inc.
Class A
1,795,026
National Fuel Gas Co. 2,884,451
Stericycle Inc.
2,899,419
Portland General
Electric Co.
3,227,195
New Jersey
Resources Corp.
3,067,467
Southwest Gas
Holdings Inc.
2,127,158
Sunrun Inc.
6,468,884
OrmatTechnologies Inc.
1,604,698
Black Hills Corp.
2,191,346
PNM Resources Inc. 2,685,521
ONE Gas Inc.
1,740,759
ALLETE Inc.
1,810,125
Northwestern Energy
Group Inc.
1,980,171
Spire Inc.
1,564,013
American States
Water Co.
1,169,730
California Water
Service Group
1,808,764
Avista Corp.
2,411,770
MGE Energy Inc.
1,149,589
Avangrid Inc.
2,501,060
Chesapeake Utilities
Corp.
679,933

MarketValue($000)
834,298
812,140
675,805
670,539626,351625,624
605,443596,451
563,796538,222531,063432,673405,765
404,825
375,599369,212367,455
291,966
267,103
254,364
218,941
162,007
155,318
153,403
144,713
143,695
139,867
136,748
134,755
126,984
121,620
118,223
111,718
110,921110,707
100,771
97,501

*,1

1

*

*

*,1

*,1

*

1
*,1
*

*,1
*

*,1
*

*

*

Clearway Energy Inc.
Class CSJW Group
Sunnova Energy
International Inc.
Hawaiian ElectricIndustries Inc.
Northwest Natural
Holding Co.
Middlesex Water Co.
Clearway Energy Inc.
Class A
Unitil Corp.
Enviri Corp.
Genie Energy Ltd.
Class B
Altus Power Inc.
Class AYork Water Co.
Artesian Resources
Corp. Class A
Vertex Energy Inc.
Excelerate
Energy Inc. Class A
Aris Water
Solutions Inc.
Class A
NuScale Power Corp.
Class A
Pure Cycle Corp.
Global Water
Resources Inc.
RGC Resources Inc.
Net Power Inc.
Quest Resource
Holding Corp.
Cadiz Inc.
Perma-Fix
Environmental
Services Inc.
Aqua Metals Inc.
Advanced Emissions
Solutions Inc.
Via Renewables Inc.
Class A
Clean Energy
Technologies Inc.
Vivakor Inc.

MarketValue($000)

2,398,522
891,147

65,791
58,2363,224,684

49,176

3,431,740

48,696

1,097,419
560,187

42,73436,7591,275,884
501,679
2,563,153

32,637
26,37323,068742,474

20,8862,139,508
329,364

14,613
12,720279,248
2,948,032

11,575
9,994

635,447

9,824

797,758

6,693

2,004,840
574,922

6,596
6,019

429,961
254,995
487,100

5,624
5,187
4,920

558,617
1,161,900

4,095
3,253

384,758
2,952,345

3,024
2,244

469,776

1,400

133,126

1,251

5,877
6,500

9
7
38,324,782

94,070Total Common Stocks(Cost $697,129,605)

93,821
86,197
83,127
81,059Preferred Stocks (0.0%)

71,821

Shares

*,1,2

Air T Funding Pfd.,
8.000%, 6/7/24
Next Bridge
Hydrocarbons Inc.
Preference Shares－ 72 －

1,454,196,493

956

16

1,763,201—

バンガード®・トータル・ストック・マーケットETF*,2

BTCS Inc. Preference
SharesSharesMarketValue($000)

280,193—*,2

Total Preferred Stocks(Cost $5,124)

*,2

16

Rights (0.0%)
*,1,2

*,1,2

*,1,2

*,2

*,2
*,2

*,1

*,1,2
*,2

*,2

*,2

*,1,2

*,2

*,2

*,2

*,1,2

*,2

*,1,2

*,2

*,2

*,2

SharesFrequency
Therapeutics Inc.
CVR
1,246,700
TobiraTherapeutics Inc.
CVR Exp. 12/31/28
201,001
Cartesian
Therapeutics Inc.
CVR
3,799,067
Spectrum
Pharmaceuticals Inc.
CVR
5,990,797
Imara Inc. CVR
370,003
Strongbridge
Biopharma plc CVR 1,399,363
Groupon Inc. Exp.
1/17/24
698,916
Palisade Bio Inc. CVR
204,224
Ocera
Therapeutics Inc.
CVR
653,477
Surface
Oncology Inc. CVR 1,709,153
AdamasPharmaceuticals Inc.
CVR
2,522,158
CinCor Pharma Inc.
CVR
28,710
Gyre
Therapeutics Inc.
CVR
826,502
Aduro Biotech Inc.
CVR
415,255
OncoMedPharmaceuticals Inc.
CVR
255,777
Miragen
Therapeutics Inc.
CVR
1,753,041
AlexzaPharmaceuticals Inc.
CVR
327,391
Oncternal
Therapeutics Inc.
CVR
8,933
F-star
Therapeutics Inc.
CVR
122,042
Dianthus
Therapeutics Inc.
CVR
1,432,921
Ambit Biosciences
Corp. CVR
201,330

*,1,2

*,1,2
*,2

2,469

Pineapple Energy Inc.
CVR
69,639ABIOMED Inc. CVR
264
Disc Medicine Inc.
CVR
275,152
Sesen Bio Inc. CVR
6,822,627
Neurogene Inc. CVR
98,708

Total Rights(Cost $5,213)

MarketValue($000)
—
—
—
—
—
6,571

Warrants (0.0%)
911

*,2

684

*

488
463
253
239
196

*

*

*

*

176
*

161
*

152
*,1,2

88
83

Cassava
Sciences Inc. Exp.
11/15/24
495,152
Geron Corp. Exp.
12/31/25
1,202,419
Presidio Property
Trust Inc. Exp.
1/24/27
110,319
Hycroft Mining
Holding Corp. Exp.
10/6/25
155,000
LGL Group Inc. Exp.
12/16/25
2,391
Ayala
Pharmaceuticals Inc.
Exp. 9/11/24
157,660
SELLAS Life
Sciences Group Inc.
Exp. 4/5/27
40,000Athenex Inc. Exp.
8/15/27
535,168
Imperalis Holding
Corp. Exp. 4/13/28
1,503,700

Total Warrants(Cost $9)

2,364
487
7
5
1
—
—
—
—
2,864

76
61
35
12
9
8
7
—

－ 73 －

バンガード®・トータル・ストック・マーケットETF

SharesMarketValue($000)

Temporary Cash Investments (0.4%)
Money Market Fund (0.4%)
4,5Vanguard Market
Liquidity Fund,
5.435%(Cost $5,978,690) 59,806,782
Total Investments (100.1%)(Cost $703,118,641)
Other Assets andLiabilities—Net (-0.1%)
Net Assets (100%)

5,979,482
1,460,185,426(1,643,962)

1,458,541,464

Cost is in $000.
* Non-income-producing security.
1 Includes partial security positions on loan to broker-dealers. The
total value of securities on loan is $3,088,263,000.
2 Security value determined using significant unobservable
inputs.
3 Considered an affiliated company of the fund as the fund owns
more than 5% of the outstanding voting securities of suchcompany.
4 Affiliated money market fund available only to Vanguard funds
and certain trusts and accounts managed by Vanguard. Rateshown is the 7-day yield.
5 Collateral of $3,557,335,000 was received for securities on loan.
CVR—Contingent Value Rights.
REIT—Real Estate Investment Trust.

－ 74 －