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Vantagepoint Funds – ‘N-30D’ for 6/30/99

On:  Thursday, 9/2/99   ·   For:  6/30/99   ·   Accession #:  950109-99-3258   ·   File #:  811-08941

Previous ‘N-30D’:  None   ·   Next:  ‘N-30D’ on 3/9/00 for 12/31/99   ·   Latest:  ‘N-30D’ on 9/3/02 for 6/30/02

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  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 9/02/99  Vantagepoint Funds                N-30D       6/30/99    1:531K                                   Donnelley R R & S… 01/FA

Annual or Semi-Annual Report Mailed to Shareholders   —   Rule 30d-1
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-30D       Vantagepoint Funds Semiannual Report                 302±  1.09M 


Document Table of Contents

Page (sequential) | (alphabetic) Top
 
11st Page   -   Filing Submission
17Investment Policy and Security Valuation
19Repurchase Agreements
71S&P 500 Index
126Mip
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================================================================================ THE VANTAGEPOINT FUNDS SEMIANNUAL REPORT JUNE 30, 1999 [LOGO OF THE VANTAGEPOINT FUNDS APPEARS HERE]
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GIRARD MILLER, CFA 777 North Capitol Street, NE President Washington, DC 20002-4240 LETTER FROM THE PRESIDENT OF THE VANTAGEPOINT FUNDS Dear Fellow Shareholders: As you know, 13 of the ICMA Retirement Corporation managed funds were registered with the Securities and Exchange Commission as mutual funds effective this year as the Vantagepoint Funds. I am delighted to present to you the first semiannual report of the Vantagepoint Fund family. As a direct result of fund registration, investors can now obtain fund performance information more easily. Fund net asset values now appear daily in most major metropolitan newspapers, enabling participants to monitor their investments even more conveniently. Additionally, investors can now consolidate their retirement savings by investing in the Vantagepoint Funds through an Individual Retirement Account (IRA). For the third-quarter, our Y2K-compliant recordkeeping system will begin to generate a single statement that includes 457,401 and IRA assets. ICMA-RC's Chief Investment Officer John Tobey provides more fund performance information in his accompanying letter. Even more detailed information about each Fund, including quarterly performance analysis, is available in The Vantagepoint, a quarterly newsletter for ICMA-RC plan participants, and on our Web site at www.icmarc.org. I would encourage you to log on to our Web site to access our new MarketView section,where you will find my monthly market commentary, our Chart of the Week,and other timely investment information. Also on-line, you should visit our Legislative Action Center for news about the recent tax bill and how it could eventually affect 457,401 and IRA investors. We are very proud of our new Vantagepoint Funds and the services that enhance them and hope you are as well. We sincerely value your interest and confidence in our program. Thank you for being part of this milestone. Sincerely, /s/ Girard Miller Girard Miller [LOGO OF THE VANTAGEPOINT FUNDS APPEARS HERE] 1
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JOHN TOBEY 777 North Capitol Street, NE Chief Investment Officer Washington, DC 20002-4240 LETTER FROM THE VANTAGEPOINT INVESTMENT ADVISERS Dear Shareholders: Between March 1 and June 30, 1999, the S&P 500 Index rose 11.3%. Mid-sized and smaller stocks turned in even better results; the S&P MidCap 400 Index and the Russell 2000 Index both returned 17.4%. International stocks lagged somewhat due to the strong dollar; the MSCI Europe, Australia, and Far East Index of developed markets returned 6.8%. Unprecedented economic strength pushed interest rates significantly higher over the period, creating a challenging environment for bonds. Against this backdrop,the Vantagepoint Funds produced the following returns for the period: [Enlarge/Download Table] -------------------------------------------------------------------------------------------------------------- Vantagepoint Actively Managed Funds Return, 3/1/1999 - 6/30/1999 -------------------------------------------------------------------------------------------------------------- Vantagepoint Money Market Fund 1.5% Vantagepoint US Treasury Securities Fund -0.7% Vantagepoint Asset Allocation Fund 5.9% Vantagepoint Equity Income Fund 9.6% Vantagepoint Growth & Income Fund 11.7% Vantagepoint Growth Fund 17.5% Vantagepoint Aggressive Opportunities Fund 23.2% Vantagepoint International Fund 10.7% -------------------------------------------------------------------------------------------------------------- Vantagepoint Index Funds: Class I Shares Return, 3/1/1999 - 6/30/1999 -------------------------------------------------------------------------------------------------------------- Vantagepoint Core Bond Index Fund -1.0% Vantagepoint 500 Stock Index Fund 11.1% Vantagepoint Broad Market Index Fund 12.2% Vantagepoint Mid/Small Company Index Fund 16.1% Vantagepoint Overseas Equity Index Fund 6.5% [LOGO OF VANTAGEPOINT INVESTMENT ADVISERS APPEARS HERE] 2
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Class II shares of the Vantagepoint Index Funds commenced operation on April 5, 1999: [Enlarge/Download Table] -------------------------------------------------------------------------------------------------------------- Vantagepoint Index Funds: Class II Shares Return, 4/5/1999 - 6/30/1999 -------------------------------------------------------------------------------------------------------------- Vantagepoint Core Bond Index Fund -1.3% Vantagepoint 500 Stock Index Fund 6.4% Vantagepoint Broad Market Index Fund 7.5% Vantagepoint Mid/Small Company Index Fund 11.7% Vantagepoint Overseas Equity Index Fund 2.0% While this semiannual report covers only the period since the Vantagepoint Funds were registered with the Securities and Exchange Commission, many of the Funds have substantial prior history as unregistered commingled funds. The following pages summarize the original inception date, investment objective, and investment subadvisers for each newly registered Vantagepoint Fund. Sincerely, /s/ John S. Tobey John S.Tobey 3
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The Vantagepoint Funds (Fund ticker symbols are included in parentheses after Fund names.) [Enlarge/Download Table] -------------------------------------------------------------------------------------------------------------- Actively Managed Funds -------------------------------------------------------------------------------------------------------------- Money Market Fund (VAMXX) Year Founded: 1989 -------------------------------------------------------------------------------------------------------------- Investment Objective: Current income consistent with preservation of capital and liquidity Subadviser: AIM Advisers -------------------------------------------------------------------------------------------------------------- U.S. Treasury Securities Fund (VPTSX) Year Founded: 1992 -------------------------------------------------------------------------------------------------------------- Investment Objective: Current income Subadviser: Seix Investment Advisors -------------------------------------------------------------------------------------------------------------- Asset Allocation Fund (VPAAX) Year Founded: 1974 -------------------------------------------------------------------------------------------------------------- Investment Objective: Long-term capital growth at a lower level of risk than an all-equity portfolio Subadvisers: Avatar Associates Mellon Capital Management Payden & Rygel Investment Counsel Wilshire Asset Management -------------------------------------------------------------------------------------------------------------- Equity Income Fund (VPEIX) Year Founded: 1994 -------------------------------------------------------------------------------------------------------------- Investment Objective: Long-term stable growth of capital by investing in dividend-paying common stocks of well- established companies Subadvisers: Barrow, Hanley, Mewhinney, & Strauss T. Rowe Price Associates, Inc. Wellington Management Company, LLC -------------------------------------------------------------------------------------------------------------- Growth & Income Fund (VPGIX) Year Founded: 1998 -------------------------------------------------------------------------------------------------------------- Investment Objective: Long-term capital growth by investing in common stocks that offer potential for high total return through a combination of capital appreciation and current income Subadvisers: Capital Guardian Trust Company Putnam Investment Management 4
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[Enlarge/Download Table] -------------------------------------------------------------------------------------------------------------- Growth Fund (VPGRX) Year Founded: 1983 -------------------------------------------------------------------------------------------------------------- Investment Objective: Long-term capital growth from investing in common stocks of companies with above- average potential for earnings growth Subadvisers: Cadence Capital Management Fidelity Management Trust Company Neuberger Berman William Blair & Company Barclays Global Fund Advisors -------------------------------------------------------------------------------------------------------------- Aggressive Opportunities Fund (VPAOX) Year Founded: 1994 -------------------------------------------------------------------------------------------------------------- Investment Objective: High long-term capital growth by investing in common stocks of small- to medium- capitalization companies Subadvisers: First Pacific Advisors MFS/Institutional Advisors TCW Funds Management -------------------------------------------------------------------------------------------------------------- International Fund (VPINX) Year Founded: 1994 -------------------------------------------------------------------------------------------------------------- Investment Objective: Long-term capital growth by investing in common stocks on companies headquartered outside the U.S. Subadvisers: Capital Guardian Trust Company Lazard Asset Management Rowe Price-Fleming International 5
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All Vantagepoint index funds are managed by Barclays Global Fund Advisors. Class I and II ticker symbols are listed where available: [Enlarge/Download Table] -------------------------------------------------------------------------------------------------------------- Index Funds -------------------------------------------------------------------------------------------------------------- Core Bond Index Fund (VPCIX/VPCDX) Year Founded: 1974 -------------------------------------------------------------------------------------------------------------- Investment Objective: Current income and growth of capital from investing in U.S. government and corporate investment-grade bonds Index: Lehman Government/Corporate Bond Index -------------------------------------------------------------------------------------------------------------- 500 Stock Index Fund (VPFIX/VPSKX) Year Founded: 1997 -------------------------------------------------------------------------------------------------------------- Investment Objective: Long-term capital growth by investing in common stocks of larger-capitalization U.S. companies Index: S&P 500 Index -------------------------------------------------------------------------------------------------------------- Broad Market Index Fund (VPMIX/VPBMX) Year Founded: 1988 -------------------------------------------------------------------------------------------------------------- Investment Objective: Long-term capital growth by investing in common stocks of U.S. companies across all capitalization ranges Index: Wilshire 5000 Index -------------------------------------------------------------------------------------------------------------- Mid/Small Company Index Fund (VPSIX) Year Founded: 1997 -------------------------------------------------------------------------------------------------------------- Investment Objective: Long-term capital growth by investing in common stocks of small- to medium- capitalization companies Index: Wilshire 4500 Index -------------------------------------------------------------------------------------------------------------- Overseas Equity Index Fund (VPOIX/VPOEX) Year Founded: 1997 -------------------------------------------------------------------------------------------------------------- Investment Objective: Long-term capital growth by investing in common stocks on companies headquartered outside the U.S. Index: MSCI Europe, Australia, and Far East Free Index 6
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VANTAGEPOINT FUNDS Statement of Assets & Liabilities June 30, 1999 (Unaudited) [Download Table] Aggressive Growth & Opportunities International Growth Income ------------- ------------- -------------- ------------ ASSETS: Securities, at market value.................. $470,806,131 $238,507,790 $3,225,576,030 $192,153,519 Cash.................... 170,413 -- -- -- Cash denominated in foreign currencies..... -- 1,259,539 (93,192) -- Receivable for: Dividends.............. 106,555 335,889 1,647,946 107,431 Interest............... 201,632 4,071 66,740 2,717 Investments sold....... 4,075,878 1,003,236 35,602,351 1,478,554 Recoverable foreign taxes................. 48 170,754 23,778 84 Variation margin on futures contracts..... -- -- -- -- Securities on loan earnings.............. 250,143 44,694 1,575,043 53,922 Due from investment advisor............... -- -- -- -- Net unrealized gain on forward foreign currency exchange contracts.............. -- -- 124 -- Prepaid insurance....... -- -- -- 23 ------------ ------------ -------------- ------------ Total Assets........... 475,610,800 241,325,973 3,264,398,820 193,796,250 ------------ ------------ -------------- ------------ LIABILITIES: Payable for: Investments purchased.. 1,130,813 1,638,294 42,539,054 1,474,480 Variation margin on futures contracts..... -- -- 616 -- Collateral for securities loaned..... 64,969,619 9,340,044 404,549,199 13,099,024 Distribution to shareholders........... -- -- -- -- Administrative services fees................... 14,985 9,668 134,474 7,152 Advisory fees........... 34,104 19,852 242,056 15,152 Other accrued expenses.. 1,457,680 556,778 5,747,687 388,900 Net unrealized loss on forward foreign currency exchange contracts.............. -- 64,174 -- -- ------------ ------------ -------------- ------------ Total Liabilities...... 67,607,201 11,628,810 453,213,086 14,984,708 ------------ ------------ -------------- ------------ NET ASSETS.............. $408,003,599 $229,697,163 $2,811,185,734 $178,811,542 ============ ============ ============== ============ NET ASSETS REPRESENTED BY: Paid-in capital......... $312,564,707 $208,706,065 $2,335,001,365 $141,174,420 Net unrealized appreciation (depreciation) on investments, open futures contracts, foreign currency contracts and foreign currency related translations........... 85,964,031 17,512,332 423,282,690 33,430,232 Undistributed net investment income (loss)................. (622,778) 1,552,038 (40,528) 90,405 Accumulated net realized gain (loss) on investments, open futures contracts, foreign currency contracts and foreign currency related translations........... 10,097,639 1,926,728 52,942,207 4,116,485 ------------ ------------ -------------- ------------ NET ASSETS.............. $408,003,599 $229,697,163 $2,811,185,734 $178,811,542 ============ ============ ============== ============ CAPITAL SHARES: Net Assets.............. $408,003,599 $229,697,163 $2,811,185,734 $178,811,542 Shares Outstanding...... 33,106,776 20,743,289 239,232,851 16,006,325 Net Asset Value, offering and redemption price per share (net assets divided by shares outstanding).... $ 12.32 $ 11.07 $ 11.75 $ 11.17 Net Assets--Class I..... N/A N/A N/A N/A Shares Outstanding-- Class I................ N/A N/A N/A N/A Net Asset Value--Class I, offering and redemption price per share (net assets divided by shares outstanding)........... N/A N/A N/A N/A Net Assets--Class II.... N/A N/A N/A N/A Shares Outstanding-- Class II............... N/A N/A N/A N/A Net Asset Value--Class II, offering and redemption price per share (net assets divided by shares outstanding)........... N/A N/A N/A N/A Cost of investments..... $384,842,100 $220,912,620 $2,802,276,693 $158,723,287 Cost of cash denominated in foreign currencies.. $ -- $ 1,268,099 $ (77,484) $ -- ------ * Investment in Master Investment Portfolio (Note 1) See Notes to Financial Statements. 8
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[Enlarge/Download Table] U.S. Treasury Overseas Mid/Small Broad Market 500 Stock Equity Income Asset Allocation Securities Money Market Equity Index Company Index Index Index Core Bond Index ------------- ---------------- ------------- ------------ ------------ ------------- ------------ ------------ --------------- $596,979,495 $1,203,668,507 $94,338,743 $67,058,403 $39,995,355 $18,899,943* $604,157,412* $167,486,203* $282,441,375* -- 4,933,865 -- 2,242 2 -- -- -- -- -- -- -- -- 253,271 -- -- -- -- 1,331,414 527,653 -- -- 59,046 -- -- -- -- 6,369 6,695,125 1,246,991 265,502 1 -- -- -- -- 588,883 1,482,607 -- -- -- -- -- -- -- 5,961 244 -- -- 27,204 -- -- -- -- -- 1,653,250 -- -- 107,025 -- -- -- -- 79,164 461,446 69,568 -- 26 -- -- -- -- -- -- -- 10,691 -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- 5 -- -- 186 -- ------------ -------------- ----------- ----------- ----------- ----------- ------------ ------------ ------------ 598,991,286 1,219,422,697 95,655,302 67,336,838 40,441,935 18,899,943 604,157,412 167,486,389 282,441,375 ------------ -------------- ----------- ----------- ----------- ----------- ------------ ------------ ------------ 343,723 1,258,909 -- -- 217,810 -- -- -- -- -- -- -- -- -- -- -- -- -- 34,810,570 110,166,168 11,293,000 -- -- -- -- -- -- -- -- 398,126 245,498 -- -- -- -- 1,430,343 20,892 38,212 3,713 2,823 3,029 8,920 12,242 6,188 11,956 49,804 97,313 7,614 5,976 2,194 814 33,721 7,135 12,592 704,659 1,692,879 145,005 27,649 60,861 8,499 139,443 36,950 73,080 -- -- -- -- 20,650 -- -- -- -- ------------ -------------- ----------- ----------- ----------- ----------- ------------ ------------ ------------ 35,929,648 113,253,481 11,847,458 281,946 304,544 18,233 185,406 50,273 1,527,971 ------------ -------------- ----------- ----------- ----------- ----------- ------------ ------------ ------------ $563,061,638 $1,106,169,216 $83,807,844 $67,054,892 $40,137,391 $18,881,710 $603,972,006 $167,436,116 $280,913,404 ============ ============== =========== =========== =========== =========== ============ ============ ============ $377,631,382 $ 817,251,725 $87,871,000 $67,054,892 $37,601,119 $16,656,842 $545,252,379 $155,923,005 $292,941,555 167,598,471 265,414,306 (1,718,893) -- 1,771,080 2,007,299 51,057,029 9,619,704 (11,226,855) 4,254,357 9,808,075 14,036 -- 347,486 39,252 2,107,912 554,937 (343,657) 13,577,428 13,695,110 (2,358,299) -- 417,706 178,317 5,554,686 1,338,470 (457,639) ------------ -------------- ----------- ----------- ----------- ----------- ------------ ------------ ------------ $563,061,638 $1,106,169,216 $83,807,844 $67,054,892 $40,137,391 $18,881,710 $603,972,006 $167,436,116 $280,913,404 ============ ============== =========== =========== =========== =========== ============ ============ ============ $563,061,638 $1,106,169,216 $83,807,844 $67,054,892 N/A N/A N/A N/A N/A 51,368,626 104,454,729 8,590,482 67,054,892 N/A N/A N/A N/A N/A $ 10.96 $ 10.59 $ 9.76 $ 1.00 N/A N/A N/A N/A N/A N/A N/A N/A N/A $34,909,324 $14,315,263 $472,647,694 $114,951,013 $237,258,144 N/A N/A N/A N/A 3,279,235 1,232,972 42,109,985 10,342,303 24,487,392 N/A N/A N/A N/A $ 10.65 $ 11.61 $ 11.22 $ 11.11 $ 9.69 N/A N/A N/A N/A $ 5,228,067 $ 4,566,447 $131,324,312 $ 52,485,103 $ 43,655,260 N/A N/A N/A N/A 512,510 408,910 12,213,059 4,933,585 4,486,476 N/A N/A N/A N/A $ 10.20 $ 11.17 $ 10.75 $ 10.64 $ 9.73 $429,381,024 $ 940,364,821 $96,057,636 $67,058,403 $38,220,821 N/A N/A N/A N/A $ -- $ -- $ -- $ -- N/A N/A N/A N/A N/A 9
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VANTAGEPOINT FUNDS Statement of Operations For the Period From March 1, 1999 (commencement of operations) to June 30, 1999 (Unaudited) [Download Table] Aggressive Growth & Opportunities International Growth Income ------------- ------------- ------------ ----------- INVESTMENT INCOME: Dividends............... $ 378,122 $ 2,568,092 $ 5,612,269 $ 467,575 Interest................ 559,330 107,672 1,504,724 122,073 Foreign taxes withheld on dividends........... (71) (279,748) (28,352) (6,674) Expenses................ -- -- -- -- ----------- ----------- ------------ ----------- Total investment income................. 937,381 2,396,016 7,088,641 582,974 ----------- ----------- ------------ ----------- EXPENSES: Audit................... 2,239 1,367 16,950 836 Legal................... 2,053 1,254 15,542 766 Meetings................ 888 542 6,722 332 Subadvisor.............. 902,109 382,330 2,553,234 206,714 Custodian............... 71,955 110,116 292,277 40,195 Advisory................ 121,157 71,987 887,449 50,686 Fund Services........... 179,107 106,865 1,311,807 75,030 Printing................ 2,165 1,289 16,383 808 Registration............ 5,894 3,597 44,615 2,200 Investor services....... 241,000 144,148 1,765,214 100,873 Administration.......... 29,253 19,055 201,270 13,255 Insurance............... 2,339 1,428 17,706 874 ----------- ----------- ------------ ----------- Total expenses before reimbursements......... 1,560,159 843,978 7,129,169 492,569 Less reimbursements..... -- -- -- -- ----------- ----------- ------------ ----------- Total expenses net of reimbursements......... 1,560,159 843,978 7,129,169 492,569 ----------- ----------- ------------ ----------- NET INVESTMENT INCOME (LOSS)................. (622,778) 1,552,038 (40,528) 90,405 ----------- ----------- ------------ ----------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) on sale of investments............ 10,097,639 1,824,201 52,918,687 4,116,485 Net realized gain (loss) on futures and foreign currency transactions.. -- 102,527 23,520 -- Net change in unrealized appreciation (depreciation) of investments prior to March 1, 1999 (Note 1)..................... 19,256,299 (1,110,977) 54,225,109 21,182,823 Net change in unrealized appreciation (depreciation) of investments............ 66,707,732 18,706,147 369,074,228 12,247,409 Net change in unrealized appreciation (depreciation) on futures and foreign currency transactions.. -- (82,838) (16,647) -- ----------- ----------- ------------ ----------- NET GAIN (LOSS) ON INVESTMENTS............ 96,061,670 19,439,060 476,224,897 37,546,717 ----------- ----------- ------------ ----------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS........ $95,438,892 $20,991,098 $476,184,369 $37,637,122 =========== =========== ============ =========== ------ * Allocated from Master Investment Portfolio (Note 1) See Notes to Financial Statements. 10
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[Enlarge/Download Table] U.S. Treasury Overseas Mid/Small Broad Market 500 Stock Equity Income Asset Allocation Securities Money Market Equity Index Company Index Index Index ------------- ---------------- ------------- ------------ ------------ ------------- ------------ ----------- $ 5,364,750 $ 2,339,547 $ -- $ -- $ 527,445 $ 63,687 * $ 2,417,758 * $ 619,003 * 169,445 10,361,447 1,696,515 1,032,260 56,010 14,714 * 516,275 * 127,970 * -- (1,818) -- -- (60,006) (13)* (302)* -- -- -- -- -- -- (4,273)* (108,245)* (24,766)* ------------ ------------ ----------- ---------- ---------- ---------- ----------- ----------- 5,534,195 12,699,176 1,696,515 1,032,260 523,449 74,115 2,825,486 722,207 ------------ ------------ ----------- ---------- ---------- ---------- ----------- ----------- 3,773 7,242 615 386 258 102 3,618 638 3,459 6,642 564 353 236 93 3,318 584 1,495 2,871 244 152 102 52 1,435 253 332,733 1,048,332 35,042 16,693 27,826 -- -- -- 46,866 88,931 13,695 7,031 85,530 7,374 8,441 7,554 186,342 364,247 29,431 20,928 12,410 2,730 114,909 25,742 275,112 537,885 43,419 30,938 19,959 6,915 256,176 60,605 3,647 7,001 594 373 249 98 3,497 616 9,932 19,064 1,619 1,015 678 266 9,523 1,677 370,484 724,252 58,498 41,630 24,382 6,915 256,176 60,605 42,054 77,068 7,671 5,466 4,067 10,217 58,062 8,336 3,941 7,566 642 403 266 105 3,748 660 ------------ ------------ ----------- ---------- ---------- ---------- ----------- ----------- 1,279,838 2,891,101 192,034 125,368 175,963 34,867 718,903 167,270 -- -- -- (10,691) -- (4) (1,329) -- ------------ ------------ ----------- ---------- ---------- ---------- ----------- ----------- 1,279,838 2,891,101 192,034 114,677 175,963 34,863 717,574 167,270 ------------ ------------ ----------- ---------- ---------- ---------- ----------- ----------- 4,254,357 9,808,075 1,504,481 917,583 347,486 39,252 2,107,912 554,937 ------------ ------------ ----------- ---------- ---------- ---------- ----------- ----------- 13,577,428 1,713,701 (2,358,299) -- 421,246 64,569 3,097,087 890,912 -- 11,981,409 -- -- (3,540) 113,748 2,457,599 447,558 134,339,545 223,382,028 (1,940,278) -- (302,253) (49,295) (6,309,016) (2,921,711) 33,258,926 39,921,658 221,385 -- 2,076,787 2,047,156 56,711,941 12,552,573 -- 2,110,620 -- -- (3,454) 9,438 654,104 (11,158) ------------ ------------ ----------- ---------- ---------- ---------- ----------- ----------- 181,175,899 279,109,416 (4,077,192) -- 2,188,786 2,185,616 56,611,715 10,958,174 ------------ ------------ ----------- ---------- ---------- ---------- ----------- ----------- $185,430,256 $288,917,491 $(2,572,711) $ 917,583 $2,536,272 $2,224,868 $58,719,627 $11,513,111 ============ ============ =========== ========== ========== ========== =========== =========== Core Bond Index ---------------- $ -- 5,933,469 * -- (74,865)* ---------------- 5,858,604 ---------------- 1,867 1,712 741 -- 7,747 47,119 129,889 1,805 4,915 129,889 15,978 1,934 ---------------- 343,596 -- ---------------- 343,596 ---------------- 5,515,008 ---------------- (457,639) -- (3,191,953) (8,034,902) -- ---------------- (11,684,494) ---------------- $ (6,169,486) ================ 11
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VANTAGEPOINT FUNDS Statement of Changes in Net Assets [Enlarge/Download Table] Aggressive Growth & Opportunities International Growth Income -------------- -------------- -------------- -------------- For the Period For the Period For the Period For the Period From March 1, From March 1, From March 1, From March 1, 1999 (comme- 1999 (comme- 1999 (comme- 1999 (comme- ncement of ncement of ncement of ncement of operations) to operations) to operations) to operations) to June 30, 1999 June 30, 1999 June 30, 1999 June 30, 1999 (Unaudited) (Unaudited) (Unaudited) (Unaudited) -------------- -------------- -------------- -------------- Increase (decrease) in net assets resulting from operations: Net investment income (loss)................ $ (622,778) $ 1,552,038 $ (40,528) $ 90,405 Net realized gain (loss) on sale of investments and futures and foreign currency transactions.......... 10,097,639 1,926,728 52,942,207 4,116,485 Net change in unrealized appreciation (depreciation) of investments prior to March 1, 1999 (Note 1).................... 19,256,299 (1,110,977) 54,225,109 21,182,823 Net change in unrealized appreciation (depreciation) of investments and futures and foreign currency transactions.......... 66,707,732 18,623,309 369,057,581 12,247,409 ------------ ------------- -------------- ------------ Net increase (decrease) in net assets resulting from operations............ 95,438,892 20,991,098 476,184,369 37,637,122 ------------ ------------- -------------- ------------ Distributions to shareholders from: Net investment income.. -- -- -- -- Net investment income-- Class I............... N/A N/A N/A N/A Net investment income-- Class II.............. N/A N/A N/A N/A ------------ ------------- -------------- ------------ Total distributions.... -- -- -- -- ------------ ------------- -------------- ------------ Capital share transactions: Proceeds from sales of shares prior to March 1, 1999............... 6,562,814 194,947,725 10,979,051 14,222,253 Proceeds from sales of shares................ 399,675,033 116,393,883 2,686,272,873 214,275,010 Proceeds from sales of shares--Class I....... N/A N/A N/A N/A Proceeds from sales of shares--Class II...... N/A N/A N/A N/A Reinvestment of distributions prior to March 1, 1999......... -- -- -- -- Reinvestment of distributions......... -- -- -- -- Reinvestment of distributions--Class I..................... N/A N/A N/A N/A Reinvestment of distributions--Class II.................... N/A N/A N/A N/A Cost of shares redeemed prior to March 1, 1999.................. (5,982,490) (1,917,343) (29,844,691) (211,306) Cost of shares redeemed.............. (87,690,650) (100,718,200) (332,405,868) (87,111,537) Cost of shares redeemed--Class I..... N/A N/A N/A N/A Cost of shares redeemed--Class II.... N/A N/A N/A N/A ------------ ------------- -------------- ------------ Net increase (decrease) from capital share transactions.......... 312,564,707 208,706,065 2,335,001,365 141,174,420 ------------ ------------- -------------- ------------ Total increase (decrease) in net assets................ 408,003,599 229,697,163 2,811,185,734 178,811,542 ------------ ------------- -------------- ------------ NET ASSETS at beginning of period.............. -- -- -- -- ------------ ------------- -------------- ------------ NET ASSETS at end of period................. $408,003,599 $ 229,697,163 $2,811,185,734 $178,811,542 ============ ============= ============== ============ SHARE TRANSACTIONS: Number of shares sold prior to March 1, 1999.................. 650,212 265,541 1,120,685 1,303,614 Number of shares sold.. 41,221,357 30,198,127 271,941,432 23,020,955 Number of shares issued through reinvestment of dividends and distributions prior to March 1, 1999......... -- -- -- -- Number of shares issued through reinvestment of dividends and distributions......... -- -- -- -- Number of shares redeemed prior to March 1, 1999......... (546,978) (193,673) (2,139,198) (9,519) Number of shares redeemed.............. (8,217,815) (9,526,706) (31,690,068) (8,308,725) ------------ ------------- -------------- ------------ Net increase (decrease) in shares outstanding........... 33,106,776 20,743,289 239,232,851 16,006,325 ============ ============= ============== ============ Number of shares sold-- Class I............... N/A N/A N/A N/A Number of shares issued through reinvestment of dividends and distributions --Class I..................... N/A N/A N/A N/A Number of shares redeemed--Class I..... N/A N/A N/A N/A ------------ ------------- -------------- ------------ Net increase (decrease) in shares outstanding--Class I.. N/A N/A N/A N/A ============ ============= ============== ============ Number of shares sold-- Class II.............. N/A N/A N/A N/A Number of shares issued through reinvestment of dividends and distributions --Class II.................... N/A N/A N/A N/A Number of shares redeemed--Class II.... N/A N/A N/A N/A ------------ ------------- -------------- ------------ Net increase (decrease) in shares outstanding--Class II.................... N/A N/A N/A N/A ============ ============= ============== ============ See Notes to Financial Statements. 12
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[Enlarge/Download Table] U.S. Treasury Overseas Mid/Small Broad Market 500 Stock Equity Income Asset Allocation Securities Money Market Equity Index Company Index Index Index -------------- ---------------- -------------- -------------- -------------- -------------- -------------- -------------- For the Period For the Period For the Period For the Period For the Period For the Period For the Period For the Period From March 1, From March 1, From March 1, From March 1, From March 1, From March 1, From March 1, From March 1, 1999 (comme- 1999 (comme- 1999 (comme- 1999 (comme- 1999 (comme- 1999 (comme- 1999 (comme- 1999 (comme- ncement of ncement of ncement of ncement of ncement of ncement of ncement of ncement of operations) to operations) to operations) to operations) to operations) to operations) to operations) to operations) to June 30, 1999 June 30, 1999 June 30, 1999 June 30, 1999 June 30, 1999 June 30, 1999 June 30, 1999 June 30, 1999 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) -------------- ---------------- -------------- -------------- -------------- -------------- -------------- -------------- $ 4,254,357 $ 9,808,075 $ 1,504,481 $ 917,583 $ 347,486 $ 39,252 $ 2,107,912 $ 554,937 13,577,428 13,695,110 (2,358,299) -- 417,706 178,317 5,554,686 1,338,470 134,339,545 223,382,028 (1,940,278) -- (302,253) (49,295) (6,309,016) (2,921,711) 33,258,926 42,032,278 221,385 -- 2,073,333 2,056,594 57,366,045 12,541,415 ------------- -------------- ------------ ------------ ------------ ------------ ------------- ------------- 185,430,256 288,917,491 (2,572,711) 917,583 2,536,272 2,224,868 58,719,627 11,513,111 ------------- -------------- ------------ ------------ ------------ ------------ ------------- ------------- -- -- (1,490,445) (917,583) N/A N/A N/A N/A N/A N/A N/A N/A -- -- -- -- N/A N/A N/A N/A -- -- -- -- ------------- -------------- ------------ ------------ ------------ ------------ ------------- ------------- -- -- (1,490,445) (917,583) -- -- -- -- ------------- -------------- ------------ ------------ ------------ ------------ ------------- ------------- 6,430,085 103,230,671 4,426,415 4,391,936 41,721,866 13,582,451 433,166,008 120,601,118 546,929,679 794,701,091 110,690,840 81,050,756 N/A N/A N/A N/A N/A N/A N/A N/A 72,201,983 17,971,369 675,705,798 150,727,375 N/A N/A N/A N/A 15,327,648 6,005,430 126,173,147 55,359,060 -- -- -- -- -- -- -- -- -- -- 1,092,320 672,085 -- -- -- -- N/A N/A N/A N/A -- -- -- -- N/A N/A N/A N/A -- -- -- -- (7,317,441) (70,863,003) (6,151,912) (3,490,805) N/A N/A N/A N/A (168,410,941) (9,817,034) (22,186,663) (15,569,080) N/A N/A N/A N/A N/A N/A N/A N/A (81,482,158) (19,013,093) (685,736,501) (164,885,590) N/A N/A N/A N/A (10,168,220) (1,889,315) (4,056,073) (5,878,958) ------------- -------------- ------------ ------------ ------------ ------------ ------------- ------------- 377,631,382 817,251,725 87,871,000 67,054,892 37,601,119 16,656,842 545,252,379 155,923,005 ------------- -------------- ------------ ------------ ------------ ------------ ------------- ------------- 563,061,638 1,106,169,216 83,807,844 67,054,892 40,137,391 18,881,710 603,972,006 167,436,116 ------------- -------------- ------------ ------------ ------------ ------------ ------------- ------------- -- -- -- -- -- -- -- -- ------------- -------------- ------------ ------------ ------------ ------------ ------------- ------------- $ 563,061,638 $1,106,169,216 $ 83,807,844 $ 67,054,892 $ 40,137,391 $ 18,881,710 $ 603,972,006 $ 167,436,116 ============= ============== ============ ============ ============ ============ ============= ============= 540,864 597,854 335,014 330,361 2,310,799 1,119,740 16,155,512 7,368,884 68,020,696 111,693,979 10,980,887 85,112,332 N/A N/A N/A N/A -- -- -- -- N/A N/A N/A N/A -- -- 109,678 672,085 N/A N/A N/A N/A (680,622) (384,506) (556,672) 265,545 N/A N/A N/A N/A (16,512,312) (7,452,598) (2,278,425) (19,325,431) N/A N/A N/A N/A ------------- -------------- ------------ ------------ ------------ ------------ ------------- ------------- 51,368,626 104,454,729 8,590,482 67,054,892 2,310,799 1,119,740 16,155,512 7,368,884 ============= ============== ============ ============ ============ ============ ============= ============= N/A N/A N/A N/A 7,090,723 1,755,639 60,736,603 14,880,009 N/A N/A N/A N/A -- -- -- -- N/A N/A N/A N/A (6,122,287) (1,642,407) (34,782,130) (11,906,590) ------------- -------------- ------------ ------------ ------------ ------------ ------------- ------------- N/A N/A N/A N/A 968,436 113,232 25,954,473 2,973,419 ============= ============== ============ ============ ============ ============ ============= ============= 3,279,235 1,232,972 42,109,985 10,342,303 N/A N/A N/A N/A 1,503,924 585,075 12,603,714 5,505,181 N/A N/A N/A N/A -- -- -- -- N/A N/A N/A N/A (991,414) (176,165) (390,655) (571,596) ------------- -------------- ------------ ------------ ------------ ------------ ------------- ------------- N/A N/A N/A N/A 512,510 408,910 12,213,059 4,933,585 ============= ============== ============ ============ ============ ============ ============= ============= Core Bond Index --------------- For the Period From March 1, 1999 (comme- ncement of operations) to June 30, 1999 (Unaudited) --------------- $ 5,515,008 (457,639) (3,191,953) (8,034,902) --------------- (6,169,486) --------------- N/A (5,194,187) (664,478) --------------- (5,858,665) --------------- 278,355,919 N/A 378,895,206 47,414,482 -- -- 4,006,181 422,141 (694,173) N/A (412,475,192) (2,983,009) --------------- 292,941,555 --------------- 280,913,404 --------------- -- --------------- $ 280,913,404 =============== 22,300,277 N/A N/A N/A (56,001) N/A --------------- 22,244,276 =============== 37,878,013 403,952 (36,038,849) --------------- 2,243,116 =============== 24,487,392 4,743,338 42,653 (299,515) --------------- 4,486,476 =============== 13
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VANTAGEPOINT FUNDS Financial Highlights [Enlarge/Download Table] Aggressive Growth & Opportunities International Growth Income Equity Income Asset Allocation -------------- -------------- -------------- -------------- -------------- ---------------- For the Period For the Period For the Period For the Period For the Period For the Period From March 1, From March 1, From March 1, From March 1, From March 1, From March 1, 1999 (comme- 1999 (comme- 1999 (comme- 1999 (comme- 1999 (comme- 1999 (comme- ncement of ncement of ncement of ncement of ncement of ncement of operations) to operations) to operations) to operations) to operations) to operations) to June 30, 1999 June 30, 1999 June 30, 1999 June 30, 1999 June 30, 1999 June 30, 1999 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) -------------- -------------- -------------- -------------- -------------- ---------------- Net Asset Value, beginning of period....... $ 10.00 $ 10.00 $ 10.00 $ 10.00 $ 10.00 $ 10.00 Income from investment operations: Net investment income (loss).. (0.02) 0.07 -- 0.01 0.08 0.09 Net realized and unrealized gain (loss) on investments and futures and foreign currency transactions... 2.34 1.00 1.75 1.16 0.88 0.50 -------- -------- ---------- -------- -------- ---------- Total from investment operations...... 2.32 1.07 1.75 1.17 0.96 0.59 -------- -------- ---------- -------- -------- ---------- Less distributions: From net investment income......... -- -- -- -- -- -- From net realized gains.......... -- -- -- -- -- -- -------- -------- ---------- -------- -------- ---------- Total distributions... -- -- -- -- -- -- -------- -------- ---------- -------- -------- ---------- Net Asset Value, end of period... $ 12.32 $ 11.07 $ 11.75 $ 11.17 $ 10.96 $ 10.59 ======== ======== ========== ======== ======== ========== Total return++... 23.20% 10.70% 17.50% 11.70% 9.60% 5.90% Ratios/Supplemental data: Net assets, end of period (000).......... $408,004 $229,697 $2,811,186 $178,812 $563,062 $1,106,169 Number of shares outstanding, end of period (000).......... 33,107 20,743 239,233 16,006 51,369 104,455 Ratios to average net assets: Ratio of expenses to average net assets+.... 1.29% 1.16% 0.81% 0.97% 0.69% 0.80% Ratio of net investment income (loss) to average net assets+.... (0.52)% 2.13% 0.00% 0.18% 2.29% 2.70% Portfolio turnover++...... 16% 12% 38% 20% 3% 4% (1) Ratio of expenses to average net assets prior to waived fees and reimbursed expenses+....... 1.29% 1.16% 0.81% 0.97% 0.69% 0.80% (2) Ratio of net investment income (loss) to average net assets prior to waived fees and reimbursed expenses+....... (0.52)% 2.13% 0.00% 0.18% 2.29% 2.70% U.S. Treasury Securities Money Market ------------------ ------------- For the Period For the Period From March 1, From March 1, 1999 (comme- 1999 (comme- ncement of ncement operations) of operations) to to June 30, 1999 June 30, 1999 (Unaudited) (Unaudited) ------------------ ------------- Net Asset Value, beginning of period....... $ 10.00 $ 1.00 Income from investment operations: Net investment income (loss).. 0.17 0.01 Net realized and unrealized gain (loss) on investments and futures and foreign currency transactions... (0.24) -- ------------------ ------------- Total from investment operations...... (0.07) 0.01 ------------------ ------------- Less distributions: From net investment income......... (0.17) (0.01) From net realized gains.......... -- -- ------------------ ------------- Total distributions... (0.17) (0.01) ------------------ ------------- Net Asset Value, end of period... $ 9.76 $ 1.00 ================== ============= Total return++... (0.71)% 1.48% Ratios/Supplemental data: Net assets, end of period (000).......... $83,808 $67,055 Number of shares outstanding, end of period (000).......... 8,590 67,055 Ratios to average net assets: Ratio of expenses to average net assets+.... 0.66% 0.55% Ratio of net investment income (loss) to average net assets+.... 5.14% 4.40% Portfolio turnover++...... 118% N/A (1) Ratio of expenses to average net assets prior to waived fees and reimbursed expenses+....... 0.66% 0.60% (2) Ratio of net investment income (loss) to average net assets prior to waived fees and reimbursed expenses+....... 5.14% 4.45% ------ +--annualized ++--not annualized (000)--In thousands. See Notes to Financial Statements. 14
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VANTAGEPOINT FUNDS Financial Highlights [Enlarge/Download Table] Overseas Equity Index Mid/Small Company Index Broad Market Index ----------------------------- ----------------------------- ----------------------------- For the Period For the Period For the Period For the Period For the Period For the Period From March 1, From April 5, From March 1, From April 5, From March 1, From April 5, 1999 (comme- 1999 (comme- 1999 (comme- 1999 (comme- 1999 (comme- 1999 (comme- ncement of ncement of ncement of ncement of ncement of ncement of operations) to operations) to operations) to operations) to operations) to operations) to June 30, 1999 June 30, 1999 June 30, 1999 June 30, 1999 June 30, 1999 June 30, 1999 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) -------------- -------------- -------------- -------------- -------------- -------------- Class I Class II Class I Class II Class I Class II -------------- -------------- -------------- -------------- -------------- -------------- Net Asset Value, beginning of period.... $ 10.00 $10.00 $ 10.00 $10.00 $ 10.00 $ 10.00 Income from investment operations: Net investment income (loss)................ 0.08 0.16 0.02 0.02 0.04 0.04 Net realized and unrealized gain (loss) on investments and futures and foreign currency transactions.......... 0.57 0.04 1.59 1.15 1.18 0.71 ------- ------ ------- ------ -------- -------- Total from investment operations............. 0.65 0.20 1.61 1.17 1.22 0.75 ------- ------ ------- ------ -------- -------- Less distributions: From net investment income................ -- -- -- -- -- -- From net realized gains................. -- -- -- -- -- -- ------- ------ ------- ------ -------- -------- Total distributions..... -- -- -- -- -- -- ------- ------ ------- ------ -------- -------- Net Asset Value, end of period................. $ 10.65 $10.20 $ 11.61 $11.17 $ 11.22 $ 10.75 ======= ====== ======= ====== ======== ======== Total return++.......... 6.50% 2.00% 16.10% 11.70% 12.20% 7.50% Ratios/Supplemental data: Net assets, end of period (000).......... $34,909 $5,228 $14,315 $4,566 $472,648 $131,324 Number of shares outstanding, end of period (000).......... 3,279 513 1,233 409 42,110 12,213 Ratios to average net assets: Ratio of expenses to average net assets+... 1.18% 0.93% 0.78% 0.57% 0.46% 0.27% Ratio of net investment income (loss) to average net assets+... 2.16% 2.53% 0.68% 1.00% 1.04% 1.41% Portfolio turnover++.... 13% 13% N/A N/A N/A N/A (1) Ratio of expenses to average net assets prior to waived fees and reimbursed expenses+.............. 1.17% 1.02% 0.78% 0.58% 0.46% 0.27% (2) Ratio of net investment income (loss) to average net assets prior to waived fees and reimbursed expenses+.............. 2.16% 2.53% 0.68% 1.00% 1.05% 1.42% ------ + --annualized ++ --not annualized (000) --In thousands. See Notes to Financial Statements. 15
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VANTAGEPOINT FUNDS Financial Highlights [Enlarge/Download Table] 500 Stock Index Core Bond Index ----------------------------- ----------------------------- For the Period For the Period For the Period For the Period From March 1, From April 5, From March 1, From April 5, 1999 (comme- 1999 (comme- 1999 (comme- 1999 (comme- ncement of ncement of ncement of ncement of operations) to operations) to operations) to operations) to June 30, 1999 June 30, 1999 June 30, 1999 June 30, 1999 (Unaudited) (Unaudited) (Unaudited) (Unaudited) -------------- -------------- -------------- -------------- Class I Class II Class I Class II -------------- -------------- -------------- -------------- Net Asset Value, beginning of period.... $ 10.00 $ 10.00 $ 10.00 $ 10.00 Income from investment operations: Net investment income (loss)................ 0.04 0.03 0.19 0.15 Net realized and unrealized gain (loss) on investments and futures and foreign currency transactions.......... 1.07 0.61 (0.29) (0.27) -------- ------- -------- ------- Total from investment operations............. 1.11 0.64 (0.10) (0.12) -------- ------- -------- ------- Less distributions: From net investment income................ -- -- (0.21) (0.15) From net realized gains................. -- -- -- -- -------- ------- -------- ------- Total distributions..... -- -- (0.21) (0.15) -------- ------- -------- ------- Net Asset Value, end of period................. $ 11.11 $ 10.64 $ 9.69 $ 9.73 ======== ======= ======== ======= Total return++.......... 11.10% 6.40% (1.04)% (1.25)% Ratios/Supplemental data: Net assets, end of period (000).......... $114,951 $52,485 $237,258 $43,655 Number of shares outstanding, end of period (000).......... 10,342 4,934 24,487 4,486 Ratios to average net assets: Ratio of expenses to average net assets+... 0.44% 0.23% 0.47% 0.26% Ratio of net investment income (loss) to average net assets+... 1.06% 1.44% 5.83% 6.32% Portfolio turnover++.... N/A N/A N/A N/A (1) Ratio of expenses to average net assets prior to waived fees and reimbursed expenses+.............. 0.45% 0.23% 0.47% 0.27% (2) Ratio of net investment income (loss) to average net assets prior to waived fees and reimbursed expenses+.............. 1.06% 1.44% 5.83% 6.32% ------ + --annualized ++ --not annualized (000) --In thousands. See Notes to Financial Statements. 16
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VANTAGEPOINT FUNDS NOTES TO FINANCIAL STATEMENTS (Unaudited) 1. Significant Accounting Policies The Vantagepoint Funds (the "Company") is registered under the Investment Company Act of 1940 (the "1940 Act"), as amended, as an open-end management investment company organized as a Delaware business trust. The Company commenced operations on March 1, 1999 by acquiring certain of the assets of the ICMA Retirement Trust (the "Trust"). The acquisition was accomplished by a tax- free exchange of shares of the Funds for certain of the assets of the Trust on March 1, 1999, at $10.00 per share. The Company currently consists of the following Funds (the "Funds"): the Aggressive Opportunities Fund, the International Fund, the Growth Fund, the Growth and Income Fund, the Equity Income Fund, the Asset Allocation Fund, the U.S. Treasury Securities Fund and the Money Market Fund. The Company also offers the following Index Funds (the "Index Funds"): the Overseas Equity Index Fund, the Mid/Small Company Index Fund, the Broad Market Index Fund, the 500 Stock Index Fund, and the Core Bond Index Fund. Each Index Fund, with the exception of the Overseas Equity Index Fund, is a "feeder" fund in a "master-feeder" structure. Instead of investing directly in individual securities in the portfolio, the feeder fund, which is offered to the public, invests in a Master Portfolio that has substantially the same investment objectives as the feeder fund. It is the Master Portfolio that actually invests in the individual securities. Barclays Global Fund Advisors (BGFA) is the investment adviser for the Master Portfolios. The Index Funds invest in the Master Portfolios as follows: [Download Table] invests Master Index Fund in Portfolio ---------- ------- --------------- Mid/Small Company [GRAPHIC OF ARROW] Extended Index Broad Market [GRAPHIC OF ARROW] US Equity Index 500 Stock [GRAPHIC OF ARROW] S&P 500 Index Core Bond [GRAPHIC OF ARROW] Bond Index The financial statements of the Master Portfolios, including their Schedules of Investments, are included elsewhere in this report and should be read in conjunction with the financial statements of the Index Funds. The Funds offer a single class of shares, which commenced operations on March 1, 1999. The Index Funds offer two classes of shares: Class I Shares and Class II Shares. Class I Shares commenced operations on March 1, 1999. Class II Shares commenced operations on April 5, 1999. The two classes of shares differ principally in their respective fund services and investor services fees. Shareholders of each Index Fund bear the common expenses of the Index Fund and earn income from the Master Portfolio pro rata based on the average daily net assets of each class. Dividends are determined separately for each class based on income and expenses allocable to each class. Gains are allocated to each class pro rata based upon net assets of each class on the date of distribution. Neither class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses and from the weightings of pro rata income and gain allocations. The following significant accounting policies are consistently followed by the Company in the preparation of its financial statements. Each is in conformity with generally accepted accounting principles for investment companies. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Investment Policy and Security Valuation The value of each Index Fund's (other than the Overseas Index Fund) interest in the net assets of the Master Portfolio in which it invests reflects that Index Fund's interest in the net assets of that Master Portfolio (12.41%, 99.99%, 3.79%, 70.53% for the Extended Index, US Equity Index, S&P 500 Index and Bond Index Master Portfolios, respectively, as of June 30, 1999). See "Investment Policy and Security Valuation" for the Master Portfolios included elsewhere in this report. 17
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VANTAGEPOINT FUNDS NOTES TO FINANCIAL STATEMENTS (Unaudited)--(Continued) The equity securities of each Fund are valued at the last reported sale price on the primary securities exchange or national securities market on which such securities are traded. Securities not listed on an exchange or national securities market, or securities in which there was no last reported sales price, are valued at the most recent bid prices. Debt securities are generally traded in the over-the-counter market and are valued using pricing matrices obtained through Merrill Lynch and other commercial pricing services. U.S. Government obligations are valued at the last reported bid price. Debt securities maturing in 60 days or less are valued at amortized cost, which approximates market value. Any securities for which market quotations are not readily available, are valued at fair value as determined in good faith in accordance with policies approved by the Board of Directors. The Money Market Fund invests all of its assets in the Short Term Investments Co. Liquid Assets Portfolio, whose investment adviser is AIM Advisers, Inc. The Short Term Investments Co. Liquid Assets Portfolio uses the amortized cost method of valuation to determine the value of its portfolio securities in accordance with rule 2a-7 under the 1940 Act. The amortized cost method, which involves valuing a security at its cost and amortizing any discount or premium over the period until maturity, approximates market value. The Money Market Fund seeks to maintain a constant net asset value per share of $1.00, however, there is no guarantee that it will be able to do so. The accounting records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the prevailing rates of exchange at the end of each day. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars at the prevailing exchange rate on the respective date of transactions. Security Transactions and Income Recognition Security transactions are accounted for on the date the securities are purchased or sold (trade date). Dividend income is recognized on the ex- dividend date, and interest income is recognized on a daily accrual basis. Realized gains or losses are reported on the basis of identified cost of securities delivered. Bond discounts and premiums, except for the Money Market Fund, are amortized under provisions of the Internal Revenue Code of 1986, as amended (the "Code"). Dividends and Distributions to Shareholders Dividends to shareholders from net investment income of the Core Bond Index Fund and U.S. Treasury Securities Fund are declared and distributed monthly. Dividends to shareholders from net investment income of the Money Market Fund are declared daily and distributed monthly. Dividends to shareholders from net investment income of the remaining Funds and Index Funds are declared and distributed annually. Distributions to shareholders from any net realized capital gains are generally declared and distributed annually, normally in December. Due to the timing of dividend distributions and differences in accounting for income and realized gains (losses) for financial statement and federal income tax purposes, the fiscal year in which amounts are distributed may differ from the year in which the income and realized gains (losses) were recorded by the Fund. Federal Income Taxes The Company intends to qualify as a regulated investment company under Subchapter M of the Code for federal tax purposes. Accordingly, each Fund and Index Fund intends to make distributions of substantially all of its investment company taxable income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Therefore, no provision for federal taxes was required. 18
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VANTAGEPOINT FUNDS NOTES TO FINANCIAL STATEMENTS (Unaudited)--(Continued) Futures Contracts The Funds may purchase futures contracts to gain exposure to market changes as this may be more efficient or cost effective than actually buying the securities. A futures contract is an agreement between two parties to buy and sell a security at a set price on a future date and is exchange traded. Upon entering into a futures contract, the Funds are required to pledge to the broker an amount of cash, U.S. Government securities or other high-quality debt securities equal to the minimum "initial margin" requirements of the exchange. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as "variation margin" and are recorded by the Funds as unrealized gains or losses. When the contract is closed, the Funds record a gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Pursuant to regulations and/or published positions of the Securities and Exchange Commission, the Funds are required to segregate cash, U.S. Government obligations or high quality, liquid debt instruments in connection with futures transactions in an amount generally equal to the entire futures contract amount. Risks of entering into futures contracts include the possibility that there may be an illiquid market and that a change in the value of the contracts may not correlate with changes in the value of the underlying securities. The amount of risk under such futures may exceed the amounts reflected in the financial statements. As of June 30, 1999, the Asset Allocation Fund had the following open long futures contracts outstanding: [Download Table] Net Unrealized Number of Expiration Notional Appreciation/ Contracts Type Date Contract Value (Depreciation) --------- ---- ---------- -------------- -------------- 185 S&P 500 Index September 1999 $63,903,625 $2,840,912 568 U.S. Treasury September 1999 $65,834,750 $ (730,293) Repurchase Agreements Transactions involving purchases of securities under agreements to resell such securities at a specified price and time ("repurchase agreements") are treated as collateralized financing transactions and are recorded at their contracted resale amounts. These repurchase agreements, if any, are detailed in each Fund's Schedule of Investments. The Funds require that the cash investments be fully collateralized based on values that are marked to market daily. The collateral is generally held by an agent bank under a tri-party agreement. It is the advisor's responsibility to value collateral daily and to obtain additional collateral as necessary to maintain the value at equal to or greater than 102% of market value. The repurchase agreements entered into on June 30, 1999 are collateralized by U.S. Government Securities. Forward Foreign Currency Exchange Contracts A forward foreign currency exchange contract is an agreement to pay or receive specific amounts of a currency at a future date in exchange for another currency at an agreed upon exchange rate. The funds may use forward foreign currency exchange contracts to hedge certain foreign currency assets and liabilities. Contracts are recorded at market value and marked to market daily. Risks of entering into forward foreign currency currency exchange contracts include the possibility that there may be an illiquid market and that a change in the value of the contracts may not correlate with changes in the value of the underlying securities. The amount at risk for such forward foreign currency exchange contracts may exceed the amount reflected in the financial statements. As of June 30, 1999, the following funds had the following open forward foreign currency exchange contracts outstanding. 19
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VANTAGEPOINT FUNDS NOTES TO FINANCIAL STATEMENTS (Unaudited)--(Continued) International Fund [Download Table] Currency and Foreign Currency U.S. Dollar Value Net Unrealized Exchange Date Cost/Proceeds at June 30, 1999 Gain/(Loss) ------------- ---------------- ----------------- -------------- Purchase Contracts Euro 07/06/99 $1,943,846 $1,896,873 $(46,973) 08/04/99 57,065 55,208 (1,857) 08/04/99 12,965 12,371 (594) 09/07/99 55,874 55,618 (256) 12/08/99 140,887 142,932 2,045 Great Britain 07/02/99 184,620 184,729 109 Japanese 07/01/99 123,822 123,778 (44) 08/17/99 250,668 246,482 (4,186) -------- $(51,756) Sale Contracts Euro 07/22/99 $ 73,000 $ 70,216 $ 2,784 07/22/99 72,663 70,216 2,447 Great Britain 08/04/99 57,065 55,866 1,199 08/04/99 12,965 12,512 453 09/03/99 56,000 54,934 1,066 09/07/99 55,874 54,892 982 Japanese 07/06/99 1,943,846 1,960,757 (16,911) 08/17/99 246,000 246,482 (482) 09/10/99 128,000 127,345 655 12/08/99 140,887 145,498 (4,611) -------- $(12,418) 20
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VANTAGEPOINT FUNDS NOTES TO FINANCIAL STATEMENTS (Unaudited)--(Continued) Overseas Equity Index Fund [Download Table] Currency and Foreign Currency U.S. Dollar Value Net Unrealized Exchange Date Cost/Proceeds at June 30, 1999 Gain/(Loss) ------------- ---------------- ----------------- -------------- Purchase Contracts Euro 07/06/99 $565,379 $549,184 $(16,195) 08/04/99 556,292 550,386 (5,906) Great Britain 07/06/99 508,930 501,265 (7,665) 08/04/99 505,028 501,355 (3,673) Japanese 07/06/99 368,895 372,095 3,200 08/04/99 370,529 373,687 3,158 Sweden 07/06/99 89,836 89,670 (166) 08/04/99 90,750 89,830 (920) -------- $(28,167) Sale Contracts Euro 07/06/99 $555,119 $549,184 $ 5,935 Great Britain 07/01/99 5,489 5,496 (7) 07/06/99 504,984 501,265 3,719 Japanese 07/06/99 369,040 372,095 (3,055) Sweden 07/06/99 90,595 89,670 925 -------- $ 7,517 Growth Fund [Download Table] Currency and Foreign Currency U.S. Dollar Value Net Unrealized Exchange Date Cost/Proceeds at June 30, 1999 Gain/(Loss) ------------- ---------------- ----------------- -------------- Purchase Contracts Canadian 07/02/99 $39,297 $39,173 $124 ---- Realized and unrealized gains or losses on forward foreign currency exchange contracts are reflected in the accompanying financial statements. 21
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VANTAGEPOINT FUNDS NOTES TO FINANCIAL STATEMENTS (Unaudited)--(Continued) 2. Agreements and Other Transactions with Affiliates Vantagepoint Investment Advisors LLC (the "VIA"), a wholly owned subsidiary of RC Retirement Corporation ("RC"), provides investment advisory services to each of the Vantagepoint Funds. Pursuant to a Master Advisory Agreement, VIA is entitled to receive 0.10% of the average daily net assets of each Fund and 0.05% of the average daily net assets of Class I Shares and Class II for the Index Funds. VIA contracts one or more subadvisers for the each of the Funds and Index Funds. Fees paid to each Subadviser during the year are based on assets under management at contractual rates as follows: [Download Table] Assets Annual Fund Subadviser Managed Fee ---- ---------- --------- ------ First $100 Aggressive Opportunities First Pacific Advisers million 0.80% Over $100 million 0.75% MFS Institutional Advisers, Inc. Flat fee 0.75% First $100 TCW Funds Management, Inc. million 0.73% Next $100 million 0.69% Over $200 million 0.67% First $25 International Capital Guardian Trust Company million* 0.75% Next $25 million 0.60% Next $200 million 0.43% Over $250 million 0.38% First $100 Lazard Assets Management million 0.50% Over $100 million 0.40% First $20 Rowe Price Fleming, International, Inc. million 0.75% Next $30 million 0.60% Over $50 million 0.50% First $100 Growth Cadence Capital Management million 0.45% Next $400 million 0.20% Over $500 million 0.15% First $150 William Blair & Company, LLC million 0.50% Next $150 million 0.45% Over $300 million 0.40% Neuberger & Berman, LLC Flat Fee 0.45% First $500 Barclays Global Fund Advisors million 0.04% Next $500 million 0.02% Over $1 billion 0.01% Fidelity Management Trust Company First $25 --Small Company Growth Account million 0.80% Over $25 million 0.60% --Aggressive Equity Account Flat Fee 0.38% First $25 Growth and Income Capital Guardian Trust Company million** 0.55% Next $25 million 0.40% First $15 Putnam Investments Management, Inc. million 0.55% Next $35 million 0.40% Next $50 million 0.30% Over $100 million 0.25% 22
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VANTAGEPOINT FUNDS NOTES TO FINANCIAL STATEMENTS (Unaudited)--(Continued) [Download Table] Assets Annual Fund Subadviser Managed Fee ---- ---------- ----------- ------ First $100 Equity Income Crawford Investment Council, Inc. million 0.20% Next $100 million 0.15% Over $200 million 0.10% First $250 Newell Associates million 0.20% Next $500 million 0.15% Next $250 million 0.10% Over $1 billion 0.08% First $250 Asset Allocation AVATAR Associates million 0.25% Next $250 million 0.20% Over $500 million 0.18% First $200 Mellon Capital Management million 0.38% Over $200 million 0.20% First $100 Wilshire Asset Management million 0.04% Next $400 million 0.02% Over $500 million 0.01% First $200 Payden & Rygel Investment Counsel million 0.10% Next $100 million 0.09% Over $300 million 0.08% First $25 U.S.Treasury Securities Seix Investment Advisors, Inc. million 0.17% Next $50 million 0.12% Next $25 million 0.07% Money Market AIM Advisors, Inc. Flat Fee 0.08% First $25 Overseas Equity Index Barclays Global Investors, N.A. million*** 0.20% Over $25 million 0.15% Broad Market Index Barclays Global Investors, N.A. Flat Fee*** 0.08% 500 Stock Index Barclays Global Investors, N.A. Flat Fee 0.05% Core Bond Index Barclays Global Investors, N.A. Flat Fee 0.08% Mid/Small Company Index Barclays Global Investors, N.A. Flat Fee 0.10% ------ * Minimum fee of $337,000 per year ** Minimum fee of $167,500 per year. *** Minimum fee of $75,000 per year. Vantagepoint Transfer Agents Inc. ("VTA"), a wholly owned subsidiary of RC, is the Transfer Agent for the Funds. Pursuant to a Transfer Agency and Administrative Services Agreement with the Funds, VTA is entitled to receive a fee at an annual rate of 0.35% of the average daily net assets of each actively managed Fund. VTA receives a fee at the annual rate of 0.30% of the average daily net assets of each Index Fund's Class I Shares and 0.10% of the average daily net assets of each Index Fund's Class II Shares. In addition to transfer agency services, this fee compensates VTA for shareholder services, reporting, communications, and related services. Investors Bank & Trust Company ("IBT") serves as the Custodian to each Fund and also provides portfolio accounting services. IBT is entitled to certain transaction charges plus a monthly fee at an annual rate of 0.02% of the first $250 million of the average daily net assets for each Fund, including the Overseas Equity Index Fund, 0.015% of the next $1 billion, and 0.01% of each Fund's average daily net assets in excess of $1.25 billion. For the remaining Index Funds, IBT receives $12,000 per year for Class I Shares and $6,000 for Class II Shares for portfolio accounting services. 23
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VANTAGEPOINT FUNDS NOTES TO FINANCIAL STATEMENTS (Unaudited)--(Continued) IBT also provides administrative services for the Funds and Index Funds. For their administrative services, IBT is paid at an annual rate of 0.0265% of the first $250 million of the average daily net assets for each Fund, including the Overseas Equity Index Fund, 0.02% of the next $1 billion, and 0.01% of each Fund's average daily net assets in excess of $1.25 billion. For the remaining Index Funds, IBT receives 0.0175% of the first $250 million of the average daily net assets, 0.015% of the next $1 billion, and 0.01% of each Index Fund's average daily net assets in excess of $1.25 billion. 3. Investment Portfolio Transactions Purchases and sales of investments, exclusive of short-term securities, for each Fund for the period ended June 30, 1999 are as follows: [Download Table] Aggregate Purchases and Aggressive Sales of: Opportunities International Growth Growth and Income ----------------------- ------------- ------------- ------------ ----------------- U.S. GOVERNMENT OBLIGA- TIONS: Purchases at cost....... $ 0 $ 0 $ 0 $ 0 Sales Proceeds.......... 0 0 0 0 OTHER SECURITIES: Purchases at cost....... $58,722,112 $27,119,229 $989,569,232 $ 200,733 Sales proceeds.......... 54,916,091 23,983,531 967,194,267 29,216,390 U.S. Aggregate Purchases and Asset Treasury Overseas Equity Sales of: Equity Income Allocation Securities Index ----------------------- ------------- ------------- ------------ ----------------- U.S. GOVERNMENT OBLIGA- TIONS: Purchases at cost....... $ 0 $92,519,011 $100,709,862 $ 0 Sales Proceeds.......... 0 24,349,078 100,656,333 0 OTHER SECURITIES: Purchases at cost....... $15,773,915 $46,188,495 $ 0 $ 5,636,377 Sales proceeds.......... 39,477,469 3,344,088 0 8,853,887 4. Portfolio Securities Loaned As of June 30, 1999, certain Funds loaned securities, which were collateralized by cash, cash equivalents, or US Government Obligations. Each Fund receives transaction fees for providing services in connection with the securities lending program. The risks to the Funds associated with securities lending are that the borrower may not provide additional collateral when required or return the securities when due. The value of the securities on loan and the value of the related collateral were as follows: [Download Table] Fund Securities Collateral ---- ------------ ------------ Aggressive Opportunities........................... $ 63,695,705 $ 64,969,619 International...................................... $ 9,156,906 $ 9,340,044 Growth............................................. $396,616,862 $404,549,199 Growth and Income.................................. $ 12,842,180 $ 13,099,024 Equity Income...................................... $ 34,128,010 $ 34,810,570 Asset Allocation................................... $108,006,047 $110,166,168 U.S. Treasury Securities........................... $ 10,755,238 $ 11,293,000 24
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Schedule of Investments June 30, 1999 (Unaudited) [Download Table] --------------------------------------------------------------- Vantagepoint Aggressive Opportunities Fund Shares Value --------------------------------------------------------------- COMMON STOCKS--93.1% --------------------------------------------------------------- Advertising--1.6% *AdForce, Inc. 12,100 $ 284,350 *Catalina Marketing Corporation 6,700 616,400 *DST Systems, Inc. 38,000 2,389,250 *E4L, Inc. 12,600 90,563 *Outdoor Systems, Inc. 69,500 2,536,750 *Snyder Communications, Inc. 23,600 772,900 ------------ 6,690,213 ------------ Airlines--0.3% *Atlas Air, Inc. 34,250 1,104,563 Skywest, Inc. 11,700 291,769 ------------ 1,396,332 ------------ Apparel Retailers--3.4% *AnnTaylor Stores Corporation 6,900 310,500 *Gymboree Corporation 335,000 3,517,499 *Pacific Sunwear of California, Inc. 1,800 43,875 Ross Stores, Inc. 185,800 9,359,674 Talbots, Inc. 20,900 796,813 ------------ 14,028,361 ------------ Automotive--1.7% *Championship Auto Racing Teams, Inc. 10,100 302,369 Coachmen Industries, Inc. 159,500 3,708,374 Thor Industries, Inc. 103,300 2,931,137 ------------ 6,941,880 ------------ Banking--0.4% Student Loan Corporation 18,100 805,450 *Telebanc Financial Corporation 16,800 651,000 Westcorp 46,900 527,625 ------------ 1,984,075 ------------ Beverages, Food & Tobacco--0.4% *Del Monte Foods Company 42,900 718,575 *Robert Mondavi Corporation Class A 7,600 276,450 Tootsie Roll Industries, Inc. 16,611 641,600 ------------ 1,636,625 ------------ Bio-Technology--0.3% *MiniMed, Inc. 5,500 423,156 *Perclose, Inc. 15,400 740,163 *Valentis, Inc. 1,500 5,719 ------------ 1,169,038 ------------ Building Materials--0.3% *AFC Cable Systems, Inc. 14,900 526,156 *Barnett, Inc. 20,200 151,500 *PSS World Medical, Inc. 61,300 685,794 ------------ 1,363,450 ------------ Commercial Services--5.6% *Abacus Direct Corporation 3,200 292,800 *Advance Paradigm, Inc. 3,300 201,300 *Alternative Resources Corporation 36,500 255,500 Angelica Corporation 95,700 1,686,713 [Download Table] ------------------------------------------------------------------------ Shares Value ------------------------------------------------------------------------ *Applied Graphics Technology 13,600 $ 171,700 *Boron, LePore & Associates, Inc. 47,400 396,975 *Bright Horizons, Inc. 12,400 234,050 *Caliber Learning Network, Inc. 19,400 92,150 *CN Maximus, Inc. 26,700 767,625 *Corporate Executive Board Company 4,200 149,363 *Cytyc Corporation 34,000 663,000 Fair Issac & Company, Inc. 15,700 550,481 *Forrester Research, Inc. 3,500 87,500 *Franklin Covey Company 11,600 85,550 *Interim Services, Inc. 49,900 1,029,188 *Learning Tree International, Inc. 72,500 792,969 Manpower, Inc. 57,000 1,289,625 *MedQuist, Inc. 23,300 1,019,375 *Memberworks, Inc. 9,500 275,500 *Modis Professional Services, Inc. 49,000 673,750 *National Processing, Inc. 41,800 423,225 *Nova Corporation 87,100 2,177,500 Paychex, Inc. 21,750 693,281 *Paymentech, Inc. 20,900 530,338 *Pegasus Systems, Inc. 12,700 475,456 *Personnel Group of America, Inc. 16,400 164,000 *ProBusiness Services, Inc. 7,700 276,238 *Quintiles Transnational Corporation 43,120 1,811,040 Regis Corporation 35,500 681,156 *Robert Half International, Inc. 12,300 319,800 *Romac International, Inc. 75,200 667,400 *Superior Consultant Holdings Corporation 10,900 269,094 *Superior Services, Inc. 18,500 493,719 *Teletech Holdings, Inc. 24,800 251,100 *Whittman-Hart, Inc. 75,900 2,409,825 *Wind River Systems, Inc. 39,400 632,863 ------------ 22,991,149 ------------ Communications--1.9% *Advanced Fibre Communications, Inc. 22,500 351,563 *Ariba, Inc. 1,000 97,250 *Aspect Telecommunication Corporation 50,000 487,500 *Backweb Technologies Ltd. 600 16,425 *Broadcast.com, Inc. 28,000 3,739,749 *Cable Design Technologies Corporation 43,200 666,900 *Concentric Network Corporation 4,200 166,950 *Concord Communications, Inc. 5,900 265,500 *DSP Communications, Inc. 19,700 568,838 *Flycast Communications, Inc. 200 3,825 *Online Resources & Communications Corporation 8,700 117,994 *Pinnacle Holdings, Inc. 44,800 1,097,600 *VDI Media 25,400 165,100 ------------ 7,745,194 ------------ 25
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ----------------------------------------------------------------------------- Vantagepoint Aggressive Opportunities Fund Shares Value ----------------------------------------------------------------------------- COMMON STOCKS--(Continued) ----------------------------------------------------------------------------- Computer Software & Processing--20.3% *Acxiom Corporation 26,200 $ 653,363 *Affiliated Computer Services, Inc. 49,100 2,485,688 *Apache Medical Systems, Inc. 13,300 14,131 *Aspen Technologies, Inc. 73,300 861,275 *At Home Corporation Class A 63,047 3,400,597 *Beyond.com Corporation 38,700 1,110,206 *BISYS Group, Inc. 43,800 2,562,300 *Cadence Design Systems, Inc. 95,700 1,220,175 *CBT Group PLC ADR (Ireland) 119,900 1,978,350 *Ceridian Corporation 28,300 925,056 *Checkfree Holdings Corporation 8,400 231,525 *Ciber, Inc. 18,200 348,075 *Citrix Systems, Inc. 64,400 3,638,599 *Clarify, Inc. 17,300 713,625 Comdisco, Inc. 195,000 4,996,874 *Complete Business Solutions, Inc. 62,600 1,122,888 *Computer Horizons Corporation 19,100 263,819 *CSG Systems International, Inc. 39,200 1,026,550 *Dendrite International, Inc. 73,700 2,662,413 *Eclipsys Corporation 13,400 320,763 *Edify Corporation 23,200 310,300 *Exchange Applications, Inc. 9,000 366,750 *Fiserv, Inc. 17,700 554,231 *Gartner Group, Inc. Class A 20,300 416,150 *Great Plains Software, Inc. 4,700 221,781 *Harbinger Corporation 47,100 588,750 *HCIA, Inc. 38,900 347,669 *HNC Software, Inc. 33,700 1,038,381 *Hyperion Solutions Corporation 8,900 1,049,156 *IDX Systems Corporation 65,700 1,482,356 *IMR Global Corporation 69,700 1,341,725 IMS Health, Inc. 8,600 268,750 *Informatica Corporation 6,400 228,000 *Infousa, Inc. Class A 40,100 355,888 *Infousa, Inc. Class B 20,800 176,800 *Intelligroup, Inc. 4,300 30,638 *International Integration, Inc. 11,700 263,250 *International Network Services 2,950 119,106 *International Telecommunication Data Systems, Inc. 8,200 131,200 *Internet.Com Corporation 100 1,256 *Intuit, Inc. 2,200 198,275 *JDA Software Group, Inc. 43,400 404,163 *Juniper Networks, Inc. 200 29,800 *Lason, Inc. 6,400 317,600 *Legato Systems, Inc. 28,500 1,645,875 *Lycos, Inc. 7,100 652,313 *Macromedia, Inc. 9,900 348,975 *Marimba, Inc. 100 5,269 *Mecon, Inc. 21,300 159,750 *Mede America Corporation 6,900 260,475 *Mercury Interactive Corporation 7,400 261,775 *Meta Group, Inc. 40,900 628,838 *Micromuse, Inc. 10,400 518,700 *National Techteam, Inc. 24,300 133,650 *Neon Systems, Inc. 8,500 283,688 [Download Table] ----------------------------------------------------------------------- Shares Value ----------------------------------------------------------------------- *New Era of Networks, Inc. 38,800 $ 1,704,775 *Peerless Systems Corporation 19,400 203,700 *Peregrine Systems, Inc. 11,600 297,975 *Persistence Software, Inc. 300 4,088 *Pervasive Software, Inc. 7,400 184,075 *Phone.com, Inc. 200 11,200 *Portal Software, Inc. 19,300 893,831 *Proxim, Inc. 18,400 1,067,200 *Ramp Networks, Inc. 5,300 75,856 *Renaissance Worldwide, Inc. 63,600 506,816 *SCB Computer Technology, Inc. 23,300 122,325 *Scient Corporation 24,000 1,141,500 *Security Dynamics Technologies, Inc. 123,800 2,630,750 *Security First Technologies Corporation 1,500 67,688 *Siebel Systems, Inc. 76,600 5,084,324 *Software.com, Inc. 200 4,638 *SportsLine USA, Inc. 51,400 1,843,975 *Sterling Software, Inc. 46,800 1,248,975 *Summit Design, Inc. 52,600 157,800 *Sungard Data Systems, Inc. 43,100 1,486,950 *Synopsys, Inc. 31,500 1,738,406 *Technology Solutions Company 143,200 1,548,350 *Transaction Systems Architects, Inc. Class A 49,900 1,946,100 *USinternetworking, Inc. 12,400 520,800 *Vantive Corporation 68,400 782,325 *Verio, Inc. 19,900 1,383,050 *Verisign, Inc. 53,900 4,648,874 *VerticalNet, Inc. 2,600 272,675 *Viant Corporation 7,700 269,500 *Vignette Corporation 9,800 735,000 *Yahoo!, Inc. 25,641 4,416,661 ------------ 82,677,737 ------------ Computers & Information--5.3% *Cisco Systems, Inc. 1 46 *Critical Path, Inc. 6,900 381,656 *Ebay, Inc. 28,100 4,243,099 *Exabyte Corporation 223,400 865,675 *Hutchinson Technology, Inc. 151,500 4,204,124 *InfoSpace.com, Inc. 12,800 601,600 *iVillage, Inc. 400 20,100 *Komag, Inc. 226,800 751,275 *Mpath Interactive, Inc. 4,700 103,400 *Natural Microsystems Corporation 19,300 184,556 *Network Solutions, Inc. 10,800 854,550 *Priceline.com, Inc. 2,000 231,125 *Proxicom, Inc. 5,900 151,556 *Rational Software Corporation 17,600 579,700 *Redback Networks, Inc. 100 12,556 *Seagate Technology, Inc. 71,800 1,839,875 *Starmedia Network, Inc. 700 44,888 *Storage Technology Corporation 274,400 6,242,599 *Xionics Document Technologies, Inc. 39,000 173,063 ------------ 21,485,443 ------------ 26
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ---------------------------------------------------------------- Vantagepoint Aggressive Opportunities Fund Shares Value ---------------------------------------------------------------- COMMON STOCKS--(Continued) ---------------------------------------------------------------- Diversified--0.2% *Blyth Industries, Inc. 23,700 $ 814,688 ------------ Electrical Equipment--0.2% *Micrel, Inc. 8,800 651,200 ------------ Electronics--10.2% *Altera Corporation 35,200 1,295,800 *Analog Devices, Inc. 39,800 1,997,463 *Arrow Electronics, Inc. 250,500 4,759,499 *AVX Corporation 125,100 3,049,312 *Black Box Corporation 16,000 802,000 *Cymer, Inc. 9,600 240,000 *DRS Technologies, Inc. 81,300 858,731 *Etec Systems, Inc. 30,600 1,017,450 *GlobeSpan, Inc. 400 15,900 *Kemet Corporation 291,000 6,674,812 *Lattice Semiconductor Corporation 16,200 1,008,450 *Marshall Industries 250,000 8,984,374 *Maxim Integrated Products, Inc. 46,300 3,078,949 *Microchip Technology, Inc. 9,200 435,850 *MIPS Technologies, Inc. 9,000 431,438 *MKS Instruments, Inc. 17,800 331,525 *Novellus System, Inc. 2,900 197,925 *Photronics, Inc. 37,700 923,650 *PMC-Sierra, Inc. 12,500 736,719 *Power Integrations, Inc. 4,700 343,688 *Semtech Corporation 12,900 672,413 *Sipex Corporation 49,300 1,010,650 *TranSwitch Corporation 5,100 241,613 *Xilinx, Inc. 41,600 2,381,600 ------------ 41,489,811 ------------ Entertainment & Leisure--1.1% CPI Corporation 57,000 1,881,000 *Hollywood Entertainment Corporation 14,700 287,569 *Macrovision Corporation 5,300 396,838 *SFX Entertainment, Inc. Class A 11,500 736,000 *Valley Media, Inc. 2,500 37,188 *Westwood One, Inc. 36,200 1,291,888 ------------ 4,630,483 ------------ Financial Services--2.4% *Champion Enterprises, Inc. 31,900 594,138 Conning Corporation 13,400 217,750 Countrywide Credit Industries, Inc. 23,900 1,021,725 *E-Loan, Inc. 600 23,138 *E*TRADE Group, Inc. 132,200 5,279,737 Federated Investors, Inc. Class B 35,000 627,813 *NextCard, Inc. 7,300 247,744 T. Rowe Price Associates, Inc. 0,800 798,200 Waddell & Reed Financial, Inc. Class A 36,000 987,750 ------------ 9,797,995 ------------ Food Retailers--0.1% *Kroger Company 11,600 324,075 ------------ [Download Table] --------------------------------------------------------------- Shares Value --------------------------------------------------------------- Health Care Providers--3.1% *Concentra Managed Care, Inc. 141,800 $ 2,100,413 *Diametrics Medical, Inc. 40,400 242,400 *Health Management Associates, Inc. 21,000 236,250 *IDEXX Laboratories, Inc. 140,700 3,280,068 *Impath, Inc. 18,000 486,000 *Laser Vision Centers, Inc. 3,500 220,500 *Lifepoint Hospital, Inc. 32,600 438,063 *MedPartners, Inc. 143,100 1,082,194 *Orthodontic Centers of America, Inc. 38,200 539,575 *Pediatrix Medical Group, Inc. 16,800 357,000 *Quorum Health Group, Inc. 46,000 577,875 *Total Renal Care Holdings, Inc. 191,500 2,980,218 *V.I. Technologies, Inc. 35,300 176,500 ------------ 12,717,056 ------------ Heavy Construction--0.1% *Dycom Industries, Inc. 7,000 392,000 ------------ Heavy Machinery--1.6% *Astec Industries, Inc. 6,800 277,100 *Kulicke & Soffa Industries, Inc. 60,100 1,611,431 *Lam Research Corporation 86,000 4,015,124 Weatherford International, Inc. 14,200 520,075 ------------ 6,423,730 ------------ Home Construction, Furnishings & Appliances--2.6% Flexsteel Industries, Inc. 25,500 339,469 *Gemstar International Group Ltd. 143,600 9,369,899 *Recoton Corporation 119,600 1,087,618 ------------ 10,796,986 ------------ Household Products--0.1% *DuPont Photomasks, Inc. 10,100 483,538 ------------ Insurance--3.1% Annuity and Life Re (Holdings) Ltd. 500 11,219 Conseco, Inc. 244,200 7,432,837 Executive Risk, Inc. 9,600 816,600 Foremost Corporation of America 23,900 525,800 Hartford Life, Inc. Class A 15,700 826,213 Horace Mann Educators Corporation 63,800 1,734,563 *Mid Atlantic Medical Services, Inc. 62,900 621,138 *Provident American Corporation 8,900 248,088 The MONY Group, Inc. 9,000 293,625 ------------ 12,510,083 ------------ Lodging--0.4% Four Seasons Hotels, Inc. (Canada) 12,600 555,188 *Mirage Resorts, Inc. 46,200 773,850 *Prime Hospitality Corporation 13,900 166,800 *Sholodge, Inc. 20,800 105,300 ------------ 1,601,138 ------------ 27
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] --------------------------------------------------------------------- Vantagepoint Aggressive Opportunities Fund Shares Value --------------------------------------------------------------------- COMMON STOCKS--(Continued) --------------------------------------------------------------------- Media--Broadcasting & Publishing--4.0% *Allegiance Telecom, Inc. 7,600 $ 417,050 *American Tower Corporation 65,000 1,560,000 *Cablevision Systems Corporation 32,700 2,289,000 *Citadel Communications Corporation 10,300 372,731 *Clear Channel Communications 42,567 2,934,462 *Cox Radio, Inc. Class A 5,400 292,950 EchoStar Communications Corporation Class A 8,200 1,258,188 *Entercom Communications Corporation 500 21,375 Harte-Hanks, Inc. 18,600 504,525 *Hispanic Broadcasting Corporation 7,000 531,125 *Launch Media, Inc. 300 5,363 *Playboy Enterprises, Inc. 14,200 377,188 *Radio One, Inc. 9,700 451,050 *Scholastic Corporation 42,100 2,131,313 TCA Cable TV, Inc. 22,200 1,232,100 *Univision Communications, Inc. 23,700 1,564,200 ------------ 15,942,620 ------------ Medical Supplies--1.4% *Burr-Brown Corporation 48,300 1,768,988 *Credence Systems Corporation 20,000 742,500 *Haemonetics Corporation 26,300 527,644 *Hologic, Inc. 39,700 223,313 *Input/Output, Inc. 53,300 403,081 Keithley Instruments, Inc. 31,900 285,106 *Safeskin Corporation 55,400 664,800 *Steris Corporation 23,400 453,375 *Ventana Medical Systems, Inc. 26,300 502,988 ------------ 5,571,795 ------------ Metals & Mining--1.8% Belden, Inc. 117,100 2,803,081 International Aluminium Corporation 31,900 879,244 Oregon Steel Mills, Inc. 206,000 2,742,375 Rouge Industries, Inc. Class A 79,700 777,075 ------------ 7,201,775 ------------ Oil & Gas--2.2% *Dril-Quip, Inc. 10,400 238,550 Ensco International, Inc. 229,100 4,567,680 *Friede Goldman International, Inc. 10,200 141,525 *Global Industries Ltd. 117,700 1,508,031 *National-Oilwell, Inc. 24,100 337,400 *Newfield Exploration Company 27,200 773,500 *Noble Drilling Corporation 47,100 927,281 *Precision Drilling Corporation (Canada) 20,600 392,688 ------------ 8,886,655 ------------ Pharmaceuticals--1.5% *Alkermes, Inc. 17,300 400,063 *Amerisource Health Corporation 11,100 283,050 [Download Table] --------------------------------------------------------------- Shares Value --------------------------------------------------------------- *Andrx Corporation 16,400 $ 1,264,850 *Biogen, Inc. 24,600 1,582,088 *GelTex Pharaceuticals, Inc. 9,500 171,000 *Henry Schein, Inc. 13,800 437,288 *NCS Healthcare, Inc. Class A 34,400 187,050 *Parexel International Corporation 77,900 1,037,044 *Professional Detailing, Inc. 5,400 126,900 *Sepracor, Inc. 8,200 666,250 ------------ 6,155,583 ------------ Real Estate--0.4% *CB Richard Ellis Services 17,400 432,825 Kilroy Realty Corporation 13,600 331,500 Meristar Hospitality Corporation REIT 24,400 547,475 *Trammell Crow Company 26,400 433,950 ------------ 1,745,750 ------------ Restaurants--0.8% Applebee's International, Inc. 24,900 750,113 *Buffetts, Inc. 74,600 857,900 *Landry's Seafood Restaurants, Inc. 37,500 300,000 *Morton's Restaurant Group, Inc. 800 15,250 *Papa John's International, Inc. 8,200 366,438 *Sonic Corporation 23,600 769,950 *Taco Cabana, Inc. Class A 18,900 192,544 ------------ 3,252,195 ------------ Retailers--9.6% *Amazon.com, Inc. 34,300 4,291,787 *barnesandnoble.com 14,800 266,400 *Bed Bath & Beyond, Inc. 40,500 1,559,250 *Best Buy Company, Inc. 54,600 3,685,499 *BJ's Wholesale Club, Inc. 25,200 757,575 *Consolidated Stores Corporation 239,300 6,461,099 *Cost Plus, Inc. 16,100 732,550 *CSK Auto Corporation 33,100 893,700 *Good Guys, Inc. 83,700 627,750 *GoTo.com, Inc. 22,000 616,000 *Guitar Center, Inc. 13,800 144,038 *Hearst-Argyle Television, Inc. 7,400 177,600 *Homebase, Inc. 389,100 2,456,194 *Jo-Ann Stores, Inc. Class A 155,000 2,325,000 *Jo-Ann Stores, Inc. Class B 106,300 1,381,900 *Linens 'n Things, Inc. 11,900 520,625 *Mazel Stores, Inc. 23,400 254,475 *Michaels Stores, Inc. 239,300 7,328,562 *Micro Warehouse, Inc. 38,700 691,763 *Office Depot, Inc. 47,400 1,045,763 *Petco Animal Supplies, Inc. 59,100 930,825 *Petsmart, Inc. 118,300 1,212,575 *Rawlings Sporting Goods Company 35,900 354,513 *RoweCom, Inc. 3,200 48,800 *Stamps.com, Inc 300 5,250 *Streamline.com, Inc. 1,100 8,869 *Value America, Inc. 9,900 188,100 ------------ 38,966,462 ------------ 28
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ----------------------------------------------------------------------------- Shares/ Vantagepoint Aggressive Opportunities Fund Face Value ----------------------------------------------------------------------------- COMMON STOCKS--(Continued) ----------------------------------------------------------------------------- Telephone Systems--3.0% *AT&T Canada, Inc. (Canada) 41,200 $ 2,639,375 *Copper Mountain Networks, Inc. 100 7,725 *Exodus Communications, Inc. 23,300 2,794,544 *Hyperion Telecommunications, Inc. Class A 26,631 500,986 *Intermedia Communications, Inc. 108,400 3,251,999 *Lightbridge, Inc. 25,700 322,856 McLeodUSA, Inc. Class A 12,700 698,500 *Nextlink Communications, Inc. Class A 14,600 1,085,875 *Transaction Network Services, Inc. 35,600 1,041,300 ------------ 12,343,160 ------------ Textiles, Clothing & Fabrics--1.0% *Reebok International Ltd. 223,400 4,160,824 ------------ Transportation--0.7% Fleetwood Enterprises, Inc. 36,600 967,613 Galileo International, Inc. 30,000 1,603,125 Newport News Shipbuilding, Inc. 7,500 221,250 ------------ 2,791,988 ------------ TOTAL COMMON STOCKS (Cost $293,659,063) 379,761,087 ------------ ----------------------------------------------------------------------------- PREFERRED STOCKS--0.1% ----------------------------------------------------------------------------- Entertainment & Leisure *Craig Corporation (Cost $357,000) 51,000 360,188 ------------ ----------------------------------------------------------------------------- CONVERTIBLE PREFERRED STOCKS--0.1% ----------------------------------------------------------------------------- Financial Services Worthington Industries, Inc. (Cost $771,750) 63,000 511,875 ------------ ----------------------------------------------------------------------------- CORPORATE OBLIGATIONS--0.4% ----------------------------------------------------------------------------- Real Estate--0.3% Trump Atlantic City Associates, 11.250%, 05/01/2006 $ 1,595,000 1,427,525 ------------ Retailers--0.1% Michaels Stores, Inc., 10.875%, 06/15/2006 319,000 340,931 ------------ TOTAL CORPORATE OBLIGATIONS (Cost $1,789,590) 1,768,456 ------------ [Download Table] ---------------------------------------------------------------------- Shares/ Face Value ---------------------------------------------------------------------- CONVERTIBLE CORPORATE OBLIGATIONS--0.3% ---------------------------------------------------------------------- Heavy Machinery Lam Research Corporation, 5.000%, 09/01/2002 (Cost $1,215,855) $ 1,476,000 $ 1,381,905 ------------ ---------------------------------------------------------------------- U.S. GOVERNMENT AGENCY OBLIGATIONS--1.5% ---------------------------------------------------------------------- Federal Home Loan Mortgage Corporation, 4.800%, 07/02/1999 2,600,000 2,596,880 Federal Home Loan Mortgage Corporation, 4.960%, 07/06/1999 3,400,000 3,396,720 Federal Home Loan Mortgage Corporation, 7.000%, 02/15/2020 599,000 77,182 ------------ TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $6,074,840) 6,070,782 ------------ ---------------------------------------------------------------------- U.S. TREASURY OBLIGATIONS--1.7% ---------------------------------------------------------------------- U.S. Treasury Inflation Index Note, 3.540%, 01/15/2007 (Cost $7,066,263) 7,342,384 7,044,099 ------------ ---------------------------------------------------------------------- CASH EQUIVALENTS--15.9% ---------------------------------------------------------------------- Institutional Money Market Funds--3.3% ++Merrimac Cash Fund-- Premium Class $13,364,742 13,364,742 ------------ Bank Deposits/Offshore Time Deposits--10.1% ++American Express Centurion Bank 5,454,184 5,454,184 ++Bank of Montreal 6,469,729 6,469,729 ++Bank of Montreal 14,026,725 14,026,725 ++BankBoston NA 4,250,940 4,250,940 ++Harris Trust & Savings Bank 4,250,941 2,478,977 ++Royal Bank of Scotland PLC 3,966,365 3,966,365 ++Toronto Dominion 4,957,957 4,957,957 ------------ 41,604,877 ------------ Floating Rate Instruments/ Master Notes--2.5% ++John Hancock Mutual Life 10,000,000 10,000,000 ------------ TOTAL CASH EQUIVALENTS (Cost $64,969,619) 64,969,619 ------------ 29
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ------------------------------------------------------------------------------- Shares/ Vantagepoint Aggressive Opportunities Fund Face Value ------------------------------------------------------------------------------- REPURCHASE AGREEMENTS--2.2% ------------------------------------------------------------------------------- IBT Repurchase Agreement dated 6/30/99 due 7/01/99, with a maturity value of $8,939,175 and an effective yield of 4.25% collateralized by Federal Home Loan Mortgage Corporation Libor Floater with a rate of 6.48%, a maturity date of 5/25/23 and a market value of $3,565,605, Federal National Mortgage Association with a rate of 7.00%, a maturity date of 9/01/12 and a market value of $736,780, Small Business Association with a rate of 7.13%, a maturity date of 4/25/24 and a market value of $5,309,948 $ 8,938,120 $ 8,938,120 ------------ TOTAL INVESTMENTS--115.3% (Cost $384,842,100) 470,806,131 Other assets less liabilities--(15.3%) (62,802,532) ------------ TOTAL NET ASSETS--100.0% $408,003,599 ============ -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Notes to the Schedule of Investments: * Non-income producing security. ** The cost of investments for federal income tax purposes amounts to $384,842,100. Unrealized appreciation and depreciation, based on identified tax cost at June 30, 1999, are as follows: [Download Table] Unrealized appreciation $108,317,599 Unrealized depreciation (22,353,568) ------------ Net unrealized appreciation $ 85,964,031 ============ ++ Represents collateral received from securities lending transactions. See accompanying notes to financial statements. 30
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Schedule of Investments June 30, 1999 (Unaudited) [Download Table] ------------------------------------------------------------------------------ Vantagepoint International Fund Shares Value ------------------------------------------------------------------------------ COMMON STOCKS--94.5% ------------------------------------------------------------------------------ Argentina--0.2% Banco de Galicia y Buenos Aires SA de CV ADR 2,320 $ 46,980 Banco Frances SA ADR 2,120 40,280 Telefonica de Argentina SA ADR 3,660 114,833 YPF Sociedad Anonima SA ADR 7,820 297,160 ------------ 499,253 ------------ Australia--3.2% Amcor Ltd. 2,300 12,785 AMP Ltd. 1,700 18,585 Austrailian Gas Light Company 12,990 79,019 Australia & New Zealand Banking Group Ltd. 95,000 698,564 Brambles Industries Ltd. 4,900 129,088 Broken Hill Proprietary Company Ltd. 214,560 2,485,376 Coca Cola Amatil Ltd. 64,900 261,573 Coles Myer Ltd. 1,900 11,055 Colonial Ltd. 44,506 157,609 Commonwealth Bank of Australia 11,590 184,504 Foster's Brewing Group Ltd. 3,300 9,301 Lend Lease Corporation Ltd. 6,960 95,562 National Australia Bank Ltd. 1,500 24,822 News Corporation Ltd. ADR 22,000 776,875 News Corporation Ltd. 21,704 185,183 Publishing & Broadcasting Ltd. 23,220 153,238 QBE Insurance Group Ltd. 101,416 385,989 Rio Tinto Ltd. 1,100 18,037 Star City Holdings Ltd. 61,810 60,141 TABCORP Holdings Ltd. 14,870 100,200 Telstra Corporation Ltd. 50,360 288,578 Westpac Banking Corporation Ltd. 179,670 1,165,483 WMC Ltd. 3,400 14,606 ------------ 7,316,173 ------------ Austria--0.0% Bank Austria AG 280 14,727 *Oesterreichische Elektrizitaetswirtschafts AG Class A 60 8,737 ------------ 23,464 ------------ Belgium--0.5% Delhaize "Le Lion" SA 120 10,216 Dexia Belgium 470 69,990 Electrabel SA 50 16,139 Fortis (B) 10,320 324,071 Groupe Bruxelles Lambert SA 100 16,903 KBC Bancassurance Holding NV 9,030 535,463 Solvay SA 175 11,613 Tractebel 75 10,519 UCB SA 2,022 86,537 ------------ 1,081,451 ------------ [Download Table] --------------------------------------------------------------------------- Shares Value --------------------------------------------------------------------------- Brazil--0.4% Companhia Brasileira de Distribuicao Grupo Pao de Acucar SA 4,078 $ 76,208 Companhia Energetica de Minas Gerais SA 390 8,139 Companhia Energetica de Minas Gerais SA ADR 550 11,478 Companhia Energetica de Minas Gerais SA ADR 4,440 92,659 Telecomunicacoes Brasileiras SA ADR 8,789 792,658 *Telecomunicacoes Brasileiras SA ADR 8,789 549 Uniao de Bancos Brasileiros SA 2,300 55,344 ------------ 1,037,035 ------------ Canada--2.1% *Alcan Aluminum Ltd. 3,330 105,574 *Fairfax Financial Holdings Ltd. 1,200 319,348 Newcourt Credit Group, Inc. 3,800 49,163 Nortel Networks Corporation 8,000 694,500 Royal Bank of Canada 19,380 851,121 *Talisman Energy, Inc. 41,300 1,097,031 Teleglobe, Inc. 17,000 505,750 Thomson Corporation 38,800 1,169,532 ------------ 4,792,019 ------------ Chile--0.0% Chilectra SA 1,590 34,403 ------------ China--0.1% Huaneng Power International, Inc. ADR 7,990 136,829 ------------ Denmark--0.4% Aarhus Oliefabarik A/S Class A 280 7,397 Aarhus Oliefabarik A/S Class B 240 6,507 A/S Dampskibsselskabet Svendborg Class B 200 24,692 Danisco A/S 100 4,519 Den Danske Bank Group 950 103,034 D/S 1912 Class B 200 17,680 Novo-Nordisk A/S Class B 100 10,804 *Tele Danmark A/S Class B 1,780 87,617 Unidanmark A/S 8,370 558,638 ------------ 820,888 ------------ Finland--2.1% MeritaNordbanken OYJ 54,100 307,412 Nokia OYJ 32,860 2,880,447 Sonera Group OYJ 600 13,118 UPM-Kymmene OYJ 47,500 1,511,783 ------------ 4,712,760 ------------ France--10.3% Accor SA 100 25,111 Air Liquide 100 15,727 Alcatel 10,430 1,468,218 Axa 12,770 1,557,934 Banque National de Paris 18,060 1,504,882 31
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ------------------------------------------------------------------------ Vantagepoint International Fund Shares Value ------------------------------------------------------------------------ COMMON STOCKS--(Continued) ------------------------------------------------------------------------ BIC SA 175 $ 9,231 Bouygues SA 50 13,216 Cap Gemini SA 100 15,717 *Carrefour Supermarche SA 6,760 993,425 Christian Dior SA 2,500 407,353 Compagnie de Saint Gobain 11,870 1,891,266 Compagnie Financiere de Paribas 2,600 291,458 Compagnie Generale des Etablissements Michelin Class B 22,450 918,443 Credit Commercial de France 1,870 202,105 Dassault Systemes SA 200 6,610 Dexia France 370 49,528 Elf Aquitaine SA 11,020 1,617,186 Eridania Beghin-Say SA 100 14,335 Essilor International SA 30 9,377 Etablissements Economiques du Casino Guichard- Perrachon SA 100 8,766 France Telecom SA 1,200 90,649 Groupe Danone 3,260 840,487 Lafarge SA 1,165 110,772 Lagardere S.C.A. 200 7,446 Legrand SA 760 154,716 L'OREAL 275 185,900 LVMH 100 29,278 Pechiney SA Class A 18,000 773,701 Pernod Ricard 100 6,703 Pinault-Printemps-Redoute SA 3,555 610,051 Promodes 20 13,128 PSA Peugeot Citroen 3,475 548,302 Rhone-Poulenc SA 20,925 956,183 *Sanofi-Synthelabo SA 26,680 1,132,216 Schneider SA 6,010 337,478 SEITA 100 5,775 Societe Generale Class A 1,470 259,079 Societe Television Francaise 1,380 321,633 Sodexho Alliance SA 2,700 465,001 STMicroelectronics NV 13,900 926,021 Suez Lyonnaise des Eaux 5,150 928,903 Thomson CSF 200 6,951 Total SA Class B 8,600 1,109,505 Usinor SA 500 7,451 Valeo SA 100 8,250 Vivendi 33,752 2,734,130 ------------ 23,589,597 ------------ Germany--8.3% Adidas-Salomon AG 100 9,926 AGIV AG 200 4,533 Allianz AG 3,855 1,069,424 *AMB Aachener & Muenchener Beteiligungs AG 50 5,002 BASF AG 750 32,949 Bayer AG 6,550 272,895 Bayerische Motoren Werke AG 700 481,501 [Download Table] ----------------------------------------------------------------------- Shares Value ----------------------------------------------------------------------- Beiersdorf AG 150 $ 9,978 Continental AG 350 8,374 DaimlerChrysler AG 11,350 983,215 Deutsche Bank AG 19,588 1,194,864 Deutsche Lufthansa AG 530 9,647 Deutsche Telekom AG 40,488 1,699,395 Dresdner Bank AG 7,600 297,048 Gehe AG 7,760 356,920 Heidelberger Zement AG 150 12,360 Hoechst AG 25,320 1,146,310 HypoVereinsbank 7,260 471,684 Karstadt AG 20 9,550 MAN AG 300 10,210 Mannesmann AG 25,000 3,730,627 Merck KGaA 300 9,715 Metro AG 18,350 1,139,216 Muenchener Rueckversicherungs-Gesellschaft AG 205 38,625 *Preussag AG 7,879 423,333 Rhoen-Klinikum AG 1,020 101,508 RWE AG 500 23,152 Sap AG 900 304,432 Schering AG 110 11,752 Siemens AG 28,720 2,215,437 *Thyssen Krupp AG 46,500 1,022,861 VEBA AG 29,930 1,759,360 Viag AG 25 11,602 *Volkswagen AG 1,640 105,029 ------------ 18,982,434 ------------ Hong Kong--1.2% Cathay Pacific Airways 4,000 6,135 Cheung Kong (Holdings) Ltd. 21,330 189,694 *China Telecom 73,870 205,181 CLP Holdings Ltd. 36,000 174,928 Dao Heng Bank Group Ltd 8,000 35,882 Hang Seng Bank Ltd. 2,300 25,717 Henderson Land Development Company Ltd. 28,950 166,419 Hong Kong Telecommunications Ltd. 54,450 141,412 Hong Kong & China Gas Company Ltd. 8,000 11,600 Hutchison Whampoa Ltd. 126,340 1,143,946 New World Development Company Ltd. 42,000 125,861 Sun Hung Kai Properties Ltd. 58,600 534,368 Swire Pacific Ltd. Class A 3,000 14,848 ------------ 2,775,991 ------------ India--0.1% Mahanagar Telephone Nigam Ltd. GDR 5,960 59,004 State Bank of India GDR 5,840 71,686 ------------ 130,690 ------------ Ireland--0.0% *CBT Group PLC ADR 5,139 84,794 ------------ 32
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ---------------------------------------------------------------- Vantagepoint International Fund Shares Value ---------------------------------------------------------------- COMMON STOCKS--(Continued) ---------------------------------------------------------------- Italy--4.3% Alitalia SpA 2,600 $ 6,757 Assicurazioni Generali 23,060 799,047 Banca Commerciale Italiana 2,000 14,603 Banca di Roma 39,360 56,623 Banca Intesa SpA 3,000 14,417 Banca Populare di Brescia 7,470 320,085 Benetton Group SpA 5,600 11,030 Edison SpA 1,000 8,663 ENI SpA 310,100 1,851,638 Fiat SpA 6,000 18,996 Fiat SpA 290,000 465,044 Istituto Bancario San Paolo di Torino 85,250 1,160,491 Istituto Nazionale delle Assicurazioni 118,220 274,318 Italgas SpA 15,100 63,379 Mediaset SpA 1,400 12,445 Mediobanca Banca SpA 900 9,421 Mediolanum SpA 27,750 213,203 *Olivetti SpA 3,500 8,410 Pirelli SpA 4,000 10,890 Riunione Adriatica di Sicurta SpA 950 9,229 *Tecnost SpA 37,200 95,024 Telecom Italia Mobile SpA--RNC 122,000 449,155 Telecom Italia Mobile SpA 97,310 581,048 Telecom Italia SpA 46,080 479,011 *Telecom Italia SpA--RNC 486,900 2,641,188 Unicredito Italiano SpA 73,710 323,823 ------------ 9,897,938 ------------ Japan--22.4% Advantest Corporation 12,100 1,329,602 Ajinomoto Company, Inc. 1,000 11,402 Asahi Bank Ltd. 4,000 19,168 Asahi Breweries Ltd. 93,000 1,157,162 Asahi Chemical Industry Company Ltd. 2,000 11,088 Asahi Glass Company Ltd. 2,000 12,971 Bank of Tokyo-Mitsubishi Ltd. 5,000 71,177 Bridgestone Corporation 1,000 30,239 Canon, Inc. 64,000 1,840,109 Chiba Bank Ltd. 2,000 7,386 Citizen Watch Company Ltd. 9,000 78,076 Credit Saison Company Ltd. 300 6,271 Dai Nippon Printing Company Ltd. 1,000 15,987 Daiichi Pharmaceutical Company Ltd. 14,000 217,224 Daiwa House Industry Company Ltd. 17,000 178,798 Daiwa Securities Company Ltd. 2,000 13,219 DDI Corporation 105 653,235 Denso Corporation 24,000 487,788 East Japan Railway Company 38 204,071 Eisai Company Ltd. 1,000 19,705 [Download Table] --------------------------------------------------------------------- Shares Value --------------------------------------------------------------------- Fanuc Ltd. 4,300 $ 230,923 Fuji Bank Ltd. 112,000 780,987 Fuji Photo Film 1,000 37,840 Fujitsu Ltd. 62,000 1,247,316 Gunma Bank Ltd. 1,000 6,279 Hankyu Corporation 4,000 15,863 Hirose Electronics Company Ltd. 9,000 933,935 Hitachi Ltd. 35,000 328,209 Honda Motor Company Ltd. 3,000 127,152 Hoya Corporation 10,000 564,294 Industrial Bank of Japan Ltd. 96,000 761,424 Ito-Yokado Company Ltd. 4,000 267,688 Japan Airlines Company Ltd. 4,000 13,219 Japan Tobacco, Inc. 10,700 1,185,253 Joyo Bank Ltd. 2,000 7,783 JUSCO Company Ltd. 19,000 345,352 Kansai Electric Power Company, Inc. 500 9,501 Kao Corporation 50,000 1,404,540 Kawasaki Steel Corporation 5,000 9,336 Keyence Corporation 4,000 699,956 Kinden Corporation 1,000 10,782 Kinki Nippon Railway Company Ltd. 2,000 9,832 Kirin Brewery Company Ltd. 1,000 11,980 Kokuyo Company Ltd. 8,000 128,887 Komatsu Ltd. 2,000 12,773 Komori Corporation 7,000 126,078 Kubota Corporation 4,000 11,963 Kuraray Company Ltd. 19,000 228,561 Kyocera Corporation 7,300 428,219 Makita Corporation 12,000 135,728 Marui Company Ltd. 20,000 330,480 Matsushita Electric Industrial Company Ltd. 29,000 563,055 Minebea Company Ltd. 1,000 11,154 Mitsubishi Chemical Corporation 4,000 13,847 Mitsubishi Corporation 22,000 149,046 Mitsubishi Electric Corporation 4,000 15,367 Mitsubishi Estate Company Ltd. 2,000 19,515 Mitsubishi Heavy Industries Ltd. 86,000 348,868 Mitsubishi Trust & Banking Corporation 2,000 19,432 Mitsui Fudosan Company Ltd. 39,000 315,775 Mitsui Marine & Fire Insurance Company Ltd. 100,000 491,590 Mitsui & Company Ltd. 2,000 13,946 Murata Manufacturing Company Ltd. 25,000 1,644,138 NEC Corporation 97,000 1,206,127 NGK Insulators Ltd. 1,000 10,443 Nichiei Company Ltd 6,000 525,463 NIDEC Corporation 4,000 601,804 *Nikon Corporation 39,000 637,990 Nintendo Company Ltd. 13,200 1,855,082 Nippon Express Company Ltd. 2,000 11,980 Nippon Meat Packers, Inc. 1,000 13,054 *Nippon Mitsubishi Oil Corporation 3,000 12,641 33
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ----------------------------------------------------------------------- Vantagepoint International Fund Shares Value ----------------------------------------------------------------------- COMMON STOCKS--(Continued) ----------------------------------------------------------------------- Nippon Paper Industries Company 2,000 $ 10,427 Nippon Steel Corporation 8,000 18,573 Nippon Telegraph & Telephone Corporation 14,100 1,643,465 Nippon Yusen Kabushiki Kaisha 4,000 15,400 Nissan Motor Company Ltd. 508,000 2,425,902 Nomura Securities Company Ltd. 31,000 362,923 NTT Mobile Communcation Network, Inc. 20,500 2,779,200 Obayashi Corporation 2,000 10,063 Oji Paper Company Ltd. 2,000 11,567 Olympus Optical Company Ltd. 1,000 14,781 Orix Corporation 14,700 1,311,674 Osaka Gas Company 3,000 10,187 Pioneer Electronic Corporation 1,000 19,457 Promise Company Ltd. 13,100 773,860 Ricoh Company Ltd. 32,000 440,464 Rohm Company Ltd. 7,000 1,095,954 Sakura Bank Ltd. 5,000 18,962 Sankyo Company Ltd. 56,000 1,411,150 Sanyo Electric Company Ltd. 4,000 16,260 Sekisui Chemical Company Ltd. 25,000 144,998 Sekisui House Ltd. 18,000 194,224 Seven-Eleven Japan Company Ltd. 3,000 293,962 Seventy Seven Bank Ltd. 1,000 8,758 Sharp Corporation 2,000 23,629 Shin-Etsu Chemical Company Ltd. 10,000 334,611 Shiseido Company 12,000 179,848 Shizuoka Bank Ltd. 1,000 9,964 Shohkoh Fund & Company Ltd. 1,000 717,141 SMC Corporation 100 11,195 Sony Corporation ADR 200 22,075 Sony Corporation 34,800 3,752,100 Sumitomo Bank Ltd. 4,000 49,605 Sumitomo Chemical Company Ltd. 3,000 13,756 Sumitomo Corporation 33,000 241,293 Sumitomo Electric Industries 37,000 420,635 Sumitomo Marine & Fire Insurance Company Ltd. 2,000 12,063 *Sumitomo Metal Industries Ltd. 9,000 11,228 Sumitomo Trust & Banking Company Ltd. 240,000 1,154,040 Takeda Chem Industries 10,000 463,498 TDK Corporation 25,000 2,286,507 Teijin Ltd. 3,000 12,145 Tohoku Electric Power Company, Inc. 500 7,568 Tokai Bank Ltd. 3,000 17,102 Tokio Marine & Fire Insurance Company Ltd. 11,000 119,510 Tokyo Electric Power Company 1,100 23,220 Tokyo Electron Ltd. 32,000 2,170,591 [Download Table] ------------------------------------------------------------------ Shares Value ------------------------------------------------------------------ Tokyo Gas Company 3,000 $ 7,386 Toppan Printing Company Ltd. 16,000 178,592 Toray Industries, Inc. 3,000 15,020 Toshiba Corporation 10,000 71,340 Toyoda Automatic Loom Works Ltd. 1,000 16,978 Toyota Motor Corporation 4,000 126,574 Uni-Charm Corporation 10,000 433,755 Uny Company Ltd. 9,000 135,331 Yamato Transport Company Ltd. 1,000 17,433 ------------ 51,345,072 ------------ Luxembourg--0.0% Societe Europeenne des Satellites 373 54,142 ------------ Mexico--1.1% Cemex SA ADR 42,180 415,207 Cemex SA de CV Class B 11,830 58,476 Fomento Economico Mexicano SA de CV 26,030 102,631 *Gruma SA ADR 3,009 20,311 *Gruma SA 12,393 20,595 Grupo Financiero Bancomer SA de CV 150 51 Grupo Industrial Maseca SA de CV Class B 32,150 19,126 Grupo Modelo SA de CV Class C 34,450 98,089 *Grupo Televisa SA ADR 2,960 132,645 Kimberly-Clark de Mexico SA de CV 22,840 93,196 Telefonos de Mexico SA ADR 20,280 1,638,878 *TV Azteca, SA de CV ADR 3,750 19,453 ------------ 2,618,658 ------------ Netherlands--5.5% ABN AMRO Holding NV 15,600 337,845 Aegon NV 9,000 652,950 Akzo Nobel NV 2,075 87,307 *ASM Lithography Holding NV 21,510 1,244,448 CSM NV 5,380 268,813 Elsevier NV 25,585 296,832 *Fortis NV 12,750 393,804 Getronics NV 195 7,501 Gucci Group NV 2,982 208,740 Hagemeyer NV 240 7,846 Heineken Holding NV Class A 13,900 523,215 Heineken NV 36,345 1,860,962 ING Groep NV 42,180 2,283,700 Koninklijke Ahold NV 11,945 411,440 Koninklijke Numico NV 4,000 141,697 Koninklijke Philips Electonics NV 16,179 1,595,896 KPN NV 2,480 116,369 Royal Dutch Petroleum Company 8,690 509,028 TNT Post Group NV 2,425 57,894 Unilever NV 4,928 330,328 VNU NV 5,030 201,008 Wolters Kluwer NV 27,140 1,080,365 ------------ 12,617,988 ------------ 34
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ------------------------------------------------------------------------------- Vantagepoint International Fund Shares Value ------------------------------------------------------------------------------- COMMON STOCKS--(Continued) ------------------------------------------------------------------------------- New Zealand--0.1% Telecom Corporation of New Zealand Ltd. 39,880 $ 171,181 ------------ Norway--0.7% Aker RGI ASA 400 5,437 Bergesen d.y. ASA 890 13,114 Norsk Hydro ASA 16,200 611,186 *Orkla ASA 63,370 986,101 ------------ 1,615,838 ------------ Portugal--0.1% Banco Comercial Portugues SA 300 7,775 Banco Espirito Santo e Comercial de Lisboa SA 300 6,980 Brisa-Auto Estradas de Portugal SA 100 4,125 Electricidade de Portugal SA 600 10,804 Jeronimo Martins, SGPS SA 8,890 293,652 Portugal Telecom SA 400 16,273 ------------ 339,609 ------------ Russia--0.0% *Gazprom ADR (Russia) 2,745 30,519 ------------ Singapore--1.0% City Developments Ltd. 2,000 12,805 Development Bank of Singapore Ltd. 1,000 12,218 Overseas Chinese Banking Corporation Ltd. 54,000 450,403 Singapore Airlines Ltd. 1,000 9,516 Singapore Press Holdings Ltd. 50,070 852,897 Singapore Telecommunications Ltd. 7,000 12,006 United Overseas Bank Ltd. 149,000 1,041,495 ------------ 2,391,340 ------------ South Africa--0.4% De Beers ADR 40,000 955,000 ------------ South Korea--0.2% *Korea Telecom Corporation 5,000 186,125 Samsung Electronics 2,000 219,445 Samsung Electronics 50,000 67,875 SK Telecom Company 52 69,633 ------------ 543,078 ------------ Spain--3.0% Acerinox SA 185 5,409 ACS, Actividades de Construccion y Servicios, SA 280 8,016 Argentaria, Caja Postal y Banco Hipotecario de Espana SA 58,740 1,338,144 Autopistas Concesionaria Espanola SA 795 9,305 Banco Bilbao Vizcaya SA 10,140 146,504 Banco Popular Espanol SA 1,150 82,721 *Banco Santander SA 23,370 243,118 *El Aguila SA 450 4,307 Endesa SA 51,300 1,094,060 [Download Table] ------------------------------------------------------------------------ Shares Value ------------------------------------------------------------------------ Fomento de Construcciones y Contratas SA 210 $ 12,019 Gas Natural SDG SA 2,040 148,318 Iberdrola SA 12,625 192,303 *Repsol SA 7,830 159,882 Resol SA 1,460 29,918 Sociedad General de Aquas de Barcelona SA 145 7,551 Tabacalera SA Class A 485 9,803 *Telefonica SA 70,696 3,405,475 Union Electrica Fenosa SA 530 6,931 ------------ 6,903,784 ------------ Sweden--2.9% ABB AB 77,330 1,027,824 AGA AB Class A 200 2,494 AGA AB Class B 140 1,729 Atlas Copco AB Class A 300 8,169 Atlas Copco AB Class B 7,110 190,676 Electrolux AB Class B 64,140 1,342,893 Esselte AB Class B 1,760 18,217 ForeningsSparbanken AB 23,200 327,463 Granges AB 1,570 26,592 *Hennes & Mauritz AB 26,280 649,137 *Meto AG 1,760 8,715 *NetCom AB 200 6,728 Nordbanken Holding AB 114,670 670,349 Sandvik AB Class A 410 8,946 Sandvik AB Class B 5,960 131,794 Securitas AB Class B 5,309 79,306 Skandia Forsakrings AB 600 11,221 Skandinaviska Enskilda Banken Class A 800 9,316 Skanska AB Class B 400 15,079 Svenska Cellulosa AB Class B 400 10,351 *Svenska Handelsbanken Class A 70,800 849,423 Telefonaktiebolaget LM Ericsson Class B 18,100 580,145 Volvo AB 200 5,764 Volvo AB 23,400 678,460 WM-Data AB Class B 100 3,811 ------------ 6,664,602 ------------ Switzerland--4.5% ABB AG 210 324,095 Adecco SA 850 455,458 Alusuisse Lonza Group AG 10 11,656 Compagnie Financiere Richemont AG 447 859,732 Credit Suisse Group 2,050 354,724 Holderbank Financiere Glarus AG Class B 10 11,804 Nestle SA 1,211 2,181,932 Novartis AG 1,080 1,577,008 Roche Holding AG--Genusschein 15,900 1,633,863 Roche Holding AG--Bearer 200 32,924 Schweizerische Rueckversicherungs-Gesellschaft 20 38,081 35
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ------------------------------------------------------------------------------ Vantagepoint International Fund Shares Value ------------------------------------------------------------------------------ COMMON STOCKS--(Continued) ------------------------------------------------------------------------------ Swisscom AG 2,454 $ 923,452 The Swatch Group AG Class B 450 302,781 UBS AG 2,380 710,361 Zurich Allied AG 1,590 904,136 ------------ 10,322,007 ------------ Taiwan--0.5% *Taiwan Semiconductor Manufacturing Company Ltd. ADR 33,100 1,125,400 ------------ United Kingdom--18.9% 3I Group PLC 64,000 727,872 Abbey National PLC 19,710 370,030 Allied Zurich PLC 49,980 628,299 Anglian Water PLC 810 8,957 ASDA Group PLC 73,220 250,742 Associated British Foods PLC 1,385 9,158 AstraZeneca Group PLC 74,732 2,909,555 BAA PLC 1,325 12,740 Barclay's PLC 31,780 924,750 Bass PLC 1,340 19,443 BG PLC 25,230 154,110 Blue Circle Industries PLC 1,915 12,739 BOC Group PLC 35,825 700,239 Boots Company PLC 1,155 13,718 BP Amoco PLC 90,390 1,620,015 British Aerospace PLC 226,660 1,471,114 British Airways PLC 1,740 12,007 British American Tobacco PLC 115,195 1,083,133 British Energy PLC 22,200 188,979 British Land Company PLC 980 8,195 British Sky Broadcasting Group PLC 2,080 19,295 British Steel PLC 203,940 528,021 British Telecommunications PLC 7,250 121,482 BTR Siebe PLC 389,665 1,844,207 Cable & Wireless PLC 46,525 592,933 Cadbury Schweppes PLC 223,275 1,421,882 Caradon PLC 52,310 123,687 Carlton Communications PLC 1,225 10,157 Centrica PLC 20,905 49,100 CGU PLC 1,560 22,537 Compass Group PLC 48,820 484,045 *David S. Smith (Holdings) PLC 28,130 66,955 Diageo PLC 175,990 1,837,864 Electrocomponents PLC 16,360 120,819 EMI Group PLC 66,495 533,516 Enterprise Oil PLC 25,800 167,961 General Electric Company PLC 3,020 30,800 GKN PLC 8,260 141,009 Glaxo Wellcome PLC 35,745 993,361 Granada Group PLC 63,720 1,182,204 Great Universal Stores PLC 69,250 767,387 Halifax PLC 2,935 35,022 Hanson PLC 1,135 10,082 Hays PLC 6,000 63,226 HSBC Holdings PLC 33,190 1,210,625 HSBC Holdings PLC 1,030 36,482 [Download Table] ---------------------------------------------------------------------- Shares Value ---------------------------------------------------------------------- HSBC Holdings PLC 2,185 $ 77,357 Imperial Chemical Industries PLC 89,230 881,896 John Laing PLC 11,480 56,866 J. Sainsbury PLC 2,380 15,006 Kingfisher PLC 80,580 927,234 Ladbroke Group PLC 33,910 134,433 Land Securities PLC 825 11,093 Laporte PLC 30,400 343,584 Legal & General Group PLC 6,395 16,280 Lloyds TSB Group PLC 6,055 82,083 Marks & Spencer PLC 3,385 19,582 Misys PLC 855 7,318 National Grid Group PLC 1,620 11,274 National Power PLC 1,615 11,761 National Westminster Bank PLC 155,400 3,294,665 Next PLC 690 8,380 *Orange PLC 45,500 667,012 Pearson PLC 665 13,512 Peninsular & Orient Steam Navigation Company 1,215 18,242 Provident Financial PLC 540 7,503 Prudential Corporation PLC 79,545 1,171,109 Railtrack Group PLC 640 13,085 Rank Group PLC 19,445 77,317 Reed International PLC 87,755 585,475 Rentokil Initial PLC 3,295 12,855 Reuters Group PLC 64,725 851,406 Rio Tinto PLC 23,225 389,344 Rolls-Royce PLC 17,845 75,527 Royal Bank of Scotland Group PLC 1,045 21,282 Royal & Sun Alliance Insurance Group 177,368 1,590,829 Safeway PLC 44,035 176,479 Schroders PLC 480 9,806 Scottish Power PLC 1,595 13,778 Scottish & Newcastle PLC 1,395 14,524 Scottish & Southern Energy PLC 1,260 12,890 Shell Transport & Trading Company 270,600 2,029,284 SmithKline Beecham PLC 164,860 2,142,619 Smiths Industries PLC 750 9,907 Stagecoach Holdings PLC 2,525 9,045 Standard Chartered PLC 48,000 783,864 Tate & Lyle PLC 1,260 7,895 Tesco PLC 113,335 291,645 Thames Water PLC 605 9,594 TI Group PLC 55,475 371,644 Tomkins PLC 85,528 370,747 Unilever PLC 103,320 919,361 United News & Media PLC 32,600 313,462 United Utilities PLC 840 10,209 Vodafone Group PLC 3,645 71,820 Williams PLC 1,310 8,652 Wolseley PLC 1,380 10,387 Zeneca Group PLC 24,395 943,657 ------------ 43,465,033 ------------ TOTAL COMMON STOCKS (Cost $199,527,108) 217,078,970 ------------ 36
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ----------------------------------------------------------------------- Shares/ Vantagepoint International Fund Face Value ----------------------------------------------------------------------- MUTUAL FUNDS--0.5% ----------------------------------------------------------------------- United States--0.5% *Overseas Equity Index Fund (Cost $1,080,114) 105,377 $ 1,074,940 ------------ ----------------------------------------------------------------------- PREFERRED STOCKS--0.3% ----------------------------------------------------------------------- Australia--0.1% News Corporation Ltd. 19,376 147,620 ------------ Brazil--0.1% Banco Bradesco SA 9,020,000 45,100 Banco Itau SA 68,000 34,707 Companhia Energetica de Minas Gerais SA 1,838,000 38,414 Petroleo Brasileiro SA 976,000 150,304 Telecomunicacoes de Sao Paulo SA 640,000 75,968 ------------ 344,493 ------------ Germany--0.1% Fielmann AG 520 19,252 Fresenius AG 320 56,596 Sap AG 510 203,805 *Volkswagen AG 185 6,840 ------------ 286,493 ------------ TOTAL PREFERRED STOCKS (Cost $730,124) 778,606 ------------ ----------------------------------------------------------------------- CASH EQUIVALENTS--4.0% ----------------------------------------------------------------------- Institutional Money Market Funds--0.7% ++Merrimac Cash Fund--Premium Class $ 1,707,009 1,707,009 ------------ Bank Deposits/Offshore Time Deposits--3.3% ++American Express Centurion Bank 769,554 769,554 ++Bank of Montreal 769,554 769,554 ++Bank of Montreal 1,259,269 1,259,269 ++BankBoston NA 3,195,319 3,195,319 ++Harris Trust & Savings Bank 356,378 356,378 ++Royal Bank of Scotland PLC 570,205 570,205 ++Toronto Dominion 712,756 712,756 ------------ 7,633,035 ------------ TOTAL CASH EQUIVALENTS (Cost $9,340,044) 9,340,044 ------------ [Download Table] ----------------------------------------------------------------------------- Shares/ Face Value ----------------------------------------------------------------------------- REPURCHASE AGREEMENTS--4.5% ----------------------------------------------------------------------------- United States--4.5% IBT Repurchase Agreement dated 6/30/99 due 7/1/99, with a maturity value of $10,236,438 and an effective yield of 4.25% collateralized by Federal National Mortgage Association adjustable rate mortgage with a rate of 7.42%, a maturity date of 8/01/27 and a market value of $3,843,080, Federal Home Loan Mortgage Corporation with a rate of 8.00%, a maturity date of 11/01/09 and a market value of $2,257,601, Small Business Association with a rate of 7.38%, a maturity date of 3/25/23 and a market value of $4,641,662 $10,235,230 $ 10,235,230 ------------ TOTAL INVESTMENTS--103.8% (Cost $220,912,620) 238,507,790 Other assets less liabilities--(3.8%) (8,810,627) ------------ TOTAL NET ASSETS--100.0% $229,697,163 ============ Notes to the Schedule of Investments: * Non-income producing security. ** The aggregate identified cost for federal income tax purposes is $220,912,620. Unrealized appreciation and depreciation, based on identified tax cost at June 30, 1999, are as follows: [Download Table] Unrealized appreciation $ 25,793,531 Unrealized depreciation (8,198,361) ------------ Net unrealized appreciation $ 17,595,170 ============ ++ Represents collateral received from securities lending transactions. 37
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) --------------------------------------- Vantagepoint International Fund --------------------------------------- Percentage of Portfolio by Industry: [Download Table] Banking 12.8% Electronics 9.4% Telephone Systems 7.1% Beverages, Food & Tobacco 7.0% Pharmaceuticals 6.0% Diversified 5.5% Oil & Gas 4.9% Insurance 4.8% Communications 4.6% IBT Repurchase Agreement 4.5% Securities Lending Collateral 4.0% Automotive 3.3% Media--Broadcasting & Publishing 3.2% Financial Services 2.7% Metals & Mining 2.4% Retailers 2.3% Heavy Machinery 1.9% Commercial Services 1.8% Chemicals 1.8% Computers & Information 1.6% Electrical Equipment 1.4% Food Retailers 1.4% Entertainment & Leisure 1.2% [Download Table] --------------------------------------------------- --------------------------------------------------- Building Materials 1.1% Forest Products & Paper 0.9% Electric Utilities 0.9% Home Construction, Furnishings & Appliances 0.9% Cosmetics & Personal Care 0.8% Medical Supplies 0.7% Aerospace & Defense 0.7% Real Estate 0.6% Photographic Equipment & Supplies 0.3% Apparel Retailers 0.3% Computer Software & Processing 0.3% Restaurants 0.2% Textiles, Clothing & Fabrics 0.2% Transportation 0.2% Office Products & Supplies 0.1% Health Care Providers 0.0% Heavy Construction 0.0% Airlines 0.0% Water Companies 0.0% Lodging 0.0% Containers & Packaging 0.0% ------ TOTAL INVESTMENTS 103.8% Other assets less liabilities (3.8%) ------ TOTAL NET ASSETS 100.0% ====== See accompanying notes to financial statements. 38
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Schedule of Investments June 30, 1999 (Unaudited) [Download Table] ----------------------------------------------------------------- Market Vantagepoint Growth Fund Shares Value ----------------------------------------------------------------- COMMON STOCKS--97.5% ----------------------------------------------------------------- Advertising--1.0% Ackerly Communications, Inc. 25,700 $ 467,419 *Catalina Marketing Corporation 88,800 8,169,600 *Cyrk, Inc. 10,400 63,050 *DoubleClick, Inc. 2,800 256,900 Interpublic Group, Inc. 27,600 2,390,850 Omnicom Group 59,100 4,728,000 Penton Media, Inc. 61,900 1,501,075 R.H. Donnelley Corporation 53,800 1,052,463 *Snyder Communications, Inc. 202,009 6,615,795 True North Communications, Inc. 58,000 1,740,000 Young & Rubicam, Inc. 13,000 590,688 -------------- 27,575,840 -------------- Aerospace & Defense--1.0% Allied Signal, Inc. 80,800 5,090,400 General Dynamics Corporation 64,800 4,438,800 *Gulfstream Areospace Corporation 167,731 11,332,325 Raytheon Company 23,700 1,667,888 Textron, Inc. 51,500 4,239,094 -------------- 26,768,507 -------------- Airlines--0.4% Air Express International Corporation 31,100 789,163 Comair Holdings, Inc. 209,450 4,359,178 *FDX Corporation 11,200 607,600 *Mesa Air Group, Inc. 77,000 578,701 Skywest, Inc. 62,900 1,568,569 Southwest Airlines, Inc. 100,800 3,137,400 -------------- 11,040,611 -------------- Apparel Retailers--1.5% *Abercrombie & Fitch Company 381,814 18,327,071 *American Eagle Outfitters, Inc. 48,300 2,197,650 *AnnTaylor Stores Corporation 52,800 2,376,000 *Gap, Inc. 80,250 4,042,594 Giordano International Ltd. 640,000 453,696 Intimate Brands, Inc. 117,705 5,576,274 *Just For Feet, Inc. 12,400 79,825 *Kohls Corporation 9,900 764,156 *Pacific Sunwear of California, Inc. 8,200 199,875 *Payless Shoesource, Inc. 31,200 1,669,200 Ross Stores, Inc. 75,418 3,799,182 *The Finish Line, Inc. 63,400 713,250 *Wet Seal, Inc. 48,400 1,385,450 -------------- 41,584,223 -------------- Automotive--2.3% *Championship Auto Racing Teams, Inc. 21,300 637,669 Coachmen Industries, Inc. 86,700 2,015,775 Delphi Automotive Systems Corporation 1 13 Federal-Mogul Corporation 160,265 8,333,780 Ford Motor Company 58,500 3,301,594 General Motors Corporation 41,400 2,732,400 [Download Table] ---------------------------------------------------------------------- Market Shares Value ---------------------------------------------------------------------- Harley-Davidson, Inc. 454,462 $ 24,711,370 International Speedway Corporation Class B 51,600 2,476,800 International Speedway Corporation Class A 70,500 3,348,750 *Lear Corporation 62,700 3,119,325 Meritor Automotive, Inc. 112,664 2,872,932 *National R.V. Holdings, Inc. 27,600 669,300 *Navistar International Corporation 84,300 4,215,000 Oshkosh Truck Corporation 13,200 664,125 *Penske Motorsports, Inc. 5,600 277,900 *Speedway Motorsports, Inc. 38,000 1,493,875 *Tower Automotive, Inc. 179,600 4,568,575 Winnebago Industries, Inc. 16,900 380,250 -------------- 65,819,433 -------------- Banking--4.5% Associates First Capital Corporation 83,274 3,690,079 Bank of America Corporation 49,390 3,620,904 Bank of New York Company, Inc. 111,600 4,094,325 Bank One Corporation 60,100 3,579,706 Bank United Corporation 85,400 3,432,013 BB&T Corporation 65,800 2,414,038 Capital One Financial Corporation 86,600 4,822,538 CCB Financial Corporation 40,000 2,115,000 CCBT Bancorp, Inc. 4,600 88,550 Chase Manhattan Corporation 49,000 4,244,625 Citigroup, Inc. 78,400 3,724,000 *Columbia Banking System, Inc. 25,725 395,522 Comerica, Inc. 54,200 3,221,513 Commercial Federal Corporation 22,300 517,081 Dime Bancorp, Inc. 95,500 1,921,938 Finova Group, Inc. 60,300 3,173,288 First Tennessee National Corporation 270,589 10,366,940 Fleet Financial Group, Inc. 83,800 3,718,625 Household International, Inc. 79,100 3,747,363 *HPSC, Inc. 17,400 165,300 Huntington Bancshares, Inc. 66,600 2,331,000 Investors Financial Services Corporation 16,700 668,000 National Bancorp of Alaska, Inc. 8,300 219,950 Northern Trust Corporation 61,600 5,975,200 Northfork Bancorp 228,647 4,873,039 Old Kent Financial Corporation 175,141 7,334,017 *Seacoast Financial Services Corporation 43,000 489,125 Southtrust Corporation 88,400 3,392,350 Sovereign Bancorp, Inc. 276,105 3,347,773 State Street Corporation 117,000 9,988,874 Synovus Financial Corporation 17,450 346,819 Texas Regional Bancshares Class A 17,500 475,781 39
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ------------------------------------------------------------------- Market Vantagepoint Growth Fund Shares Value ------------------------------------------------------------------- COMMON STOCKS--(Continued) ------------------------------------------------------------------- Washington Federal, Inc. 32,240 $ 723,385 Wells Fargo & Company 84,000 3,591,000 Wilmington Trust Corporation 53,926 3,094,004 Zions Bancorporation 239,062 15,180,436 -------------- 125,084,101 -------------- Beverages, Food & Tobacco--1.4% Anheuser Busch Companies, Inc. 88,700 6,292,156 *Ben & Jerry's Homemade, Inc. Class A 3,700 102,675 Brown Forman Corporation 18,300 1,192,931 Corn Products International, Inc. 81,000 2,465,438 Dean Foods Company 86,100 3,578,531 Dreyer's Grand Ice Cream, Inc. 44,852 678,387 Flowers Industries, Inc. 282,671 6,130,427 McCormick & Company, Inc. 191,010 6,028,753 *Merkert American Corporation 49,900 474,050 *Smithfield Foods, Inc. 3,700 122,563 Supervalu, Inc. 92,300 2,370,956 Tootsie Roll Industries, Inc. 74,684 2,884,670 U.S. Foodservice 80,926 3,449,471 *Vlasic Foods International, Inc. 74,210 542,661 Whitman Corporation 143,033 2,574,594 -------------- 38,888,263 -------------- Bio-Technology--0.6% *Genzyme Corporation (General Division) 42,600 2,066,100 *MiniMed, Inc. 15,300 1,177,144 *Novoste Corporation 15,100 317,100 *VISX, Inc. 182,100 14,420,043 *Xomed Surgical Products, Inc. 600 29,213 -------------- 18,009,600 -------------- Building Materials--3.6% Dimon, Inc. 5,000 25,938 Fastenal Company 164,657 8,634,201 Florida Rock Industries 201,000 9,145,500 *Giant Cement Holding, Inc. 73,700 1,685,888 Holderbank Financiere Glarus AG Class B (Switzerland) 397 467,434 Home Depot, Inc. 71,800 4,626,613 Lafarge Corporation 89,800 3,182,288 Lone Star Industries, Inc. 309,300 11,618,080 Lowe's Companies, Inc. 82,700 4,688,056 *PSS World Medical, Inc. 115,408 1,291,127 *Safeguard Scientifics, Inc. 6,400 396,800 Southdown, Inc. 491,902 31,604,703 USG Corporation 81,200 4,547,200 Vulcan Materials Company 307,614 14,842,375 *VWR Corporation 107,600 3,947,575 -------------- 100,703,778 -------------- [Download Table] ---------------------------------------------------------------- Market Shares Value ---------------------------------------------------------------- Chemicals--0.7% Carlisle Corporation 49,232 $ 2,369,290 Crompton & Knowles Corporation 106,748 2,088,258 Ferro Corporation 57,230 1,573,825 Fuller H.B. Company 23,700 1,620,488 Georgia Gulf Corporation 50,487 851,968 *Hauser, Inc. 38,375 211,063 Lubrizol Corporation 31,200 850,200 *Markwest Hydrocarbon, Inc. 54,700 478,625 *McWhorter Technologies, Inc. 12,000 173,250 Minerals Technologies, Inc. 18,100 1,010,206 Premark International, Inc. 77,400 2,902,500 RPM, Inc. 49,800 706,538 Solutia, Inc. 182,268 3,884,587 Spartech Corporation 42,500 1,344,063 -------------- 20,064,861 -------------- Commercial Services--5.0% *ACNielson Corporation 129,200 3,908,300 *Allied Waste Industries, Inc. 306,147 6,046,403 *Avis Rent A Car, Inc. 27,000 786,375 *Borg-Warner Security Corporation 57,400 1,165,938 *Cendant Corporation 42,400 869,200 Cintas Corporation 237,099 15,930,088 *Concord EFS, Inc. 499,696 21,143,386 *Convergys Corporation 248,303 4,779,833 Deluxe Corporation 63,100 2,456,956 EG&G, Inc. 58,600 2,087,625 *Elan Corporation PLC ADR (Ireland) 235,000 6,521,250 Fair Issac & Company, Inc. 26,000 911,625 Hertz Corporation Class A 53,700 3,329,400 Hooper Holmes, Inc. 21,400 436,025 H&R Block, Inc. 16,100 805,000 *Iron Mountain, Inc. 187,500 5,367,188 *IT Group, Inc. 44,100 708,356 *Medco Research, Inc. 68,400 1,795,500 Mutual Risk Management Ltd. 130,900 4,368,788 *Nova Corporation 282,612 7,065,300 Olsten Corporation 44,400 280,275 Paychex, Inc. 298,000 9,498,749 *Quest Diagnostics, Inc. 13,500 369,563 *Quintiles Transnational Corporation 182,819 7,678,398 *Republic Services, Inc. 67,000 1,658,250 *Robert Half International, Inc. 331,098 8,608,548 Rollins, Inc. 49,820 794,006 R.R. Donnelley & Sons Company 30,300 1,122,994 *Safety-Kleen Corporation 6,300 114,188 SEI Investments Company 13,600 1,200,200 Stone & Webster, Inc. 33,300 886,613 *Superior Services, Inc. 3,800 101,413 *Sylvan Learning Systems, Inc. 84,400 2,294,625 *URS Corporation 40,000 1,172,500 *USWeb Corporation 19,600 434,875 40
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ------------------------------------------------------------------- Market Vantagepoint Growth Fund Shares Value ------------------------------------------------------------------- COMMON STOCKS--(Continued) ------------------------------------------------------------------- *Valassis Communications, Inc. 83,400 $ 3,054,525 Viad Corporation 162,358 5,022,951 Waste Management, Inc. 98,500 5,294,375 -------------- 140,069,584 -------------- Communications--4.9% *ADC Telecommunications, Inc. 337,660 15,384,633 *Ancor Communications, Inc. 93,600 3,030,300 *Andrew Corporation 482,100 9,129,769 *Antec Corporation 52,900 1,696,106 *Aware, Inc. 51,800 2,389,275 *Cable Design Technologies Corporation 92,000 1,420,250 Comsat Corporation 12,900 419,250 *Level 3 Communications, Inc. 28,600 1,717,788 Lucent Technologies, Inc. 286,505 19,321,180 *Metromedia Fiber Network, Inc. Class A 229,100 8,233,281 *Network Appliance, Inc. 36,300 2,028,263 *Nielsen Media Research, Inc. 125,000 3,656,250 *Nokia Corporation ADR (Finland) 46,400 4,248,500 Nortel Networks Corporation (Canada) 3,700 321,206 *NTL, Inc. 46,700 4,024,956 Pittway Corporation 11,900 396,419 Pittway Corporation Class A 100,300 3,429,006 *Qualcomm, Inc. 262,238 37,631,152 Superior TeleCom, Inc. 40,500 1,012,500 Symbol Technologies, Inc. 236,485 8,720,384 *Tellabs, Inc. 114,900 7,762,931 -------------- 135,973,399 -------------- Computer Software & Processing--13.5% *Acxiom Corporation 421,600 10,513,649 Adobe Systems, Inc. 32,500 2,669,063 *American Management Systems, Inc. 218,100 6,992,831 *BISYS Group, Inc. 54,700 3,199,950 *BMC Software, Inc. 78,900 4,260,600 *BroadVision, Inc. 7,600 560,500 *Cadence Design Systems, Inc. 394,468 5,029,467 *Cambridge Technology Partners, Inc. 97,203 1,707,128 *Checkfree Holdings Corporation 333,100 9,181,069 *Citrix Systems, Inc. 246,726 13,940,018 *CMGI, Inc. 892,400 101,789,374 Comdisco, Inc. 246,297 6,311,361 Computer Associates International, Inc. 46,900 2,579,500 *Compuware Corporation 98,800 3,143,075 *CSG Systems International, Inc. 91,400 2,393,538 *Electronic Arts, Inc. 171,588 9,308,649 *Fiserv, Inc. 287,401 8,999,228 *HNC Software, Inc. 18,100 557,706 *Informix Corporation 309,373 2,639,354 *Inktomi Corporation 51,700 6,798,550 [Download Table] ------------------------------------------------------------------------- Market Shares Value ------------------------------------------------------------------------- *International Network Services 16,850 $ 680,319 *Intuit, Inc. 25,100 2,262,138 *Keane, Inc. 116,941 2,645,790 *Legato Systems, Inc. 113,937 6,579,862 *Lycos, Inc. 159,900 14,690,812 *Macromedia, Inc. 10,900 384,225 *Microsoft Corporation 201,100 18,136,705 *National Instruments Corporation 11,900 480,463 *NCR Corporation 57,800 2,821,363 *Networks Associates, Inc. 225,360 3,309,975 *Novell, Inc. 310,700 8,233,550 *Open Market, Inc. 22,100 313,544 *Policy Management System Corporation 57,884 1,736,520 *PRI Automation, Inc. 10,300 373,375 *Project Software & Development, Inc. 5,000 156,250 *PSINet, Inc. 6,100 266,875 *RealNetworks, Inc. 155,300 10,696,287 Shared Medical Systems Corporation 214,500 13,996,124 *Siebel Systems, Inc. 167,685 11,119,611 Softbank Corporation (Japan) 15,300 3,098,273 *Software.com, Inc. 19,300 447,519 *SPSS, Inc. 44,000 1,130,250 *Sterling Commerce, Inc. 470,099 17,158,613 *Sungard Data Systems, Inc. 188,107 6,489,692 *Symantec Corporation 90,797 2,315,324 *Synopsys, Inc. 115,602 6,379,785 *Transaction Systems Architects, Inc. Class A 242,600 9,461,400 *Tyler Technologies, Inc. 49,000 336,875 *Unisys Corporation 76,800 2,990,400 Veritas Software Corporation 197,650 18,764,396 *Visio Corporation 124,600 4,742,588 *Yahoo!, Inc. 31,600 5,443,100 -------------- 380,216,613 -------------- Computers & Information--2.8% *CDW Computer Centers, Inc. 168,200 7,400,800 *Cisco Systems, Inc. 69,900 4,495,444 *Comverse Technology, Inc. 204,158 15,413,928 *Critical Path, Inc. 900 49,781 *Ebay, Inc. 5,600 845,600 *Emulex Corporation 41,000 4,558,688 International Business Machines Corporation 38,400 4,963,200 International Game Technology 160,110 2,962,035 *Interphase Corporation 3,200 73,600 *Lexmark International Group, Inc. 256,836 16,967,227 *Maxtor Corporation 137,200 690,294 National Computer Systems, Inc. 72,400 2,443,500 *Rational Software Corporation 139,450 4,593,134 *Read-Rite Corporation 226,000 1,401,901 Reynolds & Reynolds, Inc. 243,259 5,670,975 *Rhythms NetConnections, Inc. 36,200 2,113,175 41
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ------------------------------------------------------------------ Market Vantagepoint Growth Fund Shares Value ------------------------------------------------------------------ COMMON STOCKS--(Continued) ------------------------------------------------------------------ Schawk, Inc. 4,700 $ 42,006 *Storage Technology Corporation 163,098 3,710,480 *TheStreet.com, Inc. 11,200 403,200 -------------- 78,798,968 -------------- Containers & Packaging--0.0% Intertape Polymer Group, Inc. (Canada) 11,700 342,225 *U.S. Can Corporation 1,000 22,250 -------------- 364,475 -------------- Cosmetics & Personal Care--0.2% Alberto Culver Company Class A 59,400 1,355,063 Alberto Culver Company Class B 33,500 891,938 Church & Dwight Company, Inc. 31,619 1,375,427 Ecolab, Inc. 6,200 270,475 Estee Lauder Companies Class A 16,900 847,113 -------------- 4,740,016 -------------- Diversified--0.8% *Blyth Industries, Inc. 79,400 2,729,375 Federal Signal Corporation 74,195 1,572,007 General Electric Company 33,900 3,830,700 Hillenbrand Industries, Inc. 194,043 8,392,360 Tyco International Ltd. 69,000 6,537,750 -------------- 23,062,192 -------------- Education--0.2% *Apollo Group, Inc. 185,136 4,917,675 *DeVry, Inc. 45,700 1,022,538 -------------- 5,940,213 -------------- Electric Utilities--1.8% Alliant Energy Corporation 127,385 3,614,549 Bangor Hydro-Electric Co. 6,200 99,975 BEC Energy 59,800 2,466,750 Black Hills Corporation 25,000 578,125 *Calpine Corporation 12,800 691,200 CMP Group, Inc. 50,000 1,309,375 Consolidated Edison, Inc. 71,700 3,244,425 DQE, Inc. 57,300 2,299,163 Energy East Corporation 123,000 3,198,000 Florida Progress Corporation 61,200 2,528,325 Illinova Corporation 238,400 6,496,400 Ipalco Enterprises, Inc. 284,212 6,021,742 LG&E Energy Corporation 211,521 4,441,941 Minnesota Power, Inc. 119,300 2,371,088 Montana Power Company 15,200 1,071,600 *Niagra Mohawk Holdings, Inc. 105,100 1,688,169 NiSource, Inc. 84,800 2,188,900 Peco Energy Company 84,600 3,542,625 Unicom Corporation 93,800 3,617,163 -------------- 51,469,515 -------------- Electrical Equipment--0.4% *American Power Conversion Corporation 313,050 6,300,131 [Download Table] --------------------------------------------------------------------- Market Shares Value --------------------------------------------------------------------- AMETEK, Inc. 52,611 $ 1,210,053 C&D Technology, Inc. 60,600 1,855,875 *UCAR International, Inc. 73,542 1,856,936 -------------- 11,222,995 -------------- Electronics--7.2% *Adaptec, Inc. 68,900 2,433,031 *Altera Corporation 449,822 16,559,071 American Woodmark Corporation 21,300 750,825 *Analog Devices, Inc. 144,600 7,257,113 *ASM Lithography Holding NV (Netherlands) 122,700 7,285,313 AVX Corporation 6,300 153,563 *Black Box Corporation 33,900 1,699,238 *Broadcom Corporation--CL A 1,400 202,388 *C-Cube Microsystems, Inc. 2,500 79,063 *Conexant Systems, Inc. 7,900 458,694 Dallas Semiconductor Corporation 81,300 4,105,650 *Esterline Corporation 29,900 429,813 *E-Tek Dynamics, Inc. 1,600 76,100 *Herley Industries, Inc. 29,900 390,569 *Jabil Circuit, Inc. 133,600 6,028,700 *Kent Electronics Corporation 6,300 124,819 Linear Technology Corporation 434,488 29,219,317 *Maxim Integrated Products, Inc. 243,706 16,206,448 *Microchip Technology, Inc. 221,069 10,473,143 *Micron Technology, Inc. 515,300 20,773,030 Molex, Inc. Class A 233,700 7,361,550 Motorola, Inc. 39,700 3,761,575 *PMC-Sierra, Inc. 62,700 3,695,381 *Polycom, Inc. 31,600 1,232,400 *Qlogic Corporation 58,900 7,774,800 Quixote Corporation 1,300 15,844 *Sanmina Corporation 116,400 8,831,850 *Stoneridge, Inc. 60,300 814,050 Texas Instruments, Inc. 35,900 5,205,500 *Vitesse Semiconductor Corporation 177,900 11,997,130 *Xilinx, Inc. 444,542 25,450,029 -------------- 200,845,997 -------------- Entertainment & Leisure--0.6% *Harrah's Entertainment, Inc. 23,600 519,200 Hasbro, Inc. 83,900 2,343,956 *Hollywood Entertainment Corporation 42,100 823,581 *Kingworld Productions, Inc. 83,800 2,917,288 Royal Caribbean Cruises Ltd. 147,900 6,470,625 *Royal Olympic Cruise Lines, Inc. 33,400 96,025 *SFX Entertainment, Inc. Class A 17,200 1,100,800 Time Warner, Inc. 18,000 1,323,000 *WMS Industries, Inc. 86,500 1,470,500 -------------- 17,064,975 -------------- 42
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ----------------------------------------------------------------------- Market Vantagepoint Growth Fund Shares Value ----------------------------------------------------------------------- COMMON STOCKS--(Continued) ----------------------------------------------------------------------- Financial Services--3.6% Alliance Capital Management LP 103,900 $ 3,357,269 American Express Company 27,300 3,552,413 Bedford Property Investors 19,200 343,200 Countrywide Credit Industries, Inc. 70,700 3,022,425 Daiwa Securities Company Ltd. (Japan) 980,000 6,477,408 Donaldson, Lufkin & Jenrette, Inc. 17,900 1,078,475 Euro-Nevada Mining Corporation (Canada) 238,000 2,830,177 *E*TRADE Group, Inc. 675,400 26,973,787 Federal National Mortgage Association 47,400 3,240,975 Federal Home Loan Mortgage Corporation 55,100 3,195,800 *Federal Agricultural Mortgage Corporation 38,300 2,628,338 Franco-Nevada Mining Corporation 67,900 1,050,583 *Grupo Financiero Bancomer SA de CV Class O (Mexico) 145,000 52,186 Heller Financial, Inc. 234,600 6,524,813 Investment Technology Group, Inc. 50,400 1,631,700 Jafco Company Ltd. (Japan) 24,000 1,586,302 *Knight/Trimark Group, Inc. 50,900 3,069,906 Kokusai Securities Company Ltd. (Japan) 158,000 1,958,094 Lehman Brothers, Inc. 10,500 653,625 Morgan Keegan, Inc. 12,600 238,613 Morgan Stanley Dean Witter & Company 18,200 1,865,500 Nikko Securities Company Ltd. (Japan) 694,000 4,478,104 Nomura Securities Company Ltd. (Japan) 570,000 6,673,104 Peoples Heritage Financial Group, Inc. 94,800 1,783,425 Providian Financial Corporation 29,600 2,767,600 Renaissancere Holdings Ltd. 42,500 1,572,500 Terra Nova Holdings Ltd. Class A (Bermuda) 44,000 1,185,250 T. Rowe Price Associates, Inc. 197,368 7,573,997 Webster Financial Corporation 30,200 819,175 -------------- 102,184,744 -------------- Food Retailers--0.5% Food Lion, Inc. Class A 246,800 2,930,750 Food Lion, Inc. Class B 33,900 391,969 *Kroger Company 359,600 10,046,324 -------------- 13,369,043 -------------- Forest Products & Paper--0.6% Bemis Company 12,100 480,975 Boise Cascade Corporation 57,500 2,465,313 [Download Table] ---------------------------------------------------------------- Market Shares Value ---------------------------------------------------------------- Georgia-Pacific Group 79,400 $ 3,761,575 *Ivex Packaging Corporation 101,400 2,230,800 Temple Inland, Inc. 33,200 2,265,900 Weyerhaeuser Company 51,400 3,533,750 Willamette Industries, Inc. 48,500 2,234,031 -------------- 16,972,344 -------------- Health Care Providers--1.4% *Apria Healthcare Group, Inc. 58,300 991,100 *Covance, Inc. 386,513 9,252,155 *Express Scripts, Inc. Class A 31,400 1,889,888 *First Health Group Corporation 140,175 3,022,523 *Health Management Associates, Inc. 452,769 5,093,651 *Healthsouth Corporation 633,800 9,467,388 *Lifepoint Hospital, Inc. 2,789 37,477 *Lincare Holdings, Inc. 125,069 3,126,725 *Oxford Health Plans, Inc. 132,230 2,057,829 *PacifiCare Health Systems, Inc. 12,600 906,413 *Resmed, Inc. 23,300 773,269 *TLC The Laser Center, Inc. 11,000 526,625 *Total Renal Care Holdings, Inc. 157,622 2,452,992 *Triad Hospitals, Inc. 2,787 37,631 *Universal Health Services Class B 12,300 587,325 -------------- 40,222,991 -------------- Heavy Construction--1.1% Butler Manufacturing Company 68,500 1,913,719 Centex Corporation 93,900 3,527,119 Fluor Corporation 15,400 623,700 Foster Wheeler Corporation 5,000 70,625 Granite Construction, Inc. 52,650 1,543,303 Martin Marietta Materials, Inc. 371,101 21,894,958 -------------- 29,573,424 -------------- Heavy Machinery--2.2% *Ag-Chem Equipment Company, Inc. 9,700 97,000 Applied Power, Inc. Class A 125,400 3,424,988 *Astec Industries, Inc. 46,200 1,882,650 Baker Hughes, Inc. 53,500 1,792,250 *Cooper Cameron Corporation 6,400 237,200 Donaldson Company, Inc. 76,080 1,863,960 Graco, Inc. 36,700 1,078,063 Idex Corporation 36,100 1,186,788 Kaydon Corporation 95,479 3,210,481 Manitowoc Company, Inc. 165,750 6,899,344 *Mohawk Industries, Inc. 231,000 7,016,625 Robbins & Myers, Inc. 28,300 631,444 Rockwell International Corporation 42,900 2,606,175 Roper Industries, Inc. 19,000 608,000 *Specialty Equipment Companies, Inc. 2,200 64,763 Stanley Works 363,500 11,700,155 United Technologies Corporation 65,000 4,659,688 43
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ----------------------------------------------------------------------- Market Vantagepoint Growth Fund Shares Value ----------------------------------------------------------------------- COMMON STOCKS--(Continued) ----------------------------------------------------------------------- *Varco International, Inc. 272,300 $ 2,978,281 Weatherford International, Inc. 249,140 9,124,753 -------------- 61,062,608 -------------- Home Construction, Furnishings & Appliances--1.4% *American Homestar Corporation 39,800 273,625 *American Standard Companies, Inc. 114,847 5,512,656 Bassett Furniture Industries, Inc. 41,200 942,450 Bush Industries, Inc. Class A 7,800 129,675 *CompX International, Inc. 48,700 870,513 *Furniture Brands International, Inc. 105,600 2,943,600 *Gemstar International Group Ltd. 8,400 548,100 HON Industries, Inc. 99,956 2,917,466 Johnson Controls, Inc. 77,700 5,385,581 La-Z-Boy, Inc. 50,100 1,152,300 Leggett & Platt, Inc. 320,350 8,909,734 Maytag Corporation 34,900 2,432,094 Miller Herman, Inc. 220,065 4,621,365 Pulte Corporation 92,200 2,126,363 Standard-Pacific Corporation 29,700 384,244 *Winsloew Furniture, Inc. 600 20,175 -------------- 39,169,941 -------------- Household Products--0.1% Fortune Brands, Inc. 13,900 575,113 Valspar Corporation 38,400 1,459,200 -------------- 2,034,313 -------------- Insurance--1.7% Allamerica Financial Corporation 71,600 4,354,175 Ambac Financial Group, Inc. 39,200 2,239,300 American Bankers Insurance Group, Inc. 34,500 1,878,094 Brown & Brown, Inc. 52,100 1,979,800 Cigna Corporation 72,400 6,443,600 Hartford Financial Services Group 63,400 3,697,013 HCC Insurance Holdings, Inc. 66,400 1,506,450 Marsh & McLennan Companies, Inc. 45,700 3,450,350 Nationwide Financial Services, Inc. Class A 9,100 411,775 Protective Life Corporation 100,900 3,329,700 Reliastar Financial Corporation 27,100 1,185,625 *RSL Communications Ltd. 34,300 662,419 Travelers Property Casualty Corporation 58,300 2,280,988 *Trigon Healthcare, Inc. 81,800 2,975,475 *UICI 20,400 563,550 United Healthcare Corporation 63,900 4,001,738 *Wellpoint Health Networks 93,200 7,910,350 -------------- 48,870,402 -------------- [Download Table] ------------------------------------------------------------------------ Market Shares Value ------------------------------------------------------------------------ Lodging--0.2% *Choice Hotels International, Inc. 85,100 $ 1,680,725 *Mandalay Resort Group 70,000 1,478,750 *Prime Hospitality Corporation 96,100 1,153,200 Starwood Hotels & Resorts Worldwide, Inc. 17,100 522,619 -------------- 4,835,294 -------------- Media--Broadcasting & Publishing--4.6% *Adelphia Communications Corporation Class A 10,900 693,513 *Allegiance Telecom, Inc. 52,600 2,886,425 *AT&T Corporation--Liberty Media Group 279,664 10,277,651 BHC Communications, Inc. Class A 51,000 6,630,000 *Cablevision Systems Corporation 152,600 10,681,999 *Capstar Broadcasting Corporation Class A 27,800 761,025 *CBS Corporation 85,100 3,696,531 *Chancellor Media Corporation Class A 20,300 1,119,038 *Chris-Craft Industries, Inc. 63,036 2,970,572 Comcast Corporation 95,200 3,659,250 *Cox Communications, Inc. Class A 120,600 4,439,588 EchoStar Communications Corporation Class A 7,500 1,150,781 *Entercom Communications Corporation 700 29,925 Gannett Company, Inc. 66,600 4,753,575 *Grupo Televisa SA ADR (Mexico) 24,700 1,106,869 Harte-Hanks, Inc. 64,800 1,757,700 Houghton Mifflin Company 50,134 2,359,431 *Infinity Broadasting Corporation 33,800 1,005,550 *Jones Intercable, Inc. 20,300 994,700 McGraw-Hill Companies, Inc. 62,600 3,376,488 Media General, Inc. Class A 43,885 2,238,135 Meredith Corporation 89,000 3,081,625 New York Times Company 126,400 4,653,100 Reader's Digest Association, Inc. Class A 312,900 12,437,774 TCA Cable TV, Inc. 215,727 11,972,848 *TCI Music, Inc. Class A 35,900 1,269,963 *TV Guide, Inc. 57,700 2,113,263 *Univision Communications, Inc. 150,100 9,906,599 *Viacom, Inc. Class B 197,300 8,681,200 Washington Post Company Class B 16,473 8,858,356 -------------- 129,563,474 -------------- Medical Supplies--2.7% Allergan, Inc. 101,700 11,288,699 Bard C.R., Inc. 125,400 5,995,688 Bausch & Lomb, Inc. 45,600 3,488,400 Beckman Coulter, Inc. 46,792 2,275,261 Biomet, Inc. 86,700 3,446,325 *Boston Scientific Corporation 99,300 4,362,994 44
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ----------------------------------------------------------------------------- Market Vantagepoint Growth Fund Shares Value ----------------------------------------------------------------------------- COMMON STOCKS--(Continued) ----------------------------------------------------------------------------- *Focal, Inc. 128,900 $ 966,750 *Genzyme Surgical Products 7,626 33,602 Guidant Corporation 10,400 534,950 *Haemonetics Corporation 75,500 1,514,719 Honeywell, Inc. 44,800 5,191,200 *KLA-Tencor Corporation 4,800 311,400 *Mettler-Toledo International, Inc. 80,700 2,002,369 *Orthofix International N.V. 13,500 200,813 *Patterson Dental Company 116,600 4,051,850 *Steris Corporation 111,130 2,153,144 Stryker Corporation 157,958 9,497,225 *Sybron International Corporation 209,108 5,763,539 *Uniphase Corporation 38,000 6,308,000 *Waters Corporation 78,000 4,143,750 *Wesley Jessen VisionCare, Inc. 35,900 1,146,556 -------------- 74,677,234 -------------- Metals & Mining--0.3% *Alliant Techsystems, Inc. 7,100 614,150 *Kinross Gold Corporation (Canada) 5,300 8,923 *Kinross Gold Corporation 170,800 288,225 *Meridan Gold, Inc. (Canada) 81,600 377,400 Nucor Corporation 49,200 2,333,925 Oregon Steel Mills, Inc. 32,500 432,656 *Pan American Silver Corporation 102,500 615,000 Placer Dome, Inc. (Canada) 159,680 1,886,220 *Steel Dynamics, Inc. 44,900 694,549 *Stillwater Mining Company (Great Britain) 17,250 562,781 *Stillwater Mining Company 22,050 720,759 -------------- 8,534,588 -------------- Oil & Gas--5.0% Atlantic Richfield Company 39,700 3,317,431 *Atwood Oceanics, Inc. 210,100 6,565,625 *Barrett Resources Corporation 42,900 1,646,288 *BJ Services Company 82,400 2,425,650 Cabot Oil & Gas Corporation Class A 50,900 948,013 *Cal Dive International, Inc. 55,700 1,664,038 *Canadian Natural Resources Ltd. (Canada) 76,800 1,504,819 *Chieftain International, Inc. 35,400 619,500 Coastal Corporation 26,900 1,076,000 Coflexip SA ADR (France) 65,000 2,827,500 *Companie Generale de Geophysique SA ADR (France) 55,000 591,250 Diamond Offshore Drilling, Inc. 97,400 2,763,725 Dynegy, Inc. 1,100 22,413 Enron Corporation 12,600 1,030,050 Enron Oil & Gas Company 40,400 818,100 Ensco International, Inc. 377,300 7,522,419 *Global Industries Ltd. 90,100 1,154,406 *Global Marine, Inc. 1,728,700 26,686,805 [Download Table] ----------------------------------------------------------------------- Market Shares Value ----------------------------------------------------------------------- *Hanover Compressor Company 74,000 $ 2,377,250 Helmerich & Payne, Inc. 163,500 3,893,344 Kerr-McGee Corporation 22,700 1,139,256 KeySpan Corporation 233,015 6,145,771 *Magnum Hunter Resources, Inc. 127,100 484,569 *Marine Drilling Company, Inc. 650,600 8,905,088 *Nabors Industries, Inc. 160,300 3,917,331 *National-Oilwell, Inc. 44,000 616,000 *Newfield Exploration Company 77,000 2,189,688 *Noble Drilling Corporation 269,400 5,303,813 *Ocean Energy, Inc. 103,586 997,015 Oneok, Inc. 48,900 1,552,575 Paramount Resources Ltd. (Canada) 40,500 554,121 *Paramount Resources Ltd. (Canada) 57,500 809,997 *Penn West Petroleum Ltd. 19,200 350,258 *Petroleum Geo-Services ADR (Norway) 44,600 663,425 *Pride International, Inc. 67,300 710,856 *Prima Energy Corporation 4,600 104,075 *Rio Alto Exploration Ltd. (Canada) 143,300 2,163,959 Royal Dutch Petroleum Company (Netherlands) 56,400 3,398,100 *R&B Falcon Corporation 65,570 614,719 Santa Fe International Corporation 163,000 3,749,000 *Santa Fe Snyder Corporation 246,265 1,877,771 Schlumberger Ltd. 166,800 10,623,074 *Smith International, Inc. 288,100 12,514,343 *Transmontaigne, Inc. 47,900 601,744 Union Pacific Resources Group, Inc. 52,500 856,406 Wynn's International, Inc. 51,200 944,000 -------------- 141,241,580 -------------- Pharmaceuticals--4.3% Alpharma, Inc. 3,300 117,356 *Amgen, Inc. 27,600 1,680,150 Bergen Brunswig Corporation 218,947 3,776,836 *Biogen, Inc. 432,242 27,798,563 Bristol-Myers Squibb Company 54,400 3,831,800 Cardinal Health, Inc. 12,250 785,531 *Centocor, Inc. 138,363 6,451,175 *Chirex, Inc. 28,700 921,988 *Chiron Corporation 296,150 6,145,113 *Forest Laboratories, Inc. 134,846 6,236,628 *Gilead Sciences, Inc. 50,600 2,643,850 *ICOS Corporation 12,400 506,075 *IDEC Pharmaceuticals Corporation 7,600 585,675 *Immnunex Corporation 202,400 25,793,349 *King Pharmaceuticals, Inc. 21,800 564,075 *MedImmune, Inc. 179,100 12,134,024 Mylan Labs, Inc. 210,330 5,573,745 Omnicare, Inc. 323,200 4,080,400 Schering-Plough Corporation 37,200 1,971,600 *Sepracor, Inc. 63,199 5,134,919 45
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] -------------------------------------------------------------------------- Market Vantagepoint Growth Fund Shares Value -------------------------------------------------------------------------- COMMON STOCKS--(Continued) -------------------------------------------------------------------------- *Syncor International Corporation 29,900 $ 1,076,400 Warner-Lambert Company 51,600 3,579,750 -------------- 121,389,002 -------------- Real Estate--1.1% Alexandria Real Estate Equities, Inc. REIT 22,600 706,250 Apartment Investment & Management Company REIT Class A 72,990 3,120,323 Avalonbay Communities, Inc. REIT 19,200 710,400 Banyan Strategic Realty Trust REIT 23,600 138,650 *Boardwalk Equities, Inc. (Canada) 54,600 549,669 *Catellus Development Corporation 131,700 2,041,350 CenterPoint Properties Corporation REIT 16,000 586,000 Duke Realty Investments, Inc. REIT 181,500 4,095,094 Equity Residential Properties Trust REIT 125,600 5,659,850 FelCor Lodging Trust, Inc. REIT 29,400 610,050 First Industrial Realty Trust, Inc. REIT 14,400 395,100 Glenborough Realty Trust, Inc. REIT 37,100 649,250 Kimco Realty Corporation REIT 25,100 982,038 Lennar Corporation 183,400 4,401,600 Liberty Property Trust REIT 102,100 2,539,738 Mack-Cali Realty Corporation REIT 19,100 590,906 Meristar Hospitality Corporation REIT 92,011 2,064,497 Mid-Atlantic Realty Trust REIT 23,900 265,888 Public Storage, Inc. REIT 58,700 1,643,600 Weeks Corporation REIT 4,400 134,200 -------------- 31,884,453 -------------- Restaurants--1.1% *Brinker International, Inc. 26,000 706,875 CEC Entertainment, Inc. 20,000 845,000 CKE Restaurants, Inc. 27,100 440,375 Darden Restaurants, Inc. 109,700 2,392,831 *Outback Steakhouse, Inc. 238,234 9,365,554 *Papa John's International, Inc. 49,200 2,198,625 Ruby Tuesday, Inc. 78,800 1,497,200 *Sizzler International, Inc. 145,300 326,925 *Sonic Corporation 42,050 1,371,881 *Starbucks Corporation 296,574 11,140,060 -------------- 30,285,326 -------------- Retailers--5.1% *Ames Department Stores, Inc. 51,300 2,340,563 Apogee Enterprises, Inc. 13,700 184,094 *Barnes & Noble, Inc. 111,896 3,063,153 *Bed Bath & Beyond, Inc. 395,030 15,208,654 [Download Table] ------------------------------------------------------------------------ Market Shares Value ------------------------------------------------------------------------ *Best Buy Company, Inc. 539,900 $ 36,443,249 *BJ's Wholesale Club, Inc. 82,500 2,480,156 Casey's General Store, Inc. 43,100 646,500 CCS Corporation 81,700 4,146,275 Circuit City Stores 43,500 4,045,500 Claire's Stores, Inc. 67,100 1,719,438 *Copart, Inc. 42,800 909,500 Dayton Hudson Corporation 53,000 3,445,000 *Department 56, Inc. 3,700 99,438 *Discount Auto Parts, Inc. 34,800 839,550 *Dollar Tree Stores, Inc. 154,654 6,804,776 *Drug Emporium, Inc. 147,900 1,072,275 Family Dollar Stores 447,207 10,732,967 Fred's, Inc. 58,400 912,500 *Handleman Company 78,300 924,919 *Linens 'n Things, Inc. 21,400 936,250 *Michaels Stores, Inc. 66,300 2,030,438 *MSC Industrial Direct Company, Inc. Class A 317,600 3,255,400 *Office Depot, Inc. 444,800 9,813,399 *Petco Animal Supplies, Inc. 800 12,600 *Petsmart, Inc. 86,900 890,725 *Rawlings Sporting Goods Company 34,500 340,688 *Rex Stores Corporation 19,400 578,363 *Safeway, Inc. 87,800 4,346,100 *ShopKo Stores, Inc. 32,500 1,178,125 *Sonic Automotive, Inc. 66,200 910,250 *Staples, Inc. 40,250 1,245,234 Tandy Corporation 78,000 3,812,250 TJX Companies, Inc. 204,800 6,822,400 *Venator Group, Inc. 273,700 2,856,744 Wal-Mart Stores, Inc. 117,900 5,688,675 *Williams-Sonoma, Inc. 91,000 3,167,938 -------------- 143,904,086 -------------- Telephone Systems--2.0% *Alcatel SA ADR (France) 31,000 879,625 Alltel Corporation 53,000 3,789,500 Ameritech Corporation 53,400 3,924,900 AT&T Corporation 256,696 14,326,872 Centurytel, Inc. 63,300 2,516,175 Cincinnati Bell, Inc. 342,155 8,532,490 *Copper Mountain Networks, Inc. 3,900 301,275 *Exodus Communications, Inc. 13,100 1,571,181 *FirstCom Corporation 5,700 49,163 Frontier Corporation 16,800 991,200 *GST Telecommunications, Inc. 12,500 164,844 GTE Corporation 66,700 5,052,525 *Intermedia Communications, Inc. 28,300 849,000 *MCI Worldcom, Inc. 68,500 5,895,281 McLeodUSA, Inc. Class A 13,500 742,500 *Qwest Communications International, Inc. 29,300 968,731 SBC Communications, Inc. 60,200 3,491,600 Vodafone AirTouch PLC (United Kingdom) 1,850 364,450 *WinStar Communications, Inc. 26,200 1,277,250 -------------- 55,688,562 -------------- 46
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ------------------------------------------------------------------------ Market Vantagepoint Growth Fund Shares Value ------------------------------------------------------------------------ COMMON STOCKS--(Continued) ------------------------------------------------------------------------ Textiles, Clothing & Fabrics--1.2% *Genesco, Inc. 115,400 $ 1,680,513 *Hartmarx Corporation 93,500 391,531 *Jones Apparel Group, Inc. 198,838 6,822,629 K-Swiss, Inc. 24,800 1,153,200 *Maxwell Shoe Company, Inc. Class A 40,200 364,313 Nike, Inc. 84,200 5,330,913 OshKosh B' Gosh, Inc. 3,900 82,388 *Quiksilver, Inc. 56,550 1,473,834 *Shaw Industries, Inc. 387,593 6,395,285 Tommy Hilfiger Corporation 30,600 2,249,100 *Unifi, Inc. 80,200 1,704,250 West Point Stevens, Inc. 217,533 6,485,203 -------------- 34,133,159 -------------- Transportation--2.9% Airborne Freight Corporation 79,237 2,193,874 Alexander & Baldwin, Inc. 39,400 876,650 *American Freightways Corporation 3,700 72,381 Brunswick Corporation 7,600 211,850 C.H. Robinson Worldwide, Inc. 241,700 8,882,475 Dial Corporation 240,898 8,958,394 Expeditors International of Washington, Inc. 39,400 1,073,650 Florida East Coast Industries, Inc. 20,100 889,425 *Forward Air Corporation 16,200 455,625 Galileo International, Inc. 50,600 2,703,938 *Hub Group, Inc. Class A 40,400 906,475 J.B. Hunt Transport Services, Inc. 42,900 697,125 Kansas City Southern Industries, Inc. 13,500 861,469 *Keystone Automotive Industries, Inc. 87,100 1,513,363 *Landstar System, Inc. 20,400 736,314 *Mark VII, Inc. 46,600 774,725 *M.S. Carriers, Inc. 22,400 664,301 Newport News Shipbuilding, Inc. 57,198 1,687,341 Sea Containers Ltd. 7,500 251,719 St. Joe Company 110,500 2,983,500 Union Pacific Corporation 559,000 32,596,687 US Freightways Corporation 251,600 11,652,224 Werner Enterprises, Inc. 43,700 906,775 -------------- 82,550,280 -------------- [Download Table] ---------------------------------------------------------------------------- Shares/ Market Face Value ---------------------------------------------------------------------------- Water Companies--0.1% American States Water Company 33,200 $ 942,050 American Water Works Company 47,600 1,463,700 Philadelphia Suburban Corporation 49,460 1,140,671 United Water Resources, Inc. 19,200 435,600 -------------- 3,982,021 -------------- TOTAL COMMON STOCKS (Cost $2,318,034,378) 2,741,437,028 -------------- ---------------------------------------------------------------------------- PREFERRED STOCKS--0.0% ---------------------------------------------------------------------------- Electric Utilities Companhia Energetica de Minas Gerais SA (Brazil) (Cost $795,521) 33,120,000 692,208 -------------- ---------------------------------------------------------------------------- CASH EQUIVALENTS--14.4% ---------------------------------------------------------------------------- Institutional Money Market Funds--3.2% ++Merrimac Cash Fund--Premium Class $90,079,670 90,079,670 -------------- Bank Deposits/Offshore Time Deposits--7.7% ++American Express Centurion Bank 36,561,620 36,561,620 ++Bank of Montreal 37,118,380 37,118,380 ++Bank of Montreal 55,973,163 55,973,163 ++BankBoston NA 16,810,934 16,810,934 ++Harris Trust & Savings Bank 15,435,963 15,435,963 ++Royal Bank of Scotland PLC 24,697,542 24,697,542 ++Toronto Dominion 30,871,927 30,871,927 -------------- 217,469,529 -------------- Floating Rate Instruments/ Master Notes--3.5% ++General America Life 15,000,000 15,000,000 ++Goldman Sachs 21,000,000 21,000,000 ++John Hancock Mutual Life 15,000,000 15,000,000 ++Morgan Stanley Dean Witter & Co. 46,000,000 46,000,000 -------------- 97,000,000 -------------- TOTAL CASH EQUIVALENTS (Cost $404,549,199) 404,549,199 -------------- 47
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ------------------------------------------------------------------------------- Shares/ Market Vantagepoint Growth Fund Face Value ------------------------------------------------------------------------------- REPURCHASE AGREEMENTS--2.8% ------------------------------------------------------------------------------- Repurchase Agreement dated 6/30/99 due 7/1/99, with a maturity value of $78,906,909 and an effective yield of 4.25% collateralized by Federal Home Loan Mortgage Corp adjustable rate mortgages with a rate of 7.26%, a maturity of 10/01/22 and a market value of $4,601,037, a Federal Home Loan Mortgage Floater with a rate of 6.20%, a maturity of 03/15/24 with a market value of $8,504,836, Small Business Association with rates from 5.50% to 7.13% with maturities from 03/25/15 to 05/25/24 with market value of $14,024,548, Federal National Mortgage Association adjustable rate mortgages with rates of 5.30% to 7.07% with maturities from 03/25/22 to 02/01/27 with a market value of $55,703,044 $78,897,595 $ 78,897,595 -------------- TOTAL INVESTMENTS--114.7% (Cost $2,802,276,693) 3,225,576,030 Other assets less liabilities--(14.7%) (414,390,296) -------------- TOTAL NET ASSETS--100.0% $2,811,185,734 ============== -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Notes to the Schedule of Investments: * Non-income producing security. ** The cost of investments for federal income tax purposes amounts to $2,802,276,693. Unrealized appreciation and depreciation, based on identified tax cost at June 30, 1999, are as follows: [Download Table] Unrealized appreciation $ 525,983,693 Unrealized depreciation (102,684,356) -------------- Net unrealized appreciation $ 423,299,337 ============== ++ Represents collateral received from securities lending transactions. See accompanying notes to financial statements. 48
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Schedule of Investments June 30, 1999 (Unaudited) [Download Table] -------------------------------------------------------------- Market Vantagepoint Growth and Income Fund Shares Value -------------------------------------------------------------- COMMON STOCKS--96.2% -------------------------------------------------------------- Advertising--0.8% Interpublic Group, Inc. 14,000 $ 1,212,750 Young & Rubicam, Inc. 6,000 272,625 ------------ 1,485,375 ------------ Aerospace & Defense--1.2% Allied Signal, Inc. 8,600 541,800 Boeing Company 24,800 1,095,850 Textron, Inc. 6,000 493,875 ------------ 2,131,525 ------------ Airlines--0.4% *FDX Corporation 12,000 651,000 ------------ Apparel Retailers--0.4% *Gap, Inc. 13,200 664,950 ------------ Automotive--1.0% Delphi Automotive Systems Corporation 24,403 452,981 Federal-Mogul Corporation 25,000 1,300,000 ------------ 1,752,981 ------------ Banking--7.8% Associates First Capital Corporation 13,184 584,216 Bank of America Corporation 31,494 2,308,903 Capital One Financial Corporation 8,100 451,069 Citigroup, Inc. 81,100 3,852,249 Comerica, Inc. 7,100 422,006 Fifth Third Bancorp 10,000 665,625 First Security Corporation 8,400 228,900 Firstar Corporation 39,740 1,112,720 Household International, Inc. 15,500 734,313 Northern Trust Corporation 2,500 242,500 SLM Holding Corporation 22,400 1,026,200 Washington Mutual, Inc. 25,048 886,073 Wells Fargo & Company 33,600 1,436,400 Zions Bancorporation 1,200 76,200 ------------ 14,027,374 ------------ Beverages, Food & Tobacco--2.1% Anheuser Busch Companies, Inc. 9,042 641,417 Campbell Soup Company 1,700 78,838 Coca Cola Company 12,000 750,000 Kellogg Company 38,500 1,270,500 Nabisco Holdings Corporation Class A 7,500 324,375 Pepsico, Inc. 2,700 104,456 Philip Morris Companies, Inc. 16,703 671,252 ------------ 3,840,838 ------------ Building Materials--1.3% Home Depot, Inc. 23,300 1,501,394 Lowe's Companies, Inc. 13,100 742,606 ------------ 2,244,000 ------------ [Download Table] -------------------------------------------------------------------- Market Shares Value -------------------------------------------------------------------- Chemicals--1.4% Clorox Company 12,200 $ 1,303,113 Du Pont (E.I.) de Nemours & Company 8,200 560,163 Praxair, Inc. 14,500 709,594 ------------ 2,572,870 ------------ Commercial Services--1.2% *Quintiles Transnational Corporation 29,000 1,218,000 Service Corporation International 46,800 900,900 ------------ 2,118,900 ------------ Communications--3.6% Lucent Technologies, Inc. 42,600 2,872,837 *Newbridge Networks Corporation (Canada) 7,000 201,250 *Nokia Corporation ADR (Finland) 19,400 1,776,313 *Qualcomm, Inc. 5,600 803,600 *Tellabs, Inc. 12,400 837,775 ------------ 6,491,775 ------------ Computer Software & Processing--4.9% *America Online, Inc. 5,700 629,850 Autodesk, Inc. 32,000 946,000 *Cadence Design Systems, Inc. 77,600 989,400 *CMGI, Inc. 2,600 296,563 *Microsoft Corporation 39,900 3,598,480 *Peoplesoft, Inc. 44,800 772,800 *Sun Microsystems, Inc. 15,400 1,060,675 *Unisys Corporation 14,000 545,125 ------------ 8,838,893 ------------ Computers & Information--6.0% *Apple Computer, Inc. 8,400 389,025 *Cisco Systems, Inc. 24,900 1,606,050 *Comverse Technology, Inc. 5,800 437,900 *EMC Corporation 9,300 511,500 *Gateway, Inc. 14,000 826,000 Hewlett-Packard Company 19,300 1,939,649 Intel Corporation 8,000 476,000 International Business Machines Corporation 25,700 3,321,724 *Lexmark International Group, Inc. 3,800 251,038 Pitney Bowes, Inc. 12,200 783,850 *Storage Technology Corporation 9,700 220,675 ------------ 10,763,411 ------------ Cosmetics & Personal Care--1.8% Colgate-Palmolive Company 12,400 1,224,500 Ecolab, Inc. 23,000 1,003,375 Estee Lauder Companies Class A 20,400 1,022,550 ------------ 3,250,425 ------------ Diversified--4.7% *Berkshire Hathaway, Inc. Class A 100 689,000 *Berkshire Hathaway, Inc. Class B 15 33,735 General Electric Company 27,900 3,152,699 Tyco International Ltd. 47,000 4,453,249 ------------ 8,328,683 ------------ 49
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ------------------------------------------------------------ Market Vantagepoint Growth and Income Fund Shares Value ------------------------------------------------------------ COMMON STOCKS--(Continued) ------------------------------------------------------------ Electric Utilities--1.4% *AES Corporation 23,000 $ 1,336,875 Cinergy Corporation 15,000 480,000 *Niagra Mohawk Holdings, Inc. 10,600 170,263 *Northeast Utilities 28,000 495,250 ------------ 2,482,388 ------------ Electrical Equipment--0.5% Emerson Electric Company 15,000 943,125 ------------ Electronics--3.3% *Maxim Integrated Products, Inc. 13,000 864,500 Motorola, Inc. 19,600 1,857,099 *Solectron Corporation 11,500 766,906 Sony Corporation ADR (Japan) 11,700 1,291,388 Texas Instruments, Inc. 3,200 464,000 Xerox Corporation 10,000 590,625 ------------ 5,834,518 ------------ Entertainment & Leisure--2.8% Carnival Corporation 35,200 1,707,200 Hasbro, Inc. 25,050 699,834 Time Warner, Inc. 35,400 2,601,899 ------------ 5,008,933 ------------ Financial Services--2.7% American Express Company 9,700 1,262,213 Charles Schwab & Company, Inc. 6,700 736,163 Donaldson, Lufkin & Jenrette, Inc. 4,300 259,075 Goldman Sachs Group, Inc. 4,400 317,900 Indymac Mortgage Holdings 59,500 952,000 Morgan Stanley Dean Witter & Company 5,800 594,500 Providian Financial Corporation 7,405 692,368 ------------ 4,814,219 ------------ Forest Products & Paper--2.6% Bowater, Inc. 22,000 1,039,500 Fort James Corporation 31,000 1,174,125 Kimberly-Clark Corporation 23,600 1,345,200 *Sealed Air Corporation 17,300 1,122,338 ------------ 4,681,163 ------------ Health Care Providers--0.2% *PacifiCare Health Systems, Inc. 6,200 446,013 ------------ Heavy Machinery--3.9% *Applied Materials, Inc. 18,200 1,344,525 Baker Hughes, Inc. 34,700 1,162,450 Dover Corporation 27,700 969,500 *Lam Research Corporation 7,000 326,813 Stanley Works 9,400 302,563 United Technologies Corporation 34,000 2,437,374 Weatherford International, Inc. 10,400 380,900 ------------ 6,924,125 ------------ Household Products--0.8% Illinois Tool Works, Inc. 17,000 1,394,000 ------------ Insurance--3.9% AFLAC Corporation 8,100 387,788 American General Corporation 7,100 535,163 [Download Table] --------------------------------------------------------------------- Market Shares Value --------------------------------------------------------------------- American International Group, Inc. 15,300 $ 1,791,056 Cincinnati Financial Corporation 24,000 901,500 *Lincoln National Corporation 14,614 764,495 The PMI Group, Inc. 15,400 967,313 United Healthcare Corporation 11,000 688,875 XL Captial Ltd. (Bermuda) 16,000 904,000 ------------ 6,940,190 ------------ Media--Broadcasting & Publishing--6.6% *Adelphia Communications Corporation Class A 12,500 795,313 American Greetings Corporation 26,700 804,338 *AT&T Corporation--Liberty Media Group 81,800 3,006,149 *Cablevision Systems Corporation 14,300 1,001,000 *Clear Channel Communications 4,900 337,794 Comcast Corporation 11,700 449,719 *Fox Entertainment Group, Inc. 37,000 996,688 *MediaOne Group, Inc. 14,300 1,063,563 New York Times Company 20,500 754,656 News Corporation Ltd. ADR (Australia) 15,000 529,688 *Viacom, Inc. Class B 44,800 1,971,199 ------------ 11,710,107 ------------ Medical Supplies--3.6% Allergan, Inc. 2,700 299,700 Bausch & Lomb, Inc. 5,500 420,750 Guidant Corporation 25,400 1,306,513 Honeywell, Inc. 3,400 393,975 Johnson & Johnson 10,600 1,038,800 *KLA-Tencor Corporation 12,000 778,500 Medtronics, Inc. 13,000 1,012,375 *PE Corporation--Celera Genomics Group 4,500 72,844 PE Corporation--PE Biosystems Group 9,000 1,032,750 ------------ 6,356,207 ------------ Metals & Mining--0.2% Hubbell, Inc. Class B 7,500 340,313 ------------ Oil & Gas--5.2% Burlington Resources, Inc. 19,500 843,375 Chevron Corporation 6,000 571,125 Columbia Energy Group 4,600 288,363 Conoco, Inc. 12,500 348,438 Enron Corporation 13,700 1,119,975 Exxon Corporation 29,500 2,275,187 KN Energy, Inc. 15,600 208,650 Mobil Corporation 3,800 376,200 Murphy Oil Corporation 6,900 336,806 Royal Dutch Petroleum Company (Netherlands) 7,719 465,070 Schlumberger Ltd. 6,000 382,125 Shell Transport & Trading Company PLC ADR (United Kingdom) 28,600 1,326,325 Williams Companies, Inc. 18,700 795,919 ------------ 9,337,558 ------------ 50
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ------------------------------------------------------------------- Market Vantagepoint Growth and Income Fund Shares Value ------------------------------------------------------------------- COMMON STOCKS--(Continued) ------------------------------------------------------------------- Pharmaceuticals--5.1% American Home Products Corporation 16,600 $ 954,500 *Amgen, Inc. 8,800 535,700 AstraZeneca Group PLC ADR (United Kingdom) 29,248 1,146,156 *Biogen, Inc. 9,400 604,538 *Forest Laboratories, Inc. 26,000 1,202,500 *Immnunex Corporation 1,100 140,181 Pfizer, Inc. 5,500 603,625 Pharmacia & Upjohn, Inc. 16,300 926,044 Schering-Plough Corporation 33,700 1,786,100 Warner-Lambert Company 18,600 1,290,375 ------------ 9,189,719 ------------ Retailers--6.1% *Amazon.com, Inc. 2,900 362,863 *AutoNation, Inc. 35,000 623,438 *Best Buy Company, Inc. 8,500 573,750 CCS Corporation 24,700 1,262,788 Circuit City Stores 6,100 567,300 *Costco Companies, Inc. 16,800 1,345,050 Dayton Hudson Corporation 7,600 494,000 *Safeway, Inc. 15,900 787,050 Tandy Corporation 6,000 293,250 TJX Companies, Inc. 30,100 1,002,706 Walgreen Company 32,900 966,438 Wal-Mart Stores, Inc. 54,300 2,619,974 ------------ 10,898,607 ------------ Telephone Systems--7.7% Alltel Corporation 5,500 393,250 Ameritech Corporation 10,400 764,400 AT&T Corporation 20,500 1,144,156 BellSouth Corporation 18,100 848,438 *Loral Space & Communications 42,400 763,200 *MCI Worldcom, Inc. 35,700 3,079,124 SBC Communications, Inc. 32,900 1,908,199 Sprint Corporation (FON Group) 52,900 2,793,780 *Sprint Corporation (PCS Group) 7,300 417,013 Vodafone AirTouch PLC (United Kingdom) 8,000 1,576,000 ------------ 13,687,560 ------------ Textiles, Clothing & Fabrics--0.8% *Jones Apparel Group, Inc. 15,900 545,569 Nike, Inc. 7,700 487,506 VF Corporation 10,500 448,875 ------------ 1,481,950 ------------ Transportation--0.2% Union Pacific Corporation 6,700 390,694 ------------ TOTAL COMMON STOCKS (Cost $138,594,157) 172,024,389 ------------ [Download Table] ------------------------------------------------------------------------------ Shares/ Market Face Value ------------------------------------------------------------------------------ CASH EQUIVALENTS--7.3% ------------------------------------------------------------------------------ Institutional Money Market Funds--1.3% ++Merrimac Cash Fund--Premium Class $2,439,063 $ 2,439,063 ------------ Bank Deposits/Offshore Time Deposits--4.3% ++American Express Centurion Bank 1,099,573 1,099,573 ++Royal Bank of Scotland PLC 799,689 799,689 ++Bank of Montreal 1,099,573 1,099,573 ++Bank of Montreal 1,799,301 1,799,301 ++Harris Trust & Savings Bank 499,805 499,805 ++Toronto Dominion 999,612 999,612 ++BankBoston NA 1,362,408 1,362,408 ------------ 7,659,961 ------------ Floating Rate Instruments/ Master Notes--1.7% ++Morgan Stanley Dean Witter 3,000,000 3,000,000 ------------ TOTAL CASH EQUIVALENTS (Cost $13,099,024) 13,099,024 ------------ ------------------------------------------------------------------------------ REPURCHASE AGREEMENTS--3.9% ------------------------------------------------------------------------------ IBT Repurchase Agreement dated 6/30/99 due 7/1/99, with a maturity value of $7,030,936 and an effective yield of 4.25% collateralized by Federal National Mortgage Association obligations with a rates ranging from 6.38% to 6.50%, maturity dates ranging from 03/01/2024 to 05/18/2028, and aggregate market value of $531,707,272, Federal Home Loan Mortgage Corporation obligation with a rate of 7.57%, a maturity date of 10/01/2025 and a market value of $381,773 7,030,106 $ 7,030,106 ------------ TOTAL INVESTMENTS--107.4% (Cost $158,723,287) 192,153,519 Other assets less liabilities--(7.4%) (13,341,977) ------------ TOTAL NET ASSETS--100.0% $178,811,542 ============ Notes to the Schedule of Investments: * Non-income producing security. ** The cost of investments for federal income tax purposes is $158,723,287. Unrealized appreciation and depreciation, based on identified tax cost at June 30, 1999, are as follows: [Download Table] Unrealized appreciation $ 35,024,590 Unrealized depreciation (1,594,358) ------------ Net unrealized appreciation $ 33,430,232 ============ ++ Represents collateral received from securities lending transactions. See accompanying notes to financial statements. 51
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Schedule of Investments June 30, 1999 (Unaudited) [Download Table] ----------------------------------------------------------------- Vantagepoint Equity Income Fund Shares Value ----------------------------------------------------------------- COMMON STOCKS--97.8% ----------------------------------------------------------------- Aerospace & Defense--0.1% Boeing Company 11,000 $ 486,063 Lockheed Martin Corporation 9,900 368,775 ------------ 854,838 ------------ Automotive--1.1% Ford Motor Company 47,881 2,702,284 Genuine Parts Company 103,552 3,624,320 ------------ 6,326,604 ------------ Banking--11.6% Amsouth Bancorp 38,670 896,661 Bank of America Corporation 112,757 8,266,497 Bank One Corporation 210,525 12,539,394 Chase Manhattan Corporation 18,005 1,559,683 Fifth Third Bancorp 34,353 2,286,622 First Union Corporation 184,304 8,662,287 Fleet Financial Group, Inc. 51,436 2,282,473 JP Morgan & Company, Inc. 22,817 3,205,789 KeyCorp 50,669 1,627,742 Mellon Bank Corporation 54,656 1,988,112 PNC Bank Corporation 41,965 2,418,233 Safeco Corporation 171,878 7,584,116 US Bancorp 42,922 1,459,348 US Trust Corporation 35,580 3,291,150 Wachovia Corporation 22,217 1,900,942 Washington Federal, Inc. 103,044 2,312,050 Washington Mutual, Inc. 61,397 2,171,919 Wells Fargo & Company 14,900 636,975 ------------ 65,089,993 ------------ Beverages, Food & Tobacco--8.0% Anheuser Busch Companies, Inc. 39,758 2,820,333 Bestfoods 9,500 470,250 Campbell Soup Company 26,712 1,238,769 Conagra, Inc. 10,900 290,213 Gallaher Group PLC ADR (United Kingdom) 110,424 2,698,487 General Mills, Inc. 25,011 2,010,259 Heinz HJ Company 143,349 7,185,369 Hershey Foods Corporation 14,600 866,875 Kellogg Company 51,799 1,709,367 Pepsico, Inc. 26,400 1,021,350 Philip Morris Companies, Inc. 305,406 12,273,503 Quaker Oats Company 26,395 1,751,968 Ralston-Ralston Purina Group 12,900 392,644 Sara Lee Corporation 270,550 6,138,103 UST, Inc. 144,537 4,227,707 ------------ 45,095,197 ------------ Building Materials--0.3% Universal Corporation 64,007 1,820,199 ------------ Chemicals--5.2% Carlisle Corporation 139,527 6,714,737 Clorox Company 13,248 1,415,052 Dow Chemicals Company 40,757 5,171,044 Du Pont (E.I.) de Nemours & Company 41,446 2,831,280 [Download Table] ------------------------------------------------------------------ Shares Value ------------------------------------------------------------------ Engelhard Corporation 297,262 $ 6,725,553 International Flavors & Fragrances 21,800 967,375 RPM, Inc. 365,535 5,186,028 ------------ 29,011,069 ------------ Commercial Services--1.2% Chemed Corporation 29,711 987,891 Dun & Bradstreet Corporation 28,787 1,020,139 Rollins, Inc. 15,000 239,063 Servicemaster Company 254,124 4,764,825 ------------ 7,011,918 ------------ Computer Software & Processing--0.8% Automatic Data Processing, Inc. 105,272 4,631,968 ------------ Computers & Information--2.2% Hewlett-Packard Company 37,780 3,796,890 Minnesota Mining & Manufacturing Company 42,990 3,737,443 Pitney Bowes, Inc. 74,177 4,765,872 ------------ 12,300,205 ------------ Cosmetics & Personal Care--1.2% Avon Products, Inc. 9,537 529,304 Colgate-Palmolive Company 35,213 3,477,284 Gillette Company 21,200 869,200 Procter & Gamble Company 20,942 1,869,074 ------------ 6,744,862 ------------ Diversified--1.3% General Electric Company 52,954 5,983,802 Newell Rubbermaid, Inc. 16,200 753,300 Teleflex, Inc. 8,600 373,563 ------------ 7,110,665 ------------ Electric Utilities--5.6% Allegheny Energy, Inc. 25,553 819,293 Ameren Corporation 29,580 1,135,133 Carolina Power & Light Company 36,038 1,542,877 Central & South West Corporation 35,682 834,067 Consolidated Edison, Inc. 19,917 901,244 Constellation Energy Group 31,619 936,713 Dominion Resources, Inc. 22,753 985,489 Duke Energy Corporation 88,684 4,822,193 Edison International 78,113 2,089,523 FPL Group, Inc. 19,040 1,040,060 LG&E Energy Corporation 45,850 962,850 Northern States Power Company 123,080 2,976,998 PacifiCorp 92,821 1,705,586 Scana Corporation 85,642 2,001,882 Southern Company 77,305 2,048,583 Teco Energy, Inc. 116,076 2,640,729 Texas Utilities Company 36,694 1,513,628 Utilicorp United, Inc. 86,794 2,110,179 Wisconsin Energy Corporation 28,344 710,372 ------------ 31,777,399 ------------ 52
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] --------------------------------------------------------------- Vantagepoint Equity Income Fund Shares Value --------------------------------------------------------------- COMMON STOCKS--(Continued) --------------------------------------------------------------- Electrical Equipment--0.5% Emerson Electric Company 29,590 $ 1,860,471 Thomas & Betts Corporation 20,967 990,691 ------------ 2,851,162 ------------ Entertainment & Leisure--0.8% Cedar Fair LP 179,176 4,468,202 ------------ Financial Services--3.2% Alliance Capital Management LP 99,036 3,200,101 Federal National Mortgage Association 61,806 4,225,985 Merrill Lynch & Company, Inc. 16,000 1,279,000 Pimco Advisors Holdings LP 163,003 4,849,339 Worthington Industries, Inc. 261,345 4,295,858 ------------ 17,850,283 ------------ Forest Products & Paper--2.3% International Paper Company 53,868 2,720,334 Kimberly-Clark Corporation 128,359 7,316,463 Potlatch Corporation 16,532 726,375 Weyerhauser Company 28,646 1,969,413 ------------ 12,732,585 ------------ Heavy Machinery--1.2% Baker Hughes, Inc. 34,100 1,142,350 Caterpillar, Inc. 13,377 802,620 Deere & Company 8,568 339,507 Pentair, Inc. 98,900 4,524,675 ------------ 6,809,152 ------------ Home Construction, Furnishings & Appliances--0.2% Whirlpool Corporation 13,497 998,778 ------------ Household Products--0.2% Fortune Brands, Inc. 27,065 1,119,814 ------------ Insurance--4.5% American General Corporation 90,783 6,842,769 Chubb Corporation 15,700 1,091,150 Cincinnati Financial Corporation 110,838 4,163,352 Jefferson Pilot Corporation 33,012 2,184,982 Lincoln National Corporation* 52,286 2,735,211 Marsh & McLennan Companies, Inc. 70,797 5,345,174 Ohio Casualty Corporation 40,806 1,474,117 St. Paul Companies, Inc. 40,965 1,303,199 ------------ 25,139,954 ------------ Media--Broadcasting & Publishing--0.3% McGraw-Hill Companies, Inc. 26,862 1,448,869 ------------ Medical Supplies--1.2% Baxter International, Inc. 25,143 1,524,294 Honeywell, Inc. 7,500 869,063 Johnson & Johnson 46,492 4,556,216 ------------ 6,949,573 ------------ [Download Table] ---------------------------------------------------------------------- Shares Value ---------------------------------------------------------------------- Metals & Mining--1.4% Hubbell, Inc. Class B 25,034 $ 1,135,918 Masco Corporation 237,115 6,846,696 ------------ 7,982,614 ------------ Oil & Gas--12.2% Atlantic Richfield Company 08 62,266 5,203,103 BP Amoco PLC ADR (United Kingdom) 66,300 7,193,496 Chevron Corporation 112,966 10,752,950 Consolidated Natural Gas Company 39,718 2,412,869 Exxon Corporation 147,695 11,390,976 Indiana Energy, Inc. 59,605 1,270,332 Mobil Corporation 128,564 12,727,835 National Fuel Gas Company 39,248 1,903,528 Nicor, Inc. 14,947 568,920 Phillips Petroleum Company 29,178 1,468,018 Piedmont Natural Gas Company 31,086 967,552 Royal Dutch Petroleum Company (Netherlands) 69,781 4,204,305 Schlumberger Ltd. 16,400 1,044,475 Sempra Energy 19,581 443,020 Texaco, Inc. 86,332 5,395,750 Unocal Corporation 7,800 309,075 USX Marathon Group 44,141 1,437,341 ------------ 68,693,545 ------------ Pharmaceuticals--9.8% Abbott Laboratories 105,874 4,817,267 American Home Products Corporation 128,747 7,402,953 Bristol-Myers Squibb Company 184,964 13,028,401 Eli Lilly & Company 56,746 4,064,432 Glaxo Wellcome PLC ADR (United Kingdom) 91,854 5,201,233 Merck & Company, Inc. 126,434 9,356,115 Omnicare, Inc. 118,000 1,489,750 Pfizer, Inc. 27,169 2,981,798 Pharmacia & Upjohn, Inc. 118,486 6,731,486 ------------ 55,073,435 ------------ Photographic Equipment & Supplies--0.3% Eastman Kodak Company 26,741 1,811,703 ------------ Real Estate--3.1% Equity Residential Properties Trust REIT 110,920 4,998,333 Federal Realty Investment Trust REIT 102,612 2,353,663 Manufactured Home Communities, Inc. REIT 195,667 5,087,342 United Dominion Realty Trust, Inc. REIT 197,247 2,317,652 Washington Real Estate Investment Trust REIT 110,544 1,872,339 Weingarten Realty Investors REIT 26,241 1,095,562 ------------ 17,724,891 ------------ 53
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ------------------------------------------------------------- Shares/ Vantagepoint Equity Income Fund Face Value ------------------------------------------------------------- COMMON STOCKS--(Continued) ------------------------------------------------------------- Retailers--2.9% Family Dollar Stores 288,396 $ 6,921,504 J.C. Penney Company, Inc. 62,121 3,016,751 May Department Stores Company 83,765 3,423,894 Rite Aid Corporation 20,600 507,275 Sears Roebuck & Company 3,500 155,969 Wal-Mart Stores, Inc. 47,042 2,269,777 ------------ 16,295,170 ------------ Telephone Systems--14.4% Alltel Corporation 84,700 6,056,050 Ameritech Corporation 205,370 15,094,694 AT&T Corporation 146,967 8,202,595 Bell Atlantic Corporation 259,740 16,980,502 BellSouth Corporation 74,514 3,492,844 GTE Corporation 160,362 12,147,421 SBC Communications, Inc. 180,799 10,486,341 Telephone & Data Systems, Inc. 50,000 3,653,125 US West, Inc. 85,523 5,024,476 ------------ 81,138,048 ------------ Transportation--0.7% CSX Corporation 23,466 1,063,302 Norfolk Southern Corporation 44,740 1,347,793 Union Pacific Corporation 25,697 1,498,456 ------------ 3,909,551 ------------ TOTAL COMMON STOCKS (Cost $383,173,775) 550,772,246 ------------ ------------------------------------------------------------- CASH EQUIVALENTS--6.2% ------------------------------------------------------------- Institutional Money Market Funds--0.3% ++Merrimac Cash Fund--Premium Class $ 1,722,175 1,722,175 ------------ Bank Deposits/Offshore Time Deposits--2.3% ++American Express Centurion Bank 1,843,658 1,843,658 ++Bank of Montreal 597,446 597,446 ++Bank of Montreal 3,031,631 3,031,631 ++BankBoston NA 1,505,799 1,505,799 ++Harris Trust & Savings Bank 1,328,230 1,328,230 ++Royal Bank of Scotland PLC 2,125,169 2,125,169 ++Toronto Dominion 2,656,462 2,656,462 ------------ 13,088,395 ------------ Floating Rate Instruments/ Master Notes--3.6% ++John Hancock Mutual Life 20,000,000 20,000,000 ------------ TOTAL CASH EQUIVALENTS (Cost $34,810,570) 34,810,570 ------------ [Download Table] ------------------------------------------------------------------------------ Shares/ Face Value ------------------------------------------------------------------------------ REPURCHASE AGREEMENTS--2.0% ------------------------------------------------------------------------------ IBT Repurchase Agreement dated 6/30/99 due 7/01/99, with a maturity value of $11,398,024 and an effective yield of 4.25% collateralized by Federal National Mortgage Association adjustable rate mortgage with a rate of 7.08%, a maturity date of 10/01/25 and a market value of $1,897,377, Federal National Mortgage Association adjustable rate mortgage with a rate of 6.68%, a maturity date of 7/01/25 and a market value of $2,193,114, Federal National Mortgage Association Floating Rate Note with a rate of 6.04%, a maturity date of 12/25/21 and a market value of $7,876,406 $11,396,679 $ 11,396,679 ------------ TOTAL INVESTMENTS--106.0% (Cost $429,381,024) 596,979,495 Other assets less liabilities--(6.0%) (33,917,857) ------------ TOTAL NET ASSETS--100.0% $563,061,638 ============ Notes to the Schedule of Investments: * Non-income producing security. ** The aggregate identified cost for federal income tax purposes is $429,381,024. Unrealized appreciation and depreciation, based on identified tax cost at June 30, 1999, are as follows: [Download Table] Unrealized appreciation $175,036,798 Unrealized depreciation (7,438,327) ------------ Net unrealized appreciation $167,598,471 ============ ++ Represents collateral received from securities lending transactions. See accompanying notes to financial statements. 54
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Schedule of Investments June 30, 1999 (Unaudited) [Download Table] ----------------------------------------------------------------- Vantagepoint Asset Allocation Fund Shares Value ----------------------------------------------------------------- COMMON STOCKS--49.8% ----------------------------------------------------------------- Advertising--0.1% Interpublic Group, Inc. 6,850 $ 593,381 Omnicom Group 8,300 664,000 -------------- 1,257,381 -------------- Aerospace & Defense--0.7% Allied Signal, Inc. 27,200 1,713,600 Boeing Company 45,892 2,027,853 General Dynamics Corporation 6,300 431,550 Lockheed Martin Corporation 19,200 715,200 Northrop Grumman Corporation 3,400 225,463 Raytheon Company 16,600 1,168,225 Textron, Inc. 7,800 642,038 TRW, Inc. 5,800 318,275 -------------- 7,242,204 -------------- Airlines--0.2% *AMR Corporation 7,500 511,875 Delta Air Lines, Inc. 7,000 403,375 *FDX Corporation 14,640 794,220 Southwest Airlines, Inc. 16,450 512,006 *U.S. Airways Group, Inc. 4,200 182,963 -------------- 2,404,439 -------------- Apparel Retailers--0.3% *Gap, Inc. 41,888 2,110,083 *Kohls Corporation 7,800 602,063 Nordstrom, Inc. 6,900 231,150 The Limited, Inc. 11,000 499,125 -------------- 3,442,421 -------------- Automotive--0.7% Cooper Tire & Rubber Company 3,700 87,413 Dana Corporation 8,124 374,212 Delphi Automotive Systems Corporation 26,635 494,412 Ford Motor Company 59,314 3,347,534 General Motors Corporation 32,100 2,118,600 Genuine Parts Company 8,725 305,375 Goodyear Tire & Rubber Company 7,600 446,975 ITT Industries, Inc. 4,400 167,750 *Navistar International Corporation 3,200 160,000 PACCAR, Inc. 3,810 203,359 The Pep Boys 2,800 60,550 -------------- 7,766,180 -------------- Banking--4.6% Amsouth Bancorp 8,700 201,731 Associates First Capital Corporation 35,642 1,579,386 Bank of America Corporation 84,816 6,218,072 Bank of New York Company, Inc. 37,200 1,364,775 Bank One Corporation 57,569 3,428,954 BankBoston Corporation 14,500 741,313 [Download Table] --------------------------------------------------------------- Shares Value --------------------------------------------------------------- BB&T Corporation 15,200 $ 557,650 Capital One Financial Corporation 9,600 534,600 Chase Manhattan Corporation 41,480 3,593,205 Citigroup, Inc. 165,972 7,883,669 Comerica, Inc. 7,650 454,697 Fifth Third Bancorp 13,050 868,641 First Union Corporation 48,484 2,278,748 Firstar Corporation 33,700 943,600 Fleet Financial Group, Inc. 27,752 1,231,495 Golden West Financial Corporation 2,800 274,400 Household International, Inc. 23,619 1,118,950 Huntington Bancshares, Inc. 10,270 359,450 JP Morgan & Company, Inc. 8,600 1,208,300 KeyCorp 22,200 713,175 MBNA Corporation 39,227 1,201,327 Mellon Bank Corporation 25,600 931,200 Mercantile Bancorporation 7,700 439,863 National City Corporation 16,000 1,048,000 Northern Trust Corporation 5,500 533,500 PNC Bank Corporation 14,700 847,088 Regions Financial Corporation 10,800 415,125 Safeco Corporation 6,600 291,225 SLM Holding Corporation 8,100 371,081 Southtrust Corporation 8,000 307,000 State Street Corporation 7,900 674,463 Summit Bancorp 8,500 355,406 Suntrust Banks, Inc. 15,700 1,090,169 Synovus Financial Corporation 13,000 258,375 Union Planters Corporation 6,700 299,406 US Bancorp 35,624 1,211,216 Wachovia Corporation 10,000 855,625 Washington Mutual, Inc. 29,043 1,027,396 Wells Fargo & Company 80,460 3,439,665 -------------- 51,151,941 -------------- Beverages, Food & Tobacco--2.6% Adolph Coors Company Class B 1,700 84,150 Anheuser Busch Companies, Inc. 23,500 1,667,031 Archer-Daniels-Midland Company 28,991 447,549 Bestfoods 13,900 688,050 Brown Forman Corporation 3,400 221,638 Campbell Soup Company 21,700 1,006,338 Coca Cola Company 120,800 7,549,999 Coca Cola Enterprises, Inc. 20,700 636,525 Conagra, Inc. 23,900 636,338 General Mills, Inc. 7,600 610,850 Heinz HJ Company 17,650 884,706 Hershey Foods Corporation 7,000 415,625 Kellogg Company 19,800 653,400 Nabisco Group Holdings Corporation 15,900 311,044 Pepsico, Inc. 71,800 2,777,763 Philip Morris Companies, Inc. 119,200 4,790,350 Pioneer Hi Bred International, Inc. 11,700 455,569 55
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] --------------------------------------------------------------- Vantagepoint Asset Allocation Fund Shares Value --------------------------------------------------------------- COMMON STOCKS--(Continued) --------------------------------------------------------------- Quaker Oats Company 6,700 $ 444,713 Ralston-Ralston Purina Group 16,000 487,000 Sara Lee Corporation 44,600 1,011,863 Supervalu, Inc. 5,800 148,988 Sysco Corporation 16,300 485,944 Unilever NV (Netherlands) 28,034 1,955,372 UST, Inc. 9,100 266,175 Wm. Wrigley Jr. Company 5,700 513,000 -------------- 29,149,980 -------------- Building Materials--0.5% Home Depot, Inc. 72,100 4,645,944 Lowe's Companies, Inc. 18,100 1,026,044 Owens Corning 2,600 89,375 -------------- 5,761,363 -------------- Chemicals--1.0% Air Products & Chemicals, Inc. 11,200 450,800 Avery-Dennison Corporation 5,700 344,138 Clorox Company 5,800 619,513 Dow Chemicals Company 10,829 1,373,929 Du Pont (E.I.) de Nemours & Company 55,200 3,770,850 Eastman Chemical Company 3,875 200,531 Engelhard Corporation 6,037 136,587 Goodrich BF Company 3,600 153,000 Great Lakes Chemical Corporation 2,800 128,975 Hercules, Inc. 4,900 192,631 International Flavors & Fragrances 5,100 226,313 Monsanto Company 30,600 1,206,788 Nalco Chemical Company 3,200 166,000 Occidental Petroleum Corporation 16,890 356,801 Praxair, Inc. 7,700 376,819 Rohm & Haas Company 10,376 444,861 Tupperware Corporation 2,800 71,400 Union Carbide Corporation 6,500 316,875 *W.R. Grace & Company 3,600 66,150 -------------- 10,602,961 -------------- Commercial Services--0.5% Browning-Ferris Industries, Inc. 7,900 339,700 *Cendant Corporation 37,600 770,800 Deluxe Corporation 3,900 151,856 Dun & Bradstreet Corporation 8,000 283,500 EG&G, Inc. 2,100 74,813 Equifax, Inc. 7,200 256,950 Halliburton Company 21,500 972,875 H&R Block, Inc. 4,800 240,000 Paychex, Inc. 12,000 382,500 Ryder System, Inc. 3,500 91,000 R.R. Donnelley & Sons Company 6,500 240,906 [Download Table] ------------------------------------------------------------------- Shares Value ------------------------------------------------------------------- Service Corporation International 13,300 $ 256,025 Waste Management, Inc. 29,227 1,570,951 -------------- 5,631,876 -------------- Communications--1.4% *Andrew Corporation 3,987 75,504 *General Instrument Corporation 8,100 344,250 Harris Corporation, Inc. 3,800 148,913 Lucent Technologies, Inc. 148,519 10,015,749 *Network Appliance, Inc. 500 27,938 *Nextel Communications, Inc. Class A 14,000 702,625 Nortel Networks Corporation (Canada) 32,540 2,824,879 Scientific Atlanta, Inc. 3,600 129,600 *Tellabs, Inc. 19,000 1,283,688 -------------- 15,553,146 -------------- Computer Software & Processing--3.9% Adobe Systems, Inc. 3,100 254,685 *America Online, Inc. 53,200 5,878,599 Autodesk, Inc. 2,900 85,731 Automatic Data Processing, Inc. 30,100 1,324,400 *BMC Software, Inc. 11,500 621,000 *Ceridian Corporation 7,000 228,813 Computer Associates International, Inc. 26,325 1,447,875 *Computer Sciences Corporation 7,700 532,744 *Compuware Corporation 18,000 572,625 Electronic Data Systems Corporation 24,100 1,363,156 First Data Corporation 21,600 1,057,050 IMS Health, Inc. 15,600 487,500 *Microsoft Corporation 250,000 22,546,874 *Novell, Inc. 16,500 437,250 *Oracle Corporation 70,480 2,616,570 *Parametric Technology Corporation 13,000 180,375 *Peoplesoft, Inc. 11,400 196,650 Shared Medical Systems Corporation 1,300 84,825 *Sun Microsystems, Inc. 37,800 2,603,475 *Unisys Corporation 12,700 494,506 -------------- 43,014,703 -------------- Computers & Information--4.5% *3 Com Corporation 17,500 467,031 *Apple Computer, Inc. 6,600 305,663 *Cabletron Systems, Inc. 8,400 109,200 *Cisco Systems, Inc. 155,550 10,032,974 Compaq Computer Corporation 82,569 1,955,853 *Data General Corporation 2,400 34,950 *Dell Computer Corporation 124,600 4,610,200 *EMC Corporation 49,200 2,706,000 *Gateway, Inc. 7,700 454,300 56
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ----------------------------------------------------------------------- Vantagepoint Asset Allocation Fund Shares Value ----------------------------------------------------------------------- COMMON STOCKS--(Continued) ----------------------------------------------------------------------- Hewlett-Packard Company 49,800 $ 5,004,900 Intel Corporation 163,400 9,722,299 International Business Machines Corporation 88,900 11,490,324 Minnesota Mining & Manufacturing Company 19,700 1,712,669 Pitney Bowes, Inc. 13,400 860,950 *Seagate Technology, Inc. 11,900 304,938 *Silicon Graphics, Inc. 9,100 149,013 -------------- 49,921,264 -------------- Containers & Packaging--0.0% Ball Corporation 1,500 63,375 Crown Cork & Seal Company, Inc. 5,900 168,150 -------------- 231,525 -------------- Cosmetics & Personal Care--1.0% Alberto Culver Company Class B 2,700 71,888 Avon Products, Inc. 12,800 710,400 Colgate-Palmolive Company 14,400 1,422,000 Ecolab, Inc. 6,300 274,838 Gillette Company 54,300 2,226,300 Procter & Gamble Company 65,100 5,810,174 -------------- 10,515,600 -------------- Diversified--2.2% Armstrong World Industries, Inc. 1,900 109,844 General Electric Company 160,200 18,102,599 Loews Corporation 5,600 443,100 Nacco Industries, Inc. Class A 400 29,400 Newell Rubbermaid, Inc. 13,660 635,190 Seagram Company Ltd. (Canada) 19,472 980,902 Tyco International Ltd. 40,026 3,792,464 -------------- 24,093,499 -------------- Electric Utilities--1.0% *AES Corporation 8,800 511,500 Ameren Corporation 6,700 257,113 American Electric Power, Inc. 9,300 349,331 Carolina Power & Light Company 7,400 316,813 Central & South West Corporation 10,400 243,100 Cinergy Corporation 7,700 246,400 CMS Energy Corporation 5,700 238,688 Consolidated Edison, Inc. 11,400 515,850 Constellation Energy Group 7,300 216,263 Dominion Resources, Inc. 9,550 413,634 DTE Energy Company 7,100 284,000 Duke Energy Corporation 17,712 963,090 Edison International 17,200 460,100 Entergy Corporation 12,000 375,000 Firstenergy Corporation 11,600 359,600 Florida Progress Corporation 2,500 103,281 FPL Group, Inc. 8,800 480,700 [Download Table] ------------------------------------------------------------------ Shares Value ------------------------------------------------------------------ GPU, Inc. 6,200 $ 261,563 New Century Energies, Inc. 5,500 213,469 *Niagra Mohawk Holdings, Inc. 9,100 146,169 Northern States Power Company 7,400 178,988 PacifiCorp 14,500 266,438 Peco Energy Company 10,900 456,438 PG&E Corporation 18,700 607,750 PP&L Resources, Inc. 7,400 227,550 Public Service Enterprise Group, Inc. 10,900 445,538 Reliant Energy, Inc. 13,926 384,706 Southern Company 34,100 903,650 Texas Utilities Company 13,767 567,889 Unicom Corporation 10,600 408,763 -------------- 11,403,374 -------------- Electrical Equipment--0.2% Emerson Electric Company 21,500 1,351,813 National Service Industries, Inc. 2,000 72,000 Raychem Corporation 3,700 136,900 Thomas & Betts Corporation 2,700 127,575 -------------- 1,688,288 -------------- Electronics--0.9% *Advanced Micro Devices, Inc. 7,000 126,438 *LSI Logic Corporation 6,900 318,263 *Micron Technology, Inc. 12,100 487,781 Motorola, Inc. 29,400 2,785,650 *National Semiconductor Corporation 8,100 205,031 *Solectron Corporation 12,300 820,256 Texas Instruments, Inc. 19,100 2,769,500 Xerox Corporation 32,100 1,895,906 -------------- 9,408,825 -------------- Entertainment & Leisure--0.9% Carnival Corporation 30,000 1,455,000 *Harrah's Entertainment, Inc. 6,150 135,300 Hasbro, Inc. 9,575 267,502 *Kingworld Productions, Inc. 3,500 121,844 Mattel, Inc. 20,378 538,743 Time Warner, Inc. 58,440 4,295,340 Walt Disney Company 100,600 3,099,738 -------------- 9,913,467 -------------- Financial Services--1.6% American Express Company 22,200 2,888,775 Bear Stearns & Company, Inc. 5,460 255,255 Charles Schwab & Company, Inc. 19,674 2,161,681 Countrywide Credit Industries, Inc. 5,500 235,125 Federal Home Loan Mortgage Corporation 33,300 1,931,400 Federal National Mortgage Association 50,800 3,473,450 Franklin Resources, Inc. 12,300 499,688 Lehman Brothers, Inc. 5,500 342,375 Merrill Lynch & Company, Inc. 17,400 1,390,913 57
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ---------------------------------------------------------------- Vantagepoint Asset Allocation Fund Shares Value ---------------------------------------------------------------- COMMON STOCKS--(Continued) ---------------------------------------------------------------- Morgan Stanley Dean Witter & Company 28,315 $ 2,902,288 Paine Webber Group, Inc. 7,000 327,250 Providian Financial Corporation 7,000 654,500 Republic New York Corporation 5,200 354,575 Worthington Industries, Inc. 4,475 73,558 -------------- 17,490,833 -------------- Food Retailers--0.2% Albertson's, Inc. 20,442 1,054,041 Great Atlantic & Pacific Tea Company 1,800 60,863 *Kroger Company 40,200 1,123,088 Winn Dixie, Inc. 7,200 265,950 -------------- 2,503,942 -------------- Forest Products & Paper--0.5% Bemis Company 2,500 99,375 Boise Cascade Corporation 2,700 116,100 Champion International Corporation 4,600 220,225 Fort James Corporation 10,700 405,263 Georgia-Pacific Group 8,800 416,900 Ikon Office Solutions, Inc. 7,200 108,000 International Paper Company 20,049 1,012,475 Kimberly-Clark Corporation 26,620 1,517,340 Louisiana Pacific Corporation 5,300 125,875 Mead Corporation 4,900 204,575 Potlatch Corporation 1,400 61,513 *Sealed Air Corporation 4,065 263,717 Temple Inland, Inc. 2,800 191,100 Tenneco, Inc. 8,300 198,163 Westvaco Corporation 4,900 142,100 Weyerhauser Company 9,800 673,750 Willamette Industries, Inc. 5,400 248,738 -------------- 6,005,209 -------------- Health Care Providers--0.1% Columbia/HCA Healthcare Corporation 27,777 633,663 *HCR Manor Care, Inc. 5,400 130,613 *Healthsouth Corporation 20,700 309,206 *Tenet Healthcare Corporation 15,100 280,294 -------------- 1,353,776 -------------- Heavy Construction--0.0% Centex Corporation 2,900 108,931 Fluor Corporation 3,700 149,850 Foster Wheeler Corporation 1,900 26,838 McDermott International, Inc. 2,800 79,100 -------------- 364,719 -------------- Heavy Machinery--0.8% *Applied Materials, Inc. 18,000 1,329,750 Baker Hughes, Inc. 15,980 535,330 Black & Decker Corporation 4,300 271,438 Briggs & Stratton Corporation 1,200 69,300 Case Corporation 3,600 173,250 [Download Table] -------------------------------------------------------------- Shares Value -------------------------------------------------------------- Caterpillar, Inc. 17,600 $ 1,056,000 Cummins Engine Company, Inc. 2,000 114,250 Deere & Company 11,600 459,650 Dover Corporation 10,900 381,500 Eaton Corporation 3,500 322,000 Grainger WW, Inc. 4,600 247,538 Ingersoll Rand Company 8,150 526,694 Milacron, Inc. 1,800 33,300 Pall Corporation 6,066 134,589 Parker-Hannifin Corporation 5,225 239,044 Rockwell International Corporation 9,200 558,900 Stanley Works 4,300 138,406 Timken Company 3,000 58,500 United Technologies Corporation 22,200 1,591,463 -------------- 8,240,902 -------------- Home Construction, Furnishings & Appliances-- 0.1% Johnson Controls, Inc. 4,200 291,113 Kaufman and Broad Home Corporation 2,300 57,213 Maytag Corporation 4,500 313,594 Pulte Corporation 2,100 48,431 Whirlpool Corporation 3,800 281,200 -------------- 991,551 -------------- Household Products--0.3% Corning, Inc. 11,300 792,413 Fortune Brands, Inc. 8,300 343,413 Illinois Tool Works, Inc. 12,300 1,008,600 Jostens, Inc. 1,700 35,806 *Owens-Illinois, Inc. 7,600 248,425 PPG Industries, Inc. 8,524 503,449 Snap-On, Inc. 2,850 103,134 -------------- 3,035,240 -------------- Insurance--1.8% Aetna, Inc. 7,037 629,372 AFLAC Corporation 13,000 622,375 Allstate Corporation 40,138 1,439,951 American General Corporation 12,424 936,459 American International Group, Inc. 60,112 7,036,860 Aon Corporation 12,525 516,656 Chubb Corporation 7,960 553,220 Cigna Corporation 10,200 907,800 Cincinnati Financial Corporation 8,100 304,256 Conseco, Inc. 15,606 475,008 Hartford Financial Services Group 11,400 664,763 *Humana, Inc. 8,100 104,794 Jefferson Pilot Corporation 5,225 345,830 *Lincoln National Corporation 10,000 523,125 Marsh & McLennan Companies, Inc. 12,700 958,850 MBIA, Inc. 4,900 317,275 MGIC Investment Corporation 5,300 257,713 Progressive Corporation 3,600 522,000 58
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] --------------------------------------------------------------- Vantagepoint Asset Allocation Fund Shares Value --------------------------------------------------------------- COMMON STOCKS--(Continued) --------------------------------------------------------------- Provident Companies, Inc. 6,600 $ 264,000 St. Paul Companies, Inc. 11,504 365,971 Torchmark Corporation 6,800 232,050 Transamerica Corporation 6,200 465,000 United Healthcare Corporation 9,100 569,888 Unum Corporation 6,700 366,825 *Wellpoint Health Networks 3,300 280,088 -------------- 19,660,129 -------------- Lodging--0.1% Hilton Hotels Corporation 12,700 180,181 Marriott International Class A 11,800 441,025 *Mirage Resorts, Inc. 8,800 147,400 -------------- 768,606 -------------- Media--Broadcasting & Publishing--1.0% American Greetings Corporation 3,400 102,425 *CBS Corporation 34,500 1,498,594 *Clear Channel Communications 15,800 1,089,213 Comcast Corporation 36,300 1,395,281 Dow Jones & Company, Inc. 4,500 238,781 Gannett Company, Inc. 13,800 984,975 Knight Ridder, Inc. 3,800 208,763 McGraw-Hill Companies, Inc. 9,600 517,800 *MediaOne Group, Inc. 29,800 2,216,375 Meredith Corporation 2,500 86,563 New York Times Company 8,900 327,631 Times Mirror Company Class A 3,500 207,375 Tribune Company 5,900 514,038 *Viacom, Inc. Class B 34,046 1,498,024 -------------- 10,885,838 -------------- Medical Supplies--1.3% Allergan, Inc. 3,300 366,300 *Alza Corporation 4,800 244,200 Bard C.R., Inc. 2,600 124,313 Bausch & Lomb, Inc. 2,806 214,659 Baxter International, Inc. 14,100 854,813 Becton Dickinson & Company 12,100 363,000 Biomet, Inc. 5,500 218,625 *Boston Scientific Corporation 19,200 843,600 Guidant Corporation 14,700 756,131 Honeywell, Inc. 6,200 718,425 Johnson & Johnson 65,900 6,458,199 *KLA-Tencor Corporation 4,300 278,963 Mallinckrodt, Inc. 3,400 123,675 Medtronics, Inc. 28,700 2,235,013 PE Corporation--PE Biosystems Group 2,500 286,875 *St. Jude Medical, Inc. 4,050 144,281 Tektronix, Inc. 2,250 67,922 *Thermo Electron Corporation 7,700 154,481 -------------- 14,453,475 -------------- Metals & Mining--0.4% Alcan Aluminum Ltd. (Canada) 11,100 354,506 Alcoa, Inc. 17,900 1,107,563 Allegheny Teledyne, Inc. 9,567 216,453 Asarco, Inc. 1,900 35,744 [Download Table] ----------------------------------------------------------------------- Shares Value ----------------------------------------------------------------------- Barrick Gold Corporation (Canada) 18,200 $ 352,625 Battle Mountain Gold Company 11,200 27,300 *Bethlehem Steel Corporation 6,300 48,431 Cooper Industries, Inc. 4,600 239,200 Crane Company 3,325 104,530 Cyprus Amax Minerals Company 4,400 66,825 Danaher Corporation 6,600 383,625 Freeport-McMoRan Copper & Gold, Inc. 8,100 145,294 Homestake Mining Company 11,700 95,794 Inco Ltd. (Canada) 8,100 145,800 Masco Corporation 16,600 479,325 Newmont Mining Corporation 8,168 162,339 Nucor Corporation 4,200 199,238 Phelps Dodge Corporation 2,800 173,425 Placer Dome, Inc. (Canada) 12,200 144,113 Reynolds Metals Company 3,100 182,900 USX US Steel Group, Inc. 4,320 116,640 -------------- 4,781,670 -------------- Oil & Gas--3.1% Amerada Hess Corporation 4,400 261,800 Anadarko Petroleum Corporation 5,800 213,513 Apache Corporation 4,700 183,300 Ashland, Inc. 3,600 144,450 Atlantic Richfield Company 16,000 1,337,000 Burlington Resources, Inc. 8,602 372,037 Chevron Corporation 32,000 3,046,000 Coastal Corporation 10,400 416,000 Columbia Energy Group 4,000 250,750 Consolidated Natural Gas Company 4,600 279,450 Eastern Enterprises 1,100 43,725 Enron Corporation 17,200 1,406,100 Exxon Corporation 119,100 9,185,587 Helmerich & Payne, Inc. 2,400 57,150 Kerr-McGee Corporation 4,171 209,332 Mobil Corporation 38,200 3,781,800 Nicor, Inc. 2,300 87,544 Oneok, Inc. 1,500 47,625 Peoples Energy Corporation 1,700 64,069 Phillips Petroleum Company 12,400 623,875 *Rowan Companies, Inc. 4,100 75,594 Royal Dutch Petroleum Company (Netherlands) 105,000 6,326,249 Schlumberger Ltd. 26,700 1,700,456 Sempra Energy 11,669 264,011 Sonat, Inc. 5,300 175,563 Sunoco, Inc. 4,500 135,844 Texaco, Inc. 26,100 1,631,250 Union Pacific Resources Group, Inc. 12,203 199,061 Unocal Corporation 11,810 467,971 USX Marathon Group 15,000 488,438 Williams Companies, Inc. 20,900 889,556 -------------- 34,365,100 -------------- 59
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] -------------------------------------------------------------- Vantagepoint Asset Allocation Fund Shares Value -------------------------------------------------------------- COMMON STOCKS--(Continued) -------------------------------------------------------------- Pharmaceuticals--4.0% Abbott Laboratories 74,300 $ 3,380,650 American Home Products Corporation 64,600 3,714,500 *Amgen, Inc. 25,000 1,521,875 Bristol-Myers Squibb Company 97,400 6,860,612 Cardinal Health, Inc. 13,400 859,275 Eli Lilly & Company 53,900 3,860,588 McKesson HBOC, Inc. 13,589 436,547 Merck & Company, Inc. 115,600 8,554,399 Millipore Corporation 2,100 85,181 Pfizer, Inc. 63,500 6,969,124 Pharmacia & Upjohn, Inc. 24,810 1,409,518 Schering-Plough Corporation 71,900 3,810,700 Sigma Aldrich Corporation 4,900 168,744 Warner-Lambert Company 40,300 2,795,813 *Watson Pharmaceutical, Inc. 4,600 161,288 -------------- 44,588,814 -------------- Photographic Equipment & Supplies--0.1% Eastman Kodak Company 15,900 1,077,225 Polaroid Corporation 2,100 58,013 -------------- 1,135,238 -------------- Restaurants--0.3% Darden Restaurants, Inc. 7,100 154,869 McDonald's Corporation 66,200 2,734,888 *Tricon Global Restaurants, Inc. 7,550 408,644 Wendy's International, Inc. 6,000 169,875 -------------- 3,468,276 -------------- Retailers--2.1% *Autozone, Inc. 7,300 219,913 CCS Corporation 19,100 976,488 Circuit City Stores 5,000 465,000 *Consolidated Stores Corporation 5,300 143,100 *Costco Companies, Inc. 10,738 859,711 Dayton Hudson Corporation 21,600 1,404,000 Dillards, Inc. Class A 5,200 182,650 Dollar General 10,812 313,548 *Federated Department Stores 10,200 539,963 Harcourt General, Inc. 3,402 175,416 J.C. Penney Company, Inc. 12,900 626,456 *K Mart Corporation 24,100 396,144 Longs Drugstores Corporation 1,900 65,669 May Department Stores Company 17,100 698,963 *Office Depot, Inc. 11,000 242,688 Rite Aid Corporation 12,600 310,275 *Safeway, Inc. 23,800 1,178,100 Sears Roebuck & Company 18,700 833,319 Sherwin Williams Company 8,400 233,100 *Staples, Inc. 22,500 696,094 Tandy Corporation 9,800 478,975 TJX Companies, Inc. 15,800 526,338 *Toys "R" Us, Inc. 12,200 252,388 [Download Table] ------------------------------------------------------------------------- Shares/ Face Value ------------------------------------------------------------------------- Walgreen Company 48,800 $ 1,433,500 Wal-Mart Stores, Inc. 217,400 10,489,549 -------------- 23,741,347 -------------- Telephone Systems--4.4% Alltel Corporation 13,500 965,250 Ameritech Corporation 53,900 3,961,650 AT&T Corporation 155,853 8,698,545 Bell Atlantic Corporation 75,964 4,966,147 BellSouth Corporation 94,000 4,406,250 Centurytel, Inc. 6,700 266,325 Frontier Corporation 8,400 495,600 GTE Corporation 47,362 3,587,672 *MCI Worldcom, Inc. 91,131 7,860,048 SBC Communications, Inc. 95,720 5,551,760 Sprint Corporation (FON Group) 43,800 2,313,188 *Sprint Corporation (PCS Group) 21,500 1,228,188 US West, Inc. 24,615 1,446,131 Vodafone AirTouch PLC (United Kingdom) 14,000 2,758,000 -------------- 48,504,754 -------------- Textiles, Clothing & Fabrics--0.1% *Fruit of the Loom, Inc. 3,500 34,125 Liz Claiborne, Inc. 3,100 113,150 Nike, Inc. 13,900 880,044 *Reebok International Ltd. 2,700 50,288 Russell Corporation 1,700 33,150 Springs Industries, Inc. 800 34,900 VF Corporation 5,800 247,950 -------------- 1,393,607 -------------- Transportation--0.3% Brunswick Corporation 4,500 125,438 Burlington Northern Santa Fe 22,956 711,636 CSX Corporation 10,600 480,313 Fleetwood Enterprises, Inc. 1,700 44,944 *FMC Corporation 1,700 116,131 Kansas City Southern Industries, Inc. 5,400 344,588 Laidlaw, Inc. Class B (Canada) 16,100 118,738 Norfolk Southern Corporation 18,500 557,313 Union Pacific Corporation 12,100 705,581 -------------- 3,204,682 -------------- TOTAL COMMON STOCKS (Cost $275,617,057) 551,092,145 -------------- ------------------------------------------------------------------------- CORPORATE OBLIGATIONS--4.1% ------------------------------------------------------------------------- Automotive--0.9% Ford Motor Credit Company, 6.375%, 09/15/1999 $10,000,000 10,011,899 -------------- Banking--0.7% Countrywide Home Loans, Inc., 5.145%, 01/13/2000 8,000,000 8,003,199 -------------- 60
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ----------------------------------------------------------------------------- Shares/ Vantagepoint Asset Allocation Fund Face Value ----------------------------------------------------------------------------- CORPORATE OBLIGATIONS--(Continued) ----------------------------------------------------------------------------- Financial Services--0.9% Salomon Smith Barney Holdings, Inc., 6.250%, 10/01/1999 $10,000,000 $ 10,009,289 -------------- Heavy Machinery--1.6% Caterpillar Financial Services Corporation, 5.800%, 03/15/2000 10,000,000 9,986,819 Walt Disney Company, 5.600%, 01/13/2000 7,500,000 7,493,257 -------------- 17,480,076 -------------- TOTAL CORPORATE OBLIGATIONS (Cost $45,536,698) 45,504,463 -------------- ----------------------------------------------------------------------------- COMMERCIAL PAPER--13.9% ----------------------------------------------------------------------------- Automotive--1.4% Toyota Motor Credit Company, 4.770%, 07/02/1999 16,000,000 15,923,679 -------------- Banking--3.3% Deutsche Bank AG, 4.800%, 07/13/1999 17,000,000 16,793,732 Toronto-Dominion Bank, 4.770%, 07/22/1999 20,000,000 19,758,849 -------------- 36,552,581 -------------- Beverages, Food & Tobacco--1.8% Coca Cola Bottling Company, 4.760%, 08/03/1999 20,000,000 19,759,355 -------------- Cosmetics & Personal Care--1.6% Procter & Gamble Company, 4.760%, 07/15/1999 18,000,000 17,847,679 -------------- Electronics--1.5% Xerox Commercial Paper, 5.180%, 07/02/1999 16,000,000 15,990,790 -------------- Financial Services--2.8% American Express, 5.090%, 07/12/1999 17,000,000 16,999,999 Merrill Lynch & Company, Inc., 4.780%, 07/07/1999 14,000,000 13,847,570 -------------- 30,847,569 -------------- Oil & Gas--1.5% Shell Oil Corporation, 5.020%, 07/02/1999 17,000,000 16,997,628 -------------- TOTAL COMMERCIAL PAPER (Cost $153,919,281) 153,919,281 -------------- ----------------------------------------------------------------------------- U.S. GOVERNMENT AGENCY OBLIGATIONS--12.7% ----------------------------------------------------------------------------- U.S. Government Agencies--Mortgage Backed Federal Home Loan Bank, 4.690%, 10/08/1999 25,000,000 24,417,006 Federal Home Loan Bank, 4.720%, 07/02/1999 50,000,000 49,954,110 [Download Table] ---------------------------------------------------------------------- Shares/ Face Value ---------------------------------------------------------------------- Federal Home Loan Bank, 4.950%, 02/24/2000 $20,000,000 $ 19,935,999 Federal National Mortgage Association, 4.830%, 07/19/1999 26,000,000 25,891,861 Federal National Mortgage Association, 5.900%, 07/14/1999 10,000,000 10,001,539 Federal National Mortgage Association, 6.010%, 08/16/1999 10,000,000 10,008,359 -------------- TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $140,244,163) 140,208,874 -------------- ---------------------------------------------------------------------- U.S. TREASURY OBLIGATIONS--18.3% ---------------------------------------------------------------------- U.S. Treasury Bond, 5.500%, 08/15/2028 9,630,000 8,793,393 U.S. Treasury Bond, 6.125%, 11/15/2027 12,670,000 12,584,857 U.S. Treasury Bond, 6.375%, 08/15/2027 6,345,000 6,501,657 U.S. Treasury Bond, 6.500%, 11/15/2026 12,555,000 13,043,514 U.S. Treasury Bond, 6.875%, 08/15/2025 6,350,000 6,857,999 U.S. Treasury Bond, 7.125%, 02/15/2023 4,700,000 5,193,500 U.S. Treasury Bond, 7.250%, 05/15/2016 5,135,000 5,647,678 U.S. Treasury Bond, 7.500%, 11/15/2016 7,980,000 8,993,698 U.S. Treasury Bond, 7.500%, 11/15/2024 5,910,000 6,870,374 U.S. Treasury Bond, 7.625%, 02/15/2025 5,515,000 6,505,107 U.S. Treasury Bond, 7.625%, 11/15/2022 65,000 75,776 U.S. Treasury Bond, 8.000%, 11/15/2021 5,745,000 6,927,205 U.S. Treasury Bond, 8.125%, 05/15/2021 9,885,000 12,038,051 U.S. Treasury Bond, 8.125%, 08/15/2021 12,720,000 15,478,649 U.S. Treasury Bond, 8.125%, 08/15/2019 1,570,000 1,896,262 U.S. Treasury Bond, 8.500%, 02/15/2020 4,530,000 5,666,749 U.S. Treasury Bond, 8.750%, 05/15/2020 3,215,000 4,131,275 U.S. Treasury Bond, 8.750%, 05/15/2017 5,150,000 6,501,050 U.S. Treasury Bond, 8.750%, 08/15/2020 4,110,000 5,286,488 U.S. Treasury Bond, 8.875%, 02/15/2019 12,966,000 16,669,413 U.S. Treasury Bond, 8.875%, 08/15/2017 8,245,000 10,532,987 61
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] -------------------------------------------------------------------- Vantagepoint Asset Allocation Fund Shares/ Face Value -------------------------------------------------------------------- U.S. TREASURY OBLIGATIONS--(Continued) -------------------------------------------------------------------- U.S. Treasury Bond, 10.375%, 11/15/2012 $ 4,815,000 $ 6,135,368 U.S. Treasury Bond, 10.625%, 08/15/2015 600,000 863,154 U.S. Treasury Bond, 11.250%, 02/15/2015 3,390,000 5,074,389 U.S. Treasury Bond, 11.750%, 11/15/2014 2,050,000 2,919,016 U.S. Treasury Bond, 12.000%, 08/15/2013 15,300,000 21,482,117 U.S. Treasury Bond, 12.750%, 11/15/2010 80,000 107,850 -------------- 202,777,576 -------------- TOTAL U.S. TREASURY OBLIGATIONS (Cost $214,881,454) 202,777,576 -------------- -------------------------------------------------------------------- CASH EQUIVALENTS--10.0% -------------------------------------------------------------------- Institutional Money Market Funds--1.1% ++Merrimac Cash Fund--Premium Class 11,471,946 11,471,946 -------------- Bank Deposits/Offshore Time Deposits--5.3% ++American Express Centurion Bank 7,609,838 7,609,838 ++Bank of Montreal 19,515,975 19,515,975 ++BankBoston NA 12,232,327 12,232,327 ++Harris Trust & Savings Bank 4,203,496 4,203,496 ++Royal Bank of Scotland PLC 6,725,594 6,725,594 ++Toronto Dominion 8,406,992 8,406,992 -------------- 58,694,222 -------------- [Download Table] ------------------------------------------------------- Shares/ Face Value ------------------------------------------------------- Floating Rate Instruments/ Master Notes--3.6% ++General America Life $25,000,000 $ 25,000,000 ++John Hancock Mutual Life 5,000,000 5,000,000 ++Morgan Stanley Dean Witter & Co. 10,000,000 10,000,000 -------------- 40,000,000 -------------- TOTAL CASH EQUIVALENTS (Cost $110,166,168) 110,166,168 -------------- TOTAL INVESTMENTS--108.8% (Cost $940,364,821) 1,203,668,507 Other assets less liabilities--(8.8%) (97,499,291) -------------- TOTAL NET ASSETS--100.0% $1,106,169,216 ============== Notes to the Schedule of Investments: * Non-income producing security. ** The cost of investments for federal income tax purposes amounts to $940,364,821. Unrealized appreciation and depreciation, based on identified tax cost at June 30, 1999, are as follows: [Download Table] Unrealized appreciation $ 280,834,329 Unrealized depreciation (17,530,643) -------------- Net unrealized appreciation $ 263,303,686 ============== ++ Represents collateral received from securities lending transactions. See accompanying notes to financial statements. 62
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Schedule of Investments June 30, 1999 (Unaudited) [Download Table] -------------------------------------------------------------------- Shares/ Vantagepoint U.S. Treasury Securities Fund Face Value -------------------------------------------------------------------- U.S. GOVERNMENT AGENCIES--31.3% -------------------------------------------------------------------- U.S. Government Agencies--Mortgage Backed--31.3% Federal Home Loan Mortgage Corporation, 6.500% 08/01/28 $ 2,859,930 $ 2,760,719 Federal Home Loan Mortgage Corporation, 8.500% 12/01/19 290,506 304,984 Federal National Mortgage Association, 6.000% 04/01/29 2,993,470 2,817,334 Federal National Mortgage Association, 6.000% 03/01/29 2,972,050 2,797,177 Federal National Mortgage Association, 6.500% 01/01/29 1,961,530 1,897,255 Federal National Mortgage Association, 6.500% 08/01/28 3,914,259 3,776,007 Government National Mortgage Association, 6.500% 01/15/29 4,432,064 4,272,390 Government National Mortgage Association, 6.500% 05/15/28 2,877,879 2,767,253 Government National Mortgage Association, 7.000% 04/15/29 2,993,283 2,885,444 Government National Mortgage Association, 7.000% 04/15/29 1,992,674 1,969,101 ------------ 26,247,664 ------------ TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $27,239,800) 26,247,664 ------------ -------------------------------------------------------------------- U.S. TREASURY OBLIGATIONS--66.6% -------------------------------------------------------------------- U.S. Treasury Bonds--16.8% U.S. Treasury Bond, 10.750% 08/15/05 7,300,000 9,074,776 U.S. Treasury Bond, 13.750% 08/15/04 3,700,000 4,971,875 ------------ 14,046,651 ------------ U.S. Treasury Notes--49.8% U.S. Treasury Note, 5.375% 02/15/01 2,000,000 1,997,188 U.S. Treasury Note, 5.500% 05/31/03 2,000,000 1,984,680 U.S. Treasury Note, 5.750% 08/15/03 3,000,000 3,001,860 U.S. Treasury Note, 6.875% 05/15/06 16,460,000 17,329,252 U.S. Treasury Note, 7.500% 02/15/05 10,150,000 10,927,084 [Download Table] ----------------------------------------------------------------------------- Shares/ Face Value ----------------------------------------------------------------------------- U.S. Treasury Note, 7.875% 11/15/04 $ 5,925,000 $ 6,480,469 ------------ 41,720,533 ------------ TOTAL U.S. TREASURY OBLIGATIONS (Cost $56,493,941) 55,767,184 ------------ ----------------------------------------------------------------------------- REPURCHASE AGREEMENTS--1.2% ----------------------------------------------------------------------------- IBT Repurchase Agreement dated 6/30/99 due 7/1/99, with a maturity value of $1,031,017 and an effective yield of 4.25% collateralized by Small Business Association pool #501430 with a rate of 6.25%, a maturity date of 4/25/16 and a market value of $1,082,440 1,030,895 1,030,895 ------------ ----------------------------------------------------------------------------- CASH EQUIVALENTS--13.5% ----------------------------------------------------------------------------- Institutional Money Market Funds--0.0% ++Merrimac Cash Fund-- Premium Class 100 100 ------------ Bank Deposits/Offshore Time Deposits--9.9% ++American Express Centurion Bank 947,971 947,971 ++Bank of Montreal 804,099 804,099 ++Bank of Montreal 1,051,223 1,051,223 ++BankBoston NA 3,507,489 3,507,489 ++Harris Trust & Savings Bank 430,895 430,895 ++Royal Bank of Scotland PLC 689,432 689,432 ++Toronto Dominion 861,791 861,791 ------------ 8,292,900 ------------ Floating Rate Instruments/ Master Notes--3.6% ++Morgan Stanley Dean Witter & Co. 1,000,000 1,000,000 ++Goldman Sachs 2,000,000 2,000,000 ------------ 3,000,000 ------------ TOTAL CASH EQUIVALENTS (Cost $11,293,000) 11,293,000 ------------ TOTAL INVESTMENTS--112.6% (Cost $96,057,636) 94,338,743 Other assets less liabilities--(12.6%) (10,530,899) ------------ TOTAL NET ASSETS--100.0% $ 83,807,844 ============ Notes to the Schedule of Investments: * The cost of investments for federal income tax purposes amounts to $96,057,636. Unrealized appreciation and depreciation, based on identified tax cost at June 30, 1999, are as follows: [Download Table] Unrealized appreciation $ 209,344 Unrealized depreciation (1,928,237) ------------ Net unrealized depreciation $ (1,718,893) ============ ++ Represents collateral received from securities lending transactions. See accompanying notes to financial statements. 63
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Schedule of Investments June 30, 1999 (Unaudited) [Download Table] ---------------------------------------------------------------------------- Vantagepoint Money Market Fund Shares Value ---------------------------------------------------------------------------- MUTUAL FUNDS--100.0% ---------------------------------------------------------------------------- Short Term Investments Co. Liquid Assets Portfolio (Cost $67,058,403) 67,058,403 $67,058,403 ----------- TOTAL INVESTMENTS--100.0% (Cost $67,058,403) 67,058,403 Other assets less liabilities--(0.0%) (3,511) ----------- TOTAL NET ASSETS--100.0% $67,054,892 =========== Notes to the Schedule of Investments: * The cost of investments for federal income tax purposes amounts to $67,058,403. See accompanying notes to financial statements. 64
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Schedule of Investments June 30, 1999 (Unaudited) [Download Table] ------------------------------------------------------------------------------ Vantagepoint Overseas Equity Index Fund Shares Value ------------------------------------------------------------------------------ COMMON STOCKS--94.6% ------------------------------------------------------------------------------ Australia--2.5% Amcor Ltd. 9,254 $ 51,342 AMP Ltd. 6,902 75,310 Brambles Industries Ltd. 1,397 36,733 Broken Hill Proprietary Company Ltd. 12,703 146,864 Coca Cola Amatil Ltd. 7,677 30,882 Coles Myer Ltd. 7,874 45,725 Foster's Brewing Group Ltd. 13,551 38,119 Lend Lease Corporation Ltd. 3,479 47,676 National Australia Bank Ltd. 5,945 98,189 News Corporation Ltd. 9,076 77,289 Rio Tinto Ltd. 4,725 77,327 Telstra Corporation Ltd. 24,336 139,185 Westpac Banking Corporation Ltd. 9,655 62,510 WMC Ltd. 14,139 60,622 ----------- 987,773 ----------- Austria--0.2% Bank Austria AG 1,123 58,985 *Oesterreichische Elektrizitaetswirtschafts AG Class A 227 33,011 ----------- 91,996 ----------- Belgium--1.6% Colruyt NV 64 42,053 Delhaize "Le Lion" SA 490 41,659 Electrabel SA 194 62,537 Fortis (B) 3,249 101,890 Groupe Bruxelles Lambert SA 377 63,638 KBC Bancassurance Holding NV 1,239 73,372 PetroFina SA 225 129,072 Solvay SA 763 50,567 Tractebel 271 37,958 UCB SA 1,197 51,161 ----------- 653,907 ----------- Denmark--1.0% Aarhus Oliefabarik A/S Class A 1,120 29,486 Aarhus Oliefabarik A/S Class B 1,160 31,343 A/S Dampskibsselskabet Svendborg Class B 60 74,075 Danisco A/S 500 22,516 Den Danske Bank Group 200 21,616 D/S 1912 Class B 80 70,722 Novo-Nordisk A/S Class B 400 43,065 Tele Danmark A/S 1,400 68,671 Unidanmark A/S 400 26,604 ----------- 388,098 ----------- Finland--1.7% MeritaNordbanken OYJ 8,700 49,370 Nokia OYJ 6,000 525,248 Sonera Group OYJ 2,700 58,951 UPM-Kymmene OYJ 1,900 54,399 ----------- 687,968 ----------- [Download Table] ------------------------------------------------------------------------ Shares Value ------------------------------------------------------------------------ France--9.0% Accor SA 200 $ 50,156 Air Liquide 393 61,724 Alcatel 973 136,785 Axa 1,550 188,847 Banque National de Paris 1,058 88,042 BIC SA 751 39,562 Bouygues SA 173 45,666 Canal Plus 193 54,085 Cap Gemini SA 309 48,500 Carrefour Supermarche SA* 1,895 278,112 Compagnie de Saint Gobain 440 70,012 Compagnie Financiere de Paribas 812 90,903 Compagnie Generale des Etablissements Michelin 1,100 44,942 Dassault Systemes SA 732 24,162 Elf Aquitaine SA 1,394 204,297 Eridania Beghin-Say SA 215 30,778 Essilor International SA 107 33,401 Etablissements Economiques du Casino Guichard- Perrachon SA 398 34,841 France Telecom SA 4,928 371,768 Groupe Danone 247 63,596 Lafarge SA 523 49,662 Lagardere S.C.A. 845 31,417 Legrand SA 240 48,792 L'OREAL 273 184,302 LVMH 422 123,388 Pernod Ricard 622 41,639 Pinault-Printemps-Redoute SA 538 92,200 Promodes 95 62,275 PSA Peugeot Citroen 322 50,739 Rhone-Poulenc SA 1,695 77,351 *Sanofi-Synthelabo SA 4,277 181,261 Schneider SA 922 51,704 SEITA 444 25,607 Societe Generale Class A 503 88,533 Sodexho Alliance SA 188 32,335 Suez Lyonnaise des Eaux 565 101,773 Thomson CSF 887 30,786 Total SA Class B 958 123,429 Usinor SA 2,107 31,356 Valeo SA 482 39,713 Vivendi 2,236 180,889 ------------ 3,609,330 ------------ Germany--9.2% Adidas-Salomon AG 350 34,695 AGIV AG 850 19,242 Allianz AG 1,045 289,509 *AMB Aachener & Muenchener Beteiligungs AG 500 49,950 BASF AG 3,000 131,621 Bayer AG 3,450 143,370 Beiersdorf AG 600 39,857 Continental AG 1,450 34,646 DaimlerChrysler AG 4,650 402,278 65
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] --------------------------------------------------------------------- Vantagepoint Overseas Equity Index Fund Shares Value --------------------------------------------------------------------- COMMON STOCKS--(Continued) --------------------------------------------------------------------- Deutsche Bank AG 2,938 $ 178,979 Deutsche Lufthansa AG 2,170 39,446 Deutsche Telekom AG 11,731 492,330 Dresdner Bank AG 2,500 97,583 Heidelberger Zement AG 550 44,466 HypoVereinsbank 2,000 127,089 Karstadt AG 80 38,147 Linde AG 100 59,940 MAN AG 1,200 40,784 Mannesmann AG 1,900 283,150 Merck KGaA 1,350 43,657 Metro AG 1,350 83,700 Muenchener Rueckversicherungs-Gesellschaft AG 845 158,997 *Preussag AG 925 49,872 RWE AG 2,100 97,109 Sap AG 310 106,157 Schering AG 440 46,947 Siemens AG 2,750 211,850 *Thyssen Krupp AG 3,200 70,033 VEBA AG 2,250 132,548 Viag AG 125 57,932 *Volkswagen AG 1,600 102,331 ----------- 3,708,215 ----------- Hong Kong--2.3% Cathay Pacific Airways Ltd. 18,000 27,608 Cheung Kong (Holdings) Ltd. 12,000 106,718 CLP Holdings Ltd. 11,500 55,880 Hang Seng Bank Ltd. 9,500 106,220 Hong Kong Telecommunications Ltd. 58,400 151,671 Hong Kong & China Gas Company Ltd. 31,600 45,820 Hutchison Whampoa Ltd. 18,000 162,979 New World Development Company Ltd. 27,000 80,908 Sun Hung Kai Properties Ltd. 13,000 118,544 Swire Pacific Ltd. Class A 14,500 71,765 ----------- 928,113 ----------- Italy--4.0% Alitalia SpA 10,798 28,024 Assicurazioni Generali 4,717 163,230 Banca Commerciale Italiana 8,011 58,414 Banca Intesa SpA 12,699 60,946 Benetton Group SpA 22,804 44,858 Edison SpA 4,245 36,724 ENI SpA 39,091 233,104 Fiat SpA 22,942 72,538 Istituto Nazionale delle Assicurazioni SpA 20,354 47,166 Italgas SpA 6,557 27,485 Mediaset SpA 5,818 51,650 Mediobanca Banca SpA 3,911 40,884 Montedison SpA 25,313 41,138 *Olivetti SpA 15,331 36,790 [Download Table] ------------------------------------------------------------ Shares Value ------------------------------------------------------------ Pirelli SpA 16,465 $ 44,767 Riunione Adriatica di Sicurta SpA 3,879 37,633 San Paolo-IMI SpA 5,772 78,469 Telecom Italia Mobile SpA 31,682 188,923 Telecom Italia Mobile SpA-RNC 8,320 30,590 Telecom Italia SpA 16,848 174,906 *Telecom Italia SpA-RNC 4,138 22,417 Unicredito Italiano SpA 22,945 100,669 ----------- 1,621,325 ----------- Japan--23.2% Acom Company Ltd. 900 77,660 Advantest Corporation 600 65,893 Ajinomoto Company, Inc. 4,000 45,580 Alps Electric Company Ltd. 2,000 46,819 Asahi Bank Ltd. 14,000 67,049 Asahi Breweries Ltd. 3,000 37,307 Asahi Chemical Industry Company Ltd. 10,000 55,406 Asahi Glass Company Ltd. 8,000 51,856 Bank of Tokyo-Mitsubishi Ltd. 23,000 327,228 Bridgestone Corporation 4,000 120,887 Canon, Inc. 5,000 143,677 Chiba Bank Ltd. 8,000 29,528 Credit Saison Company Ltd. 1,400 29,247 Dai Nippon Printing Company Ltd. 4,000 63,912 Daiichi Pharmaceutical Company Ltd. 3,000 46,522 Daiwa House Industry Company Ltd. 4,000 42,046 Daiwa Securities Company Ltd. 8,000 52,846 Denso Corporation 5,000 101,565 East Japan Railway Company 15 80,509 Eisai Company Ltd. 2,000 39,387 Fanuc Ltd. 1,300 69,774 Fuji Bank Ltd. 17,000 118,476 Fuji Photo Film 2,000 75,637 Fujitsu Ltd. 9,000 180,959 Gunma Bank Ltd. 5,000 31,378 Hankyu Corporation 17,000 67,380 Hitachi Ltd. 18,000 168,696 Honda Motor Company Ltd. 5,000 211,800 Hoya Corporation 1,000 56,397 Industrial Bank of Japan Ltd. 14,000 110,978 Ito-Yokado Company Ltd. 2,000 133,768 Japan Airlines Company Ltd. 14,000 46,241 Joyo Bank Ltd. 10,000 38,892 JUSCO Company Ltd. 2,000 36,332 Kansai Electric Power Company, Inc. 2,200 41,782 Kao Corporation 2,000 56,150 Kawasaki Steel Corporation 21,000 39,188 Kinden Corporation 5,000 53,879 Kinki Nippon Railway Company Ltd. 7,000 34,392 Kirin Brewery Company Ltd. 5,000 59,866 Komatsu Ltd. 8,000 51,063 Kubota Corporation 17,000 50,815 66
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ------------------------------------------------------------------- Vantagepoint Overseas Equity Index Fund Shares Value ------------------------------------------------------------------- COMMON STOCKS--(Continued) ------------------------------------------------------------------- Kuraray Company Ltd. 6,000 $ 72,136 Kyocera Corporation 1,000 58,627 Marui Company Ltd. 3,000 49,544 Matsushita Electric Industrial Company Ltd. 10,000 194,046 Minebea Company Ltd. 5,000 55,737 Mitsubishi Chemical Corporation 14,000 48,437 Mitsubishi Corporation 10,000 67,710 Mitsubishi Electric Corporation 15,000 57,594 Mitsubishi Estate Company Ltd. 7,000 68,263 Mitsubishi Heavy Industries Ltd. 18,000 72,977 Mitsubishi Trust & Banking Corporation 7,000 67,974 Mitsui Fudosan Company Ltd. 6,000 48,553 Mitsui Marine & Fire Insurance Company Ltd. 11,000 54,044 Mitsui & Company Ltd. 8,000 55,754 Murata Manufacturing Company Ltd. 2,000 131,456 NEC Corporation 9,000 111,845 NGK Insulators Ltd. 4,000 41,749 Nikon Corporation 2,000 32,699 Nippon Express Company Ltd. 9,000 53,879 Nippon Meat Packers, Inc. 2,000 26,093 *Nippon Mitsubishi Oil Corporation 13,000 54,746 Nippon Paper Industries Company Ltd. 8,000 41,683 Nippon Steel Corporation 34,000 78,890 Nippon Telegraph & Telephone Corporation 590 691,795 Nippon Yusen Kabushiki Kaisha 16,000 61,566 Nissan Motor Company Ltd. 16,000 76,363 Nomura Securities Company Ltd. 10,000 117,006 Obayashi Corporation 9,000 45,258 Oji Paper Company Ltd. 6,000 34,681 Olympus Optical Company Ltd. 2,000 29,545 Orix Corporation 400 35,672 Osaka Gas Company Ltd. 11,000 37,331 Pioneer Electronic Corporation 2,000 38,892 Rohm Company Ltd. 1,000 156,476 Sakura Bank Ltd. 23,000 87,172 Sankyo Company Ltd. 3,000 75,554 Sanyo Electric Company Ltd. 14,000 56,876 Secom Company Ltd. 1,000 104,042 Sekisui Chemical Company Ltd. 6,000 34,780 Sekisui House Ltd. 6,000 64,704 Seventy Seven Bank Ltd. 4,000 35,011 Sharp Corporation 6,000 70,847 Shimano, Inc. 2,000 47,314 Shin-Etsu Chemical Company Ltd. 2,000 66,884 Shiseido Company Ltd. 4,000 59,915 Shizuoka Bank Ltd. 4,000 39,833 SMC Corporation 500 55,943 Sony Corporation 2,000 215,515 Sumitomo Bank Ltd. 15,000 185,913 Sumitomo Chemical Company Ltd. 11,000 50,411 Sumitomo Corporation 7,000 51,154 [Download Table] --------------------------------------------------------------------- Shares Value --------------------------------------------------------------------- Sumitomo Electric Industries 5,000 $ 56,810 Sumitomo Marine & Fire Insurance Company Ltd. 8,000 48,222 *Sumitomo Metal Industries Ltd. 35,000 43,642 Taisho Pharmaceutical Company Ltd. 2,000 66,058 Takeda Chem Industries 4,000 185,294 Teijin Ltd. 10,000 40,461 Tohoku Electric Power Company, Inc. 2,100 31,768 Tokai Bank Ltd. 13,000 74,068 Tokio Marine & Fire Insurance Company Ltd. 8,000 86,866 Tokyo Electric Power Company 4,300 90,719 Tokyo Electron Ltd. 1,000 67,792 Tokyo Gas Company Ltd. 14,000 34,450 Toppan Printing Company Ltd. 5,000 55,778 Toray Industries, Inc. 13,000 65,051 Tostem Corporation 2,000 38,396 Toyo Seikan Kaisha Ltd. 2,000 44,920 Toyoda Automatic Loom Works Ltd. 3,000 50,906 Toyota Motor Corporation 18,000 569,257 Uni-Charm Corporation 1,200 52,021 Uny Company Ltd. 2,000 30,057 Yamanouchi Pharmaceutical Company Ltd. 2,000 76,463 Yamato Transport Company Ltd. 3,000 52,269 ----------- 9,290,924 ----------- Netherlands--5.7% ABN AMRO Holding NV 6,598 142,701 Aegon NV 3,100 229,283 Aegon NV 183 13,259 Akzo Nobel NV 1,827 76,770 Elsevier NV 3,782 43,820 Getronics NV 807 31,001 Hagemeyer NV 974 31,799 Heineken NV 1,415 72,355 ING Groep NV 4,167 225,308 Koninklijke Ahold NV 2,852 98,105 Koninklijke Philips Electonics NV 1,689 166,383 KPN NV 2,588 121,275 Royal Dutch Petroleum Company 12,607 737,486 TNT Post Group NV 2,349 56,005 Unilever NV 2,698 181,586 Wolters Kluwer NV 1,380 54,861 ----------- 2,281,997 ----------- New Zealand--0.1% Telecom Corporation of New Zealand Ltd. 12,500 53,566 ----------- Norway--0.3% Aker RGI ASA 1,700 23,114 Norsk Hydro ASA 2,500 94,349 ----------- 117,463 ----------- 67
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ----------------------------------------------------------------------------- Vantagepoint Overseas Equity Index Fund Shares Value ----------------------------------------------------------------------------- COMMON STOCKS--(Continued) ----------------------------------------------------------------------------- Portugal--0.5% Banco Comercial Portugues SA 1,100 $ 28,469 Banco Espirito Santo e Comercial de Lisboa SA 1,100 25,558 Brisa-Auto Estradas de Portugal SA 300 12,359 Electricidade de Portugal SA 2,300 41,359 Jeronimo Martins, SGPS SA 850 28,039 Portugal Telecom SA 1,599 64,967 ----------- 200,751 ----------- Singapore--0.8% City Developments Ltd. 9,000 57,621 Development Bank of Singapore Ltd. 4,000 48,869 Overseas Chinese Banking Corporation Ltd. 6,000 50,044 Singapore Airlines Ltd. 6,000 57,092 Singapore Press Holdings Ltd. 2,000 34,068 Singapore Telecommunications Ltd. 29,000 49,738 United Overseas Bank Ltd. 6,000 41,938 ----------- 339,370 ----------- Spain--3.2% Acerinox SA 767 22,395 ACS, Actividades de Construccion y Servicios, SA 1,146 32,764 *ACS, Actividades de Construccion y Servicios, SA 174 4,584 Argentaria, Caja Postal y Banco Hipotecario de Espana SA 2,609 59,356 Autopistas Concesionaria Espanola SA 3,246 37,943 Banco Bilbao Vizcaya SA 9,832 141,865 *Banco Santander SA 22,756 236,708 *El Aguila SA 1,830 17,490 Endesa SA 3,974 84,639 Fomento de Construcciones y Contratas SA 876 50,072 Gas Natural SDG SA 731 53,076 Iberdrola SA 4,552 69,243 Resol SA 5,953 121,394 Sociedad General de Aquas de Barcelona SA 597 31,050 Tabacalera SA Class A 1,974 39,847 *Telefonica SA 5,106 245,632 Union Electrica Fenosa SA 2,169 28,325 ----------- 1,276,383 ----------- Sweden--2.6% *ABB Ltd. 1,199 112,322 AGA AB Class A 800 9,988 AGA AB Class B 560 6,926 Atlas Copco AB Class A 1,200 32,722 Electrolux AB Class B 2,200 46,126 ForeningsSparbanken AB 2,750 38,870 Hennes & Mauritz AB 4,400 108,837 *NetCom AB 700 23,581 [Download Table] ----------------------------------------------------------------------- Shares Value ----------------------------------------------------------------------- Sandvik AB Class A 1,690 $ 36,926 Securitas AB Class B 1,800 26,927 Skandia Forsakrings AB 2,600 48,694 Skandinaviska Enskilda Banken Class A 3,200 37,316 Skanska AB Class B 1,800 67,953 Svenska Cellulosa AB Class B 1,200 31,096 *Svenska Handelsbanken Class A 3,900 46,857 Telefonaktiebolaget LM Ericsson Class B 8,500 272,829 Volvo AB Class A 1,000 28,858 Volvo AB Class B 1,700 49,360 WM-Data AB Class B 500 19,082 ----------- 1,045,270 ----------- Switzerland--6.1% *ABB Ltd. 1,135 106,913 Adecco SA 110 58,932 Alusuisse Lonza Group AG 60 69,923 Credit Suisse Group 1,360 235,290 Holderbank Financiere Glarus AG Class B 40 47,207 Nestle SA 175 315,255 Novartis AG 320 467,183 Roche Holding Bearer AG 60 98,788 Roche Holding Genusschein AG 330 339,158 Schweizerische Rueckversicherungs--Gesellschaft 70 133,260 Swisscom AG 380 142,972 UBS AG 990 295,437 Zurich Allied AG 230 130,765 ----------- 2,441,083 ----------- United Kingdom--20.6% Abbey National PLC 6,018 112,977 Allied Zurich PLC 7,282 91,538 Anglian Water PLC 3,306 36,555 Associated British Foods PLC 5,672 37,505 AstraZeneca Group PLC 3,482 135,757 BAA PLC 5,413 52,047 Barclay's PLC 7,284 211,945 Bass PLC 5,494 79,714 BG PLC 17,312 105,740 Blue Circle Industries PLC 7,823 52,036 BOC Group PLC 3,384 66,142 Boots Company PLC 4,732 56,202 BP Amoco PLC 45,168 809,495 British Aerospace PLC 8,438 54,764 British Airways PLC 7,119 49,121 British American Tobacco PLC 10,622 99,871 British Land Company PLC 4,019 33,607 British Sky Broadcasting Group PLC 8,514 78,978 British Steel PLC 16,114 41,719 British Telecommunications PLC 29,670 497,136 BTR Siebe PLC 19,495 92,264 Cable & Wireless PLC 12,384 157,820 Cadbury Schweppes PLC 9,356 59,579 Carlton Communications PLC 5,011 41,546 68
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] -------------------------------------------------------------------- Vantagepoint Overseas Equity Index Fund Shares Value -------------------------------------------------------------------- COMMON STOCKS--(Continued) -------------------------------------------------------------------- Centrica PLC 21,454 $ 50,387 CGU PLC 6,386 92,254 Compass Group PLC 3,563 35,326 Diageo PLC 14,433 150,718 EMI Group PLC 6,113 49,045 General Electric Company PLC 12,346 125,908 GKN PLC 3,936 67,190 Glaxo Wellcome PLC 16,350 454,353 Granada Group PLC 4,995 92,669 Great Universal Stores PLC 5,526 61,234 Halifax PLC 11,998 143,163 Hanson PLC 4,645 41,257 HSBC Holdings PLC 4,227 149,713 HSBC Holdings PLC 8,943 316,604 Imperial Chemical Industries PLC 6,255 61,818 J. Sainsbury PLC 9,733 61,367 Kingfisher PLC 6,475 74,505 Ladbroke Group PLC 11,406 45,217 Land Securities PLC 3,385 45,513 Legal & General Group PLC 26,155 66,580 Lloyds TSB Group PLC 24,765 335,707 Marks & Spencer PLC 13,841 80,067 Misys PLC 3,489 29,862 National Grid Group PLC 6,622 46,083 National Power PLC 6,606 48,106 Next PLC 2,831 34,382 Pearson PLC 2,731 55,488 Peninsular & Orient Steam Navigation Company 4,966 74,558 Provident Financial PLC 2,216 30,790 Prudential Corporation PLC 8,775 129,186 Railtrack Group PLC 2,619 53,543 Rank Group PLC 12,959 51,526 Reed International PLC 5,962 39,775 Rentokil Initial PLC 13,475 52,569 Reuters Group PLC 7,057 92,826 Rio Tinto PLC 5,411 90,706 Rolls-Royce PLC 8,847 37,442 Royal Bank of Scotland Group PLC 4,272 87,000 Royal & Sun Alliance Insurance Group PLC 8,562 76,791 Safeway PLC 11,342 45,454 Schroders PLC 1,957 39,978 Scottish Power PLC 6,533 56,431 Scottish & Newcastle PLC 5,712 59,468 Scottish & Southern Energy PLC 5,146 52,643 SmithKline Beecham PLC 25,817 335,520 Smiths Industries PLC 3,060 40,419 Stagecoach Holdings PLC 10,329 36,998 Tate & Lyle PLC 5,161 32,337 Tesco PLC 31,235 80,374 Thames Water PLC 2,465 39,088 TI Group PLC 5,635 37,749 Unilever PLC 13,593 120,949 United Utilities PLC 3,449 41,915 Vodafone Group PLC 14,905 293,673 Williams PLC 5,352 35,347 [Download Table] --------------------------------------------- Shares/ Face Value --------------------------------------------- Wolseley PLC 5,637 $ 42,427 Zeneca Group PLC 4,688 181,337 ----------- 8,257,393 ----------- TOTAL COMMON STOCKS (Cost $36,230,603) 37,980,925 ----------- --------------------------------------------- PREFERRED STOCKS--0.4% --------------------------------------------- Australia--0.1% News Corporation Ltd. 8,010 60,909 ----------- Germany--0.3% Sap AG 200 79,817 *Volkswagen AG 765 28,245 ----------- 108,062 ----------- TOTAL PREFERRED STOCKS (Cost $162,531) 168,971 ----------- --------------------------------------------- RIGHTS--0.0% --------------------------------------------- France--0.0% *LVMH 522 15,241 ----------- Italy--0.0% *Olivetti SpA 18,831 2,581 ----------- Portugal--0.0% *Portugal Telecom SA 1,999 21 ----------- TOTAL RIGHTS (Cost $0) 17,843 ----------- --------------------------------------------- U.S. TREASURY OBLIGATIONS--4.6% --------------------------------------------- U.S. Treasury Bill, 3.390%, 07/15/99 $ 804,000 802,880 U.S. Treasury Bill, 4.360%, 08/12/99 1,030,000 1,024,736 ----------- 1,827,616 ----------- TOTAL U.S. TREASURY OBLIGATIONS (Cost $1,827,687) 1,827,616 ----------- TOTAL INVESTMENTS--99.6% (Cost $38,220,821) 39,995,355 Other assets less liabilities-- 0.4% 142,036 ----------- TOTAL NET ASSETS--100.0% $40,137,391 =========== Notes to the Schedule of Investments: + Yield to Maturity. * Non-income producing security. ** The aggregate identified cost for federal income tax purposes is $38,220,821. Unrealized appreciation and depreciation, based on identified tax cost at June 30, 1999, are as follows: [Download Table] Unrealized appreciation $ 3,731,078 Unrealized depreciation (1,956,544) ----------- Net unrealized appreciation $ 1,774,534 =========== 69
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] --------------------------------------- Vantagepoint Overseas Equity Index Fund --------------------------------------- Percentage of Portfolio by Industry: Banking 13.7% Telephone Systems 8.3% Oil & Gas 6.9% Pharmaceuticals 6.9% Insurance 5.8% Diversified 5.1% Automotive 5.1% Electronics 4.7% U.S. Treasury Bills 4.6% Communications 4.4% Beverages, Food & Tobacco 4.4% Retailers 2.3% Chemicals 2.1% Transportation 2.0% Electric Utilities 2.0% Media-Broadcasting & Publishing 2.0% Food Retailers 2.0% Financial Services 2.0% Metals & Mining 1.8% Commercial Services 1.7% Heavy Machinery 1.6% Real Estate 1.4% [Download Table] --------------------------------------------------- --------------------------------------------------- Building Materials 1.0% Cosmetics & Personal Care 0.9% Computer Software & Processing 0.7% Medical Supplies 0.7% Airlines 0.6% Heavy Construction 0.6% Forest Products & Paper 0.5% Computers & Information 0.5% Electrical Equipment 0.5% Entertainment & Leisure 0.5% Textiles, Clothing & Fabrics 0.4% Home Construction, Furnishings & Appliances 0.4% Water Companies 0.4% Photographic Equipment & Supplies 0.3% Containers & Packaging 0.3% Aerospace & Defense 0.2% Lodging 0.1% Restaurants 0.1% Apparel Retailers 0.1% ------ TOTAL INVESTMENTS 99.6% ------ Other assets less liabilities 0.4% ------ TOTAL NET ASSETS 100.0% ====== See accompanying notes to financial statements. 70
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MASTER INVESTMENT PORTFOLIO Statement of Assets & Liabilities June 30, 1999 (Unaudited) [Enlarge/Download Table] S&P 500 Index Bond Index Master Extended Index U.S. Equity Master Portfolio Portfolio Master Portfolio Master Portfolio ---------------- -------------- ---------------- ---------------- ASSETS: In securities, at market value.................. $421,808,368 $4,464,160,100 $151,679,498 $545,211,766 Investment from beneficial interest.... -- -- -- 58,994,213 Cash.................... -- -- 663 -- Receivable for: Investments sold...... 511,420 23,089,562 471,685 -- Dividends and interest............. 6,670,968 3,887,706 132,091 -- Variation margin on futures contracts.... -- 3,562,497 37,400 -- ------------ -------------- ------------ ------------ Total Assets........ 428,990,756 4,494,699,865 152,321,337 604,205,979 ------------ -------------- ------------ ------------ LIABILITIES: Payable for: Investments purchased............ 498,473 24,522,875 -- -- Collateral for securities loaned.... 27,958,000 45,893,935 -- -- Due to BGI............ 80,221 498,157 47,241 37,612 ------------ -------------- ------------ ------------ Total Liabilities... 28,536,694 70,914,967 47,241 37,612 ------------ -------------- ------------ ------------ NET ASSETS.............. $400,454,062 $4,423,784,898 $152,274,096 $604,168,367 ============ ============== ============ ============ Cost of investments..... 434,972,567 2,953,142,707 134,421,077 494,808,042 See Notes to Financial Statements. 71
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MASTER INVESTMENT PORTFOLIO Statement of Operations For the period ended June 30, 1999 (Unaudited) [Download Table] S&P 500 Bond Index Index Extended Index U.S. Equity Master Master Master Master Portfolio* Portfolio* Portfolio* Portfolio* ------------ ------------ -------------- ----------- Investment Income: Dividends............. $ -- $ 17,734,347 $ 566,879 $ 2,474,689 Interest.............. 8,713,075 3,786,695 129,432 521,692 Foreign taxes withheld on dividends......... -- 20 (103) (512) ------------ ------------ ----------- ----------- Total investment income............. 8,713,075 21,521,062 696,208 2,995,869 ------------ ------------ ----------- ----------- Expenses: Advisory.............. 109,672 703,881 37,793 130,237 Administration........ -- -- 9,448 27,817 ------------ ------------ ----------- ----------- Total expenses before waivers.............. 109,672 703,881 47,241 158,054 Less waivers.......... -- -- -- (1,271) ------------ ------------ ----------- ----------- Total expenses net of waivers......... 109,672 703,881 47,241 156,783 ------------ ------------ ----------- ----------- Net Investment Income (Loss)................. 8,603,403 20,817,181 648,967 2,839,086 ------------ ------------ ----------- ----------- Net Realized and Unrealized Gain (Loss) on Investments: Net realized gain (loss) on sale of investments.......... (653,912) 24,323,544 559,954 3,097,144 Net realized gain (loss) on futures.... -- 14,661,345 945,755 2,469,917 Net change in unrealized appreciation (depreciation) of investments.......... (11,520,144) 368,672,519 17,258,421 50,403,724 Net change in unrealized appreciation (depreciation) on futures.............. -- 8,658,007 169,950 654,105 ------------ ------------ ----------- ----------- Net Gain (Loss) on Investments............ (12,174,056) 416,315,415 18,934,080 56,624,890 ------------ ------------ ----------- ----------- Net Increase (Decrease) in Net Assets Resulting From Operations........ $ (3,570,653) $437,132,596 $19,583,047 $59,463,976 ============ ============ =========== =========== ------ * Represents information from March 1, 1999 to June 30, 1999. Extended Index and U.S. Equity Master Portfolios commenced operations on March 1, 1999. See Notes to Financial Statements. 72
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MASTER INVESTMENT PORTFOLIO Statements of Changes in Net Assets [Enlarge/Download Table] Extended Index U.S Equity Bond Index Master Portfolio S&P 500 Index Master Portfolio Master Portfolio Master Portfolio ----------------------------- ------------------------------- ---------------- ---------------- Period Ended Year Ended Period Ended Year Ended Period Ended Period Ended June 30, 1999 February 28, June 30, 1999 February 28, June 30, 1999 June 30, 1999 (Unaudited)* 1999 (Unaudited)* 1999 (Unaudited)* (Unaudited)* -------------- ------------- --------------- --------------- ---------------- ---------------- Increase (decrease) in net assets resulting from operations: Net investment income (loss)................ $ 8,603,403 $ 7,063,037 $ 20,817,181 $ 43,674,276 $ 648,967 $ 2,839,086 Net realized gain (loss) on sale of investments and futures............... (653,912) 419,676 38,984,889 181,973,840 1,505,709 5,567,061 Net change in unrealized appreciation (depreciation) of investments and futures............... (11,520,144) (4,365,016) 377,330,526 250,798,350 17,428,371 51,057,829 ------------- ------------- --------------- --------------- ------------ ------------ Net increase (decrease) in net assets resulting from operations........ (3,570,653) 3,117,697 437,132,596 476,446,466 19,583,047 59,463,976 ------------- ------------- --------------- --------------- ------------ ------------ Net increase (decrease) in net assets resulting from beneficial interest transactions.. 2,296,829 305,376,058 299,559,524 856,583,098 132,691,049 544,704,391 ------------- ------------- --------------- --------------- ------------ ------------ Total increase (decrease) in net assets................. (1,273,824) 308,493,755 736,692,120 1,333,029,564 152,274,096 604,168,367 ------------- ------------- --------------- --------------- ------------ ------------ Net assets at beginning of period.............. 401,727,886 93,234,131 3,687,092,778 2,354,063,214 -- -- ------------- ------------- --------------- --------------- ------------ ------------ Net assets at end of period................. $ 400,454,062 $ 401,727,886 $ 4,423,784,898 $ 3,687,092,778 $152,274,096 $604,168,367 ============= ============= =============== =============== ============ ============ ------ * Represents information from March 1, 1999 to June 30, 1999. Extended Index and U.S. Equity Master Portfolios commenced operations on March 1, 1999. See Notes to Financial Statements. 73
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MASTER INVESTMENT PORTFOLIO NOTES TO THE FINANCIAL STATEMENTS (Unaudited) 1. Significant Accounting Policies Master Investment Portfolio ("MIP") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. MIP was organized on October 20, 1993 as a Delaware business trust pursuant to an Agreement and Declaration of Trust dated May 14, 1993, and had no operations prior to May 26, 1994. MIP currently issues the following separate portfolios; the Asset Allocation, Bond Index, Extended Index, LifePath 2000, LifePath 2010, LifePath 2020, LifePath 2030, LifePath 2040, Money Market, S&P 500 Index, U.S. Equity Index and U.S. Treasury Allocation Master Portfolios. These financial statements contain the Bond Index, Extended Index, S&P 500 Index, and U.S. Equity Index Master Portfolios (the "Master Portfolios"). The U.S. Equity Index Master Portfolio uses a "fund of funds" structure. It achieves its investment objectives by investing all of its assets in two other portfolios of MIP, Extended Index and S&P 500 Index Master Portfolios. The following significant accounting policies are consistently followed by MIP in the preparation of its financial statements, and such policies are in conformity with generally accepted accounting principles for investment companies. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Security Valuation The equity securities of each Master Portfolio are valued at the last reported sale price on the primary securities exchange or national securities market on which such securities are traded. Securities not listed on an exchange or national securities market, or securities in which there was no last reported sales price, are valued at the most recent bid prices. Debt securities are generally traded in the over-the-counter market and are valued at a price deemed best to reflect fair value as quoted by dealers who make markets in those securities or by an independent pricing source. U.S. Government obligations are valued at the last reported bid price. Debt securities maturing in 60 days or less are valued at amortized cost, which approximates market value. Any securities, restricted securities or other assets for which market quotations are not readily available, are valued at fair value as determined in good faith in accordance with policies approved by MIP's Board of Trustees. Security Transactions and Income Recognition Security transactions are accounted for on the date the securities are purchased or sold (trade date). Dividend income is recognized on the ex- dividend date, and interest income is recognized on a daily accrual basis. Realized gains or losses are reported on the basis of identified cost of securities delivered. Bond discounts and premiums are amortized under provisions of the Internal Revenue Code of 1986, as amended (the "Code"). Federal Income Taxes Each Master Portfolio intends to qualify as a partnership for federal income tax purposes. Each Master Portfolio therefore believes that it will not be subject to any federal income tax on its income and net realized capital gains (if any). However, each investor in a Master Portfolio will be taxed on its allocable share of the partnership's income and capital gains for purposes of determining its federal income tax liability. The determination of such share will be made in accordance with the applicable sections of the Code. It is intended that each Master Portfolio's assets, income and allocations will be managed in such a way that a regulated investment company investing in a Master Portfolio will be able to satisfy the requirements of Subchapter M of the Code, assuming that the investment company invested all of its assets in the corresponding Master Portfolio. Futures Contracts The Master Portfolios may purchase futures contracts to gain exposure to market changes as this may be more efficient or cost effective than actually buying the securities. A futures contract is an agreement between two 74
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MASTER INVESTMENT PORTFOLIO NOTES TO THE FINANCIAL STATEMENTS (Unaudited)--(Continued) parties to buy and sell a security at a set price on a future date and is exchange traded. Upon entering into a futures contract, the Master Portfolios are required to pledge to the broker an amount of cash, U.S. Government securities or other high-quality debt securities equal to the minimum "initial margin" requirements of the exchange. Pursuant to the contract, the Master Portfolios agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as "variation margin" and are recorded by the Master Portfolios as unrealized gains or losses. When the contract is closed, the Master Portfolios record a gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Pursuant to regulations and/or published positions of the Securities and Exchange Commission, the Master Portfolios are required to segregate cash, U.S. Government obligations or high quality, liquid debt instruments in connection with futures transactions in an amount generally equal to the entire futures contract amount. Risks of entering into futures contracts include the possibility that there may be an illiquid market and that a change in the value of the contracts may not correlate with changes in the value of the underlying securities. As of June 30, 1999, the following Master Portfolios had open long futures contracts outstanding: [Enlarge/Download Table] Net Unrealized Number of Expiration Notional Appreciation/ Contracts Type Date Contract Value (Depreciation) --------- ------------- -------------- -------------- -------------- Master Portfolio Extended Index.. 26 Mid Cap 400 September 1999 $ 5,707,450 $ 169,950 S&P 500 Index... 571 S&P 500 Index September 1999 $197,227,485 $5,676,093 The Extended Index and S&P 500 Index Master Portfolios have pledged to brokers U.S. Treasury Bills for initial margin requirements with a par value of $400,000 and $12,200,000, respectively. Repurchase Agreements Transactions involving purchases of securities under agreements to resell such securities at a specified price and time ("repurchase agreements") are treated as collateralized financing transactions and are recorded at their contracted resale amounts. These repurchase agreements, if any, are detailed in each Master Portfolio's Portfolio of Investments. The advisor to the Master Portfolios may pool each Master Portfolio's cash and invest in repurchase agreements entered into by the other Master Portfolios. Each Master Portfolio's prospectus requires that the cash investments be fully collateralized based on values that are marked to market daily. The collateral is generally held by an agent bank under a tri-party agreement. It is the advisor's responsibility to value collateral daily and to obtain additional collateral as necessary to maintain the value at equal to or greater than 102% of market value. The repurchase agreements entered into on June 30, 1999 by the Master Portfolios are collateralized by U.S. Government Securities. 2. Agreements and Other Transactions with Affiliates Pursuant to an Investment Advisory Contract with each Master Portfolio, Barclays Global Fund Advisors ("BGFA") provides investment guidance and policy direction in connection with the management of each Master Portfolio's assets. BGFA is entitled to receive 0.08% of the average daily net assets of the Bond Index and Extended Index Master Portfolios, 0.05% and 0.01% of the average daily net assets of the S&P 500 Index, and U.S. Equity Index Master Portfolios, respectively, as compensation for advisory services. BGFA is an indirect subsidiary of Barclays Bank PLC. Investors Bank & Trust Company ("IBT") serves as the custodian to each Master Portfolio. IBT will not be entitled to receive fees for its custodial services so long as it is entitled to receive a separate fee from Barclays Global Investors, N.A. ("BGI") for its services as Sub-Administrator of each Master Portfolio. Stephens Inc. ("Stephens") is the placement agent for the Master Portfolios. Certain officers and directors of MIP are also officers of Stephens. As of June 30, 1999, these officers of Stephens indirectly collectively owned less than 1% of the Master Portfolios' outstanding beneficial interests. 75
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MASTER INVESTMENT PORTFOLIO NOTES TO THE FINANCIAL STATEMENTS (Unaudited)--(Continued) 3. Investment Portfolio Transactions Purchases and sales of investments, exclusive of short-term securities, for each Master Portfolio for the year ended June 30, 1999 are as follows: [Enlarge/Download Table] Aggregate Purchases Bond Index Extended Index S&P 500 Index U.S. Equity Index and Sales of: Master Portfolio Master Portfolio Master Portfolio Master Portfolio ------------------- ---------------- ---------------- ---------------- ----------------- U.S. Government Obligations: Purchases at cost....... $34,781,640 36,952,211 -- N/A Sales Proceeds.......... 39,610,752 15,271,603 -- N/A Other Securities: Purchases at cost....... 19,354,264 14,115,445 411,474,721 N/A Sales proceeds.......... $ 4,618,620 2,820,663 $ 41,055,016 N/A 4. Portfolio Securities Loaned As of June 30, 1999, certain Master Portfolios had loaned securities which were collateralized by cash. Each Master Portfolio receives transaction fees for providing services in connection with the securities lending program. The risks to the Master Portfolios associated with securities lending are that the borrower may not provide additional collateral when required or return the securities when due. The value of the securities on loan and the value of the related collateral were as follows: [Download Table] Securities Collateral ----------- ----------- Master Portfolio Bond Index Master Portfolio......................... $27,349,853 $27,958,000 Extended Index Master Portfolio..................... -- -- S&P 500 Index Master Portfolio...................... $44,668,152 $45,893,935 5. Financial Highlights The portfolio turnover rates, excluding short-term securities, for the Master Portfolios are as follows: [Download Table] For the For the For the For the For the Period Ended Year Ended Year Ended Year Ended Year Ended June 30, February 28, February 28, February 28, February 29, 1999 1999 1998 1997 1996 ------------ ------------ ------------ ------------ ------------ Master Portfolio Bond Index Master Portfolio...... 11%** 28% 59% 39% 21% Extended Index Master Portfolio...... 13%** N/A N/A N/A N/A S&P 500 Index Master Portfolio...... 1%** 11% 6% 4% 2% U.S. Equity Index Master Portfolio...... N/A N/A N/A N/A N/A ------ ** Period from March 1, 1999 to June 30, 1999 (not annualized). 76
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Schedule of Investments June 30, 1999 (Unaudited) [Download Table] ------------------------------------------------------------ MIP Extended Index Portfolio Shares Value ------------------------------------------------------------ COMMON STOCKS--96.2% ------------------------------------------------------------ Advertising--0.8% *24/7 Media, Inc. 792 $ 30,492 *AdForce, Inc. 700 16,450 *Catalina Marketing Corporation 817 75,164 *Cyrk International, Inc. 691 4,189 *DoubleClick, Inc. 1,710 156,893 *e4L, Inc. 1,439 10,343 *Flycast Communications Corporation 400 7,650 *Getty Images, Inc. 1,366 25,783 *Grey Advertising, Inc 55 18,315 *Ha-Lo Industries, Inc. 2,104 20,777 *Healthworld Corporation 300 3,375 *K2 Design, Inc. 400 1,150 *Lamar Advertising Company 1,876 76,799 *Leapnet, Inc. 600 1,388 *Modem Media Poppe Tyson, Inc. 200 4,575 *Obie Media Corporation 200 2,550 *Outdoor Systems, Inc. 8,248 301,042 Penton Media, Inc. 1,119 27,136 *Princeton Video Image, Inc. 200 906 RH Donnelley Corporation 1,530 29,931 *Snyder Communications, Inc. 3,286 107,617 The Ackerly Group, Inc. 920 16,733 *theglobe.com, Inc. 922 18,152 *TMP Worldwide, Inc. 1,605 101,918 True North Communications, Inc. 2,015 60,450 *Xoom.com, Inc. 685 35,963 Young & Rubicam, Inc. 2,962 134,586 ------------ 1,290,327 ------------ Aerospace & Defense--0.5% AAR Corporation 1,240 28,133 *BE Aerospace, Inc. 1,087 20,313 *Coltec Industries 2,821 61,180 Cordant Technologies, Inc. 1,733 78,310 *Ducommun, Inc. 413 4,930 *Edac Technologies Corporation 300 1,256 *First Aviation Services, Inc. 2,400 13,200 GenCorporation, Inc. 1,857 46,889 *Gulfstream Aerospace Corporation 3,244 219,173 *Hawker Pacific Aerospace 3,200 7,600 Heico Corporation Class A 252 6,111 Heico Corporation 309 7,686 *Hi-Shear Technology Corporation 300 1,575 *Kellstrom Industries, Inc. 433 7,902 *Kreisler Manufacturing Corporation 2,500 11,250 *LMI Aerospace, Inc. 376 1,622 Newport News Shipbuilding 1,578 46,551 *Orbital Sciences Corporation 1,647 38,910 *Precision Standard, Inc. 700 2,538 Primex Technologies, Inc. 376 8,108 *Sequa Corporation 564 39,480 *Simula, Inc. 443 2,880 Stewart & Stevenson Services 1,032 15,738 *The Fairchild Corporation Class A 1,431 18,245 [Download Table] ---------------------------------------------------------------------- Shares Value ---------------------------------------------------------------------- Transtechnology Corporation 232 $ 4,568 *TriStar Aerospace Company 928 7,656 United Technologies Corporation 1,366 97,925 *Venturian Corporation 400 2,100 ------------ 801,829 ------------ Airlines--0.6% Airborne Freight Corporation 2,260 62,574 *Airnet Systems, Inc. 519 7,007 *AirTran Holdings, Inc. 2,893 16,635 *Alaska Air Group, Inc. 1,272 53,106 *American West Holdings Corporation Class B 2,024 38,203 *Atlantic Coast Airlines Holdings 859 16,321 *Atlas Air, Inc. 1,604 51,729 Comair Holdings, Inc. 4,380 91,159 *Continental Airlines Class B 2,964 111,521 *Frontier Airlines, Inc. 735 11,852 *Kitty Hawk, Inc. 824 6,489 *Mesa Air Group, Inc. 1,546 11,619 *Mesaba Holdings, Inc. 887 11,309 *Midway Airlines Corporation 517 5,299 *Midwest Express Holdings, Inc. 630 21,420 *Northwest Airlines Corporation Class A 3,635 118,138 *Offshore Logistics, Inc. 991 11,025 Petroleum Helicopters NV 245 3,001 SkyWest, Inc. 1,084 27,032 *Trans World Airlines, Inc. 3,081 15,212 *UAL Corporation 2,376 154,440 ------------ 845,091 ------------ Automotive--1.4% *Aftermarket Technology, Inc. 845 9,612 *Alltrista Corporation 348 11,484 *American Axle & Manufacturing Holdings, Inc. 1,700 23,800 AO Smith Corporation Class B 1,042 29,176 Arvin Industries, Inc. 1,297 49,124 Autocam Corporation 273 3,686 *AutoNation, Inc. 20,898 372,236 Bandag, Inc. 981 34,028 Borg-Warner Automotive, Inc. 1,245 68,475 *Breed Technologies, Inc. 2,359 5,308 *Cannondale Corporation 274 3,117 Clarcor, Inc. 1,091 20,934 Coachmen Industries, Inc. 741 17,228 Collins Industries, Inc. 400 2,400 *Copart, Inc. 1,191 25,309 *Delco Remy International, Inc. 869 9,559 Delphi Automotive Systems Corporation 4,551 84,478 *Dura Automotive Systems, Inc. 522 17,357 *Durakon Inds, Inc. 274 4,298 *Excelsior-Henderson Motorcycle 482 2,892 Exide Corporation 955 14,086 *Featherlite, Inc. 400 2,725 *FinishMaster, Inc. 300 1,819 *Group 1 Automotive, Inc. 917 19,372 Harley-Davidson, Inc. 6,936 377,135 77
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ---------------------------------------------------------------- MIP Extended Index Portfolio Shares Value ---------------------------------------------------------------- COMMON STOCKS--(Continued) ---------------------------------------------------------------- Hastings Manufacturing Company 100 $ 1,356 *Hayes Lemmerz International, Inc. 1,350 39,656 Hertz Corporation Class A 1,820 112,840 *Holiday RV Superstores, Inc. 400 1,650 *Hometown Auto Retailers, Inc.--Class A 400 1,500 Huffy Corporation 434 6,076 *Impco Technologies, Inc. 365 4,654 JLG Industries, Inc. 1,972 40,180 *Keystone Automotive Industries, Inc. 786 13,657 *Lear Corporation 2,983 148,404 *Lithia Motors, Inc. Class A 425 8,713 *Lund International Holdings, Inc. 200 1,250 Mascotech, Inc. 2,062 34,925 *McLaren Automotive Group, Inc. 593 2,891 Meritor Automotive, Inc. 3,088 78,744 *Miller Industries, Inc. 1,720 6,773 Modine Manufacturing Company 1,324 43,113 *Monaco Coach Corporation 557 23,568 *Motorcar Parts & Accessories 487 2,618 *National R V Holdings, Inc. 576 14,148 *Noble International Ltd. 300 4,800 Oshkosh Truck Corporation 405 20,377 *R&B, Inc. 461 3,803 *Raytech Corporation 300 1,238 Regal-Beloit Corporation 935 22,089 *Rush Enterprises, Inc. 397 6,402 *Safety Components International, Inc. 400 2,000 Simpson Industries, Inc. 672 6,888 *Smart Choice Automotive Group, Inc. 2,000 1,375 *Sonic Automotive, Inc. 1,012 13,915 Spartan Motors, Inc. 562 3,232 *Standard Automotive Corporation 200 3,475 Standard Motor Products, Inc. 584 14,308 *Starcraft Corporation 2,600 10,400 *Strattec Security Corporation 206 6,953 Superior Industries International, Inc. 1,224 33,431 *Supreme Inds, Inc. 444 4,301 *TBC Corporation 882 6,229 *The Coast Distribution System, Inc. 300 825 *The Colonel's International, Inc. 1,089 8,712 *The Kroll-O'Gara Company 919 20,275 Titan International, Inc. 771 9,156 *Transportation Components, Inc. 1,093 3,484 *Ugly Duckling Corporation 719 5,213 *United Auto Group, Inc. 1,064 10,906 Wabash National Corporation 1,027 19,898 Winnebago Industries, Inc. 1,020 22,950 Wynn's International, Inc. 841 15,506 ------------ 2,078,495 ------------ [Download Table] ------------------------------------------------------------------ Shares Value ------------------------------------------------------------------ Banking--6.7% 1st Source Corporation 847 $ 27,104 1st State Bank Corporation, Inc. 100 1,925 ABC Bank Corporation 267 3,538 Abington Bank Corporation, Inc. 200 2,700 *ACE Cash Express, Inc. 366 5,170 Alabama National Bank Corporation 387 9,675 Allegiant Bank Corporation, Inc. 285 2,708 Alliance Bank Corporation 422 9,812 AMB Financial Corporation 400 5,050 Ambanc Holding Company, Inc. 246 4,059 Amcore Financial, Inc. 1,295 29,866 Ameriana Bancorp 156 2,594 American Bank Corporation 140 2,958 *American Bancshares, Inc. 223 1,896 American Bank of Connecticut 167 4,081 ANB Corporation 168 3,927 Anchor Bank Corporation Wisconsin, Inc. 1,023 18,223 Anchor Financial Corporation 239 7,947 Andover Bank Corporation, Inc. 239 7,499 Area Bancshares Corporation 700 18,988 Arrow Financial Corporation 230 6,066 ASB Financial Corporation 400 4,850 Associated Banc Corporation 2,831 117,487 Astoria Financial Corporation 2,446 107,471 *Atlantic Bank & Trust Company 181 3,213 Atlantic Financial Corporation 186 3,348 BancFirst Corporation 415 14,214 BancFirst Ohio Corporation 292 7,191 Banco Santander Puerto Rico 1,700 30,706 Bank of Connecticut, Inc. 229 3,950 Bank Corporation South, Inc. 2,598 47,089 Bancwest Corporation 2,547 94,557 Bank of Commerce/San Diego 530 10,799 Bank of Granite Corporation 512 12,608 Bank of South Carolina Corporation 400 5,900 Bank of the Ozarks 169 3,063 *Bank Plus Corporation 868 4,666 Bank Santa Clara California 102 2,576 Bank United Corporation Class A 1,267 50,918 BankAtlantic BanCorp, Inc. Class A 985 7,141 *Bankfirst Corporation 419 3,876 Banknorth Group, Inc. 1,035 34,155 *Bankunited Financial Corporation Class A 657 6,324 Bar Harbor Bankshares 163 3,627 Bay State BanCorp, Inc. 113 2,324 Bay View Capital Corporation 865 17,733 BB&T Corporation 149 5,466 BCSB BankCorporation, Inc. 273 2,321 Belmont Bank Corporation 193 1,930 Berkshire Bank Corporation, Inc. 95 3,806 *Big Foot Financial Corporation 400 6,000 78
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ----------------------------------------------------------------- MIP Extended Index Portfolio Shares Value ----------------------------------------------------------------- COMMON STOCKS--(Continued) ----------------------------------------------------------------- *BOK Financial Corporation 1,954 $ 49,339 Borel Bank & Trust San Mateo 129 2,145 *Boston Private Financial Holdings, Inc. 300 2,250 Bostonfed Bank Corporation, Inc. 192 3,432 Brenton Banks, Inc. 924 14,322 Broad National Bank Corporation 180 4,568 Brodge View Bank Corporation 124 2,153 Brookline Bank Corporation, Inc. 1,301 15,043 Bryn Mawr Bank Corporation 158 4,029 BSB Bank Corporation, Inc. 318 8,586 BT Financial Corporation 580 14,228 *BWC Financial Corporation 200 4,725 California Independent Bank Corporation 350 7,131 Camco Financial Corporation 245 3,231 Camden National Corporation 248 5,177 *Capital Bank Corporation 200 2,025 Capital City Bank Group, Inc. 326 8,150 *Capital Corporation of the West 300 3,750 Capitol Bank Corporation Ltd. 232 4,147 Carolina First Corporation 1,001 24,399 Carolina Southern Bank 152 2,318 Cascade Bank Corporation 229 3,693 *Cascade Financial Corporation 250 3,500 Cathay Bank Corporation, Inc. 401 17,043 Cavalry Bank Corporation, Inc. 274 6,131 CB Bancshares, Inc. 131 4,159 CCB Financial Corporation 1,814 95,915 CCBT Bank Corporation, Inc. 334 6,430 Cenit Bank Corporation, Inc. 178 3,399 *Centennial Bank Corporation 621 8,578 Center BankCorporation, Inc. 210 3,203 *Central Coast BanCorp 238 3,689 Centura Banks, Inc. 1,250 70,469 Century Bank Corporation, Inc. Class A 161 3,089 Century South Banks, Inc. 493 11,093 CFS Bank Corporation, Inc. 846 9,253 CFSB Bank Corporation, Inc. 330 8,126 Charter One Financial, Inc. 7,503 208,677 Chemical Financial Corporation 603 20,992 Chester Valley Bank Corporation 164 2,768 Chittenden Corporation 1,249 39,031 Citizens Banking Corporation 1,257 37,789 Citizens Financial Services, Inc. 124 2,139 *Citizens First Financial Corporation 722 10,469 City Holding Company 752 21,808 City National Corporation 2,053 76,859 *Civic Bank Corporation 207 2,924 CKF Bank Corporation, Inc. 400 6,125 CNB BancShares, Inc. 1,600 91,200 Cnb Financial Corporation 280 4,200 CNBT Bancshares, Inc. 219 2,792 CNY Financial Corporation 239 2,868 Coast Bank Corporation 242 4,901 Coastal Bank Corporation, Inc. 262 4,421 [Download Table] ------------------------------------------------------------------ Shares Value ------------------------------------------------------------------ ------------------------------------------------------------------ Coastal Financial Corporation 231 $ 3,523 Codorus Valley Bank Corporation, Inc. 420 7,455 Colonial BancGroup, Inc. 4,991 69,562 *Colorado Business Bankshares 246 2,829 Columbia Bank Corporation 204 2,703 *Columbia Banking System, Inc. 388 5,966 Comm Bank Corporation, Inc. 98 3,112 Commerce Bank Corporation, Inc. 1,219 52,112 Commerce Bancshares, Inc. 2,754 110,849 *Commerce Bank / Harrisburg 255 6,758 Commercial Bank of New York 237 2,903 Commercial Bankshares, Inc. 165 3,568 Commercial Federal Corporation 2,708 62,792 Commercial National Financial Corporation 161 2,938 Commonwealth Bank Corporation, Inc. 542 9,722 Community Bank Shares of Indiana, Inc. 200 3,625 Community Bank System, Inc. 269 6,826 Community Banks, Inc. 252 5,387 Community Bankshares, Inc. (Tulsa) 582 7,057 Community Bankshares, Inc. (Delaware) 161 4,025 Community Federal BanCorp 193 2,509 Community Financial Corporation 400 4,550 Community First Banking Company 123 2,445 Community First Bankshares, Inc. 2,111 50,400 Community Savings Bankshares 244 3,081 Community Trust Bank Corporation, Inc. 408 9,537 Community West Bancshares 200 1,950 Compass Bancshares, Inc. 4,959 135,119 *Cooperative Bankshares, Inc. 400 4,200 Cornerstone Bank Corporation, Inc. 100 1,450 CORUS Bankshares, Inc. 651 20,710 CoVest Bancshares, Inc. 200 2,975 CPB, Inc. 367 9,726 Cullen/Frost Bankers, Inc. 2,388 65,819 CVB Financial Corporation 739 19,214 Delphos Citizens Bank Corporation, Inc. 400 7,100 Desert Community Bank 354 9,514 Dime Bank Corporation, Inc. 5,191 104,469 Dime Community Bancshares 427 9,928 Downey Financial Corporation 1,258 27,597 Drovers Bancshares Corporation 172 3,913 Eagle Bacshares, Inc. 211 4,378 East Texas Financial Services, Inc. 400 5,650 East West Bank Corporation, Inc. 1,000 10,063 Eastern Virginia Bankshares 190 3,325 EFC Bank Corporation, Inc. 335 3,853 Elmira Savings Bank FSB 342 7,610 Emerald Financial Corporation 379 7,462 79
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ------------------------------------------------------------------ MIP Extended Index Portfolio Shares Value ------------------------------------------------------------------ COMMON STOCKS--(Continued) ------------------------------------------------------------------ *Equitable Federal Savings Bank 400 $ 7,400 ESB Financial Corporation 200 2,625 F&M Bank Corporation, Inc. 634 23,934 Farmers Capital Bank Corporation 278 9,869 FCNB Corporation 288 6,300 *FFBS Bank Corporation, Inc. 326 6,520 FFD Financial Corporation 400 5,800 FFLC Bank Corporation, Inc. 164 2,911 FFW Corporation 400 5,400 FFY Financial Corporation 288 5,328 Fidelity Bank Corporation, Inc. (Indana) 107 2,294 Fidelity Bank Corporation, Inc. (Texas) 400 6,850 Fidelity Bankshares, Inc. 250 4,000 Fidelity Financial of Ohio, Inc. 500 6,000 Fidelity National Corporation 363 3,358 Fifth Third Bank Corporation 55 3,661 Finger Lakes Financial Corporation 200 2,200 First American Corporation 4,768 198,170 First Bank Corporation of North Carolina 135 3,308 First Banking Company 173 3,676 *First Bank of America, Inc. 198 3,601 First Bankshares, Inc. 400 4,600 First Bell Bank Corporation, Inc. 229 4,065 First Busey Corporation Class A 606 15,680 First Charter Corporation 808 19,998 First Citizens BancShares, Inc. 509 41,102 First Citizens Corporation 146 5,512 First Commerce Bancshares, Inc. Class A 583 13,701 First Commonwealth Financial Corporation 1,384 33,043 First Defiance Finl Corporation 301 3,386 First Essex Bank Corporation, Inc. 278 4,518 First Federal of Kentucky 152 3,420 First Federal Bank Corporation, Inc. 600 4,650 *First Federal Bank Corporation 600 4,650 First Federal Bancshares of Arkansas 204 3,774 First Federal Bankshares, Inc. 329 3,167 First Federal Capital Corporation 681 10,045 First Federal of East Hartford 138 3,657 First Financial Bank Corporation 1,619 36,630 First Financial Bankshares, Inc. 426 13,526 First Financial Corporation 400 4,900 First Financial Corporation 322 12,176 First Financial Holdings, Inc. 501 9,394 First Franklin Corporation 400 5,300 *First Georgia Holding, Inc. 900 5,400 First Independence Corporation 400 4,300 First Indiana Corporation 468 10,004 First International Bak Corporation, Inc. 355 4,615 [Download Table] ------------------------------------------------------------------ Shares Value ------------------------------------------------------------------ ------------------------------------------------------------------ First Keystone Financial, Inc. 400 $ 5,250 First Liberty Financial Corporation 500 15,688 First Mariner Bank Corporation 400 4,400 First Merchants Corporation 371 8,811 First Midwest Bank Corporation, Inc. 1,299 51,635 First Midwest Financial, Inc. 400 5,825 First Mutual Savings Bank 220 2,640 First Northern Capital Corporation 324 3,746 First Oak Brook Bancshares Class A 164 3,301 First of Long Island Corporation 114 4,104 First Philson Financial Corporation 100 4,050 First Place Financial Corporation 100 1,231 *First Republic Bank 324 9,376 First Savings Bank Corporation, Inc. 166 3,320 First Security Corporation 8,577 233,723 First SecurityFed Financial, Inc. 200 2,300 First Sentinel Bank Corporation, Inc. 1,930 17,129 First Southern Bancshares 400 4,500 First State Bank Corporation 152 2,945 First Tennessee National Corporation 5,737 219,799 First United Bancshares, Inc. 1,131 21,065 First United Corporation 227 3,490 First Virginia Banks, Inc. 2,240 110,040 First Washington Bank Corporation, Inc. 421 8,446 First West Virgina Bank Corporation, Inc. 200 4,400 First Western Bank Corporation, Inc. 497 16,650 Firstbank Corporation 1,333 30,076 Firstfed America Bank Corporation, Inc. 289 3,883 *FirstFed Financial Corporation 945 18,191 Firstmerit Corporation 3,990 111,969 FirstSpartan Financial Corporation 146 3,395 Flag Financial Corporation 200 2,000 Flagstar Bank Corporation, Inc. 611 15,428 *Florida Banks, Inc. 200 1,563 *FloridaFirst Bank Corporation 200 1,725 Flushing Financial Corporation 414 6,365 FMS Financial Corporation 200 1,875 FNB Corporation (North Carolina) 794 21,438 FNB Corporation (Pennsylvania) 134 2,848 FNB Financial Services Corporation 153 2,333 Foothill Independent Bank Corporation 220 2,998 Frontier Financial Corporation 704 17,248 FSF Financial Corporation 400 5,675 FVNB Corporation 106 3,127 F&M Bank Corporation 387 12,989 F&M National Corporation 979 32,491 GA Financial, Inc. 263 3,846 80
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ---------------------------------------------------------------- MIP Extended Index Portfolio Shares Value ---------------------------------------------------------------- COMMON STOCKS--(Continued) ---------------------------------------------------------------- Gaston Federal Bank Corporation, Inc. 201 $ 2,563 GBC Bank Corporation 633 12,818 German American Bank Corporation 319 5,682 GFSB Bank Corporation, Inc. 400 5,400 Glacier Bank Corporation, Inc. 338 7,901 Gold Banc Corporation, Inc. 410 5,381 *Golden State Bank Corporation 5,756 126,632 Grand Premier Financial, Inc. 810 10,024 Granite State Bankshares, Inc. 218 5,041 Great Southern Bank Corporation, Inc. 289 7,695 Greater Bay Bank Corporation 429 14,264 Greater Community Bank Corporation 200 2,000 Greater Delaware Valley Savings Bank 200 1,825 Green Street Financial Corporation 182 2,116 Greenpoint Financial Corporation 4,780 156,844 GS Financial Corporation 400 4,375 Guaranty Federal Bancshares, Inc. 200 2,350 Guaranty Financial Corporation 400 4,550 *Gulf West Banks, Inc. 296 2,535 Habersham Bank Corporation 400 5,800 *Hallmark Capital Corporation 200 2,275 *Hamilton Bank Corporation, Inc. 370 8,880 Hancock Holding Company 468 21,002 Harbor Florida Bancshares, Inc. 1,383 16,942 Harleysville National Corporation 259 9,259 Harleysville Savings Bank 506 7,970 Harrington Financial Group, Inc. 600 4,350 Harris Financial, Inc. 1,507 16,294 Haven Bank Corporation, Inc. 326 5,216 *Hawthorne Financial Corporation 200 3,250 Heritage Bank Corporation, Inc. 170 2,933 *Heritage Commerce Corporation 165 2,444 Heritage Financial Corporation 443 3,793 *HF Bancorp Inc. 235 0 HF Financial Corporation 212 2,836 High Point Financial Corporation 200 3,438 Highland Bank Corporation, Inc. 282 5,323 Hingham Institution for Savings 400 5,750 HMN Financial, Inc. 241 2,802 Home Bank Corporation 97 2,680 Home City Financial Corporation 400 5,400 Home Federal Bank Corporation 189 5,363 Home Financial Bank Corporation 600 4,350 Hopfed Bank Corporation, Inc. 180 3,960 Horizon Financial Corporation 276 3,778 Hudson River Bank Corporation, Inc. 658 7,320 Hudson United Bank Corporation 2,005 61,418 *Imperial Bank Corporation 1,841 36,475 Independence Community Bank Corporation 3,402 45,927 Independence Federal Savings Bank 400 4,850 [Download Table] --------------------------------------------------------------------- Shares Value --------------------------------------------------------------------- --------------------------------------------------------------------- Independent Bank Corporation (Massachusetts) 548 $ 8,631 Independent Bank Corporation (Michigan) 272 4,726 Indiana United Bank Corporation 176 3,322 Industrial Bank Corporation, Inc. 180 3,645 Interchange Financial Services Corporation 236 3,953 International Bancshares Corporation 790 33,427 InterWest Bank Corporation, Inc. 707 17,675 Investors Financial Services Corporation 600 24,000 Iroquois Bank Corporation, Inc. 200 3,725 Irwin Financial Corporation 969 18,896 ISB Financial Corporation 253 5,440 *ITLA Capital Corporation 200 3,150 Jacksonville Savings Bank 400 3,950 James River Bankshares, Inc. 200 3,125 JeffBanks, Inc. 382 10,863 Jefferson Savings Bank Corporation, Inc. 371 5,148 JSB Financial, Inc. 428 21,775 Kankakee Bank Corporation, Inc. 382 10,219 Keystone Financial, Inc. 2,301 68,023 Klamath First Bank Corporation, Inc. 365 5,475 KSB Bank Corporation, Inc. 400 5,050 Lake Ariel Bank Corporation, Inc. 215 2,526 Lakeland Financial Corporation 213 3,728 Lamar Capital Corporation 100 950 Leeds Federal Bankshares, Inc. 232 2,552 Letchworth Independent 151 2,114 Lexington B&L Financial Corporation 400 4,700 Logansport Financial Corporation 400 4,525 LSB Bancshares, Inc. 321 6,099 M&T Bank Corporation 351 193,050 MAF Bank Corporation, Inc. 1,136 27,548 Mahaska Investment Company 162 2,450 Mahoning National Bank Corporation, Inc. 232 10,150 Main Street Bank Corporation, Inc. 383 5,554 Marshall & Ilsley Corporation 4,745 305,449 Mason-Dixon Bancshares, Inc. 186 8,916 Massbank Corporation 130 4,875 Matewan Bancshares, Inc. 146 3,504 MBLA Financial Corporation 400 9,200 MECH Financial, Inc. 192 7,200 Medford Bank Corporation, Inc. 321 5,898 Mercantile Bankshares 3,194 112,988 Merchants Bank Corporation, Inc. 191 5,348 Merchants Bancshares, Inc. 162 3,686 Merchants New York Bank Corporation, Inc. 434 14,539 Merit Holding Corporation 209 4,729 MetroCorporation Bancshares, Inc. 313 2,700 *Metropolitan Financial Corporation 200 1,525 81
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ----------------------------------------------------------------------------- MIP Extended Index Portfolio Shares Value ----------------------------------------------------------------------------- COMMON STOCKS--(Continued) ----------------------------------------------------------------------------- Metrowest Bank 637 $ 4,459 MFB Corporation 400 8,500 Michigan Financial Corporation 238 7,705 Mid Coast Bank Corporation 600 4,200 Mid Penn Bank Corporation, Inc. 123 2,967 MidAmerica Bank Corporation 457 11,254 Mid-State Bancshares 450 15,188 Midwest Banc Holdings, Inc. 415 7,885 Midwest Bancshares, Inc. 400 5,050 Mississippi Valley Bancshares, Inc. 424 14,045 MNB Bancshares, Inc. 400 3,500 Monterey Bay Bank Corporation, Inc. 167 2,463 Montgomery Financial Corporation 200 1,913 *Mutual Savings Bank 200 2,625 National Bank Corporation of Alaska, Inc. 1,376 36,464 *National Bancshares Corporation of Texas 188 2,985 National City Bank Corporation 326 6,805 National City Bancshares, Inc. 664 21,207 National Commerce Bank Corporation 4,474 97,869 National Penn Bancshares, Inc. 760 17,884 NBT Bank Corporation, Inc. 559 11,460 *Net.B@nk, Inc. 1,078 40,964 New England Community Bank Corporation, Inc. Class A 259 7,139 Newsouth Bank Corporation, Inc. 182 3,231 Niagara Bank Corporation, Inc. 1,331 14,142 North Central Bancshares, Inc. 138 2,312 *North County Bank Corporation 200 3,350 North Fork Bank Corporation, Inc. 6,384 136,059 Northeast Bank Corporation 716 6,892 Northeast Indiana Bank Corporation, Inc. 400 6,000 *Northern Bank of Commerce 300 1,875 Northern States Financial Corporation 164 3,875 Northway Financial, Inc. 309 8,575 Northwest Bank Corporation, Inc. 2,096 20,960 Northwest Equity Corporation 400 9,000 Norwood Financial Corporation 200 4,775 NS&L Bank Corporation 480 6,180 NSD Bank Corporation, Inc. 128 2,816 Nutmeg Federal Savings & Loan 200 1,650 Oak Hill Financial, Inc. 196 3,577 Ocean Financial Corporation 544 9,860 Ohio Valley Banc Corporation 126 3,938 Old Kent Financial Corporation 4,944 207,049 Old National Bank Corporation 1,936 58,201 Old Second Bank Corporation, Inc. 224 6,048 One Valley Bank Corporation, Inc. 1,553 58,238 Orange National Bank Corporation 156 5,460 Oregon Trail Financial Corporation 200 2,550 Oriental Financial Group, Inc. 605 14,596 [Download Table] ---------------------------------------------------------------- Shares Value ---------------------------------------------------------------- Ottawa Financial Corporation 223 $ 4,801 Pab Bankshares, Inc. 271 4,336 Pacific Bank 198 3,774 Pacific Capital Bank Corporation 1,080 34,020 Pacific Century Financial Corporation 3,588 77,366 Pamrapo Bank Corporation, Inc. 127 2,858 Park National Corporation 416 41,600 Parkvale Financial Corporation 233 5,068 Pathfinder Bank Corporation, Inc. 400 3,500 Patriot Bank Corporation 228 2,166 *PBOC Holdings, Inc. 806 8,060 Peekskill Financial Corporation 400 5,300 Pennfed Financial Services, Inc. 339 5,339 Peoples Bancshares, Inc. 200 4,050 Peoples Bank Corporation 232 6,380 Peoples Bank & Trust Company (Georgia) 189 3,213 Peoples Bank (California) 2,891 87,995 Peoples Bank (Florida) 1,627 16,219 Peoples Bank (North Carolina) 102 4,055 Peoples Bank (Virginia) 145 2,719 Peoples Bank 465 8,835 Peoples Financial Corporation 200 1,925 Peoples Holding Company 215 6,988 Permanent Bank Corporation, Inc. 200 2,000 *PFF Bank Corporation, Inc. 569 10,669 PHS Bank Corporation, Inc. 400 4,100 Pinnacle Banc Group, Inc. 276 8,780 Pinnacle Bancshares, Inc. 800 7,900 Pittsburgh Home Financial Corporation 400 5,325 Popular, Inc. 6,068 183,936 Premier Bancshares, Inc. 1,113 20,382 Premier Financial Bank Corporation 234 3,218 Premier National Bank Corporation, Inc. 577 11,540 Prime Bank Corporation, Inc. 405 11,188 Prime Bancshares, Inc. 379 6,775 Princeton National Bank Corporation 171 2,586 Progress Financial Corporation 235 3,437 Prosperity Bancshares, Inc. 231 3,378 Provident Bankshares Corporation 1,139 26,482 Provident Financial Group 1,918 83,913 Provident Financial Holdings, Inc. 200 4,000 PVF Capital Corporation 200 2,875 Omega Financial Corporation 401 13,935 *Quad City Holdings, Inc. 200 3,550 *Quaker City Bank Corporation, Inc. 200 3,300 Queens County Bank Corporation, Inc. 951 30,789 Redwood Empire Bank Corporation 151 3,605 Reliance Bank Corporation, Inc. 320 8,840 Republic Bank Corporation, Inc. Class A 540 6,278 Republic Bank Corporation, Inc. 1,673 25,409 *Republic Bancshares, Inc. 454 9,307 82
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] --------------------------------------------------------------------- MIP Extended Index Portfolio Shares Value --------------------------------------------------------------------- COMMON STOCKS--(Continued) --------------------------------------------------------------------- Republic Banking Corporation 951 $ 18,307 *Republic First Bank Corporation, Inc. 248 1,984 Republic Security Financial Corporation 2,115 17,713 Resource Bankshares Corporation 200 3,900 Riggs National Corporation 1,371 28,191 Riverview Bank Corporation 259 2,914 Roslyn Bank Corporation, Inc. 3,452 59,331 Royal Bancshares Class A 274 4,453 R&G Financial Corporation Class B 374 6,358 Sandy Spring Bank Corporation, Inc. 354 9,824 Seacoast Banking Corporation 184 5,612 Second Bank Corporation, Inc. 573 16,760 Shoreline Financial Corporation 338 10,161 SierraWest Bank Corporation 194 5,953 *Silicon Valley Bancshares 923 22,844 Simmons First National Corporation Class A 211 6,778 SJNB Financial Corporation 110 3,328 Skaneateles Bank Corporation, Inc. 400 10,400 Sky Financial Group, Inc. 2,096 57,116 SNB Bancshares, Inc. 200 4,000 Sound Federal Bank Corporation 233 2,199 South Alabama Bank Corporation 240 3,090 Southside Bankshares Corporation 320 3,620 Southwest Bank Corporation, Inc. 140 3,150 *Southwest Bank (Texas) 1,438 25,884 Southwest Georgia Financial Corporation 134 2,647 Sovereign Bank Corporation, Inc. 7,131 86,463 St Francis Capital Corporation 340 7,310 St Paul Bank Corporation, Inc. 1,861 47,456 State Bank Corporation, Inc. 254 4,055 State Financial Services Corporation Class A 371 5,658 StateFed Financial Corporation 200 2,225 Staten Island Bank Corporation, Inc. 1,992 35,856 Statewide Financial Corporation 200 4,650 Sterling Bank Corporation 303 5,757 Sterling Bancshares, Inc. 995 13,308 Sterling Financial Corporation 237 8,117 *Sterling Financial Corporation 360 4,973 Stone Street Bank Corporation, Inc. 548 10,960 Suffolk Bank Corporation 224 6,216 Summit Bancshares, Inc. 240 4,170 *Summit Financial Corporation 200 2,925 Sun Bank Corporation, Inc. 252 6,080 *Sun Bank Corporation, Inc. (New Jersey) 246 4,305 Susquehanna Bancshares, Inc. 1,604 28,371 SY Bank Corporation, Inc. 242 6,050 [Download Table] ---------------------------------------------------------------- Shares Value ---------------------------------------------------------------- S&T Bank Corporation, Inc. 1,236 $ 31,209 TCF Financial Corporation 3,887 108,350 *Telebanc Financial Corporation 1,306 50,608 Texas Regional Bancshares Class A 644 17,509 TF Financial Corporation 129 2,451 *The Banc Corporation 390 4,168 The Savannah Bank Corporation, Inc. 336 7,392 The Trust Company of New Jersey 885 20,798 Thistle Group Holdings Company 402 3,543 TIB Financial Corporation 300 3,225 Timberland Bank Corporation, Inc. 267 3,137 Tompkins County Trustco, Inc. 179 5,818 Triangle Bank Corporation, Inc. 1,125 19,055 Trico Bancshares 259 4,792 Trust Company Bank Corporation 1,198 32,196 Trustmark Corporation 3,256 74,481 Twin City Bank Corporation, Inc. 400 5,150 *Ucbh Holdings, Inc. 344 6,171 UMB Financial Corporation 907 38,888 Union Bankshares Corporation 276 5,279 Unionbancal Corporation 7,839 283,184 United Bank Corporation, Inc. 125 2,250 United Bankshares, Inc. 1,924 50,986 United Community Financial Corporation 1,435 21,077 United National Bank Corporation 551 13,086 *United Panam Financial 772 2,509 *United Security Bank Corporation 200 2,600 Unity Bank Corporation, Inc. 100 1,175 US Trust Corporation 832 76,960 USB Holding Company, Inc. 583 8,927 USBank Corporation, Inc. 503 7,922 UST Corporation 1,912 57,838 *Vail Banks, Inc. 259 2,687 Valley National Bank Corporation 2,744 78,890 *VIB Corporation 369 3,321 Virginia Capital Bancshares, Inc. 200 3,050 *Virginia Commerce Bank 440 6,270 Vista Bank Corporation, Inc. 176 3,344 VRB Bank Corporation 388 2,813 Wachovia Corporation 112 9,583 Warren Bank Corporation, Inc. 354 2,921 Warwick Community Bank Corporation 243 3,098 Washington Federal, Inc. 2,507 56,251 Washington Trust Bank Corporation, Inc. 368 6,624 Webster Financial Corporation 1,694 45,950 WesBanco, Inc. 935 28,050 West Coast Bank Corporation 524 9,170 Westamerica Bank Corporation 1,808 65,992 WestCorporation 976 10,980 Westerfed Financial Corporation 206 3,373 Western Bank Corporation 926 40,281 Western Ohio Financial Corporation 96 2,424 Westernbank Puerto Rico 1,889 24,675 83
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ---------------------------------------------------------------------- MIP Extended Index Portfolio Shares Value ---------------------------------------------------------------------- COMMON STOCKS--(Continued) ---------------------------------------------------------------------- WHG Bancshares Corporation 400 $ 3,450 Whitney Holding Corporation 1,045 41,539 Winton Financial Corporation 300 3,825 *Wintrust Financial Corporation 300 5,288 Wood Bank Corporation, Inc. 120 2,310 WSFS Financial Corporation 437 6,418 WVS Financial Corporation 159 2,405 Yardville National BnaCorporation 222 2,775 York Financial Corporation 352 5,148 Zions Bank Corporation 3,498 222,123 ------------ 10,163,763 ------------ Beverages, Food & Tobacco--1.9% *800-JR Cigar, Inc. 567 7,017 *Agribrands International, Inc. 477 18,871 Alico, Inc. 259 4,015 Amcon Distributing Company 200 2,000 *American Italian Pasta Company Class A 809 24,573 *Aurora Foods, Inc. 2,997 52,448 *Balance Bar Company 418 2,534 *Ben & Jerry's Homemade, Inc. Class A 267 7,409 *Beringer Wine Estates Holdings, Inc. Class B 808 33,759 Bob Evans Farms, Inc. 1,833 36,431 *Boston Beer Company, Inc. Class A 604 4,870 Bridgeford Food Corporation 419 4,504 Brooke Group Ltd. 937 21,902 *Bush Boake Allen, Inc. 862 25,214 *Cadiz, Inc. 1,489 14,052 Cagle's, Inc. Class A 214 3,852 *Canandaigua Brands, Inc. Class A 799 41,898 *Celestial Seasonings, Inc. 307 6,601 *Chalone Wine Group Ltd. 320 3,120 Chiquita Brands International, Inc. 2,926 26,334 *Chock Full O' Nuts 484 5,052 Coca-Cola Bottling Company 374 20,944 Corn Product International, Inc. 1,603 48,791 Dean Foods Company 1,960 81,463 *Del Monte Foods Company 2,596 43,483 *Delicious Brands, Inc. 191 1,695 Dimon, Inc. 1,642 8,518 Dole Food Company 2,650 77,844 Dreyer's Grand Ice Cream, Inc. 1,221 18,468 Earthgrains Company 1,923 49,637 Farmer Brothers Company 86 17,200 Fleming Company, Inc. 1,711 19,890 Flowers Industries, Inc. 4,466 96,856 *Fresh America Corporation 196 2,744 *Fresh Del Monte Produce, Inc. 2,629 37,135 *Gardenburger, Inc. 319 2,811 *Geerlings & Wade, Inc. 200 1,600 *General Cigar Holdings, Inc. 442 3,453 Golden Enterprises 544 2,040 [Download Table] ---------------------------------------------------------------- Shares Value ---------------------------------------------------------------- *Golden State Vintners, Inc. Class B 229 $ 1,403 *Green Mountain Coffee, Inc. 100 684 *Gumtech International, Inc. 270 2,768 *Hansen Natural Corporation 400 1,750 *Hines Horticulture, Inc. 814 8,140 *Holt's Cigar Holdings, Inc. 300 1,313 *Horizon Organic Holding Corporation 354 5,177 Hormel Foods Corporation 3,293 132,543 IBP, Inc. 4,153 98,634 Imperial Sugar Company 1,185 8,221 *International Home Foods, Inc. 3,465 63,886 International Multifoods Corporation 838 18,907 Interstate Bakeries Corporation 3,220 72,249 *J&J Snack Foods Corporation 332 7,968 JM Smucker Company 1,303 28,992 *Keebler Foods Company 3,761 114,240 Lancaster Colony Corporation 1,893 65,309 Lance, Inc. 1,341 20,953 Maui Land & Pineapple Company 321 4,935 McCormick & Company, Inc. 3,452 108,954 *Merkert American Corporation 266 2,527 Michael Foods, Inc. 948 22,278 *Midwest Grain Products, Inc. 357 3,972 *M&F Worldwide Corporation 761 6,040 Nabisco Holdings Corporation Class A 2,299 99,432 Nash F, Inc. Company 418 4,219 *National Beverage Corporation 681 6,214 Northland Cranberries Class A 727 6,134 *Odwalla, Inc. 100 775 *Omega Protein Corporation 895 4,699 *Orange Corporation, Inc. 461 2,507 *Pepsi Cola Puerto Rico 792 4,356 *Performance Food Group Company 862 23,436 Pilgrim's Pride Corporation Class B 1,234 37,020 *RalCorporation Holdings, Inc. 1,428 22,937 *Rica Foods, Inc. 336 3,948 Richfood Holdings, Inc. 2,133 37,594 Riviana Foods, Inc. 667 12,506 Sanderson Farms, Inc. 1,029 14,663 Seaboard Corporation 66 22,440 *Seneca Foods Corporation Class A 400 5,300 *Smart & Final, Inc. 830 8,715 *Smithfield Foods, Inc. 1,979 66,173 Standard Commercial Corporation 573 3,366 *Suiza Foods Corporation 1,566 65,576 *Suprema Specialties, Inc. 400 2,775 *Sylvan, Inc. 285 3,313 Tasty Baking 288 3,546 *The Hain Food Group, Inc. 495 10,209 The Pepsi Bottling Group, Inc. 7,100 163,744 *The Robert Mondavi Corporation Class A 362 13,168 84
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ---------------------------------------------------------------- MIP Extended Index Portfolio Shares Value ---------------------------------------------------------------- COMMON STOCKS--(Continued) ---------------------------------------------------------------- Tootsie Roll Industries, Inc. 1,497 $ 57,822 Tyson Food, Inc. 10,342 232,695 *United Natural Foods, Inc. 813 20,122 Universal Corporation 1,506 42,827 Universal Foods Corporation 2,290 48,376 US Foodservice, Inc. 2,115 90,152 *Vacu-Dry Company 400 3,900 Weider Nutrition International 414 1,708 Whitman Corporation 4,513 81,234 *WLR Foods, Inc. 605 4,916 Worthington Foods, Inc. 454 7,491 *Yocream International, Inc. 200 988 Zapata Corporation 880 7,480 ------------ 2,931,347 ------------ Building Materials--0.8% Amcol International Corporation 1,498 21,534 Andersons, Inc. 301 3,838 Apogee Enterprises, Inc. 1,019 13,693 *Barnett, Inc. 697 5,228 *Cameron Ashley Building Prods 418 4,363 *CapRock Communications Corporation 1,494 60,507 CARBO Ceramics, Inc. 538 16,375 Centex Construction Products, Inc. 909 31,020 Chemed Corporation 362 12,037 *Comfort Systems USA, Inc. 1,659 29,862 *Continental Materials Corporation 100 1,925 Elcor Corporation 580 25,339 Florida Rock Industries, Inc. 845 38,448 *Giant Cement Holding, Inc. 339 7,755 *Group Maintenance America Corporation 1,411 18,255 *Integrated Electrical Services, Inc. 1,292 20,834 *International Smart Sourcing, Inc. 200 1,000 Johns Manville Corporation 7,095 92,235 Kennametal, Inc. 1,336 41,416 Lafarge Corporation 3,201 113,435 Lawson Products, Inc. 398 10,025 Lone Star Industries, Inc. 1,057 39,704 Martin Marietta, Inc. 2,083 122,897 Noland Company 136 2,754 *Plymouth Rubber Company, Inc.--Class A 400 3,150 Puerto Rican Cement Company, Inc. 198 6,571 *Rock of Ages Corporation 174 1,784 *Schuff Steel Company 300 1,781 *Service Experts, Inc. 779 17,089 Southdown, Inc. 1,722 110,639 *Swiss Army Brands, Inc. 353 3,133 United States Lime & Minerals, Inc. 600 4,575 USG Corporation 2,223 124,488 Vulcan Materials Company 4,497 216,980 Watts Industries, Inc. 1,201 23,044 *Wickes, Inc. 500 3,094 Wolohan Lumber Company 262 3,210 ------------ 1,254,017 ------------ [Download Table] ------------------------------------------------------------------ Shares Value ------------------------------------------------------------------ Chemicals--1.5% A Schulman, Inc. 1,488 $ 25,575 Aceto Corporation 299 3,439 *Advanced Technical Products, Inc. 200 2,613 *AEP Industries, Inc. 445 13,461 *Airgas, Inc. 3,151 38,600 Albemarle Corporation 2,102 48,609 *American Pacific Corporation 367 3,097 American Vanguard Corporation 200 1,075 *Applied Extrusion Tech, Inc. 496 3,782 Arch Chemicals, Inc. 1,000 24,313 *Atlantis Plastics, Inc. Class A 600 8,400 *Balchem Corporation--Class B 200 1,150 Brady Corporation Class A 1,007 32,728 *Brunswick Technologies, Inc. 1,700 9,244 Cabot Corporation 3,077 74,425 Calgon Carbon Corporation 1,436 8,526 Cambrex Corporation 1,090 28,613 *CFC International, Inc. 800 8,600 Chase Corporation 100 1,163 *ChemFirst, Inc. 841 20,447 Church & Dwight Company, Inc. 862 37,497 CPAC, Inc. 303 2,538 Crompton & Knowles Corporation 3,224 63,070 *Cytec Industries, Inc. 1,935 61,678 *Denali, Inc. 200 1,500 *Detrex Corporation 200 1,250 *Eco Soil Systems, Inc. 815 4,381 Ethyl Corporation 3,734 22,404 Ferro Corporation 1,585 43,588 *Foamex International, Inc. 922 5,129 Fuller (H B) Company 625 42,734 Furon Company 1,079 20,501 Gentek, Inc. 933 12,945 Geon Company 1,045 33,701 Georgia Gulf Corporation 1,379 23,271 *Gundle/SLT Environmental, Inc. 588 2,499 Hanna (M A) Company 2,218 36,458 Hawkins Chemical, Inc. 418 3,396 *Home Products International, Inc. 456 3,876 IMC Global, Inc. 5,115 90,152 *JLM Industries, Inc. 500 2,625 *Landec Corporation 573 2,149 Lesco, Inc. 309 5,910 Lilly Industries, Inc. Class A 1,038 19,268 Liqui-Box Corporation 171 9,191 Lubrizol Corporation 2,466 67,199 Lyondell PetroChemical 5,142 106,054 MacDermid, Inc. 1,124 52,266 *McWhorter Technologies, Inc. 381 5,501 Millennium Chemicals, Inc. 3,474 81,856 Minerals Technologies, Inc. 985 54,975 Mining Services International Corporation 200 950 Mississippi Chemical Corporation 1,177 11,549 Myers Industries, Inc. 819 16,380 *Nanophase Technologies Corporation 900 2,025 NL Industries, Inc. 2,332 25,944 85
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ------------------------------------------------------------------------ MIP Extended Index Portfolio Shares Value ------------------------------------------------------------------------ COMMON STOCKS--(Continued) ------------------------------------------------------------------------ Northern Technologies International Corporation 100 $ 713 *NuCo2, Inc. 322 2,818 OEA, Inc. 759 6,736 Olin Corporation 2,093 27,601 OM Group, Inc. 1,060 36,570 O'Sullivan Corporation 575 7,008 Penford Corporation 271 4,404 Premark International, Inc. 2,760 103,500 Raven Industries, Inc. 210 3,360 *Reunion Industries, Inc. 1,900 6,531 Rollins, Inc. 1,366 21,771 RPM, Inc. 4,947 70,186 Solutia, Inc. 5,427 115,663 *Southwall Technologies, Inc. 200 800 Spartech Corporation 1,202 38,013 *Spinnaker Industries, Inc. Class A 159 2,047 *Spinnaker Industries, Inc. 168 2,247 *Surmodics, Inc. 324 5,306 *Synthetech, Inc. 635 3,453 *Syntroleum Corporation 992 8,866 Terra Industries, Inc. 3,350 13,400 Terra Nitrogen Company LP 682 6,564 The Dexter Corporation 1,041 42,486 The Flamemaster Corporation 200 1,138 *The Scotts Company Class A 835 39,767 The Standard Products Company 903 23,139 *Triple S Plastics, Inc. 200 850 Tuscarora, Inc. 350 4,747 *Uniroyal Technology Corporation 560 6,580 *US Home & Garden, Inc. 881 3,304 USEC, Inc. 4,474 66,551 *US Plastic Lumber Company 1,054 10,474 Valhi, Inc. 5,722 63,657 *Valley National Gases, Inc. 430 1,774 Valspar Corporation 1,955 74,290 *Vertex Pharmaceuticals, Inc. 1,133 27,334 *Viskase Companies, Inc. 664 2,739 Vulcan International Corporation 200 7,300 Wellman, Inc. 1,400 22,313 West Pharmaceutical Services, Inc. 671 26,337 ------------ 2,246,607 ------------ Coal--0.1% Arch Coal, Inc. 1,765 24,489 *CONSOL Energy, Inc. 3,300 39,600 Penn Virginia Corporation 330 6,518 ------------ 70,607 ------------ Commercial Services--3.5% Aaron Rents, Inc. Class A 171 3,078 *Abacus Direct Corporation 438 40,077 ABM Industries, Inc. 956 29,337 *Access Worldwide Comm, Inc. 601 3,756 *ACMAT Corporation Class A 300 4,425 *Acnielson Corporation 2,555 77,289 [Download Table] ---------------------------------------------------------------- Shares Value ---------------------------------------------------------------- *Acsys, Inc. 645 $ 2,459 *Administaff, Inc. 535 8,560 *ADVO, Inc. 1,002 20,792 *Affymetrix, Inc. 1,027 50,708 *AHL Services, Inc. 930 23,192 Airlease Ltd.--LP 206 2,382 *Alternative Resources Corporation 688 4,816 *Ambassadors International, Inc. 365 5,429 American Business Products, Inc. 698 10,645 *Amtran, Inc. 737 18,149 Angelica Corporation 322 5,675 *Apollo Group, Inc. Class A 3,463 91,986 *Applied Analytical Industries, Inc. 732 8,235 *Applied Graphics Technologies, Inc. 1,125 14,203 *ASI Solutions, Inc. 300 2,475 *Atrix Laboratories, Inc. 416 4,004 *Aurora Biosciences Corporation 626 4,539 *Automobile Protection Corporation 434 5,561 *Barrett Business Services, Inc. 200 1,700 *Barringer Technologies, Inc. 640 4,140 *Berlitz International, Inc. 351 6,450 *Bestway, Inc. 100 881 *Billing Concepts Corporation 1,628 18,213 *Bionova Holding Corporation 2,500 8,438 *Bioreliance Corporation 349 2,269 *Bio-Technology General Corporation 2,179 14,164 Blount International, Inc. Class A 1,661 45,158 *Blue Rhino Corporation 481 4,419 Bowne & Company, Inc. 1,646 21,398 *Bright Horizons Family Solutions, Inc. 419 7,909 *Brookdale Living Communities, Inc. 426 6,310 *Building One Services Corporation 2,116 29,360 *Business Resource Group 400 1,325 *Butler International, Inc. 300 4,013 Cadmus Communications Corporation 290 3,988 *Caliber Learning Network, Inc. 300 1,425 *Capital Senior Living Corporation 727 7,270 *Career Education Corporation 319 10,786 *Careerbuilder, Inc. 700 9,188 *Carriage Services, Inc. Class A 507 9,506 *Catalytica, Inc. 1,261 17,654 *CDI Corporation 862 29,362 *Celgene Corporation 605 10,625 Central Parking Corporation 1,522 52,129 *Cephalon, Inc. 1,159 20,138 *Charles River Associates, Inc. 372 9,323 *Childrens Comprehensive Services 270 1,873 *Childtime Learning Centers, Inc. 200 2,950 *Choicepoint, Inc. 655 43,967 *Clintrials, Inc. 672 3,360 *Coach USA, Inc. 1,136 47,641 *Coinmach Laundry Corporation 467 5,925 *Coinstar, Inc. 761 21,831 *Collateral Therapeutics, Inc. 387 8,901 *Comarco, Inc. 197 3,903 86
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ------------------------------------------------------------------ MIP Extended Index Portfolio Shares Value ------------------------------------------------------------------ COMMON STOCKS--(Continued) ------------------------------------------------------------------ *Comforce Corporation 719 $ 2,157 *Compass International Svcs 508 3,556 *Comps.com, Inc. 200 1,475 *Computer Learning Center 780 3,851 *Concepts Direct, Inc. 200 1,850 *Concord EFS, Inc. 5,651 239,108 *Conrad Industries, Inc. 300 1,500 *Consolidated Graphics, Inc. 626 31,300 *Convergys Corporation 6,823 131,343 *COR Therapeutics, Inc. 996 14,691 *Corinthian Colleges, Inc. 600 11,325 *Cornell Corrections, Inc. 427 7,019 *Correctional Services Corporation 287 2,188 *Corrpro Companies, Inc. 300 2,588 *CORT Business Services Corporation 482 11,538 *CSS Industries, Inc. 480 13,500 *Cubist Pharmaceuticals, Inc. 744 2,930 *Cunningham Graphics International, Inc. 236 3,924 *CuraGen Corporation 500 4,000 *CV Therapeutics, Inc. 500 2,750 *Data Processing Resources Corporation 542 12,805 *Data Transmission Network Corporation 424 11,925 Delta & Pine Land Company 1,714 53,991 *DeVry, Inc. 3,101 69,385 *Diamond Technology Partners, Inc. 342 7,652 *Digital Courier Tech, Inc. 997 5,857 *Dispatch Management Services Corporation 1,400 3,894 *DualStar Technologies Corporation 400 2,075 Duff & Phelps Credit Rating Company 171 11,436 *Eagle USA Airfreight, Inc. 938 39,806 *Earl Scheib, Inc. 1,000 4,750 *Education Management Corporation 1,305 27,079 *Emisphere Technologies, Inc. 505 3,567 *Employee Solutions, Inc. 800 950 *EntreMed, Inc. 578 13,005 *Exponent, Inc. 300 2,100 *First Consulting Group, Inc. 994 10,561 *flightserv.com 400 975 *Franklin Covey Company 1,025 7,559 *FYI, Inc. 606 19,013 G&K Services, Inc. Class A 916 47,976 Galileo International, Inc. 4,694 250,836 General Employment Enterprises, Inc. 200 1,100 General Magnaplate Corporation 300 1,031 *Genome Therapeutics Corporation 820 2,460 *Gilman & Ciocia, Inc. 235 2,159 *Global Vacation Group, Inc. 595 2,678 *GRC International, Inc. 457 3,885 [Download Table] ------------------------------------------------------------------ Shares Value ------------------------------------------------------------------ *Griffin Land & Nurseries, Inc. 100 $ 1,125 *GTS Duratek, Inc. 630 3,583 *Hagler Bailly, Inc. 725 7,431 *Hanover Direct, Inc. 5,257 14,785 *Headway Resources Corporation 665 3,076 *Health Risk Management, Inc. 100 988 *Healthcare Recoveries, Inc. 424 2,014 *Healthcare Services Group, Inc. 414 4,037 Healthplan Services Corporation 513 3,495 *Heidrick & Struggles International, Inc. 300 5,700 *ICOS Corporation 2,016 82,278 *ICT Group, Inc. 600 3,000 *Incyte Pharmaceuticals, Inc. 1,241 32,809 *Innovative Valve Technologies, Inc. 1,300 813 *IntelliQuest Information Group, Inc. 300 2,250 *Interim Services, Inc. 2,117 43,663 *International Total Services, Inc. 2,500 7,969 Intrav, Inc. 194 3,444 *Isis Pharmaceuticals, Inc. 1,208 12,307 *IT Group, Inc. 1,012 16,255 *ITT Educational Services, Inc. 1,208 31,484 *IVI Checkmate Corporation 619 1,780 *Jacobs Engineering Group 1,143 43,434 *Jenny Craig, Inc. 763 2,671 *Kaneb 1,158 4,922 Kelly Services, Inc. Class A 1,646 52,878 *Kendle International, Inc. 403 6,448 *Korn/Ferry International 1,600 27,200 Labor Ready, Inc. 1,247 40,528 *Laboratory America Holdings Corporation 1,208 3,473 *LAI Worldwide, Inc. 759 5,076 Landauer, Inc. 317 9,352 *Learning Tree International, Inc. 811 8,870 *Leasing Solutions, Inc. 1,600 1,200 *Mace Security International, Inc. 200 2,025 *Mac-Gray Corporation 495 4,331 Manpower, Inc. 3,542 80,138 *Marlton Technologies, Inc. 400 1,500 *Maxim Pharmaceuticals 365 3,513 *MAXIMUS, Inc. 904 25,990 *MedImmune, Inc. 2,390 161,923 *MedQuist, Inc. 1,548 67,725 *Med/Waste, Inc. 400 400 Merrill Corporation 601 8,715 *Michael Baker Corporation 400 3,025 *Millennium Pharmaceuticals, Inc. 1,552 55,872 *Modis Professional Services 5,002 68,778 *Monro Muffler Brake, Inc. 1,100 8,800 *Moore Medical Corporation 100 1,044 *MPW Industrial Services Group, Inc. 395 3,950 *Myriad Genetics, Inc. 346 3,114 M/A/R/C, Inc. 200 2,900 *National Equipment Services, Inc. 1,079 12,948 *National Research Corporation 2,500 6,094 National Technical Systems, Inc. 300 1,238 *NationsRent, Inc. 1,984 14,136 87
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ------------------------------------------------------------------ MIP Extended Index Portfolio Shares Value ------------------------------------------------------------------ COMMON STOCKS--(Continued) ------------------------------------------------------------------ *Neff Corporation 692 $ 10,683 *NeoPharm, Inc. 364 5,369 *Neurogen Corporation 533 7,795 New England Business Service, Inc. 643 19,853 *Newgen Results Corporation 100 1,200 *Nextera Enterprises, Inc. Class A 700 4,506 *NFO Worldwide, Inc. 954 13,356 *Nichols Research Corporation 519 11,353 *Nielsen Media Research 2,502 73,184 Norrell Corporation 1,230 23,139 *NovaCare Employee Services, Inc. 1,244 3,421 Olsten Corporation 3,636 22,952 *On Assignment, Inc. 489 12,775 *Opinion Research Corporation 200 1,125 *Optika, Inc. 500 2,813 *Organogenesis, Inc. 1,320 12,375 *Orthalliance, Inc. Class A 481 3,547 *Outsource International, Inc. 2,500 9,531 *Packaged Ice, Inc. 700 4,156 *PC Service Source, Inc. 600 2,250 *Pegasus Systems, Inc. 670 25,083 *Perceptron, Inc. 200 913 *Personnel Group of America, Inc. 1,468 14,680 *Pharmaceutical Product Development, Inc. 1,044 28,580 *Pharmacopeia, Inc. 700 7,875 *Possis Medical,, Inc. 556 6,533 *Preferred Employers Holdings 300 1,725 *Pre-Paid Legal Services, Inc. 1,050 28,547 *Profile Technologies, Inc. 100 800 *ProMedCo Management Company 779 2,994 *Prosoft I-Net Solutions, Inc. 572 1,430 *Protection One, Inc. 5,664 30,444 *Provant, Inc. 620 9,649 *Quest Education Corporation 365 3,855 *Questron Technology, Inc. 300 1,153 *Rainbow Rentals, Inc. 265 3,048 *RCM Technologies, Inc. 486 6,440 *Regeneron Pharmaceuticals, Inc. 1,143 8,930 Regis Corporation 1,699 32,600 *Remedy Temp, Inc. 260 3,510 *Rent-A-Center, Inc. 1,117 26,808 *Rental Service Corporation 1,076 30,801 *Rent-Way, Inc. 945 23,271 *Res-Care, Inc. 844 19,201 *Richton International Corporation 800 9,700 *Right Management Consultants, Inc. 200 3,100 *Robert Half International, Inc. 4,093 106,418 *Romac International, Inc. 2,098 18,620 *Safescience, Inc. 588 13,965 *Safety 1st, Inc. 400 2,350 *SCB Computer Technology, Inc. 910 4,778 *Scientific Games Holdings Corporation 441 8,600 *SCP Pool Corporation 529 13,688 [Download Table] ----------------------------------------------------------------------- Shares Value ----------------------------------------------------------------------- *Security Associates International, Inc. 3,200 $ 11,000 *Security Dynamics Technologies, Inc. 1,929 40,991 ServiceMaster Company 13,625 255,469 *SM&A Corporation 739 5,635 *Sos Staffing Services, Inc. 467 2,452 Sotheby's, Inc. 2,545 97,028 *Source Information Management Company 430 5,805 *Staff Leasing, Inc. 828 10,661 *StaffMark, Inc. 1,196 11,997 Standard Register Company 1,228 37,761 Stewart Enterprises, Inc. 4,916 71,589 Stone & Webster, Inc. 583 15,522 *Strategic Distribution, Inc. 500 1,156 Strayer Education, Inc. 702 21,543 *STV Group, Inc. 200 1,538 *Summa Industries 300 3,881 *Superior Consultant Holdings Corporation 460 11,356 *Sylvan Learning Systems, Inc. 2,473 67,235 *Sypris Solutions, Inc. 422 4,075 *TEAM America Corporation 2,100 9,384 *Technisource, Inc. 383 1,987 Tejon Ranch Company 768 20,160 *Tetra Tech, Inc. 1,597 26,351 *The Corporationorate Executive Board Company 700 24,894 *The Metzler Group, Inc. 1,727 47,708 *The Profit Recovery Group International, Inc. 1,164 55,072 *Thomas Group, Inc. 100 894 *Track Data Corporation 648 9,153 *Transkaryotic Therapies, Inc. 855 28,215 *Travel Services International, Inc. 792 9,504 *Trimeris, Inc. 473 6,859 *TRM Copy Centers Corporation 316 2,074 *Tyler Technologies, Inc. 1,472 10,120 *T&W Financial Corporation 309 2,182 *Unidigital, Inc. 200 1,100 UniFirst Corporation 379 6,964 *United International Holdings, Inc. Class A 1,373 92,849 *United Rentals, Inc. 3,060 90,270 *United Road Services, Inc. 579 2,967 *United Shipping and Technology, Inc. 300 863 *URS Corporation 673 19,727 *US Bioscience, Inc. 998 9,731 *US Oncology, Inc. 3,623 43,477 US Timberlands Company L.P. 316 4,424 *US-China Industrial Exchange, Inc. 2,900 19,213 *Valassis Communications, Inc. 2,560 93,760 *Vicon Industries, Inc. 200 1,800 *Vision Twenty-One, Inc. 672 5,586 *Vivid Technologies, Inc. 2,700 9,450 *Volt Information Sciences, Inc. 667 15,258 *Westaff, Inc. 584 3,431 88
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ------------------------------------------------------------------ MIP Extended Index Portfolio Shares Value ------------------------------------------------------------------ COMMON STOCKS--(Continued) ------------------------------------------------------------------ *Whitman Education Group, Inc. 593 $ 3,558 *Whittman-Hart, Inc. 2,289 72,676 *World Access, Inc. 2,090 29,521 World Fuel Services Corporation 455 6,711 *Worldtalk Communications Corporation 300 863 *@plan., Inc. 200 3,000 ------------ 5,295,186 ------------ Communications--7.2% *Able Telecom Holding Corporation 695 5,039 *AboveNet Communications, Inc. 1,346 54,345 *Act Networks, Inc. 546 9,316 *Active Voice Corporation 100 1,450 *ACTV, Inc. 1,667 23,130 *Adaptive Broadband Corporation 672 14,700 *ADC Telecommunications 6,032 274,833 *Adtran, Inc. 1,818 66,130 *Advanced Communications Group 923 9,172 *Advanced Fibre Communications, Inc. 3,685 57,578 *Advanced Radio Telecom Corporation 1,285 18,472 *Aerial Communications, Inc. 1,372 18,522 Aliant Communications, Inc. 1,594 73,623 *Allen Telecom, Inc. 1,111 11,943 *Allstar Systems, Inc. 700 1,181 *American Access Technologies, Inc. 100 1,850 *American Mobile Satellite Corporation 1,384 22,663 *AmerLink Corporation 100 1,950 *Anadigics, Inc. 743 27,491 *Ancor Communications, Inc. 1,726 55,879 *Andrea Electronics Corporation 896 5,824 *ANTEC Corporation 1,593 51,076 *APAC Teleservices, Inc. 1,744 5,668 *Applied Digital Access, Inc. 800 3,600 *Applied Innovation 707 3,314 Applied Signal Technology 375 3,563 *Arch Communications Group, Inc. 267 2,266 *Aspect Telecommunications Corporation 2,288 22,308 Atlantic Tele-Network 319 3,350 AT&T Corporation 515 28,743 *Audiovox Corporation Class A 636 6,996 *Blonder Tongue Laboratories 370 2,313 *Bogen Communications International, Inc. 300 1,931 *Boston Communications Group, Inc. 900 12,094 *Brightpoint, Inc. 2,643 16,023 *Brite Voice Systems, Inc. 585 8,117 *BroadBand Technologies, Inc. 700 1,728 *Broadcast.com, Inc. 1,629 217,573 *B.I., Inc. 1,000 8,500 C F W Communications Company 582 14,114 [Download Table] ---------------------------------------------------------------------- Shares Value ---------------------------------------------------------------------- *Cable Design Technologies Corporation 1,362 $ 21,026 *Carrier Access Corporation 1,056 46,266 *Catapult Communications Corporation 700 13,213 *CD Radio, Inc. 1,037 31,596 *Celeritek, Inc. 200 1,250 *CellNet Data Systems, Inc. 1,894 17,046 *Cellular Communications of Puerto Rico, Inc. 590 16,815 *Centennial Cellular Corporation Class A 2,024 72,105 *Centigram Communications Corporation 320 2,980 *Century Communications Corporation Class A 3,356 154,376 *Channell Commercial Corporation 408 4,080 *Checkpoint Systems, Inc. 1,397 12,486 *Ciena Corporation 4,719 142,455 Cincinnati Bell, Inc. 6,103 152,194 *CMC Industries, Inc. 400 2,725 *Cognitronics Corporation 600 9,188 *Comdial Corporation 594 4,195 *CommNet Cellular, Inc. 1,000 26,250 *Commonwealth Telephone Entrprises, Inc. 823 33,280 Communications Systems, Inc. 324 4,010 *Compu-DAWN, Inc. 1,500 7,031 Comsat Corporation 2,350 76,375 *Comtech Telecommunications Corporation 200 2,125 *Concentric Network Corporation 1,432 56,922 *Concord Communications, Inc. 579 26,055 Conestoga Enterprises, Inc. 257 5,579 *Copper Mountain Networks, Inc. 1,000 77,250 *Cosair Communications, Inc. 1,059 4,501 *Covad Communications Group, Inc. 3,274 174,545 *Coyote Network Systems, Inc. 470 2,541 *C-Phone Corporation 500 984 *Crown Castle International Corporation 5,709 118,819 *CTC Communications Corporation 459 8,951 Cubic Corporation 328 8,036 *Customtracks Corporation 649 36,303 *Cycomm International, Inc. 1,800 1,575 *Data Race, Inc. 1,309 4,336 Davel Communication Group 553 2,972 *Davox Corporation 762 9,096 *Destia Communications, Inc. 1,400 17,325 *Detection Systems, Inc. 283 2,370 *Digital Generation Systems, Inc. 1,021 4,977 *Digital Lightware, Inc. 2,177 13,062 *Digital Microwave Corporation 2,760 35,190 *DSP Communications, Inc. 1,811 52,293 D&E Communications, Inc. 273 5,904 EchoStar Communications Corporation Class A 682 104,644 *Elantec Semiconductor, Inc. 1,500 20,250 *Elcotel, Inc. 602 1,204 89
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ------------------------------------------------------------------- MIP Extended Index Portfolio Shares Value ------------------------------------------------------------------- COMMON STOCKS--(Continued) ------------------------------------------------------------------- *Electric Lightwave, Inc. Class A 382 $ 4,966 *Eltrax Systems, Inc. 1,383 5,964 *Excel Switching Corporation 1,501 44,936 *Executive Telecard Ltd. 300 863 *Executone Information Systems, Inc. 3,300 14,128 *Exodus Communications, Inc. 1,780 213,489 *e.spire Communications, Inc. 2,493 26,332 *FastComm Communications Corporation 2,300 2,516 Federal Signal Corporation 2,027 42,947 *FirstCom Corporation 1,000 8,625 *Fonix Corporation 9,000 2,532 *Franklin Telecommunications Corporation 1,900 4,988 *General Communication, Inc. Class A 2,233 15,177 *General DataComm Industries, Inc. 400 1,050 *Gentner Communications Corporation 400 2,050 *Glenayre Technologies, Inc. 2,286 8,215 Global TeleSystems Group, Inc. 3,686 298,566 *Globecomm Systems, Inc. 405 3,999 *Globix Corporation 452 19,973 *Go Call, Inc. 4,900 9,647 *GST Telecommunications, Inc. 1,636 21,575 Harmon Industries, Inc. 689 13,651 *Harmonic, Inc. 631 36,243 *Hector Communications Corporation 500 5,000 *Hello Direct, Inc. 300 3,131 Hickory Tech Corporation 503 5,596 *HighwayMaster Communications, Inc. 1,600 2,450 *Hungarian Telephone and Cable Corporation 200 1,300 *Hyperion Telecommunications, Inc. Class A 1,161 21,845 *ICG Communications, Inc. 2,158 46,127 *I-Link, Inc. 1,039 4,870 *Intelect Communications, Inc. 1,800 2,588 *InteliData Technologies Corporation 1,100 2,750 *InterDigital Communications Corporation 2,187 10,115 *Intermedia Communications, Inc. 2,274 68,220 Inter-Tel, Inc. 1,168 21,316 *InterVoice, Inc. 1,431 20,660 *Ipc Information Systems, Inc. 397 27,095 *ITC DeltaCom, Inc. 2,594 72,632 *Itron, Inc. 542 4,641 *IXC Communications, Inc. 1,718 67,539 *L-3 Communications Holdings, Inc. 1,424 68,797 *Latitude Communications, Inc. 500 6,500 *LCC International, Inc. Class A 2,600 11,700 *Leap Wireless International, Inc. 855 17,314 *Level 3 Communications, Inc. 15,441 927,415 *Lifeline Systems, Inc. 214 4,120 [Download Table] ------------------------------------------------------------------ Shares Value ------------------------------------------------------------------ *Lightbridge, Inc. 590 $ 7,412 *Loral Space & Communications Ltd. 10,997 197,946 *MarketWatch.com, Inc. 525 30,909 *Mastec, Inc. 1,228 34,691 McLeod, Inc. Class A 3,130 172,150 *Medialink Worldwide, Inc. 237 3,792 *Melita International Corporation 681 9,194 *Message Media, Inc. 2,057 39,083 *Metricom, Inc. 787 15,740 *Metro Networks, Inc. 742 39,604 *Metro One Telecommunications, Inc. 410 5,638 *Metrocall, Inc. 1,510 4,153 *Metromedia Fiber Network, Inc. 6,930 249,047 *MGC Communications, Inc. 732 19,032 *Mosaix, Inc. 522 6,688 *Natural Microsystems Corporation 590 5,642 *NetMoves Corporation 685 3,768 *Network Appliance, Inc. 3,257 181,985 *NEXTLINK Communications, Inc. Class A 1,450 107,844 North Pittsburgh Systems, Inc. 553 9,401 *NorthEast Optic Network, Inc. 792 11,930 *Notify Technology Corporation 200 1,350 *NTL, Inc. 3,291 283,643 *NumereX Corporation Class A 2,900 12,325 *Omnipoint Corporation 2,463 71,273 *Osicom Technologies, Inc. 721 9,193 *Pacific Gateway Exchange, Inc. 858 24,989 *PageMart Wireless, Inc. Class A 1,272 9,620 *Paging Network, Inc. 4,637 22,316 *Pairgain Technologies, Inc. 3,266 37,559 *PanAmSat Corporation 854 33,253 *P-Com, Inc. 2,405 12,589 *Periphonics Corporation 594 9,727 *Picturetel Corporation 1,722 13,776 Pittway Corporation Class A 1,554 53,127 *Plantronics, Inc. 840 54,705 *PLD Telekom, Inc. 3,000 9,375 *Polycom, Inc. 1,424 55,536 *Porta Systems Corporation 500 906 *Powertel, Inc. 1,217 36,358 *Powerwave Technologies, Inc. 971 31,315 *Premiere Technologies, Inc. 2,248 25,852 *Premisys Communications, Inc. 1,187 8,680 *Primus Telecommunications Group 1,354 30,380 *Prodigy Communications Corporation 2,828 73,175 *Proxim, Inc. 498 28,884 *PulsePoint Communications 2,500 14,922 *Qualcom, Inc. 6,836 980,956 *Qwest Communications International, Inc. 31,884 1,054,155 *Razorfish, Inc. 900 33,356 *RCN Corporation 3,017 125,583 *Rural Cellular Corporation Class A 386 7,720 90
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ----------------------------------------------------------------------- MIP Extended Index Portfolio Shares Value ----------------------------------------------------------------------- COMMON STOCKS--(Continued) ----------------------------------------------------------------------- *Sawtek, Inc. 933 $ 42,801 *SCC Communications Corporation 400 1,750 *Seachange International, Inc. 606 10,984 *Shared Technologies Cellular, Inc. 200 1,950 *Sirco International Corporation 900 1,575 *SkyTel Communications, Inc. 2,681 56,133 *Spectralink Corporation 866 4,601 *SpecTran Corporation 200 2,250 *Spectrian Corporation 385 5,583 *Standard Microsystems Corporation 689 5,211 *Stanford Telecommunications, Inc. 578 17,123 *STAR Telecommunications, Inc. 2,890 22,578 *Startec Global Communication 801 9,712 *STM Wireless, Inc. Class A 1,000 3,000 *Symmetricom, Inc. 580 4,713 *TALK.com, Inc. 2,788 31,365 *TALX Corporation 100 725 *Tekelec 2,421 29,506 Telephone & Data System 2,736 199,899 *Telesoft Corporation 200 888 *Teligent, Inc. Class A 365 21,832 *Telscape International, Inc. 200 1,650 *Teltrend, Inc. 319 6,779 *Teltronics, Inc. 600 2,100 *Telular Corporation 900 2,644 *Terayon Communications Systems, Inc. 934 52,187 *Tessco Technologies, Inc. 162 3,483 *The Associated Group, Inc. Class A 1,677 109,215 *The Associated Group, Inc. Class B 300 19,556 *The Titan Corporation 1,512 16,632 *Time Warner Telecom, Inc. Class A 800 23,200 *T-Netix, Inc. 382 1,982 *Tollgrade Communications, Inc. 214 3,264 *Total-Tel Usa Communications 284 5,006 *Transaction Network Services, Inc. 571 16,702 *Tut Systems, Inc. 600 29,363 *Ultrak, Inc. 542 3,184 *United States Cellular Corporation 3,909 209,132 *United States Satellite Broadcasting Co, Inc. 4,018 72,324 *Ursus Telecom Corporation 300 1,088 *US LEC Corporation Class A 581 13,073 *Vari-L Company, Inc. 300 2,569 *Vdc Communications, Inc. 748 2,244 *Veramark Technologies, Inc. 338 2,620 *Vertex Communications 228 3,121 *VerticalNet, Inc. 725 76,034 *VIALOG Corporation 600 2,100 *Viasat, Inc. 357 5,444 *Viatel, Inc. 1,036 58,146 *ViewCast.com, Inc. 469 3,151 *VoiceStream Wireless Corporation 4,326 123,021 [Download Table] -------------------------------------------------------------------- Shares Value -------------------------------------------------------------------- *Voxware, Inc. 800 $ 825 *VTEL Corporation 2,700 11,475 Warwick Valley Telephone Company 89 3,549 *Wavo Corporation 1,628 10,379 *West Teleservices 2,833 26,559 *Westell Technologies, Inc. 806 5,617 *Western Wireless Corporation 1,926 52,002 *WinStar Communications, Inc. 2,133 103,984 *WorldGate Communications, Inc. 1,000 51,250 *WorldPort Communications, Inc. 766 3,399 *XETA Corporation 100 3,075 *Zoom Telephonics, Inc. 2,500 13,516 ------------ 10,996,342 ------------ Computer Software & Processing--11.2% *3D Systems Corporation 517 2,844 *3Do Company 956 4,422 *4Front Software International 590 5,826 *7th Level, Inc. 2,000 9,125 *About.com, Inc. 500 25,938 *ABR Information Services, Inc. 1,200 108,075 *Accerl8 Technology Corporation 1,600 3,200 *Acclaim Entertainment, Inc. 2,403 15,319 *Activision, Inc. 915 13,325 *Actuate Software Corporation 616 16,324 *Acxiom Corporation 3,472 86,583 *Adept Technology, Inc. 381 3,715 *Adrenalin Interactive, Inc. 1,000 3,875 *Advanced Communication Systems 317 4,339 *Advantage Learning Systems, Inc. 1,512 33,453 *Advent Software, Inc. 365 24,455 *Affiliated Computer Services, Inc. Class A 2,134 108,034 *Allaire Corporation 500 34,125 *Alloy Online, Inc. 600 6,863 *Alydaar Software Corporation 2,444 5,805 *Amazon.com, Inc. 7,382 923,663 *America Online, Inc. 77 8,509 *American Management Systems, Inc. 1,878 60,213 *American Software, Inc. Class A 500 2,219 Amplicon, Inc. 436 6,104 *AMX Corporation 371 5,217 *Analogy, Inc. 2,700 8,269 Analysts International Corporation 1,007 14,476 *Ansoft Corporation 617 5,013 *AnswerThink Consulting Group, Inc. 1,528 38,582 *Ansys, Inc. 604 6,002 *AppliedTheory Corporation 700 8,925 *Applix, Inc. 458 4,008 *Ardent Software, Inc. 776 16,490 *ARIS Corporation 511 4,248 *Artificial Life, Inc. 341 5,115 *Artisoft, Inc. 658 3,331 *Aspect Development, Inc. 1,462 27,047 *Aspen Technology, Inc. 1,106 12,996 91
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] -------------------------------------------------------------------- MIP Extended Index Portfolio Shares Value -------------------------------------------------------------------- COMMON STOCKS--(Continued) -------------------------------------------------------------------- *Asymetrix Learning Systems 608 $ 2,508 *At Home Corporation Series A 15,924 858,891 *Atlantic Data Services, Inc. 574 2,511 *audiohighway.com 100 1,313 *autobytel.com, Inc. 800 16,700 *Autoweb.com, Inc. 900 13,444 *Avant! Corporation 1,517 19,152 *AVT Corporation 559 21,172 *Avtel Communications 826 3,304 *Aware, Inc. 1,027 47,370 *AXENT Technologies, Inc. 1,416 15,753 *A.D.A.M. Software, Inc. 300 4,350 *Banyan Systems, Inc. 1,246 13,628 *BARRA, Inc. 621 15,680 *Base Ten Systems, Inc. Class A 1,100 1,031 *BEA Systems, Inc. 3,413 97,484 *Best Software, Inc. 429 6,918 *Beyond.com Corporation 1,723 49,429 *BindView Development Corporation 910 21,613 *Biospherics, Inc. 393 2,690 *BMC Software, Inc. 851 45,954 *Bottomline Technologies, Inc. 400 21,200 *Boundless Corporation 2,300 13,513 *Brightstar Information Tech 1,046 4,576 *Brio Technology, Inc. 647 12,940 *BroadVision, Inc. 1,199 88,426 *Brooktrout Technology, Inc. 498 7,999 *BTG, Inc. 393 2,358 *CACI International, Inc. Class A 400 9,000 *Cadence Design Systems, Inc. 10,772 137,338 *Caere Corporation 553 7,327 *CAIS Internet, Inc. 600 11,025 *Cambridge Technology Partners, Inc. 2,720 47,770 *Carreker-Antinori, Inc. 913 7,989 *Catalyst International, Inc. 559 10,027 *CCC Information Services Group, Inc. 1,064 13,699 *CDnow, Inc. 1,424 25,098 *CE Software Holdings, Inc. 200 850 *Cellular Technical Services Co, Inc. 1,600 5,500 *Cerner Corporation 1,467 30,761 *CFI Proservices, Inc. 225 2,531 *CheckFree Holdings Corporation 2,281 62,870 *CIBER, Inc. 2,699 51,618 *Citrix Systems, Inc. 3,916 221,254 *Clarify, Inc. 986 40,673 *Clarus Corporation 1,000 5,000 *CMGI, Inc. 4,230 482,474 *CNET, Inc. 3,140 180,943 *Cognizant Technology Solutions Corporation 129 3,362 *Com21, Inc. 930 15,868 *Complete Business Solutions, Inc. 1,555 27,893 *Computer Concepts Corporation 1,200 1,763 *Computer Horizons Corporation 1,394 19,255 [Download Table] ---------------------------------------------------------------- Shares Value ---------------------------------------------------------------- *Computer Outsourcing Services, Inc. 200 $ 2,000 Computer Task Group, Inc. 928 15,776 *Concur Technologies, Inc. 836 23,513 *Condor Technology Solutions 415 1,945 *Connect, Inc. 2,776 8,762 *ConSyGen, Inc. 1,400 1,925 *Cornerstone Internet Solutions Company 500 1,188 *Cotelligent, Inc. 607 4,742 *Cover-All Technologies, Inc. 700 875 *Credit Management Solutions, Inc. 2,500 11,875 *Critical Path, Inc. 1,500 82,969 *CSG Systems International, Inc. 2,298 60,179 *CyberCash, Inc. 879 11,262 *Cybershop International, Inc. 823 5,658 *Cylink Corporation 1,373 5,149 *DA Consulting Group, Inc. 293 1,758 *Data Broadcasting Corporation 1,442 15,231 *Data Dimensions, Inc. 2,108 6,983 Data Research Associates, Inc. 200 2,075 *Datastream Systems, Inc. 906 14,496 *Datatec Systems, Inc. 1,083 3,317 *DecisionOne Holdings Corporation 600 1,125 *Delphi Information Systems 430 4,300 *Deltek Systems, Inc. 799 7,890 *Dendrite International, Inc. 1,039 37,534 *Digital Lava, Inc. 200 1,263 *Digital River, Inc. 938 31,189 *Documentum, Inc. 844 11,025 *Dset Corporation 559 7,791 *DSP Group, Inc. 546 19,656 *DST Systems, Inc. 2,840 178,565 *Duco Corporation International 898 3,704 *EarthLink Network, Inc. 1,476 90,682 *EarthWeb, Inc. 353 13,149 *Echelon Corporation 1,198 8,012 *Eclipsys Corporation 1,293 30,951 *Edify Corporation 838 11,208 *Elcom International, Inc. 1,621 7,649 *Electro Rent Corporation 1,401 15,061 *Electronic Arts, Inc. 2,727 147,940 *Elite Information Group, Inc. 2,800 15,050 *e-Net, Inc. 1,100 5,225 *Engineering Animation, Inc. 600 12,713 *Enterprise Software, Inc. 200 1,600 *Epicor Software Corporation 2,181 16,221 *Equitrac Corporation 158 2,982 *EuroWeb International Corporation 1,300 2,113 *Evolving Systems, Inc. 819 3,916 *Excalibur Technologies Corporation 504 7,182 *Exchange Applications, Inc. 372 15,159 *Expert Software, Inc. 400 0 *Extreme Networks, Inc. 2,100 121,931 FactSet Research Systems, Inc. 677 38,335 Fair Isaac and Co, Inc. 624 21,879 *Fatbrain.com, Inc. 511 8,559 *Fidelity Holdings, Inc. 900 18,338 92
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ----------------------------------------------------------------------- MIP Extended Index Portfolio Shares Value ----------------------------------------------------------------------- COMMON STOCKS--(Continued) ----------------------------------------------------------------------- *FileNET Corporation 1,373 $ 15,704 *Firearms Training Systems, Inc. 2,300 2,084 *Fiserv, Inc. 5,500 172,219 *FlashNet Communications, Inc. 600 17,663 *FlexiInternational Software, Inc. 900 1,238 *Forte Software, Inc. 1,238 11,993 *Fourth Shift Corporation 448 1,652 *Frontline Communications Corporation 300 2,531 *Gartner Group, Inc. Class A 4,547 93,214 *General Magic, Inc. 2,430 8,581 *Genesys Telecommunications Laboratories, Inc. 1,022 25,550 *Gensym Corporation 400 1,500 *Geoworks 1,120 3,360 Gerber Scientific, Inc. 1,016 22,416 *GK Intelligent Systems, Inc. 2,700 1,013 *Go2Net, Inc. 1,134 104,186 *Great Plains Software, Inc. 619 29,209 *Group 1 Software, Inc. 200 1,775 *GSE Systems, Inc. 200 1,200 *GT Interactive Software Corporation 3,150 11,025 *Hall Kinion & Associates, Inc. 425 2,975 *Harbinger Corporation 1,847 23,088 *HCIA, Inc. 530 4,737 *Health Management Systems, Inc. 642 3,531 *Heuristic Development Group, Inc. 700 2,231 *HIE, Inc. 1,904 4,522 *HNC Software, Inc. 1,154 35,558 *HomeCom Communications, Inc. 500 3,000 *HTE, Inc. 622 2,099 *Hypercom Corporation 1,574 15,051 *Hyperion Solutions Corporation 1,443 25,703 *I2 Technologies, Inc. 3,187 137,041 *IA Corporation 600 1,200 *IDT Corporation 1,139 25,343 *IDX Systems Corporation 1,185 26,737 *iMALL, Inc. 617 11,800 *IMRglobal Corporation 1,504 28,952 *Indus International, Inc. 1,153 4,972 *Industri Matematik International Corporation 2,280 5,558 *Inference Corporation Class A 200 850 *Infinium Software, Inc. 564 2,961 *InfoCure Corporation 546 28,904 *Infonautics, Inc. Class A 1,500 7,688 *Informatica Corporation 500 17,813 *Information Advantage, Inc. 2,011 8,233 *Information Analysis, Inc. 2,000 1,000 *Information Management Associates, Inc. 500 1,750 *Information Resource Engineering, Inc. 200 6,025 *Information Resources, Inc. 1,041 9,109 *Informix Corporation 8,709 74,299 *Infoseek Corporation 2,710 129,911 *InfoSpace.com 2,100 98,700 [Download Table] ---------------------------------------------------------------------------- Shares Value ---------------------------------------------------------------------------- *infoUSA, Inc. Class B 916 $ 7,786 *Inktomi Corporation 2,222 290,110 *Innodata Corporation 200 2,263 *Inprise Corporation 1,768 8,619 *INSCI Corporation 300 1,181 *Inso Corporation 869 4,671 *INSpire Insurance Solutions, Inc. 824 11,948 *Integral Systems, Inc. 262 5,961 *Integrated Measurement System 332 4,275 *Integrated Systems, Inc. 1,013 11,903 *IntelliCorporation, Inc. 1,000 969 *Intelligroup, Inc. 767 5,465 *Interleaf, Inc. 600 3,525 *International Integration, Inc. 729 16,403 *International Microcomputer Software, Inc. 453 2,208 *International Network Services 2,538 102,472 *International Telecommunication Data Systems, Inc. 637 10,192 *Internet America, Inc. 231 4,360 *Internet Commerce Corporation Class A 600 7,800 *Interplay Entertainment Corporation 500 1,297 *InterVU, Inc. 601 23,026 *Intranet Solutions, Inc. 422 3,561 *Intraware, Inc. 1,000 24,000 *Intuit, Inc. 2,754 248,204 *Isocor 1,039 6,494 *ISS Group, Inc. 1,724 65,081 *ITC Learning Corporation 1,000 4,750 *iTurf, Inc. Class A 200 3,613 *iVillage, Inc. 1,000 50,250 Jack Henry & Associates, Inc. 853 33,480 *JD Edwards & Company 4,965 91,853 *JDA Software Group, Inc. 1,263 11,762 *Keane, Inc. 3,149 71,246 *Kronos, Inc. 555 25,253 *Landmark Systems Corporation 430 4,461 *Larscom, Inc. Class A 1,900 4,334 *Lason, Inc. 682 33,844 *Launch Media, Inc. 400 7,150 *Legato Systems, Inc. 1,741 100,543 *Level 8 Systems, Inc. 541 6,357 *LHS Group, Inc. 2,343 77,612 *Log On America, Inc. 100 1,625 *Logility, Inc. 1,502 7,698 *Lycos, Inc. 1,921 176,492 *Made2Manage Systems, Inc. 200 1,613 *Manhattan Associates, Inc. 1,061 8,753 *Manugistics Group, Inc. 1,779 25,796 *MAPICS, Inc. 750 7,922 *Mapinfo Corporation 210 3,990 *MapQuest.com, Inc. 1,200 19,575 *Marcam Solutions, Inc. 100 747 *Marimba, Inc. 900 47,419 *Market Guide, Inc. 214 4,548 *Mastech Corporation 2,194 40,863 *MathSoft, Inc. 600 1,725 93
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] --------------------------------------------------------------- MIP Extended Index Portfolio Shares Value --------------------------------------------------------------- COMMON STOCKS--(Continued) --------------------------------------------------------------- *MC Informatics, Inc. 900 $ 2,250 *Mechanical Dynamics, Inc. 200 1,200 *Mecon, Inc. 279 2,093 *Media Metrix, Inc. 600 31,950 *Medical Manager Corporation 983 43,498 *Mentor Graphics Corporation 2,940 37,669 *Mercury Interactive Corporation 1,680 59,430 *Meridian Data, Inc. 3,300 28,875 *META Group, Inc. 427 6,565 *MetaCreations Corporation 1,281 7,366 *Metamor Worldwide, Inc. 1,456 35,035 *Metro Information Services, Inc. 665 11,056 *Micrografx, Inc. 405 2,455 *Micromuse, Inc. 698 34,813 *Microstrategy, Inc. 380 14,393 *Microwave Power Devices, Inc. 482 7,411 *Midway Games, Inc. 1,666 21,554 *MindSpring Enterprises, Inc. 2,892 128,152 *Mobius Management Systems, Inc. 956 7,887 *Modacad, Inc. 625 6,953 *Mpath Interactive, Inc. 900 19,800 *MSC Software Corporation 613 3,563 *Multex.com, Inc. 900 23,513 *Muse Technologies, Inc. 453 2,548 *Mustang Software, Inc. 1,300 6,419 *Mysoftware Company 362 5,594 National Computer System, Inc. 1,396 47,115 National Data Corporation 1,516 64,809 *National Instruments Corporation 1,473 59,472 *National Techteam, Inc. 503 2,767 *Navidec, Inc. 700 6,344 *NeoMedia Technologies, Inc. 500 3,063 *NEON Systems 300 10,013 *Neotopia, Inc. 638 14,515 *Net Perceptions, Inc. 800 17,450 *Netegrity, Inc. 720 11,880 *NetGravity, Inc. 705 16,039 *NetManage, Inc. 2,545 5,488 *NetObjects, Inc. 600 4,838 *Netsmart Technologies, Inc. 1,300 5,200 *NetSpeak Corporation 663 7,956 *Network Associates, Inc. 6,017 88,375 *Network Equipment Technologies, Inc. 787 7,772 *Network Peripherals, Inc. 653 12,652 *Network Solutions, Inc. Class A 372 29,435 *Network Systems International, Inc. 200 975 *New Era of Networks, Inc. 1,388 60,985 *NorthPoint Communications Group, Inc. 5,400 197,100 *NOVA Corporation 3,223 80,575 *Novadigm, Inc. 645 5,563 *NVIDIA Corporation 1,500 28,688 *OAO Technology Solutions, Inc. 736 2,760 *Object Design, Inc. 1,332 5,162 [Download Table] ------------------------------------------------------------------ Shares Value ------------------------------------------------------------------ *Objective Systems Integrator Corporation 1,284 $ 3,531 *ObjectShare, Inc. 1,100 791 *ObjectSoft Corporation 1,400 1,575 *Omega Research, Inc. 1,232 13,552 *Omtool Ltd. 960 3,180 *ON Technology Corporation 500 1,000 *OneMain.com, Inc. 900 21,263 *OneSource Information Services, Inc. 100 875 *Online Systems Services, Inc. 472 7,316 *Ontrack Data Intenational, Inc. 300 1,444 *ONYX Software Corporation 700 15,138 *Open Market, Inc. 1,766 25,055 *OpenROUTE Networks, Inc. 1,100 4,675 *Orcad, Inc. 418 5,303 *Pathways Group, Inc. 500 3,313 *pcOrder.com, Inc. 100 4,156 *Peapod, Inc. 831 6,596 *Peregrine Systems, Inc. 2,077 53,353 *Pervasive Software, Inc. 596 14,826 *Phoenix International Ltd., Inc. 380 2,423 *Phoenix Technologies Ltd. 1,069 19,108 *Pilot Network Services 613 6,015 *Platinum Technology, Inc. 4,600 134,550 *Portal Software, Inc. 3,300 152,831 *PowerCerv Corporation 400 1,100 *Powerhouse Technologies, Inc. 399 7,768 *Preview Travel, Inc. 706 15,488 *PRI Automation, Inc. 992 35,960 *Primark Corporation 950 26,659 *ProBusiness Services, Inc. 916 32,862 *Progress Software Corporation 764 21,583 *Project Software & Development, Inc. 369 11,531 *Proxicom, Inc. 900 23,119 *ProxyMed, Inc. 679 10,822 *PRT Group, Inc. 816 2,346 *PSINet, Inc. 2,518 110,163 *PSW Technologies, Inc. 600 2,325 *Puma Technology, Inc. 967 5,077 *Qad, Inc. 1,589 4,866 QRS Corporation 381 29,718 *Quadramed Corporation 1,161 9,433 *Radiant Systems, Inc. 592 8,436 *RadiSys Corporation 389 15,122 *Rational Software Corporation 3,788 124,767 *RealNetworks, Inc. 2,894 199,324 *Registry Magic, Inc. 400 1,763 *Remedy Corporation 1,273 34,212 *Renaissance Worldwide, Inc. 2,504 19,954 *Research Engineers, Inc. 800 8,000 Reynolds & Reynolds, Inc. 3,477 81,058 *Rocky Mountain Internet, Inc. 692 8,304 *Rogue Wave Software 468 4,271 *Ross Systems 1,378 3,445 *Rythms NetConnections, Inc. 3,100 180,963 *S3, Inc. 2,392 21,752 *Saga Systems, Inc. 1,353 17,251 94
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ------------------------------------------------------------------------ MIP Extended Index Portfolio Shares Value ------------------------------------------------------------------------ COMMON STOCKS--(Continued) ------------------------------------------------------------------------ *Sagent Technology, Inc. 800 $ 6,900 *Sanchez Computer Associates, Inc. 1,062 36,772 *Sapient Corporation 1,187 67,214 *Schick Technologies, Inc. 2,300 7,044 *Scient Corporation 1,500 71,344 *Secure Computing Corporation 2,230 5,436 *Security First Technologies Corporation 1,226 55,323 *SEDONA Corporation 700 1,181 *SEEC, Inc. 2,300 9,775 *Segue Software, Inc. 907 6,576 SEI Investment Company 798 70,424 *SERENA Software, Inc. 1,000 13,438 *Siebel Systems, Inc. 4,070 270,146 *Silknet Software, Inc. 600 24,300 *SmartServ Online, Inc. 1,000 1,500 *Smith-Gardner & Associates, Inc. 400 3,225 *Software Publishing Corporation Holdings, Inc. 1,600 3,900 *Software Spectrum 199 3,234 *SOFTWORKS, Inc. 589 6,479 *Sonic Foundry, Inc. 100 1,113 *Sonic Solutions, Inc. 1,100 5,088 *Source Media, Inc. 965 16,405 *Spatial Technology, Inc. 300 1,388 *Speedus.com, Inc. 1,000 5,875 *SportsLine USA, Inc. 1,055 37,848 *SPR, Inc. 706 3,751 *SPSS, Inc. 333 8,554 *Spyglass, Inc. 852 17,147 *SS&C Technologies, Inc. 639 4,872 *Stac Software, Inc. 600 3,338 *StarBase Corporation 1,700 4,250 *Sterling Commerce, Inc. 4,299 156,914 *Sterling Software 3,556 94,901 *Stratasys, Inc. 2,400 8,550 *Structural Dynamics Research Corporation 1,627 30,201 *Summit Design, Inc. 1,088 3,264 *SunGard Data Systems, Inc. 5,004 172,638 *Sunquest Information Systems, Inc. 567 9,143 *Sunrise International Leasing Corporation 600 2,700 *SVI Holdings, Inc. 1,311 15,732 *Sykes Enterprises, Inc. 1,959 65,382 *Symantec Corporation 2,479 63,215 *Symix Systems, Inc. 341 3,495 *Synopsys, Inc. 3,188 175,938 *Syntel, Inc. 1,708 15,372 *System Software Associates, Inc. 1,755 2,907 *Systems & Computer Technology Corporation 1,623 23,635 *Tadeo Holdings, Inc. 700 2,734 *Take-Two Interactive Software, Inc. 620 4,728 [Download Table] ---------------------------------------------------------------------- Shares Value ---------------------------------------------------------------------- *Tangram Enterprise Solutions, Inc. 2,600 $ 7,638 *TCSI Corporation 600 1,538 *Techforce Corporation 369 3,021 *Technology Solutions Company 1,825 19,733 *Teknowledge Corporation 700 2,975 *Telescan, Inc. 595 14,466 *Template Software, Inc. 200 875 *TenFold Corporation 1,400 44,450 *Texas Micro, Inc. 600 4,500 *The Ashton Technology Group, Inc. 700 8,750 *The BISYS Group, Inc. 1,191 69,674 *The InterCept Group, Inc. 200 3,100 *The National Registry, Inc. 1,000 1,625 *The Santa Cruz Operation, Inc. 1,267 8,275 *The Vantive Corporation 1,573 17,991 *The Vialink Company 122 1,845 *THQ, Inc. 605 17,394 *Tier Technologies, Inc. Class B 384 2,688 Timberline Software Corporation 346 5,450 *Total System Services, Inc 8,681 164,939 *TouchStone Software Corporation 1,100 1,066 *Towne Services, Inc. 689 5,426 *Transaction Systems Architects, Inc. Class A 1,348 52,572 *TREEV, Inc. 300 1,041 *TRO Learning, Inc. 200 1,225 *TSI International Software Ltd. 1,882 53,402 *TSR, Inc. 268 2,278 *Ultimate Software Group, Inc. 585 3,053 *Ultradata Corporation 200 1,400 *UniComp, Inc. 2,500 13,125 *Unify Corporation 512 6,912 *Unigraphics Solutions, Inc. 223 4,195 *UOL Publishing, Inc. 200 1,450 *Usdata Corporation 3,200 12,400 *USWeb Corporation 3,300 73,219 *Verilink Corporation 623 1,830 *Verio, Inc. 1,673 116,274 *Verisign, Inc. 2,238 193,028 *Veritas Software Corporatio 3,725 353,632 *Verity, Inc. 634 34,355 *Versant Corporation 1,000 2,500 *ViaGrafix Corporation 100 675 *Viasoft, Inc. 1,783 6,241 *Vignette Corporation 1,200 90,000 *Visio Corporation 1,356 51,613 *VISTA Information Solutions, Inc. 497 5,747 *Visual Data Corporation 234 4,271 *V-ONE Corporation 2,900 7,885 *Vysis, Inc. 936 3,510 *Walker Interactive Systems 1,028 2,699 *Wall Data, Inc. 367 3,509 *Wave Systems Corporation Class A 1,269 24,111 *Webhire, Inc. 448 2,016 *WebTrends Corporation 500 23,063 *White Pine Software, Inc. 1,000 4,375 95
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ------------------------------------------------------------------- MIP Extended Index Portfolio Shares Value ------------------------------------------------------------------- COMMON STOCKS--(Continued) ------------------------------------------------------------------- *Xionics Document Technologies, Inc. 500 $ 2,219 *Xiox Corporation 100 1,875 *Yahoo!, Inc. 10,350 1,782,778 *Zitel Corporation 2,100 3,281 *Zmax Corporation 524 1,277 ------------ 16,652,032 ------------ Computers & Information--2.1% *Accent Color Sciences, Inc. 2,800 1,820 *Ace*Comm Corporation 2,200 7,288 *Advanced Digital Information Corporation 460 18,630 *Alpha Microsystems 800 4,900 *AlphaNet Solutions, Inc. 800 3,100 *Anixter International, Inc. 1,873 34,182 *Apex PC Solutions, Inc. 907 18,594 *Applied Magnetics Corporation 2,654 8,128 *Ariel Corporation 1,200 2,738 *Artecon, Inc. 1,000 2,250 *Auspex Systems, Inc. 1,348 14,660 *Autologic Information International, Inc. 2,100 9,188 Avert, Inc. 200 1,200 *Axiohm Transaction Solutions, Inc. 300 1,200 *Aztec Technology Partners, Inc. 810 1,519 *BancTec, Inc. 877 15,731 *Bell & Howell Company 1,040 39,325 *Black Box Corporation 771 38,646 *Blue Wave Systems, Inc. 582 2,110 *Boca Research, Inc. 2,900 22,113 *Box Hill Systems Corporation 640 3,760 *Bull Run Corporation 500 2,094 *Casino Data Systems 1,000 5,063 *Ciprico, Inc. 218 2,166 *Cisco Systems, Inc. 2,466 159,073 *Cognex Corporation 1,791 56,528 Comdisco, Inc. 6,800 174,250 *Communication Intelligence Corporation 2,500 3,594 *Computer Network Technology Corporation 1,015 21,949 *Comverse Technology, Inc. 3,070 231,785 *Concurrent Computer Corporation 1,966 12,410 *CopyTele, Inc. 1,700 2,922 *Crosswalk.Com, Inc. 600 5,850 *Cybex Computer Products Corporation 560 15,610 *Daisytek International Corporation 766 12,495 *Daou Systems, Inc. 2,252 12,949 *Data Translation, Inc. 2,700 9,197 *Datapoint Corporation 1,300 1,016 *Dataram Corporation 100 988 *Dialogic Corporation 726 31,853 *Diamond Multimedia Systems, Inc. 1,995 8,229 *Digital Link Corporation 401 3,008 *Digital Origin, Inc. 300 984 *Dunn Computer Corporation 500 1,000 [Download Table] ------------------------------------------------------------------- Shares Value ------------------------------------------------------------------- *ECCS, Inc. 400 $ 1,569 *Efax.com, Inc. 829 9,844 *Emulex Corporation 226 25,128 *Encad, Inc. 1,019 6,624 *Equinox Systems, Inc. 237 2,563 *European Micro Holdings, Inc. 200 1,400 *Exabyte Corporation 831 3,220 *Extended Systems, Inc. 300 1,388 *Focus Enhancements, Inc. 1,000 1,031 *Fvc.com, Inc. 1,201 7,807 *GateField Corporation 1,900 1,178 General Binding Corporation 595 13,983 *Genicom Corporation 600 994 *Global Imaging Systems, Inc. 804 14,673 *Global Intellicom, Inc. 8,100 1,539 *Global Payment Tech, Inc. 240 1,913 *Hertz Technology Group, Inc. 800 4,000 *HMG Worldwide Corporation 700 2,756 *Ikos Systems, Inc. 2,200 21,588 *In Focus Systems, Inc. 918 13,770 *Industrial Data Systems Corporation 500 1,031 *Intergraph Corporation 1,788 13,857 *Interphase Corporation 300 6,900 *Iomega Corporation 11,950 59,003 *ONN Networks, Inc. 800 3,300 *Javelin Systems, Inc. 261 3,197 *Key Tronic Corporation 400 2,250 *Kofax Image Products, Inc. 237 2,311 *Komag, Inc. 2,691 8,914 *Lexmark International Group Class A 5,848 386,324 *Lumisys, Inc. 300 984 *MAI Systems Corporation 500 1,625 *Media 100, Inc. 200 1,013 *Merge Technologies, Inc. 700 809 *Micros Systems, Inc. 721 24,514 *Micros-To-Mainframes, Inc. 200 725 *Microtouch Systems, Inc. 374 5,563 *Mitek Systems, Inc. 500 1,406 *MTI Technology Corporation 1,350 17,634 *Mylex Corporation 927 5,388 *NCR Corporation 4,387 214,140 *Nematron Corporation 400 1,175 *Neomagic Corporation 1,809 15,207 *Netrix Corporation 1,500 5,344 *Network Computing Devices 587 2,825 *Network Six, Inc. 400 1,700 *nStor Technologies, Inc. 2,853 8,024 *Number Nine Visual Technology Corporation 600 1,500 *Odetics, Inc. Class A 335 3,287 *ODS Networks, Inc. 1,128 4,442 *Osage Systems Group, Inc. 423 2,141 *PAR Technology Corporation 391 2,884 *Paramount Financial Corporation 600 1,125 *Paravant, Inc. 900 3,206 *Perot Systems Corporation Class A 3,911 115,375 96
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ---------------------------------------------------------------- MIP Extended Index Portfolio Shares Value ---------------------------------------------------------------- COMMON STOCKS--(Continued) ---------------------------------------------------------------- *Planar Systems, Inc. 393 $ 3,046 *Printronix, Inc. 252 3,528 *Procom Technology, Inc. 499 4,117 *Psc, Inc. Electronics 437 4,288 *Quantum Corporation 7,532 181,710 *Rainbow Technologies, Inc. 432 5,103 *Redback Networks, Inc. 900 113,006 *Rimage Corporation 217 3,255 *Safeguard Scientifics, Inc. 1,413 87,606 *SanDisk Corporation 1,189 53,505 *SBE, Inc. 1,800 10,350 *ScanSoft, Inc. 900 2,588 *Scansource, Inc. 201 4,347 *SCM Microsystems, Inc. 588 27,269 *Sequent Computer 1,958 34,755 *Sigma Designs, Inc. 1,048 6,419 *Simulations Plus, Inc. 1,800 3,600 *Smart Modular Technologies, Inc. 2,091 36,331 *Socrates Technologies Corporation 1,500 1,594 *Splash Technology Holdings 1,013 7,123 *Storage Computer Corporation 800 1,400 *Storage Technology Corporation 4,466 101,602 *Sybase, Inc. 3,656 40,216 *Tanisys Technology, Inc. 1,200 1,275 *Tekgraf, Inc. 800 1,500 Telxon Corporation 794 6,302 *Tera Computer Company 998 5,489 *Thrustmaster, Inc. 596 14,304 *Tidel Technologies, Inc. 1,200 2,475 *TransAct Technologies, Inc. 300 1,988 *Tricord Systems, Inc. 2,200 7,838 *Tridex Corporation 400 1,025 *Trinitech Systems, Inc. 393 6,042 *UBICS, Inc. 800 2,450 *UNOVA, Inc. 2,448 38,862 Valmont Industries, Inc. 1,124 19,143 *Vertel Corporation 1,800 3,375 *Visual Networks, Inc. 896 28,672 *Vitech America, Inc. 739 7,760 Wallace Computer Services, Inc. 1,935 48,375 *Western Digital Corporation 4,171 27,112 *Xircom, Inc. 1,129 33,941 *Xybernaut Corporation 2,165 6,901 *Zebra Technologies Corporation Class A 1,398 53,736 ------------ 3,147,509 ------------ Containers & Packaging--0.2% *ACX Technologies, Inc. 1,275 20,719 *Astronics Corporation 299 2,990 *Bway Corporation 443 6,313 *Disc Graphics, Inc. 400 1,975 *EarthShell Corporation 4,476 31,332 *EPL Technologies, Inc. 512 1,920 Greif Bros Corporation Class A 1,025 26,138 Interpool, Inc. 1,233 16,029 *PVC Container Corporation 313 2,035 *Silgan Holdings, Inc. 854 16,973 [Download Table] ------------------------------------------------------------------ Shares Value ------------------------------------------------------------------ Sonoco Products Company 4,546 $ 136,096 *UFP Technologies, Inc. 500 1,750 *US Can Corporation 485 10,791 ------------ 275,061 ------------ Cosmetics & Personal Care--0.4% *Carson, Inc. 2,200 7,288 Carter-Wallace, Inc. 2,025 36,830 *Chattem, Inc. 427 13,584 *Chromatics Color Sciences 968 7,986 Del Laboratories, Inc. 337 4,844 Dial Corporation 4,617 171,695 *Enamelon, Inc. 458 573 Estee Lauder Company Class A 5,478 274,585 *French Fragrances, Inc. 509 3,722 *Garden Botanika, Inc. 2,700 999 *International Specialty Products, Inc. 3,076 31,337 *Jean Philippe Frangrances 378 3,071 NCH Corporation 250 12,375 Quaker Chemical Corporation 324 5,265 *Revlon, Inc. Class A 894 27,044 Stepan Company 663 16,824 Stephan Company 211 884 *Styling Technology 182 2,366 *Sybron Chemicals, Inc. 255 4,526 *USA Detergents, Inc. 509 3,086 *Usana, Inc. 581 4,793 ------------ 633,677 ------------ Electric Utilities--3.0% Allegheny Energy, Inc. 5,478 175,638 Alliant Energy Corporation 3,451 97,922 Avista Corporation 2,499 40,609 Bangor Hydro-Electric Company 271 4,370 BEC Energy 2,111 87,079 Black Hills Corporation 965 22,316 *Calpine Corporation 1,101 59,454 Central Hudson Gas & Electric Corporation 756 31,752 CIL Corporation, Inc. 608 38,000 *Citizens Utilities Company Class B 11,657 129,684 Cleco Corporation 1,006 30,557 CMP Group, Inc. 1,451 37,998 CMS Energy Corporation 4,628 193,798 Commonwealth Energy System 963 40,446 Conectiv, Inc. 4,804 117,398 Control Vermont Public Service 422 5,381 DPL, Inc. 7,204 132,374 DQE, Inc. 3,478 139,555 Eastern Utilities Associates 914 26,620 *El Paso Electric Company 2,696 24,096 *EMCOR Group, Inc. 367 9,244 Energy East Corporation 5,650 146,900 Florida Progress Corporation 4,042 166,985 Green Mountain Power Corporation 236 2,655 Hawaiian Electric Industries, Inc. 1,434 50,907 IdaCorporation, Inc. 1,682 52,983 Illinova Corporation 3,208 87,418 97
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] --------------------------------------------------------------- MIP Extended Index Portfolio Shares Value --------------------------------------------------------------- COMMON STOCKS--(Continued) --------------------------------------------------------------- IPALCO Enterprises, Inc. 4,042 $ 85,640 Kansas City Power & Light Company 2,769 70,610 KeySpan Corporation 6,563 173,099 LG&E Energy Corporation 5,802 121,842 Madison Gas & Electric Company 719 14,740 *MidAmerican Energy Holdings Company 2,664 92,241 Minnesota Power & Light Company 3,226 64,117 Montana Power Company 2,462 173,571 Nevada Power Company 2,293 57,325 New England Electric System 2,677 134,185 NiSource, Inc. 5,258 135,722 *Northeast Utilities 5,840 103,295 NorthWestern Corporation 1,028 24,865 OGE Energy Corporation 3,613 85,809 Orange and Rockland Utilities, Inc. 604 35,296 Otter Tail Power Company 530 20,438 Pinnacle West Capital Corporation 3,791 152,588 Potomac Electric Power 5,303 156,107 Public Service Company of New Mexico 1,869 37,146 Puget Sound Power & Light 3,783 90,792 *Quanta Services, Inc. 1,117 49,148 Rochester Gas and Electric Corporation 1,697 45,077 Scana Corporation 4,634 108,320 Sierra Pacific Resources 1,385 50,379 SIG Corporation, Inc. 1,057 30,191 St Joseph Light & Power 299 6,148 Teco Energy 5,901 134,248 The Empire District Electric Company 761 19,834 The United Illuminating Company 641 27,202 TNP Enterprises, Inc. 594 21,533 *UniSource Energy Corporation 1,442 17,214 Unitil Corporation 166 4,181 Utili Corporation United, Inc. 4,035 98,101 Western Resources, Inc. 2,946 78,437 Wisconsin Energy Corporation 5,157 129,247 WPS Resources Corporation 1,187 35,610 *York Research Corporation 666 4,121 ------------ 4,640,558 ------------ Electronics--7.2% *3Dfx Interactive, Inc. 1,254 19,594 *8 X 8, Inc. 1,983 8,242 *Aavid Thermal Technologies, Inc. 440 9,955 *Acme Electric Corporation 500 2,719 *Act Manufacturing, Inc. 334 4,676 *Actel Corporation 1,037 15,296 *Adaptec, Inc. 4,834 170,701 *ADE Corporation 686 8,232 *ADFlex Solutions, Inc. 3,200 12,800 *Advanced Lighting Technologies, Inc. 745 6,705 *Aeroflex, Inc. 947 18,703 [Download Table] ------------------------------------------------------------- Shares Value ------------------------------------------------------------- *Aerosonic Corporation 178 $ 2,425 *Affinity Technology Group, Inc. 2,000 3,500 *Align-Rite International, Inc. 300 4,163 *Alliance Semiconductor Corporation 1,830 18,186 *Alpha Industries, Inc. 907 43,196 *Alpha Technologies Group, Inc. 300 1,125 *Altera Corporation 9,006 331,523 *American Locker Group, Inc. 100 875 *American Power Conversion 8,664 174,363 *American Superconductor Corporation 566 8,455 *American Xtal Technology, Inc. 892 21,241 Ametek, Inc. 1,434 32,982 *Amkor Technology, Inc. 5,273 54,048 *Ampex Corporation Class A 2,236 11,320 *Amphenol Corporation Class A 799 31,760 *Anacomp, Inc. 517 8,789 *Analog Devices, Inc. 7,275 365,104 *Anaren Microwave, Inc. 202 4,217 *Anicom, Inc. 1,223 12,842 *APA Optics, Inc. 300 2,138 *Applied Cellular Technology, Inc. 1,900 6,175 *Applied Micro Circuits Corporation 1,137 93,518 *Arrow Electronics, Inc. 4,278 81,282 *Artesyn Technologies, Inc. 1,690 37,497 *Artisan Components, Inc. 998 11,602 *Aspec Technology, Inc. 3,000 2,625 *Astropower, Inc. 514 8,995 *Atmel Corporation 4,655 121,903 *Atmi, Inc. 990 29,453 *Ault, Inc. 200 1,638 Avnet, Inc. 1,604 74,586 AVX Corporation 3,871 94,356 *Axsys Technologies, Inc. 179 2,059 Bairnco Corporation 377 2,828 Baldor Electric Company 1,656 32,913 Barnes Group, Inc. 890 19,358 Bel Fuse, Inc. Class A 191 5,348 Bell Industries, Inc. 349 1,549 *Benchmark Electronics, Inc. 519 18,652 BMC Industries, Inc. 1,201 12,385 *Boulder Technologies Corporation 429 3,754 Boston Acoustics, Inc. 184 3,289 *Broadcom Corporation Class A 1,628 235,348 *BTU International, Inc. 400 1,950 *Burr-Brown Corporation 1,649 60,395 *California Amplifier, Inc. 500 3,250 *Catalina Lighting, Inc. 300 1,500 *Catalyst Semiconductor, Inc. 1,900 988 *C-COR Electronics, Inc. 335 9,338 *C-Cube Microsystems, Inc. 1,779 56,372 *CellStar Corporation 2,938 23,137 *Central Sprinkler Corporation 100 2,819 *Ceradyne, Inc. 2,800 12,775 *Cidco, Inc. 3,429 25,396 *Cirrus Logic, Inc. 2,857 25,356 *Commscope, Inc. 2,305 70,879 *Concord Camera 501 2,630 98
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] -------------------------------------------------------------------------- MIP Extended Index Portfolio Shares Value -------------------------------------------------------------------------- COMMON STOCKS--(Continued) -------------------------------------------------------------------------- *Conexant Systems, Inc. 4,377 $ 254,140 Control Chief Holdings, Inc. 200 1,000 *CP Clare Corporation 700 4,156 Craftmade International, Inc. 278 3,614 *Cree Research, Inc. 668 51,394 CTS Corporation 608 42,560 *Cypress Semiconductor Corporation 4,747 78,326 C&D Technologies, Inc. 557 17,058 *Daktronics, Inc. 100 1,175 Dallas Semiconductor Corporation 1,462 73,831 *Datum, Inc. 200 2,213 *Dense-Pac Microsystems, Inc. 700 1,356 Diebold, Inc. 3,077 88,464 *Diodes, Inc. 300 2,513 *Dionex Corporation 993 40,217 *Display Technologies, Inc. 300 1,181 *Drexler Technology Corporation 360 3,420 *DRS Technologies, Inc. 283 2,989 *DuPont Photomasks, Inc. 684 32,747 *ECC International Corporation 300 1,181 EDO Corporation 296 2,146 *EFTC Corporation 1,195 5,826 *Electric Fuel Corporation 639 1,058 *Electro Scientific Industries, Inc. 609 25,445 *Electronic Retailing Systems International, Inc. 900 1,350 *Electronics for Imaging, Inc. 2,378 122,170 *Emcore Corporation 419 8,432 *EMS Technologies, Inc. 320 4,640 *En Pointe Technologies, Inc. 200 1,200 *Energy Research Corporation 100 1,425 *Engineering Measurements Company 200 1,250 *Esco Electronics 452 5,791 *ESS Technology, Inc. 2,018 27,117 *ETEC Systems, Inc. 983 32,685 *E-Tek Dynamics, Inc. 2,748 130,702 *eToys, Inc. 4,600 187,450 *Evans & Sutherland Computer Corporation 365 4,768 *Exar Corporation 443 10,964 *Faroudja, Inc. 2,800 7,875 *Fiberstars, Inc. 300 1,463 Franklin Electric Company, Inc. 250 16,250 *FSI International, Inc. 950 7,897 *GameTech International, Inc. 400 1,900 *General Motors Corporation Class H 4,681 263,306 *General Semiconductor, Inc. 2,258 20,604 *Genus, Inc. 700 2,275 *GP Strategies Corporation 398 3,483 *Graham Corporation 200 1,850 *Hadco Corporation 597 23,731 Harman International Industries, Inc. 791 34,804 *Harvey Electronics, Inc. 3,300 8,044 *Hauppage Digital, Inc. 300 5,850 [Download Table] -------------------------------------------------------------- Shares Value -------------------------------------------------------------- *HEI, Inc. 300 $ 1,969 Helix Technology Corporation 997 23,866 *Herley Industries, Inc. 236 3,083 *hi/fn, Inc. 339 25,806 *HMT Technology Corporation 2,954 7,385 *Holophane Corporation 696 26,535 *Hospitality Worldwide Services 542 1,965 Hubbell, Inc. Class B 2,942 133,493 Hughes Supply, Inc. 1,072 31,825 *Hutchinson Technology, Inc. 1,099 30,497 *Hytek Microsystems, Inc. 700 1,203 *Ibis Technology Corporation 405 13,568 *IEC Electronics Corporation 2,800 9,975 *IFR Systems, Inc. 1,900 9,025 *Illinois Superconductor Corporation 1,000 750 *Imation Corporation 1,818 45,109 *IMP, Inc. 2,900 8,700 Innovex, Inc. 544 7,616 Instron Corporation 255 5,164 *Integrated Device Technology, Inc. 3,881 42,206 *Integrated Silicon 868 5,045 *Intek Global Corporation 1,100 2,922 *Intellicell Corporation 1,200 6,225 *Interlink Electronics, Inc. 1,700 16,894 *International Rectifier Corporation 2,405 32,017 *Intest Corporation 300 2,100 *Intevac, Inc. 642 3,531 *Invision Technologies, Inc. 539 2,762 *Jabil Circuit, Inc. 3,639 164,210 *Jason, Inc. 750 6,000 *Jpm Company 360 4,680 Juno Lighting Company 831 20,360 *Kemet Corporation 1,754 40,232 *Kent Electronics Corporation 1,250 24,766 Kollmorgen Corporation 373 5,595 *Koss Corporation 400 4,800 *K-Tel International 372 2,592 *Lam Research Corporation 1,833 85,578 *Lamson & Sessions Company 801 4,806 *Lattice Semiconductor Corporation 1,048 65,238 *Let's Talk Cellular & Wireless, Inc. 2,500 8,750 *Level One Communications, Inc. 1,801 88,136 Linear Technology Corporation 6,926 465,764 *Littelfuse, Inc. 908 17,479 *Litton Industries, Inc. 2,033 145,868 *Logic Devices, Inc. 600 2,363 *Lowrance Electronics, Inc. 1,700 10,838 LSI Industries, Inc. 356 8,589 *LSI Logic Corporation 174 8,026 *Mackie Designs, Inc. 561 2,665 *Macromedia, Inc. 1,889 66,587 *Maker Communications, Inc. 800 24,800 *Marshall Industries 607 21,814 *Mattson Technology, Inc. 653 8,244 99
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] --------------------------------------------------------------- MIP Extended Index Portfolio Shares Value --------------------------------------------------------------- COMMON STOCKS--(Continued) --------------------------------------------------------------- *Maxim Integrated Products, Inc. 6,150 $ 408,965 *Maxwell Technologies, Inc. 312 7,508 *Measurements Specialties, Inc. 300 3,638 *MEMC Electronic Materials, Inc. 3,212 39,146 *Mercury Computer Systems, Inc. 372 11,997 *Merix Corporation 500 3,813 Methode Electronics, Inc. Class A 1,590 36,371 *Metrologic Instruments, Inc. 241 2,741 *Micrel, Inc. 892 66,008 *Micrion Corporation 100 1,125 *Micro Linear Corporation 810 2,936 *Microchip Technology, Inc. 2,297 108,820 *Micron Electronics, Inc. 4,297 43,239 *Microsemi Corporation 617 5,784 *Microvision, Inc. 272 6,154 *MIPS Technologies, Inc. Class A 1,667 79,912 *MKS Instruments, Inc. 1,300 24,213 *MMC Networks, Inc. 1,344 60,144 Molex, Inc. 6,971 257,927 *Moog, Inc. Class A 269 9,247 *MRV Communications, Inc. 1,482 19,451 *Nashua Corporation 283 2,795 *National-Standard Company 3,300 16,088 *Northeast Digital Networks, Inc. 17,900 2,327 *Novellus System, Inc. 1,728 117,936 *Nu Horizons Electronics Corporation 200 1,413 *NUWAVE Technologies, Inc. 600 1,181 *Oak Industries, Inc. 787 34,382 *Oak Technology, Inc. 1,699 6,159 *On-Point Technology Systems, Inc. 400 925 *Opti, Inc. 683 4,151 *Orbit, Inc. 900 2,138 *Ortel Corporation 438 4,654 *OSI Systems, Inc. 434 2,170 *OYO Geospace Corporation 1,100 14,438 *OI Corporation 200 875 *Pacific Aerospace & Electronics, Inc. 600 956 *Panavision, Inc. 360 2,430 Park Electrochemical Corporation 466 13,398 *Parlex Corporation 600 9,450 *Pcd, Inc. 310 3,410 *PE Corporation--Celera Genomics Group 1,300 21,044 *Percon, Inc. 100 806 *Pericom Semiconductor Corporation 544 6,120 *Photon Dynamics, Inc. 400 4,800 *Photronics, Inc. 1,092 26,754 *Pinnacle Holdings, Inc. 1,200 29,400 *Pinnacle Systems, Inc. 1,034 34,768 Pioneer-Standard Electronics, Inc. 971 11,652 *Pixar, Inc. 2,088 90,045 *Plexus Corporation 660 19,883 *PLX Technology, Inc. 1,200 56,850 [Download Table] -------------------------------------------------------------- Shares Value -------------------------------------------------------------- *Policy Management System Corporation 1,613 $ 48,390 *Powell Industries, Inc. 391 3,617 *Power Integrations, Inc. 556 40,658 *Power-One, Inc. 730 17,976 *Praegitzer Industries, Inc. 472 2,803 *Printtrak International, Inc. 508 3,747 *QLogic Corporation 785 103,620 *QMS, Inc. 300 1,650 *QualMark Corporation 2,100 4,856 Quixote Corporation 292 3,559 *Rambus, Inc. 1,033 95,230 *Ramtron International Corporation 4,200 2,625 *Rayovac Corporation 1,229 27,883 *Read-Rite Corporation 2,179 13,517 *Recoton Corporation 531 4,829 *Remec, Inc. 1,134 18,286 *Reptron Electronics, Inc. 2,700 9,619 *Research Frontiers, Inc. 404 3,914 *Research, Inc. 3,200 22,800 *RF Micro Devices, Inc. 1,838 137,161 *RF Monolithics, Inc. 257 2,506 Richardson Electronics 481 3,277 *Robinson Nugent, Inc. 2,700 12,150 *Rogers Corporation 281 8,290 *Saf T Lok, Inc. 800 2,100 *Sanmina Corporation 2,498 189,536 *Sbs Technologies, Inc. 315 6,379 *SCI Systems, Inc. 3,187 151,383 Scientific Technologies, Inc. 430 2,553 *SDL, Inc. 1,362 69,547 *SeaMED Corporation 300 3,525 *Semtech Corporation 659 34,350 *Sensar Corporation 800 4,300 *Sensormatic Electronics Corporation 3,351 46,705 *Sensory Science Corporation 700 2,494 *Sheldahl, Inc. 484 3,207 *Sigmatron International, Inc. 200 913 *Signal Technology Corporation 2,400 13,200 *Silicon Storage Technology 1,029 7,685 *Silicon Valley Group, Inc. 1,468 24,681 *Siliconix, Inc. 567 19,420 *Sipex Corporation 860 17,630 *SL Industries, Inc 253 3,226 *SLI, Inc. 1,299 35,073 *Smartflex Systems, Inc. 300 994 *Spacehab, Inc. 412 2,112 *Sparton Corporation 350 2,100 *Spectra-Physics Lasers, Inc. 796 6,567 *Spectrum Control, Inc. 490 3,583 *Spire Corporation 3,200 12,400 *SRS Labs, Inc. 521 2,084 *Star Struck Ltd. 2,800 13,825 *Stimsonite Corporation 373 5,455 *Stoneridge, Inc. 1,002 13,527 *Superconductor Technologies, Inc. 2,500 9,375 *Supertex, Inc. 542 6,233 *Surge Components, Inc. 1,900 5,403 100
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ------------------------------------------------------------------------- MIP Extended Index Portfolio Shares Value ------------------------------------------------------------------------- COMMON STOCKS--(Continued) ------------------------------------------------------------------------- Symbol Technologies, Inc. 3,954 $ 145,804 TB Woods Corporation 261 2,822 *Tech Sym Corporation 223 5,296 Technitrol, Inc. 723 23,317 Tech/Ops Sevcon, Inc. 139 1,720 *Telcom Semiconductor, Inc. 847 8,152 *Teradyne, Inc. 3,865 277,314 *The Carbide/Graphite Group 373 5,339 *The Cherry Corporation 461 6,454 *The DII Group, Inc. 1,389 51,827 The Eastern Company 160 2,860 *The Genlyte Group, Inc. 802 17,995 *The Panda Project, Inc. 8,100 1,256 *Thermo Ecotek Corporation 1,607 12,856 *Thermo Instrument Systems, Inc. 5,334 90,011 *Thermo Vision Corporation 500 2,750 Thomas Industries, Inc. 710 14,555 *Three-Five Systems, Inc. 373 5,152 *Trans-Industries, Inc. 100 725 *Transmation, Inc. 400 1,250 *TranSwitch Corporation 1,222 57,892 *Trident Microsystems, Inc. 577 5,301 *Trimble Navigation Ltd. 815 10,493 TriQuint Semiconductor, Inc. 449 25,509 *Triumph Group, Inc. 515 13,133 *UCAR International, Inc. 2,012 50,803 *Ultralife Batteries, Inc. 469 2,580 *Unique Mobility, Inc. 714 3,392 *Unitrode Corporation 1,513 43,404 *Universal Display Corporation 300 1,275 *Universal Electric 289 8,110 *uniView Technologies Corporation 2,400 5,400 *US Wireless Corporation 600 2,288 *Valence Technology, Inc. 946 6,977 *Varian, Inc. 1,330 17,955 *Varian Semiconductor Equipment Associates, Inc. 1,430 24,310 *Vicor Corporation 1,875 39,727 *VideoServer, Inc. 690 6,555 *Viisage Technology, Inc. 900 1,069 *Vishay Intertechnology, Inc. 3,784 79,459 *Vitesse Semiconductor Corporation 3,476 234,413 Watkins-Johnson Company 241 7,110 *WESCO International, Inc. 1,800 36,900 *Williams Controls, Inc. 2,200 6,806 *Wireless Telecom Group, Inc. 500 1,156 Woodhead Industries, Inc. 406 4,974 *WPI Group, Inc. 2,700 8,691 *Xicor, Inc. 800 3,175 *Xilinx, Inc. 6,596 377,611 *YieldUP International Corporation 500 844 *Zing Technologies, Inc. 200 1,625 *Zoltek Companies, Inc. 798 6,334 *Zoran Corporation 672 11,256 ------------ 10,936,122 ------------ [Download Table] ------------------------------------------------------------------ Shares Value ------------------------------------------------------------------ Entertainment & Leisure--1.3% *4Kids Entertainment, Inc. 200 $ 3,550 *800 Travel Systems, Inc. 500 2,000 *Acres Gaming, Inc. 3,300 6,600 *Adams Golf, Inc. 829 2,124 Allen Organ Company Class B 171 6,156 *Alliance Gaming Corporation 437 1,639 *Alpha Hospitality Corporation 400 1,600 *Amc Entertainment 1,050 20,081 *American Coin Merchandising, Inc. 200 1,300 *American Wagering, Inc. 348 2,175 AMF Bowling, Inc. 2,403 20,275 *Anchor Gaming 539 25,906 *Argosy Gaming Company 1,103 9,720 *Ascent Entertainment Group 1,331 18,800 *Autotote Corporation Class A 1,200 2,850 *Avid Technology, Inc. 1,096 17,673 A.T. Cross Class A 610 3,393 *Bally Total Fitness Holdings Corporation 1,035 29,368 *barnesandnoble.com, Inc. 1,100 19,800 *Big Entertainment, Inc. 389 6,078 *Boston Celtics 410 4,869 *Boyd Gaming Corporation 2,280 15,960 *Brass Eagle, Inc. 200 3,750 *Brilliant Digital Entertainment, Inc. 500 3,000 Callaway Golf Company 3,360 49,140 *Carmike Cinemas, Inc. Class A 419 6,678 Cedar Fair LP. 2,332 58,154 *Championship Auto Racing 678 20,298 *Cheap Tickets, Inc. 1,000 36,500 Churchill Downs, Inc. 277 9,557 *Clark (Dick) Productions, Inc. 309 4,287 *Cleveland Indians Baseball 600 11,025 *Coastcast Corporation 357 4,552 *Coleman Company, Inc. 2,497 23,409 CPI Corporation 569 18,777 *Craig Corporation 1,000 7,063 *Cybex International, Inc. 1,900 8,550 *Department 56, Inc. 808 21,715 Dover Downs Entertainment 1,590 28,123 *DSI Toys, Inc. 505 2,178 Ellett Brothers, Inc. 200 1,450 Escalade, Inc. 139 2,398 *Family Golf Centers, Inc. 952 7,319 *Florida Panthers Holding 1,561 16,683 *Football USA, Inc. 2,900 14,138 *Four Media Company 663 4,310 Gaylord Entertainment Company Class A 1,467 44,010 *Golf Entertainment, Inc. 1,300 1,300 *GTECH Holdings Corporation 1,846 43,496 *Hollywood Entertainment Corporation 2,093 40,944 *Hollywood Park, Inc. 951 16,167 *Image Entertainment, Inc. 599 3,894 *Imaginon 946 2,129 International Game Technology 5,021 92,889 101
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ---------------------------------------------------------------------- MIP Extended Index Portfolio Shares Value ---------------------------------------------------------------------- COMMON STOCKS--(Continued) ---------------------------------------------------------------------- International Speedway Corporation Class A 486 $ 23,085 *Jackpot Enterprises, Inc. 385 3,273 *Jakks Pacific, Inc. 419 12,491 *JCC Holding Company Class A 1,000 7,750 *Johnson Worldwide Associates 300 2,700 K2, Inc. 611 5,461 *Kushner Locke Company 489 3,179 *Lady Luck Gaming Corporation 2,000 9,250 *Lakes Gaming, Inc. 389 4,255 *Laser-Pacific Media Corporation 500 2,984 *Loews Cineplex Entertainment 2,622 28,514 *Macrovision Corporation 390 29,201 *Mandalay Resort Group 4,256 89,908 *Metro-Goldwyn-Mayer, Inc. 6,740 123,005 *MGM Grand, Inc. 2,953 144,697 *Multimedia Games, Inc. 200 1,400 *Navigant International, Inc. 579 4,560 *Paul-Son Gaming Corporation 1,300 11,700 *PDS Financial Corporation 300 1,481 *Penn National Gaming, Inc. 543 5,023 *Penske Motorsports, Inc. 620 30,768 *People's Choice TV Corporation 500 4,766 *Platinum Entertainment, Inc. 600 4,725 *Play By Play Toys & Novelties, Inc. 1,500 6,141 *Playcore, Inc. 1,200 6,900 *Players International, Inc. 1,178 8,467 *Premier Parks, Inc. 3,374 123,995 *Racing Champions Corporation 589 4,197 *Rawlings Sporting Goods Company 287 2,834 *Reading Entertainment, Inc. 333 2,518 *Rentrak Corporation 300 1,500 *Resortquest International, Inc. 754 6,221 *Riddell Sports, Inc. 500 1,813 *Sabre Group Holdings, Inc. 1,002 68,888 *Sfx Entertainment, Inc. Class A 1,534 102,107 *Sodak Gaming, Inc. 939 8,803 *Speedway Motorsports 1,856 72,964 *Sport Supply Group, Inc. 331 3,351 *Sports Club Co, Inc. 600 2,475 *Steinway Musical Instruments 325 8,613 *TBA Entertainment Corporation 500 2,156 *TearDrop Golf Company 400 1,050 *Ticketmaster Online-CitySearch, Inc. Class B 313 9,468 Todd Corporation Class A 300 3,300 *Topps Company, Inc. 1,711 12,458 *Toymax International, Inc. 474 2,311 *Trimark Holdings, Inc. 1,000 4,688 *Unapix Entertainment, Inc. 400 1,275 *United Leisure Corporation 400 1,088 *Video Update, Inc. Class A 1,200 975 *Westwood One, Inc. 1,280 45,680 *WMS Industries, Inc. 1,202 20,434 ------------ 1,920,646 ------------ [Download Table] ------------------------------------------------------------------- Shares Value ------------------------------------------------------------------- Environmental Controls--0.4% *Allied Waste Industries, Inc. 8,176 $ 161,476 *Aqua Alliance, Inc. 5,295 5,295 *ATG, Inc. 810 5,366 *Casella Waste Systems, Inc. Class A 618 16,068 *Covol Technologies, Inc. 559 2,865 *Crown Andersen, Inc. 100 769 *Environmental Elements Corporation 300 994 *GZA GeoEnvironmental Technologies, Inc. 600 3,000 *Harding Lawson Associates Group, Inc. 300 2,550 *Hi-Rise Recycling Systems, Inc. 900 2,700 *Kti, Inc. 487 6,940 *Layne Christensen Company 520 3,315 *Metal Management, Inc. 600 900 *MFRI, Inc. 300 1,500 *MPM Technologies, Inc. 300 1,575 *New Horizons Worldwide, Inc. 247 4,878 Ogden Corporation 2,197 59,182 *Republic Services, Inc. Class A 7,567 187,283 *Safety-Kleen Corporation 4,354 78,916 Sevenson Environmental Services, Inc. 200 2,325 *Stericycle, Inc. 700 9,494 *Strategic Diagnostic, Inc. 300 1,125 *Superior Services, Inc. 1,454 38,804 *Synagro Technologies, Inc. 300 1,913 *Thermatrix, Inc. 300 1,313 *TRC Companies, Inc. 500 3,063 Trigen Energy Corporation 453 8,607 *Trion, Inc. 300 1,416 *U S Liquids, Inc. 754 15,740 *Waste Connections, Inc. 743 22,662 *Waste Industries 593 10,600 *Waste Systems International 524 3,619 ------------ 666,253 ------------ Financial Services--4.5% Advanta Corporation Class A 1,193 21,549 Advest Group, Inc. 398 7,935 *Affiliated Managers Group 1,084 32,723 AG Edwards, Inc. 4,212 135,837 Alliance Capital Management 7,616 246,092 Allied Capital Corporation 2,339 56,136 American Capital Strategies 407 7,428 *Americredit 2,803 44,848 *Ameritrade Holding Corporation Class A 2,553 270,618 *Ampal-American Israel Corporation Class A 883 4,746 *Amresco, Inc. 2,017 12,984 *Analytical Surveys, Inc. 249 6,194 Apartment Investment & Management Company 2,831 121,025 *Arcadia Financial Ltd. 1,444 11,191 102
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ------------------------------------------------------------------ MIP Extended Index Portfolio Shares Value ------------------------------------------------------------------ COMMON STOCKS--(Continued) ------------------------------------------------------------------ Atalanta Sosnoff Capital Corporation 500 $ 4,656 Avalon Capital, Inc. 400 6,500 *Borg-Warner Security Corporation 1,052 21,369 *Boron Lepore & Associates 466 3,903 Camden Property Trust 1,993 55,306 Capitol Federal Financial 4,100 42,794 *Caribiner International, Inc. 1,073 6,639 *Cash Technologies, Inc. 100 1,100 *Central Financial Acceptance Corporation 300 1,088 *Century Business Services 3,228 46,806 Charter Municipal Mtg Accptc 921 11,800 CIT Group, Inc. Class A 7,046 203,453 *CompuCredit Corporation 1,300 24,700 Conning Corporation 477 7,751 *Consumer Portfolio Services 700 1,170 *ContiFinancial Corporation 1,724 6,142 *Credit Acceptance Corporation 2,070 12,420 *Creditrust Corporation 395 10,961 *Crescent Operating, Inc. 500 3,406 *Crown Group, Inc. 444 2,775 Dain Rauscher Corporation 556 30,094 *Delta Financial Corporation 688 4,386 Donaldson Lufkin & Jenrette, Inc. 5,592 336,908 *Donna Karan International, Inc. 796 7,910 Doral Financial Corporation 1,808 31,188 *Dvi, Inc. 519 8,888 Eaton Vance Corporation 1,608 55,376 *Ebay, Inc. 5,703 861,143 *Electronic Processing, Inc. 207 2,148 *Equitex, Inc. 239 3,167 EVEREN Capital Corporation 1,557 46,418 *E*TRADE Group, Inc. 10,522 420,212 *Factual Data Corporation 100 1,056 Federated Investors, Inc. Class B 3,860 69,239 *Financial Federal Corporation 665 14,630 *Finet Holdings Corporation 3,100 17,244 Finova Group, Inc. 2,693 141,719 First Albany Companies, Inc. 315 5,040 *First Cash, Inc. 400 3,850 *First Sierra Financial, Inc. 524 13,100 *Firstcity Financial Corporation 305 1,678 *Food Technology Service, Inc. 450 1,913 *Forrester Research, Inc. 383 9,575 *Franchise Management Acceptance 1,059 9,266 Freedom Securities Corporation 899 15,395 *Friedman Billings Ramsey Group, Inc.--A 555 6,591 Fulton Financial Corporation 3,096 64,049 *Gabelli Asset Management, Inc. Class A 500 7,906 *Gallery of History, Inc. 400 2,100 *Greg Manning Auctions, Inc. 400 8,000 *Hallwood Group 400 7,675 *Hambrecht & Quist Group 1,076 39,947 *Healthcare Financial Partnership 599 20,516 [Download Table] ---------------------------------------------------------------- Shares Value ---------------------------------------------------------------- Heller Financial, Inc. 1,731 $ 48,143 Hibernia Corporation Class A 6,996 109,750 *Hoening Group 400 3,975 *Hpsc, Inc. 200 1,900 *H.D. Vest, Inc. 300 1,650 *Imperial Credit Industries, Inc. 1,648 11,691 INMC Mortgage Holdings, Inc. 3,638 58,208 *Innotrac Corporation 331 6,703 *Insurance Auto Auctions, Inc. 517 8,337 *Internet Financial Services, Inc. 200 2,700 Investment Technology Group, Inc. 2,254 72,973 *Iron Mountain, Inc. 1,410 40,361 *Iti Technologies, Inc. 306 6,923 *JB Oxford Holdings, Inc. 521 7,359 Jeffries Group, Inc. 940 28,200 John Nuveen & Co, Inc. Class A 1,402 59,848 *JWGenesis Financial Corporation 763 10,777 *Kent Financial Services, Inc. 1,000 3,813 *Kinnard Investments, Inc. 1,200 4,913 Kirlin Holding Corporation 1,000 9,813 *Knight/Trimark Group, Inc. Class A 4,790 288,897 Legg Mason, Inc. 2,497 96,135 Liberty Property Trust 3,033 75,446 *L, Inc. Capital, Inc. 900 7,988 Litchfield Financial Corporation 252 4,268 *Lo-Jack Corporation 668 5,595 *Long Beach Financial Corporation 833 12,235 *MACC Private Equities, Inc. 520 4,875 *Marketing Services Group, Inc. 500 13,094 *Matrix Bank Corporation, Inc. 247 3,458 Medallion Financial Corporation 516 9,836 *Medaphis Corporation 3,303 18,992 *Memberworks, Inc. 698 20,242 Metris Companies, Inc. 1,722 70,172 MicroFinancial, Inc. 700 10,019 *MLC Holdings, Inc. 334 2,547 Morgan Keegan, Inc. 1,444 27,346 *Mossimo, Inc. 671 5,997 *M.H. Meyerson & Company, Inc. 300 1,988 *National Discounts Brokers Group, Inc. 626 36,308 *National Processing, Inc. 2,265 22,933 *Nco Group, Inc. 803 30,514 *New Century Financial Corporation 533 9,661 *Newsedge Corporation 632 4,938 *NextCard, Inc. 1,700 57,694 *Norstan, Inc. 492 6,119 Nvest L.P. 1,982 48,807 *Ocwen Financial Corporation 2,720 24,140 *Omega Worldwides, Inc. 548 2,226 *Onsale, Inc. 958 18,142 *Overland Data, Inc. 451 2,875 Paine Webber Group, Inc. 6,399 299,151 *Paulson Capital Corporation 500 2,406 *Paymentech, Inc. 1,617 41,031 *Pegasystems, Inc. 1,383 14,176 Peoples Heritage Financial Group, Inc. 4,651 87,497 103
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ----------------------------------------------------------------- MIP Extended Index Portfolio Shares Value ----------------------------------------------------------------- COMMON STOCKS--(Continued) ----------------------------------------------------------------- Phoenix Investment Partners 2,008 $ 17,319 *Pilgrim Capital Corporation 208 4,030 Pimco Advisors Holdings L.P. 2,160 64,260 *Pioneer Group 1,155 19,924 PMC Capital, Inc. 500 4,188 *Point West Capital Corporation 245 2,511 Post Properties, Inc. 1,701 69,741 *Precision Response Corporation 794 4,441 *Professional Detailing, Inc. 478 11,233 *Ragen Mackenzie Group, Inc. 481 5,712 Raymond James Financial Corporation 2,166 51,849 Resource America, Inc. Class A 806 11,687 Resource Bancshares Mortgage Group 1,053 10,793 Rock Financial Corporation 503 7,859 *Rose's Holdings, Inc. 300 1,538 *RWD Technologies, Inc. 550 5,741 *Seacoast Financial Services Corporation 1,200 13,650 *Seattle Filmworks, Inc. 726 2,223 Siebert Financial Corporation 939 28,111 *Sitel Corporation 2,368 6,956 *Softnet Systems 618 17,227 Southwest Securities Group, Inc. 477 34,225 *Startek, Inc. 589 14,578 *Sterigenics International, Inc. 391 10,313 Stifel Financial Corporation 300 2,794 Student Loan Corporation 894 39,783 T Rowe Price Assocates, Inc. 5,336 204,769 *Telespectrum Worldwide, Inc. 947 7,339 *Teletech Holdings, Inc. 2,695 27,287 The Goldman Sachs Group, Inc. 2,938 212,271 *The WMF Group Ltd. 2,000 12,500 The Ziegler Companies, Inc./Wis 107 1,859 *Think New Ideas, Inc. 1,077 17,030 *Transmedia Network, Inc. 574 2,260 *UniCapital Corporation 2,301 14,525 United Asset Management Corporation 2,838 64,565 Value Line, Inc. 446 17,394 *Vestcom International, Inc. 393 1,376 Virginia Commonwealth Finan 329 9,459 *Vsi Holdings, Inc./Ga 1,414 6,451 Wackenhut Corporation 667 19,843 Waddell & Reed Financial, Inc. Class A 2,970 81,489 *Warrantech Corporation 694 1,692 Wfs Financial, Inc. 948 13,154 Wilmington Trust Corporation 1,496 85,833 *Wind River Systems 1,791 28,768 *World Acceptance Corporation 701 3,527 ------------ 6,904,234 ------------ Food Retailers--0.7% *7-Eleven, Inc. 13,245 29,388 *Arden Group, Inc. 320 13,440 Food Lion, Inc. Class A 21,610 256,619 [Download Table] ----------------------------------------------------------------- Shares Value ----------------------------------------------------------------- *Foodarama Supermarkets, Inc. 100 $ 2,988 *General Nutrition Company, Inc. 3,052 71,150 Hannaford Brothers Company 1,891 101,169 *Homeland Holding Corporation 3,000 9,000 Ingles Markets 660 10,065 Marsh Supermarkets, Inc. Class B 311 3,654 *Rocky Mountain Chocolate Factory, Inc. 300 1,800 Schultz Sav O Stores, Inc. 242 3,872 Seaway Food Town, Inc. 645 12,658 *Starbucks Corporation 8,172 306,951 *Synergy Brands, Inc. 400 775 *Village Super Market, Inc. Class A 100 1,288 *Vlasic Foods International, Inc. 2,035 14,881 Weismarkets, Inc. 2,068 80,911 *Western Beef, Inc./Del 1,300 7,881 *Whole Foods Market, Inc. 1,179 56,666 *Wild Oats Markets, Inc. 584 17,721 ------------ 1,002,877 ------------ Forest Products & Paper--0.8% American Woodmark Corporation 353 12,443 Associated Materials, Inc. 406 5,430 Bowater, Inc. 2,415 114,109 *Buckeye Technologies, Inc. 1,602 24,330 *Building Materials Holdings Corporation 566 6,509 Caraustar Industries, Inc. 1,120 27,650 Chesapeake Corporation 959 35,903 Consolidated Papers, Inc. 4,046 108,231 *Crown Vantage, Inc. 3,200 7,000 *Day Runner, Inc. 438 5,420 *Decora Industries, Inc. 328 2,091 *Drew Industries, Inc. 505 6,218 Ennis Business Forms 599 5,129 *Fibermark, Inc. 286 3,772 *Gaylord Container Class A 2,383 18,915 Georgia Pacific Corporation 3,907 98,652 Glatfelter (P H) Company 1,881 27,510 Hunt Corporation 411 3,391 *Ivex Packaging Corporation 936 20,592 *Kevco, Inc. 306 2,505 Liberty Homes, Inc. Class A 200 1,863 Longview Fibre Company 2,312 6,125 *Mail-Well, Inc. 2,184 35,354 *Palex, Inc. 721 4,371 *Paragon Trade Brands, Inc. 534 367 Patrick Industries, Inc. 216 3,375 *Playtex Products, Inc. 2,699 42,003 Pope and Talbot 497 5,995 Rayonier, Inc. 1,246 62,066 Republic Group 433 7,794 Rock-Tenn Company Class A 1,029 17,171 *Shorewood Packaging Corporation 1,187 21,885 *Simpson Manufacturing Company, Inc. 517 24,558 *Smurfit-Stone Container Corporation 9,616 197,729 St Joe Corporation 4,024 108,648 104
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] -------------------------------------------------------------------- MIP Extended Index Portfolio Shares Value -------------------------------------------------------------------- COMMON STOCKS--(Continued) -------------------------------------------------------------------- TJ International, Inc. 703 $ 21,793 *TST/Impreso, Inc. 300 1,219 Unisource Worldwide, Inc. 3,133 37,792 *United Stationers 1,646 36,212 Universal Forest Products, Inc. 926 19,909 Wausau-Mosinee Paper Corporation 2,433 43,794 ------------ 1,265,823 ------------ Health Care Providers--1.4% *Accredo Health, Inc. 500 16,375 *Alterra Healthcare Corporation 982 13,503 *America Service Group, Inc. 300 4,575 *American Dental Partners, Inc. 332 3,694 **American Health Corporation, Inc. 305 2,535 *American Retirement Corporation 765 9,563 *Ameripath, Inc. 773 6,667 *Amsurg, Inc. Class A 451 3,411 *Apria Healthcare Group 2,316 39,372 *ARV Assisted Living, Inc. 710 2,840 *Assisted Living Concepts, Inc. 778 0 *Beverly Enterprises, Inc. 4,581 36,934 *Caredata.com, Inc. 2,800 25,200 *Carematrix Corporation 796 9,900 *Castle Dental Centers, Inc. 500 3,125 *Centennial Healthcare Corporation 639 3,375 *Chronimed, Inc. 546 4,232 *Coast Dental Services, Inc. 341 1,598 *Concentra Managed Care, Inc. 2,106 31,195 *Core, Inc. 350 2,844 *Corvel Corporation 300 6,450 *Coventry Health Care, Inc. 2,632 28,788 *Cryolife, Inc. 467 5,721 *Curative Health Services, Inc. 470 2,585 *Daxor Corporation 213 2,689 *Dianon Systems, Inc. 303 3,295 *Dynacq International, Inc. 500 2,844 *Emeritus Corporation 343 3,387 *Enzo Biochem, Inc. 918 9,065 *Enzon, Inc. 1,584 32,769 *Express Scripts, Inc. Class A 1,504 90,522 *First Health Group Corporation 3,121 67,297 *Foundation Health Systems 5,467 82,005 *Genesis Health Ventures, Inc. 1,575 4,725 *Health Management Associates, Inc. Class A 11,237 126,416 *Health Systems Design Corporation 300 1,275 *Healtheon Corporation 3,232 248,864 Hooper Holmes, Inc. 1,259 25,652 *Human Genome Sciences, Inc. 1,003 39,619 *Immunomedics, Inc. 1,393 2,046 *Impath, Inc. 412 11,124 *IntegraMed America, Inc. 400 1,700 *Integrated Health Services, Inc. 2,363 18,904 *InterDent, Inc. 600 4,388 Labone, Inc. 1,090 11,173 *Laser Vision Centers, Inc. 446 28,098 [Download Table] ----------------------------------------------------------------- Shares Value ----------------------------------------------------------------- *LifePoint Hospitals, Inc. 1,500 $ 20,156 *Linc Holdings, Inc. 2,604 65,100 *Magellan Health Services, Inc. 1,414 14,140 *Managed Care Solutions, Inc. 300 1,088 *Mariner Post-Acute Network 1,858 1,045 *Matria Healthcare, Inc. 1,342 9,730 *Maxicare Health Plans, Inc. 661 3,140 *Mid Atlantic Medical Services, Inc. 2,220 21,923 Morrison Health Care, Inc. 445 11,125 *National Dentex Corporation 156 2,691 *Novacare, Inc. 1,300 1,950 *Omega Health Systems, Inc. 500 3,750 *Orthodontic Centers of Amer 2,138 30,199 *Oxford Health Plans, Inc. 3,596 55,963 *PacifiCare Health Systems, Inc. Class A 2,036 146,465 *Pediatrix Medical Group, Inc. 683 14,514 *Pentegra Dental Group, Inc. 400 850 *Physicians Speciality Corporation 401 3,835 *PMR Corporation 312 1,034 *Prime Medical Service, Inc. 659 4,860 *Province Healthcare Company 679 13,241 Psychemedics Corporation 816 4,080 *Ramsay Youth Services, Inc. 400 2,100 *Raytel Medical Corporation 600 2,775 *Rehabcare Corporation 339 6,250 *Renal Care Group, Inc. 1,913 49,499 *Renex Corporation 300 1,631 *SeraCare, Inc. 400 2,000 *Sierra Health Services, Inc. 1,213 17,513 *Sight Resource Corporation 500 2,094 *Sonus Corporation 400 1,600 *Sunrise Assisted Living, Inc. 950 33,131 *Syncor International Corporation-Del 491 17,676 *Total Renal Care Holdings, Inc. 3,621 56,352 *Transworld Healthcare, Inc. 784 2,548 *Triad Hospitals, Inc. 1,600 21,600 *United Payors & United 764 17,715 *Universal Health Services, Inc. Class B 1,565 74,729 *Urocor, Inc. 468 2,296 *US Physical Therapy, Inc. 300 2,550 Ventas, Inc. 3,035 16,313 *Veterinary Centers of America 926 12,559 *Wellpoint Health Networks, Inc. 2,995 254,201 ------------ 2,110,350 ------------ Heavy Construction--0.2% Abrams Industries 300 1,500 *Amrep Corporation 500 2,844 *Crossmann Communities, Inc. 514 14,938 *Del Webb 808 19,291 *Fairfield Communities, Inc. 2,054 33,121 Granite Construction, Inc. 1,236 36,230 *Hovnanian Ent Class A 400 3,500 *Kentucky Electric Steel, Inc. 2,800 9,275 Lennar Corporation 2,601 62,424 105
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ------------------------------------------------------------------ MIP Extended Index Portfolio Shares Value ------------------------------------------------------------------ COMMON STOCKS--(Continued) ------------------------------------------------------------------ Mcgrath Ren Corporation 516 $ 10,320 *Meadow Valley Corporation 400 1,750 *Morrison Knudsen Corporation 2,389 24,637 M/I Schottenstein Homes, Inc. 325 5,992 *Perini Corporation 200 1,138 *Rottlund Company 1,200 5,550 Rouse Company 3,069 77,876 *TransCoastal Marine Services, Inc. 2,600 12,675 *Turner Corporation 290 5,111 *UNIFAB International, Inc. 1,300 10,888 *US Home Corporation 607 21,549 *Westower Corporation 308 7,546 *Williams Industries, Inc. 300 1,200 ------------ 369,355 ------------ Heavy Machinery--1.6% *Aaon, Inc. 277 3,186 *Ag-Chem Equipment 355 3,550 Agco Corporation 2,763 31,256 Alamo Group, Inc. 359 3,141 *Albany International 1,380 28,635 Allied Products Corporation 528 1,518 *Altair International 859 4,456 *American Aircarriers Support 288 2,484 *American Standard Company 3,145 150,960 Ampco-Pittsburgh Corporation 353 4,523 Applied Industrial Tech, Inc. 969 18,411 Applied Power, Inc. Class A 1,728 47,196 *Applied Science & Technology 516 11,610 *Arguss Holdings 471 8,920 *Astec Industries 843 34,352 *Asyst Technologies, Inc. 518 15,508 *Aviall, Inc. 1,070 20,129 *Aviation Sales Company 658 25,991 *Avteam, Inc. Class A 677 4,951 *A.S.V., Inc. 455 10,294 *Baldwin Technology Company, Inc. Class A 676 1,986 BHA Group, Inc. 319 2,632 *Bolt Technology Corporation 300 1,725 *Bridgeport Machines, Inc. 900 8,775 *Brooks Automation, Inc. 505 13,667 Cascade Corporation 427 5,978 *CFM Technologies, Inc. 452 4,520 *CH Heist Corporation 800 5,200 Charter Industries 1,077 8,481 Cmi Corporation Class A 894 8,158 Columbus Mckinnon Corporation 616 14,784 *Ctb International Corporation 454 3,774 Detroit Diesel Corporation 1,105 27,211 Donaldson Company, Inc. 2,164 53,018 *Dril-Quip 736 16,882 DT Industries, Inc. 468 4,300 *Dycomind 1,094 61,264 *Electroglas, Inc. 827 16,540 Engineered Support Systems 317 3,745 *Farr Company 395 4,345 Fedders Corporation 1,424 9,523 [Download Table] -------------------------------------------------------------------- Shares Value -------------------------------------------------------------------- Federal Mogul Corporation 3,211 $ 166,972 *Flow International Corporation 551 5,958 Flowserve Corporation 1,718 32,535 *Gardner Denver, Inc. 693 11,175 *Gasonics International Corporation 622 8,708 *Gehl Corporation 300 6,075 *Glacier Water Services, Inc. 135 2,683 Gleason Corporation 478 8,036 *Global Industrial Technologies 912 11,001 Gorman Rupp Company 315 5,198 Graco, Inc. 898 26,379 Hardinge, Inc. 362 6,358 Harnischfeger Industries, Inc. 800 1,600 *Hirsch International Corporation Class A 800 1,800 *Hurco Company, Inc. 600 3,000 Idex Corporation 1,312 43,132 *IIC Industries, Inc. 300 3,075 *Industrial Distribution Group 779 3,944 *Industrial Holdings, Inc. 778 5,932 *Insituform Technologies Class A 1,180 25,518 *International Comfort Products Corporation 1,830 20,816 *IRI International Corporation 1,785 8,256 *ITEQ, Inc. 1,200 2,513 *JLK Direct Distribution, Inc. Class A 1,100 10,244 Kaman Corporation Class A 1,059 16,613 Katy Inds, Inc. 306 3,978 *Key Technology, Inc. 200 1,875 *Knight Transportation, Inc. 669 14,300 *Kulicke & Soffa Industries 1,042 27,939 *Lancer Corporation--Texas 336 2,814 Lincoln Electric Holding, Inc. 2,154 44,157 Lindsay Manufacturing Company 584 10,257 Lufkin Industries, Inc. 241 4,820 *Magne Tek, Inc. 1,412 14,914 Manitowoc Company, Inc. 1,159 48,243 *Mansur Industries, Inc. 1,200 12,000 *McClain Industries, Inc. 400 275 *Mestek, Inc. 328 7,216 Met-Pro Corporation 306 3,825 *Metromedia International Group, Inc. 3,092 23,190 *Mitcham Industries, Inc. 2,200 8,800 *Morgan Products Ltd. 2,700 10,294 *Newcor, Inc. 2,500 12,188 NN Ball & Roller, Inc. 662 3,807 Nordson Corporation 731 44,774 Omniquip International, Inc. 726 5,717 *P&F Industries, Inc. Class A 200 1,931 *Park Holdings Corporation 411 6,961 *Paxar Corporation 2,143 19,287 *Pentacon, Inc. 745 3,678 Pentair, Inc. 1,918 87,749 *Plasma-Therm, Inc. 700 1,925 *PLM International, Inc. 400 2,300 *Presstek, Inc. 1,390 10,034 106
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ------------------------------------------------------------ MIP Extended Index Portfolio Shares Value ------------------------------------------------------------ COMMON STOCKS--(Continued) ------------------------------------------------------------ Quipp, Inc. 100 $ 1,300 *Recovery Engineering, Inc. 268 4,556 *Riviera Tool Company 300 1,481 Robbins & Myers, Inc. 406 9,059 *Sames Corporation 132 2,624 Sauer, Inc. 1,210 13,008 *Schmitt Industries, Inc. 3,300 8,250 Scotsman Industries, Inc. 390 8,409 *Scott Technologies, Inc. 799 15,381 *Semitool, Inc. 608 5,852 SI Handling Systems, Inc. 100 1,050 *Specialty Equipment Company 822 24,198 *SpeedFam-IPEC, Inc. 1,388 22,298 *Speizman Industries, Inc. 2,300 8,338 *SPS Technologies, Inc. 566 21,225 *SPX Corporation 1,368 114,228 Tecumseh Products Company Class A 939 56,868 *Tegal Corporation 3,000 10,313 Teleflex, Inc. 1,673 72,671 Tennant Company 415 13,280 *Terex Corporation 1,030 31,351 *The Middleby Corporation 200 1,275 *Thermadyne Holdings Corporation 144 2,448 *Thermo Fibertek, Inc. 2,750 19,594 *Thermo Power Corporation 436 5,041 *Thermo Sentron, Inc. 447 6,035 *Tokheim Corporation 566 6,474 Toro Company 575 22,641 *Total Containment, Inc. 300 900 *Tractor Supply Company 522 14,257 *Turbochef, Inc. 640 6,160 Twin Disc, Inc. 126 2,528 *Ultratech Stepper, Inc. 943 14,204 United Industrial Corporation 1,053 11,649 *VWR Corporation 1,289 47,290 *Waterlink, Inc. 547 1,573 Watsco, Inc. 1,506 24,661 Weatherford International, Inc. 4,560 167,010 *White Cap Industries, Inc. 393 4,642 Woodward Governor Company 416 10,816 York International Corporation 1,792 76,720 ------------ 2,478,006 ------------ Home Construction, Furnishings & Appliances-- 1.1% *American Homestar Corporation 880 6,050 *American Safety Razor Company 800 8,000 Bassett Furniture Inds, Inc. 579 13,245 *Beazer Homes USA, Inc. 231 5,356 *BioShield Technologies, Inc. 100 1,838 Bush Industries Class A 380 6,318 *C3, Inc. 311 5,365 Cavalier Homes, Inc. 724 5,928 *Champion Enterprises, Inc. 2,152 40,081 *Chromcraft Revington, Inc. 402 5,804 Clayton Homes, Inc. 6,505 74,401 [Download Table] --------------------------------------------------------------- Shares Value --------------------------------------------------------------- *Congoleum Corporation Class A 900 $ 6,469 *Dal Tile International, Inc. 2,396 27,255 *Diamond Home Services, Inc. 400 1,700 *Dominion Homes, Inc. 200 1,475 Donnelly Corporation 371 5,866 DR Horton, Inc. 2,988 49,676 *Ekco Group, Inc. 878 3,293 Engle Homes, Inc. 411 5,651 *Essef Corporation 885 17,921 Ethan Allen Interiors, Inc. 1,849 69,800 Falcon Products, Inc. 334 3,403 Flexsteel Industries 252 3,355 *Fossil, Inc. 936 45,279 *Furniture Brands International, Inc. 2,320 64,670 *Gentex Corporation 3,318 92,904 *Helen of Troy Ltd. 1,299 23,301 HON Industries, Inc. 2,762 80,616 Hussmann International, Inc. 2,281 37,779 *Jan Bell Marketing 1,344 4,704 Kimball International Class B 1,820 30,713 Knape & Vogt Manufacturing Company 213 3,754 *Knoll, Inc. 1,880 50,055 *Ladd Furniture 288 6,048 *Lazare Kaplan International 379 3,837 La-Z-Boy Chair Company 2,367 54,441 Leggett & Platt, Inc. 8,806 244,917 Libbey, Inc. 773 22,417 Lifetime Hoan Corporation 464 4,234 MDC Holdings, Inc. 820 17,630 *Media Arts Group, Inc. 481 2,104 *Meritage Corporation 238 2,603 *Michael Anthony Jewelers, Inc. 1,200 4,875 Mikasa, Inc. 669 7,568 Miller (Herman), Inc. 3,846 80,766 *Mity Lite, Inc. 146 2,774 *Modtech Holdings, Inc. 500 5,688 Movado Group 578 14,956 National Presto Industries 271 10,366 *Newmark Homes Corporation 514 2,763 *Nobility Homes, Inc. 219 1,643 *NVR L.P. 481 25,102 Oakwood Homes Corporation 2,087 27,392 Oneida Ltd. 747 21,009 *O'Sullivan Industries Holdings 686 11,662 *Palm Harbor Homes, Inc. 1,063 26,641 Pulaski Furniture Corporation 126 2,567 *Rexhall Industries, Inc. 300 3,788 *Robertson-Ceco Corporation 1,300 12,838 Rowe Furniture Corporation 454 4,739 *Royal Appliance Manufacturing Company 894 6,202 Ryland Group 657 19,505 Salton/Maxim Corporation 389 19,450 *Schuler Homes, Inc. 741 4,817 *Select Comfort Corporation 810 7,239 Skyline Corporation 341 9,996 *SMC Corporation 300 1,538 *Southern Energy Homes, Inc. 565 3,002 107
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ---------------------------------------------------------- MIP Extended Index Portfolio Shares Value ---------------------------------------------------------- COMMON STOCKS--(Continued) ---------------------------------------------------------- Standard-Pacific Corporation 1,326 $ 17,155 Standex International Corporation 581 15,905 *Stanley Furniture Company, Inc. 264 5,940 Steelcase, Inc. 1,029 20,580 *Sunbeam Corporation 4,513 35,822 *Toll Brothers 1,654 35,458 *Trex Company, Inc. 500 12,688 Virco Manufacturing 365 5,886 *Walter Industries, Inc. 2,286 29,575 *Washington Homes, Inc. 500 3,219 *Windmere Corporation 1,014 17,111 *Winsloew Furniture, Inc. 270 9,079 *Zaring National Corporation 600 4,800 ------------ 1,712,360 ------------ Industrial--Diversified--3.4% *AG Services of America, Inc. 233 4,019 *Alyn Corporation 3,200 10,000 American Biltrite, Inc. 134 2,747 *ARTRA Group, Inc. 300 4,050 *Asahi America, Inc. 1,900 13,775 Aztec Manufacturing Company 800 7,800 *Berkshire Hathaway, Inc. Class A 680 4,685,190 *Blyth Industries, Inc. 2,200 75,625 Carlisle Companies, Inc. 1,350 64,969 *GSI Lumonics, Inc. 627 2,390 *Hexcel Corporation 1,724 17,456 *Identix, Inc. 1,133 11,118 *Interlott Technologies, Inc. 400 2,300 *Koala Corporation 227 6,072 *Lydall, Inc. 577 6,636 Mark IV Industries, Inc. 2,435 51,439 *Metrika Systems Corporation 361 3,159 *Mikohn Gaming Corporation 500 1,844 Oil Dri America Class A 266 4,256 *Publicard, Inc. 690 7,029 Russ Berrie & Co, Inc. 994 24,602 Scope Industries 100 6,500 *Shuffle Master, Inc. 400 3,350 *Thermwood Corporation 200 1,350 US Industries, Inc. 4,410 74,970 Wesco Financial Corporation 318 98,580 York Group, Inc. 399 2,993 *Zomax Optical Media, Inc. 364 16,016 ------------ 5,210,235 ------------ Insurance--4.0% 20th Century Industries 3,919 73,971 *Acceptance Insurance Cos, Inc. 641 9,655 *Advance Paradigm, Inc. 459 27,999 Aflac Corporation 11,869 568,218 Alfa Corporation 1,828 36,560 *Allcity Insurance Company 500 3,063 *Alleghany Corporation 327 60,495 Allmerica Financial Corporation 2,700 164,194 Ambac Financial Group, Inc. 3,118 178,116 American Annuity Group, Inc. 1,909 46,293 [Download Table] ------------------------------------------------------------------ Shares Value ------------------------------------------------------------------ American Bankers Insur Group 1,927 $ 104,901 American Financial Group, Inc. 2,732 93,059 American Heritage Life Investors, Inc. 1,246 30,527 *American Indemnity Financial Corporation 600 8,550 American Med Security Group 611 5,270 American National Insurance 1,184 84,360 Amerus Life Holdings, Inc. 1,149 31,023 Amwest Insurance Group, Inc. 907 8,390 Argonaut Group, Inc. 1,075 25,800 Arm Financial Group, Inc. Class A 1,057 8,985 *Atlantic American Corporation 700 2,844 Baldwin & Lyons, Inc. Class B 613 14,520 *Bancinsurance Corporation 1,050 5,513 Brown & Brown 604 22,952 Capital Research Corporation 1,425 22,889 *Capital Title Group, Inc. 1,000 2,500 Capitol Transamerica Corporation 413 5,472 Centris Group, Inc. 400 4,050 *Ceres Group, Inc. 423 3,886 Chartwell Re Corporation 355 6,612 *Citizens Financial Corporation-A 200 2,150 *Citizens, Inc. 788 4,630 *Clark/Bardes Holdings, Inc. 297 5,643 *CNA Financial Corporation 8,227 331,641 Commerce Group, Inc. 1,612 39,293 Cotton States Life Insurance 287 3,516 Crawford and Company 2,282 37,083 *Danielson Holding Corporation 700 4,025 *Delphi Financial Group, Inc. 930 33,364 Donegal Group, Inc. 365 4,152 EMC Insurance Group, Inc. 423 4,970 Enhance Fin Serv Group, Inc. 1,672 33,022 Equitable Company, Inc. 9,983 668,851 Erie Indemnity Company Class A 2,999 85,472 Everest Reinsurance Holdings, Inc. 2,240 73,080 Executive Risk, Inc. 496 42,191 E.W. Blanch Holdings, Inc. 574 39,140 *Farm Family Holdings, Inc. 208 7,111 FBL Financial Group, Inc. Class A 1,405 27,398 Fidelity National Financial, Inc. 1,287 27,027 *Financial Industries Corporation 242 2,904 Financial Security Assurance 1,410 73,320 First American Financial Corporation 2,808 50,193 *First Commonwealth, Inc. 100 2,450 Foremost Corporation of America 1,218 26,796 *Fpic Insurance Group, Inc. 421 20,419 Fremont General Corporation 3,127 59,022 Frontier Insurance Group, Inc. 1,656 25,461 Gainsco, Inc. 770 4,524 Gallagher A J & Company 773 38,264 Guarantee Life Companies, Inc. 340 8,543 Harleysville Group, Inc. 1,303 26,712 Hartford Life Class A 1,157 60,887 HCC Insurance Holdings, Inc. 2,153 48,846 *Highlands Insurance Group 477 5,009 Hilb Rogal & Hamilton Company 847 18,952 108
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ------------------------------------------------------------------------ MIP Extended Index Portfolio Shares Value ------------------------------------------------------------------------ COMMON STOCKS--(Continued) ------------------------------------------------------------------------ Horace Mann Educators Corporation 1,902 $ 51,711 HSB Group, Inc. 1,314 54,120 Independence Holding Company 272 3,196 *Insurance Management Solutions Group, Inc. 300 2,550 *Intercontinental Life Corporation 400 3,750 *Interstate National Dealer Services, Inc. 200 1,350 Investors Title 200 3,400 Kansas City Life Insurance Company 554 23,822 Kaye Group, Inc. 300 2,250 Lab Holdings, Inc. 239 3,316 Landamerica Financial Group 690 19,838 Leucadia National Corporation 2,782 69,550 Liberty Corporation 834 45,453 Liberty Financial Company 2,064 60,114 Life USA Holdings 1,131 22,903 *Markel Corporation 246 46,002 Meadowbrook Insurance Group 390 5,314 *Medical Assurance In 1,046 29,876 Merchants Group, Inc. 472 10,561 Mercury General Corporation 2,449 83,266 Meridian Ins Group 247 4,137 Midland Company 340 8,628 MMI Companies, Inc. 849 14,327 Mobile America Corporation 500 1,625 Mony Group, Inc. 2,113 68,937 *Motor Club of America 400 5,225 National Security Group, Inc. 400 4,700 Nationwide Financial Services, Inc. Class A 1,064 48,146 *National Western Life Ins Class A 146 14,053 *Navigators Group, Inc. 377 5,655 Nymagic, Inc. 433 6,766 Ohio Casualty Corporation 1,439 51,984 Old Guard Group, Inc. 300 4,013 Old Republic International Corporation 6,100 105,606 Orion Capital 1,212 43,481 *Penn Treaty America Corporation 287 6,906 Penn-America Group, Inc. 500 5,188 Philadelphia Cons Holdings Company 545 13,353 *Pico Holdings, Inc. 400 10,125 Pma Capital Corporation Class A 409 8,410 PMI Group, Inc. 1,357 85,237 Presidential Life Corporation 1,420 27,868 *Professionals Group, Inc. 375 12,656 Protective Life Corporation 2,882 95,106 *Provident Amer Corporation 477 13,296 Pxre Corporation 595 10,784 Radian Group, Inc. 1,606 78,414 Reinsurance Group of America, Inc. 1,693 59,678 Reinsurance Group of America, Inc. (Non Voting) 273 9,146 [Download Table] ---------------------------------------------------------------- Shares Value ---------------------------------------------------------------- Reliance Group Holdings, Inc. 5,191 $ 38,608 Reliastar Financial Corporation 4,077 178,369 *Rightchoice Managed Care Class A 300 3,431 *Risk Capital Holdings, Inc. 763 10,301 RLI Corporation 464 17,980 *Rtw, Inc. 1,400 8,225 Scpie Holdings, Inc. 556 18,140 Selective Insurance Group 1,263 24,076 *Southern Security Life Insurance 500 2,094 *Stan Corporation Financial Group, Inc. 1,600 48,000 *Standard Management Corporation 353 2,317 State Auto Financial 1,876 25,326 Stewart Information Services 478 10,098 *Superior National Insurance 797 21,718 Surety Corporation 1,972 30,196 *Symons International Group 464 2,523 *The Seibels Bruce Group, Inc. 300 1,500 Transatlantic Holdings, Inc. 1,550 116,153 Travelers Property Casualty Corporation 2,901 113,502 Trenwick Group, Inc. 499 12,303 *Triad Guaranty, Inc. 598 10,727 *Trigon Healthcare, Inc. 1,892 68,822 *UICI 2,068 57,129 Unico American 200 2,038 United Fire & Causualty Company 451 11,726 United Wisconsin Services 611 4,888 Unitrin, Inc. 3,544 145,304 Vesta Insurance Group 686 3,173 *Wackenhut Corrections Corporation 977 19,357 White Mountains Insurance Group, Inc. 256 36,096 W.R. Berkley Corporation 1,185 29,625 XL Captial Ltd. Class A 750 42,392 Zenith National Insurance Corporation 762 18,764 ------------ 6,107,421 ------------ Lodging--0.5% *American Skiing Corporation 3,194 12,976 *Ameristar Casinos, Inc. 700 2,275 *Aztar Corporation 1,668 15,325 *BridgeStreet Accomodations, Inc. 300 994 *Bristol Hotel & Resorts, Inc. 655 4,913 *Cavanaughs Hospitality Corporation 566 4,776 *Choice Hotels International, Inc. 2,589 51,133 *Crestline Capital Corporation 855 14,375 *Extended Stay America, Inc. 4,292 51,504 *Homestead Village Property, Inc. 1,411 3,439 Host Marriott Corporation 10,560 125,400 *Host Marriott Services Corporation 1,241 10,083 *Interstate Hotels Corporation 347 1,433 109
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ------------------------------------------------------------------ MIP Extended Index Portfolio Shares Value ------------------------------------------------------------------ COMMON STOCKS--(Continued) ------------------------------------------------------------------ *International Leisure Hosts 300 $ 1,425 *Isle of Capris Casinos, Inc. 800 5,500 *John Q Hammons Hotels, Inc. 300 1,256 *Lodgian, Inc. 1,064 6,983 Marcus Corporation 1,395 17,176 *MeriStar Hotels & Resorts, Inc. 900 3,094 *Monarch Casino & Resort, Inc. 300 1,913 *Park Place Entertainment Corporation 13,547 131,237 *Prime Hospitality Corporation 2,338 28,056 *Promus Hotel Corporation 3,827 118,637 *Red Roof Inns, Inc. 1,222 21,920 *Riviera Holdings Corporation 200 1,125 *ShoLodge, Inc. 300 1,519 *Silver Leaf Resorts, Inc. 475 3,058 *Sodexho Marriott Services, Inc. 2,779 53,322 Sonesta International Hotels 400 4,875 *Station Casinos, Inc. 1,579 32,172 *Suburban Lodges of America 569 3,663 *Sunburst Hospitality Corporation 893 5,246 *Sunterra Resorts, Inc. 1,606 22,384 *Supertel Hospitality, Inc. 200 2,463 *Thousand Trails, Inc. 600 2,663 *Trendwest Resorts, Inc. 767 17,114 *Trump Hotels & Casino Resorts 818 3,732 *US Franchise Systems, Inc. 633 14,678 *Vail Resorts, Inc. 1,210 21,175 *Vistana, Inc. 781 12,301 ------------ 837,313 ------------ Media--Broadcasting & Publishing--4.1% *5th Avenue Channel Corporation 700 2,625 *Adelphia Communications Class A 1,756 111,726 *Allegiance Telecom, Inc. 2,852 156,504 *American Telecasting, Inc. 700 4,178 *American Tower Corporation 7,271 174,504 Banta Corporation 1,294 27,174 Belo (A H) Corporation 5,394 106,194 BHC Communications, Inc. Class A 1,007 129,525 *Big City Radio 1,400 5,075 *Big Flower Holdings, Inc. 881 28,082 *Cablevision Systems Corporation 4,809 336,620 *Capstar Broadcasting Corporation Class A 1,517 41,528 Central Newspapers Class A 1,674 62,984 Champion Industries, Inc. 432 3,348 *Chancellor Media Corporation Class A 6,480 357,200 *Chris-Craft Industries, Inc. 1,498 70,593 *Citadel Communications Corporation 1,150 41,616 *Clear Channel Communications, Inc. 2,644 182,271 *College Television Network 638 4,506 Courier Corporation 300 6,900 *Cox Communications, Inc. Class A 23,770 875,023 *Cox Radio, Inc. Class A 355 19,259 [Download Table] ------------------------------------------------------------- Shares Value ------------------------------------------------------------- *Cumulus Media, Inc. 727 $ 15,903 *Daily Journal Corporation-Sc 119 4,373 *Emmis Communications Cia 587 28,983 *Entercom Communications Corporation 1,200 51,300 *Entertainment, Inc. 1,490 27,938 EW Scripps Company 3,511 166,992 *Fox Entertainment Group, Inc. 5,503 148,237 *Gibson Greetings, Inc. 583 3,698 *Granite Broadcasting Corporation 468 3,656 Gray Communications Systems Class B 771 10,890 Gray Communications System 694 13,880 Harland (John H) Company 1,387 27,653 Harte-Hanks Communications, Inc. 3,176 86,149 *Hearst-Argyle Television, Inc. 2,073 49,752 *Hispanic Broadcasting Corporation 2,073 157,289 Hollinger International, Inc. 5,322 63,199 Houghton Mifflin Company 1,347 63,393 *IDG Books Worldwide, Inc. 526 9,600 *Individual Investors Group 379 2,179 *Infinity Broadasting Corporation 6,863 204,174 *Information Holdings, Inc. 758 14,876 *Jones Intercable, Inc. 1,840 90,160 *Journal Register Company 2,167 48,758 Lee Enterprises, Inc. 1,993 60,787 *Lodgenet Entertainment Corporation 400 5,575 *Loronix Information Systems, Inc. 300 2,475 Media General, Inc. Class A 1,197 61,047 *National Wireless Holdings 146 2,446 Nelson (Thomas), Inc. 544 6,052 *Network Event Theater, Inc. 618 10,352 *New Frontier Media, Inc. 300 2,175 *On Command Corporation 1,349 23,776 *OnHealth Network Company 938 9,966 *Paxson Communications Corporation 2,348 31,698 *PC Quote, Inc. 997 7,540 *Pegasus Communications Corporation 606 23,899 *Playboy Enterprises, Inc. Class B 998 26,509 *Polk Audio, Inc. 100 1,000 *Price Communications 1,585 23,775 *Primedia, Inc. 6,471 109,603 Pulitzer, Inc. 1,006 48,854 *Radio One, Inc. 400 18,600 *Rare Medium Group, Inc. 1,415 17,599 Readers Digest Association, Inc. 4,794 190,562 *Saga Communications, Inc. 572 10,654 *Scholastic Corporation 730 36,956 *S, Inc. Broadcast Group Class A 2,099 34,371 TCA Cable TV, Inc. 2,232 123,876 *Tci Music, Inc. Class A 800 28,300 *TCI Satellite Entertainment, Inc. 2,600 7,638 *The Harvey Entertainment Company 200 963 110
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ---------------------------------------------------------------- MIP Extended Index Portfolio Shares Value ---------------------------------------------------------------- COMMON STOCKS--(Continued) ---------------------------------------------------------------- The Macclatchy Company Class A 1,999 $ 66,217 *The Network Connection, Inc. 1,700 3,825 *TheStreet.com, Inc. 900 32,400 *TV Guide, Inc. Class A 3,344 122,474 United Television, Inc. 420 44,048 *Univision Communications, Inc. Class A 4,057 267,762 *USA Networks, Inc. 5,849 234,691 *Valley Media, Inc. 300 4,463 *VDI Media 400 2,600 *Vidikron Technologies Group, Inc. 14,100 13,219 Washington Post Company 450 241,988 *Wave Technologies International, Inc. 300 1,069 Wiley John & Sons Class A 2,834 49,949 *Workflow Management, Inc. 493 7,025 *World Color Press, Inc. 1,719 47,273 *Young Broadcasting Corporation Class A 533 22,686 *Ziff Davis, Inc. 4,674 72,155 ------------ 6,201,359 ------------ Medical Supplies--1.9% *Abiomed, Inc. 386 5,308 *Acuson Corporation 1,227 21,089 *Adac Laboratories 896 6,496 *Advanced Health Corporation 3,000 11,250 *Advanced Neuromodulation Sys 342 3,249 *Aksys Ltd. 658 3,825 *Alaris Medical, Inc. 2,183 7,368 *Amer Science & Engine, Inc. 315 2,914 *Applied Biometrics, Inc. 300 1,350 *Aradigm Corporation 448 3,976 Arrow International, Inc. 1,039 26,884 *Arthocare Corporation 430 8,815 *ATS Medical, Inc. 795 6,261 *Bacou USA, Inc. 787 13,428 Ballard Medical Products 1,662 38,745 *Bionx Implants, Inc. 399 2,195 *Bio-Plexus, Inc. 700 3,194 *Biosite Diagnostics, Inc. 577 5,842 Block Drug Company, Inc. Class A 1,022 42,605 *BriteSmile, Inc. 700 7,875 *Cambridge Heart, Inc. 401 2,732 *Candela Corporation 300 4,275 *Cardiothoracic Systems, Inc. 624 8,736 *Cerus Corporation 447 9,834 *Chromavision Medical Systems 836 8,256 *Closure Medical Corporation 594 17,820 *CNS, Inc. 783 2,667 *Coherent, Inc. 1,060 19,743 *Cohesion Technologies, Inc. 586 3,516 *Cole National Corporation 658 5,223 *Colorado Medtech, Inc. 474 10,398 *Computer Motion, Inc. 359 3,657 *Conmed Corporation 677 20,733 Cooper Company, Inc. 667 16,633 [Download Table] ------------------------------------------------------------- Shares Value ------------------------------------------------------------- *Cygnus, Inc. 2,359 $ 30,667 *DHB Capital Group 1,112 4,622 *Datascope Corporation 678 21,781 *Del Global Technologies Corporation 340 3,315 Dentsply International, Inc. 2,648 74,144 Diagnostic Products Corporation 617 17,045 *Diametrics Medical, Inc. 862 5,172 *Eclipse Surgical Tech, Inc. 1,104 11,937 *Empi, Inc. 244 5,948 *Endocardial Solutions, Inc. 402 3,794 *Endocare, Inc. 600 3,600 *Endosonics Corporation 643 4,501 *Environmental Tectonics Corporation 374 3,553 *Exactech, Inc. 319 3,669 *Excel Technology, Inc. 606 8,030 *E-Z-Em, Inc. Class A 650 3,575 *Focal, Inc. 592 4,440 *Fusion Medical Technologies, Inc. 300 2,269 *General Surgical Innovations 601 2,592 *Gliatech, Inc. 345 8,798 *Haemonetics Corporation 1,192 23,915 *Hanger Orthopedic Group, Inc. 813 11,534 *Heartport 929 2,206 Hillenbrand Industries, Inc. 2,995 129,534 *Hologic, Inc. 493 2,773 *Horizon Medical Products, Inc. 598 3,588 *ICU Med, Inc. 396 7,004 *I-Flow Corporation 1,700 6,003 *Igen International, Inc. 685 19,951 *Integra Lifesciences Corporation 700 4,506 *Intermagnetics General Corporation 555 4,301 *Interpore International 627 2,586 Invacare Corporation 1,637 43,790 *IRIDEX Corporation 500 2,438 *Isolyser Company, Inc. 2,500 11,719 *I-Stat Corporation 562 5,128 *Kensey Nash Corporation 333 2,664 *Lasersight, Inc. 588 9,555 *LCA-Vision, Inc. 1,900 17,694 *Lunar Corporation 384 3,024 *Maxxim Medical, Inc. 636 14,827 *MedCare Technologies, Inc. 400 1,875 *Medpartners, Inc. 8,904 67,337 *Medstone International, Inc. 300 2,213 *Medtox Scientific, Inc. 200 1,325 *Medwave, Inc. 341 2,472 Mentor Corporation 1,084 20,190 *Meridian Medical Technologies, Inc. 200 1,275 *Merit Medical Systems, Inc. 400 1,994 *Micro Therapeutics, Inc. 300 2,625 *Minimed, Inc. 1,306 100,480 Minntech Corporation 301 4,440 *Misonix, Inc. 400 2,575 *NMT Medical, Inc. 475 1,395 *North American Scientific, Inc. 298 2,459 111
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ------------------------------------------------------------ MIP Extended Index Portfolio Shares Value ------------------------------------------------------------ COMMON STOCKS--(Continued) ------------------------------------------------------------ *Novametrix Medical Systems, Inc. 400 $ 1,775 *Novoste Corporation 594 12,474 *Oakley, Inc. 3,162 22,529 *Ocular Sciences, Inc. 1,003 17,427 *OEC Medical Systems, Inc. 569 13,941 *Orthologic Corporation 933 2,303 *Osteotech, Inc. 597 17,164 *Palomar Medical Technologies, Inc. 500 2,391 *Perclose, Inc. 485 23,310 *PharmaNetics, Inc. 400 2,750 *Phycor, Inc. 3,407 25,233 *PLC Systems, Inc. 882 3,087 *Polymedica Industries, Inc. 400 4,000 *Protocol Systems, Inc. 372 3,232 *Quorum Health Group, Inc. 3,229 40,564 *Resmed, Inc. 656 21,771 *Respironics, Inc. 1,413 21,372 *Rochester Medical Corporation 238 2,380 *Sabratek Corporation 461 10,084 *Safeskin Corporation 2,541 30,492 *Selfcare, Inc. 2,500 7,656 *Sola International 1,013 19,690 *Sonosite, Inc. 220 3,740 *Spacelabs Medical, Inc. 347 6,550 *Spectranetics Corporation 855 2,405 *Spectrascience, Inc. 300 1,425 *SpectRx, Inc. 300 2,325 *Staar Surgical Company 596 7,897 *Sterile Recoveries, Inc. 253 2,925 *Steris Corporation 3,054 59,171 Stryker Corporation 4,314 259,379 *Summit Technology, Inc. 1,938 42,636 *Sunrise Medical, Inc. 818 5,828 *Sunrise Technologies International 1,843 22,577 *Sybron Corporation 4,518 124,527 *Techne Corporation 896 22,736 *The Med-Design Corporation 600 4,163 *Theragenics Corporation 1,084 7,520 *Thermo Cardiosystems, Inc. 1,722 18,727 *Thoratec Labs Corporation 851 9,042 *Trex Medical Corporation 1,258 7,548 *Uniphase Corporation 1,833 304,268 United-Guardian, Inc. 400 1,900 *Urologix, Inc. 3,100 7,653 *US Vision, Inc. 2,000 10,438 *Utah Medical Products, Inc. 367 2,844 *Valentis, Inc. 776 2,959 Varian Medical Systems, Inc. 1,330 33,583 *Ventana Medical Systems 593 11,341 *Visx, Inc. 2,720 215,390 *Waters Corporation 2,694 143,119 *Wesley Jessen Visioncare 760 24,605 *WRP Corporation 300 1,702 *Xomed Surgical Products, Inc. 542 26,389 *Young Innovations, Inc. 303 4,431 [Download Table] ---------------------------------------------------------------- Shares Value ---------------------------------------------------------------- *Zevex International, Inc. 300 $ 1,556 *Zoll Medical Corporation 277 3,324 ------------ 2,833,987 ------------ Medical & Bio-Technology--0.9% *Advanced Energy Industries 1,193 48,391 *Advanced Tissue Sciences, Inc. 1,500 4,875 *Aetrium, Inc. 428 3,906 *AgriBioTech, Inc. 1,675 10,155 *Albany Molecular Research, Inc. 500 14,875 *Alcide Corporation 100 1,800 Amcast Industries Corporation 339 5,530 Analogic Corporation 566 17,599 *Autocyte, Inc. 567 3,402 *AVAX Technologies, Inc. 2,000 7,750 *Avigen, Inc. 500 3,000 Badger Meter, Inc. 112 3,892 Beckman Coulter, Inc. 1,379 67,054 Bei Technologies, Inc. 272 2,720 *Bio-Rad Laboratories, Inc. 758 19,803 *BioSource International, Inc. 2,500 12,266 *Boston Biomedica, Inc. 2,900 9,425 *Brown & Sharpe Manufacturing 476 2,588 *Cerprobe Corporation 284 2,840 *Chiron Corporation 7,993 165,855 Cohu, Inc. 359 12,700 *Credence Systems Corporation 971 36,048 *CRYO-CELL International, Inc. 400 1,050 *Cuno, Inc. 696 13,311 *Cyberonics 743 9,288 *Cyberoptics Corporation 221 3,564 *Cymer, Inc. 1,313 32,825 *DataTRAK International, Inc. 2,300 11,788 *Dynamic Healthcare Technologies, Inc. 400 875 *Embrex, Inc. 500 4,219 *Endogen, Inc. 3,300 12,272 *Energy Conversion Devices 563 5,595 *Epitope, Inc. 501 2,943 *Esterline Corporation 775 11,141 *FARO Technologies, Inc. 2,407 12,035 *FEI Company 669 5,519 *Flanders Corporation 928 3,248 *Flir Systems, Inc. 440 6,655 Frequency Electronics, Inc. 343 2,830 *Galileo Corporation 300 2,231 *Genrad, Inc. 1,297 26,994 *Genzyme Corporation-- General Division 3,609 175,037 *Genzyme Surgical Products 646 2,847 *Geoscience Corporation 368 2,622 Hach Company Class A 383 6,750 Hach Company 331 5,999 *Idexx Laboratories, Inc. 1,729 40,307 *II-VI, Inc. 306 2,907 *Immtech International, Inc. 100 1,750 *Innovasive Devices, Inc. 2,500 8,125 *InSight Health Services Corporation 200 1,275 112
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ------------------------------------------------------------ MIP Extended Index Portfolio Shares Value ------------------------------------------------------------ COMMON STOCKS--(Continued) ------------------------------------------------------------ *Integrated Sensor Solutions, Inc. 1,100 $ 8,766 *Intelligent Medical Imaging, Inc. 1,900 1,425 *Invitrogen Corporation 400 9,875 *Invivo Corporation 246 3,229 *Ionics, Inc. 720 26,280 *Kopin Corporation 550 13,166 *K-Tron International, Inc. 234 4,124 *LanVision Systems, Inc. 800 925 *Lecroy Corporation 279 6,609 *LifeCell Corporation 600 2,475 *LTX Corporation 1,408 18,744 *Meade Instruments Corporation 290 5,003 *Mechanical Technology, Inc. 600 16,200 *Mede America Corporation 600 22,650 *Mediware Information Systems, Inc. 200 1,513 *Mesa Laboratories, Inc. 200 1,000 *Molecular Devices Corporation 348 13,050 Moore Products Company 117 2,684 MTS Systems 685 8,348 *Nanogen, Inc. 800 5,500 *Nanometrics, Inc. 388 3,056 *Neogen Corporation 200 1,275 Newport Corporation 335 5,193 *Nexell Therapeutics, Inc. 1,100 2,338 *Novavax, Inc. 2,800 9,800 *Onix Systems, Inc. 529 3,174 Optical Coating Laboratories 538 44,990 *Ortec Inernational, Inc. 263 2,170 *Osmonics, Inc. 516 5,612 *Palatin Technologies, Inc. 1,800 8,213 *PPT Vision, Inc. 200 1,000 *Premeir Research Worldwide Ltd. 200 1,275 *Quality Systems, Inc. 200 1,275 *Quest Diagnostics, Inc. 1,336 36,573 *Ribozyme Pharmaceuticals, Inc. 1,900 8,075 *Robotic Vision Systems, Inc. 1,113 4,174 *Rofin-Sinar Technologies, Inc. 524 4,061 Roper Industries, Inc. 1,399 44,768 *Satcon Technology Corporation 403 3,123 *Simione Central Holdings, Inc. 700 1,750 *Somanetics Corporation 400 1,400 Starrett (LS) Company Class A 192 5,160 *Tava Technologies, Inc. 1,613 12,400 *Techniclone Corporation 900 1,125 *Thermedics Detection, Inc. 1,292 13,001 *Thermedics, Inc. 1,657 15,431 *Thermo Bioanalysis Corporation 785 13,639 *Thermo Optek Corporation 2,212 22,950 *Thermoquest Corporation 2,286 30,432 *Thermospectra Corporation 665 10,557 TSI, Inc. 417 4,848 *Unilab Corporation 1,900 11,400 *Veeco Instruments, Inc. 759 25,806 *Whittaker Corporation 717 20,076 X-Rite, Inc. 781 5,028 *Zygo Corporation 411 4,701 ------------ 1,433,891 ------------ [Download Table] ------------------------------------------------------------ Shares Value ------------------------------------------------------------ Metals--1.1% *AFC Cable Systems 570 $ 20,128 Ak Steel Holding Corporation 2,637 59,333 *Alliant Techsystems, Inc. 491 42,472 *American Precision Industries 334 3,591 Ameron, Inc. 148 6,531 Aptargroup, Inc. 1,612 48,360 *Armco, Inc. 4,827 31,979 *Atchison Casting Corporation 457 4,713 *Bayou Steel Corporation--Class A 600 2,250 Belden, Inc. 1,088 26,044 Birmingham Steel Corporation 1,079 4,451 Butler Manufacturing Company 275 7,683 Carpenter Technology 980 27,991 Castle AM 517 8,789 Century Aluminum Company 737 4,560 *Chase Industries 406 3,426 *Chief Consolidated Mining Company 300 1,388 *Citation Corporation 759 12,191 Cleveland-Cliffs, Inc. 441 14,277 Commercial Intertech Corporation 526 8,383 Commercial Metals Company 670 19,095 Commonwealth Industries 588 7,350 *Compx International, Inc. 326 5,827 Curtiss Wright Corporation 456 17,727 *Dayton Superior Corporation 357 6,627 *Driver-Harris Company 2,900 10,150 *Dynamic Materials Corporation 200 825 Easco, Inc. 422 4,457 *Edelbrock Corporation 234 3,452 *Edison Control Corporation 100 850 *Encore Wire Corporation 601 5,447 Federal Screw Works 48 2,376 *Foster (LB) Class A 446 2,620 *General Bearing Corporation 200 1,600 lGeneral Cable Corporation 1,647 26,352 General Housewares 183 3,557 Gibraltar Steel Corporation 460 11,385 *Griffon Corporation 1,385 10,820 *Gulf Island Fabrication, Inc. 520 6,208 Harsco Corporation 1,988 63,616 *Hawk Corporation Class A 511 4,503 *Howmet International, Inc. 4,474 76,897 Huntco, Inc. Class A 3,300 9,900 Imco Recycling, Inc. 1,013 17,348 Insteel Industries 377 3,393 Intermet Corporation 1,150 17,394 International Aluminium Corporation 158 4,355 *Kaiser Aluminum Corporation 3,541 31,426 Kaydon Corporation 1,438 48,353 *Keystone Cons Inds, Inc. 500 3,313 *Ladish Company, Inc. 512 3,968 Lindberg Corporation 262 2,948 *Lone Star Technologies 1,006 17,857 *Material Sciences Corporation 677 10,155 Matthews International Corporation 587 17,390 113
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ---------------------------------------------------------------------- MIP Extended Index Portfolio Shares Value ---------------------------------------------------------------------- COMMON STOCKS--(Continued) ---------------------------------------------------------------------- *Maverick Tube Corporation 769 $ 10,718 *Maxxam, Inc. 313 20,189 *Metals Usa, Inc. 1,707 21,764 *Met-Coil Systems Corporation 300 1,238 *Miller Building Systems 600 3,525 *Mobile Mini, Inc. 491 9,605 *Mueller Industries 1,601 54,334 National Steel Corporation Class B 1,936 16,214 *NCI Building Systems, Inc. 807 17,250 *Niagara Corporation 600 3,413 *Nortek, Inc. 498 15,594 *Northwest Pipe Company 337 5,603 *NS Group, Inc. 834 7,715 *Olympic Steel, Inc. 394 2,610 *Optical Cable Corporation 1,701 18,711 Oregon Steel Mills, Inc. 950 12,647 *OroAmerica, Inc. 284 1,988 Pitt-Des Moines 267 16,688 Placer Dome, Inc. 4,108 48,526 Precision Castparts Corporation 1,089 46,283 Quanex Corporation 591 16,844 Reliance Steel & Aluminum Company 825 32,175 Roanoke Electrics Steel Corporation 408 7,089 Rouge Industries, Inc. Class A 534 5,140 *RTI International Metals 926 13,601 Ryerson Tull, Inc. 1,142 25,766 Schnitzer Steel Inds, Inc. Class A 248 5,565 *Shaw Group, Inc. 635 10,081 *Shiloh Industries, Inc. 482 6,989 Sifco Industries 231 1,906 Southern Peru Copper Corporation 514 7,421 *Special Metals Corporation 570 3,313 *Starmet Corporation 1,800 7,313 *Steel Dynamics, Inc. 2,141 33,119 Steel Technologies, Inc. 438 4,134 *Stillwater Mining Company 1,520 49,685 Sturm Ruger & Company, Inc. 1,592 17,015 Sun Hydraulics 284 2,485 Superior Telecom, Inc. 898 22,450 Synalloy Corporation 300 2,438 Texas Industries, Inc. 949 36,774 *Thermo Terratech, Inc. 1,000 5,625 Titanium Metals Corporation 1,156 12,861 *Tower Automotive, Inc. 2,168 55,149 *Transportation Technologies Industries, Inc. 564 7,473 TransPro, Inc. 400 2,100 Tredegar Industries 1,617 35,170 Tremont Corporation New 205 4,408 United Dominion Industries Ltd. 1,812 43,941 *Universal Stainless & Alloy Products, Inc. 300 1,725 *US Energy Corporation 200 750 *Webco Industries, Inc. 400 2,050 *WHX Corporation 856 5,618 [Download Table] --------------------------------------------------------------- Shares Value --------------------------------------------------------------- *Wolverine Tube, Inc. 628 $ 15,779 *Wyman-Gordon Company 1,633 31,537 *Xceed, Inc. 708 15,488 ------------ 1,705,048 ------------ Mining--0.1% Brush Wellman 604 10,948 *Couer D'Alene Mines Corporation 3,207 14,832 *Echo Bay Mines Ltd. 907 1,304 *Hecla Mining 2,032 4,191 LTV Corporation 4,466 29,866 *Meridian Gold, Inc. 3,294 15,235 *Royal Gold 2,500 11,406 *Smith International, Inc. 2,253 97,865 *Sunshine Mining & Refining Company 1,664 624 *Varco International, Inc. 2,991 32,714 ------------ 218,985 ------------ Office Equipment & Supplies--0.3% *1-800 Contacts, Inc. 387 7,256 *Actrade International Ltd. 515 6,598 *Atec Group, Inc. 1,299 5,034 *Ballantyne of Omaha, Inc. 526 4,011 *CHS Electronics, Inc. 3,448 15,085 *Cytyc Corporation 793 15,464 *Digi International, Inc. 2,013 21,011 *Fisher Scientific International, Inc. 1,791 39,962 *Gunther International Ltd. 800 2,400 *Imaging Technologies Corporation 3,600 7,088 *Ingram Micro, Inc. Class A 2,864 73,748 *Insight Enterprises, Inc. 1,115 27,596 *Keravision, Inc. 570 9,833 *Mathews Studio Equipment Group 500 3,875 *Merisel, Inc. 2,900 6,616 *Miami Computer Supply Corporation 414 7,814 *Navarre Corporation 1,397 13,752 *Neopath, Inc. 648 2,511 Owens & Minor Holdings Company 1,457 16,027 *Parkervision, Inc. 520 18,200 *Patterson Dental Company 1,490 51,778 *Peerless Systems Corporation 907 9,524 *Performance Technologies, Inc. 325 6,541 *Pomeroy Computer Resources 525 7,317 *Precept Business Services Class A 290 1,378 *ProcureNet, Inc. 1,791 269 *Programmers Paradise 316 3,871 *PSS World Medical, Inc. 3,148 35,218 *Savoir Technology Group, Inc. 691 6,478 TAB Products Company 100 738 *Thermotrex Corporation 688 5,246 *Vallen Corporation 264 4,224 Vital Sign, Inc. 869 17,326 ------------ 453,789 ------------ 114
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ------------------------------------------------------------ MIP Extended Index Portfolio Shares Value ------------------------------------------------------------ COMMON STOCKS--(Continued) ------------------------------------------------------------ Oil & Gas--3.6% Adams Resources & Energy, Inc. 100 $ 788 AGL Resources, Inc. 2,557 47,145 Apco Argentina, Inc. 271 4,844 Atmos Energy Corporation 1,353 33,825 *Atwood Oceanics, Inc. 702 21,938 *Barrett Resources Corporation 1,427 54,761 *Basin Exploration 613 12,298 *Belco Oil & Gas Corporation 1,165 8,082 *Bellwether Exploration Company 633 3,482 *Benton Oil and Gas Company 2,400 4,800 Berry Petroleum 778 10,843 *BJ Services Company 3,236 95,260 *Blue Dolphin Energy 500 3,000 BP Prudhoe Bay Royalty Trust 789 5,819 *Brigham Exploration Company 2,800 5,600 Buckeye Partners-L.P. 1,196 32,890 Cabot Oil & Gas Corporation Class A 1,115 20,767 *Cal Dive International, Inc. 836 24,976 *Callon Petroleum Corporation 359 3,702 Cascade Natural Gas 407 7,733 Castle Energy Corporation 131 2,358 *Chesapeake Energy Corporation 3,400 9,988 Chesapeake Utilities Corporation 187 3,471 *Clayton Williams Energy, Inc. 2,100 12,469 Colonial Gas Company 396 14,652 *Columbus Energy Corporation 200 1,200 *Comstock Resources, Inc. 1,100 3,644 Connecticut Energy Corporation 378 14,577 Conoco, Inc. 8,566 238,777 *Cooper Cameron Corporation 2,481 91,952 Cross Timbers Oil Company 2,285 33,989 *Crown Central Pete Class B 450 4,950 *Crystal Gas Storage, Inc. 98 3,259 CTG Resources 319 11,604 *Dawson Geophysical Company 200 2,013 *Denbury Resources, Inc. 1,897 8,299 Devon Energy Corporation 2,046 73,145 Diamond Offshore Drilling, Inc. 6,076 172,407 Dynegy, Inc. 6,813 138,815 *Eagle Geophysical, Inc. 2,787 2,090 *Edge Petroleum Corporation 1,800 11,475 *EEX Corporation 1,763 12,231 El Paso Energy Corporation 5,376 189,168 Energen Corporation 1,308 24,362 *Energy Biosystems Corporation 981 2,453 Energynorth, Inc. 122 3,530 Energysouth, Inc. 179 3,614 Enron Oil & Gas Company 6,876 139,239 Ensco International, Inc. 6,256 124,729 Enterprise Products L.P. 2,038 37,703 Equitable Resources, Inc. 1,661 62,703 *Evans Systems, Inc. 458 1,689 *Evergreen Resources, Inc. 493 12,417 *EXCO Resources, Inc. 200 1,350 *Forest Oil Corporation 1,846 23,190 *Frontier Oil Corporation 1,036 7,058 [Download Table] ---------------------------------------------------------- Shares Value ---------------------------------------------------------- *FX Energy, Inc. 583 $ 3,826 General Chemical Group, Inc. 933 2,916 *Getty Petroleum Marketing, Inc. 300 900 Giant Industries, Inc. 484 4,810 *Global Industries Ltd. 4,078 52,249 *Global Marine, Inc. 7,956 122,821 *Greka Energy Corporation 200 1,600 *Grey Wolf, Inc. 6,565 16,413 *Hallwood Energy Corporation 637 3,820 *Hanover Compressor Company 1,276 40,992 *Harken Energy Corporation 3,456 5,616 Holly Corporation 304 4,066 *Houston Exploration Company 1,069 20,244 Howell Corporation 2,600 13,325 *Hs Resources, Inc. 785 11,579 Hugoton Royalty Trust 1,800 18,338 Indiana Energy, Inc. 1,345 28,665 *Input/Output, Inc. 2,254 17,046 K N Energy, Inc. 3,069 41,048 *Kelley Oil & Gas Corporation 1,800 394 *Key Energy Group, Inc. 3,818 13,602 *Key Productions Company, Inc. 515 4,732 Laclede Gas Company 788 18,321 Leviathan Gas Pipe Line 808 18,483 *Louis Dreyfus Natural Gas 1,794 38,683 *Magnum Hunter Resources, Inc. 800 2,950 *Mallon Resources Corporation 100 694 *Marine Drilling Company, Inc. 2,441 33,411 *Markwest Hydrocarbon 379 3,316 *McMoRan Exploration Company 619 13,734 MCN Corporation 3,544 73,538 MDU Resources Group, Inc. 2,372 54,111 *Mercury Air Group, Inc. 294 1,948 Midcoast Energy Resources 262 4,225 *Miller Exploration Company 3,000 6,656 Mitchell Energy Class A 2,197 42,430 Murphy Oil Corporation 2,011 98,162 *Nabors Industries, Inc. 4,884 119,346 National Fuel Gas Company 1,720 83,420 National Propane Partners L.P. 100 1,175 *National-Oilwell, Inc. 2,471 31,351 New Jersey Resources Corporation 796 29,800 *Newfield Exploration Company 1,802 51,244 *Newpark Resources, Inc. 3,068 27,229 Noble Affiliates, Inc. 2,549 71,850 *Noble Drilling Corporation 5,864 115,448 North Carolina Natural Gas 453 15,515 Northwest Natural Gas Company 1,109 26,755 *Norton Drilling Services, Inc. 300 1,228 *Nuevo Energy Company 1,327 17,583 Nui Corporation 566 14,150 *Ocean Energy, Inc. 7,362 70,859 *Oceaneering International, Inc. 1,332 21,479 *Omni Energy Services Corporation 713 2,496 *Parker Drilling 4,695 15,552 Patina Oil & Gas Corporation 3,100 19,569 *Patterson Energy, Inc. 2,200 21,725 115
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] -------------------------------------------------------------- MIP Extended Index Portfolio Shares Value -------------------------------------------------------------- COMMON STOCKS--(Continued) -------------------------------------------------------------- Pennsylvania Enterprises, Inc. 376 $ 11,539 PennzEnergy Company 2,139 35,695 Pennzoil-Quaker State Company 3,477 52,155 *Petroleum Development Corporation 2,000 8,375 Piedmont Natural Gas Company 1,371 42,672 Pioneer Natural Resources Company 4,483 49,313 *Plains Resource, Inc. 722 13,718 Pogo Producing Company 1,795 33,432 *Pool Energy Services 976 19,825 *Pride International, Inc. 2,454 25,920 *Prima Energy Corporation 258 5,837 Providence Energy Corporation 220 5,871 PS Group Holdings, Inc. 271 2,964 Public Service Company of NC 905 26,471 Questar Corporation 3,690 70,571 *Quicksilver Resources, Inc. 500 3,375 Range Resources Corporation 1,600 9,800 *Remington Oil & Gas Corporation 1,700 8,288 RPC, Inc. 1,068 9,345 *R&B Falcon Corporation 8,610 80,719 Santa Fe International Corporation 5,234 120,382 *Santa Fe Snyder Corporation 7,629 58,171 *Seacor Smit, Inc. 567 30,335 *Seitel, Inc. 1,364 22,080 Semco Energy, Inc. 605 9,340 *Seven Seas Petroleum Company 1,386 3,812 *Sheridan Energy, Inc. 300 1,013 South Jersey Industries 397 11,240 *Southern Union Company 1,325 28,819 Southwest Gas Company 1,356 38,816 Southwestern Energy Company 919 9,707 St Mary Land & Exploration 399 8,204 *Stone Energy Corporation 674 28,561 *Superior Energy Services, Inc. 3,300 16,810 *Swift Energy Company 729 7,791 *Tesoro Petroleum Corporation 1,392 22,185 *Tetra Technologies, Inc. 599 5,503 *The Meridian Resource Corporation 1,900 7,363 *Titan Exploration, Inc. 1,396 6,980 *Tom Brown, Inc. 1,179 18,348 Tosco Corporation 6,851 177,698 *Transmontaigne, Inc. 1,363 17,123 Transocean Offshore, Inc. 4,498 118,073 *Tuboscope, Inc. 1,848 25,295 UGI Corporation 1,470 29,676 Ultramar Diamond Shamrock Corporation 3,919 85,483 *Unit Corporation Common Stock 1,049 8,523 *United Heritage Corporation 1,600 800 *UTI Energy Corporation 788 13,051 Valero Energy Corporation 2,498 53,551 Valley Resources, Inc. 222 2,858 Vastar Resources, Inc. 4,356 228,418 *Veritas Dgc, Inc. 1,122 20,547 [Download Table] --------------------------------------------------------------- Shares Value --------------------------------------------------------------- Vintage Petroleum, Inc. 2,658 $ 28,574 Washington Gas Light Company 2,044 53,144 WD 40 Company 699 17,475 Western Gas Resources 1,185 18,960 Wicor, Inc. 1,670 46,656 *Wilshire Oil Company of Texas 1,200 5,100 Witco Corporation 2,578 51,560 Yankee Energy System, Inc. 390 15,478 ------------ 5,489,949 ------------ Pharmaceuticals--2.7% *Abgenix, Inc. 608 12,084 *Advanced Polymer Systems 937 6,559 *Akorn, Inc. 809 3,261 *Alexion Pharmaceuticals 416 3,692 *Algos Pharmaceuticals Corporation 761 16,790 *Alkermes, Inc. 1,046 24,189 *Alliance Pharmaceutical Corporation 700 1,838 *Allou Health & Beauty Class A 261 1,843 Alpharma, Inc. 1,195 42,497 *Amerisource Health Corporation 1,892 48,246 *Andrx Corporation 1,350 104,119 *Anesta Corporation 559 11,425 *Anika Therapeutics, Inc. 400 3,400 *Aphton Corporation 532 7,448 *Arqule, Inc. 844 4,115 *AVI BioPharma, Inc. 3,300 11,344 *Aviron 703 20,211 *Axys Pharmaceuticals, Inc. 1,111 3,750 *Barr Laboratories, Inc. 1,001 39,915 Bergen Brunswig Corporation Class A 5,921 102,137 Bindley Western Ind, Inc. 1,317 30,380 *Biocryst Pharmaceuticals, Inc. 665 5,819 *Biogen, Inc. 6,586 423,552 *Biomatrix, Inc. 1,016 21,971 *Biotime, Inc. 470 5,493 *Bone Care International, Inc. 373 3,683 *Boston Life Sciences, Inc. 593 3,354 *Cell Genesys, Inc. 1,059 4,766 *Cell Pathways, Inc. 994 11,493 *Cell Therapeutics, Inc. 690 1,703 *Cellegy Pharmaceuticals, Inc. 2,300 10,638 *Centocor, Inc. 3,157 147,195 *Chirex, Inc. 637 20,464 *CIMA Labs, Inc. 3,200 14,800 *Collagen Corporation 321 4,414 *Collagenex Pharmaceuticals 316 3,160 *Columbia Laboratories, Inc. 1,157 9,907 *CombiChem, Inc. 300 1,219 *Connetics Corporation 837 5,127 *Copley Pharmaceutical, Inc. 707 7,247 *Corixa Corporation 577 10,278 *Coulter Pharmaceutical, Inc. 733 16,538 *Covance, Inc. 2,605 62,357 *Crescendo Pharmaceuticals Corporation 200 3,450 116
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ----------------------------------------------------------------- MIP Extended Index Portfolio Shares Value ----------------------------------------------------------------- COMMON STOCKS--(Continued) ----------------------------------------------------------------- *Cypress Bioscience, Inc. 1,765 $ 5,571 *Cytel Corporation 2,000 6,250 *Cytoclonal Pharmaceuticals 456 2,879 *Diacrin, Inc. 640 3,640 *Diatide, Inc. 472 2,242 *Digene Corporation 628 6,937 *Dura Pharmaceuticals, Inc. 2,074 24,758 *Duramed Pharmaceuticals 862 13,469 *D&K Healthcare Resources 138 3,295 *Epix Medical, Inc. 421 2,316 *Forest Labs, Inc. Class A 3,649 168,766 *Fuisz Technologies Ltd. 902 2,988 *Geltex Pharaceuticals, Inc. 748 13,464 *Genta, Inc. 300 769 *Genzyme Transgenics Corporation 676 3,084 *Geron Corporation 494 5,156 *Gilead Sciences, Inc. 1,366 71,374 *Guest Supply, Inc. 282 3,613 *Guilford Pharmaceuticals, Inc. 820 10,455 *Hemispherx Biopharma, Inc. 1,110 8,325 *Henry Schein, Inc. 1,780 56,404 Herbalife International Class A 368 4,025 *Heska Corporation 1,278 2,955 *Hi-Tech Pharmacal Company 2,400 10,800 *Hollis-Eden Pharmaceuticals 383 4,596 *Hyseq, Inc. 3,678 12,758 ICN Pharmaceuticals, Inc. 3,423 110,178 *Idec Pharmaceuticals Corporation 894 68,894 *Ilex Oncology, Inc. 466 4,660 *Imclone Systems, Inc. 1,001 25,400 *Immucor, Inc. 333 4,537 *Immune Response Corporation 865 4,649 *Immunex Corporation 3,678 468,705 *Inhale Therapeutic Systems 702 16,716 *Intercardia, Inc. 2,126 10,896 *International Isotopes, Inc. 392 3,626 *Interneuron Pharmaceuticals Corporation 1,542 4,241 *Irwin Naturals 4Health, Inc. 1,023 1,918 *IVAX Corporation 5,236 73,959 Jones Pharma, Inc. 1,286 50,636 *King Pharmaceuticals, Inc. 1,436 37,157 *Kos Pharmaceuticals 653 3,306 *Kv Pharmaceutical Company Class A 528 8,184 *La Jolla Pharmaceutical Company 898 730 *Leukosite, Inc. 532 6,384 *Lifecore Biomedical, Inc. 456 5,244 *Ligand Pharmaceuticals Class B 982 10,925 *Liposome Company, Inc. 1,710 32,704 *Lynx Therapeutics, Inc. 410 4,638 *Magainin Pharmaceuticals 822 2,106 *Mannatech, Inc. 900 9,113 *Martek Biosciences 548 4,658 *Matrix Pharmaceutical, Inc. 900 3,713 *Medarex, Inc. 1,364 5,627 *Medco Research, Inc. 384 10,080 *Medicis Pharmaceutical Class A 1,243 31,541 [Download Table] ----------------------------------------------------------------- Shares Value ----------------------------------------------------------------- Meridian Diagnostics, Inc. 530 $ 3,776 *Mgi Pharma, Inc. 633 6,647 *Microcide Pharmaceuticals, Inc. 2,892 13,647 *Miravant Medical Technologies 691 4,923 Mylan Laboratories 5,754 152,481 *NABI 3,300 9,281 *Nastech Pharmaceutical Company, Inc. 3,000 9,938 *Natrol, Inc. 590 4,425 Natures Sunshine Products, Inc. 669 7,025 *Nbty, Inc. 3,030 19,695 *Ncs Healthcare, Inc. Class A 902 4,905 *Neose Technologies, Inc. 353 3,596 *NeoTherapeutics, Inc. 200 2,550 *Neurocrine Biosciences, Inc. 671 3,481 *Nexstar Pharmaceuticals, Inc. 1,278 25,480 *North American Vaccine, Inc. 1,187 5,787 *Northfield Laboratories, Inc. 520 6,338 *Noven Pharmaceuticals, Inc. 788 4,765 *NPS Pharmaceuticals, Inc. 551 3,650 *Nu Skin Asia Pacific, Inc. Class A 909 18,123 *Nutraceutical International Corporation 722 3,700 Omnicare, Inc. 4,005 50,563 *Onyx Pharmaceuticals, Inc. 510 4,526 *Orphan Medical, Inc. 284 1,704 *OSI Pharmaceuticals, Inc. 998 4,242 *Oxigene, Inc. 376 3,549 *Parexel International Corporation 1,109 14,764 *Pathogenesis Corporation 729 10,343 *Penwest Pharmaceuticals Company 407 3,256 *Perrigo Company 3,276 24,980 *Pharmaceutical Resources, Inc. 1,181 10,260 *Pharmacyclics, Inc. 556 15,568 *Pharmaprint, Inc. 503 2,515 *Priority Healthcare Corporation Class B 838 28,911 *Progenics Pharmeceuticals 410 5,689 *Protein Design Labs, Inc. 830 18,416 *Pure World, Inc. 300 1,294 *Quintiles Transnational Corporation 5,186 217,812 *Rexall Sundown, Inc. 3,068 37,391 *Roberts Pharmaceutical Corporation 1,406 34,096 *Sangstat Medical Corporation 721 12,437 *Schein Pharmaceutical, Inc. 1,450 17,491 Schweitzer-Mauduit International, Inc. 602 9,030 *Scios, Inc. 1,716 5,577 *Sepracor, Inc. 1,273 103,431 *Serologicals Corporation 1,087 8,832 *SIBIA Neurosciences, Inc. 2,100 9,713 *SICOR, Inc. 3,563 15,143 *Sonus Pharmaceuticals, Inc. 2,186 11,340 *Sugen, Inc. 733 21,624 *Supergen, Inc. 851 13,031 117
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] -------------------------------------------------------------------- MIP Extended Index Portfolio Shares Value -------------------------------------------------------------------- COMMON STOCKS--(Continued) -------------------------------------------------------------------- *Synaptic Pharmaceutical Corporation 394 $ 1,872 *Synetic, Inc. 936 64,350 *Texas Biotech Corporation 1,257 5,971 *Thermolase Corporation 1,450 1,903 *Titan Pharmaceuticals, Inc. 587 2,898 *Triangle Pharmaceuticals, Inc. 1,176 21,168 *Tristar Corporation 618 4,287 *Twinlab Corporation 1,306 11,224 *Unimed Pharmaceuticals, Inc. 1,800 21,263 *Vical, Inc. 583 7,069 *Vion Pharmaceuticals, Inc. 623 2,920 *Viropharma, Inc. 423 3,252 *VIVUS, Inc. 2,800 7,350 *V.I. Technologies, Inc. 452 2,260 Warner Lambert Company 1,249 86,649 *Xoma Ltd. 1,934 11,725 *Zila, Inc. 1,302 3,947 *Zonagen, Inc. 501 4,634 ------------ 4,070,368 ------------ Real Estate--4.3% Acadia Realty Trust 937 5,036 Aegis Realty, Inc. 360 3,533 Agree Realty Corporation 194 3,577 Alexandria Real Estate 562 17,563 AMB Property Corporation 3,942 92,637 Ameresco Capital Trust 369 3,506 American Health Properties 1,117 22,480 American Industrial Properties 892 12,600 American Real Estate Investors Corporation 271 4,539 *American Real Estate Partners 2,113 17,168 American Realty Trust, Inc. 481 7,696 American Residential Investment Trust, Inc. 360 2,655 Amli Residential Properties Trust 744 16,647 Annaly Mortgage Management, Inc. 466 5,243 Anthracite Capital, Inc. 737 4,837 Apex Mortgage Capital, Inc. 257 3,421 Archstone Communities Trust 6,411 140,641 Arden Realty Group, Inc. 2,792 68,753 Asset Investor Corporation 224 3,346 Associated Estates Realty Corporation 933 11,021 Avalonbay Communities, Inc. 2,956 109,372 *Avatar Holdings 338 6,401 Banyan Strategic Realty Trust 597 3,507 Bedford Property Investors 1,013 18,107 Berkshire Realty Company 1,642 18,986 *BF Enterprises, Inc. 200 1,525 *Bluegreen Corporation 880 4,730 Boddie-Noell Properties, Inc. 266 3,059 Boston Properties, Inc. 2,942 105,544 Boykin Lodging Company 728 11,193 Bradley Real Estate, Inc. 1,066 22,120 Brandywine Realty Trust 1,700 33,681 [Download Table] -------------------------------------------------------------- Shares Value -------------------------------------------------------------- BRE Properties, Inc. 1,977 $ 51,278 *BRT Realty Trust 400 3,325 Burnham Pacific Properties, Inc. 1,429 17,595 CV, Inc. 293 3,772 Cabot Industrial Trust 1,831 38,909 *California Coastal Communities, Inc. 535 3,879 Capital Automotive 900 11,925 *Capital Trust Class A 671 3,020 Capstead Mortgage Corporation 2,753 14,969 Captec Net Lease Realty 350 4,747 Carey Diversified LLC 1,132 19,598 CarrAmerica Realty Corporation 3,210 80,250 *Castle & Cooke, Inc. 627 11,051 *Catellus Development Corporation 4,776 74,028 *Cb Richard Ellis Services 942 23,432 Cbl & Associates Properties 1,082 28,538 Centerpoint Properties Corporation 938 34,354 Centertrust Retail Properties 1,051 12,349 Chastain Capital Corporation 200 1,325 Chateau Communities, Inc. 1,247 37,332 Chelsea Gca Realty, Inc. 695 25,802 Cherokee, Inc. 389 3,282 Chicago Title Corporation 978 34,902 *Citadel Holding Corporation 1,500 7,125 Colonial Properties Trust 1,165 32,911 Commercial Assets, Inc. 463 2,691 Commercial Net Lease Realty 1,313 16,905 Cons Tomoka Company 235 3,422 Continental Mortgage & Equity Trust 179 2,775 Cornerstone Properties, Inc. 5,947 94,409 Cornerstone Realty, Inc. Trust 1,749 18,802 Corporate Office Properties 607 4,970 Correctional Properties Trust 262 4,127 Cousins Properties, Inc. 1,418 47,946 Crescent Real Estate Equities Company 5,813 138,059 Criimi Mae, Inc. 1,840 4,140 Cross Timbers Royalty Trust 268 2,714 Crown American Realty 966 7,064 *DBT Online, Inc. 826 27,052 Developers Divers Realty Corporation 2,763 45,935 Duke Realty Investments 4,044 91,243 Dynex Capital, Inc. 1,396 2,792 Eastgroup Properties, Inc. 729 14,626 *Echelon International Corporation 246 5,504 Eldertrust 327 3,331 Entertainment Properties 611 10,769 Equity Inns, Inc. 1,629 15,068 Equity Office Properties Trust 11,930 305,696 Equity One, Inc. 377 3,723 Equity Residential Properties Trust 5,458 245,951 Essex Property Trust, Inc. 744 26,319 Federal Realty Investment Trust 1,791 41,081 118
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ----------------------------------------------------------------------- MIP Extended Index Portfolio Shares Value ----------------------------------------------------------------------- COMMON STOCKS--(Continued) ----------------------------------------------------------------------- FelCor Suite Hotels, Inc. 3,037 $ 63,018 First Industrial Realty Trust 1,697 46,561 *First Union Real Estate 1,658 7,461 First Washington Realty Trust 315 7,363 Forest City Enterprises Class A 1,341 37,548 Franchise Finance Corporation 2,492 54,824 Franklin Select Realty Trust 548 3,768 G&L Realty Corporation 181 2,082 Gables Residential Trust 1,171 28,250 General Growth Properties, Inc. 1,906 67,663 Getty Realty Corporation 500 7,188 Glenborough Realty Trust, Inc. 1,419 24,833 Glimcher Realty Trust 1,060 17,225 Golf Trust of America 281 6,867 Great Lakes, Inc. 719 11,684 Grove Propert Trust 303 3,939 *Grubb And Ellis Company 627 3,135 Health Care Property Investors, Inc. 1,386 40,021 Health Care , Inc. 1,254 29,156 Healthcare Realty Trust 1,786 37,506 Highwoods Properties, Inc. 2,759 75,700 Home Properties of NY, Inc. 754 20,829 Hospitalities Properties Trust 2,535 68,762 HRPT Properties Trust 5,985 91,645 Impac Commercial Holdings 385 2,430 Impac Mortgage Holdings, Inc. 905 4,582 Imperial Credit Commercial Mortgage Investment 1,251 13,526 Opp Realty Investors, Inc. 1,000 6,250 Innkeepers Usa Trust 1,529 15,290 *Insignia Financial Group 957 10,049 *Interstate General Company 800 4,750 Investors Real Estate Trust 642 4,895 Irt Property Company 1,487 14,684 Jameson Inns, Inc. 441 4,134 JDN Realty Corporation 1,462 32,712 *Jones Lang LaSalle, Inc. 726 21,644 JP Realty, Inc. 789 16,224 *Kennedy-Wilson, Inc. 298 2,663 Kilroy Realty Corporation 1,236 30,050 Kimco Realty Corporation 2,782 108,846 Koger Equity, Inc. 1,189 21,922 Konover Property Trust, Inc. 1,161 10,667 Kranzco Realty Trust 388 5,141 Lasalle Hotel Properties 661 10,122 Laser Mortgage Managment, Inc. 681 2,341 Lexford Residential Trust 351 8,380 Lexington Corporation 634 7,370 Liberte Investors, Inc. 906 3,114 LNR Property Corporation 1,120 23,940 LTC Properties, Inc. 1,245 16,185 Macerich Company 1,554 40,793 Mack-Cali Realty Corporation 2,658 82,232 Malan Realty Investors, Inc. 231 3,566 Manufactured Home Communities 1,168 30,368 *Mays (JW), Inc. 600 3,000 [Download Table] ------------------------------------------------------------------ Shares Value ------------------------------------------------------------------ Meditrust Corporation 6,743 $ 88,080 Meristar Hospitality Corporation 2,169 48,667 Mgi Properties, Inc. 615 17,374 Mid Atlantic Realty Trust 520 5,785 Mid-America Apartment Corporation 842 19,471 Mills Corporation 1,080 23,423 National Golf Properties, Inc. 560 13,615 National Health Investors, Inc. 1,095 24,980 National Health Realty, Inc. 348 3,872 National Realty, L.P. 533 11,793 Nationwide Health Properties 2,067 39,402 *New Mexico & Arizona Land 309 2,240 New Plan Excel Realty Trust 4,047 72,846 *Novastar Financial, Inc. 363 2,314 Ocwen Asset Investment Corporation 699 3,146 Omega Healthcare Investors, Inc. 903 23,309 Pacific Gulf Properties, Inc. 895 20,249 Pan Pacific Retail Pptys, Inc. 946 18,388 Parkway Properties, Inc 452 14,973 Patriot American Hospitality, Inc. 10,824 48,708 *Pec Isreal Economic Corporation 821 25,862 Pennsylvania Real Estate 590 12,353 Philips International Realty 270 4,556 PMC Commercial Trust-SBI 240 3,390 Prentiss Properties Trust 1,741 40,914 Price Enterprises, Inc. 590 4,241 Prime Group Realty Trust 657 11,292 Prime Retail, Inc. 1,912 16,611 Prison Realty Corporation 5,378 52,772 Prologis Trust 7,376 149,358 Ps Business Parks, Inc. 1,057 25,764 Public Storage, Inc. 5,894 165,032 Ramco-Gershenson Properties 262 4,258 Realty, Income Corporation 1,199 28,476 *Realty Information Group, Inc. 523 22,751 Reckson Associates Realty Corporation 2,218 52,123 Redwood Trust, Inc. 417 6,907 Regency Realty Corporation 2,740 60,109 Resource Asset Investment Trust 275 3,472 RFS Hotel Investors, Inc. 1,113 13,982 Saul Centers, Inc. 573 9,455 *Saxton, Inc. 200 1,100 *Security Capital Group, Inc. Class B 2,073 30,188 Shurgard Storage Centers 1,279 34,693 Simon Property Group, Inc. 7,818 198,382 Sizeler Property Investors, Inc. 357 3,124 Sl Green Realty Corporation 1,071 21,889 Smith Charles E Residential 882 29,933 Sovran Self Storage 579 15,597 Spieker Properties, Inc. 2,937 114,176 Starwood Financial Trust 2,344 145,328 Starwood Hotels & Resorts Worldwide, Inc. 8,153 249,176 Storage USA, Inc. 1,240 39,525 *Stratus Properties, Inc. 639 2,955 119
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ------------------------------------------------------------- MIP Extended Index Portfolio Shares Value ------------------------------------------------------------- COMMON STOCKS--(Continued) ------------------------------------------------------------- Summit Properties, Inc. 1,237 $ 24,431 Sun Communities, Inc. 763 27,087 Sunstone Hotel Investors, Inc. 1,680 14,280 Tanger Factory Outlet Centers 291 7,566 Tarragon Realty Investors 308 3,311 Taubman Centers, Inc. 2,367 31,215 Thornbury Mortgage Asset Corporation 892 8,920 Town & Country Trust 681 12,173 *Trammell Crow Company 1,532 25,182 Transcontinental Realty Investors 627 7,838 Trinet Corporation Realty Trust 1,112 30,789 *United Capital Corporation 190 2,969 United Dominion Realty Trust, Inc. 4,634 54,450 United Investors Realty Trust 424 3,498 United Mobile Homes, Inc. 322 3,039 *United Park City Mines 119 3,838 Universal Health Realty, Inc. 330 6,497 Urban Shopping Centers 775 24,413 Urstadt Biddle Properties--Class A 200 1,575 Vornado Realty Trust 3,868 136,589 Walden Residential Properties, Inc. 1,310 28,165 Washington 1,596 27,032 Weeks Corporation 880 26,840 Weingarten Realty Investors 1,193 49,808 *Wellsford Real Properties 738 7,934 Western Investors Real Estate Trust 634 7,370 Westfield America, Inc. 3,281 49,420 *Winfield Capital Corporation 224 5,152 Winston Hotels, Inc. 601 6,311 ------------ 6,610,905 ------------ Restaurants--0.6% *Advantica Restaurant Group, Inc. 1,775 6,102 Applebee's International, Inc. 1,343 40,458 *Ark Restaurants Corporation 100 1,100 Avado Brands, Inc. 1,261 10,561 *Benihana, Inc. 272 3,944 *Boston Chicken, Inc. 1,800 1,161 *Brinker International, Inc. 2,933 79,741 *Buca, Inc. 300 4,950 *Buffetts, Inc. 2,013 23,150 *Cafe Odyssey, Inc. 800 2,525 CBRL Group, Inc. 2,736 47,367 CEC Entertainment, Inc. 806 34,054 *Chart House Enterprises, Inc. 526 3,912 CKE Restaurants, Inc. 2,317 37,651 *Consolidated Products 1,172 21,096 *Dave & Buster's, Inc. 781 22,649 *Diedrich Coffee, Inc. 200 1,400 *Einstein/Noah Bagel Corporation 1,000 969 *ELXSI Corporation 100 1,138 Flanigan's Enterprises, Inc. 200 850 *Foodmaker, Inc. 1,751 49,685 *Friendly Ice Cream Corporation 433 3,464 Frisch's Restaurants, Inc. 268 2,781 [Download Table] -------------------------------------------------------------- Shares Value -------------------------------------------------------------- *Garden Fresh Restaurant Corporation 251 $ 4,706 *ICH Corporation 1,000 14,563 *IHOP Corporation 882 21,223 *Il Fornaio (America) Corporation 200 2,988 *J Alexander's Corporation 2,700 10,631 *Landry's Seafood Restaurants 1,119 8,952 *Lone Star Steakhouse & Saloon 1,749 16,998 Luby's Cafeteria, Inc. 1,041 15,615 *Mexican Restaurants, Inc. 400 1,700 *Morgan's Foods, Inc. 2,500 10,938 *Morton's Restaurant Group, Inc. 241 4,594 *NPC International, Inc. 1,093 16,805 *O'Charleys, Inc. 568 9,088 *Outback Steakhouse, Inc. 3,294 129,495 *Panera Bread Company Class A 538 3,430 *Papa John's International, Inc. 1,321 59,032 *Pf Changs China Bistro 353 7,634 Picadilly Cafetaries, Inc. 388 3,225 *PJ America, Inc. 211 4,471 *Planet Hollywood International, Inc. 1,927 1,325 *Prandium, Inc. 5,900 3,127 *Rainforest Cafe, Inc. 912 4,617 *Rare Hospitality International, Inc. 445 11,348 *Roadhouse Grill, Inc. 400 2,575 *Rock Bottom Restaurants, Inc. 300 2,906 Ruby Tuesday, Inc. 1,446 27,474 *Ryans Family Steak House, Inc. 1,791 20,820 *Santa Barbara Restaurant Group 568 1,456 *Sbarro, Inc. 918 24,843 *Schlotzsky's, Inc. 272 2,975 *Shells Seafood Restaurant, Inc. 2,400 9,300 *Shoneys, Inc. 800 1,750 *Sonic Corporation 851 27,764 *Star Buffet, Inc. 2,300 11,788 *Taco Cabana Class A 502 5,114 TCBY Enterprises, Inc. 852 5,165 *The Cheesecake Factory 889 27,115 *Unique Casual Restaurant, Inc. 519 1,719 *Uno Restaurant Corporation 462 4,331 *ViCorporation Restaurants, Inc. 334 5,803 ------------ 950,111 ------------ Retailers--4.8% *99 Cents Only Stores 1,105 55,181 *Abercrombie & Fitch Company 4,720 226,560 *AC Moore Arts & Crafts, Inc. 2,000 11,250 *Action Performance, Inc. 745 24,585 Advanced Marketing Services 311 4,665 *Alexander's, Inc. 223 16,474 *American Eagle Outfitters, Inc. 2,170 98,735 *Ames Department Stores, Inc. 1,336 60,955 *Anntaylor 1,247 56,115 *Ashworth, Inc. 629 2,909 *Audio Book Club 375 4,875 *Barnes & Noble, Inc. 3,068 83,987 *Bebe Stores, Inc. 1,024 34,816 *Bed Bath & Beyond, Inc. 6,210 239,085 120
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] --------------------------------------------------------------------------- MIP Extended Index Portfolio Shares Value --------------------------------------------------------------------------- COMMON STOCKS--(Continued) --------------------------------------------------------------------------- *Bell Microproducts, Inc. 395 $ 2,716 *Best Buy Co, Inc. 9,316 628,820 Big Dog Holdings, Inc. 541 2,840 *BJ's Wholesale Club, Inc. 3,372 101,371 Blair Corporation 328 8,836 *Bluefly, Inc. 200 1,663 *Boise Cascade Office Products Corporation 2,940 34,545 *Bombay Company, Inc. 1,696 13,038 *Books-A-Million, Inc. 1,043 7,855 *Borders Group, Inc. 3,535 55,897 *Bowlin Outdoor Advertising & Travel centers, Inc. 200 1,200 *Braun's Fashions Corporation 300 4,294 *Brookstone, Inc. 397 6,154 Brown Shoe Company, Inc. 808 17,574 Burlington Coat Factory Warehouse 2,219 42,854 *Cache, Inc. 400 2,750 Casey's General Store, Inc. 2,354 35,310 Cash American Investments, Inc. 1,122 14,446 *Catherines Stores Corporation 325 4,022 Cato Corporation Class A 1,513 17,589 *CD Warehouse, Inc. 400 3,425 *CDW Computer Centers, Inc. 1,922 84,568 *Central Garden & Pet Company 1,332 13,653 *Charming Shoppes, Inc. 4,377 26,673 *Chico's Fas, Inc. 408 9,588 *Children's Place 1,111 44,996 Claire's Stores, Inc. 2,272 58,220 *Coldwater Creek, Inc. 475 9,263 *Compucom Systems, Inc. 1,731 7,140 *CompUSA, Inc. 4,200 31,238 *Corporate Express, Inc. 4,657 32,599 *Cost Plus, Inc. 589 26,800 *Cost-U-Less, Inc. 400 1,900 *Creative Computers, Inc. 455 3,640 *CSK Auto Corporation 1,242 33,534 *Cyberian Outpost, Inc. 1,009 10,027 *Dallas Gold and Silver Exchange, Inc. 400 1,550 *Damark International, Inc. Class A 284 2,379 Deb Shops, Inc. 584 11,607 *Delia's, Inc. 921 12,434 *Diplomat Direct Marketing Corporation 1,400 1,094 *Discount Auto Parts, Inc. 744 17,949 *Dollar Tree Stores, Inc. 2,646 116,424 *Dress Barn, Inc. 1,018 16,288 *Drug Emporium, Inc. 600 4,350 *Duane Reade, Inc. 759 23,244 *Duckwall-Alco Stores, Inc. 227 2,384 *Egghead.Com, Inc. 1,291 14,443 *Elder-Beerman Stores Corporation 779 5,696 *Electronics Boutique Holdings 902 12,854 Enesco Group, Inc. 602 13,921 EzCorporation, Inc. Class A 498 3,424 [Download Table] ---------------------------------------------------------- Shares Value ---------------------------------------------------------- *Factory 2-U Stores, Inc. 223 $ 4,126 Family Dollar Stores, Inc. 7,704 184,896 *Fashionmall.com, Inc. 300 2,156 Fastenal Company 1,697 88,986 *FFP Marketing Company, Inc. 500 1,625 *Filene's Basement Corporation 900 1,294 *Finlay Enterprises, Inc. 583 7,798 *Footstar, Inc. 1,097 40,795 Fred's, Inc. 440 6,875 Friedman's, Inc. 739 6,420 *Funco, Inc. 365 6,730 *Gadzooks, Inc. 697 11,152 *Garden Ridge Corporation 868 4,123 *Gart Sports Company 343 1,929 *GC Companies, Inc. 284 10,153 *Genesis Direct, Inc. 1,193 2,237 *Gerald Stevens, Inc. 361 4,332 *Globe Business Resources, Inc. 208 2,704 *Good Guys, Inc. 637 4,778 *Goody's Family Clothing, Inc. 1,491 17,053 *Gottschalks, Inc. 463 4,225 *Grow Biz International, Inc. 226 1,836 *Guitar Center, Inc. 898 9,373 *Gymboree Corporation 1,091 11,456 Hancock Fabrics, Inc. 755 3,303 *Handleman Company 1,414 16,703 *Harold's Store, Inc. 800 5,200 *Hastings Entertainment, Inc. 526 6,049 Haverty Furniture 611 21,500 *HEARx Ltd. 3,000 1,313 Heilig Meyers Company 2,673 18,210 *Hibbet Sporting Goods, Inc. 336 7,392 *Homebase, Inc. 1,697 10,712 *Horizon Pharmacies 248 1,457 *Hot Topic 216 5,832 *Inacom Corporation 2,026 25,578 *Intertan, Inc. 569 11,665 Intimate Brands, Inc. 11,776 557,866 J Baker, Inc. 729 6,288 *Jacobson Stores, Inc. 200 1,450 *Jo-Ann Stores 1,102 16,530 *Jos A Bank Clothiers, Inc. 300 1,913 *JumboSports, Inc. 8,300 830 *Just For Feet, Inc. 1,594 10,261 *J. Jill Group, Inc. 454 6,640 *Kenneth Cole Productions Class A 583 16,251 *Land's End, Inc. 1,352 65,572 Lillian Vernon Coporation 336 4,368 *Linens 'N Things, Inc. 1,742 76,213 *Marinemax, Inc. 653 7,714 *Marvel Enterprises, Inc. 1,233 9,093 *Mazel Stores, Inc. 408 4,437 *Michaels Stores, Inc. 1,327 40,639 *Micro Warehouse, Inc. 1,662 29,708 *Microage, Inc. 1,143 4,358 Midas, Inc. 755 21,423 *Mothers Work, Inc. 100 1,300 *Movie Gallery, Inc. 600 3,225 121
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] --------------------------------------------------------------- MIP Extended Index Portfolio Shares Value --------------------------------------------------------------- COMMON STOCKS--(Continued) --------------------------------------------------------------- *Msc Industrial Direct Company Class A 1,511 $ 15,488 *Multiple Zones International, Inc. 682 5,072 *Musicland Stores Corporation 1,701 15,096 *National Record Mart, Inc. 400 1,675 *Natural Wonders, Inc. 300 1,200 *Neiman Marcus Group, Inc. 2,192 56,307 *Noodle Kidoodle, Inc. 339 1,801 *North Face, Inc. 560 5,530 *Nyer Medical Group, Inc. 200 994 *Office Depot, Inc. 16,891 372,648 *Officemax, Inc. 5,591 67,092 *One Price Clothing Stores 667 3,168 *O'Reilly Automotive, Inc. 1,252 63,070 *Pacific Sunwear of California 1,512 36,843 *Pamida Holdings Corporation 300 3,413 *Party City Corporation 459 0 *Paul Harris Stores 682 4,646 *Payless ShoeSource, Inc. 1,504 80,464 *Pc Connection, Inc. 773 9,324 *Perfumania, Inc. 300 947 *Petco Animal Supplies, Inc. 977 15,388 *Petsmart, Inc. 5,306 54,387 *Phar Mor, Inc. 547 2,325 Pier 1 Imports, Inc. 4,351 48,949 *Piercing Pagoda, Inc. 436 5,505 *Priceline.com, Inc. 6,522 753,689 *Pricesmart, Inc. 185 6,475 *RDO Equipment Company Class A 200 1,875 *Real Goods Trading Corporation 2,500 9,219 *Reeds Jewelers, Inc. 300 994 *Restoration Hardware, Inc. 726 9,710 *Rex Stores Corporation 362 10,792 Ross Stores, Inc. 2,100 105,788 *RoweCom, Inc. 500 7,625 Ruddick Corporation 2,487 49,740 *Saks, Inc. 6,362 183,703 *Samsonite Corporation 467 2,335 *School Specialty, Inc. 652 10,473 *Service Merchandise Company 3,000 1,125 *Sharper Image Corporation 519 4,412 *Shoe Pavilion, Inc. 400 1,800 *Shop At Home, Inc. 1,340 11,934 *Shopko Stores, Inc. 1,167 42,304 *Skymall, Inc. 714 6,694 *Sound Advice, Inc. 200 1,488 *Specialty Catalog Corporation 300 1,088 *Spiegel, Inc. Class A 5,893 52,300 *Sport Chalet, Inc. 300 1,838 St John Knits, Inc. 746 21,821 *Stage Stores, Inc. 1,584 10,296 *Stein Mart, Inc. 2,029 19,022 *Sterling Vision, Inc. 666 2,498 *Streicher Mobile Fueling, Inc. 200 1,325 *Sunglass Hut, Inc. 2,216 38,088 *Supreme International Corporation 1,000 13,375 *Syms Corporation 761 6,183 [Download Table] ----------------------------------------------------------------- Shares Value ----------------------------------------------------------------- *Systemax, Inc. 1,616 $ 19,998 *S&K Famous Brands, Inc. 900 8,381 Talbots, Inc. 1,404 53,528 *Tech Data Corporation 2,274 86,981 *The Bon-Ton Stores 506 3,257 *The Boyds Collection Ltd. 2,600 45,013 *The Buckle, Inc. 982 28,233 *The Finish Line 948 10,665 *The Maxim Group, Inc. 844 7,332 *The Men's Wearhouse, Inc. 1,796 45,798 *The Right Start 800 6,100 *The Sports Authority, Inc. 1,673 7,424 *The Sportsman's Guide, Inc. 300 1,613 Tiffany & Company 1,569 151,409 *Trans World Entertainment Corporation 2,564 28,845 *Travis Boats & Motors, Inc. 158 2,291 *Tweeter Home Entertainment 332 13,031 *Ubid, Inc. 719 22,999 *Ultimate Electronics, Inc. 400 7,275 *United Retail Group, Inc. 582 8,803 *Urban Outfitters, Inc. 753 18,919 *US Office Products Company 1,949 10,476 *USA Floral Products, Inc. 547 4,137 *USinternetworking, Inc. 1,700 71,400 *Value America, Inc. 1,800 34,200 *Value City Dept Stores, Inc. 1,444 17,689 *Valuevision International, Inc. Class A 1,142 22,697 *Venator Group, Inc. 6,263 65,370 *Vista Eyecare, Inc. 780 3,023 *West Marine, Inc. 723 10,529 *Wet Seal, Inc. Class A 708 20,267 *Whitehall Jewellers, Inc. 455 12,143 *Williams-Sonoma, Inc. 2,488 86,614 *Wilmar Industries, Inc. 493 6,409 *Wilsons The Leather Experts 599 9,846 *Zale Corporation 1,604 64,160 ------------ 7,317,512 ------------ Textiles, Clothing & Fabrics--1.1% Alba-Waldensian, Inc. 138 2,760 Authentic Fitness Corporation 1,028 17,990 *Barry (Rg) 359 2,962 *Bernard Chaus, Inc. 800 2,300 *Burlington Industries, Inc. 2,578 23,363 *Candie's, Inc. 770 0 *Chemfab Corporation 289 5,256 *Chic By HIS, Inc. 3,200 8,200 Cintas Corporation 4,930 331,224 Collins & Aikman Corporation 2,800 21,350 *Columbia Sportswear Company 1,129 17,358 *Cone Mills Corporation 937 5,622 *Conso Products Company 400 2,300 *Converse, Inc. 774 2,806 Crown Crafts 385 1,684 Culp, Inc. 581 6,101 *Cutter & Buck, Inc. 304 5,130 Decorator Industries, Inc. 100 725 122
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] --------------------------------------------------------------------- MIP Extended Index Portfolio Shares Value --------------------------------------------------------------------- COMMON STOCKS--(Continued) --------------------------------------------------------------------- Delta Woodside Industries 891 $ 5,346 Dixie Group, Inc. 508 4,310 Fab Industries, Inc. 205 3,126 *Florsheim Group 500 2,813 *Galey & Lord, Inc. 529 2,314 Garan, Inc. 189 6,072 *Genesco 1,199 17,460 *Gerber Childrenswear, Inc. 374 2,478 *Global Sports, Inc. 539 8,826 *Guess ?, Inc. 1,919 26,506 Guilford Mills 1,039 10,780 Haggar Corporation 316 4,148 *Hampshire Group 200 2,400 *Hampton Industries 1,320 5,858 *Happy Kids, Inc. 379 3,293 *Hartmarx Corporation 1,282 5,368 *Innovo Group, Inc. 1,000 1,156 Interface Flooring Systems 2,343 20,208 *Johnston Industries, Inc. 800 1,700 *Jones Apparel Group, Inc. 5,452 187,072 *JPS Textile Group, Inc. 2,700 9,788 Justin Industries 1,176 16,391 K Swiss, Inc. Class A 484 22,506 Kellwood Company 1,367 37,080 Lacrosse Footwear, Inc. 300 2,325 *Lakeland Industries, Inc. 200 1,200 *Leslie Fay Company, Inc. 200 1,288 *Maxwell Shoe Company, Inc. Class A 324 2,936 *McNaughton Apparel Group, Inc. 300 2,513 *Mohawk Industries, Inc. 2,765 83,987 *Nautica Enterprises, Inc. 1,666 28,114 OshKosh B'Gosh Class A 812 17,154 Oxford Industries, Inc. 314 8,890 Penn Engineering & Manufacturing Corporation 317 7,133 Penobscot Shoe 800 8,400 Phillips-Van Heusen 1,003 9,905 Pillowtex 731 11,924 *Polo Ralph Lauren Corporation 1,506 28,614 *Polymer Group, Inc. 1,431 16,814 *PremiumWear, Inc. 200 975 *Quaker Fabric Corporation 700 2,931 *Quiksilver, Inc. 969 25,255 *Rocky Shoes & Boots, Inc. 100 831 *Saucony, Inc. Class B 300 6,788 *Shaw Industries, Inc. 6,295 103,868 *Shoe Carnival, Inc. 585 9,945 *Sport-Haley, Inc. 200 963 *Starter Corporation 3,200 3,200 *Steven Madden Ltd. 501 6,795 Stride Rite Corporation 2,077 21,419 Superior Surgical Manufacturing 289 3,613 *Synthetic Industries, Inc. 388 11,446 *Tag-It Pacific, Inc. 500 2,875 *Tandy Brands Accessories, Inc. 200 3,425 *Tarrant Apparel Group 713 16,221 *The Alpine Group 696 11,180 [Download Table] ----------------------------------------------------------------- Shares Value ----------------------------------------------------------------- The First Years, Inc. 384 $ 5,760 *The Sirena Apparel Group, Inc. 300 0 *Timberland Company 513 34,916 *Triarc Companies 1,308 27,795 *Tropical Sportswear International 349 11,124 *Tropical Sportswear International 349 11,124 *Unifi, Inc. 2,732 58,055 *Vans, Inc. 600 6,872 Warnaco Group, Inc. 2,668 71,369 West Point Stevens, Inc. 2,530 75,426 Weyco Group 187 4,301 Wolverine World Wide 1,959 27,426 ------------ 1,650,101 ------------ *Aasche Transportation Services, Inc. 300 1,350 *ABC Rail Products Corporation 731 14,986 Air Express International Corporation 1,511 38,342 Alexander & Baldwin, Inc. 2,000 44,500 *Allied Holdings, Inc. 490 3,981 *Amerco 1,011 22,748 *American Classic Voyages Company 734 17,616 *American Freightways Corporation 1,515 29,637 Arctic Cat, Inc. 1,016 9,081 *Arkansas Best Corporation 1,223 12,154 Arnold Industries, Inc. 1,124 17,352 *Avis Rent A Car, Inc. 1,500 43,688 *Avondale 592 23,088 *Boyd Bros Transportation, Inc. 300 3,450 *Budget Group, Inc. 1,609 19,811 *Carey International, Inc. 448 11,032 *Celadon Group, Inc. 445 3,783 CH Robinson Worldwide, Inc. 1,843 67,730 Circle International Group, Inc. 766 16,756 CNF Transportation, Inc. 2,238 85,883 *Commodore Holdings Ltd. 400 2,700 *Consolidated Delivery & Logistics, Inc. 300 1,050 *Consolidated Freightways 1,266 16,260 *Covenant Transport, Inc. Class A 663 10,442 *Dollar Thrifty Automotive Group 1,079 25,087 Expeditors International, Inc. 2,304 62,784 Florida East Coast Inds, Inc. 1,623 71,818 *Forward Air Corporation 662 18,619 *Friede Goldman International, Inc. 1,104 15,318 *Fritz Companies, Inc. 1,622 17,437 Frozen Food Express Industries 616 4,697 *FRP Properties, Inc. 149 3,837 GATX Corporation 2,204 83,890 *Genesee & Wyoming, Inc. Class A 183 1,887 Greenbrier Companies, Inc. 525 5,513 *Gulfmark Offshore, Inc. 299 5,681 *Halter Marine Group, Inc. 1,264 8,374 *Heartland Express 1,342 21,975 *Hub Group, Inc. Class A 358 8,033 Hunt (J B) Transport Services 1,592 25,870 123
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ------------------------------------------------------------------- MIP Extended Index Portfolio Shares Value ------------------------------------------------------------------- COMMON STOCKS--(Continued) ------------------------------------------------------------------- *Hvide Marine, Inc. 573 $ 1,236 *International Aircraft Investors 300 2,119 International Shipholding Corporation 246 3,536 *Intrenet, Inc. 606 1,780 *Jevic Transportation, Inc. 400 5,550 Kenan Transport Company 108 3,294 *Kirby Corporation 935 19,810 *KLLM Transport Services, Inc. 500 2,875 *Landair Corporation 1,000 4,000 *Landstar System, Inc. 464 16,748 *Lynch Corporation 52 4,134 *Marine Transport Corporation 300 1,069 Maritrans, Inc. 540 3,038 *Mark VII, Inc. 428 7,116 *Marten Transport 300 3,600 *Matlack Systems, Inc. 394 2,069 *Motivepower Industries, Inc. 1,198 21,265 *Motor Cargo Industries, Inc. 400 3,400 *M.S. Carriers, Inc. 548 16,252 Oglebay Norton Company 175 3,894 *Old Dominion Freight Line 506 6,009 *OTR Express, Inc. 400 1,425 Overseas Shipholding Group 1,646 21,192 *PAM Transportation Services 673 6,646 *Pierce Leahy Corporation 761 18,787 Pittston Brink's Group 1,832 49,006 Pittston Burlington Group 914 8,683 Polaris Industries L.P. Class A 1,147 49,895 Providence & Worcester Railroad Company 500 7,063 *Railamerica, Inc. 357 3,682 *Railtex, Inc. 339 4,704 *Railworks Corporation 555 5,134 Roadway Express, Inc. 965 18,697 Rollins Truck Leasing Corporation 2,630 29,259 Royal Caribbean Cruises Ltd. 7,618 333,278 *Rural/Metro Corporation 633 6,093 *Simon Transportion Services, Inc. 500 2,469 *Smithway Motor Xpress Corporation Class A 400 4,000 *Swift Transportation Company, Inc. 2,941 64,702 The Morgan Group, Inc.--Class A 200 1,750 Thor Industries 546 15,493 Tidewater, Inc. 2,538 77,409 *Todd Shipyards 600 4,125 *Trailer Bridge, Inc. 600 1,238 *TransFinancial Holdings, Inc. 200 1,000 *Transit Group, Inc. 1,056 6,732 *Transport Corporation of America 591 7,609 *Trico Marine Services, Inc. 1,251 8,210 Trinity Industries, Inc. 1,937 64,890 US Freightways Corporation 1,175 54,417 *USA Truck, Inc. 547 5,008 *US Xpress Enterprises Class A 682 7,289 Varlen Corporation 760 30,780 Viad Corporation 4,447 137,579 Werner Enterprises, Inc. 2,122 44,032 [Download Table] ---------------------------------------------------------------------------- Shares Value ---------------------------------------------------------------------------- Westinghouse Air Brake Company 1,515 $ 39,295 *Willis Lease Finance Corporation 368 6,003 *Wisconsin Central Transportation Corporation 2,287 43,167 *Xtra Corporation 687 31,559 *Yellow Corporation 1,148 20,377 ------------ 2,273,711 ------------ U.S. Government--0.0% *Federal Agriculture Management Corporation Class A 400 6,600 ------------ Water Companies--0.2% American States Water Company 330 9,364 American Water Works Company 3,609 110,977 *Aqua Care Systems, Inc. 800 1,175 Aquarion Company 612 21,267 California Water Service Group 564 14,735 Connecticut Water Service, Inc. 167 4,593 E-Town Corporation 376 17,202 *Kaiser Ventures, Inc. 478 6,812 Middlesex Water Company 161 4,045 Philadelphia Suburban Corporation 2,012 46,402 SJW Corporation 116 9,237 Southwest Water Company 188 3,267 United Water Resources, Inc. 1,677 38,047 ------------ 287,123 ------------ TOTAL COMMON STOCKS (Cost $129,123,155) 146,346,882 ------------ ---------------------------------------------------------------------------- CONVERTIBLE PREFERRED STOCKS--0.0% ---------------------------------------------------------------------------- Automotive--0.0% Automatic Common Exchange Security Trust II (Cost $5,559) 395 7,110 ------------ ---------------------------------------------------------------------------- LIMITED PARTNERSHIPS--0.0% ---------------------------------------------------------------------------- Oil & Gas--0.0% Plains All American Pipeline LP 897 16,651 Teppco Partners LP 1,297 32,182 ------------ 48,833 ------------ Real Estate--0.0% Newhall Land & Farming Company LP 1,544 38,021 American Insured Mortgage Investors LP Series 86 324 3,524 American Insured Mortgage Investors LP Series 88 428 2,354 ------------ 43,899 ------------ TOTAL LIMITED PARTNERSHIPS (Cost $78,822) 92,732 ------------ 124
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ----------------------------------------------------------- Shares/ MIP Extended Index Portfolio Face Value ----------------------------------------------------------- RIGHTS--0.0% ----------------------------------------------------------- Medical & Bio-Technology--0.0% *Mechanical Technology, Inc. 38 $ 0 ------------ Real Estate--0.0% *Homestead Village, Inc. 2,822 11 ------------ Restaurants--0.0% *J Alexander's Corporation 5,400 0 ------------ TOTAL RIGHTS (Cost $0) 11 ------------ ----------------------------------------------------------- WARRANTS--0.0% ----------------------------------------------------------- Insurance--0.0% *InterContinental Life Corporation 94 0 ------------ Environmental Controls--0.0% Mine Safety Appliances 321 20,544 ------------ TOTAL WARRANTS (Cost $0) 20,544 ------------ [Download Table] ------------------------------------------------------------ Shares/ Face Value ------------------------------------------------------------ U.S. TREASURY BILLS--3.4% ------------------------------------------------------------ U.S. Government US Treasury Bill 4.36%, 8/12/1999 (Cost $5,213,541) $5,239,000 5,212,219 ------------ TOTAL INVESTMENTS--99.6% (Cost $134,421,077) 151,679,498 Other Assets Less Liabilities--0.4% 594,598 ------------ TOTAL NET ASSETS--100.0% $152,274,096 ============ Notes to the Schedule of Investments: * Non-Income producing security. ** The cost of investments for federal Income tax purposes amounts to $134,421,077. Unrealized gains and losses, based on identified tax cost at June 30, 1999, are as follows: [Download Table] Unrealized gains $ 22,682,763 Unrealized losses (5,424,342) ------------ Net unrealized gain $ 17,258,421 ============ See accompanying notes to financial statements. 125
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Schedule of Investments June 30, 1999 (Unaudited) [Download Table] ------------------------------- MIP U.S. Equity Index Value ------------------------------- MASTER INVESTMENT PORTFOLIOS-- 90.2% ------------------------------- MIP S&P 500 Index $429,096,069 MIP Extended Index 116,115,697 ------------ TOTAL MASTER INVESTMENT PORTFOLIOS 545,211,766 ------------ TOTAL INVESTMENTS-- 90.2% 545,211,766 Other Assets Less Liabilities-- 9.8% 58,956,601 ------------ TOTAL NET ASSETS--100.0% $604,168,367 ============ See accompanying notes to financial statements. 126
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Schedule of Investments June 30, 1999 (Unaudited) [Download Table] ---------------------------------------------------------------------------- MIP--S&P 500 Index Shares Value ---------------------------------------------------------------------------- COMMON STOCKS--95.56% ---------------------------------------------------------------------------- Advertising--0.12% Omnicom Group 66,266 $ 5,301,280 -------------- Total Advertising (Cost $3,249,848) 5,301,280 -------------- Aerospace & Defense--1.41% Allied Signal, Inc. 210,351 13,252,113 Boeing Company 364,814 16,120,219 Briggs & Stratton Corporation 8,896 513,744 General Dynamics Corporation 47,742 3,270,327 Lockheed Martin Corporation 147,487 5,493,891 Northrop Grumman Corporation 25,622 1,699,059 Rockwell International Corporation 71,838 4,364,159 Textron, Inc. 59,645 4,909,529 United Technologies Corporation 180,299 12,925,185 -------------- Total Aerospace & Defense (Cost $43,519,466) 62,548,226 -------------- Airlines--0.42% +AMR Corporation 62,277 4,250,405 Delta Air Lines, Inc. 53,720 3,095,615 +FDX Corporation 110,773 6,009,435 Southwest Airlines Company 125,880 3,918,015 +USAirways Group, Inc. 32,988 1,437,040 -------------- Total Airlines (Cost $12,752,079) 18,710,510 -------------- Apparel--0.23% Liz Claiborne, Inc. 24,456 892,644 Nike, Inc. Class B 107,581 6,811,222 +Reebok International Ltd. 21,374 398,091 Russell Corporation 13,849 270,056 VF Corporation 45,079 1,927,127 -------------- Total Apparel (Cost $7,728,276) 10,299,140 -------------- Auto Parts & Equipment--0.72% Cooper Tire & Rubber Company 28,668 677,282 Dana Corporation 62,225 2,866,239 +Delphi Automotive Systems Corporation 208,458 3,869,502 Deluxe Corporation 30,375 1,182,727 Eaton Corporation 26,893 2,474,156 Genuine Parts Company 67,653 2,367,855 Goodyear Tire & Rubber Company 58,559 3,444,001 Illinois Tool Works, Inc. 93,904 7,700,128 ITT Industries, Inc. 39,027 1,487,904 +Navistar International Corporation 25,255 1,262,750 PACCAR, Inc. 29,490 1,574,029 The Pep Boys--Manny Moe & Jack 20,046 433,495 TRW, Inc. 45,007 2,469,759 -------------- Total Auto Parts & Equipment (Cost $20,893,339) 31,809,827 -------------- [Download Table] ------------------------------------------------------------------- Shares Value ------------------------------------------------------------------- Automobiles--0.95% Ford Motor Company 454,189 $ 25,633,292 General Motors Corporation Class A 245,659 16,213,494 ------------ Total Automobiles (Cost $31,145,444) 41,846,786 ------------ Bank & Finance--11.80% American Express Corporation 169,708 22,083,254 Amsouth Bancorp 62,908 1,458,679 Associates First Capital Corporation 272,026 12,054,152 Bank of America Corporation 655,541 48,059,350 Bank of New York, Inc. 285,685 10,481,068 Bank One Corporation 443,092 26,391,667 BankBoston Corporation 110,398 5,644,098 BB&T Corporation 116,089 4,259,015 Bear Stearns Company, Inc. 44,342 2,072,989 Capital One Financial Corporation 73,954 4,118,313 Chase Manhattan 317,447 27,498,846 Citigroup, Inc. 1,273,050 60,469,876 Comerica, Inc. 58,426 3,472,695 Countrywide Credit Industries, Inc. 41,802 1,787,036 Equifax, Inc. 55,462 1,979,300 Federal Home Loan Mortgage Corporation 260,167 15,089,686 Federal National Mortgage Association 388,968 26,595,687 Fifth Third Bancorp 100,017 6,657,382 First Union Corporation 369,714 17,376,558 Firstar Corporation 259,023 7,252,644 Fleet Financial Group, Inc. 213,546 9,476,104 Franklin Resources, Inc. 95,233 3,868,841 Golden West Financial 21,404 2,097,592 Household International, Inc. 180,869 8,568,669 Huntington Bancshares, Inc. 79,326 2,776,410 Keycorp 170,513 5,477,730 Lehman Brothers Holdings 43,658 2,717,711 MBNA Corporation 300,604 9,205,998 Mellon Bank Corporation 196,234 7,138,012 Mercantile Bancorp 58,688 3,352,552 Merrill Lynch & Company, Inc. 137,388 10,982,453 MGIC Investment Corporation 41,148 2,000,822 Morgan (J P) & Company, Inc. 66,208 9,302,224 Morgan Stanley Dean Witter 216,900 22,232,250 National City Corporation 122,753 8,040,322 Northern Trust Corporation 41,758 4,050,526 Paine Webber Group, Inc. 53,100 2,482,425 PNC Bank Corporation 113,003 6,511,798 Regions Financial Corporation 82,699 3,178,743 Republic New York Corporation 40,408 2,755,321 Ryder System, Inc. 27,115 704,990 Schwab (Charles) Corporation 152,829 16,792,086 SLM Holding Corporation 62,339 2,855,905 State Street Boston Corporation 60,416 5,158,016 127
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ---------------------------------------------------------------------- MIP--S&P 500 Index Shares Value ---------------------------------------------------------------------- COMMON STOCKS--(Continued) ---------------------------------------------------------------------- Summit Bancorp 65,195 $ 2,725,966 SunTrust Banks, Inc. 119,863 8,322,987 Synovus Financial Corporation 99,789 1,983,306 U.S. Bancorp 272,663 9,270,542 Union Planters Corporation 51,833 2,316,287 Wachovia Corporation 76,124 6,513,360 Washington Mutual, Inc. 222,834 7,882,753 Wells Fargo & Company 620,240 26,515,260 -------------- Total Bank & Finance (Cost $348,660,186) 522,060,256 -------------- Basic Industries--1.34% Alcoa, Inc. 138,083 8,543,886 ASARCO, Inc. 15,193 285,818 Avery-Dennison Corporation 43,786 2,643,580 Baker Hughes, Inc. 121,798 4,080,233 Bemis Company 19,727 784,148 Boise Cascade Corporation 21,261 914,223 Champion International Corporation 36,057 1,726,229 Cyprus Amax Minerals 34,729 527,447 Dover Corporation 83,902 2,936,570 Fort James Corporation 82,919 3,140,557 Georgia-Pacific Corporation 66,480 3,149,490 Homestake Mining Company 88,328 723,186 Ikon Office Solutions, Inc. 51,859 777,885 Inco Ltd. 67,703 1,218,654 Louisiana-Pacific Corporation 40,990 973,513 Mead Corporation 38,793 1,619,608 Minnesota Mining & Manufacturing Company 150,766 13,107,219 NACCO Industries, Inc. Class A 2,916 214,326 Newmont Mining Corporation 61,812 1,228,514 Potlatch Corporation 10,970 481,994 +Sealed Air Corporation 31,249 2,027,279 Westvaco Corporation 38,385 1,113,165 Weyerhauser Company 74,653 5,132,394 Willamette Industries, Inc. 41,721 1,921,774 -------------- Total Basic Industries (Cost $47,174,375) 59,271,692 -------------- Beverages--2.39% Anheuser-Busch, Inc. 179,453 12,729,947 Coca-Cola Company 927,424 57,964,000 Coca-Cola Enterprises Company 157,294 4,836,791 Coors (Adolph) Company Class B 13,872 686,664 Diageo PLC ADR (UK) 17 731 Pepsico, Inc. 553,763 21,423,706 Seagrams Company Ltd. 159,552 8,037,432 -------------- Total Beverages (Cost $81,850,767) 105,679,271 -------------- Broadcasting--0.95% +Clear Channel Communications, Inc. 123,823 8,536,048 +Kingworld Productions 27,655 962,740 +MediaOne Group, Inc. 227,859 16,947,013 [Download Table] ----------------------------------------------------------------------- Shares Value ----------------------------------------------------------------------- Tribune Company 44,665 $ 3,891,438 +Viacom, Inc. Class B 261,205 11,493,020 -------------- Total Broadcasting (Cost $22,797,308) 41,830,259 -------------- Building Materials & Services--0.45% Cooper Industries, Inc. 38,960 2,025,920 Corning, Inc. 90,590 6,352,624 Danaher Corporation 49,895 2,900,147 Owens Corning Fiberglass Corporation 20,214 694,856 +Owens Illinois, Inc. 58,402 1,909,015 PPG Industries, Inc. 66,706 3,939,823 Snap-On, Inc. 22,510 814,581 Stanley Works 33,628 1,082,401 -------------- Total Building Materials & Services (Cost $15,466,960) 19,719,367 -------------- Business Services--0.31% +Cendant Corporation 304,427 6,240,754 Dun & Bradstreet Corporation 62,820 2,226,184 Ecolab, Inc. 48,621 2,121,091 Paychex, Inc. 92,344 2,943,465 -------------- Total Business Services (Cost $12,577,890) 13,531,494 -------------- Chemicals--1.73% Air Products & Chemicals, Inc. 87,040 3,503,360 Clorox Company 43,611 4,658,200 Dow Chemical Company 83,117 10,545,469 Du Pont (E I) De Nemours 423,370 28,921,463 Eastman Chemical Company 29,702 1,537,079 +FMC Corporation 12,561 858,073 Goodrich (B F) Company 27,461 1,167,093 +Grace (W R) Company 28,052 515,456 Great Lakes Chemical Corporation 22,386 1,031,155 Hercules, Inc. 37,165 1,461,049 International Flavor & Fragrances 40,024 1,776,065 Monsanto Company 235,662 9,293,920 Nalco Chemical Company 24,795 1,286,241 Praxair, Inc. 59,412 2,907,475 Rohm & Haas Company 78,326 3,358,229 Sigma-Aldrich Corporation 38,048 1,310,278 Union Carbide Corporation 50,069 2,440,864 -------------- Total Chemicals (Cost $57,436,233) 76,571,469 -------------- Computer Software--7.45% +3Com Corporation 134,720 3,595,308 Adobe Systems, Inc. 24,729 2,031,643 America Online, Inc. 408,150 45,100,575 Autodesk, Inc. 19,476 575,759 Automatic Data Processing 230,963 10,162,372 +BMC Software, Inc. 87,237 4,710,798 +Ceridian Corporation 53,845 1,760,058 Computer Associates International, Inc. 202,242 11,123,310 Computer Sciences Corporation 59,363 4,107,178 128
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] --------------------------------------------------------------------------- MIP--S&P 500 Index Shares Value --------------------------------------------------------------------------- COMMON STOCKS--(Continued) --------------------------------------------------------------------------- +Compuware Corporation 137,563 $ 4,376,223 Electronic Data Systems Corporation 185,158 10,472,999 First Data Corporation 166,349 8,140,704 IMS Health, Inc. 120,385 3,762,031 +Microsoft Corporation 1,919,845 173,146,021 +Novell, Inc. 132,181 3,502,797 +Oracle Systems Corporation 547,029 20,308,452 +Parametric Technology Corporation 101,015 1,401,583 +Peoplesoft, Inc. 87,166 1,503,614 +Sun Microsystems, Inc. 290,009 19,974,370 -------------- Total Computer Software (Cost $180,582,468) 329,755,795 -------------- Computer Systems--6.60% +Apple Computer, Inc. 58,065 2,689,135 +Cabletron Systems, Inc. 60,348 784,524 +Cisco Systems, Inc. 1,200,958 77,461,791 Compaq Computer Corporation 638,026 15,113,241 +Data General Corporation 18,545 270,062 +Dell Computer Corporation 955,839 35,366,043 +EMC Corporation 379,486 20,871,730 +Gateway, Inc. 58,646 3,460,114 Harris Corporation 30,229 1,184,599 Hewlett-Packard Company 383,460 38,537,730 International Business Machine Corporation 682,440 88,205,370 +Seagate Technology, Inc. 92,082 2,359,601 Shared Medical System Corporation 9,969 650,477 +Silicon Graphics, Inc. 70,496 1,154,372 +Unisys Corporation 99,376 3,869,453 -------------- Total Computer Systems (Cost $132,071,622) 291,978,242 -------------- Container & Packaging--0.30% Ball Corporation 11,348 479,453 Crown Cork & Seal Company 46,096 1,313,736 International Paper Company 153,806 7,767,203 Temple-Inland, Inc. 21,013 1,434,137 Tenneco, Inc. 64,115 1,530,746 Tupperware Corporation 21,821 556,436 -------------- Total Container & Packaging (Cost $12,914,857) 13,081,711 -------------- Electrical Equipment--3.81% General Electric Company 1,230,599 139,057,687 Grainger (W W), Inc. 35,843 1,928,801 Masco Corporation 127,725 3,688,059 Motorola, Inc. 226,064 21,419,564 National Service Industries, Inc. 15,836 570,096 Raychem Corporation 29,907 1,106,559 Thomas & Betts Corporation 21,002 992,345 -------------- Total Electrical Equipment (Cost $94,311,502) 168,763,111 -------------- [Download Table] ------------------------------------------------------------------ Shares Value ------------------------------------------------------------------ Electronics--4.22% +Advanced Micro Devices 53,774 $ 971,293 +Applied Materials, Inc. 139,236 10,286,060 CBS Corporation 266,099 11,558,675 EG&G, Inc. 17,016 606,195 Emerson Electric Company 165,454 10,402,920 +General Instrument Corporation 63,040 2,679,200 Honeywell, Inc. 47,482 5,501,977 Intel Corporation 1,248,657 74,295,092 Johnson Controls, Inc. 31,873 2,209,197 +KLA Instruments Corporation 32,577 2,113,433 +LSI Logic Corporation 53,358 2,461,138 +Micron Technology, Inc. 92,169 3,715,547 +National Semiconductor 62,316 1,577,374 Pitney Bowes, Inc. 102,377 6,577,722 Raytheon Company Class B 126,632 8,911,727 +Solectron Corporation 93,783 6,254,154 Tektronix, Inc. 17,968 542,409 Texas Instruments, Inc. 146,959 21,309,055 Xerox Corporation 247,524 14,619,386 -------------- Total Electronics (Cost $107,998,185) 186,592,554 -------------- Energy & Related--6.16% Amerada Hess Corporation 34,039 2,025,321 Anadarko Petroleum Corporation 45,361 1,669,852 Apache Corporation 39,912 1,556,568 Ashland, Inc. 28,639 1,149,140 Atlantic Richfield Corporation 120,707 10,086,579 Burlington Resources, Inc. 66,714 2,885,381 Chevron Corporation 245,715 23,388,997 Coastal Corporation 79,931 3,197,240 Columbia Gas System, Inc. 31,378 1,967,008 Consolidated Natural Gas Company 36,097 2,192,893 Eastern Enterprises 8,114 322,532 Enron Corporation 132,151 10,803,344 Exxon Corporation 912,599 70,384,198 Halliburton Company 165,315 7,480,504 Helmerich & Payne, Inc. 19,093 454,652 Kerr-McGee Corporation 31,658 1,588,836 Mobil Corporation 293,678 29,074,122 NICOR, Inc. 17,984 684,516 Occidental Petroleum Corporation 130,243 2,751,383 ONEOK, Inc. 11,794 374,460 Peoples Energy Corporation 13,514 509,309 Phillips Petroleum Company 95,721 4,815,963 +Rowan Company, Inc. 32,034 590,627 Royal Dutch Petroleum Corporation 805,644 48,540,051 Schlumberger Ltd. 205,005 13,056,256 Sonat Offshore Drilling Company 41,330 1,369,056 Sunoco, Inc. 35,303 1,065,709 Texaco, Inc. 200,843 12,552,688 129
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] --------------------------------------------------------------------------- MIP--S&P 500 Index Shares Value --------------------------------------------------------------------------- COMMON STOCKS--(Continued) --------------------------------------------------------------------------- Union Pacific Resources Group 94,981 $ 1,549,378 Unocal Corporation 90,894 3,601,675 USX--Marathon Group 114,913 3,741,855 Williams Company, Inc. 161,009 6,852,946 -------------- Total Energy & Related (Cost 190,210,375) 272,283,039 -------------- Engineering & Construction--0.11% Armstrong World Industries, Inc. 14,991 866,667 Centex Corporation 22,496 845,006 Fleetwood Enterprises, Inc. 13,229 349,742 Fluor Corporation 28,558 1,156,613 Foster Wheeler Corporation 15,385 217,313 Kaufman & Broad Home Corporation 17,299 430,313 Pulte Corporation 16,487 380,231 -------------- Total Engineering & Construction (Cost $4,375,367) 4,245,885 -------------- Entertainment & Leisure--1.50% Brunswick Corporation 36,228 1,009,856 Disney (Walt) Company 772,335 23,797,572 +Harrah's Entertainment, Inc. 46,322 1,019,084 Hasbro, Inc. 73,877 2,063,939 Mattel, Inc. 153,745 4,064,633 +Mirage Resorts, Inc. 70,396 1,179,133 Polaroid Corporation 16,861 465,785 Time Warner, Inc. 451,554 33,189,219 -------------- Total Entertainment & Leisure (Cost $46,104,153) 66,789,221 -------------- Environmental Control--0.34% Browning-Ferris Industries, Inc. 65,117 2,800,031 Waste Management, Inc. 227,848 12,246,830 -------------- Total Environmental Control (Cost $13,259,791) 15,046,861 -------------- Food & Related--3.26% Albertson's, Inc. 157,185 8,104,826 Archer-Daniels-Midland Company 223,077 3,443,751 Bestfoods 107,325 5,312,588 Brown-Forman Corporation Class B 25,912 1,689,139 Campbell Soup Company 168,302 7,805,005 ConAgra, Inc. 183,914 4,896,710 Darden Restaurants, Inc. 52,455 1,144,175 General Mills, Inc. 57,571 4,627,269 Great Atlantic & Pacific Tea Company 14,302 483,586 Heinz (H J) Company 136,011 6,817,551 Hershey Foods Corporation 53,828 3,196,038 Kellogg Company 152,289 5,025,537 +Kroger Company 307,854 8,600,671 McDonald's Corporation 509,071 21,030,996 [Download Table] --------------------------------------------------------------------------- Shares Value --------------------------------------------------------------------------- Nabisco Group Holdings Corporation 122,108 $ 2,388,738 Pioneer Hi Bred International, Inc. 90,887 3,538,913 Quaker Oats Company 51,319 3,406,299 Ralston-Purina Group 119,934 3,650,491 +Safeway, Inc. 185,242 9,169,479 Sara Lee Corporation 343,167 7,785,601 Super Value, Inc. 45,332 1,164,466 Sysco Corporation 125,584 3,743,973 +Tricon Global Restaurants 57,477 3,110,943 Unilever NV 214,587 14,967,443 UST, Inc. 69,747 2,040,100 Wendy's International, Inc. 47,036 1,331,707 Winn-Dixie Stores, Inc. 55,895 2,064,622 Wrigley (W M) Jr Company 43,721 3,934,890 -------------- Total Food & Related (Cost $115,994,096) 144,475,507 -------------- Furniture & Appliances--0.21% Maytag Corporation 33,886 2,361,431 Newell Rubbermaid, Inc. 105,184 4,891,056 Whirlpool Corporation 28,588 2,115,512 -------------- Total Furniture & Appliances (Cost $6,437,074) 9,367,999 -------------- Healthcare--0.42% Cardinal Health, Inc. 101,261 6,493,362 +HCR Manor Care, Inc. 41,334 999,766 +Healthsouth Corporation 159,255 2,378,872 McKesson HBOC, Inc. 101,935 3,274,662 +St Jude Medical, Inc. 31,476 1,121,333 United Healthcare Corporation 69,855 4,374,669 -------------- Total Healthcare (Cost $22,139,309) 18,642,664 -------------- Hospital & Medical Supplies--2.32% Bard (C R), Inc. 20,280 969,638 Bausch & Lomb, Inc. 21,028 1,608,642 Baxter International, Inc. 108,411 6,572,417 Becton Dickinson & Company 92,570 2,777,100 Biomet, Inc. 42,412 1,685,877 +Boston Scientific Corporation 147,718 6,490,360 Columbia/HCA Healthcare Corporation 226,785 5,173,533 Guidant Corporation 113,120 5,818,610 Johnson & Johnson 505,381 49,527,338 Mallinckrodt Group, Inc. 26,842 976,378 Medtronic, Inc. 218,804 17,039,362 +PE Corporation-Celera Genomics Group 1 8 PE Corporation-PE Biosystems Group 18,576 2,131,596 +Tenet Healthcare Corporation 116,117 2,155,422 -------------- Total Hospital & Medical Supplies (Cost $66,945,104) 102,926,281 -------------- Household Products--2.04% Alberto-Culver Company Class B 20,993 558,939 Avon Products, Inc. 98,636 5,474,298 130
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ---------------------------------------------------------------- MIP--S&P 500 Index Shares Value ---------------------------------------------------------------- COMMON STOCKS--(Continued) ---------------------------------------------------------------- Colgate-Palmolive Company 109,962 $ 10,858,748 Gillette Company 416,330 17,069,530 Kimberly-Clark Corporation 203,607 11,605,599 Procter & Gamble Company 499,038 44,539,142 -------------- Total Household Products (Cost $64,050,310) 90,106,256 -------------- Insurance--3.51% Aetna, Inc. 53,742 4,806,550 AFLAC Corporation 98,855 4,732,683 Allstate Corporation 308,060 11,051,652 American General Corporation 94,635 7,133,113 American International Group, Inc. 465,609 54,505,354 Aon Corporation 95,648 3,945,459 Chubb Corporation 61,316 4,261,462 CIGNA Corporation 77,534 6,900,526 Cincinnati Financial Corporation 62,638 2,352,840 Conseco, Inc. 119,115 3,625,563 Hartford Financial Services Group 87,760 5,117,505 +Humana, Inc. 62,366 806,860 Jefferson-Pilot Corporation 39,939 2,643,463 Lincoln National Corporation 75,968 3,974,076 Loews Corporation 42,812 3,387,500 Marsh & McLennan Companies, Inc. 98,018 7,400,359 MBIA, Inc. 37,350 2,418,413 Progressive Corporation Ohio 27,210 3,945,450 Provident Company, Inc. 50,918 2,036,720 Providian Financial Corporation 53,305 4,984,018 SAFECO Corporation 51,361 2,266,304 St Paul Company 87,914 2,796,764 Torchmark Corporation 52,874 1,804,325 Transamerica Corporation 47,001 3,525,075 UNUM Corporation 52,100 2,852,475 +Wellpoint Health Networks 24,400 2,070,950 -------------- Total Insurance (Cost $109,744,321) 155,345,459 -------------- Lodging--0.11% Hilton Hotels Corporation 96,721 1,372,229 Marriott International 93,906 3,509,737 -------------- Total Lodging (Cost $3,740,918) 4,881,966 -------------- Machinery--0.57% Black & Decker Corporation 33,224 2,097,265 Case Corporation 27,688 1,332,485 Caterpillar, Inc. 134,755 8,085,300 Cummins Engine Company, Inc. 15,310 874,584 Deere & Company 89,650 3,552,381 Ingersoll-Rand Company 61,916 4,001,322 McDermott International, Inc. 22,593 638,252 Milacron, Inc. 14,659 271,192 Pall Corporation 46,870 1,039,928 [Download Table] ----------------------------------------------------------------------- Shares Value ----------------------------------------------------------------------- Parker Hannifin Corporation 40,973 $ 1,874,515 +Thermo Electron Corporation 60,020 1,204,151 -------------- Total Machinery (Cost $19,201,097) 24,971,375 -------------- Manufacturing--0.66% Tyco International Ltd. 307,999 29,182,905 -------------- Total Manufacturing (Cost $16,330,384) 29,182,905 -------------- Metal Fabricators--0.42% Alcan Aluminum Ltd. 85,687 2,736,629 Allegheny Teledyne, Inc. 73,890 1,671,761 Barrick Gold Corporation 142,524 2,761,403 Battle Mountain Gold Company 86,358 210,498 +Bethlehem Steel Corporation 48,628 373,828 Crane Company 26,005 817,532 Engelhard Corporation 53,820 1,217,678 +Freeport McMoRan, Inc. 62,573 1,122,403 Nucor Corporation 33,034 1,567,050 Phelps Dodge Corporation 21,794 1,349,866 Placer Dome, Inc. 115,431 1,363,529 Reynolds Metals Company 24,384 1,438,656 Timken Company 23,652 461,214 USX--U.S. Steel Group 32,955 889,785 Worthington Industries, Inc. 35,070 576,463 -------------- Total Metal Fabricators (Cost $19,940,205) 18,558,295 -------------- Pharmaceuticals--7.65% Abbott Laboratories 570,388 25,952,654 Allergan, Inc. 24,602 2,730,822 +ALZA Corporation 36,421 1,852,918 American Home Products Corporation 494,715 28,446,113 +Amgen, Inc. 191,394 11,651,110 Bristol-Myers Squibb Company 746,230 52,562,576 Lilly (Eli) & Company 413,100 29,588,288 Merck & Company, Inc. 888,873 65,776,602 Millipore Corporation 16,614 673,905 Pfizer, Inc. 486,948 53,442,543 Pharmacia and Upjohn, Inc. 190,684 10,833,235 Schering-Plough Corporation 552,397 29,277,041 SouthTrust Corporation 60,934 2,338,342 Warner Lambert Company 318,893 22,123,202 +Watson Pharmaceutical, Inc. 34,067 1,194,474 -------------- Total Pharmaceuticals (Cost $204,149,211) 338,443,825 -------------- Publishing--0.86% American Greetings Corporation Class A 26,650 802,831 Comcast Corporation Class A 277,375 10,661,602 Donnelley (R R) & Sons Company 51,095 1,893,708 Dow Jones & Company, Inc. 35,371 1,876,874 Gannett Company, Inc. 105,770 7,549,334 Interpublic Group Company, Inc. 52,010 4,505,366 Knight-Ridder, Inc. 29,607 1,626,535 131
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ----------------------------------------------------------------------- MIP--S&P 500 Index Shares Value ----------------------------------------------------------------------- COMMON STOCKS--(Continued) ----------------------------------------------------------------------- McGraw-Hill, Inc. 73,843 $ 3,982,907 Meredith Corporation 19,682 681,489 New York Times Company Class A 68,644 2,526,957 Times Mirror Company Class A 29,861 1,769,264 -------------- Total Publishing (Cost $23,097,774) 37,876,867 -------------- Retail & Related--5.85% +AutoZone, Inc. 57,563 1,734,074 +Best Buy Company, Inc. 75,800 5,116,500 Circuit City Stores, Inc. 37,511 3,488,523 +Consolidated Stores Corporation 40,776 1,100,952 +Costco Company, Inc. 81,678 6,539,345 CVS Corporation 146,080 7,468,340 Dayton-Hudson Corporation 165,431 10,753,015 Dillards, Inc. Class A 40,338 1,416,872 Dollar General Corporation 86,400 2,505,600 Eastman Kodak Company 121,718 8,246,395 +Federated Department Stores, Inc. 77,150 4,084,128 Gap, Inc. 326,184 16,431,494 Harcourt General, Inc. 26,695 1,376,461 Home Depot, Inc. 556,349 35,849,739 Jostens, Inc. 13,630 287,082 +K Mart Corporation 185,175 3,043,814 +Kohls Corporation 60,179 4,645,067 Limited, Inc. 85,597 3,883,964 Longs Drug Stores Corporation 14,506 501,364 Lowe's Company, Inc. 138,371 7,843,906 May Department Stores Company 131,555 5,377,311 Nordstrom, Inc. 55,965 1,874,828 +Office Depot, Inc. 137,300 3,029,181 Penney (J C) Company, Inc. 97,570 4,738,243 Rite Aid Corporation 97,138 2,392,023 Sears Roebuck & Company 144,032 6,418,426 Sherwin Williams Company 64,726 1,796,147 +Staples, Inc. 174,928 5,411,835 Tandy Corporation 74,326 3,632,683 TJX Companies, Inc. 121,151 4,035,843 +Toys R Us, Inc. 98,269 2,032,940 Walgreen Company 374,648 11,005,285 WalMart Stores, Inc. 1,673,036 80,723,987 -------------- Total Retail & Related (Cost $154,626,523) 258,785,367 -------------- Services--0.20% Block (H R), Inc. 37,897 1,894,850 CMS Energy Corporation 42,339 1,772,946 Public Service Enterprise Group 85,846 3,508,955 Service Corporation International 98,113 1,888,675 -------------- Total Services (Cost $8,435,877) 9,065,426 -------------- [Download Table] ------------------------------------------------------------------------- Shares Value ------------------------------------------------------------------------- Telecommunications--10.58% Alltel Corporation 104,760 $ 7,490,340 Ameritech Corporation 414,013 30,429,956 +Andrew Corporation 32,698 619,218 AT & T Corporation 1,196,148 66,760,011 Bell Atlantic Corporation 582,839 38,103,100 BellSouth Corporation 716,731 33,596,766 CenturyTel, Inc. 50,508 2,007,693 Frontier Corporation 64,044 3,778,596 GTE Corporation 364,625 27,620,344 Lucent Technologies, Inc. 1,142,867 77,072,117 +MCI WorldCom, Inc. 699,458 60,328,252 +Network Appliance, Inc. 25,600 1,430,400 +NEXTEL Communications Class A 109,746 5,507,877 Nortel Networks Corporation 248,867 21,604,801 SBC Communication, Inc. 737,614 42,781,612 Scientific-Atlanta, Inc. 28,337 1,020,132 Sprint Corporation 329,956 17,425,801 +Sprint Corporation (PCS Group) 164,169 9,378,154 +Tellabs, Inc. 146,170 9,875,611 U.S. West, Inc. 188,799 11,091,941 -------------- Total Telecommunications (Cost $255,477,992) 467,922,722 -------------- Textiles--0.01% +Fruit Of The Loom, Inc. Class A 27,405 267,199 Springs Industries, Inc. Class A 6,901 301,056 -------------- Total Textiles (Cost $936,982) 568,255 -------------- Tobacco--0.89% Fortune Brands, Inc. 64,490 2,668,274 Philip Morris Company, Inc. 911,439 36,628,455 -------------- Total Tobacco (Cost $32,586,336) 39,296,729 -------------- Transportation--0.76% Burlington Northern Santa Fe 176,184 5,461,704 Carnival Corporation Class A 229,144 11,113,484 CSX Corporation 81,996 3,715,444 Kansas City Southern Industries 40,244 2,568,070 Laidlaw, Inc. Class B 124,141 915,540 Norfolk Southern Corporation 142,440 4,291,005 Union Pacific Corporation 92,854 5,414,549 -------------- Total Transportation (Cost $30,399,152) 33,479,796 -------------- Utilities--1.93% +AES Corporation 70,440 4,094,325 Ameren Corporation 51,666 1,982,683 American Electric Power, Inc. 71,907 2,701,007 Carolina Power & Light Company 57,002 2,440,398 Central & South West Corporation 79,933 1,868,434 Cinergy Corporation 59,810 1,913,920 Consolidated Edison, Inc. 87,581 3,963,040 132
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ---------------------------------------------------------------------- Shares/ MIP--S&P 500 Index Principal Value ---------------------------------------------------------------------- COMMON STOCKS--(Continued) ---------------------------------------------------------------------- Constellation Energy Group 56,187 $ 1,664,540 Dominion Resources, Inc. 73,469 3,182,126 DTE Energy Company 54,593 2,183,720 Duke Power Company 135,981 7,393,967 Edison International 132,489 3,544,081 Entergy Corporation 92,567 2,892,719 FirstEnergy Corporation 88,339 2,738,509 Florida Progress Corporation 36,700 1,516,169 FPL Group, Inc. 68,009 3,714,992 GPU, Inc. 48,172 2,032,256 New Century Energies, Inc. 42,692 1,656,983 +Niagra Mohawk Holdings, Inc. 70,580 1,133,691 Northern States Power Company 56,647 1,370,149 Pacificorp 111,901 2,056,181 PECO Energy Company 78,799 3,299,708 PG & E Corporation 143,877 4,676,003 PP & L Resources, Inc. 57,154 1,757,486 Reliant Energy, Inc. 108,778 3,004,992 Sempra Energy 90,394 2,045,164 Southern Company 261,964 6,942,046 Texas Utilities Company 105,760 4,362,600 Unicom Corporation 81,654 3,148,782 -------------- Total Utilities (Cost $74,564,175) 85,280,671 -------------- TOTAL COMMON STOCKS (Cost $2,715,877,331) 4,226,894,361 -------------- ---------------------------------------------------------------------- SHORT TERM INSTRUMENTS--5.35% ---------------------------------------------------------------------- U.S. Treasury Bills--0.27% U.S. Treasury Bills, 4.56%#, 09/23/99 $ 12,200,000 12,069,911 -------------- Cash Equivalents--1.03% ++Dreyfus Institutional Money Market Fund 1,493,935 1,493,935 ++Janus Institutional Money Market Fund 32,500,000 32,500,000 ++Merrimac Cash Fund--Premium Class 11,900,000 11,900,000 -------------- 45,893,935 -------------- [Download Table] ----------------------------------------------------------------------------- Shares/ Principal Value ----------------------------------------------------------------------------- Repurchase Agreements--4.05% Morgan Stanley Triparty Repurchase Agreement dated 6/30/99, due 7/1/99 with a maturity value of $179,324,555 and an effective yield of 4.55% collateralized by U.S. Treasury Notes with a rate of 5.75%, a maturity of 6/30/01 and a market value of $182,897,066 $ 179,301,893 $ 179,301,893 -------------- TOTAL SHORT TERM INSTRUMENTS (Cost $237,265,376) 237,265,739 -------------- TOTAL INVESTMENTS IN SECURITIES--100.91% (Cost $2,953,142,707)* (Notes 1 and 3) 4,464,160,100 Other Assets and Liabilities, Net--(0.91)% (40,375,202) -------------- TOTAL NET ASSETS--100.00% $4,423,784,898 ============== Notes to the Schedule of Investments: * Cost for federal income tax purposes is the same as for financial statement purposes and net unrealized appreciation consists of: [Download Table] Gross Unrealized Appreciation $1,547,455,120 Gross Unrealized (Depreciation) (36,437,727) -------------- Net Unrealized Appreciation $1,511,017,393 ============== + Non-income earning securities. ++ Represents collateral received from securities lending transactions. See Note 4. # Yield to maturity See accompanying notes to financial statements. 133
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Schedule of Investments June 30, 1999 (Unaudited) [Download Table] -------------------------------------------------------------------------- MIP--Bond Index Principal Value -------------------------------------------------------------------------- CORPORATE BONDS & NOTES--31.09% -------------------------------------------------------------------------- Aerospace & Defense--0.25% Lockheed Martin Corporation, 6.85%, 05/15/01 $ 1,000,000 $ 1,004,495 ------------ Auto Parts & Equipment--0.48% Delphi Auto Systems Corporation, 6.50%, 05/01/09 1,000,000 940,973 Goodyear Tire & Rubber Company, 6.63%, 12/01/06 1,000,000 966,503 ------------ 1,907,476 ------------ Automobiles--2.13% Chrysler Corporation, 7.45%, 03/01/27 3,500,000 3,537,188 Ford Motor Company, 8.88%, 04/01/06 500,000 547,366 General Motors, 5.80%, 04/09/01 4,500,000 4,465,463 ------------ 8,550,017 ------------ Bank & Finance--12.34% ABN Amro Bank NV, 7.30%, 12/01/26 500,000 472,411 African Development Bank, 7.75%, 12/15/01 500,000 516,731 American General Finance, 5.88%, 07/01/00 1,000,000 999,510 Associates Corporation NA, 6.95%, 11/01/18 1,000,000 950,855 Associates Corporation NA, 6.25%, 11/01/08 2,500,000 2,373,583 Bank Of New York Company, 6.50%, 12/01/03 1,000,000 998,834 Bank One Corporation, 8.10%, 03/01/02 1,000,000 1,036,908 Bankamerica Corporation, 6.25%, 04/01/08 1,000,000 949,162 Chase Manhattan Corporation, 5.75%, 04/15/04 1,000,000 968,304 CIT Group Holdings, 6.63%, 06/15/05 1,000,000 989,116 Citigroup, Inc., 7.88%, 05/15/25 1,000,000 1,037,873 Diageo PLC, 6.13%, 08/15/05 1,000,000 965,453 Dresdner Bank AG, 6.63%, 09/15/05 1,000,000 973,206 Duke Energy Corporation, 6.00%, 12/01/28 2,000,000 1,681,140 Financing Corporation, 9.80%, 04/06/18 1,285,000 1,726,671 First Union Capital Corporation, 8.04%, 12/01/26 2,000,000 1,989,894 First Union Corporation, 6.63%, 07/15/05 500,000 493,964 Ford Motor Credit Company, 6.50%, 02/28/02 3,400,000 3,411,934 [Download Table] -------------------------------------------------------------------------- Principal Value -------------------------------------------------------------------------- General Motors Acceptance Corporation, 7.12%, 05/01/03 $ 1,000,000 $ 1,016,025 Household Finance Corporation, 6.70%, 06/15/02 1,000,000 1,002,891 Household Finance Corporation, 6.00%, 05/01/04 2,000,000 1,937,806 Houston Lighting & Power Company, 6.50%, 04/21/03 4,000,000 3,977,776 Interamerica Development Bank, 8.50%, 03/15/11 450,000 521,968 Interamerica Development Bank, 8.40%, 09/01/09 200,000 227,059 Keycorp, 6.75%, 03/15/06 1,500,000 1,484,822 KFW International Finance, Inc., 8.00%, 02/15/10 250,000 275,494 KFW International Finance, Inc., 7.63%, 02/15/04 3,500,000 3,690,747 Korea Development Bank, 7.38%, 09/17/04 1,000,000 981,944 Lehman Brothers, Inc., 9.88%, 10/15/00 500,000 521,463 Mellon Capital II, 7.99%, 01/15/27 1,000,000 1,003,287 Mellon Financial, 6.00%, 03/01/04 3,000,000 2,923,824 Merrill Lynch & Company, Inc., 6.38%, 10/15/08 1,000,000 950,242 Skandinaviska Enskilda, 6.88%, 02/15/09 500,000 487,331 Swiss Bank Corporation, 7.38%, 07/15/15 1,200,000 1,183,247 USA Waste Services, Inc., 6.13%, 07/15/01 1,000,000 993,291 Westdeutsche NY, 6.05%, 01/15/09 4,000,000 3,701,776 ------------ 49,416,542 ------------ Beverages--0.82% Anheuser Busch, 9.00%, 12/01/09 1,500,000 1,744,020 Coca-Cola Enterprises, 8.00%, 09/15/22 1,000,000 1,060,218 J Seagram & Sons, 7.50%, 12/15/18 500,000 483,310 ------------ 3,287,548 ------------ Broadcasting--1.97% Comcast Cable Communications, 8.38%, 05/01/07 2,000,000 2,135,274 Time Warner, Inc., 9.63%, 05/01/02 2,000,000 2,148,252 Viacom, Inc., 7.75%, 06/01/05 3,500,000 3,600,499 ------------ 7,884,025 ------------ 134
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ----------------------------------------------------------------------- MIP--Bond Index Principal Value ----------------------------------------------------------------------- CORPORATE BONDS & NOTES--(Continued) ----------------------------------------------------------------------- Chemicals--0.39% American Home Products, 6.50%, 10/15/02 $ 1,000,000 $ 1,002,675 Dow Chemical Company, 8.62%, 04/01/06 500,000 543,772 ------------ 1,546,447 ------------ Electronics--0.93% Raytheon Company, 7.38%, 07/15/25 1,000,000 947,569 Raytheon Company, 5.95%, 03/15/01 2,800,000 2,789,562 ------------ 3,737,131 ------------ Energy & Related--0.25% Phillips 66 Capital Trust II, 8.00%, 01/15/37 1,000,000 1,000,551 ------------ Entertainment & Leisure--1.75% Disney (Walt) Company, 6.75%, 03/30/06 500,000 504,108 Disney (Walt) Company, 5.13%, 12/15/03 4,000,000 3,797,456 Time Warner Entertainment, 8.38%, 03/15/23 2,500,000 2,705,410 ------------ 7,006,974 ------------ Food & Related--0.26% Archer-Daniels-Midland Company, 8.38%, 04/15/17 500,000 553,756 Imperial Tobacco Group PLC, 7.12%, 04/01/09 500,000 475,565 ------------ 1,029,321 ------------ Healthcare--0.26% Baxter International, Inc., 7.63%, 11/15/02 1,000,000 1,031,685 ------------ Insurance--0.25% Aetna Services, Inc., 7.12%, 08/15/06 1,000,000 999,281 ------------ Investment Banking & Brokerage--1.54% AT&T Capital Corporation, 6.25%, 05/15/01 1,000,000 983,914 Merrill Lynch & Company, 6.00%, 02/17/09 4,000,000 3,687,956 Morgan Stanley Group, Inc., 6.70%, 05/01/01 1,500,000 1,507,862 ------------ 6,179,732 ------------ Manufacturing--0.81% ICI Wilmington, 8.75%, 05/01/01 500,000 518,105 Tyco International Group, 6.88%, 01/15/29 3,000,000 2,740,170 ------------ 3,258,275 ------------ [Download Table] ------------------------------------------------------------------------- Principal Value ------------------------------------------------------------------------- Public Administration--1.33% Northern State Power, 6.50%, 03/01/28 $ 1,500,000 $ 1,363,376 Saks, Inc., 7.50%, 12/01/10 1,500,000 1,483,461 Tennessee Valley, 6.25%, 12/15/17 2,600,000 2,469,597 ------------ 5,316,434 ------------ Retail & Related--1.32% JC Penny Company, Inc., 8.25%, 08/15/22 2,000,000 2,099,380 Walmart, 8.50%, 09/15/24 2,000,000 2,154,848 Walmart, 7.25%, 06/01/13 1,000,000 1,032,463 ------------ 5,286,691 ------------ Services--0.49% Amoco Canada, 7.25%, 12/01/02 1,000,000 1,029,410 Service Corporation International, 6.00%, 12/15/05 1,000,000 918,929 ------------ 1,948,339 ------------ Telecommunications--2.38% Bell Telephone Canada, 9.50%, 10/15/10 250,000 297,548 Cable & Wireless Communication, 6.63%, 03/06/05 1,000,000 975,819 Motorola, Inc., 7.50%, 05/15/25 2,500,000 2,521,360 New York Telecom, 6.00%, 04/15/08 500,000 472,922 Sprint Cap Corporation, 6.13%, 11/15/08 4,000,000 3,727,800 Worldcom, Inc., 7.55%, 04/01/04 1,500,000 1,552,271 ------------ 9,547,720 ------------ Transportation--0.26% Norfolk Southern Corporation, 7.80%, 05/15/27 1,000,000 1,032,456 ------------ Utilities--0.88% Central Power & Lighting, Inc., 7.50%, 12/01/02 1,500,000 1,545,075 Texas Utilities, 6.38%, 01/01/08 1,000,000 952,643 Virginia Electric & Power Company, 7.38%, 07/01/02 1,000,000 1,025,828 ------------ 3,523,546 ------------ TOTAL CORPORATE BONDS & NOTES (Cost $130,154,366) 124,494,686 ------------ 135
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ----------------------------------------------------------------- MIP--Bond Index Principal Value ----------------------------------------------------------------- ++FOREIGN GOVERNMENT BONDS & NOTES--2.27% ----------------------------------------------------------------- British Columbia (Province of), 6.50%, 01/15/26 $ 1,000,000 $ 933,810 Hydro Quebec, 8.40%, 01/15/22 2,000,000 2,197,700 New Brunswick, 7.63%, 06/29/04 1,200,000 1,249,068 Ontario (Province of), 7.75%, 06/04/02 3,300,000 3,418,404 Ontario (Province of), 7.63%, 06/22/04 750,000 781,838 Victoria (Province of), 8.45%, 10/01/01 500,000 523,295 ------------ TOTAL FOREIGN GOVERNMENT BONDS & NOTES (Cost $9,430,402) 9,104,115 ------------ ----------------------------------------------------------------- U.S. GOVERNMENT AGENCY SECURITIES--13.75% ----------------------------------------------------------------- Federal Agency--Other--0.58% Financing Corporation, 8.60%, 09/26/19 1,500,000 1,831,950 Tennessee Valley Authority, 6.13%, 07/15/03 500,000 495,800 ------------ 2,327,750 ------------ Federal Home Loan Bank--2.45% Federal Home Loan Bank, 6.09%, 06/02/06 1,500,000 1,480,730 Federal Home Loan Bank, 5.50%, 01/21/03 1,000,000 982,132 Federal Home Loan Bank, 5.40%, 01/15/03 1,500,000 1,468,689 Federal Home Loan Bank, 5.26%, 06/29/01 500,000 493,919 Federal Home Loan Bank, 5.02%, 02/11/02 5,500,000 5,377,971 ------------ 9,803,441 ------------ Federal Home Loan Mortgage Corporation--4.53% Federal Home Loan Mortgage Corporation, 6.30%, 06/01/04 1,000,000 991,014 Federal Home Loan Mortgage Corporation, 5.90%, 05/04/04 3,500,000 3,423,833 Federal Home Loan Mortgage Corporation, 5.75%, 07/15/03 4,000,000 3,968,236 Federal Home Loan Mortgage Corporation, 5.50%, 05/15/02 1,000,000 987,527 Federal Home Loan Mortgage Corporation, 5.38%, 03/01/01 2,000,000 1,984,896 Federal Home Loan Mortgage Corporation, 5.25%, 02/16/01 3,000,000 2,973,072 [Download Table] ----------------------------------------------------------------- Principal Value ----------------------------------------------------------------- Federal Home Loan Mortgage Corporation, 5.00%, 01/15/04 $ 4,000,000 $ 3,812,676 ------------ 18,141,254 ------------ Federal National Mortgage Association--6.19% Federal National Mortgage Association, 7.55%, 04/22/02 500,000 520,184 Federal National Mortgage Association, 6.70%, 08/10/01 500,000 500,517 Federal National Mortgage Association, 6.45%, 02/14/02 1,000,000 1,000,804 Federal National Mortgage Association, 6.26%, 02/25/09 5,000,000 4,748,190 Federal National Mortgage Association, 6.16%, 12/18/07 400,000 389,941 Federal National Mortgage Association, 5.88%, 04/23/04 600,000 585,995 Federal National Mortgage Association, 5.75%, 06/15/05 1,000,000 981,282 Federal National Mortgage Association, 5.75%, 02/15/08 2,000,000 1,908,774 Federal National Mortgage Association, 5.63%, 02/20/04 6,000,000 5,845,607 Federal National Mortgage Association, 5.38%, 01/16/01 2,000,000 1,987,754 Federal National Mortgage Association, 5.25%, 01/15/09 1,000,000 913,209 Federal National Mortgage Association, 5.13%, 02/13/04 2,104,000 2,016,002 Federal National Mortgage Association, 5.13%, 10/15/08 3,400,000 3,084,936 Federal National Mortgage Association, 0, 06/01/17 1,000,000 309,394 ------------ 24,792,589 ------------ TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $56,485,174) 55,065,034 ------------ ----------------------------------------------------------------- U.S. TREASURY SECURITIES--50.06% ----------------------------------------------------------------- U.S. Treasury Bonds--16.02% U.S. Treasury Bonds, 12.00%, 08/15/13 1,100,000 1,543,782 136
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ---------------------------------------------- MIP--Bond Index Principal Value ---------------------------------------------- U.S. TREASURY SECURITIES-- (Continued) ---------------------------------------------- U.S. Treasury Bonds, 11.25%, 02/15/15 $ 8,550,000 $ 12,766,218 U.S. Treasury Bonds, 10.38%, 11/15/12 2,100,000 2,672,907 U.S. Treasury Bonds, 9.13%, 05/15/09 2,800,000 3,156,126 U.S. Treasury Bonds, 9.13%, 05/15/18 700,000 914,813 U.S. Treasury Bonds, 8.13%, 08/15/19 9,250,000 11,146,249 U.S. Treasury Bonds, 8.00%, 11/15/21 7,100,000 8,542,187 U.S. Treasury Bonds, 7.88%, 02/15/21 2,500,000 2,960,938 U.S. Treasury Bonds, 7.63%, 02/15/25 7,300,000 8,575,221 U.S. Treasury Bonds, 7.50%, 11/15/16 500,000 562,032 U.S. Treasury Bonds, 7.25%, 05/15/16 4,100,000 4,499,750 U.S. Treasury Bonds, 7.12%, 02/15/23 1,000,000 1,104,688 U.S. Treasury Bonds, 6.50%, 11/15/26 1,500,000 1,552,500 U.S. Treasury Bonds, 6.13%, 11/15/27 1,000,000 990,625 U.S. Treasury Bonds, 5.50%, 08/15/28 2,800,000 2,556,750 U.S. Treasury Bonds, 5.25%, 02/15/29 700,000 628,250 ------------ 64,173,036 ------------ U.S. Treasury Notes--34.04% U.S. Treasury Notes, 8.00%, 05/15/01 2,900,000 3,025,063 U.S. Treasury Notes, 7.88%, 08/15/01 2,300,000 2,404,938 U.S. Treasury Notes, 7.50%, 11/15/01 8,200,000 8,540,816 U.S. Treasury Notes, 7.50%, 05/15/02 3,000,000 3,145,314 U.S. Treasury Notes, 7.50%, 02/15/05 1,300,000 1,399,938 U.S. Treasury Notes, 7.25%, 08/15/04 11,050,000 11,737,176 U.S. Treasury Notes, 6.50%, 05/31/01 2,250,000 2,289,375 U.S. Treasury Notes, 6.50%, 05/15/05 1,400,000 1,442,875 U.S. Treasury Notes, 6.50%, 08/15/05 2,800,000 2,886,626 U.S. Treasury Notes, 6.50%, 10/15/06 1,400,000 1,444,625 U.S. Treasury Notes, 6.38%, 03/31/01 8,700,000 8,822,347 U.S. Treasury Notes, 6.38%, 09/30/01 1,000,000 1,016,563 U.S. Treasury Notes, 6.38%, 08/15/02 4,700,000 4,789,595 [Download Table] ------------------------------------------------------------------ Principal Value ------------------------------------------------------------------ U.S. Treasury Notes, 6.25%, 10/31/01 $ 2,800,000 $ 2,839,376 U.S. Treasury Notes, 6.25%, 01/31/02 1,000,000 1,014,688 U.S. Treasury Notes, 6.25%, 02/15/03 10,800,000 10,982,249 U.S. Treasury Notes, 6.13%, 12/31/01 1,200,000 1,214,250 U.S. Treasury Notes, 6.13%, 08/15/07 3,300,000 3,336,095 U.S. Treasury Notes, 5.88%, 06/30/00 1,000,000 1,005,313 U.S. Treasury Notes, 5.88%, 11/30/01 850,000 855,047 U.S. Treasury Notes, 5.88%, 02/15/04 1,000,000 1,005,313 U.S. Treasury Notes, 5.88%, 11/15/05 1,500,000 1,499,063 U.S. Treasury Notes, 5.75%, 11/30/02 1,600,000 1,602,000 U.S. Treasury Notes, 5.75%, 04/30/03 1,000,000 1,000,938 U.S. Treasury Notes, 5.75%, 08/15/03 14,000,000 13,999,999 U.S. Treasury Notes, 5.63%, 11/30/00 2,100,000 2,104,595 U.S. Treasury Notes, 5.63%, 02/28/01 1,000,000 1,002,188 U.S. Treasury Notes, 5.63%, 05/15/08 3,300,000 3,231,938 U.S. Treasury Notes, 5.50%, 01/31/03 2,100,000 2,085,563 U.S. Treasury Notes, 5.25%, 05/31/01 500,000 497,500 U.S. Treasury Notes, 5.13%, 08/31/00 1,000,000 996,563 U.S. Treasury Notes, 4.75%, 11/15/08 8,700,000 7,984,972 U.S. Treasury Notes, 4.63%, 12/31/00 5,500,000 5,432,971 U.S. Treasury Notes, 4.50%, 01/31/01 10,000,000 9,849,999 U.S. Treasury Notes, 4.00%, 10/31/00 10,000,000 9,818,749 ------------ 136,304,620 ------------ TOTAL U.S. TREASURY SECURITIES (Cost $206,235,748) 200,477,656 ------------ ------------------------------------------------------------------ SHORT TERM INSTRUMENTS--8.16% ------------------------------------------------------------------ Cash Equivalents--6.98% +Dreyfus Institutional Money Market Fund 58,000 58,000 +Janus Institutional Money Market Fund 10,300,000 10,300,000 +Merrimac Cash Fund--Premium Class 17,600,000 17,600,000 ------------ 27,958,000 ------------ 137
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Schedule of Investments--(Continued) June 30, 1999 (Unaudited) [Download Table] ----------------------------------------------------------------------------- MIP--Bond Index Principal Value ----------------------------------------------------------------------------- SHORT TERM INSTRUMENTS--(Continued) ----------------------------------------------------------------------------- Repurchase Agreements--1.18% Morgan Stanley Triparty Repurchase Agreement dated 6/30/99, due 7/1/99 with a maturity value of $4,709,473 and an effective yield of 4.55% collateralized by U.S. Treasury Notes with a rate of 5.75%, a maturity of 6/30/01 and a market value of $4,806,756 $ 4,708,877 $ 4,708,877 ------------ 4,708,877 ------------ TOTAL SHORT TERM INSTRUMENTS (Cost $32,666,877) 32,666,877 ------------ TOTAL INVESTMENT IN SECURITIES--105.33% (Cost $434,972,567)** (Notes 1 and 3) 421,808,368 Other Assets and Liabilities--(5.33)% (21,354,306) ------------ TOTAL NET ASSETS--100.00% $400,454,062 ============ -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Notes to the Schedule of Investments: ++ Investment is denominated in U.S. Dollars ** Cost for federal income tax purposes is the same as for financial statement purposes and net unrealized appreciation consists of: [Download Table] Net Unrealized Appreciation $ 841,484 Net Unrealized Depreciation (14,005,683) ------------ Net Unrealized Depreciation $(13,164,199) ============ + Represents collateral received from securities lending transactions. See Note 4. See accompanying notes to financial statements. 138
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